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

2. FEATURES OF BELARUSIAN INSURANCE MARKET Belarusian Insurance market participants as at 1 April 2011 are 24 operating companies (20 of which perform non-life insurance, including 1 company ─ reinsurance only, 4 ─ life insurance) and 6 insurance brokers. BELARUS RE Achieving Success Together On patterns of ownership there are 4 state-owned companies (BELGOSSTRAKH, BELARUS RE*, EXIMGARANT OF BELARUS, STRAVITA), 4 companies have effective state participation of more than 50% (BELKOOPSTRAKH, BELNEFTESTRAKH, PROMTRANSINVEST,TASK), the other companies are private. The total net worth of Belarusian insurance companies as at 1 April 2011 made in an equivalent about EUR 500,0 m. * Official name - Republican Unitary Enterprise "Belarusian National Reinsurance Organization"

3. ABOUT US The founder of Belarus Re is the Council of Ministers of the Republic of Belarus. As at 1 April 2011, the authorized fund of Belarus Re and net worth made EUR 109,6 m and EUR 114,1 m respectively. BELARUS RE Belarus Re 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. Achieving Success Together

4. RATING BELARUS RE On 17 March 2011, Standard & Poor’s International Services assigned its “B+” counterparty credit and financial strength ratings to Belarus Re. The outlook – “Negative”. According to Standards & Poor’s view, Belarus Re plays an important role in Belarusian economy being a state-owned enterprise and the sole provider of reinsurance protection for the Belarusian market. Achieving Success Together

5. PLACE AND ROLE IN BELARUSIAN INSURANCE MARKET BELARUS RE Legislation of the Republic of Belarus provides a number of measures aimed at regulation of reinsurance activity in the country. Since 1 January 2011, 60% transfer of the undertaken liabilities to Belarus Re under each contract of voluntary non-life insurance, exceeding legislative standard of liability; Belarus Re is the sole company which cooperates with foreign insurance and reinsurance companies (brokers) on placing risks insured on the territory of the Republic of Belarus; The implementation by insurance companies of tariff policy coordinated with Belarus Re upon conclusion of insurance contracts against risks, exceeding legislative standard of liability. Achieving Success Together

6. STRATEGY BELARUS RE Strategic goal: creation of an international standard 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 acceptance of risks not subjected to mandatory transfer for reinsurance; development of cooperation with insurance and reinsurance companies in the CIS and Western Europe markets and other countries all over the world; improvement of the organizational structure, as well as implementation of advanced technologies and methods in the field of Underwriting; creation of favourable conditions for professional growth and creativity of employees; conducting of effective investment policy. Achieving Success Together

7. CORE FIGURES BELARUS RE Position2007 2008200920102011 I Qtr Growth Rate as against I Qtr 2010 (%) Number of contracts 2 0474 5034 7416 5151 771200 Premium written, EUR ‘000 1 886,97 682,812 513,316 813,93 514,8140 Premium received, EUR ‘000 1 074,97 239,111 075,514 122,94 768,3154 Premium ceded, EUR ‘000 296,14 000,96 920,18 355,21 577,1168 Payments, EUR ‘000 376,41 854,72 576,51 871,0146,822 Liability accepted, EUR ‘000 000 1 997,69 307,317 984,118 209,3829,451 Actuarial reserves, EUR ‘000 458,51 345,11 578,13 923,05 316,0248 Authorized fund, EUR ‘000 17 254,9110 042,6112 245,5118 244,7109 556,096 Net worth, EUR ‘000 18 200,0111 325,5114 966,8121 228,6114 051,396 Net profit, EUR ‘000 974,71 329,82 712,53 406,12 050,7170 Achieving Success Together

8. NUMBER OF CONTRACTS BELARUS RE Achieving Success Together

9. REINSURANCE PREMIUM BELARUS RE Achieving Success Together

10. AMOUNT OF LIABILITY BELARUS RE Achieving Success Together

11. INWARDS REISURANCE PORTFOLIO PERFORMANCE FOR I QUARTER 2011 Lines of Business BELARUS RE Achieving Success Together

12. BELARUS RE INWARDS REINSURANCE PORTFOLIO PERFORMANCE FOR I QUARTER 2011 Classes & Forms of Reinsurance Achieving Success Together

13. SOME INWARDS REINSURANCE TREATIES FOR I QUARTER 2011 BELARUS RE Moscow Re (property, engineering risks) Ingosstrakh (property, engineering risks, space risks) Rosgosstrakh (property, cargo) Nakhodka Re (property, engineering risks) Kapital Insurance (aviation hull, liability, property, engineering risks) Kapital Reinsurance (property, engineering risks) Unity Re Insurance & Reinsurance Company (property, engineering risks) BTA AAS Latvia (liability) BTA Draudimas UAB (liability) Korean Re ( property, engineering risks) Achieving Success Together

14. OUTWARDS REINSURANCE PORTFOLIO PERFORMANCE FOR I QUARTER 2011 Lines of Business BELARUS RE Achieving Success Together

15. OUTWARDS REINSURANCE PORTFOLIO PERFORMANCE FOR I QUARTER 2011 Participants BELARUS RE Achieving Success Together

16. OUTWARDS REINSURANCE PORTFOLIO PERFORMANCE FOR I QUARTER 2011 Financial Strength Rating BELARUS RE Achieving Success Together

17. AVIATION RISKS BELARUS RE Achieving Success Together Since 2007, Belarus Re has been providing aviation risks reinsurance, including risks of national air carriers: Belavia – Belarusian National Airlines and Transaviaexport Cargo Airline. Limits of liability under reinsurance contracts: Aviation hull – up to USD 44,2 m; Airline liability – up to USD 750 m. As at 1 April 2011, reinsurance cover was provided in relation to: 18 aircraft of Belavia – Belarusian National Airlines: CRJ-200LR (3 aircraft), CRJ-100LR (1aircraft), Boeing 737-500 (6 aircraft), Boeing 737-300 (3 aircraft), Boeing 737-800 BBJ (1 aircraft), Тu-154 (3 aircraft), Challenger 850 CL -600-2B19 (1 aircraft); 5 aircraft IL-76TD of Transaviaexport Cargo Airline. Risks are placed on facultative quota share basis. Retrocession is provided directly by Belarus Re in the local market. In the international market retrocessional cover against aviation risks is acquired directly from Russian leading insurance and reinsurance companies and via a broker company Willis Limited (UK) from such companies as Munich Re (Germany), Allianz Global Corporate & Specialty AG (Germany), Swiss Re Frankona Rückversicherungs AG (Germany), AIG UK Ltd (UK), Liberty Mutual Insurance Europe Ltd (UK), Aspen Insurance (UK), Generali IARD (France), Aviabel S.A. Brussels (Belgium), Lloyd’s Syndicates (UK).

18. GREEN CARD BELARUS RE Since 1 June 2007, the Republic of Belarus is a full member of the International Green Card System. Belarus Re reinsures Green Card Belarusian Certificates since 2008. Since 2010, net retention of the national insurance market under the Green Card Belarusian Certificates Reinsurance Contract has been increased from EUR 260 000 to EUR 500 000. The Leader under Green Card Belarusian Certificates Reinsurance Contract is Partner Re, Co- leading Reinsurer is Munich Re. The placing broker is MARSH-Insurance Brokers. Belarus Re participates in reinsurance of Green Card Belarusian Certificates on the first and the second layers of the treaty. Estimated premium income of Belarusian insurance companies in 2011 under Green Card Belarusian Certificates Insurance Contracts is EUR 20 600 000. Achieving Success Together

19. REINSURANCE WITHIN TIR CONVENTION 1975 BELARUS RE Quota Share Reinsurance and Retrocession Contract was concluded under which Belarus Re reinsures 65% of liability, having 15% of net retention and placing via broker company R.L. Davison & Co Ltd. 50% in Lloyd’s syndicates. Achieving Success Together

20. PROPERTY AND ENGINEERING RISKS EXCESS OF LOSS REINSURANCE BELARUS RE The limit of the treaty is USD 15 m. The Leader is SCOR. The placing broker is Société de Courtage Re Ltd Insurance Broker. The net retention 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 5,0 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 the Leader’s special acceptance. The Renewal from 1 April 2011 to cover the territories of Commonwealth of Independent States (CIS). Achieving Success Together

21. MAJOR LOSSES BELARUS RE Belarus Re paid indemnity in the amount of: USD 245,376 due to M/V “Trans Pacific” grounding (2008); USD 1,960,000 for Aircraft total loss at Zvarnots airport, Armenia (2008); USD 156,698 for environmental damage due to “Unecha-Rovno” oil-trunk pipeline breaking (2008); USD 469,593 in relation to loss of cargo of Belarusian Potash Company in Paris Gudang Port, Malaysia (2009); USD 300,000 to Malakut Sozvezdie Insurance Brokers for loss of insured property (2010); USD 95,372 for damage due to fire, caused to property of Concordia LLC, Russia (2010). Achieving Success Together

22. MAXIMUM RETENTION LIMITS* Class of Business Facultative Reinsurance, Gross Retention, USD Treaty Reinsurance, Net Retention, USD Commercial Property 15 000 0002 000 000 CAR/EAR 15 000 0002 000 000 Cargo 2 000 000 Aircraft (per each aircraft) 1 000 000 500 000 Launch vehicle/spacecraft 500 000 Orbital maintenance of spacecraft 500 000 Land transport (per each vehicle)300 000 Civil liability of aircraft owners 6 000 000 TPL5 000 000 Civil liability for spacecraft launch / orbital maintenance of spacecraft5 000 000 Civil liability of hazardous organizations1 500 000 Civil liability of carrier and forwarder1 000 000500 000 BELARUS RE Achieving Success Together * Limits of liability on each and every contract may vary from the above-mentioned subject to risk exposure

23. BELARUSIAN NUCLEAR INSURANCE POOL On 5 March 2009, under the initiative of Belarus Re there was created Belarusian Nuclear Insurance Pool, the aim of which is insurance against risks related to engineering, construction and operation of NPP, as well as reinsurance of Belarusian and foreign nuclear risks. The participants of Belarusian Nuclear Insurance Pool are six companies: two of them are state companies (Belgosstrakh, Eximgarant of Belarus) and four – with state participation of more than 50% (Belkoopsrakh, Belneftestrakh, Promtransinvest, TASK). The Leader is Belgosstrakh. Belarus Re provides reinsurance protection. Reinsurance contracts have been concluded with Ukrainian Nuclear Insurance Pool in relation to risks of Enegroatom NAEC and with Russian Nuclear Insurance Pool on risks of Energoatom Concern. BELARUS RE Achieving Success Together

24. OUR PARTNERS Insurance companies of the Republic of Belarus Belgosstrakh, Promtransinvest, Eximgarant of Belarus, Belneftestrakh, Rosgosstrakh, Belkoopstrakh, B&B Insurance Co, TASK, Belvneshstrakh, Belingostrakh, Belrosstrakh, Garantia, Generali, Kentavr, Kupala, Bagach, Zepter insurance, Ergo. Foreign companies Ingosstrakh (Russia), SOGAZ (Russia), Kapital Insurance (Russia), Kapital Reinsurance (Russia), AlfaInsurance (Russia), ROSLES (Russia), Moscow Re (Russia), Lloyd’s syndicates (UK), Munich Re (Germany), Hannover Re (Germany), Amlin Corporate Insurance (UK), SCOR (France), Partner Re (Switzerland), Allianz Group,Vienna Insurance Group (Austria), Chartis (China), Korean Re (South Korea), Willis Limited (UK), R.L.Davison & Co Ltd (UK), Filhet-Allard Maritime (France), Mathrawala&Sons Insurance Brokers PVT. LTD. (India), Malakut Insurance Brokers (Russia), MARSH – Insurance Brokers (Russia) and other companies. We cooperate with more than 70 companies from 17 countries. BELARUS RE Achieving Success Together

25. CONTACT INFORMATION BELARUS RE Belarus Re 14, Chkalov Street 220039 Minsk Republic of Belarus E-mail: info@belarus-re.cominfo@belarus-re.com Web: www.belarus-re.com Director General: tel./fax: (+375 17) 256 07 11 Reinsurance Division: tel.: (+375 17) 256 04 11 fax: (+375 17) 256 05 77 Business Development, International Cooperation & Advertising Department: tel.: (+375 17) 256 06 38 Achieving Success Together