SACE in Kazakhstan: a valuable partner

1. SACE in Kazakhstan: a valuable partner September 2007

2. SACE Group Why SACE Kazakhstan economy Credentials SACE in Kazakhstan SACE’s network Index

3. SACE’s network Kazakhstan economy Credentials SACE in Kazakhstan SACE Group Why SACE

4. SACE Group SACE supports companies in developing their business abroad, offering a wide range of credit insurance and reinsurance products, investment protection, surety and advanced financial solutions Credit insurance, reinsurance and guarantees for Italian exports and investments Short-term insurance services both in the domestic and foreign markets. Leader in surety business, specifically in the construction industry

5. SACE Group: a 30 year-experience in credit insurance • Establishment of SACE as public entity under the surveillance of the Ministry of Economy & Finance (MEF) 1977 • 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 enlarges its area of business to the support of “made by Italy” abroad 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 Aa2, with stable outlook 2004 2005 • Further enlargement of SACE SpA operational perimeter to include the concept of supporting “ Italian Interest ” 2006

6. +6,2% 17.073 16.081 2005 2006 New guarantees (€ mln) +21,6% 240,5 197,7 2005 2006 Gross written premiums (€ mln) A strong financial partner 2006 2005 Δ% Key figures, mln € • Principal + interest (net of reinsurances) • Post Equity reduction (feb 2007)

7. SACE Exposure: sectors SACE Exposure: geographic area SACE Exposure: main countries SACE Exposure

8. SACE Group Kazakhstan economy Credentials SACE in Kazakhstan SACE’s network Why SACE

9. Why SACE: beyond export A. Broadening our area of intervention Yesterday Today Tomorrow From “made in” to “made by” Italy From the internationalization of Italian companies to “national interest” and competitiveness From “made by” to supporting the internationalization of Italian companies B. Products Development Traditional Products New Products Next development Buyer Credit Supplier Credit Civil works Political Risk Insurance L/C confirmation Financial Guarantee (loan, bonds, working capital needs) - export or investment related Surety Local Currency Financing Risk Sharing Guarantee Leasing/Factoring Securitization

10. SACE New Range of Activities: 1) Export Related Products • SACE has widened its eligibility criteria: • SACE is now able to provide cover for the financing of: • supply contracts signed by anItaliancompany; or • supply contracts signed by a foreign companyparticipated for at least 20%* by an Italian company, or • Italian origin supplies under contracts signed by a non-Italian company, and • local costs,in application of OECD Regulation Framework • Italian origin of goods is not an eligibility requirement, as SACE could cover all goods/services (of Italian, EU, or extra EU origin) provided under such contract (*) Such threshold is reduced to 10% for listed companies.

11. SACE New Range of Activities: Export Related Products (con.d) Exporter’s Country (*) From to Italy Foreign country From 1 - Eligibility of Italian content Limited flexibility to cover the financing of non Italian supplies 2 – Eligibility of Italian content Financing Cover for non Italian supplies is not allowed • Traditional • eligibility • criteria Italy 3 - Eligibility of non Italian content (*) of the export contract signed by an Italian company (*) Local content eligible within the limits set by OECD Regulatory Framework 4- Eligibility of supplies by foreign companies participated by Italian companies to New eligibility criteria Foreign Country

12. SACE New Range of Activities: 2) Non-Export Related Products • Investments made by Italian companies / Italian subsidiaries’(*) • Transactions of “strategic interest” for the Italian economy: • Strategic imports (power, gas, oil, raw materials for re-exports); • Strategic foreign customers/partners to Italian companies in their activities abroad; • Infrastructures (including domestic infrastructures) supporting: (a) the internationalization of the Italian economy (terminals, railways, roadways, etc), or (b) diversification of sources of energy for the domestic market (pipelines, regasification plants, etc; • Internationalization of Italian banks; • Employment and economic growth in Italy; • Strategic industries: renewable energies, environment, technological innovation (*) Participated at least 20% by an Italian companies. Such threshold is reduced to 10% for listed companies.

13. SACE new financial products: some examples • First demand guarantee: from insurance policies to 100% unconditional and irrevocable guarantees (all risks including documentary risk are covered) - Advantages for the borrower: reduction of costs and supporting documents; • Corporate/Project bond issuance - advantages for the borrower: (i) lower cost of funding against traditional buyer’s credit, (ii) diversification of funding sources and preservation of room in its credit lines with the banking system; (iii) access to a high number of investors in the Capital Markets; • Working capital facilities granted to (i) foreign corporate/SPV participated by Italian investors, (ii) Italian exporters; • Equity loan cover for the benefit of Italian investors; • Political cover for overseas investments; • Bid/performance/advanced payment bonds; • Local Currency Facility; • Securitisation -credit enhancement; • Islamic Finance (*) Such threshold is reduced to 10% for listed companies.

14. SACE Group Credentials SACE in Kazakhstan SACE’s network Why SACE Kazakhstan economy

15. Foreign Debt/GDP Balance Kazakhstan macroeconomics • GDP • In 2006 the GDP real rose by 10,6% • Foreign Debt/GDP ratio expected around 90% • Key factors • Kazakhstan has sustained very strong macroeconomic performance since the start of the decade • Inflation should decrease below 8% during 2007 • Public finances • External debt has risen significantly • Economic growth in the forthcoming years should continue to be strong Sources: SACE’s Country Risk Department

16. Italian Import/Export with Kazakhstan Italian Exports to Kazakhstan by industrial sector Kazakhstan – Italy: International Trade mln euro • Increase of Italian imports due to strong demand for mining products • Italian exports concentrated in machinery & Equipments • Italian exports had an increase of 55% during 2006 • The amount of direct investments reached the amount of USD 10 billion during 2006. Italy is the ninth country for amount invested in Kazakhstan Source: ISTAT

17. SACE Group Why SACE Kazakhstan economy Credentials SACE’s network SACE in Kazakhstan

18. Banks Benefits of SACE’s support • Longer tenors • Bigger tickets • Diversification of financing sources • Additional credit capacity without affecting bank’s lines • Competitive all-in cost of financing Buyers / Borrowers • Release of capital which can be used for other investments • Zero-weighted credit as per Basel 1 & 2 • Competitive pricing

19. Kazakhstan: Market & ECAs classification • S&Ps: BBB • Moody’s: A2 • Fitch: BBB Rating • Country Category4/7 OECD • Sovereign/Bank/Corporate Risk: Open SACE Cover Policy

20. SACE Group Why SACE Kazakhstan economy SACE in Kazakhstan SACE’s network Credentials

21. Commitment: € 52 mln • Exporter: Ansaldobreda S.p.a. • Beneficiary: BNP Paribas • Buyer: Greater City Municipality of Kayseri • Country: Turkey • Structure: Buyer Credit Insurance Policy • Commitment: € 1 bln • Insured: Italcementi S.p.a. • Beneficiary: Ciments Francais • Country: Egypt, India, Kazakhstan, Thailand • Structure: Investment Policy • Commitment : € 13.5 mln • Insured: Permasteelisa S.p.a. • Buyer: Government of the State of Qatar • Country: Qatar • Structure: Civil Works Policy • Commitment :€ 1.7 mln • Debtor: Dainese S.p.a. • Beneficiary: Banca Intesa S.p.a. • Country: Italy • Structure: Credit Enhancement • Commitment: € 0.8 mln • Debtor: Alessi S.p.a. • Beneficiary: Banca Intesa S.p.a. • Country: Italy • Structure: Credit Enhancement November 2005 November 2005 October 2005 December 2005 November 2005 • Commitment: €230 mln • Supplier: Danieli & Officine Meccaniche S.p.a. • Buyer: OMK Steel (Russia) • Country: Russia • Structure: Strcutured Finace • Commitment: € 21.1 mln • Exporter: Alenia Aeronautica • Beneficiary: Barclays Bank • Buyer: Air Deccan • Country: India • Structure: Buyer Credit Insurance Policy • Commitment: € 3 mln • Insured: Rivoli Spa • Buyer :Parà - Secretaria Executiva de • Transportes -SETRAN • Country: Brazil • Structure: Civil Works Policy • Commitment: € 1 mln • Supplier: Perfora S.r.l. • Buyers: Brazilian companies (5) • Country: Brazil • Structure: Supplier Credit Policy • Commitment : € 22 mln • Exporter: Gruppo Comau • Beneficiary: Bayerische- HVB • Country: Germany, South Africa • Structure: Surety Bond October 2005 October 2005 Sept- Dec 2005 September 2005 June 2006 • Commitment: € 3.3 mln • Exporter: Binacchi & C. S.r.l. • Beneficiary: Banco Santander Central Hispano • Buyer: Friboi LTDA • Country: Brazil • Structure: Buyer Credit Insurance Policy • Commitment: € 18.5 mln • Supplier: Officine Meccaniche Villa & • Bonaldi S.p.a. • Buyer: China Petroleum Material and • Equipment Corporation • Country: China • Structure: Supplier Credit Policy • Commitment: € 50 mln • Exporter: Ansaldobreda S.p.a • Beneficiary: DSB- Material • Country: Denmark • Structure: Surety Bond • Commitment: $ 1.2 bln • Insured: Bond Issued by Gazprom • Supplier: Snam,Saipem,Ilva,Nuovo Pignone • Country: Russia • Structure: Structured FinanceGuarantee • Commitment: € 25 mln • Supplier: Italdesign Giugiaro S.p.a. • Buyer: China Motor Corporation • Country: Taiwan • Structure: Supplier Credit Policy September 2005 September 2005 July 2005 July 2005 May 2005 Credentials

22. SACE Group Why SACE Kazakhstan economy Credentials SACE in Kazakhstan SACE’s network

23. SACE’s network Russia Italy Cina Hong Kong • Regional Offices • Milan • Modena • Rome (Headquarters) • Turin • Mestre Venice • Foreign Office • Moscow • Hong Kong • Shanghai • Next openings • San Paolo • Istanbul • Mumbai • North Africa

24. Disclaimer This presentation has been prepared by SACE SPA solely for information purposes. The information contained herein has not been independently verified. Under no circumstances should this document 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 but SACE does not represent or warrant that it is accurate and complete. The views reflected herein are those of SACE and are subject to change without notice. The products mentioned in this document may not be eligible for sale in some states or countries, or suitable for all types of investors; their value and the income they produce may fluctuate and/or be adversely affected by exchange rates, interest rates or other factors. The forward-looking information contained herein has been prepared on the basis of a number of assumptions which may prove to be incorrect and, accordingly, actual results may vary. The information herein may not be reproduced or published in whole or in part, for any purposes, or distributed to any other party, without the written permission of SACE S.p.A. By accepting this document you agree to be bound by the foregoing limitations.