Shareholder Structure

Below you can find the general information of our shareholder structure.

About our shareholders:

• 34.95% - Schweizerische Rückversicherungs-Gesellschaft (Swiss Re), Zurich (Switzerland)
• 28.26% - Seguros Catalana Occidente, S.A. de Seguros y Reaseguros, Sociedad Unipersonal ("SCO"), Spain
• 21.73% - Compañía Española de Seguros y Reaseguros de Crédito y Caución, S.A., Spain
• 12.73% - Deutsche Bank AG, Frankfurt (Germany)
• 2.33% - Betrados B.V., a subsidiary of Sal. Oppenheim jr. & Cie. KGaA, Cologne (Germany)

(shareholdings in rounded figures)

Swiss Re

Swiss Re is a leading reinsurer and the world's largest life and health reinsurer, operating from 70 offices in more than 30 countries. It is rated AA by Standard & Poor's, Aa1 by Moody's, and A++ by A.M. Best. Until August 2001, the former NCM Group was a 90.0% owned subsidiary of Swiss Re. Following the creation of GERLING NCM, it held a 25.0% stake in the combined company until August 2003. Presently the stake is 35%.

Deutsche Bank

With more than EUR 1 trillion in assets and approximately 65,000 employees in 73 countries, Deutsche Bank offers unparalleled financial services throughout the world.

Crédito y Caución

With EUR 361 million premiums written in 2005, Crédito y Caución ranks fourth among the major credit insurance companies. Crédito y Caución , created in 1929, has since held a leading market position and a strong financial performance reflected in its A+ rating from Standard & Poor's and Aa3 from Moody's. Current shareholders are Consorcio de Compensación de Seguros, a public entity, (41.2%), Grupo Catalana Occidente S.A. (43.2%) and others (15.6%).

Catalana Occidente

SCO is a wholly owned subsidiary of Grupo Catalana Occidente, S.A., a company operating in the Spanish insurance market for 142 years. With EUR 1,862 million premium in 2005, 21,710 agents and 1,035 offices in Spain, Grupo Catalana Occidente, S.A., a quoted company, is one of the leading players in the Spanish insurance market and the largest shareholder in Crédito y Caución.

Anticipated Shareholder Structure upon completion of proposed combination
Shareholders of Compañía Española de Seguros y Reaseguros de Crédito y Caución, S.A. (Crédito y Caución) and of Atradius N.V. agreed to the terms of the combination of the two businesses. Under the terms of the agreement, Crédito y Caución, based in Madrid, will become part of the new Atradius Group with headquarters in Amsterdam. The shareholder structure of the new Group will change after the combination of Atradius and Crédito y Caución. On completion, all shares in Atradius currently held by Crédito y Caución and Seguros Catalana Occidente, S.A. will be transferred to a newly created holding company, Grupo Crédito y Caución.

In addition, new shares in Atradius N.V. will be issued in consideration for the transfer of Crédito y Caución to Atradius N.V., as a result of which the Spanish holding company will become the largest shareholder of Atradius N.V. with a 64.2% stake. Swiss Re will have a 25.0% stake, Deutsche Bank a 9.1% stake and Sal. Oppenheim jr. & Cie. KGaA a 1.7% stake. Isidoro Unda, currently CEO of Crédito y Caución, will become the CEO of the new Group once the relevant approvals have been granted. The combination is subject to the approval of various authorities, including insurance regulators and anti-trust authorities.