SACE is a leading Italian credit management company that offers risk management solutions for commercial and political risks. It has over 30 years of experience insuring over €50 billion in transactions across 180 countries. SACE aims to expand its presence in the Balkan region by opening a new representative office in Bucharest in 2010 to better support the growing trade between Italian and Balkan firms.

1. Bridge over troubled waters
Sofia, 7th June 2010
Michal Ron – Head of International Relations and Network

2. THE LEADING ITALIAN CREDIT MANAGEMENT COMPANY
 Export credit and Project Finance
We offer solutions for the  Protection of foreign investments
integrated management  Financial guarantees
of commercial and political risks  Credit insurance
 Surety and construction risks
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3. Our strengths
Over 30 years of providing risk management
EXPERIENCE solutions to small and medium-sized business and
large corporations
Aa2 credit rating (Moody’s)
FINANCIAL SOUNDNESS
Shareholders’ equity: € 5.9 Bn
Outstanding commitments for over € 50 Bn to
RELIABILITY insure commercial and financial transactions in
over 180 countries
Insured business: € 34 Bn, + 22% yoy
FINANCIAL RESULTS Consolidated net income: € 460 Mn, + 32% yoy
Gross written premiums: € 430 Mn, + 13% yoy
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4. Risks insured by geographical area (31/03/2010)
Turkey
7,1 %
SACE Exposure
Others
25,0 %
1. Italy 15%
Russia & CIS
2. Russia 13% 16,3%
3. Turkey 8%
…
6. Balkans 4.5% North Sub
of which: America Saharian
4,5 % Af rica
Bulgaria 2% € 0.5 Bn 2 ,1%
LATAM Asia Pacif ic
5,5% 6,5 %
Balkans
Europe 4,5 %
28,4 %
TOTAL 35,3 bln
Outstanding Guarantees
We cover political and commercial risk in over 180 countries
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5. Economic trends in recession: ECAs’ role
• The contraction of international trade in 2009 has been dramatic. The
main drivers of the trade collapse have been the strong reduction of demand
combined with an increase in the elasticity of world trade.
• Part of the international response to the global crisis has involved, and
is involving, support to trade financing. Export Credit Agencies have
played an important role in the recovery, and their contribution is still
essential in supporting economic growth.
• In a global context of growing uncertainty, where risks are more unpredictable
and banks that greatly scaled down their lending facilities, dramatically
increased their liquidity spreads and show little or no willingness to share risk,
the role of ECAs appear even more determinant in helping enterprises to
carry on their activities.
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6. The evolution of an ECA: a time pattern
Marketable risk
Pure
Market
Player
EDC (Canada)
SACE (Italy)
ONDD (Belgium)
Nordic Agencies
NEXI (Japan) European Emerging
Markets Agencies
EFIC (Australia)
Sinosure (China)
Non marketable risk
KEIC (Korea)
Euler (Germany)
Coface (France)
Atradius (Netherlands)
Pure CESCE (Spain)
U.S EXIM
OekB (Austria)
ECA ECGD (UK)
Traditional products Advanced products
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7. The evolution of SACE: increasing our scope
as a global partner
PRODUCTS
Export Bank
Factoring
Bonding & Surety
Financial Guarantee
PRI insurance
DURATION
CONTENT
Credit Insurance Working Capital Export Credit Export Credit Export Credit
(Short Term) Facilities OECD regulated MADE BY UNTIED
SME
Credit Insurance/
Enhancement
Domestic
Strategic Sectors
MARKETS
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8. Our outlook on the Region
• Before global crisis, large capital inflows into Bulgaria generated a robust
GDP growth.
• At the end of 2008, capital inflows sharp decrease led to a contraction of
domestic demand, whereas the recession in Bulgaria’s trading partners
caused a drop in exports (GDP growth: -5,1% in 2009)
• In 2010, due to the recovery in global GDP, which growth will stimulate
exports, Bulgarian GDP is projected to increase by 0.2%
• The main challenge for the banking system will be to absorb the increase in
NPLs. Anyway, thanks to prudent regulation, the banking system has built
up substantial buffers during the boom years.
• Some concerns derive from the fact that 28% of the Bulgarian banking
sector is held by Greek banks. Anyway the general assumption is that
Greek parent banks will support their investments in the Region.
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9. SACE Market Risk Index
BULGARIA
SACE Terms of Cover
Sovereign Risk open
Corporate Risk open
Bank Risk open
OECD Country Risk Category
4/7
Consensus Category
2 RISK: M2
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10. SACE’s support in Bulgaria
€ 454 Mn (2% of total portfolio, 13th Country in
Total Exposure
terms of total exposure)
21 new operations in the last three years,
New Guarantees
mostly transactions involving Italian SMEs
Several potential transactions under current
Pipeline
evaluation, for a total amount of € 70 Mn
€ 659 Mn € 12 Mn € 1.5 Mn
Financial Guarantee Buyer Credit Buyer Credit
Modernisation of Stara Zagora plant Supply of a four-high combination Plant for the production of tiles
reversing mill
2006 Bulgaria 2007 Bulgaria 2009 Bulgaria
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11. SACE’s Balkans Programme
• After a long period of political instability and economic distress related to the breakup
of ex-Yugoslavia, the Balkans have reached a more stable situation and
commenced implementing important reform programs.
• In December 2006 SACE adopted a more open approach towards the Region in
response to the growing request for SACE’s support from Italian exporters.
• SACE’s cover policy takes into consideration the improvements in the Countries’
political and economic situation and, regarding sovereign risk, the presence of IMF
ceilings on public or publicly guaranteed debt.
• The Balkans Programme has allocated an amount of € 300 Mn to directly support
transactions in the Region.
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12. SACE’s future office in Balkans
Balkans region plays a strategic role for Italy. Trade flows between our firms and these
Countries have been increasing significantly in the last years. New business
opportunities have emerged for Italian firms in the context of growing political stability
and economic expansion.
Considering the positive market outlook and the business opportunities under current
evaluation, SACE wishes to establish a formal presence in the Region through the
opening, in 2010, of a Representative Office in Bucharest.
The new office will act as a reference point for Italian exporters and their local partners
and will enable SACE to further expand its Balkan operations and meet the growing
demand for our support provided to investments in the Balkan Region.
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13. SACE’s International Network
MOSCOW
BUCHAREST*
ISTANBUL*
HONG KONG
MUMBAI*
SAO PAULO
JOHANNESBURG
* To be opened in 2010
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14. How to contact us
ITALY WORLDWIDE
www.sace.it
Customer care: +39 06 6736000 Bari China
Via Amendola 172/5 - 70125 Bari 40/f Suite 4001 - Central Plaza 18
Tel. +39 080 5467763 • Fax +39 080 5467764 Harbour Road - Wanchai, Hong Kong
Tel. +852 36202323 • Fax +852 36210227
Lucca
HEAD OFFICE Via Dante Alighieri 167 - 55100 Lucca South Africa
Rome Tel. +39 0583 40071 • Fax +39 0583 400790 Two Commerce Square
Piazza Poli 37/42 - 00187 Rome 39, Rivonia Road
Tel. +39 06 67361 • Fax +39 06 6736225 Milan Corner Melville Road Sundhurst
Via A. De Togni 2 - 20123 Milan 2196 Sandton, Johannesburg
Tel. +39 02 4344991 • Fax +39 02 434499749 Tel. +27 11 2680623 • Fax +27 11 2680617
Modena Brazil
Via Elsa Morante 71 - 41123 Modena Avenida Paulista 1971 - 4° andar
Tel. +39 059 891240 • Fax +39 059 820832 01311-300 Sao Paulo
Tel. +55 11 31712138 • Fax +55 11 32664051
Monza
c/o Unione Industriali Monza e Brianza Russia
Viale Petrarca 10 - 20010 Monza c/o ICE - Office n.1202
Tel. +39 039 3638262 • Fax +39 039 3638208 Krasnopresnenskaja Naberejnaja 12
123610 Moscow
Rome Tel. +7 49 52582155 • Fax +7 49 52582156
Piazza Poli, 37/42 - 00187 Rome
Tel. +39 06 6736309 • Fax +39 06 6736770
New openings: Istanbul, Bucarest.
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
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