1. State 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 October 1, 2010 are: 25 operating companies (21 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 October 1, 2010 made EUR 500,0 m.

3. ORGANIZATION ESTABLISHMENT The founder of Belarusian National Reinsurance Organization is the Council of Ministers of the Republic of Belarus. As at October 1, 2010, the organizations authorized fund and net worth made EUR 114,6 m and EUR 117,3 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 November 4, 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 August 25, 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 Belarusian National Reinsurance Organization; 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 Belarusian National Reinsurance Organization tariff policy upon conclusion of large risks insurance contracts, where liability exceeds stated by law amount of liability.

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 acceptance of liability 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; 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 20092010 9 months Number of contracts 2 0474 5034 7413 754 Premium written, EUR 000 1 886,97 682,812 513,313 466,6 Premium received, EUR 000 1 074,97 239,111 075,511 327,9 Premium ceded, EUR 000 296,14 000,96 920,16 303,9 Payments, EUR 000 376,41 854,72 576,51 365,3 Liability accepted, EUR 000 000 1 997,69 307,317 984,115 525,7 Actuarial reserves, EUR 000 458,51 345,11 578,13 765,5 Authorized fund, EUR 000 17 254,9110 042,6112 245,5114 581,1 Net worth, EUR 000 18 200,0111 325,5114 966,8117 273,1 Net profit, EUR 000 974,71 329,82 712,52 138,6

7. Number of Contracts BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together

8. Reinsurance Premium BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together

9. Amount of Liability Achieving Success Together BELARUSIAN NATIONAL REINSURANCE ORGANIZATION

10. PERFORMANCE for 9 months 2010 Inwards Reinsurance Portfolio Lines of Business BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together

11. BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together PERFORMANCE for 9 months 2010 Inwards Reinsurance Portfolio Classes & Forms of Reinsurance

12. INWARDS REINSURANCE TREATIES 9 months 2010 BERLARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together Moscow Re (property, engineering risks) Ingosstrakh (property, engineering risks) Ingosstrakh (aviation hull, liability) M.S. Pritchard Esquire (catastrophe) AlfaInsurance (aviation hull, liability) Transsib Re (liability, accidents) Nakhodka Re (property, engineering risks) Kapital Insurance (aviation hull, liability) Kapital Reinsurance, Kapital Insurance (property, engineering risks) Unity Re (property, engineering risks) BTA AAS Latvia (liability) BTA Draudimas UAB (liability)

13. PERFORMANCE for 9 months 2010 Outwards Reinsurance Portfolio Lines of Business BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together

14. PERFORMANCE for 9 months 2010 Outwards Reinsurance Portfolio Participants BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together

15. PERFORMANCE for 9 months 2010 Outwards Reinsurance Portfolio Financial Strength Rating BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together

16. 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 Airline and Transaviaexport Cargo Airline. Sums insured under reinsurance contracts: Aviation hull – up to USD 44,2 m Airline liability – USD 300 - 750 m National carriers air fleet: Boeing 737-500 (6 Aircraft), Boeing 737-300 (3 Aircraft), CRJ-100/200 LR (3 Aircraft), Тu-154 (4 Aircraft), Il-76 TD (6 Aircraft). Risks are placed on facultative quota share basis. Foreign placing broker – Willis Limited (UK) Retrocessionaires: Lloyds Syndicates (UK), Munich Re (Germany), Allianz Global Corporate&Specialty AG (Germany), Swiss Re Frankona Rückversicherung AG (Germany), AIG UK Ltd (UK), Aspen Insurance (UK), Liberty Mutual Insurance Europe Ltd (UK), Generali IARD (France), Aviabel S.A., Brussels (Belgium), Ingosstrakh (Russian Federation).

17. 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. Belarusian National Reinsurance Organization places in reinsurance 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 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 Re, QBE Insurance, Lloyds syndicates. Belarusian National Reinsurance Organization participates in reinsurance of Green Card Belarusian Certificates on the first and the second layers of treaty reinsurance. Estimated premium income of Belarusian insurance companies in 2010 under the Green Card Belarusian Certificates Insurance Contracts is EURO 15 300 000.

18. REINSURANCE within TIR CONVENTION 1975 BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together Quota Share Reinsurance and Retrocession Contract was concluded under which State 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 Lloyds syndicates.

19. 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 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 Leaders special acceptance.

20. MAJOR LOSSES BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together 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 in 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 There occurred leakage of the oil product, that got in flood-plain basin of the river Dnieper. The damage to the environment was caused.The amount of Indemnity paid by Belarusian National Reinsurance Organization – USD 156 698. Loss of cargo – August 31, 2009 in Paris Gudang Port (Malaysia). Belarusian National Reinsurance Organization paid USD 469 593,39 on loss of cargo of CJSC Belarusian Potash Company.

21. MAXIMUM RETENTION LIMITS* 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 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 Spacecraft launch 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

22. 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. Participants of Belarusian Nuclear Insurance Pool are 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

23. RATING BELARUSIAN NATIONAL REINSURANCE ORGANIZATION Achieving Success Together In August 2007, an international rating agency Standard & Poors assigned long-term credit rating in foreign currency to the Republic of Belarus which is B+. In January 2009, this rating was confirmed. Standard & Poors also emphasizes the economy of the Republic of Belarus is one of the wealthiest and most developed among countries of the B+ category. On April 23, 2010 Standard & Poors Rating Services assigned its BB- counterparty credit and financial strength ratings to Belarusian National Reinsurance Organization (Belarus Re). The outlook – Negative. The ratings reflect Standards & Poors view of Belarus Res adequate capitalization, competitive advantages on Belarusian reinsurance market and high probability of extraordinary government support in the event of financial distress.

24. 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, AlfaInsurance and other companies. Other countries: Lloyds syndicates (UK), Munich Re, 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). Broker companies: Willis Limited (UK), R.L.Davison & Co Ltd (UK), Filhet- Allard Maritime (France), MALAKUT (Russia), MARSH – insurance brokers (Russia) and other companies. Belarus Re cooperates with more than 70 companies from 17 countries. Achieving Success Together BELARUSIAN NATIONAL REINSURANCE ORGANIZATION

25. 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 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