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CALCULATION OF THE MINIMUM PREMIUM RATES FOR COUNTRY RISK CATEGORY 1-7 TRANSACTIONS MPR Formula The formula for calculating the applicable MPR for an export credit involving an obligor/guarantor in a country classified in Country Risk Categories 1-7 is: MPR = {[(ai * HOR + bi) * max (PCC, PCP)/0,95] * (1-LCF) + [cin * PCC/0,95 * HOR * (1-CEF)]}* QPFi * PCFi *BTSF * (1- min (TERM, 0,15)) where:

— ai = country risk coefficient in country risk category i (i = 1-7) — cin = buyer risk coefficient for buyer category n (n = SOV+, SOV/CCO, CC1-CC5) in country risk category i (i = 1-7) — bi = constant for country category risk category i (i = 1-7) — HOR = horizon of risk — PCC = commercial (buyer) risk percentage of cover — PCP = political (country) risk percentage of cover — CEF = credit enhancements factor — QPFi = quality of product factor in country risk category i (i = 1-7) — PCFi = percentage of cover factor in country risk category i (i = 1-7) — BTSF = better than sovereign factor — LCF = local currency factor — TERM = term adjustment factor Applicable Country Risk Classification

The applicable country risk classification is determined according to Article 21 e) of the Arrangement, which in turn determines the country risk coefficient (ai) and constant (bi) that are obtained from the following table: Selection of the Appropriate Buyer Risk Category The appropriate buyer risk category is selected from the following table, which provides the combinations of country and buyer risk categories that have been established and the agreed concordance between buyer risk categories CC1-CC5 and the classifications of accredited CRAs. Qualitative descriptions of each buyer risk category (SOV+ to CC5) have been established to facilitate the classification of obligors (and guarantors) and are provided in Annex X. The selected buyer risk category, in combination with the applicable country risk category determines the buyer risk coefficient (cin) that is obtained from the following table: Horizon of Risk (HOR) The Horizon of Risk (HOR) is calculated as follows: For standard repayment profiles (i.e. equal semi-annual repayments of principal): HOR = (length of the disbursement period * 0,5) + the length of the repayment period For non-standard repayment profiles:

HOR = (length of the disbursement period * 0,5) + (weighted average life of the repayment period – 0,25)/0,5 In the above formulas, the unit of measurement for time is years. Percentage of Cover for Commercial (Buyer) Risk (PCC) and Political (Country) Risk (PCP) The Percentages of Cover (PCC and PCP) expressed as a decimal value (i.e. 95 % is expressed as 0,95) in the MPR formula. Buyer Risk Credit Enhancements The value of the credit enhancement factor (CEF) is 0 for any transaction that is not subject to any buyer risk credit enhancements. The value of the CEF for transactions that are subject to buyer risk credit enhancements is determined according to Annex X, subject to the restrictions set out in Article 27 c) of the Arrangement and may not exceed 0,35. Quality of Product Factor (QPF) The QPF is obtained from the following table: Percentage of Cover Factor (PCF) The PCF is determined as follows: For (max(PCC, PCP) ≤ 0,95, PCF = 1) For (max(PCC, PCP) > 0,95, PCF = 1 + ((max(PCC, PCP) – 0,95)/0,05) * (percentage of cover coefficient) The percentage of cover coefficient is obtained from the following table: Better than Sovereign Factor (BTSF)

When an obligor is classified in the ‘better than sovereign’ (SOV+) buyer risk category, BTSF = 0,9, otherwise BTSF = 1. Local Currency Factor (LCF) For transaction making use of local currency country risk mitigation, the value of the LCF may not exceed 0,2. The value of the LCF for all other transactions is 0. Term Adjustment Factor (TERM) The Term Adjustment Factor (TERM) may only be applied for obligors that a Participant classifies in buyer risk categories equivalent to speculative grade (CRA rating equivalent of BB+ or worse) according to the concordance table in this Annex, including Buyer categories SOV+ and SOV/CC0 in country risk categories 5-7 and for transactions where the Horizon of risk (HOR) is greater than 10 years. In such a case, TERM = 0,018 * (HOR – 10). This adjustment is capped and may not exceed 15 %.