ACMI – ACT: INSURING CREDITS IN EASTERN EUROPE & FORMER U.R.S.S. Presented By : Danilo Potenza

ACMI – ACT: INSURING CREDITS IN EASTERN EUROPE & FORMER U.R.S.S. Presented By: Danilo Potenza Date: 12.09.2019 ÉÉN TEAM · UNE ÉQUIPE · однакоманда · EIN TEAM · ひとつのチーム - · TAKKIM WAHED · ONE TEAM · اقم واح · ETT TEAM· צוות אחד · TEK TAKIM · 一个团队 · UN EQUIPO · UNA SQUADRA · एकदल· EGY CSAPAT · ÉT TEAM

TABLE OF CONTENT • 1. • ICBA: VISION & • BUSINESS MODEL • 2. • INSURANCE MARKET IN EASTERN EUROPE • 3. • CARRIERS IN FORMER URSS • 4. • RUSSIA: LEGAL CONSTRAINTS AND CREDIT MANAGEMENT • 5. • FINAL REMARKS • 6. • WE WORK WITH…

OUR VISION “Our goal in the year 2000 was to find the leading independent Broker in each country so we could provide a truly global service to clients with local intelligence and insight. Partner Brokers had to demonstrate strong local relationships with the senior risk Underwriters in their country. Today the ICBA is a giant in the field of Trade Credit Insurance.” Emmanuel Portier, ICBA Chairman ÉÉN TEAM · UNE ÉQUIPE · однакоманда · EIN TEAM · ひとつのチーム - · TAKKIM WAHED · ONE TEAM · اقم واح · ETT TEAM· צוות אחד · TEK TAKIM · 一个团队 · UN EQUIPO · UNA SQUADRA · एकदल· EGY CSAPAT · ÉT TEAM

OUR BUSINESS MODEL Same as • Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss association, its member firms, and their respective subsidiaries and affiliates. Deloitte Touche Tohmatsu is an organization of member firms worldwide devoted to excellence in providing professional services and advice, focused on client service through a global strategy executed locally in nearly 140 countries • Each of the member firms is a separate and independent legal entity operating under the name „Deloitte”. Services are provided by the member firms or their subsidiaries or affiliates ” ÉÉN TEAM · UNE ÉQUIPE · одна команда · EIN TEAM · ひとつのチーム - · TAKKIM WAHED · ONE TEAM · اقم واح · ETT TEAM· צוות אחד · TEK TAKIM · 一个团队 · UN EQUIPO · UNA SQUADRA · एकदल· EGY CSAPAT · ÉT TEAM

ICBA KEY DATA Placing and servicing 7,000 policies (300 multinational) Unique in-house compliance software, Analysis of Risk and Compliance (ARC) Incorporated in 2000. 40 Broker Partners in 5 continents. Largest trade credit team in the world 530 Specialist Trade Credit and Political Brokers, 60% of which are outside Europe Corresponding Brokers in additional 20 countries ÉÉN TEAM · UNE ÉQUIPE · однакоманда · EIN TEAM · ひとつのチーム - · TAKKIM WAHED · ONE TEAM · اقم واح · ETT TEAM· צוות אחד · TEK TAKIM · 一个团队 · UN EQUIPO · UNA SQUADRA · एकदल· EGY CSAPAT · ÉT TEAM

43 PARTNERS + 17 CORRESPONDENTS • CENTRAL EUROPE south • NORTH AMERICA • NORTHERN EUROPE south • Canada • USA • WESTERN EUROPE south • SOUTH EUROPE south • ASIA PACIFIC south • MEDITERRANEAN & • MIDDLE EAST south • CENTRAL & LATIN AMERICA south • Spain • Turkey • Argentina • Brazil • Chile • Colombia • Costa Rica • Guatemala • Bold = Italic = • ICBA PartnerCorrespondent • Mexico • Panama • Paraguay • Peru • Uruguay • Venezuela • Belgium • France • Italy • Greece • Portugal • Morocco • South Africa • Australia • Bangladesh • China • Hong Kong • India • Indonesia • Japan • Malaysia • Austria • Czech Rep. • Estonia • Hungary • Latvia • Bahrein • Dubaï • Egypt • Denmark • Germany • Netherlands • Sweden • New Zealand • Pakistan • Philippines • Singapore • South Korea • Taiwan • Thailand • Vietnam • Israel • Jordan • Lebanon • Kenya • Lithuania • Poland • Romania • Russia • Switzerland • UK / Irl. AFRICA south • Key southCorrespondant ÉÉN TEAM · UNE ÉQUIPE · одна команда · EIN TEAM · ひとつのチーム - · TAKKIM WAHED · ONE TEAM · اقم واح · ETT TEAM· צוות אחד · TEK TAKIM · 一个团队 · UN EQUIPO · UNA SQUADRA · एकदल· EGY CSAPAT · ÉT TEAM

ICBA ITALY DANIELE PIRAS Sales Manager International Department IVAN IANIA Sales Manager DANILO POTENZA Head of Credit Insurance Department GIANLUCA ANGLANA Team Leader Contract Manager ALESSANDRO ANZANO Contract Manager GRETA BEVILACQUA Contract Manager EZIO BAGNATO Contract Manager SILVIA BORTOLO Contract Manager ÉÉN TEAM ·UNE ÉQUIPE · однакоманда · EIN TEAM · ひとつのチーム - · TAKKIM WAHED · ONE TEAM · اقم واح · ETT TEAM· צוות אחד · TEK TAKIM · 一个团队 · UN EQUIPO · UNA SQUADRA · एकदल· EGY CSAPAT · ÉT TEAM

EAST EUROPE EU COUNTRIES BALTICS, BULGARIA, CROATIA, CZECHIA, HUNGARY, POLAND, ROMANIA, SLOVAKIA, SLOVENIA, FREEDOM OF SERVICE FREEDOM OF ESTABLISHMENT HIGH REQUEST FOR CREDIT INSURANCE HIGH DEVELOPED CREDIT INSURANCE MARKET NON EU COUNTRIES ALBANIA, BOSNIA HERZEGOVINA, KOSOVO, MONTENEGRO, NORTH MACEDONIA, SERBIA, TURKEY INSURERS: NEED TO BE ESTABLISHED/FRONTER LOW REQUEST FOR CREDIT INSURANCE LOW DEVELOPED CREDIT INSURANCE MARKET ÉÉN TEAM · UNE ÉQUIPE · однакоманда · EIN TEAM · ひとつのチーム - · TAKKIM WAHED · ONE TEAM · اقم واح · ETT TEAM· צוות אחד · TEK TAKIM · 一个团队 · UN EQUIPO · UNA SQUADRA · एकदल· EGY CSAPAT · ÉT TEAM 13

FORMER U.R.S.S. ÉÉN TEAM · UNE ÉQUIPE · одна команда · EIN TEAM · ひとつのチーム - · TAKKIM WAHED · ONE TEAM · اقم واح · ETT TEAM· צוות אחד · TEK TAKIM · 一个团队 · UN EQUIPO · UNA SQUADRA · एकदल· EGY CSAPAT · ÉT TEAM

RUSSIA International Insurers with Local entity: International Insurersthrough a Fronter: RenaissanceInsurance ÉÉN TEAM · UNE ÉQUIPE · одна команда · EIN TEAM · ひとつのチーム - · TAKKIM WAHED · ONE TEAM · اقم واح · ETT TEAM· צוות אחד · TEK TAKIM · 一个团队 · UN EQUIPO · UNA SQUADRA · एकदल· EGY CSAPAT · ÉT TEAM

STILL TO KNOW Russia is led by … GERMANY BELGIUM AUSTRIA ÉÉN TEAM · UNE ÉQUIPE · одна команда · EIN TEAM · ひとつのチーム - · TAKKIM WAHED · ONE TEAM · اقم واح · ETT TEAM· צוות אחד · TEK TAKIM · 一个团队 · UN EQUIPO · UNA SQUADRA · एकदल· EGY CSAPAT · ÉT TEAM

BALTICS International Insurers with Local entity Lithuania: 28 people; managingentireBaltic area Lithuania: 1 underwritingassistant Lithuania: 2 sales people International Insurersmanaging from other EU Countries From Sweden: Latvia and Lithuania. From Finland: Estonia From Finland: Baltic Area From Bruxelles ÉÉN TEAM · UNE ÉQUIPE · одна команда · EIN TEAM · ひとつのチーム - · TAKKIM WAHED · ONE TEAM · اقم واح · ETT TEAM· צוות אחד · TEK TAKIM · 一个团队 · UN EQUIPO · UNA SQUADRA · एकदल· EGY CSAPAT · ÉT TEAM

OTHER COUNTRIES Local Insurers Exiar (State Company) Sogaz Soglasie INGO Ukraine Russia Ukraine EIA (State Company) Belximgarant (State Company) Armenia Belorussia International Insurersthrough a Fronter Kazakhstan ÉÉN TEAM · UNE ÉQUIPE · одна команда · EIN TEAM · ひとつのチーム - · TAKKIM WAHED · ONE TEAM · اقم واح · ETT TEAM· צוות אחד · TEK TAKIM · 一个团队 · UN EQUIPO · UNA SQUADRA · एकदल· EGY CSAPAT · ÉT TEAM

ADVANTAGES/DISADVANTAGES INT. INSURERS VS LOCAL Advantages: • Professional team and experties • IT System for underwriting (localinsurershave no IT – systemsyet) Disadvantages: • Lack of exposure in mostpopularsectors (electronic, pharmaceutical) • Conservative underwriting ÉÉN TEAM · UNE ÉQUIPE · одна команда · EIN TEAM · ひとつのチーム - · TAKKIM WAHED · ONE TEAM · اقم واح · ETT TEAM· צוות אחד · TEK TAKIM · 一个团队 · UN EQUIPO · UNA SQUADRA · एकदल· EGY CSAPAT · ÉT TEAM

LEGAL CONSTRAINS FOR INT. CREDIT INSURANCE PROGRAMS Russia: • No CombinedMaxLiability • No Combined Minimum of Premium • No Premium Refund (e.g. profit sharing or bonus) • No possibility to addbankasa LossPayee or Beneficiary Insurersable to manage an International Program: • AIG, Atradius, Chubb, Coface, Credendo EulerHermes • Cofaceincluding Kazakhstan throughFronter ÉÉN TEAM · UNE ÉQUIPE · одна команда · EIN TEAM · ひとつのチーム - · TAKKIM WAHED · ONE TEAM · اقم واح · ETT TEAM· צוות אחד · TEK TAKIM · 一个团队 · UN EQUIPO · UNA SQUADRA · एकदल· EGY CSAPAT · ÉT TEAM

RISK ASSESSMENT AND LEGAL CONTEXT Type of Financial statements: • No IFRS Standard • Stand Alone financialstatements • Consolidated and/or auditedfinancial statement • Differentfinancials for same company possible … Information Sources: • Meetings with buyers • Information agencies: Spark, Kontur Focus, GlobasCredinform, D&B, IGK • Paymentbehaviour ÉÉN TEAM · UNE ÉQUIPE · одна команда · EIN TEAM · ひとつのチーム - · TAKKIM WAHED · ONE TEAM · اقم واح · ETT TEAM· צוות אחד · TEK TAKIM · 一个团队 · UN EQUIPO · UNA SQUADRA · एकदल· EGY CSAPAT · ÉT TEAM

RECOVERIES AND LEGAL CONTEXT Debt Collection: • Bankruptcy law allowsdebtor to delay process for long period • High risk of business assetsdisappearance • The law significantlyrestricts the rights of minirotycreditors with lessthan 10% of the claims • Different law applicable in the formerURSS countries International Operator (Credit Collection): • CMS, Dentos, White & Case, Clifford Chance, Herbert Smith, DLA Paper Local Operator (Credit Collection): • Only Local: PepelyayevGruppOoo, Goltsblat BLP • Local + Global Recoveries: KovalevTugushi 6 Partners, Rodin & partners, KolleguyaAdvokatov, Muranov –Chernyakov –Prtnory, EPAM ÉÉN TEAM · UNE ÉQUIPE · одна команда · EIN TEAM · ひとつのチーム - · TAKKIM WAHED · ONE TEAM · اقم واح · ETT TEAM· צוות אחד · TEK TAKIM · 一个团队 · UN EQUIPO · UNA SQUADRA · एकदल· EGY CSAPAT · ÉT TEAM

FINAL RIMARKS MEDIUM DEVELOPED CREDIT INSURANCE MARKET CRUCIAL CONTRACTUAL LEGAL CONSTRAINTS REMARKABLE INDIPENDENCY OF THE LOCAL SUBSIDIARIES OF THE INTERNATIONAL CARRIERS HIGH COMPLEXITY OF CREDIT MANAGEMENT AND UNDERWRITING RUSSIA EU COUNTRIES EU COUNTRIES HIGH DEVELOPED INSURANCE MARKET OTHER COUNTRIES UNDERDEVELOPED CREDIT INSURANCE MARKET NEED TO BE ESTABLISHED / FRONTER UKRAINE: POLITICAL RISK/ STATE OF WAR ÉÉN TEAM · UNE ÉQUIPE · однакоманда · EIN TEAM · ひとつのチーム - · TAKKIM WAHED · ONE TEAM · اقم واح · ETT TEAM· צוות אחד · TEK TAKIM · 一个团队 · UN EQUIPO · UNA SQUADRA · एकदल· EGY CSAPAT · ÉT TEAM 13

WE WORK WITH Trade Credit Insurance ÉÉN TEAM · UNE ÉQUIPE · одна команда · EIN TEAM · ひとつのチーム - · TAKKIM WAHED · ONE TEAM · اقم واح · ETT TEAM· צוות אחד · TEK TAKIM · 一个团队 · UN EQUIPO · UNA SQUADRA · एकदल· EGY CSAPAT · ÉT TEAM

WE WORK WITH Services Financing ÉÉN TEAM · UNE ÉQUIPE · одна команда · EIN TEAM · ひとつのチーム - · TAKKIM WAHED · ONE TEAM · اقم واح · ETT TEAM· צוות אחד · TEK TAKIM · 一个团队 · UN EQUIPO · UNA SQUADRA · एकदल· EGY CSAPAT · ÉT TEAM

Thank you Danilo PotenzaICBA ItalyVia Soperga 2 20100 Milanodanilo.potenza@icba.com+30 02 67493313danilo_acwww.icba.com twitter.com/TradeCreditICBA linkedin.com/company/international-credit-brokers-alliance ÉÉN TEAM ·UNE ÉQUIPE · однакоманда · EIN TEAM · ひとつのチーム - · TAKKIM WAHED · ONE TEAM · اقم واح · ETT TEAM· צוות אחד · TEK TAKIM · 一个团队 · UN EQUIPO · UNA SQUADRA · एकदल· EGY CSAPAT · ÉT TEAM

Thank You for your attention Any Questions ? ÉÉN TEAM · UNE ÉQUIPE · однакоманда · EIN TEAM · ひとつのチーム - · TAKKIM WAHED · ONE TEAM · اقم واح · ETT TEAM· צוות אחד · TEK TAKIM · 一个团队 · UN EQUIPO · UNA SQUADRA · एकदल· EGY CSAPAT · ÉT TEAM

ACMI – ACT: INSURING CREDITS IN EASTERN EUROPE & FORMER U.R.S.S. Presented By : Danilo Potenza