SIBS International, Inc Josh Demarr and Noelle Cole

March 22, 2017 Who we are

■ A global credit insurer is dedicated to helping our customers do business safely – wherever they choose to trade. ■ Our aim is to support our customers' growth by strengthening their credit and cash management. ■ We do this through a wide range of products and services, each designed to meet our customers’ business needs, their trade sectors and the markets in which they trade in.

Epic Aviation 2/16/17 2 Introduction to Atradius

■ A specialist credit insurer

■ 2nd largest credit insurer in the world

■ One IT platform worldwide

■ 90 years experience in the credit industry

■ Revenue 2015 EUR 1.7 billion

■ Result 2014 EUR 178.2 million

■ Moody’s credit rating ‘A3’ (outlook stable)

■ A.M. Best credit rating ‘A’ (outlook stable)

■ Access to credit information on 200 million companies worldwide

■ 3,300 dedicated employees worldwide

■ A presence in more than 51 countries

Epic Aviation 2/16/17 3 Atradius profile - we are where you are

■ 50 countries

■ 160 offices

■ 3,300 staff

■ 200 million companies

■ 1 worldwide database

Epic Aviation 2/16/17 4 We are where you are

■ – Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Luxembourg, Liechtenstein, Lithuania, The Netherlands, Norway, Poland, Portugal, Romania, Russia, Serbia, Slovenia, Slovakia, Spain, Sweden, Switzerland, Turkey, United Kingdom ■ Americas – Argentina, Brazil, Canada, Colombia, Chile, Mexico, Peru, USA ■ – South Africa ■ Asia - China, Hong Kong, India, Indonesia, Japan, Malaysia, Philippines, Singapore, Taiwan, Thailand, Vietnam ■ Middle East - Israel, Lebanon, Saudi Arabia, United Arab Emirates ■ - Australia, New Zealand

Epic Aviation 2/16/17 5 Our financial strength

It’s vital that we remain financially strong enough to meet every possible challenge. We ensure that we are financially stable, despite the often challenging economic environment. This is evident from our ratings:

Credit ratings ■ A.M. Best – A excellent outlook stable ■ Moody’s – A3 outlook stable

To ensure that our accessible capital is more than enough to meet our obligations, our excess solvency capital exceeds the required levels: by EUR 786,3 million at year end 2015.

Epic Aviation 2/16/17 6 Our shareholders and ownership

Grupo Catalana Occidente is our main shareholder Atradius N.V. is owned by Grupo Compañía Española de Crédito y Caución, S.L. (CyC) and Grupo Catalana Occidente, S.A. (GCO). Grupo CyC is a holding company, 73.8% owned by GCO.

GCO is listed on the Barcelona and Madrid stock exchanges and is the parent company of a group of insurance companies. It has an 83.2% stake in Atradius N.V. of which 35.8% is direct and 47.4% is indirect through Grupo CyC holding company.

Epic Aviation 2/16/17 7 Strong shareholder base

INOC, S.A. operates as a holding company. The company was founded INOC, S.A. in 1957 and is based in Barcelona, Spain. 56,7%

CCS – Consorcio de Compensación CCS GES NAC ESP Grupo Catalana Occidente, S.A. de Seguros

9,9% 3,5% 7,8% 5,0% 73,8% GES – Ges Seguros y Reaseguros Grupo Compañia Española Crédito y Caución, S.L. NAC – Nacional de Reaseguros 64,2% 35,8%

ESP – ESPAÑA, S.A., Compañía Atradius N.V. Nacional de Seguros

Epic Aviation 2/16/17 8 panel

■ Atradius’ reinsurance panel consists of a well-diversified group of well-rated reinsurers. They offer substantial reinsurance capacity and the ability to spread our risks broadly. ■ Atradius endorses the importance of sound corporate governance. Key elements of independence, accountability and transparency, create a relationship of trust between Atradius and all of its stakeholders such as employees, customers, suppliers, shareholders and the general public.

Epic Aviation 2/16/17 9 Understanding your Requirements

1. Price 3. Service Establish harmonised premium rates and policy A simple and easily managed credit conditions reflecting your group’s purchasing power: insurance solution: ■ Offering cost savings to existing insured business’s in Japan ■ Including strong local Account ■ Encouraging participation of currently uninsured Management support your business. companies in a group programme ■ With an insurer who can promote and ■ Ensuring an attractive policy structure and wording that works for your company worldwide implement the credit insurance programme on a global scale.

2. Cover Maximum coverage to meet your current needs and 4. Management Information support future growth objectives: A detailed online MI available to your ■ Maximising your group leverage to deliver highest levels of limit coverage HQ on programme performance: ■ Supporting your risk management locally as well as ■ Including details on cover, aggregations, centrally. evolving risks, claims and overdues

Epic Aviation 2/16/17 10 Matching Your Ambitions – What You can expect from Atradius

1. Maximum Coverage – meeting Your current needs and supporting future growth objectives: . Including rapid and clear decision making . With empowered Underwriters who communicate clearly . With a clear and rapid escalation model if required

2. Highest quality service – with Risk and Policy experts at Your disposal: . Strong, centralised and empowered risk/policy management . Direct access to decision makers, both within and overseas . Including a simplified claims reporting process

3. Management Information – detailed online MI to monitor risk and programme performance: . Including details on cover, aggregations, evolving risks, claims and overdues . Adding value to Your credit management process

4. Flexible Policy - that works for the evolving landscape of Your company: . Including easy integration of newly migrated entities . With a premium calculation that is flexible for the extraction of longs (if divested) . And policy conditions reflecting Your group’s purchasing power

Epic Aviation 2/16/17 11 Risk Management

Two distinct underwriting teams having access to the same data

Local Buyer Underwriting Key Account Underwriting

. Set underwriting strategies on all buyers/groups . Review all partial and zero decisions to ensure the customer’s background / credit control . Split on a country/trade sector basis, so that procedures / all relevant financials, have been individual risks are assessed with appropriate considered sector/market knowledge . Empowered to amend decisions

Epic Aviation 2/16/17 12 Risk Management

We underwrite to the maximum level of cover we feel appropriate, on an individual Buyer / Group, having fully analyzed the risk.

Tools: . Buyer visits / telephone conference calls . Customer background information / trading experience . Internal intelligence – Atradius Buyer Ratings . Management accounts / forecasts . Audited accounts – Companies House / international equivalents . Ratings agencies: S&P, Moody’s, KMV . Agency reports – Graydon, D&B, ICP etc.

Epic Aviation 2/16/17 13 Assessment of the Five Elements of Risk

Country Economic/political stability, reliability of information, trade sectors, previous claims experience in the market, regular country reviews by Atradius economists

Trade sector Previous claims experience, visits to customers/buyers, trade associations, sector trends, regular sector reviews by Atradius economists

Terms of Payment Policy terms, normal country & sector terms, use of securities - e.g. guarantees, Letters of Credit, Retention of Title

Customer Credit control, information systems, relationship with buyer, payment experience, claims history - loss ratio, spread of risk

Buyer Type of business, legal form, financial information, length established/reputation, previous payment experience, group associations/common directorships.

Epic Aviation 2/16/17 14 Credit limit decision process

Local Buyer Key Account Underwriter Underwriter YES

CUSTOMER Automatic Underwriting

Key Account Underwriter has a linking role:

 Close cooperation with you and understanding of your internal processes  Maximize credit limit decisions  Provides clarity on credit limit decisions

Epic Aviation 2/16/17 15 Key Account Underwriting

■ KAU has a linking role Buyer ■ Monitors risk appetite, speed of service

■ Close cooperation with customer and knowledge of customers internal Key Account processes Underwriter ■ Optimize credit limit decisions

Customer

Risk assessment

Epic Aviation 2/16/17 16 Credit limit decision process

Key Account Underwriting

Buyer Underwriting

Automatic Underwriting

Customer submits credit request

Epic Aviation 2/16/17 17 Risk Management – Risk Services Organization

Business Unit Risk Services

Account Special Account Key Account Buyer Management Risk Customer Management Underwriting Underwriting Management

Buyer Underwriting: Account Management:  “Single Ownership” principal  Customer Service  Underwriting strategies  Policy related issues (contract, premium)  Trade sector analysis  Customer information  Buyer visits

Key Account Underwriting: Special Risk Management:  Customer and buyer related decisions  Securities/Pooling  Limit review meetings  Restructuring/Re-financing  Buyer visits … close to customer  Recovery … close to buyer

Epic Aviation 2/16/17 18 Risk Management

Benefit from the inside track

 Your Key Account Underwriter will gain an intricate understanding of your organisation.

 This understanding is applied to our approach with your buyers, ensuring optimal coverage.

 Special Risk Management (SRM) applies another level of risk analysis, for the most delicate of risks. We’ll work with you to maintain cover wherever possible.

Epic Aviation 2/16/17 19 Information used for our risk assessment

3rd Party Credit Reports Credit agencies, Banks, Co-operation partners, Rating KMV, Moody's, S&P, Chambers of Commerce, Media, Fairs, Associations.

Customer information From policy holder. Notification of non payment, payment experience reports.

Buyer information Buyer information Accounts, management accounts, analyst reports, liquidity status.

Internal information Delay in premium payment, debt collection, Portfolio analysis.

Epic Aviation 2/16/17 20 Seeing more with Atradius Insights

“It’s the best tool available in the industry” Frederic Wittemans, Senior Director European Credit, Ingram Micro

“It shows you what the risks are and at the same time also what the opportunities are” Javier Gimeo, Credit Manager Philips

Epic Aviation 2/16/17 21 Atradius Collections

Atradius Collections is a leading, worldwide provider What Atradius Collections have to offer: of trade debt collections services. With extensive  Leveraging the strength of the credit insurance market knowledge of local jurisdictions Atradius Collections  Local knowledge, language and presence close to the are able to use the resources and worldwide buyer reputation to help customers collect outstanding  Local knowledge and presence in the markets debts, maintain good buyer relations and avoid any unnecessary legal recovery costs.  Over 90% of our current customers say they feel we retain the relationship with their debtors for the future  Contribution to costs for insured debts  Online access to case activity 24/7, giving control and visibility

Epic Aviation 2/16/17 22 What our customers say

“Atradius Global are for many years our global partner in credit insurance. We have a good relationship on multiple levels and appreciate the transparency, leadership and expertise in the market.” Javier Gimeno, Philips -- “We are totally aligned with Atradius in the countries where we work with them. They understand our business and we really trust their opinions (which we share almost all the time).” Frederic Wittemans - Ingram Micro -- “Our Account Managers have made our experiences of Atradius excellent ones. We have also had calls with Special Risk Underwriters and Management when necessary. Risk appetite is also very good to date.” Sarah Jenion, Penguin Random House

Epic Aviation 2/16/17 23