Export Development Canada Your Financial Partner

1. March 2008 Export Development CanadaYour Financial Partner

2. EDC Facilitating Canadian Trade • EDC (Export Development Canada) is Canada’s official export credit agency (ECA). Its mandate is to support export and foreign investment. • Founded in 1944, EDC is a Crown Corporation that operates as a commercial financial institution • EDC is AAA rated by Moody’s and Standard & Poors and is financially self-sustaining • Our services include: • Financing • Accounts Receivable Insurance • Contract Insurance & Bonding • Political Risk Insurance • Today, we are open for business in over 175 countries including 153 developing markets

3. The Extractive Industries Team • EDC has recently restructured. Six new industry sector teams were introduced, including the Extractive Industries Team • Extractive Industries includes: • Mining • Oil & Gas • Pipeline • Base Metal Production • Fertilizers & Petrochemicals

4. 2007 Volume - Mining (CAD) • Financing $ 834 million • Political Risk Insurance $ 1.9 billion • Accounts Receivable Insurance $ 6.4 billion • Contract Insurance & Bonding $ 32 million TOTAL $ 9.16 billion

5. EDC Financing Services • EDC helps Canadian companies and their Foreign buyers to arrange… • Corporate Revolvers • Bilateral Facilities • Acquisition Facilities • Bridge or Term Loans • Syndicated Facilities • Highly Structured/Project Finance Facilities

6. Project Finance Expertise • EDC helps Canadian companies … • Conduct Financial Analysis • Structure deals • Negotiate/Develop Project Term Sheets • Assess Technical Risks • Underwrite and Syndicate • Draft and Negotiate Loan Documentation

7. EDC Political Risk Insurance • EDC helps Canadian companies invest overseas… • Assessing Political Risks • Underwriting Equity Policies • Underwriting Debt Policies • Arranging Private Sector Insurance • (Lloyds, Sovereign, Zurich, AIG) • Arranging Public Sector Insurance • (OPIC, ECGD, OND, EFIC, MIGA)

8. EDC Contract Insurance & Bonding • EDC helps Canadian exporters… • Offer competitive payment terms to their foreign buyers • Arrange working capital and banking facilities • Arrange bonds required by their foreign buyers • Manage their foreign exchange risks

9. EDC Accounts Receivable Insurance • EDC helps Canadian exporters… • Offer competitive payment terms to their foreign buyers • Arrange working capital and banking facilities to support their foreign contracts

10. 2008 Mining Pipeline for Africa • EDC is currently considering in excess of $400 million of Project Finance and Political Risk Insurance mining business in countries which include: • Democratic Republic of Congo • Tanzania • South Africa • Eritrea • Republic of Congo • Algeria

11. MAURITANIA First Quantum Minerals Limited Lender Loan Facility INDONESIA PT Pamapersada Nusantara Arranger Syndicated Facility INDONESIA PT Saptaindra Sejati Senior Manager Senior Transferable Term Loan Facility BRAZIL CVRD International SA Lender Unsecured Corporate Revolving Facility BRAZIL Samarco Finance Ltd. Mandated Lead Arranger Pre-Export Financing Term Loan Facility CANADA Kinross Gold Corporation C-Lead Arranger Revolver and Term Loan Facility PERU Cia. Minera Antamina SA Arranger Senior Revolving Credit Facility ARGENTINA Aluar Aluminio Argentino S.A.I. y C. Lender Senior First Loss Facility INDIA Tata Steel Ltd. Mandated Lead Arranger Term Loan Facility BRAZIL Gerdau Acominas S.A. Lender Senior Unsecured Credit Facility Extractive Industries 2006 Mining Transactions USA Thompson Creek Metals Company Lender Senior Secured Credit Facility

12. Extractive Industries 2007 Mining Transactions RUSSIA SNC-Lavalin Engineer & Constructors Inc. Lender MEXICO Grupo IMSA, S.A. de C.V. Lender BRAZIL CVRD Lender MEXICO Silver Wheaton Corp. BRAZIL Kinross Gold Corporation ARGENTINA Ternium S.A. BRAZIL Usiminas USA Steel Dynamics CHILE CODELCO INDONESIA PT Pamapersada Nusantara MADAGASCAR Ambatovy Nickel

13. Oman – Sohar Aluminium BUILDING ON EXPERIENCE Transaction Overview: • Development and construction of 350,000 tonne p.a. aluminium smelter & associated power generation facilities • Total project costs estimated at USD 2.4 billion • Strong sponsorship from Alcan Inc., Oman Oil Company SAOC and the Abu Dhabi Electricity Authority (ADWEA) • The project supports the Sultanate of Oman’s strategy of diversification of Oman’s economy away from primary hydrocarbon extraction and sales Project Challenges: • The tight financial structure incorporated novel elements in line with the aggressive bank market in the Middle East; • Intercreditor arrangements with Islamic Lenders, particularly with regard to security provisions. EDC’s Contribution: • EDC was an initial Mandated Lead Arranger for the financing alongside Citibank, ABN Amro and SMBC; • EDC’s early-stage commitment and substantial take-and-hold position significantly contributed to the successful syndication of the project; Sohar EMEA Industrial - Oman USD 1,500,000,000 Commercial & Islamic Bank Financing Mandated Lead Arranger Project Finance International And PF Magazine Deal of the Year 2005

14. Tanzania - Bulyanhulu Transaction Overview: • Largest gold mine in Tanzania; • Project cost in excess of USD 400 million; • Barrick’s first major foray into Africa. Project Challenges: • First major project financing in Tanzania; • Bank requirement for full PRI in a challenging market; • Underwriting a strong project in an unstable region. EDC’s Contribution: • Provided significant PRI capacity to meet financing requirements; • Acted as co-lead arranger and insurer to access multilateral and private sector support; • Played lead role in underwriting, due diligence, and policy negotiating and documentation. Bulyanhulu Project Financing Political Risk Insurance USD 234,000,000 Co-Lead Insurer & Arranger