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 January 2011 are: 24 operating companies (20 of which perform non-life insurance, including 1 company ─ reinsurance only, 4 ─ life insurance) and 6 insurance brokers. BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together On patterns of ownership there are 4 state-owned companies (BELGOSSTRAKH, BELARUSIAN NATIONAL REINSURANCE ORGANIZATION, 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 January 2011 made in an equivalent about EUR 500,0 m.

3. ABOUT US The founder of Belarusian National Reinsurance Organization is the Council of Ministers of the Republic of Belarus. As at 1 January 2011, the Organization’s authorized fund and net worth made EUR 118,2 m and EUR 121,2 m respectively. BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Republican 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. Achieving Success Together

4. RATING BELARUSIAN NATIONAL REINSURANCE ORGANIZATION On 23 April 2010, Standard & Poor’s International Services assigned its “BB-” counterparty credit and financial strength ratings to Belarusian National Reinsurance Organization (Belarus Re). The outlook – “Negative”. The ratings reflect Standards & Poor’s view of Belarusian National Reinsurance Organization’s adequate capitalization, competitive advantages in Belarusian reinsurance market and high probability of extraordinary government support in the event of financial distress. Achieving Success Together

5. PLACE AND ROLE IN BELARUSIAN INSURANCE MARKET BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Legislation of the Republic of Belarus provides a number of actions aimed at regulation of reinsurance activity in the country: Since 1 January 2011, 60% transfer of the undertaken liabilities under each contract of voluntary non-life insurance, exceeding legislative standard of liability, to Belarusian National Reinsurance Organization; Belarusian National Reinsurance Organization 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 Belarusian National Reinsurance Organization upon conclusion of insurance contracts against risks, exceeding legislative standard of liability. Achieving Success Together

6. STRATEGY BELARUSIAN NATIONAL REINSURANCE ORGANIZATION 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 assumption of risk not requiring obligatory 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; implementation of effective investment policy; creation of favourable conditions for professional growth and creativity of employees. Achieving Success Together

7. CORE FIGURES BELARUSIAN NATIONAL REINSURANCEORGANIZATION POSITION2007 200820092010 Number of contracts 2 0474 5034 7416 515 Premium written, EUR ‘000 1 886,97 682,812 513,316 813,9 Premium received, EUR ‘000 1 074,97 239,111 075,514 122,9 Premium ceded, EUR ‘000 296,14 000,96 920,18 355,2 Payments, EUR ‘000 376,41 854,72 576,51 871,0 Liability accepted, EUR ‘000 000 1 997,69 307,317 984,118 209,3 Actuarial reserves, EUR ‘000 458,51 345,11 578,13 923,0 Authorized fund, EUR ‘000 17 254,9110 042,6112 245,5118 244,7 Net worth, EUR ‘000 18 200,0111 325,5114 966,8121 228,6 Net profit, EUR ‘000 974,71 329,82 712,53 406,1 Achieving Success Together

8. NUMBER OF CONTRACTS BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together

9. REINSURANCE PREMIUM BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together

10. AMOUNT OF LIABILITY BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together

11. PERFORMANCE FOR 2010 INWARDS REISURANCE PORTFOLIO Lines of Business BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together

12. BELARUSIAN NATIONAL REINSURANCE ORGANIZATION PERFORMANCE FOR 2010 INWARDS REINSURANCE PORTFOLIO Classes & Forms of Reinsurance Achieving Success Together

13. SOME INWARDS REINSURANCE TREATIES 2010 BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Moscow Re (property, engineering risks) Ingosstrakh (property, engineering risks, aviation hull, liability) AlfaInsurance (aviation hull, liability) Transsib Re (liability, accidents) 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. PERFORMANCE FOR 2010 OUTWARDS REINSURANCE PORTFOLIO Lines of Business BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together

15. PERFORMANCE FOR 2010 OUTWARDS REINSURANCE PORTFOLIO Participants BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together

16. PERFORMANCE FOR 2010 OUTWARDS REINSURANCE PORTFOLIO Financial Strength Rating BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together

17. AVIATION RISKS BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together Since 2007, Belarusian National Reinsurance Organization 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 January 2011, reinsurance cover was provided in relation to: 18 aircraft of Belavia – Belarusian National Airlines: CRJ-200 LR (3 aircraft), CRJ-100LR (1 aircraft), Boeing 737-500 (6 aircraft), Boeing 737-300 (3 aircraft), Boeing 737-800 BBJ (1 aircraft), Challenger 850 CL -600-2B19 (1 aircraft), Тu-154 (3 aircraft); 5 aircraft IL-76TD of Transaviaexport Cargo Airline. Risks are placed on facultative quota share basis. Retrocession is provided directly by Belarusian National Reinsurance Organization 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 companies such as Munich Re (Germany), Allianz Global Corporate & Specialty AG (Germany), Swiss Re Frankona Rückversicherungs AG (Germany), AIG UK Ltd (UK), Aspen Insurance (UK), Liberty Mutual Insurance Europe Ltd (UK), Generali IARD (France), Aviabel S.A. Brussels (Belgium), Lloyd’s Syndicates (UK).

18. GREEN CARD BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Since 1 June 2007, the Republic of Belarus is a full member of the International Green Card System. Belarusian National Reinsurance Organization 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. Belarusian National Reinsurance Organization 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 BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Quota Share Reinsurance and Retrocession Contract was concluded under which Republican Unitary Enterprise “Belarusian National Reinsurance Organization” 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 BELARUSIAN NATIONAL REINSURANCE ORGANIZATION 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. Achieving Success Together

21. MAJOR LOSSES BELARUSIAN NATIONAL REINSURANCE ORGANIZATION “Trans Pacific" General Average - 30 January 2008 due to vessel grounding. The amount of indemnity paid by Belarusian National Reinsurance Organization – USD 245 376. Total loss of CRJ-100LR Aircraft while taking off – 14 February 2008, Zvarnots airport, Armenia. The amount of indemnity paid by Belarusian National Reinsurance Organization – USD 1 960 000. Oil-products pipeline breaking “Unecha-Rovno”– 14 February 2008. Oil products due to their leakage got in flood-plain basin of the river Dnieper, which caused environmental damage.The amount of indemnity paid by Belarusian National Reinsurance Organization – USD 156 698. Loss of cargo – 31 August 2009, Paris Gudang Port (Malaysia). Belarusian National Reinsurance Organization paid USD 469 593,39 in relation to loss of cargo of Belarusian Potash Company. 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 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

23. 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 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. Belarusian National Reinsurance Organization 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. BELARUSIAN NATIONAL REINSURANCE ORGANIZATION 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 Reinsurance (Russia), Moscow Re (Russia), AlfaInsurance (Russia), 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), Chartis (China), Korean Re (South Korea), Willis Limited (UK), R.L.Davison & Co Ltd (UK), Filhet-Allard Maritime (France), Malakut Insurance Brokers (Russia), MARSH – Insurance Brokers (Russia) and other companies. We cooperate with more than 70 companies from 17 countries. BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together

25. CONTACT INFORMATION BELARUSIAN NATIONAL REINSURANCE ORGANIZATION REPUBLICAN UNITARY ENTERPRISE “BELARUSIAN NATIONAL REINSURANCE ORGANIZATION” 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