Euler Hermes by jlhd32

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									Euler Hermes
Euler Hermes helps companies manage
their trade risks anywhere in the world.
The world’s leading            Belgium:                   France:
                               a new product              an Internet
credit insurer with            launched against           partnership
36% market share,              internal fraud             to provide
                               Illustration               online credit
Euler Hermes helps             of the fruitful sharing    insurance
                               of best practices          In partnership
businesses of all sizes        throughout the group,      with,
and in every industry sector   Trust is a Euler Hermes’
                               policy that prevents
                                                          SMEs are now able
                                                          to insure an
to secure and optimise         Belgian companies          individual transaction
                               from internal              or invoice online.
their trade development.       fraud risks.
Euler Hermes’ primary
mission is to protect
companies against the risk
of customer insolvency
both in their domestic
and export markets.

                                                          Euler Hermes
                                                          strengthened its
                                                          operations in Russia,
                                                          Romania and
                                                          in the Gulf region
                                                          Euler Hermes continues
                               Mexico:                    to develop its business in
                               a partnership              growth markets in response
                               with HSBC                  to strong demand for credit
                               An agreement               insurance. In Russia,
                               between HSBC               Euler Hermes created
                               and Euler Hermes           a fully-fledged subsidiary
                               enables the marketing      and a branch office was
                                – through the bank’s      opened in Romania. In the
                               1,000 branches –           Gulf region, Euler Hermes
                               of the group’s products    concluded a partnership
                               to Mexican SMEs            with Qatar Insurance
                               little familiar with       Company and its subsidiaries
                               credit insurance.          in Oman and Kuwait.
                                                           a new Latin American
                                                           With its subsidiaries
                                                           in Mexico, Brazil, Argentina
                                                           and now Colombia,
                                                           Euler Hermes is present
                                                           in the four countries

hlights                                                    that represent 85%
                                                           of the Latin American

                                                           Euler Hermes
   SmartLink: an                Signature of the first     was named
   innovative solution          contracts under            “Best export credit
   for large companies          the French top-up          agency in 2008”
   SmartLink is an              credit insurance           The British magazine
   application designed         scheme                     “Trade Finance”
   to provide more fluid        The French top-up credit   recognises for the
   information sharing and      insurance scheme is        fourth time Euler Hermes’
   facilitate policy            a government measure       excellence
   management                   meant to give support      in export credit,
   by interconnecting           to businesses during       export insurance,
   Euler Hermes’                the crisis by doubling     project financing
   information systems          the cover granted          and structured
   with those of its clients.   by credit insurers.        financing.

Key Figures 2008
            Consolidated turnover                          Consolidated shareholders’ equity
            In € million                                   In € million

            Consolidated net income                        Workforce
            In € million                                   At 31 December 2008

    €2,166.5 97.2%                                                               6,182
    Million consolidated turnover     Net combined ratio                         Employees worldwide

                                                                (at 1st January 2009)
  Net combined ratio
  In %
                                ■ Expense ratio                 Board of Management
                                ■ Loss ratio
                                                                Clemens von Weichs

                                                                Wilfried Verstraete
                                                                (as of 1st April 2009)

                                                                Board members
                                                                Gerd-Uwe Baden
                                                                Nicolas Hein
                                                                Michael Hörr
                                                                Michel Mollard

                                                                of the main
  Operating income
  In € million
                                                                Jean Luc Louis
                                ■ Operating income before net   France
                                  investment income             Michel Mollard
                                ■ Net investment income         Germany
                                                                Gerd-Uwe Baden
                                                                Michele Pignotti
                                                                Gerard van Kaathoven
                                                                Nordic countries
                                                                Lars Gustafsson
                                                                Krzysztof Chechlacz
                                                                United Kingdom
                                                                Fabrice Desnos
                                                                United States
                                                                Paul Overeem
                                                                Benoît des Cressonnières
                                                                Euler Hermes World Agency
                                                                Roland van Malderghem

AA-                        €800
Standard & Poor’s rating   billion of business
(July 2008)                transactions insured

         Protecting                 As the global leader in credit insu-
                                    rance, Euler Hermes monitors the
                                                                             of trade receivables notably inter-
                                                                             national debt collection.
        companies’                  financial situation of 40 million
                                    businesses across the world. By
                                                                             Euler Hermes also maintains an
                                                                             active bonding business by issuing
           business                 assessing the overall economic and       more than 150,000 domestic and
                                    political risk, the group provides its   international performance bonds
       development                  57,000 clients with the necessary        and guarantees a year. The group
                                    information for choosing sound           is now the European leader in
    Businesses place their trust    trading partners and efficiently         bonding with more than €15 bil-
                                    managing debtor risk. In the event       lion of commitments in more than
                in Euler Hermes
                                    of non-payment, Euler Hermes             130 countries.
        to facilitate and secure    proceeds with collection of the          In these three business lines,
               their trade flows    trade receivable. If the receivable      Euler Hermes has the necessary
                    and manage      remains unpaid due to the debtor’s       financial strength to assist its
                     debtor risk.   insolvency, Euler Hermes indem-          clients reinforced by its AA- rating
                                    nifies the policyholder.                 from Standard & Poor’s, as well as
                                                                             by being a company of Allianz.
                                    Additional services
                                    Debt collection services, included
                                    as part of the credit insurance con-
                                    tract or provided independently,
                                    have constituted a separate busi-
                                    ness line for the group since 2008.
                                    With 190,000 debt collections
                                    handled per year, Euler Hermes
                                    is a major player in the collection

                                    150,000 190,000
                                    bonds and guarantees                     debt collections
                                    issued in 2008.                          handled in 2008.

             Ensuring                Euler Hermes’ Risk Business Model
                                     is based on the idea of close proxi-
                                                                              is dedicated to rating each country
                                                                              while Euler Hermes’ sector analysts
efficient receivables                mity to the risk. It is used by all of
                                     its 1,000 credit analysts and risk
                                                                              examine trends in each industry
 management with                     underwriters throughout the world.
                                                                              Analysis of individual
reliable risks analysis              A risk underwriting policy               business risk
                                     adapted to global economic               Euler Hermes constantly monitors
    Euler Hermes has developed       conditions and                           the situations of 40 million busi-
                                     to local situations                      nesses worldwide. Each business
             unique know-how in
                                     Euler Hermes’ economists con-            is assigned a grade that takes
         trade risk management       stantly analyse the global econo-        into account every factor of risk:
               thanks to a precise   mic situation, fine-tuning on a daily    country risk, sector risk and finan-
  and global Risk Business Model.    basis their assessment of potential      cial risks specific to the company.
                                     risks according to the economic          The grades can be accessed in
                                     conditions and outlook of their          real time by all Euler Hermes’
                                     respective countries. This global        analysts thanks to a shared infor-
                                     approach to risk means that              mation system. This tool enables
                                     Euler Hermes can react instantly to      Euler Hermes to help its clients
                                     any major economic ups or downs.         to optimise their trade receiv-
                                     In recessionary conditions, the          ables by adjusting their trade
                                     analysis of country risk takes on        risk exposure.
                                     added importance. A committee

                                     of credit limit requests
                                                                              rise of the Global
                                     are processed                            Insolvency Index
                                     within 48 hours.                         in 2008.

      Strengthening                 Euler Hermes has recorded robust
                                    growth throughout the world since
                                                                            continued to expand internation-
                                                                            ally, particularly in new growth
         its positions              its creation in 2002 and now has
                                    operations in more than 50 coun-
                                                                            markets and also developed relat-
                                                                            ed activities, such as third-party
            to ensure               tries. Growth in the coming years       debt collection services.
                                    will depend on the quality of
     healthy growth                 services provided to clients who        Improved operating
                                    are placed at the centre of an ever     efficiency
      Euler Hermes’ goal is to be   more efficient organisation.            Euler Hermes has adopted a new
                                                                            operating model that enables the
         the most trusted global
                                    Strengthening its position              group to adapt to market changes
    provider of trade receivables   in credit insurance                     and optimise internal operations.
          management services.      In order to strengthen its position     The harmonisation of the IT envi-
                                    for clients of any size, Euler Hermes   ronment at an international level
                                    is investing in its product and         is an essential component of this
                                    service distribution channel:           new model. Also, it improves
                                    Euler Hermes World Agency was           human resources management
                                    created to provide a better service     and facilitates the implementation
                                    to multinational groups while           of best practices at all entities. The
                                    new partnerships were developed         overall objective is to create an
                                    with banks to facilitate access to      organisation capable of generat-
                                    credit insurance for SMEs. In 2008,     ing sustainable growth through
                                    Euler Hermes signed a global            constantly increasing client satis-
                                    cooperation agreement with HSBC.        faction.
                                    At the same time, the group has

                                    credit limit requests
                                                                            billion of business
                                    received each day.                      transactions insured
                                                                            by Euler Hermes in 2008.

          Helping                  Latin America
                                   After Argentina, Brazil and Mexico,
                                                                           Eastern Europe
                                                                           After Hungary, Poland and the
       to develop                  Euler Hermes added to its Latin
                                   American presence with a new
                                                                           Czech Republic, Euler Hermes set
                                                                           up a new branch in Bucharest in
    international                  subsidiary in Colombia.                 Romania. In Russia, the collabora-
                                                                           tion agreement entered into with
            trade                  Asia                                    Rosno in 2004 was reinforced in
                                   Euler Hermes strengthened its           2008 with the creation of a joint
Euler Hermes accompanies           presence in China in 2007 by sign-      subsidiary.
                                   ing a cooperation agreement with
        its clients’ business
                                   Bank of China Insurance. It has         Middle East
      development abroad           since opened new offices in Hong        After opening an office in Dubai in
  and notably in emerging          Kong and Shenzhen. Euler Hermes         2007 and concluding partnerships
                 economies.        Information Consulting Co. Ltd.,        in the United Arab Emirates, Saudi
                                   based in Shanghai, is responsible       Arabia and Bahrain, Euler Hermes
                                   for risk assessment and underwrit-      signed cooperation and reinsur-
                                   ing for China.                          ance agreements with Qatar
                                                                           Insurance Company and its sub-
                                                                           sidiaries in Oman and Kuwait.

                       F o c u s

                       More than a century in credit insurance
                       at international level
                       The Euler Hermes group emerged from a grouping of American (ACI, created
                       in 1893), German (Hermes Kreditversicherung, 1917), British (Trade Indemnity,
                       1918), French (SFAC, 1927), Italian (SIAC, 1927), Belgian (COBAC, 1929)
                       and Dutch (Royal Nederlandsche Kredietverzekering, 1989) companies.
                       This international dimension has underpinned Euler Hermes’ development whose
                       international expansion has accelerated in line with the pace of globalisation.

     Better serving               In turbulent markets, Euler Hermes’
                                  clients rely on the group’s key
                                                                         clients’ needs and expectations.
                                                                         The prime indicators of client
             clients              strengths: information, risk policy,   satisfaction are loyalty and the
                                  commitment and efficiency.             length of the relationship. 90%
    by anticipating                                                      of Euler Hermes’ clients are long-
                                  An organisation optimised              standing clients: the length of this
        their needs               for and with its clients               relationship averages nine years,
                                  Today, the group’s efficiency is       highlighting their loyalty to the
                   Listening to   designed for and with its clients.     group.
    and understanding clients     Euler Hermes places them at the        In France, a specific software ap-
                                  centre of its strategy, constantly     plication handles client requests
        in order to offer them
                                  adapting its organisation, process-    and measures how rapidly they
                  a continually
                                  es and services. Euler Hermes has      are dealt with and whether policy-
          enhanced expertise      taken an essential initiative for      holders’ deadlines are met. Other
    and customised solutions.     change by revising its operating       group entities have also introduced
                                  model to improve the efficiency        specific programmes to ensure
                                  of its processes. Its new operating    that the client is constantly at the
                                  model harmonises operating             centre of their operations such
                                  methods for all entities by imple-     as “Clienting” in Germany and
                                  menting shared tools and processes     “Customer First” in the United States.
                                  resulting from best practices
                                  developed at local levels.             Distribution channels
                                                                         adapted to each client
                                  Measuring                              segment’s needs
                                  client satisfaction                    Clients’ needs and habits differ
                                  Client satisfaction is a key indica-   according to their size, country
                                  tor for guiding Euler Hermes’          of origin and other criteria. Small
                                  strategy and constantly ensuring       and Medium Enterprises (SME)
                                  that its organisation, products and    in particular are often attached
                                  services are in correlation with       to a given distribution channel:

brokers, agents, banks, etc. For this
reason, in addition to its own sales
networks, the group has developed
                                        9 years
                                        is the average length
numerous partnerships at local
                                        of our client’s relationships
levels with independent brokers,
                                        with us, highlighting
retail banking networks and insur-
                                        their loyalty to the group.
ance companies. Examples include
HSBC in Mexico, Rabobank in the
Netherlands and Gruppo BPER and
Unicredit Corporate Banking
in Italy.
                                        clients worldwide.
In France, Euler Hermes’ partner-
ship with web company
enables businesses of any size to
insure a receivable via the Internet.

A specific offer
for multinational groups
Euler Hermes World Agency pro-
vides multinational groups with a
single point of contact to facilitate
the centralised management of
their trade receivables worldwide
while drawing on Euler Hermes’
local expertise and operations. Four
products are designed specifically
for them: credit insurance, protec-
tion against volatility and loss of
sales, risk sharing and reinsurance
and assignment of receivables.

     Developing talent                 Euler Hermes has built its reputa-
                                       tion and position as global leader
                                                                                    es with services adapted to their
        to encourage                   on the professionalism of its 6,200          Launched in 2008, the Diversity
                                       employees who share the same                 project is based on essential
         performance                   values, methods and tools.                   concepts, such as gender balance
                                                                                    and equal treatment. Diversity
             Euler Hermes’ human       A global training policy                     Awareness Workshops have been
                                       It is essential to recruit the best talent   organised to heighten managers’
       resources policy is designed
                                       and integrate it into a strong corpo-        awareness of these issues and help
                  to develop talent
                                       rate culture to make sense as a              them respond.
                    and encourage      group and to ensure quality of serv-
                 cultural diversity.   ice throughout the world. The
                                       group’s credit analysts attend sem-
                                       inars on the Risk Business Model to
                                       learn the same methods in order to
                                       guarantee consistency in the grad-
                                       ing of companies and facilitate
                                       mobility between entities. Other
                                       training is provided to respond
                                       to employees’ needs, such as
                                       the Management Development
                                       Seminar for high-potential staff.

                                       Encouraging diversity
                                       Euler Hermes’ success relies on
                                       the talent and cultural diversity of
                                       its staff. Euler Hermes’ recruitment
                                       and career management policies
                                       foster diversity to gain a better
                                       understanding of the mechanisms
                                       of world trade and provide business-

    Contributing                    The group’s activities, by their nature,
                                    have very little impact on the environ-
                                                                               haviour of its employees, Euler Hermes
                                                                               has introduced a code of conduct
   to sustainable                   ment. The group’s commitment to
                                    sustainable development is more
                                                                               based on Allianz group principles. This
                                                                               code of conduct defines in detail
   Development                      particularly reflected in its relations    the rules to be applied by employees
                                    with partners and clients.                 for conducting their business and
                                                                               complies with UN indications with
   Euler Hermes contributes         Insuring credit:                           regard to blacklisted zones and
to sustainable development          a responsible act                          sectors.
      of the world economy          Insurance plays a key role for business
  by helping its clients build      development by reducing risk and           Local actions to promote
                                    limiting the consequences of losses.       social responsibility
  and secure their business.
                                    By helping its clients manage their        In the United States, Euler Hermes ACI
                                    trade risk, consolidate their growth       has implemented socially-responsible
                                    and thus ensure their lasting future,      programmes such as patronage
                                    Euler Hermes contributes to the            support for the Habitat for Humanity
                                    development of human activity in           NGO and rewards employees that
                                    an economic environment where              make efforts to use environmentally-
                                    globalisation has multiplied the risks.    friendly equipment and products.
                                                                               In Italy, Euler Hermes SIAC has been
                                    Acting in the best interests of all        working alongside Civita, an associa-
                                    In addition to the values that guide       tion that protects, enhances and
                                    Euler Hermes’ strategy and the be-         promotes Italy’s cultural heritage.

          F o c u s
          Five Leadership Values
          Euler Hermes’ leadership values involve group employees in coherent and efficient actions
          that win clients’ trust:
          • align strategy and communication;                    • develop employees;
          • promote a high performance culture;                  • build on mutual trust and feedback.
          • focus on clients;

     Worldwide offices

      Holding company: Euler Hermes SA – 1, rue Euler – 75008 Paris – France
      Tel.: +33(0)1 40 70 50 50 – Fax: +33(0)1 40 70 50 17 –

     Argentina                        Czech Republic                Hong Kong                         Japan
     Euler Hermes Argentina S.A.      Euler Hermes Čescob,          Euler Hermes Credit               Euler Hermes
     San Martín 550                   úvěrová pojišťovna, a.s.      Underwriters (HK) Ltd             Kreditversicherungs-AG
     C1004AAL Buenos Aires            Molákova 576/11               Suites 403-11, 4/F                Japan Branch Office
     Tel.: +54 11 4320 7177           186 00 Prague 8               Cityplaza 4                       Kyobashi Nisshoku Bldg. 7F
                                      Tel.: +420 266 109 511        12 Taikoo Wan Road                8-7 Kyobashi, 1-chome
     Australia                                                      Island East                       Chuo-Ku
     Euler Hermes Trade Credit        Denmark                       Hong Kong                         Tokyo 104-0031
     Underwriting Agents Pty Ltd.     Euler Hermes                  Tel.: +852 2867 0061              Tel.: +81 3 3538 5403
     Level 9, Forecourt Building      Kreditforsikring Norden AB
     2 Market Street                  Amerika Plads 19              Hungary                           Latvia
     Sydney, NSW 2000                 2100 Copenhagen E             Euler Hermes                      Euler Hermes
     Tel.: +61 2 8258 5108            Tel.: +45 88 33 3388          Magyar Hitelbiztosító Zrt.        Kreditversicherungs-AG
                                                                    Kiscelli u. 104                   Latvijas Filiale
     Austria                          Estonia                       1037 Budapest                     Cesu iela 31/8
     Prisma Kreditversicherungs-AG    Euler Hermes                  Tel.: +36 1 453 9000              LV-1012 Riga
     Himmelpfortgasse 29              Kreditversicherungs-AG                                          Tel.: +371 67 895 677
     1010 Vienna                      Eesti Filiaal                 India
     Tel.: + 43 5 01 02-0             Prita tee 20, T-building      Euler Hermes Services             Lithuania
                                      10127 Tallinn                 India Pvt. Ltd.                   Euler Hermes
     Bahrain                          Tel.: +372 602 8100           4th Floor, Voltas House           Kreditversicherungs-AG
     See United Arab Emirates                                       23, J N Heredia Marg              Lietuvos Filialas
                                      Finland                       Ballard Estate                    Konstitucijos ave 7
     Belgium                          Euler Hermes Luottovakuutus   Mumbai 400 001                    20th Floor
     Euler Hermes Credit              Itälahdenkatu 18 A            Tel.: +91 22 6623 2525            09308 Vilnius
     Insurance Belgium S.A. (NV)      00210 Helsinki                                                  Tel.: +370 5 211 3366
     Rue Montoyer, 15                 Tel.: +358 10 850 8500        Indonesia
     1000 Brussels                                                  PT Asuransi Allianz Utama         Malaysia
     Tel.: +32 2 289 3111             France                        Indonesia                         See Singapore
                                      Euler Hermes SFAC             Summitmas II.Building, 9th
     Brazil                           1, rue Euler                  floor                             Mexico
     Euler Hermes Seguros             75008 Paris                   Jl. Jenderal Sudirman Kav 61-62   Euler Hermes Seguro
     de Crédito S.A.                  Tel.: +33 1 4070 5050         Jakarta 12190                     de Crédito S.A.
     Alameda Santos, 2335 - cjs                                     Tel. +62 21 252 2470 ext.6100     Blvd. Manuel Avila Camacho
     51/52                            Euler Hermes World Agency                                       #164, 8° piso
     Cerqueira César                  8, rue Euler                  Ireland                           Col. Lomas de Barrilaco
     01419-002                        75008 Paris                   Euler Hermes Ireland              Deleg. Miguel Hidalgo
     São Paulo                        Tel.: +33 1 40 70 50 83       The Arch                          Mexico DF CP 11010
     Tel.: +55 11 3065 2260                                         Blackrock Business Park           Tel.: +52 55 5201 7900
                                      Germany                       Carysfort Avenue
     Canada                           Euler Hermes                  Blackrock                         Morocco
     Euler Hermes Canada              Kreditversicherungs-AG        Co. Dublin                        Euler Hermes Acmar
     CIBC Tower                       Friedensallee 254             Tel.: +353 1 200 0400             37, bd Abdelattif Ben
     1155 Rene-Levesque West          22763 Hamburg                                                   Kaddour
     Blvd., Suite 1702 327            Tel.: +49 40 8834 0           Israel                            20100 Casablanca
     Montreal Quebec H3B                                            ICIC                              Tel.: +212 5 22 79 03 30
     Tel.: +1 514 876 9656            Federal Export Credit         2, Shenkar street
                                      Guarantees                    68010 Tel Aviv                    The Netherlands
     China                            Friedensallee 254             Tel.: + 97 23 796 2444            Euler Hermes
     Euler Hermes Information         22763 Hamburg                                                   Kredietverzekering NV
     Consulting (Shanghai) Co.,       Tel.: +49 40 8834 9192        Italy                             NV Interpolis
     Ltd. in Shanghai, PRC                                          Euler Hermes SIAC S.p.A.          Kredietverzekeringen
     Unit F, 8th Floor, Mirae Asset   Greece                        Via Raffaello Matarazzo, 19       Pettelaarpark 20
     Tower                            Euler Hermes Emporiki SA      00139 Rome                        5216 PD ’s-Hertogenbosch
     166 Lujiazui Ring Road           109-111 Messogion Ave.        Tel.: +39 06 8700 1               Tel.: +31 73 688 9999
     Pudong                           Politia Business Center
     Shanghai 200120                  Bldg. B                       Kuwait                            Euler Hermes Interborg NV
     Tel.: +81 21 5012 2220           115 26 Athens                 See United Arab Emirates          Atlas Office Center
                                      Tel.: +30 210 69 00 000                                         Hoogoorddreef 5
     Colombia                                                                                         Postbus 12473
     Euler Hermes Colombia                                                                            1100 AL Amsterdam Z.O.
     Carrera 13A No. 29-24                                                                            Tel.: +31 20 6 96 39 41
     Torre Colseguros
     Piso 8
     ala Sur Bogota
     Tel.: +57 1 560 0600

New Zealand                         Russia                                     Sweden                                    United Arab Emirates
Euler Hermes Trade Credit           Euler Hermes Credit                        Euler Hermes Kreditförsäkring             Euler Hermes
Limited                             Management OOO                             Norden AB                                 c/o Alliance Insurance (PSC)
Level 1, 152 Fanshawe Street        Krymskiy Val, 3/2                          Klara Norra Kyrkogata 29                  Warba Center 4th Floor
Auckland 1010                       Moscow, 119049                             P.O. Box 729                              Office 405
Tel.: +649 354 2990                 Tel.: +7 495 649 80 08                     10134 Stockholm                           PO Box 183957
                                                                               Tel.: +46 8 555 136 00                    Dubai
Norway                              Saudi Arabia                                                                         Tel.: +971 4 266 3083
Euler Hermes                        See United Arab Emirates                   Switzerland
Kredittforsikring Norden AB                                                    Euler Hermes                              United Kingdom
Holbergsgate 21                     Singapore                                  Kreditversicherungs-AG                    Euler Hermes UK plc
P.O. Box 6875                       Euler Hermes                               Euler Hermes Reinsurance                  1 Canada Square
St. Olavs Plass                     Kreditversicherungs-AG                     Tödistrasse 65                            London E14 5DX
0130 Oslo                           Singapore Branch Office                    8002 Zürich                               Tel.: +44 20 7512 9333
Tel.: +4723256000                   3 Temasek Avenue                           Tel.: +41 44 283 65 65
                                    # 03-02 Centennial Tower                   (Kreditversicherung)                      Euler Hermes Guarantee plc
Oman                                Singapore 039190                           Tel.: +41 44 283 65 85                    Surety House
See United Arab Emirates            Tel.: +65 6297 8802                        (Reinsurance)                             Lyons Crescent
Philippines                         Slovakia                                   Taiwan                                    Kent TN9 1EN
See Singapore                       Euler Hermes Servis, s.r.o.                See Hong Kong                             Tel.: +4417 327703 11
                                    Plynárenská 1
Poland                              82109 Bratislava                           Thailand                                  United States
Euler Hermes Towarzystwo            Tel.: +421 2 582 80 911                    Allianz C.P. General Insurance            Euler Hermes ACI
Ubezpieczen S.A.                                                               Co., Ltd.                                 800 Red Brook Boulevard
ul. Domaniewska 50 B                South Korea                                323 United Center Building                Owings Mills, MD 21117
02-672 Warsaw                       Euler Hermes                               30th Floor                                Tel.: +1 410 753 0753
Tel.: +48 22 363 6363               Credit Underwriters (HK) Ltd.              Silom Road
                                    Korea Liaison Office                       Bangrak, Bangkok 10500                    Vietnam
Portugal                            Rm 1411, 14/F, Sayong                      Tel. +66 2638 9000                        See Singapore
COSEC - Companhia de Seguro         Platinum Bldg.                   
de Créditos, S.A.                   156, Cheokseon-dong,
Av. da Republica, nº 58             Chongro-ku                                 Turkey
1069-057 Lisbon                     Seoul 110-052                              Euler Hermes
Tel.: +351 21 791 3700              Tel.: +82 2 733 8813                       Risk Yönetimi ve Danismanlik
                                                                               Hizmetleri Limited Sirketi
Qatar                               Spain                                      Iz Plaza Giz, Ayazaga Yolu
See United Arab Emirates            Euler Hermes Crédito,                      No:4 Kat:14 Maslak
                                    Sucursal en España de Euler                34398 Istanbul
Romania                             Hermes SFAC, S.A.                          Tel.: +90 212 290 7610
Euler Hermes Servicii               Paseo de la Castellana, 95
Financiare S.R.L.                   Planta 14
Str. Petru Maior Nr.6               Edificio Torre Europa
Sector 1                            28046 Madrid
011264 Bucharest                    Tel.: +34 91 417 77 67
Tel. : +40 21 302 0300

                                                        Publisher: Euler Hermes Group Communication
                               Design and production: 8851             – advertising campaign design (cover, back): Harrison & Wolf
                                                      Photography: Xavier Fouquet, Allianz, Euler Hermes.

                                                 This report has been printed on PEFC certified paper made from trees
                                                 grown in sustainably managed forests.
        Euler Hermes
1, rue Euler – 75008 Paris – France
     Tel. : + 33 (0)1 40 70 50 50
     Fax : + 33 (0)1 40 70 50 17

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