2. GARANT is a provider of political risk and credit insurance Insured perils CREDIT INSURANCE relates to the ability of a Foreign Buyer to pay for /or deliver goods or services supplied to him /or pre-financed on a revolving basis (short-term turnover) /or on a commercial contract (single risk) POLITICAL RISK INSURANCE relates to event or situations that may arise in a country preventing the good performance of a contract with a private obligor /or default/inability to pay by a state-owned or/ interference with property rights of the Foreign investor.

3. Key Dates 1958 Ingosstrakh, the Russian leading insurance company, created GARANT AG, in Austria, to cover credit and political trade risks between Russian companies and western exporters operating in the Eastern block. 1991 Fall of Soviet Union- Garant embodies a unique experience in the new CIS and Eastern European markets. The company tries to develop other lines of business. 2004 New international management and new team are appointed. After recapitalization, Garant implements a new international strategy committed solely to credit and political risk coverage WORLWIDE with a strong focus on emerging countries. 2007 Garant opens its capital to ONDD, which, after a capital increase, owns 50% of the shares on a equal basis with Ingosstrakh. The company opens its first branch in Switzerland. 2008 Garant celebrates its 50 th anniversary. ONDD increases its shareholding interest to 83%. 2010

4. Facts and figures 25 million Euros equity Annual premium income 2009: 22.3 million Euros Aggregate exposure: over 2.1 billion Euros in 2010 Number of countries covered: 160 countries Headquartered in Vienna - Offices in Geneva

5. GARANT’s group in 2010 Global Trade SecurityGARANT CH 50%100% 17%83% INGOSSTRAKHONDD

6. Private Market Operator Specialized in emerging countries and tailor-made solutions Combining capacities and know-how of partners ( ONDD, INGOSSTRAKH, SACE, … ) Choice of wordings ( Roman Law wordings, Common Law wordings, Swiss Law wordings) International teams Proven track record over years Financial stability Features

7. Garant promotes close commercial cooperation with insurers, banks and reinsurers worldwide Value : Sharing the risk Federating the capacities Exchanging information on data clients and risks Since 2004, Garant is engaged in technical and commercial agreements with our following partners : CAGEX, Algeria Banco Exterior de Cuba, Cuba Ingosstrakh, Russia ONDD, Belgium SACE BT et SACE spa, Italy Network

8. Management team headed by Louis Habib-Deloncle, founder of Pool P.A.R.I.S and Unistrat, France, the first private political risk insurer in Continental Europe. International team Dmitri Lokshin Member of the Managing Board Walter Blom, Member of the Managing Board Valerie Talbot Chief Risk Officer at GTS Global Trade Security Christian Torché Head of reinsurance, Manager of GARANT CH Louis Habib- Deloncle Chairman of the Managing Board Monika Jungwirth Senior underwriter at GARANT AG

9. Premium income in Euros Sustainable growth

10. Whole turnover policies 20 Million EUR per Debtor in the aggregate tenor: up to 360 days Capacity and coverage Single risk policies 20 Million EUR per risk (per policy) 30 Million EUR per debtor at any time tenor: up to 5 years

11. Portfolio structure 2010

12. Portfolio structure 2010 Aggregate exposure by geographic region

13. Portfolio structure

15. Commercial Risk Coverage Credit risk products Insolvency Protracted Default (at least 180 days waiting)

16. Imports risks Non delivery of pre-financed goods and non reimbursement of advance payment; The confiscation of products belonging to the insured in countries of risk or in transit; The cancellation or non-respect of a contract by a government debtor; The cancellation or non-respect of a contract by a private sector debtor in the wake of government decisions or wars; Non honouring of arbitration awards. Exports risks The contract repudiation by a public debtor; Contract Frustration due to an act or decision emanating from a public authority; Withdrawal of export approval and licenses; Inconvertibility and/or non transfer; The non-repatriation of goods; The confiscation or embargo of goods; Non honouring of arbitration awards; Change of law and/or regulations. Political risk products

17. Investment risks The confiscation, expropriation, nationalisation, requisition or destruction of the company's assets; Non-repossession of assets by the insured company following government restriction measures, privatisation or halting operations; forced abandonment Non honouring of arbitration awards; Non-repatriation of dividends. Unfair calling bonds Unfair calling of bonds by the government beneficiary Non honouring of arbitration awards.

18. GARANT CH Route de l’Aéroport 29 Case Postale 351 CH- 1215 Geneva Switzerland Phone: + 41 22 908 30 70 d.cizikova@garantinsurance.com GTS Global Trade Security Route de l’Aéroport 29 Case Postale 351 CH- 1215 Geneva Switzerland Phone: + 41 22 908 30 70 i.mendes@garantinsurance.com In Vienna GARANT AG Wohllebengasse 4 A – 1040 Vienna Austria Phone: + 43 1 505 28 96 monika.jungwirth@garantinsurance.com In Geneva