1. INTERNATIONAL RATING AS THE COMPETITION ENCHANCEMENT TOOL FOR NATIONAL REINSURER Dmitry GARMASH Deputy Managing director Unity Re Ltd / Group RESO 10-11 July 2008, Baku Azerbaijan International Insurance Forum 2008

2. Key factors of national R/I business growth: Infrastructure: Broker sales channel Regionality Large-scale projects Financial: -Capitalization -Investments, M&A -R A T I N G S Market: Phaze of cycle Alternative capacity demand Domestic market narrowing

3. International ratings dynamics in Russia & CIS: Companies in the world having and international rating - 43 000; in Russia – 84; in CIS ~ 110 estimate for 2008-09: more 45-60 companies will obtain international ratings growth of ratings in Russia for 2007г. = growth for 1998-2003 = 39 insurance & reinsurance companies with ratings = 12 (Russia) + 5 (CIS) rated financial institutions in Russia, 2007: Fitch – 45, S&P – 38, Moody’s - 20 Source: Vedomosti/Smart Money; Expert RA

4. CompanyS&PFitchAMBestMoody’s IngosstrakhBBB- / ruAA+ AllianzBBB- Unity ReB1 / A2.ru SogazBB ACEBBB Moscow ReBB- / ruA+ Transsib ReB+ / A-rusB- Russian Insurance CenterB / BBB-rus ROSNO-AllianzBaa1 / Aaa.ru Russian ReB+ Moscow Insurance Co.BB / A-rus LexgarantB / A-ru EurasiaB++ LemmaB+ Generali-garantBa3 Standard InsuranceB1 KECICBaa1

5. Market position Capitalization Assets

6. Key points of analysis  sectors for growth & reengineering : Market positionCapacity, security, services, competition ManagementQualitative, business processes, team integration Corporate strategyDevelopment, financial planning, budgeting, M&A Investments, liquidity, financial mechanism Rating, credit risk, interest, recurrency CapitalizationReserves, retrocession, capital Corporate risk management Risk environment, management

7. Enhancements through rating: ExternalInternal shareholders competitors clients/partners investors regulating authorities mass media business process & IT optimization reengineering of investments & liquidity capitalization modeling

8. Questions: Tel.: +7 495 956 6589, add. 4950 E-mail:re@unityre.rure@unityre.ru Web:www.unityre.ruwww.unityre.ru Unity Re Moscow, Russia Paid-up capital: 13,0 mio RUR NPW 2007: 16,5 mio USD Moody’s rating: B1 (international, stable outlook) A2.ru (national, stable outlook)