Net profit at 31.12.2011: €184 million

• The counter-cyclic nature of the SACE Group in support of Italian businesses has been confirmed by the growth of the insured transactions portfolio to € 72 billion (+4.3%)

• SACE BT: the turnaround is complete with a return to profit and growth in insured volumes

• SACE Fct: turnover factoring is up 49%, in particular for public sector companies

Today the SACE Board of Directors, chaired by Giovanni Castellaneta, approved the SACE Parent Company draft financial statements and the Group consolidated financial statements at 31 December 2011.

“In spite of the negative economic picture, the role of the SACE Group supporting Italian companies has been confirmed with growth in insured transactions reaching approximately € 72 billion (+4.3% compared with € 69 billion in 2010) - CEO Alessandro Castellano said -. SACE has therefore confirmed itself as a point of reference for the internationalisation of Italian businesses.”

The Parent Company’s portfolio of commitments as at 31 December 2011 stands at approximately € 34 billion, a 5.4% increase compared to 2010. Exposure to private credit risks, representing 84.5% of the total, increased by 10.9%, and political-sovereign risk fell by 13%. The average length of the portfolio went from 4.1 years in the previous year to 4.8 years. The largest sector remains oil & gas, accounting for 24.6% of the total, followed by infrastructures and construction (18.8%), metallurgy (11.7%) and the chemical-petrochemical industry (7.9%). Russia is the main market for activities with an exposure greater than € 5.2 billion (+11.4% compared with 2010), followed by Turkey (€ 1.7 billion), Saudi Arabia (€ 1.7 billion) and Brazil (€ 1.3 billion, up 45.7%). Overall, non-EU countries, including the Commonwealth of Independent States, account for 24.5% of the portfolio, followed by the Middle East (16.7%), the Americas (11.9%), East Asia and Oceania (9.8%).

In the current difficult economic climate, the Parent Company has continued to perform a counter-cyclic role in supporting the internationalisation of businesses, demonstrated by both the increase in insured commitments in emerging markets and a significant demand for coverage in OEDC countries. It has expanded its direct presence by opening new offices in the region, and entered agreements for the sale of SACE products, including through brokers, trade associations and other institutions, and it has launched projects to strengthen the online channel.

The Group gross premiums stood at € 442.3 million (-17%). The Parent Company earnings were equal to € 184 million, down from € 366.7 million the previous year. The result is a reflection of the difficult economic context in which Italian businesses are operating and, specifically, the increased difficulty in accessing credit at a sustainable cost. The financial statements reflect the performance of non-technical management (- €115.1 million compared with + €87 million in 2010). The result has been affected by impairments, partly already reabsorbed in the first quarter of 2012, which refer specifically to European government bonds. The prudent risk assessment policies adopted have resulted in a reduction in claims, which, at group level, fell by 42.3% compared to the same period in 2010.

The 2011 financial year closed with a 12% growth in premiums compared to 2010 for SACE BT, the product company specialised in credit insurance, surety bonds and construction risks. Specifically:

• credit products rose by 18%, standing at € 57.6 million. The renewal percentage of existing policies (89%) confirmed the stability of relations with customers

• surety bonds reached € 31.9 million in premiums (+6.7%), with growth for all products

• construction products, complementary in the public and private tender sector to the range of collateral arrangements, increased by 1.3%.

In a difficult market that deteriorated in the second half of 2011, SACE BT managed to contain claims, reducing the company loss ratio to 56.6% and improving the cost ratio by 2.5 percentage points. The sphere of activity of the subsidiary SACE SRV was extended in 2011 through credit recovery activities, the sale of commercial information and credit opinion services and economic analyses outside the Group.

The turnaround favoured SACE BT which, in a difficult year, ended 2011 with a positive net result exceeding forecasts in the business plan.

SACE Fct, the Group factoring company, ended its first financial year of full operation with a turnover in excess of € 1.3 billion, a 49% increase compared with 2010. Net income for the period stood at € 6.6 million. During 2011, SACE Fct continued its mission to support businesses, especially suppliers to public sector companies, contributing to improving business relations through indirect and direct factoring operations, as well as framework agreements with local authorities (regions, provinces and Municipalities). The partnership agreement signed with Poste Italiane to promote Reverse Factoring in regard to public sector companies has been particularly important. It provides SMEs working with public sector companies access to SACE Fct services through the 500 Business Post Offices throughout Italy.