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



                                 SACE Group




          Export credit                      Credit insurance
     Investment protection              Surety & construction risks
     Financial guarantees
  Project & structured finance




                                 100%                                 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




                              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

1998                          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
                                         SACE’s capital was reduced by €3.5 billion.
2006
                                         SACE won the Oscar di Bilancio - the Italian annual report award – for the insurance
2007                                      sector’s best annual report.

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



                                                                                                                                         3
                                                                          SACE Group




                       A strong financial partner



            27,554                      381.6            589.9
   23,614                       311.8                             530.1




    2007     2008               2007    2008              2007     2008

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




                                                                                  4
                                                                   SACE Group




                 A strong financial partner



                                    46,430
         5,993                                              546
5,772                      37,055                    511




 2007     2008               2007    2008            2007   2008

Equity (€ mln)     Outstanding commitments (€ mln)    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
        Other European
                                                                              percentage of SACE’s total new guarantees doubled
         Countries and                                 Americas
              CSI                                       10.3%                 from 2.3% in 2006 to 4.5% in 2008
            18.8%

                                                             Asia and
                                                             Oceania
                                                              6.1%
                                                                           Sub-Saharan Africa – Number of approved transactions & percentage
                                                                Others     of new Guarantees to SACE total new Guarantees (2006 - 2008)
                                                                1.8%


                                                                              5%                                        21
                                                             Sub-Saharan                                                     4.5%
      EU 27                                                                                                                            20
                                                                Africa
      44.0%
                                                                4.5%          4%
                                                                                                          3.2%                         15
                                                       Middle East and        3%
                                                        North Africa                     2.3%
                                                                                    10
                                                           14.6%                                                                       10
                    Sub-Saharan Africa                                        2%
                    Middle East and North Africa                                                      6
                    EU 27                                                                                                              5
                                                                              1%
                    Other European Countries and CSI
                    Americas
                    Asia and Oceania                                          0%                                                       0
                    Others                                                               2006             2007               2008

                                                                                         SACE Committment in Africa   Transactions



                                                                                                                                               6
                                  Focusing on Sub-Saharan Africa: the “Africa
                                  Program”

Why?
IMF-World Bank debt-relief initiative - structural                     SACE commitment - Breakdown by country
reforms

More favorable operating environment                 70%                                                             64.0%

Growing interest by Italian companies
                                                     60%
                                                     50%
New SACE cover policy towards sub-Saharan Africa
(“Africa Program”) aiming at assisting Italian       40%
companies investing or exporting in the continent
                                                     30%
                                                     20%   14.0%                                           15.0%
What is the “Africa Program”?
                                                     10%                                                                        5.0%
                                                                     0.3%      0.0%    1.0%      1.0%
Terms of Cover revision: 15 sub-Saharan African      0%
countries have been brought back on cover
                                                           Angola   Ethiopia   Gabon   Kenya   Mauritius   Nigeria   South    Tanzania
Representative office in Johannesburg                                                                                Africa

Starting technical and financial cooperation with
Multi-lateral Agencies (including African Trade             €847 million of new commitments guaranteed by SACE
Insurance) and Development Finance Institution              (51 transactions in 12 countries) since the inception of
                                                            the Africa Program
Launching contacts with local and international
banks for risk sharing




                                                                                                                                         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)
                                                                                  MAURITANIA
    tenors (i.e. short, medium-long term)
                                                                                                           MALI

                                                           CAPE VERDE                                                           NIGER
    OPEN ON A CASE-BY-CASE BASIS:
                                                                              SENEGAL                                                                                                      ERITREA
    No cover available. Potential exemptions (on                   GAMBIA,                                                                      CHAD
    case-by-case basis):                                           THE
                                                                                                                                                                     SUDAN
                                                                    GUINEA-                          BURKINA
    project finance;                                                BISSAU         GUINEA            FASO
                                                                                                                  BENIN                                                                              DJIBOUTI
    co-financing with Multilaterals, local development
                                                                                                                          NIGERIA
    banks and other ECAs;                                                SIERRA LEONE           COTE          TOGO                                                                                        SOMALI
                                                                                               D’IVOIRE
    investments;                                                                                          GHANA
                                                                                                                                              CENTRAL AFRICAN
                                                                                                                                                                                       ETHIOPIA           A
                                                                                    LIBERIA
    non-credit risks                                                                                                                             REPUBLIC

                                                                                                                                    CAMEROO
                                                                                                                                    N

                                             2005                                                                  EQUATORIAL GUINEA
                                                                                                                                               CONGO,
                                                                                                                                                                           UGAND
                                                                                                                                                                           A
                                                                                                                                                                                     KENYA
                                                                                                              SAO TOMÉ AND
                                                                                                                PRINCIPE              GABON   REPUBLIC
                                                                                                                                                                         RWANDA
                                                                                                                                                           CONGO,                                      SEYCHELLES
                                                                                                                                                                          BURUNDI
                                                                                                                                                         DEMOCRATIC
                                                                                                                                                          REPUBLIC
                                                                                                                                                                                TANZANIA



                                                                                                                                                                                                       COMORO
                                                                                                                                                                                                          S
                                                                                                                                              ANGOLA
                                                                                                                                                                                 MALAWI
                                                                                                                                                               ZAMBIA
                                                                                                                                                                                                                    MAURITIUS

                                                                                                                                                                                  MOZAMBIQUE,
                                                                                                                                                                      ZIMBABW     REPUBLIC  MADAGASCAR
                                                                                                                                              NAMIBIA
                                                                                                                                                                      E

                                                                                                                                                           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


                                                                          Power
                                                                           34%




                        Infrastructure
                             54%




                                                                      Transportation
                                                                           9%
                                                          Oil & Gas
                                                              3%


                                Power    Transportation   Oil & Gas        Infrastructure




                                                                                                   9
                                                                Focus Paese
                                                                 Senegal

Interscambio con l’Italia
                                                                                                                                                                Condizioni di assicurabilità SACE
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                                                            Categoria OCSE: 6/7
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                                                     Rischio sovrano: chiusura
amplia pertanto il surplus commerciale a favore dell’Italia, pari a 77,7 milioni di euro. Nei primi quattro mesi                                                Rischio bancario: apertura
del 2009 le esportazioni e le importazioni italiane dal Senegal hanno registrato una contrazione,                                                               Rischio privato: apertura
rispettivamente pari a -41,2% e -48,9%, rispetto allo stesso periodo del 2008.                                                                                  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                                    Interscambio commerciale con il Senegal
                      (2008, %)                                                               (1999- 2008, mln €)

                                                                              160
                                vetro,       mezzi di                                                                                                           Garanzie SACE al 31 marzo 2009
                prod. in      ceramica e    trasporto   altro                 140
               gomma e         materiali       4,9%     8,2%
                                 5,2%                                         120
                plastica                                                                                                                                        Le garanzie deliberate (capitale e
                 5,4%                                                         100
  prod. chimici
                                                                                                                                                                interessi) in Senegal sono pari a 10,6
                                                                              80
     e fibre                                                                                                                                                    milioni di euro.
      6,3%                                                                    60
                                                                                                                                                                Le garanzie perfezionate in quota
  mobili e altri                                                              40
   manufatti                                                                                                                                                    capitale ammontano a 9,2 milioni di
                                                                              20
     6,6%
                                                                                                                                                                euro, interamente erogati.
              metallurgia e                                                    0
                prod. in                            prod.        meccanica          1999   2000   2001   2002      2003   2004   2005     2006    2007   2008
                                elettronica ed                  strumentale   -20
                metallo                           energetici
                                elettrotecnica                     33,6%
                 7,7%                              raffinati                  -40
                                     8,6%
                                                    13,6%
                                                                                                    esportazioni          im portazioni          saldi




                                                                                                                                                                                                      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                                                            Condizioni di assicurabilità SACE
aumento di oltre il 66% rispetto al 2007 e incentrate principalmente su prodotti alimentari, meccanica
                                                                                                                                                                   Categoria OCSE: 7/7
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
                                                                                                                                                                   Rischio sovrano: chiusura
pari a 13 milioni di euro. Nei primi quattro mesi del 2009, il valore dell’export italiano nel paese è aumentato
                                                                                                                                                                   Rischio bancario: chiusura
del 29,4% rispetto allo stesso periodo dell’anno precedente, mentre le importazioni dalla Sierra Leone sono
                                                                                                                                                                   Rischio privato: chiusura
più che raddoppiate nel medesimo intervallo di tempo.

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

 Esportazioni italiane in Sierra Leone per settori                               Interscambio commerciale con il Sierra Leone
                     (2008, %)                                                                (1999- 2008, mln €)


                            vetro,     prod. chimici   mobili e altri           25
          metallurgia e   ceramica e      e fibre       manufatti
            prod. in       materiali       1,9%           1,5%          altro
            metallo          2,0%                                               20
                                                                        3,2%
             5,1%

 elettronica ed                                                                 15
                                                                                                                                                                   Garanzie SACE al 31 marzo 2009
 elettrotecnica
     13,7%
                                                                                10
                                                                                                                                                                   L’esposizione di SACE in Sierra Leone
                                                                                                                                                                   è nulla.
    mezzi di                                                                    5
   trasporto
     18,3%
                                                                     prod.
                               meccanica                                        0
                                                                  alimentari
                              strumentale                                            1999   2000   2001   2002       2003   2004    2005     2006   2007    2008
                                                                     32,2%
                                 22,0%                                                                esportazioni           im portazioni          saldi




                                                                                                                                                                                                       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                                          Moscow
 Piazza Poli, 37/42 • 00187 Rome               Krasnopresnenskaja Naberejnaja, 12
 Tel. +39 06 67361 • Fax +39 06 6736225        123610 Moscow - Office n.1202
 REGIONAL OFFICES                              Tel. +7 49 52582155, Fax +7 49 52582156

 Milan                                         Hong Kong
 Via A.de Togni, 2 - 20123 • Milano            40/f Suite 4001 - Central Plaza 18, Harbour Road
 Tel. +39 02 434499701, Fax +39 02 434499749   Wanchai, Hong Kong
                                               Tel. +852 36202323, Fax +852 36210227
 Modena
 Via Elsa Morante, 71 - 41100 • Modena
                                               Johannesburg
 Tel. +39 059 331201, Fax +39 059 820832
                                               Chester Road, 42
 Turin                                         2193 Parkwood Johannesburg
 c/o ICE - Via Bogino, 13 - 10100 • Torino     Tel. +27 11 8800020, Fax +27 11 8801019
 Tel. +39 011 836128 - Fax +39 011 836425
                                               Sao Paulo
 Venice                                        Av. Pauista 1971 – 3° andar
 Viale Ancona, 26 - 30172 • Venezia - Mestre   01311-300 Sao Paulo
 Tel. +39 041 2905111, Fax +39 041 2905103     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

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                              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 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.




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