Euler Hermes North America

COUNTRY RISK SCHEDULE as of April 2021

eulerhermes.us IRP GRADE Country IRP GRADE Country COUNTRY COUNTRY CODE Risk Level CODE Risk Level A AFGHANISTAN AF D High CANADA CA AA Low ALBANIA AL D Sensitive CAPE VERDE ISLANDS CV D High ALGERIA DZ C High CAYMAN ISLANDS KY A Low AMERICAN SAMOA AS A Low CENTRAL AFRICAN REP CF D High ANDORRA AD AA Low CHAD TD D High ANGOLA AO D High CHILE CL BB Medium ANGUILLA AI BB Low CHINA CN B Medium ANTARTICA AQ AA Low CHRISTMAS ISLAND CX A Low ANTIGUA & BARBUDA AG C Sensitive COCOS (KEELING) ISLANDS CC A Low ARGENTINA AR D High COLOMBIA CO BB Medium ARMENIA AM D Sensitive COMORO ISLANDS KM D High ARUBA AW B Medium CONGO (Democratic Rep of) CD D High Aust Pacific Is (see Christmas, Cocos & Norfolk Is) CONGO (People's Rep of) CG D High AUSTRALIA AU AA Low COOK ISLANDS CK C Sensitive AUSTRIA AT AA Low COSTA RICA CR BB Sensitive AZERBAIJAN AZ D High Côte d'Ivoire (Ivory Coast) CI C Medium B BAHAMAS BS BB Medium CROATIA HR B Medium BAHRAIN BH C Sensitive CUBA CU D High BANGLADESH BD D Sensitive CURACAO CW C Sensitive BARBADOS BB D Sensitive CYPRUS CY B Medium BELARUS BY D High CZECH REPUBLIC CZ A Medium BELGIUM BE AA Low D DENMARK DK AA Low BELIZE BZ D Sensitive DJIBOUTI DJ D High BENIN BJ C High DOMINICA DM C Sensitive BERMUDA BM A Low DOMINICAN REPUBLIC DO B Medium BES Islands Dubai (see U.A.E) BQ AA Low (Bonaire, St Eustatius & Saba) E ECUADOR EC C High BHUTAN BT C Sensitive EGYPT EG C Medium BOLIVIA BO D High EL SALVADOR SV B Medium BOSNIA & HERCEGOVINA BA D High EQUATORIAL GUINEA GQ D High BOTSWANA BW B Low ERITREA ER D High BOUVET ISLAND BV AA Low ESTONIA EE AA Low BRAZIL BR B Sensitive ETHIOPIA ET D Low BRITISH INDIAN OCEAN TERRITORY IO AA Low F FALKLAND ISLANDS FK A Low British Virgin Islands VG A Low FAROE ISLANDS FO A Low British Pacific Is (see Pitcairn Is) FIJI FJ D High BRUNEI BN BB Medium FINLAND FI AA Low BULGARIA BG B Medium FRANCE (ROP) FR AA Low BURKINA FASO BF C Sensitive FRENCH GUIANA GF AA Low Burma (Myanmar) – Exception a MM D High FRENCH POLYNESIA PF BB Low only validated by GRIC FRENCH SOUTHERN TERRITORYb TF AA Low BURUNDI BI D High G GABON GA D Sensitive C CAMBODIA KH C Sensitive GAMBIA GM D Sensitive CAMEROON CM D Sensitive GEORGIA GE D High IRP GRADE Country IRP GRADE Country COUNTRY COUNTRY CODE Risk Level CODE Risk Level GERMANY (ROP) DE AA Low LITHUANIA LT BB Low GHANA GH C Sensitive LUXEMBOURG LU AA Low GIBRALTAR GI A Low M MACAO MO BB Medium GREECE GR B Medium MACEDONIA, FYR MK C Medium GREENLAND GL A Low MADAGASCAR MG D Sensitive GRENADA GD C Sensitive MALAWI MW D Sensitive GUADELOUPE (includes French St MALAYSIA MY BB Medium GP AA Low Martin & St Barthelemy) MALDIVES MV D High GUAM GU A Low MALI ML D High GUATEMALA GT B Medium MALTA MT A Low GUINEA (Rep of) GN D High MARSHALL ISLANDS MH D High GUINEA BISSAU (Rep of) GW D High MARTINIQUE MQ AA Low GUYANA GY C Sensitive MAURITANIA MR D High H HAITI HT D High MAURITIUS MU BB Medium HEARD AND MCDONALD IS HM AA Low MAYOTTE YT A Low HONDURAS HN C Medium MEXICO MX BB Medium HONG KONG HK BB Sensitive MICRONESIA FM C Sensitive HUNGARY HU B Sensitive MOLDOVA MD D High I ICELAND IS B Medium MONACO MC AA Low INDIA IN B Sensitive MONGOLIA MN D High INDONESIA ID B Medium MONTENEGRO ME D High IRAN (Due to US Trade Embargo) IR D High MONTSERRAT MS BB Low IRAQ IQ D High MOROCCO MA B Sensitive IRELAND IE A Medium MOZAMBIQUE MZ D High ISRAEL IL BB Low MYANMAR (Burma) – Exception MM D High ITALY IT A Medium only validated by GRIC J JAMAICA JM C Medium N NAMIBIA NA C Sensitive JAPAN JP A Medium NAURU NR D High JORDAN JO C Sensitive NEPAL NP D High K KAZAKHSTAN KZ D High NETHERLANDS (ROP) NL AA Low KENYA KE C Sensitive NEW CALEDONIA NC A Low KIRIBATI KI C Sensitive NEW ZEALAND NZ AA Low KOREA, DEMO. PEOPLE'S R. (NORTH) KP D High NICARAGUA NI D High KOREA REPUBLIC OF (SOUTH) KR A Low NIGERIA NG D Sensitive KUWAIT KW B Low NIGER NE D High KYRGYZSTAN KG D High NIUE NU B Medium L LAOS LA D High NORFOLK ISLAND NF A Low LATVIA LV BB Medium NORTHERN MARIANA ISLANDS MP A Low Leeward Is (see Anguilla, Montserrat & BVI) NORWAY NO AA Low LEBANON LB D High O OMAN OM C Sensitive LESOTHO LS C Sensitive P PAKISTAN PK D High LIBERIA LR D High PALAU PW C Sensitive LIBYA LY D High PANAMA PA BB Medium LIECHTENSTEIN LI AA Low PAPUA NEW GUINEA PG D High IRP GRADE Country IRP GRADE Country COUNTRY COUNTRY CODE Risk Level CODE Risk Level PARAGUAY PY B Medium SWAZILAND SZ C Sensitive PERU PE BB Medium SWEDEN SE AA Low PHILIPPINES PH B Medium SWITZERLAND CH AA Low PITCAIRN ISLAND PN A Low SYRIA SY D High POLAND PL BB Medium T TAJIKISTAN TJ D High PORTUGAL (inc. Azores & Madeira)c PT BB Low TAIWAN TW A Low PUERTO RICO PR BB Sensitive TANZANIA TZ C Sensitive Q QATAR QA B Medium TIMOR LESTE TL D High R REUNION RE AA Low THAILAND TH B Medium ROMANIA RO B Sensitive TOGO TG D Sensitive RUSSIA RU C Sensitive TOKELAU TK A Low RWANDA RW B Medium TONGA TO D High S SOUTH GEORGIA/SANDWICH IS GS AA Low TRINIDAD & TOBAGO TT B Sensitive SAMOA WS C Sensitive TUNISIA TN C High SAN MARINO SM A Medium TURKEY TR C Sensitive SAO TOME & PRINCIPE ST C Sensitive TURKMENISTAN TM D High SAUDI ARABIA SA B Medium TURKS & CAICOS TC A Low SENEGAL SN C Medium TUVALU TV C Sensitive SERBIA RS C Medium U UNITED ARAB EMIRATES (Abu Dhabi)d AE BB Medium SEYCHELLES SC D Sensitive US VIRGIN ISLANDS (St. Thomas, VI A Low SIERRA LEONE SL D High St Criox, St Johns) SINGAPORE SG AA Low U.S. MINOR OUTLYING ISLANDS UM AA Low e SLOVAKIA SK A Medium U.S. PACIFIC IS (see Nth Mariana Is & US Minor Outlying Is) SLOVENIA SI BB Medium U.S.A. US AA Low SOLOMON ISLANDS SB D High UGANDA UG C Sensitive SOMALIA SO D High UKRAINE UA D High UNITED KINGDOM (Includes Channel SOUTH AFRICA ZA C Sensitive GB AA Medium Island, Isle of man & Ascension Is)f SOUTH SUDAN Republic of SS D High URUGUAY UY BB Medium SPAIN (INCLUDING CANARY IS) ES A Low UZBEKISTAN UZ D High SRI LANKA LK D High V VANUATU VU C Sensitive ST. HELENA SH A Low VATICAN CITY (HOLY SEE) VA AA Low ST. KITTS & NEVIS KN C Sensitive VENEZUELA VE D High ST. MAARTEN (Dutch Side) SX C Sensitive VIETNAM VN C Sensitive ST. LUCIA LC C Sensitive W WALLIS & FUTUNA WF A Low ST. PIERRE ET MIQUELON PM A Low WINWARD IS (see Dominica, St. Lucia, St Vincent & Grenedines) ST. VINCENT & THE GRENADINES VC C Sensitive Y YEMEN YE D High SUDAN SD D High Yugoslavia (see Serbia & Montenegro) SURINAM SR D High Z ZAMBIA ZM D High SVALBARD & JAN MAYEN SJ A Low ZIMBABWE ZW D High Country Risk Level (a) The Society Archipelago (Tahiti, Moorea, Maio,Mehitia, Tetiaroa, Raiatea, Tahaa, Huahine, Bora-Bora and Maupiti), the Tuamotu Archipelago (the Gambier Islands), the Austral Islands, the Marquesas Islands 1 = Low Risk (b) Kerguelen Islands, Saint-Paul Island 2 = Medium Risk (c) Azores, Madeira 3 = Sensitive Risk (d) Abu Dhabi, Ajman, Dubai, Fujairah, Ras al Kahimah, Sharjah, Umm-al-Qaiwan (e) Midway Islands, Wake Islands, Johnston Island, Howland & Bak Islands, 4 = High risk (f) UK (Includes Channel Island, Isle of man & Ascension Island)