SACE Country Presentation Senegal and Sierra Leone Antonio

SACE Country Presentation Senegal and Sierra Leone Antonio Massoli Taddei Rome (Ministry of Foreign Affairs), 21 st July, 2009

SACE Group Export credit Investment protection Financial guarantees Project & structured finance Credit insurance Surety & construction risks 100% 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. 2

SACE Group A 30 -year experience in credit insurance 1977 § 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 § § 1998 SACE BT acquires 70% of Assedile, leading operator in the surety sector Moody’s assigns SACE a first time insurance financial strength rating of Aa 2, with stable outlook § SACE enlarges its area of business accordingly to the Competitiveness Decree § The 2007 Finance Act extended SACE’s business to transactions of strategic interest for Italy’s economy. 2004 2005 2006 2007 2008 § 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. § SACE BT acquires 30% of ASSEDILE, becoming its shareholder 3

SACE Group A strong financial partner 27, 554 23, 614 2007 381. 6 589. 9 530. 1 311. 8 2008 New business (€ mln) 2007 2008 Premia (€ mln) 2007 2008 Profit before tax (€ mln) 4

SACE Group A strong financial partner 46, 430 5, 772 2007 5, 993 2008 Equity (€ mln) 546 37, 055 2007 511 2008 Outstanding commitments (€ mln) 2007 2008 Employees 5

Doing business in Africa Breakdown of SACE commitments by geographical area (2008) 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 Sub-Saharan Africa – Number of approved transactions & percentage of new Guarantees to SACE total new Guarantees (2006 - 2008) 6

Focusing on Sub-Saharan Africa: the “Africa Program” 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 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 € 847 million of new commitments guaranteed by SACE (51 transactions in 12 countries) since the inception of the Africa Program 7

Focusing on Sub-Saharan Africa: the “Africa Program” The Africa Program: New Terms of Cover (2009) 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 2005 MAURITANIA MALI CAPE VERDE NIGER GAMBIA, THE GUINEABISSAU SENEGAL GUINEA SIERRA LEONE LIBERIA ERITREA CHAD BURKINA FASO COTE D’IVOIRE SUDAN DJIBOUTI BENIN TOGO NIGERIA GHANA ETHIOPIA CENTRAL AFRICAN REPUBLIC CAMEROO N UGAND A EQUATORIAL GUINEA SAO TOMÉ AND PRINCIPE GABON SOMALI A KENYA CONGO, REPUBLIC RWANDA CONGO, DEMOCRATIC REPUBLIC BURUNDI SEYCHELLES TANZANIA COMORO S ANGOLA MALAWI ZAMBIA MAURITIUS ZIMBABW E NAMIBI A MOZAMBIQUE, REPUBLIC MADAGASCAR BOTSWANA SWAZILAN D LESOTHO SOUTH AFRICA 8

Future outlook § § § 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 SACE pipeline in Africa 9

Focus Paese Senegal Interscambio con l’Italia 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. Condizioni di assicurabilità SACE Categoria OCSE: 6/7 Rischio sovrano: chiusura Rischio bancario: apertura Rischio privato: apertura Plafond paese: € 50 mln, max 5 anni 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. Esportazioni italiane in Senegal per settori (2008, %) Interscambio commerciale con il Senegal (1999 - 2008, mln €) 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. 10

Focus Paese Sierra Leone 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. Condizioni di assicurabilità SACE Categoria OCSE: 7/7 Rischio sovrano: chiusura Rischio bancario: chiusura Rischio privato: chiusura Investimenti diretti esteri. Non sono presenti rilevanti investimenti italiani nel paese. Esportazioni italiane in Sierra Leone per settori (2008, %) Interscambio commerciale con il Sierra Leone (1999 - 2008, mln €) Garanzie SACE al 31 marzo 2009 L’esposizione di SACE in Sierra Leone è nulla. 11

Thank you for your attention. Antonio Massoli Taddei Economic Research and Public Affairs @: a. massoli@sace. it Tel. +39 06 67 36 413 12

Contacts HEADQUARTERS INTERNATIONAL NETWORK Rome Piazza Poli, 37/42 • 00187 Rome Tel. +39 06 67361 • Fax +39 06 6736225 Moscow Krasnopresnenskaja Naberejnaja, 12 123610 Moscow - Office n. 1202 Tel. +7 49 52582155, Fax +7 49 52582156 REGIONAL OFFICES Milan Via A. de Togni, 2 - 20123 • Milano Tel. +39 02 434499701, Fax +39 02 434499749 Modena Via Elsa Morante, 71 - 41100 • Modena Tel. +39 059 331201, Fax +39 059 820832 Turin c/o ICE - Via Bogino, 13 - 10100 • Torino Tel. +39 011 836128 - Fax +39 011 836425 Venice Viale Ancona, 26 - 30172 • Venezia - Mestre Tel. +39 041 2905111, Fax +39 041 2905103 Hong Kong 40/f Suite 4001 - Central Plaza 18, Harbour Road Wanchai, Hong Kong Tel. +852 36202323, Fax +852 36210227 Johannesburg Chester Road, 42 2193 Parkwood Johannesburg Tel. +27 11 8800020, Fax +27 11 8801019 Sao Paulo Av. Pauista 1971 – 3° andar 01311 -300 Sao Paulo Tel. +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 • Milan Tel. +39 02 480411 Fax +39 02 8041292 www. sace. it 13

Disclaimer 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 instrumentioned 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. 14