1. EMPOWER YOUR BUSINESS 1 Investing in Kazakhstan with SACE Fabio Fritelli October 2007

2. EMPOWER YOUR BUSINESS 2 SACE Group Credit insurance, reinsurance, investments protection and advanced financial solutions Short-term insurance services both in domestic and foreign markets. Leader in surety business, specifically in the construction industry

3. EMPOWER YOUR BUSINESS 3 A strong financial partner Rating (Moody’s) Aa2 Equity € 5,734 mln Net profit € 510.1 mln Gross written premiums € 240.5 mln Outstanding € 31,979.9 mln Key figures 2006

4. EMPOWER YOUR BUSINESS 4 SACE exposure: sectors Strong experience in Oil&Gas sector

5. EMPOWER YOUR BUSINESS 5 Open (with conditions) Open Off cover SACE’s Terms of Cover in CSI Countries RUSSIA GEORGIA ARMENIA AZERBAIJAN UZBEKISTAN TURKMENISTAN KAZAKHSTAN TAJIKISTAN KYRGYZISTAN

6. EMPOWER YOUR BUSINESS 6 Kazakhstan Rating OECD Sovereign/Bank/Corporate Risk: Open SACE Cover Policy Country Category 4/7 S&Ps: BBB Moody’s: Baa3 Fitch: BBB S&Ps: BBB Moody’s: Baa3 Fitch: BBB

7. EMPOWER YOUR BUSINESS 7 Kazkommertsbank Bank Turan Alem ATF Bank Halyk Saving Bank of Kazakhstan Alliance Bank JSC Astana Finance JSC CJSC Development Bank of Kazakhstan Kazakhstan Investment Fund Alfa Bank Kazakhstan Bank Caspian Bank Centercredit Development Bank of Kazakhstan Eurasian Bank Nurbank Temirbank Tsesnabank Kazkommertsbank Bank Turan Alem ATF Bank Halyk Saving Bank of Kazakhstan Alliance Bank JSC Astana Finance JSC CJSC Development Bank of Kazakhstan Kazakhstan Investment Fund Alfa Bank Kazakhstan Bank Caspian Bank Centercredit Development Bank of Kazakhstan Eurasian Bank Nurbank Temirbank Tsesnabank SACE vs Bank Sector in Kazakhstan Main Financial Institutions positively assessed for SACE support Total Current SACE Exposure euro 47 M approx. Maximum available exposure euro 490 M approx

8. EMPOWER YOUR BUSINESS 8 Why SACE: benefits Competitiveness Longer payment terms for the buyers Security Transfer of risk Liquidity Credits monetization at competitive costs Protection Safeguarding your investments and credits abroad Stability Improvement of your balance sheet composition

9. EMPOWER YOUR BUSINESS 9 Why SACE: Basel II Cost of funding based on company credit rating Increased company transparency and disclosure of business information Cost of funding based on company credit rating Increased company transparency and disclosure of business information Basel II effects Zero weight for loans guaranteed by SACE Boost borrowing power Zero weight for loans guaranteed by SACE Boost borrowing power Role of SACE With Basel II fund raising is more difficult for companies without an investment grade

10. EMPOWER YOUR BUSINESS 10 (*) Such threshold is reduced to 10% for listed companies. SACE has widened its eligibility criteria:  SACE is now able to provide cover for the financing of: ;  supply contracts signed by an Italian company; or  supply contracts signed by a foreign company participated 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 SACE Range of Activities: 1) Export Related Products

11. EMPOWER YOUR BUSINESS 11 (*) Participated at least 20% by an Italian companies. Such threshold is reduced to 10% for listed companies.  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 energy sources 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  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 energy sources 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 SACE Range of Activities: 2) Non-Export Related Products

12. EMPOWER YOUR BUSINESS 12 Credit Insurance Coverage up to 100% for political and commercial risks Financing up to 100% of premium amount and IDC Tied or multitied financing / refinancing of import transactions Financing Bank Italian Companies Export of goods/services Payment of exported goods Foreign Entities Insurance policy Reimbursement Main Features SACE Italian Companies Foreign Entities Export of goods and services Payment of exported goods Insurance policy Foreign subsidiary SACE Coverage up to 100% for political and commercial risk Monetisation of assets through assignment of the insurance policy to a financial institution on a pro-soluto basis (I) Buyer Credit(II) Supplier Credit

13. EMPOWER YOUR BUSINESS 13 PRI: Capital contribution abroad Structure Guarantee Capital contribution / Financing Italian Company Foreign Company (Recipient) A Controlling Stake Capital contribution / Financing Foreign Subsidiary Italian Company Guarantee Foreign Company (Recipient) B Coverage including capital contributions, capital goods and others, or subordinate loans and guarantees Financing of foreign investments also by assigning the insurance policy to a bank Coverage up to 100% of the investment value as a consequence of a political event Eligibility for investments via foreign vehicle/holding Main Features SACE

14. EMPOWER YOUR BUSINESS 14 Financial Credit Insurance: Cross Border Investment & Preshipment Facilities (*) Structure linked to internationalisation of the Italian economy Financing linked to internationalisation of the Italian economy 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 Freeing up borrowers credit lines More competitive borrower’s all-in cost of funding Pricing: participation fee paid by the funding bank to SACE on an up front / running basis Guarantee Funding Italian related business Italian entities and /or Foreign Subsidiaries Banks Main Features Guarantee Italian Entities Italian Related Business Banks Working Capital financing (I) Cross Border Invest. Facility (II) Pre - Shipment Capital Markets Funding SACE

15. EMPOWER YOUR BUSINESS 15  Commitment: €230 mln  Supplier: Danieli & Officine Meccaniche S.p.a.  Buyer: OMK Steel (Russia)  Country: Russia  Structure: Strcutured Finace  Commitment: € 1 bln  Insured: Italcementi S.p.a.  Beneficiary: Ciments Francais  Country: Egypt, India, Kazakhstan, Thailand  Structure: Investment 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 Finance Guarantee Credentials

16. EMPOWER YOUR BUSINESS 16 www.sace.it

17. EMPOWER YOUR BUSINESS 17 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. Disclaimer