Euler Hermes achieves strong first quarter 2012 result

* Turnover of €589.9 million was up 8.4% against last year

* Net technical result grew by 14.9% to €81.0 million

* Operating income rose to €105.9 million

* Net income reached €66.4 million

* Net combined ratio improved to 73.9%

For the first quarter of 2012, Euler Hermes, again, reports a robust performance. Turnover increased by 8.4% against

the first quarter of 2011 to €589.9 million. Driven by record customer retention levels and a positive price/volume

balance, earned premiums rose by 8.6%. Though business insolvencies are increasing, the Group’s net combined ratio

improved to 73.9%, compared to 75.0% in Q1 2011. As a result, operational performance was strong, with operating

income reaching €105.9 million against €102.2 million in the first quarter of 2011.

As Wilfried Verstraete, Chairman of the Euler Hermes Board of Management, declared “The fact that Euler Hermes

managed to post such a strong operating performance in a troubled economic environment is, by no means, a

coincidence. The high premium level achieved in the first quarter underlines the attractiveness and usefulness of

our trade credit insurance products in an environment of higher insolvencies and the level of our combined ratio

shows our constant vigilance in proactively managing and monitoring our risk exposure”.

The Group Management Board presented the consolidated results for the first quarter of 2012 to the Euler Hermes

Supervisory Board on 16 May 2012. The results have been reviewed by the Audit Committee.

Outlook

Euler Hermes expects 2012 to be a year of resilience rather than of pronounced recovery. The Euro-zone should see

its GDP1 fall by 0.3%, burdened especially by the slow-down in Italy and Spain, while the United States should

register a moderate pick-up. Emerging countries will grow at a slower pace than in prior years due to a slow down in

global demand. Thus, Euler Hermes expects world growth to decelerate from +2.9% in 2011 to +2.6% in 2012.

“Euler Hermes constantly adapts to the changing economic environment. As world growth is slowing and corporate

insolvencies are on the rise again, we will use our risk expertise and knowledge to help our customers trade with

confidence throughout the difficult times ahead” concludes Wilfried Verstraete.