SACE in Russia
Sace Moscow office
21th April 2010
Our strengths
EXPERIENCE
FINANCIAL SOUNDNESS
RELIABILITY
Over 30 years of providing risk management
solutions to small and medium-sized businesses and
large corporations
Aa2 credit rating (Moody’s)
Shareholders’ equity: € 5.9 Bn
Outstanding commitments for over € 50 Bn to
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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Risks insured by geographical area
Turkey
8%
SACE Exposure
Top 3 Countries
Italy
Russia
Turkey
15%
13%
8%
€ 4.4 Bn
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
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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).
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SACE’s support in Russia
Total Exposure
New Guarantees
Pipeline
€ 4.4 Bn (13% of total portfolio, 2nd Country in
terms of total exposure)
38 new operations in 2009, for a total amount of
€ 2 Bn
Over 20 potential transactions for 2010, for a
total amount of € 2.2 Bn
SACE’s Russian exposure by Sector…
…and by Counterparty
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SACE’s support in CIS Countries
TOTAL € 800 Mn
TOTAL € 287 Mn
Outstanding Guarantees
New Guarantees issued in 2009

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.
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SACE Business Lines
Traditional Business
National Interest Programme
Purpose: to support the Italian exports and diversify
SACE’s portfolio
Purpose: to support the Internationalisation of Italian
companies and any strategic interest for the Italian Economy
Export credit
Insurance
Political Risk
Insurance
“Non marketable” business,
bound by Consensus Rules
“Non marketable” business,
off Consensus Rules,
supporting the Italian
investments abroad
Internationalisation
New “marketable” business,
supporting the
Internationalisation
of Italian Economy
Market Window
New “marketable” business,
supporting any strategic
interest for the Italian
Economy
Export Credit: Sales of goods & services
Structure
SACE
Insurance policy
Foreign
subsidiary
Italian
Companies
Payment of
exported goods
Foreign
Entities
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
Main Features
• 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:
Tailoring
“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
Export Credit: Framework Agreement
Structure
SACE
Insurance Policy
Bank
(Italian or foreign
operating in Italy)
Confirmation of
Documentary
Credit
Foreign Bank
(acting for the Foreign
company)
Credit payment
L/C request
Italian Company
Foreign Company
Confirmation of
Export
Documentary
Creditof
goods/services
Time 1
Time 2
Time n
Target Clients
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.
Main Features
• 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
Export Credit: L/Cs Confirmation
Structure
SACE
Insurance Policy
Confirmation and financing
of Documentary Credit
Bank
Foreign Bank
(Italian or foreign operating in Italy)
(Operating for the Foreign Company)
Issuance
of L/C
Payments for the exports
of goods and services
Italian Company
L/C
request
Foreign Company
Export of goods and
services
Target Clients
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.
Main Features
•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
Export Credit: Cross Border Investment &
Preshipment Facilities
(I) Cross Border Invest. Facility
(II) Pre - Shipment
Structure
SACE
SACE
Funding
Guarantee
Banks
Capital
Markets
Target Clients
Main Features
Italian entities
and /or their
Foreign
Subsidiaries
Guarantee
Banks
Working Capital
financing
Funding
Italian related
business
Italian Entities
Italian Related
Business
Time 1
Time 2
Time n
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
• Participation Fee paid by the funding bank to SACE on an up front / running basis
• More competitive borrower’s all-in cost of funding
Export Credit: Internationalisation activities
Structure
A: Loans collection
SACE
B: Loans securitisation
Bank
Step 2
Guarantee
Step 1
Financing to Italian
Exporters
Italian
Company
1°
Italian
Company
2°
Italian
Company
……
Italian exporters
Target Clients
Main Features
Italian
Company
n
SACE
Step 3
Guarantee
Step 1
Bank
Loans Portfolio
Assignment
SPV
Step 2
Securitisation
Tranche 1
Tranche 2
Tranche
…
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
Export Credit: Capital contribution abroad
Structure
A
SACE
Guarantee
Italian
Company
Capital
contribution /
Financing
Guarantee
Foreign
Company
(Recipient)
B
SACE
Foreign
Subsidiary
Capital
contribution /
Financing
Foreign
Company
(Recipient)
Controlling
Stake
Italian Company
Target Clients
Italian Companies and/or their Foreign Subsidiaries interested in establishing companies abroad or
holding a stake in foreign company.
Main Features
• 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
SACE’s International Network
MOSCOW
BUCHAREST*
ISTANBUL*
HONG KONG
MUMBAI*
SAO PAULO
JOHANNESBURG
* To be opened in 2010
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How to contact us
www.sace.it
mosca@sace.it
Russia
c/o ICE - Office n.1202
Krasnopresnenskaja Naberejnaja 12
123610 Moscow
Tel. +7 49 52582155 • Fax +7 49 52582156
Svetlana Gromiko Piradova
s.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
ITALY
WORLDWIDE
Bari
Via Amendola 172/5 - 70125 Bari
Tel. +39 080 5467763 • Fax +39 080 5467764
China
40/f Suite 4001 - Central Plaza 18
Harbour Road - Wanchai, Hong Kong
Tel. +852 36202323 • Fax +852 36210227
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
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
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
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