1. State Unitary Enterprise “Belarusian National Reinsurance Organization” WORKING WITH US YOU WORK WITH ENTIRE COUNTRY

2. FEATURES OF BELARUSIAN INSURANCE MARKET Insurance market participants are: 24 operating companies (20 of which perform non-life insurance, including 1 organization ─ reinsurance only), 4 ─ life insurance and 4 insurance brokers. BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together There are four state-owned companies in the market (BELGOSSTRAKH, BELARUSIAN NATIONAL REINSURANCE ORGANIZATION, EXIMGARANT OF BELARUS, STRAVITA) and four companies have effective state participation of more than 50% (BELKOOPSTRAKH, BELNEFTESTRAKH, PROMTRANSINVEST,TASK). The total net worth of Belarusian insurance companies as at 1 October 2009 made EUR 454,9 m.

3. ORGANIZATION ESTABLISHMENT The founder of Belarusian National Reinsurance Organization is the Council of Ministers of the Republic of Belarus. As at 1 January 2010, the organization’s authorized fund and net worth made EUR 112,2 m and EUR 114,9 m respectively. BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together State Unitary Enterprise “Belarusian National Reinsurance Organization” was established by the resolution of the Council of Ministers of the Republic of Belarus as of 4 November 2006 No.1463 “On Establishment of Belarusian National Reinsurance Organization” in accordance with the Decree of President of the Republic of Belarus dated as of 25 August 2006 No.530 “On Insurance Operations” and is subordinated to the Ministry of Finance.

4. PLACE AND ROLE on Belarusian Insurance Market BELARUSIAN NATIONAL REINSURANCE ORGANIIZATION Achieving Success Together Legislation of the Republic of Belarus provides a number of actions aimed at regulation of reinsurance activity in the country: Since 1 January 2010, transfer 50% of the undertaken liabilities under each contract of voluntary non-life insurance, exceeding legislative standard of liability, to SUE “Belarusian National Reinsurance Organization”; SUE “Belarusian National Reinsurance Organization” is the sole company which cooperates with foreign insurance and reinsurance organizations on placing risks insured on the territory of the Republic of Belarus; The implementation of coordinated with SUE “Belarusian National Reinsurance Organization” tariff policy upon conclusion of large risks insurance contracts, where liability exceeds net retention of insurance companies.

5. STRATEGY BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together Strategic goal: creation of an international reinsurance company, offering a full range of reinsurance services and providing its clients with comprehensive protection according to international standards. Activities to achieve the goal: further development of cooperation with insurance companies of the Republic of Belarus, including assumption of risk not requiring obligatory reinsurance; development of cooperation with insurance and reinsurance companies in the CIS and Western Europe market; improvement of the organizational structure, as well as implementation of advanced technologies and methods in the field of Underwriting; international financial rating assignment; implementation of effective investment policy; creation of favourable conditions for professional growth and creativity of employees.

6. CORE FIGURES BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together POSITION2007 2008 2009 Number of contracts 2 0474 5034 741 Premium written, EUR ‘000 1 886,97 682,812 513,3 Premium received, EUR ‘000 1 074,97 239,111 075,5 Premium ceded, EUR ‘000 296,14 000,96 920,1 Payments, EUR ‘000 376,41 854,72 576,5 Liability accepted, EUR ‘000 000 1 997,69 307,317 984,1 Actuarial reserves, EUR ‘000 458,51 345,11 578,1 Authorized fund, EUR ‘000 17 254,9110 042,6112 245,5 Net worth, EUR ‘000 18 200,0111 325,5114 966,8 Net profit, EUR ‘000 974,71 329,82 712,5

7. PERFORMANCE for 2007─ 2009 Number of Contracts BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together

8. PERFORMANCE for 2007 – 2009 Reinsurance Premium BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together

9. PERFORMANCE for 2007 – 2009 Amount of Liability Achieving Success Together BELARUSIAN NATIONAL REINSURANCE ORGANIZATION

10. PERFORMANCE for 2009 Inwards Reinsurance Portfolio Lines of Business BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together

11. BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together PERFORMANCE for 2009 Inwards Reinsurance Portfolio Classes & Forms of Reinsurance

12. INWARDS REINSURANCE TREATIES 2009 BERLARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together Moscow Re (property, CAR/EAR) Ingosstrakh (aviation hull, liability) M.S. Pritchard Esquire (catastrophe) Avicos (aviation hull, liability) Profile Re (property, CAR/EAR, cargo) Afes (aviation hull, liability) Transsib Re (liability, accidents) Leader Re (property, CAR/EAR, liability)

13. PERFORMANCE for 2009 Outwards Reinsurance Portfolio Lines of Business BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together

14. PERFORMANCE for 2009 Outwards Reinsurance Portfolio Participants BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together

15. PERFORMANCE for 2009 Outwards Reinsurance Portfolio Financial Strength Rating BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together

16. “GREEN CARD” BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together Since 1 June 2007, the Republic of Belarus is a full member of the international “Green Card” system. The insurance companies of the Republic of Belarus, that are entitled to enter into “Green Card” Belarusian Certificates Insurance Contracts, signed liability reinsurance treaty agreement under these contracts with SUE “Belarusian National Reinsurance Organization”. Since 2010, net retention of the national insurance market under the “Green Card” Belarusian Certificates Reinsurance Contract has been increased from EURO 260 000 to 500 000. The Leading Reinsurer of “Green Card” Belarusian Certificates is Partner Re with the cooperation of such companies as Munich Re, Hannover Re, SCOR, Polish Re, Sava Re, Aspen Insurance UK, Everest Reinsurance, QBE Insurance and Lloyd’s syndicates. The placing broker of Belarusian “Green Card” programme is “Beauchamp & Savrassov Limited”. SUE “Belarusian National Reinsurance Organization” participates in reinsurance of “Green Card” Belarusian Certificates on the first and the second layers of the reinsurance treaty. Estimated premium income of Belarusian insurance companies in 2010 under the “Green Card” Belarusian Certificates Insurance Contracts is EURO 15 300 000.

17. REINSURANCE within TIR CONVENTION 1975 BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together Quota Share Reinsurance and Retrocession Contract was signed between Belarusian Insurance and Reinsurance Companies and R.L. Davison & Co. Ltd. under which State Unitary Enterprise Belarusian National Reinsurance Organization reinsures 65% of liability under the contract having 15% of net retention and placing 50% in Lloyd’s syndicates.

18. Property and Engineering Risks Excess of Loss Reinsurance BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together The limit of the treaty is USD 15 m The Leader is SCOR The placing broker is Cooper Gay (Eastern Europe) Ltd. The net retention of SUE “Belarusian National Reinsurance Organization” is USD 1,5 m The coverage is provided on three layers: 1 layer – USD 2,0 m in excess of USD 1,5 m 2 layer – USD 5 m in excess of USD 3,5 m 3 layer – USD 6,5 m in excess of USD 8,5 m The territorial scope is the Republic of Belarus and Belarusian interests abroad, other areas under Leader’s special acceptance.

19. MAJOR LOSSES BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together “Trans Pacific" General Average - 30 January 2008 The shipowner’s announcement about the general average related to vessel grounding to the east of Samso Island, Denmark, conducting the voyage from the port of Ventspils, Latvia, to the port of New Orleans, USA. The amount of Indemnity paid by SUE “Belarusian National Reinsurance Organization” – USD 245 376. CRJ-100LR Aircraft Accident – 14 February 2008 An accident, while taking off on February 14, 2008 at 00.19 (time UTC) of CRJ-100LR EW-101 PJ aircraft in Zvarnots, Yerevan airport, en route Yerevan-Minsk. There was a total loss of the aircraft. The amount of Indemnity paid by SUE “Belarusian National Reinsurance Organization” – USD 1 960 000. Pipeline breaking while transporting oil products LPDSN9N-3P – 14 February 2008 On 14 February, 2008, there occurred a rupture and leakage of the oil product, that got in flood-plain basin of the river Dnieper, at 422 km of the main oil pipeline LPDSN9N-3P “Unecha-Rovno”, operated by PUE “Zapad-Transnefteprodukt” The damage to the environment was caused. The amount of Indemnity paid by SUE “Belarusian National Reinsurance Organization” – USD 156 698. Export- import risks – July-August 2009 SUE “Minsk Tractor Works” and Belavto Ltd concluded an export contract for delivery of tractors to the Republic of Kazakhstan. The contractor’s insolvency led to the failure to comply with terms and conditions of the export contract in respect of payment. The amount of Indemnity paid by SUE “Belarusian National Reinsurance Organization” under short-,medium- and long-term export contracts against political and commercial risks made USD 1 039 230..

20. MAXIMUM RETENTION LIMITS* Type of Reinsurance Facultative reinsurance, Gross retention, USD, up to Treaty reinsurance, Gross retention, USD, up to Property Commercial Property 15 000 0001 500 000 CAR/EAR 15 000 0001 500 000 Non-commercial Property 15 000 0001 500 000 Title Insurance 100 000- Aviation, Marine and Cargo Aviation Hull 1 000 000500 000 Aviation Liability5 000 0001 000 000 Marine Hull1 000 000500 000 Marine Liability1 000 000500 000 Cargo1 500 000500 000 BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together *Limits of liability on each and every contract may vary from the above-mentioned subject to risk exposure Type of Reinsurance Facultative reinsurance, Gross retention, USD, up to Treaty reinsurance, Gross retention, USD, up to Motor Transport Motor (per each vehicle) Hull300 000150 000 TPL100 00050 000 Accident Reinsurance Accident Insurance (sum insured per each the insured person)250 000100 000 Financial risks, Professional Indemnity Insurance including: Professional Liability500 000250 000 General Liability500 000250 000 Products Liability500 000250 000 FINANCIAL RISKS500 000250 000

21. BELARUSIAN NUCLEAR INSURANCE POOL On 5 March 2009, under the guidance of Belarusian National Reinsurance Organization there was created Belarusian Nuclear Insurance Pool, the aim of which is the insurance of risks in relation to engineering, construction and operation of NPP, as well as reinsurance of Belarusian and foreign nuclear risks. Risks insurance is provided by 6 companies and out of these 2 – state companies (Belgosstrakh, Eximgarant of Belarus), 4 – with state participation of more than 50% (Belkoopsrakh, Belneftestrakh, PromtransInvest, TASK). The Leader is Belgosstrakh. Belarus Re provides reinsurance protection. By now there have been concluded reinsurance contracts with Ukrainian Nuclear Insurance Pool on risks of NAEC ENERGOATOM, and with Russian Nuclear Insurance Pool on risks of OJSC Energoatom Concern. BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together

22. RATING BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together In August 2007, an international rating agency Standard & Poor’s assigned long-term credit rating to the Republic of Belarus which is “B+”. In January 2009, this rating was confirmed. Standard & Poor’s also emphasizes the economy of the Republic of Belarus is one of the wealthiest and most developed among countries of the B+ category with stable budget tax and trade position of the country. At present, State Unitary Enterprise “Belarusian National Reinsurance Organization” in cooperation with the international rating agency Standard & Poor’s is carrying out all necessary work on the issue of financial strength rating assignment. Financial strength rating is planned to be assigned in the first half-year of 2010.

23. OUR PARTNERS The Republic of Belarus Belgosstrakh, PromTransInvest, Eximgarant of Belarus, Belneftestrakh, TASK, Belkoopstrakh, B&B Insurance Co, Belvneshstrakh, Belingostrakh, Belrosstrakh, Victoria, Garantia, Generali, Delta Insurance, KENTAVR, Kupala, BAGACH, ZEPTER INSURANCE, ERGO. FOREIGN COMPANIES Russian Federation: Ingosstrakh, SOGAZ, Kapital Reinsurance, Moscow Reinsurance Company and other companies. Other countries: Lloyd’s syndicates (UK), Munich Re (Germany), Hannover Re (Germany), Amlin Corporate Insurance (UK), SCOR (France), Partner Re (Switzerland), Polish Re (Poland), Allianz Group, Vienna Insurance Group (Austria), Eurasia (Kazakhstan). Broker companies: Willis Limited (UK), Beauchamp & Savrassov Ltd (UK), R.L.Davison & Co Ltd (UK), Cooper Gay (Eastern Europe) Ltd (UK), Filhet- Allard Maritime (France), MALAKUT (Russia) and others. Belarus Re cooperates with more than 70 companies from 17 countries. Achieving Success Together BELARUSIAN NATIONAL REINSURANCE ORGANIZATION

24. CONTACT INFORMATION BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together STATE UNITARY ENTERPRISE “BELARUSIAN NATIONAL REINSURANCE ORGANIZATION” Minsk, Republic of Belarus 14, Chkalov St. 220039 E-mail: info@belarus-re.cominfo@belarus-re.com Web: www.belarus-re.com Director General:tel./fax:+375 17 256 07 11 Reinsurance Department: tel.:+375 17 256 04 11 fax:+375 17 256 05 77 Business Development, International Cooperation & Advertising Department: tel.:+375 17 256 06 38