Giorgio Venceslai. Curriculum Vitae Giorgio Venceslai PERSONAL INFORMATION. Sex Male Date of birth Nationality Italian WORK EXPERIENCE.

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1 PERSONAL INFORMATION Giorgio Venceslai Sex Male Date of birth Nationality Italian WORK EXPERIENCE From 2005 Director SGFA VIA NOMENTANA 183 ROME ITALY. SGFA IS A LIMITED LIABILITIES COMPANY 100% OWNED BY ISMEA. ISMEA IS A STATE AGENCY WORKING IN AGRICULTURAL AND RURAL SECTOR UNDER THE SUPERVISION OF THE MINISTRY OF AGRICULTURE Leading Società Gestione Fondi per l Agroalimentare (SGFA), the only Italian State company issuing subsidiary and first call guarantees as protections for rural credit loans. The company benefits of a last resort State guarantee. The total amount of the guarantees at the present time is over 12 bio and over 400 banks benefit of the SGFA guarantees. Selected achievements: design development and maintenance of the information system managing, through a web platform, the incoming data flow regarding the new guaranteed loans disbursed by the banks (over per year), the inner workflow, the risk monitoring system and the accountancy connections; open a new lucrative revenue streams for the State guarantee management starting up a new guarantee pricing model based on probability of default, equity remuneration and administrative expenses coverage; lead the project for the development of the first credit risk model for rural enterprises (in partnership with Moody s). The outcome of the project is the only credit risk assessment model for rural enterprises (mostly SMEs), agricultural cooperatives and rural companies. The model is in use at SGFA since 2006 in order to assess the incoming risk and to set the price of the guarantees. Personal responsibilities: manage company liquidity assets (above 400 mio) through investments in treasury bonds; arrange and update the procedures in order to ensure the compliance to Italian banks regulation (Basle II) and EU State aid rules; manage risk assessment and monitoring procedures; issue budget and annual report. Between 2007 and 2010, in addition to the main responsibility in SGFA, I assumed the responsibility of the Markets department in ISMEA, the main dept of the Organisation. Supervising one officer and 80 employees, I have been in charge of: manage budgets underlying the main programs carried out by ISMEA and financed by the Minstry of Agricolture (gross value about 15 mio ); manage the relationship with the highest position of the Ministry of Agriculture in order to open new financed programs; arrange the network collecting the prices of the rural sector produtcs widspread across Italy; implement the new prices network in order to expand it also to the other two rings of the chain (wholesale and retail). An important part of this this activity consisted in creating a relationship network with unions of farmers in order to ensure the continuous information flow during time; close and start-up the Italian side of the european rural network, which is an horizontal program, financed by the European Union to support the Regional Government to efficently manage the Rural Development Plans ( ). For ISMEA, the rural Banks Finance Rural credit Public administration State aid European Union, Page 1 / 5

2 From 1999 to 2004 Director FONDO INTERBANCARIO DI GARANZIA (FUND) VIA IN LUCINA 17 ROME ITALY Director of Fondo Interbancario di Garanzia, an independent State entity, under the supervision of the Ministry of Treasury, counting 15 employees. The total amount of guarantees managed at the time was 9 bio. Directly reporting to the Chairman, I had also the responsibility of reporting to the board of directors the outcome of the management of the Fund. Main duties and responsibilities: regarding the general management of the Fund, both the budget and the annual report; proposing and implementing prudent policies in terms of risk and negotiating with the Ministry of Treasury and with the Banks, balancing on one hand the most efficient risk management policy and, on the other hand, the best effectiveness of the guarantee financial resources (up to 300 mio) management, in order to ensure the return of the investments and the protection of the capital relationships with the board of advisors and the external consultants (lawyers, IT, statistical consultants) supervising the assessors working on the guarantee requests and signing the proposals before passing them on to the board of directors for the final resolution. The total annual amount of guarantees paid in those times was about 6 mio. Banks Finance Rural credit Public administration From 1989 to 1999 Employee - Officer ABI (ITALIAN BANKS ASSOCIATION) PIAZZA DEL GESÙ 49 ROME ITALY At that time, ABI managed the Fondo Interbancario di Garanzia (Fund), which had a juridical personality and used the personnel and the facilities provided by ABI itself. As an ABI employee I was assigned to the Fund with the main task to assess the guarantee requests sent by the banks. After the closing of the assessment process, a proposal about the payment of the guarantee (or the possible deny of the guarantee payment) was issued and, after a compliance check, it was delivered to the board of directors of the fund which resolved whether to pay or not the guarantee to the bank. In the 90 s decade I have had the chance to work on all the aspects of the Fund activity. Starting with the assessment and adding more competencies with particular regard to: Technical department in which the guarantee requests were assessed and the proposals were issued by the assessors and passed to the board of directors for the final resolutions. In this context I had the chance to focus on the following: The basics of rural business, the specificity of agricultural sector and the interactions with the credit; The juridical point of view in terms of State support that can be provided to the farmers (both in terms of national and European framework); The fundamental of cooperatives that, in Italy, play a crucial role in rural sector; The banks approach towards loan disbursing to farmers and vice versa; IT where I designed and developed the first database collecting the information regarding the activity of the Fund especially for what concerns the risk underlying the guaranteed loans; The accountancy and finance where, over the years, I have enhanced the connection between the risk and the provisions improving the transparency and the quality of the annual report issued by the Fund Banks Finance Rural credit Public administration Accountancy Budgeting - IT European Union, Page 2 / 5

3 From 1988 to 1988 Stager PHENIX FUND VIA VICENZA 29 ROMA - ITALY It was my second (and last) temporary assignment. Phenix fund was a very small limited liabilities company owned by the French insurance company Phenix Soleil (after in the galaxy of GAN Group Paris). At the present time GAN does not exist any longer. It was merged into a larger insurance group (Groupama). At that time, investment funds were growing very quickly and the first companies were approaching the Italian market. Few of them are now at the top, most of them disappeared in the years because of merges or take overs, the rest of them went bankruptcy. In this framework, Phenix fund had the main goal of creating a network of agents widespread across Italy in order to raise money from the savers and increase the value of their investment fund. My role was training the new agents, show them the products that were in the company portfolio and arrange their hunting territory. Being a stager, my supervisor was a two years experienced employee I was in good relationship with. Especially because I was the only one able to use that strange new thing that was a personal computer. So, whereas the boring part of my job was writing in some papers all the stuff concerning the agents (when did they enter, where did they work, the goals they achieved and so on) the most interesting part was doing that using the first database I ever met. And was of course a surprise for my supervisor (and for the chief of the company as well) when I provided them the first time some very technical and professional reports printed by a dot matrix printer, with figures and tables. Insurance Finance Private savings management Organisation - IT From 1988 to 1988 Teacher Quintino Sella High school - ROME It was a temporary assignment. The first one after the graduation. It was useful because I realised that teaching was such an interesting and positive experience. In those times I was actually considering the option of being a full time banking systems and accountancy teacher (or professor at some university, ahead in time). What made me change my mind was the interest in the practical issues: managing people, solving problems, writing plans, achieving aims and also, making mistakes, why not? In a way, something closer to actual life, in which you have to face and solve unusual problems day by day. High school teaching EDUCATION AND TRAINING From September 1983 to March 1988 Degree in economics, accounting systems, organisation and banks LUISS/Rome/Italy Macroeconomics, microeconomics, accountancy, juridical subjects, banks (loans and finance management), organisation. European Union, Page 3 / 5

4 PERSONAL SKILLS Mother tongue(s) Italian Other language(s) UNDERSTANDING SPEAKING WRITING Listening Reading Spoken interaction Spoken production English C1 C2 C1 C1 C2 French B2 B2 A1 A1 A1 Replace with name of language certificate. Enter level if known. Levels: A1/2: Basic user - B1/2: Independent user - C1/2 Proficient user Common European Framework of Reference for Languages Other skills When I first was hired by the Italian Banks Association, the Fund (guarantee fund) was a State entity whose rules were old and all the information that were processed during the ordinary activity were lost in hard files and paper documents. In 1992 I proposed, followed and accomplished a deep process reorganization project in which the IT role was crucial and not even a small piece of information could be lost or forgotten. In 1994, all the transaction processed by the guarantee fund (that at that time managed more than new guaranteed loans per year) were recorded and updated so that a large and efficient database was created. And still now that database is used to calculate the agricultural credit annual flows for region/county, the default rates, the most requested purposes, the most solid guarantees and so on. From 1995 to 1999 I supported the pro tempore chairman of the Fund in a difficult negotiation with the banks and the Ministry of Treasury in order to raise more than 170 mio split between the banks and the State in order to make the risk provisions coherent to the new risk level underlying the guaranteed transaction. The recapitalization plan leaned on three pillars: (1) the quality and the solidity of the quantitative information that the Fund was providing as a statistical support to the recapitalization request; (2) the severe reorganization both of the accountancy process and the annual report support documents and procedure; (3) the review of the guarantee rules so that no unexpected risks should be faced again by the guarantee Fund. The negotiation succeeded and between 1997 and 2000 the Fund was recapitalized and could keep on releasing guarantees for rural credit with more robust provisions and under new, stronger and severe rules working the Fund itself and the banks. From 2005 to 2008, after the incorporation into ISMEA, I was given the responsibility of the creation of a new guarantee fund, that could work in compliance with the rules of Basle II so that, thanks to the State counter guarantee provided to ISMEA a zero weight risk could be taken by the guaranteed banks. The entire project took three years to be accomplished. My chairman and I had to deal both with the Ministry of Agriculture and the Ministry of Treasury proposing a draft of regulation that would have become a Ministry decree in On the other hand a negotiation was established with the EU Commission in order to have the authorisation to carry on the guarantee activity using State resources but in a market guarantee scheme. Also, in those times SGFA obtained the Italian Central Bank decision about the full compliance of the new ISMEA guarantee to the Basle 2 rules, which implied that a zero weight risk could be quantified by the guaranteed banks for the share of the loans protected by ISMEA. At the same time, I was supervising the realisation of the IT workflow that would have managed all the new activities underlying the Basle II guarantee and that was finally accomplished in As a result, since 2008, ISMEA manages the only national guarantee fund in the agricultural sector for which the farmers can benefit of a State counter guarantee which means for them easier and cheaper credit. From 2009, after a best practices sharing trip in some European countries, I proposed to the General Manager of ISMEA to establish a new financial instrument (credit fund) which should provide the banks, at a lower interest rate, a part of the funding that is necessary to disburse rural credit loans. The credit fund project was started-up in late 2009 and it is still in progress. The negotiation with the Ministry of Agriculture and with the EU Commission took more time than in the guarantee case because of the changes happened in the Italian political context. The expectations are that at the end of the present year (2013) the credit fund is ready to go. Some more relevant information about the new guarantee fund and the credit fund I developed and implemented in charge of SGFA: (1) both of them are totally harmonised so that a loan can be disbursed with a part of the credit fund funding and at the same time benefiting of the ISMEA guarantee; (2) also in addition, they use the same web based platform both for the internal process and the external one (at the present time the guarantee requests are sent by the banks through the internet); (3) both the credit fund and the guarantee fund lean on a credit risk rating model (specifically built for the Italian rural sector) in order to tell the good from the bad requests and, for the good ones, to quantify the cost of the guarantee fee or the market rate level (in the case of the credit fund); (4) both the guarantee fund and the credit fund can use the European financial resources coming from the Rural Development Plans (RDP). A part of the existing guarantees already was issued using the RDP resources that were made available by those Regional Governments which have signed the agreement with ISMEA and also the credit fund, when working, will be able to use also that kind of resources. This last aspect is crucial because due to the different financial leverage provided by the two instruments it is possible for the Regional Government to adjust the resources and the level of intervention with one or with the other instrument in order to avoid the decommitment risk (basically, when a minimum level of the given resources is not used in a given time, the beneficiary (the Region) must give the resources back to the donor (the European Union)). European Union, Page 4 / 5

5 Driving licence B ADDITIONAL INFORMATION Publications Presentations Projects Conferences Seminars Honours and awards Memberships References Articles and books 1999/2012 Author of a number of articles for newspapers and sectorial magazines (finance and rural business) at least 2 per year Co- author of A guide to agricultural credit: some national aid instrument for farmers for the magazine l Informatore agrario 2008 Co- author of the book Il sistema delle garanzie in Italia per l agricoltura (Italian guarantee system in agricoltural sector) published by Il sole 24 Ore Other activities 1999/2013 Speaker in various seminars, roundtables and workshop in Italy and in some European Union countries 2014 Speaker as an expert at TAIEX workshop on 'Credit policy in agriculture and rural development held in Skopje FIROM Trainer for the training programme organised by the Rural and Agricultural Developement Centre (Ce.S.A.R. Centro per lo Sviluppo Agricolo e Rurale). Subject: Credit risk rating models and the State guarantees in rural sector Member of the FAO experts round table for establishment of rural credit guarantee funds in developing countries (Yerevan) 2010 Invited speaker as a representant of western Europe guarantee funds on behalf of the European Mutual Guarantee Societies Association (AECM) in Mongolia (Ulanbaataar) 2010 Invited speaker as the Italian representant at the European Commission seminar regarding the financial engineering instrument for rural development aimed to the officer od the Commission itself 2006 Trainer for a training program as a teacher at the Romanian Rural Credit Guarantee Fund (Bucharest) ANNEXES European Union, Page 5 / 5