SACE

Country Presentation Senegal and Sierra Leone

Antonio Massoli Taddei

Rome (Ministry of Foreign Affairs), 21st July, 2009

2

The SACE Group is Italy’s leading provider of credit insurance, investment protection and surety, covering political and commercial risk in over 150

countries around the world.

100%

Export creditInvestment protectionFinancial guarantees

Project & structured finance

Credit insuranceSurety & construction risks

SACE Group

100%

SACE Group

3

A 30-year experience in credit insurance

Establishment of SACE as public entity under the surveillance of the Ministry of Economy & Finance (MEF)

SACE is transformed into an independent institution

SACE is transformed into a joint stock company, whose capital is wholly owned by MEF

SACE creates SACE BT, entering the short-term credit insurance market

SACE BT acquires 70% of Assedile, leading operator in the surety sector

Moody’s assigns SACE a first time insurance financial strength rating of Aa2, with stable outlook

SACE enlarges its area of business accordingly to the Competitiveness Decree

1977

1998

2006

2005 SACE’s capital was reduced by €3.5 billion.

SACE won the Oscar di Bilancio - the Italian annual report award – for the insurance sector’s best annual report.2007

2004

The 2007 Finance Act extended SACE’s business to transactions of strategic interest for Italy’s economy.

2008 SACE BT acquires 30% of ASSEDILE, becoming its shareholder

SACE Group

4

A strong financial partner

23,614

27,554

2007 2008

311.8

381.6

2007 2008

Premia (€ mln)New business (€ mln) Profit before tax (€ mln)

589.9

530.1

2007 2008

SACE Group

5

A strong financial partner

37,055

46,430

2007 2008

5,7725,993

2007 2008

Outstanding commitments (€ mln)Equity (€ mln)

511546

2007 2008

Employees

SACE Group

6

Doing business in Africa

4.5%

3.2%

2.3%10

6

21

0%

1%

2%

3%

4%

5%

2006 2007 2008

0

5

10

15

20

SACE Committment in Africa Transactions

Sub-Saharan Africa – Number of approved transactions & percentage of new Guarantees to SACE total new Guarantees (2006 - 2008)

Breakdown of SACE commitments by geographical area (2008)

Middle East and North Africa

14.6%

Other European Countries and

CSI18.8%

Sub-Saharan Africa4.5%

Americas10.3%

EU 2744.0%

Asia and Oceania

6.1%

Others1.8%

Sub-Saharan AfricaMiddle East and North AfricaEU 27Other European Countries and CSIAmericasAsia and OceaniaOthers

Exposure on Sub-Saharan Africa has increased over the last three years

New guarantees in Sub-Saharan Africa as a percentage of SACE’s total new guarantees doubled from 2.3% in 2006 to 4.5% in 2008

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€847 million of new commitments guaranteed by SACE (51 transactions in 12 countries) since the inception of the Africa Program

Focusing on Sub-Saharan Africa: the “Africa Program”

SACE commitment - Breakdown by country

14.0%

0.3% 0.0% 1.0% 1.0%

15.0%

64.0%

5.0%

0%

10%

20%

30%

40%

50%

60%

70%

Angola Ethiopia Gabon Kenya Mauritius Nigeria SouthAfrica

Tanzania

What is the “Africa Program”?

Terms of Cover revision: 15 sub-Saharan African countries have been brought back on cover

Representative office in Johannesburg

Starting technical and financial cooperation with Multi-lateral Agencies (including African Trade Insurance) and Development Finance Institution

Launching contacts with local and international banks for risk sharing

Why?

IMF-World Bank debt-relief initiative - structural reforms

More favorable operating environment

Growing interest by Italian companies

New SACE cover policy towards sub-Saharan Africa (“Africa Program”) aiming at assisting Italian companies investing or exporting in the continent

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2005

OPEN:Potential involvement in all kind of transactions

OPEN WITH RESTRICTIONS:Restrictions may apply according to:counterparts (i.e. sovereign)amounts (i.e. cap for country or single transaction)tenors (i.e. short, medium-long term)

OPEN ON A CASE-BY-CASE BASIS:No cover available. Potential exemptions (on case-by-case basis):project finance; co-financing with Multilaterals, local development banks and other ECAs;investments;non-credit risks

Focusing on Sub-Saharan Africa: the “Africa Program”

GH

AN

A

NIGERIA

NIGER

CHAD

CENTRAL AFRICAN REPUBLIC

S U D A N

CAMEROON

SA

O T

OM

É A

ND

P

RIN

CIP

E

GABON

CO

NG

O,

RE

PU

BL

IC

CONGO, DEMOCRATIC

REPUBLIC

BURKINA FASO

BE

NIN

TO

GO

COTE D’IVOIRE

LIBERIA

SIERRA LEONE

GUINEAGUINEA-BISSAU

MAURITANIA

SENEGALGAMBIA, THE

MALI

ETHIOPIA

KENYA

UGANDA

MALAWI

MOZAMBIQUE, REPUBLIC

M A

D A

G A

S C

A R

ZIMBABWE

BOTSWANA

SWAZILAND

LESOTHO

SOUTH AFRICA

NAMIBIA

ANGOLA

Z A M B I A

EQUATORIAL GUINEA

RWANDA

TANZANIA

DJIBOUTI

BURUNDI

ERITREA

SEYCHELLES

COMOROS

SOMALIA

MAURITIUS

CAPE VERDE

The Africa Program: New Terms of Cover (2009)

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Future outlook

SACE pipeline in Africa

Transportation9%

Infrastructure54%

Power 34%

Oil & Gas3%

Power Transportation Oil & Gas Infrastructure

SACE focus on Africa remains strong; infrastructure will represent one of the most important sector (more than half of potential commitments in the continent)

Italian interest in the region is robust Due to the recent global economic events and the following decrease of international

investment flows, SACE business in Africa is likely to remain stable in the short-term

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Focus PaeseSenegal

Condizioni di assicurabilità SACE

Categoria OCSE: 6/7

Rischio sovrano: chiusuraRischio bancario: aperturaRischio privato: aperturaPlafond paese: € 50 mln, max 5 anni

Garanzie SACE al 31 marzo 2009

Le garanzie deliberate (capitale e interessi) in Senegal sono pari a 10,6 milioni di euro. Le garanzie perfezionate in quota capitale ammontano a 9,2 milioni di euro, interamente erogati.

Commercio. Nel 2008 l’ammontare delle esportazioni italiane verso il Senegal ha registrato un incremento del 45,6% rispetto al 2007, raggiungendo un valore complessivo pari a 147,5 milioni di euro e con la meccanica strumentale, i prodotti energetici raffinati e l’elettronica ed elettrotecnica tra i settori trainanti. Le importazioni italiane, pari a 69,8 milioni di euro, sono in calo del 14,8% rispetto all’anno precedente. Si amplia pertanto il surplus commerciale a favore dell’Italia, pari a 77,7 milioni di euro. Nei primi quattro mesi del 2009 le esportazioni e le importazioni italiane dal Senegal hanno registrato una contrazione, rispettivamente pari a -41,2% e -48,9%, rispetto allo stesso periodo del 2008.

Investimenti diretti esteri. Nel 2008 l’Italia figura al settimo posto tra i paesi investitori in Senegal, con un investimenti complessivi pari a circa 13 milioni di euro convogliati in diversi settori, ad esempio quelli dell’energia, del tessili, dei materiali edili e dell’agroalimentare.

Interscambio con l’Italia

Interscambio commerciale con il Senegal(1999- 2008, mln €)

Esportazioni italiane in Senegal per settori(2008, %)

-40

-20

0

20

40

60

80

100

120

140

160

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

esportazioni importazioni saldi

meccanica strumentale

33,6%

prod. energetici

raffinati 13,6%

elettronica ed elettrotecnica

8,6%

metallurgia e prod. in metallo

7,7%

altro8,2%

mobili e altri manufatti

6,6%

prod. in gomma e plastica

5,4%

vetro, ceramica e materiali

5,2%

prod. chimici e fibre6,3%

mezzi di trasporto

4,9%

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Focus PaeseSierra Leone

Condizioni di assicurabilità SACE

Categoria OCSE: 7/7

Rischio sovrano: chiusuraRischio bancario: chiusuraRischio privato: chiusura

Garanzie SACE al 31 marzo 2009

L’esposizione di SACE in Sierra Leone è nulla.

Interscambio con l’Italia

Commercio. Nel 2008 le esportazioni italiane in Sierra Leone sono state pari a 13,4 milioni di euro, in aumento di oltre il 66% rispetto al 2007 e incentrate principalmente su prodotti alimentari, meccanica strumentale e mezzi di trasporto. Come negli anni precedenti, le importazioni italiane rimangono su livelli modesti, pari a 345 mila euro. Il saldo commerciale è quindi ampiamente a favore dell’Italia, per un valore pari a 13 milioni di euro. Nei primi quattro mesi del 2009, il valore dell’export italiano nel paese è aumentato del 29,4% rispetto allo stesso periodo dell’anno precedente, mentre le importazioni dalla Sierra Leone sono più che raddoppiate nel medesimo intervallo di tempo.

Investimenti diretti esteri. Non sono presenti rilevanti investimenti italiani nel paese.

Interscambio commerciale con il Sierra Leone(1999- 2008, mln €)

Esportazioni italiane in Sierra Leone per settori(2008, %)

0

5

10

15

20

25

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

esportazioni importazioni saldi

altro3,2%

vetro, ceramica e materiali

2,0%

mobili e altri manufatti

1,5%

prod. chimici e fibre1,9%

metallurgia e prod. in metallo

5,1%

elettronica ed elettrotecnica

13,7%

mezzi di trasporto

18,3%

meccanica strumentale

22,0%

prod. alimentari

32,2%

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Thank you for your attention.

Antonio Massoli TaddeiEconomic Research and Public Affairs

@: a.massoli@sace.it

Tel. +39 06 67 36 413

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Turinc/o ICE - Via Bogino, 13 - 10100 • TorinoTel. +39 011 836128 - Fax +39 011 836425

VeniceViale Ancona, 26 - 30172 • Venezia - MestreTel. +39 041 2905111, Fax +39 041 2905103

INTERNATIONAL NETWORK

MoscowKrasnopresnenskaja Naberejnaja, 12123610 Moscow - Office n.1202Tel. +7 49 52582155, Fax +7 49 52582156

Hong Kong40/f Suite 4001 - Central Plaza 18, Harbour RoadWanchai, Hong KongTel. +852 36202323, Fax +852 36210227

JohannesburgChester Road, 422193 Parkwood JohannesburgTel. +27 11 8800020, Fax +27 11 8801019

Sao PauloAv. Pauista 1971 – 3° andar01311-300 Sao PauloTel. +55 11 31712138, Fax +55 11 32664051

SACE BT CREDIT & SURETY: Piazza Poli, 42 • 00187 Rome Tel. +39 06 6976971 Fax +39 06 697697725 Via Ade Togni, 2 - 20123 • MilanTel. +39 02 480411 Fax +39 02 8041292

www.sace.it

HEADQUARTERS

RomePiazza Poli, 37/42 • 00187 RomeTel. +39 06 67361 • Fax +39 06 6736225

REGIONAL OFFICES

MilanVia A.de Togni, 2 - 20123 • MilanoTel. +39 02 434499701, Fax +39 02 434499749

ModenaVia Elsa Morante, 71 - 41100 • ModenaTel. +39 059 331201, Fax +39 059 820832

Contacts

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This presentation has been prepared solely for information purposes and should not be used or considered as an offer to sell or a solicitation of an offer to buy any insurance/financial instrument mentioned in it.

The information contained herein has been obtained from sources believed to be reliable or has been prepared on the basis of a number of assumptions which may prove to be incorrect and, accordingly, SACE does not represent or warrant that the information is accurate and complete.

Disclaimer