SACE in Russia Sace Moscow office 21 th April 2010

1. SACE in Russia Sace Moscow office 21th April 2010

2. Our strengths Over 30 years of providing risk management solutions to small and medium-sized businesses and large corporations EXPERIENCE Aa2 credit rating (Moody’s) Shareholders’ equity: € 5.9 Bn FINANCIAL SOUNDNESS Outstanding commitments for over € 50 Bn to insure commercial and financial transactions in over 180 countries RELIABILITY Insured business: € 34 Bn, + 22% yoy Consolidated net income: € 460 Mn, + 32% yoy Gross written premiums: € 430 Mn, + 13% yoy FINANCIAL RESULTS

3. Risks insured by geographical area Turkey 8 % SACE Exposure Top 3 Countries Italy 15% Russia 13% € 4.4 Bn Turkey 8% Others 27 % Russia & CIS 16 % North America 4 % Sub Saharian Africa 2 % LATAM 6 % Asia Pacific 6 % Balkans 3 % European Union 28 % Outstanding Guarantees We cover political and commercial risk in over 180 countries

4. SACE’s activities in Russia • 2009 has been a difficult year worldwide. However, Russia continued to offer opportunities for medium and long-term investments and remained a primary market both for Italian export and SACE. • During 2009, SACE’s total exposure in Russia increased by 20%, reaching € 4.4 Bn. • In Russia SACE is strongly concentrated in commodity-oriented sectors (oil and gas, metals) and top 10 largest borrowers represent 52% of the portfolio. • Current pipeline is ample however still concentrated in traditional sectors (oil and gas, petrochemicals, steel). • The current project pipeline for 2010 may increase SACE’s exposure to Russia by over 100% (close to 20% of SACE’s total exposure worldwide).

5. SACE’s support in Russia € 4.4 Bn (13% of total portfolio, 2nd Country in terms of total exposure) Total Exposure 38 new operations in 2009, for a total amount of € 2 Bn New Guarantees Over 20 potential transactions for 2010, for a total amount of € 2.2 Bn Pipeline SACE’s RussianexposurebySector… …andbyCounterparty

6. SACE’s support in CIS Countries TOTAL € 800 Mn TOTAL € 287 Mn • Notwithstanding the difficult market conditions, during 2009 SACE maintained a consistent level of support to Italian business in CIS Region. New guarantees increased by 30% in terms of volume compared to 2008. • In 2009, following certain improvements in the economic situation and the positive collaboration between local authorities and the IMF, SACE’s Board approved a new € 50 Mn insurance ceiling for Belarus. Outstanding Guarantees New Guarantees issued in 2009

7. SACE Business Lines National Interest Programme Purpose: to support the Internationalisation of Italian companies and any strategic interest for the Italian Economy Traditional Business Purpose: to support the Italian exports and diversify SACE’s portfolio Market Window Internationalisation Political Risk Insurance Export credit Insurance “Non marketable” business, bound by Consensus Rules “Non marketable” business, off Consensus Rules, supporting the Italian investments abroad New “marketable” business, supporting the Internationalisation of Italian Economy New “marketable” business, supporting any strategic interest for the Italian Economy

8. Export Credit:Sales of goods & services Structure SACE Insurance policy Payment of exported goods Foreign Entities Italian Companies Foreign subsidiary Export of goods and services Target Clients Italian Companies and/or their Foreign Subsidiaries exporting goods and services who are interested in granting their foreign counterparts short/medium/long term deferred payments • Risk cover for single transactions abroad • Coverage up to 100% of the insured amounts • Coverage against non-payment, unilateral termination of contract, destruction/damages, requisition, seizure, unfair call of bonds, caused by political or commercial events • Monetization of assets through assignment “without recourse” of the insurance policy to a bank or financial institution • Standard: • “Supplier Credit”: for any coverage need on single transactions risks abroad. • Easy: • “Basic”: easy and fast tool for contracts up to € 500.000, coverage against non-payment within 36 months tenor, also available on line: www.exportplus.it • “Plus One”: for contracts up to 5 Mln euro, coverage against non-payment up to 5 years tenor, available on line: www.exportplus.it Main Features Tailoring

9. Export Credit: Framework Agreement Structure SACE Confirmation of Documentary Credit Bank (Italian or foreign operating in Italy) Foreign Bank (acting for the Foreign company) Insurance Policy Credit payment L/C request Italian Company Foreign Company Confirmation of Documentary Credit Time 1 Export of goods/services Time 2 Time n Italian and foreign banks interested in financing and insuring credits deriving from the confirmation of documentary credits or buyer’s credits, in connection to Italian exports or related activities (e.g. services, studies and design work abroad). The maximum acceptable tenor is 5 years. • Countries and financed banks - accepted within pre-agreed cap  • Simplified procedures and insurance cover via simple notification by the bank • % of coverage up to 100% of the financed amount for political and commercial risks Target Clients Main Features

10. Export Credit: L/Cs Confirmation SACE Structure Confirmation and financing of Documentary Credit Insurance Policy Bank (Italian or foreign operating in Italy) Foreign Bank (Operating for the Foreign Company) Issuance of L/C L/C request Payments for the exports of goods and services Italian Company Foreign Company Export of goods and services Italian and foreign banks interested in insuring credits deriving from the confirmation of documentary credits issued by a foreign bank (located in a country other than that of the confirming bank), in connection to Italian exports or related activities. The maximum acceptable tenor is 5 years. • Increasing banks potential volumes in L/C confirmation business • Encouraging foreign banks to issue L/Cs for the benefit of Italian exporters • % of coverage up to 100% of the financed documentary credit amounts for the political and commercial risks Target Clients Main Features

11. Export Credit: Cross Border Investment & Preshipment Facilities (I) Cross Border Invest. Facility (II) Pre - Shipment Structure SACE SACE Italian entities and /or their Foreign Subsidiaries Funding Banks Banks Guarantee Guarantee Working Capital financing Funding Capital Markets Italian Related Business Italian Entities Italian related business Time 1 Time 2 Time n Target Clients Italian corporates and /or their Foreign Subsidiaries/Affiliates in search of financing for strategic investments abroad, namely: (I) M&A, JVs, setting up of new production units as well as new subsidiaries (Trade Related & Cross Border Investment Facilities) and (II) working capital needs (Pre-Shipment) • First demand guarantee in favour of the funding bank • Risk participation with the funding bank, on a % to be agreed, against non-payment risk • Release of the bank’s regulatory capital (the guarantee is zero weight for Basel II) • Freeing up borrowers credit lines • ParticipationFee paid by the funding bank to SACE on an up front / running basis • More competitive borrower’s all-in cost of funding Main Features

12. Italian exporters Italian Company 1° Italian Company 2° Italian Company n Italian Company …… Export Credit: Internationalisation activities A: Loans collection B: Loans securitisation Structure SACE Bank Step 2 Guarantee SACE Step 1 Financing to Italian Exporters Step 3Guarantee Tranche 1 Tranche 2 Step 1 Loans Portfolio Assignment Step 2 Securitisation Tranche … SPV Bank Tranche n Equity Banks and Financial Institutions financing Small and Medium Enterprises (SMEs) for internationalization purposes. This product allows the collection and possibly the subsequent securitization of loans. Guaranteed Loans Portfolio: • must be at least of almost 50% SMEs and, for the remaining part, of enterprises with total annual revenues under € 250 mln. • Loans contracted at market price for enterprises exporting at least 10% of their production, with a rating established between SACE and the bank. • Risk sharing between SACE and the Financing Bank • The financed quota guaranteed by SACE (normally up to 70%) The financed quota guaranteed by SACE (normally up to 70%) is weighted equal to that of the Italian State • SMEs easier access to financial markets, also on a m/l term basis, without drawing on their credit lines Target Clients Main Features

13. Export Credit: Capital contribution abroad Structure B A SACE SACE Capital contribution / Financing Capital contribution / Financing Guarantee Guarantee Italian Company Foreign Company (Recipient) Foreign Subsidiary Foreign Company (Recipient) Controlling Stake Italian Company Italian Companies and/or their Foreign Subsidiaries interested in establishing companies abroad or holding a stake in foreign company. • Investment carried out through: • Capital contributions (capital goods, technologies, licenses and patents, design services civil works management and others), or Shareholding subordinated loans /Guarantees • Financing of foreign investments through the possibility of assigning the insurance policy to a bank • Coverage up to 100% of the investment value as a consequence of a political event • Possibility to insure also “indirect” investments, namely those carried out by an Italian company through a foreign subsidiary Target Clients Main Features

14. SACE’s International Network MOSCOW BUCHAREST* ISTANBUL* HONG KONG MUMBAI* SAO PAULO JOHANNESBURG * Tobeopened in 2010

15. How to contact us ITALY Bari Via Amendola 172/5 - 70125 Bari Tel. +39 080 5467763 • Fax +39 080 5467764 Lucca Via Dante Alighieri 167 - 55100 Lucca Tel. +39 0583 40071 • Fax +39 0583 400790 Milan Via A. De Togni 2 - 20123 Milan Tel. +39 02 4344991 • Fax +39 02 434499749 Modena Via Elsa Morante 71 - 41123 Modena Tel. +39 059 891240 • Fax +39 059 820832 Monza c/o Unione Industriali Monza e Brianza Viale Petrarca 10 - 20010 Monza Tel. +39 039 3638262 • Fax +39 039 3638208 Rome Piazza Poli, 37/42 - 00187 Rome Tel. +39 06 6736309 • Fax +39 06 6736770 Turin c/o ICE - Via Bogino 13 - 10123 Turin Tel. +39 011 836128 • Fax +39 011 836425 Venice Viale Ancona 26 - 30172 Venice Mestre Tel. +39 041 2905111 • Fax +39 041 2905103 WORLDWIDE China 40/f Suite 4001 - Central Plaza 18 Harbour Road - Wanchai, Hong Kong Tel. +852 36202323 • Fax +852 36210227 South Africa Two Commerce Square 39, Rivonia Road Corner Melville Road Sundhurst 2196 Sandton, Johannesburg Tel. +27 11 2680623 • Fax +27 11 2680617 Brazil Avenida Paulista 1971 - 4° andar 01311-300 Sao Paulo Tel. +55 11 31712138 • Fax +55 11 32664051 www.sace.it mosca@sace.it Russia c/o ICE - Office n.1202 KrasnopresnenskajaNaberejnaja 12 123610 Moscow Tel. +7 49 52582155 • Fax +7 49 52582156 Svetlana GromikoPiradovas.gpiradova@sace.it Dmitry Prozorov d.prozorov@sace.it HEAD OFFICE Rome Piazza Poli 37/42 - 00187 Rome Tel. +39 06 67361 • Fax +39 06 6736225