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Export Development CanadaYour Financial Partner

March 2008

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EDC Facilitating Canadian Trade

• EDC (Export Development Canada) is Canada’s official export credit agency (ECA). Its mandate is to support export and foreign investment.

• Founded in 1944, EDC is a Crown Corporation that operates as a commercial financial institution

• EDC is AAA rated by Moody’s and Standard & Poors and is financially self-sustaining

• Our services include: Financing

Accounts Receivable Insurance

Contract Insurance & Bonding

Political Risk Insurance

• Today, we are open for business in over 175 countries including 153 developing markets

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The Extractive Industries Team

EDC has recently restructured. Six new industry sector teams were introduced, including the Extractive Industries Team

Extractive Industries includes: Mining

Oil & Gas

Pipeline

Base Metal Production

Fertilizers & Petrochemicals

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2007 Volume - Mining (CAD)

• Financing $ 834 million

• Political Risk Insurance $ 1.9 billion

• Accounts Receivable Insurance $ 6.4 billion

• Contract Insurance & Bonding $ 32 million

TOTAL $ 9.16 billion

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EDC Financing Services

•EDC helps Canadian companies and their Foreign buyers to arrange…

Corporate Revolvers Bilateral Facilities Acquisition Facilities Bridge or Term Loans Syndicated Facilities Highly Structured/Project Finance Facilities

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Project Finance Expertise

•EDC helps Canadian companies … Conduct Financial Analysis

Structure deals

Negotiate/Develop Project Term Sheets

Assess Technical Risks

Underwrite and Syndicate

Draft and Negotiate Loan Documentation

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EDC Political Risk Insurance

•EDC helps Canadian companies invest overseas… Assessing Political Risks

Underwriting Equity Policies

Underwriting Debt Policies

Arranging Private Sector Insurance

(Lloyds, Sovereign, Zurich, AIG)

Arranging Public Sector Insurance

(OPIC, ECGD, OND, EFIC, MIGA)

EDC Contract Insurance & Bonding

•EDC helps Canadian exporters… Offer competitive payment terms to their

foreign buyers

Arrange working capital and banking facilities

Arrange bonds required by their foreign buyers

Manage their foreign exchange risks

EDC Accounts Receivable Insurance

•EDC helps Canadian exporters… Offer competitive payment terms to their

foreign buyers

Arrange working capital and banking facilities to support their foreign contracts

2008 Mining Pipeline for Africa

• EDC is currently considering in excess of $400 million of Project Finance and Political Risk Insurance mining business in countries which include: Democratic Republic of Congo

Tanzania

South Africa

Eritrea

Republic of Congo

Algeria

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Extractive Industries 2006 Mining Transactions

BRAZILCVRD International

SA

LenderUnsecured

Corporate Revolving Facility

INDONESIAPT Saptaindra Sejati

Senior ManagerSenior Transferable Term Loan Facility

CANADAKinross Gold Corporation

C-Lead ArrangerRevolver and Term

Loan Facility

PERUCia. Minera

Antamina SA

ArrangerSenior Revolving

Credit Facility

BRAZILSamarco Finance

Ltd.

Mandated Lead Arranger

Pre-Export Financing Term Loan Facility

BRAZILGerdau Acominas

S.A.

LenderSenior Unsecured

Credit Facility

INDIATata Steel Ltd.

Mandated Lead ArrangerTerm Loan Facility

ARGENTINAAluar Aluminio

Argentino S.A.I. y C.

LenderSenior First Loss

Facility

INDONESIAPT Pamapersada

Nusantara

ArrangerSyndicated Facility

MAURITANIAFirst Quantum

Minerals Limited

LenderLoan Facility

USAThompson Creek Metals Company

LenderSenior Secured Credit Facility

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MEXICOSilver Wheaton

Corp.

BRAZILCVRD

Lender

ARGENTINATernium S.A.

BRAZILUsiminas

BRAZILKinross Gold Corporation

MEXICOGrupo IMSA, S.A. de

C.V.

Lender

RUSSIASNC-Lavalin Engineer &

Constructors Inc.

Lender

USASteel Dynamics

INDONESIAPT Pamapersada

Nusantara

CHILECODELCO

MADAGASCARAmbatovy Nickel

Extractive Industries 2007 Mining Transactions

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Oman – Sohar AluminiumBUILDING ON EXPERIENCE

Transaction Overview:

• Development and construction of 350,000 tonne p.a. aluminium smelter & associated power generation facilities

• Total project costs estimated at USD 2.4 billion

• Strong sponsorship from Alcan Inc., Oman Oil Company SAOC and the Abu Dhabi Electricity Authority (ADWEA)

• The project supports the Sultanate of Oman’s strategy of diversification of Oman’s economy away from primary hydrocarbon extraction and sales

Project Challenges:

• The tight financial structure incorporated novel elements in line with the aggressive bank market in the Middle East;

• Intercreditor arrangements with Islamic Lenders, particularly with regard to security provisions.

EDC’s Contribution:

• EDC was an initial Mandated Lead Arranger for the financing alongside Citibank, ABN Amro and SMBC;

• EDC’s early-stage commitment and substantial take-and-hold position significantly contributed to the successful syndication of the project;

Sohar

USD 1,500,000,000Commercial & Islamic

Bank Financing

Mandated Lead Arranger

Project Finance InternationalAnd PF MagazineDeal of the Year

2005

EMEA Industrial - Oman

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Bulyanhulu ProjectFinancing

Political Risk InsuranceUSD 234,000,000

Co-Lead Insurer & Arranger

Transaction Overview:

• Largest gold mine in Tanzania;

• Project cost in excess of USD 400 million;

• Barrick’s first major foray into Africa.

Project Challenges:

• First major project financing in Tanzania;

• Bank requirement for full PRI in a challenging market;

• Underwriting a strong project in an unstable region.

EDC’s Contribution:

• Provided significant PRI capacity to meet financing requirements;

• Acted as co-lead arranger and insurer to access multilateral and private sector support;

• Played lead role in underwriting, due diligence, and policy negotiating and documentation.

Tanzania - Bulyanhulu