ATRADIUS AND TOKIO MARINE ANNOUNCE CO-OPERATION AGREEMENT FOR JAPANESE EXPORT CREDIT INSURANCE

Amsterdam/Tokyo 31 March 2005 - Atradius N.V. (Atradius) and The Tokio Marine & Nichido Fire Insurance Co., Ltd (TMNF) today announced their intention to engage in a joint exclusive co-operation to develop export credit insurance business in Japan. Both commercial and political risk for export transactions will be offered to companies located in Japan beginning 1 April 2005.

This co-operation will enable both Atradius and TMNF to offer a broad range of services to customers as a result of the recently announced liberalisation of the Japanese export credit insurance market. Business development will be built upon the extensive network of TMNF as the leading non-life insurer in Japan and the experience and competence developed by Atradius in its worldwide operations.

Atradius and TMNF aim to extend their close business relationship by establishing a joint venture service company in Japan by year end 2005.

Wilfried Verstraete, CEO of Atradius, stated: "We are pleased to be able to introduce our highest level of credit insurance services to Japanese exporters, through the nation-wide distribution channel of the largest and highly respected Japanese non-life insurer, TMNF. Atradius sees great opportunities for profitable growth in Japan. By building on the close working relationship we have already developed with TMNF over the past six years on domestic credit insurance, we believe that our venture is well positioned to be the leading player in the Japanese export credit insurance market".

Mr. Ishihara, CEO of TMNF, stated: "We believe this jointly equal partnership co-operation through TMNF's nation-wide distribution channel and Atradius' highest level of world-wide underwriting experience is the best combination available to customers in Japan and it can be useful for Japanese companies to stabilise their credit management and expand the export credit insurance market".

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