Embracing change

1 Embracing change Annual Report 2021 Atradius Contents Management report This is 4. This is 4. Our 2021 performance at a 6. Ten years in 7. A message from the Management 8. Driving innovation 3. Business Products and 13. Global 16. Atradius Group 18. Corporate governance .. Report of the Supervisory 20. Shareholder 22. Delivering exceptional service 12. Corporate 25. Company information .. 00. The global economic environment .. 30. Business performance .. 33. Human resources .. 42. Risk and capital 45. Environmental, Social and Governance Sustainability .. 48. Building robust businesses 19. Financial statements .. 51. Consolidated financial statements 2021 .. 51. Company financial statements 2021 .. 142. Other information ..151. Statutory appropriation of result ..152. Independent auditor's report ..154. Stimulating ambition 29.

2 Glossary .. 157. 2. Driving innovation At Atradius, we are Embracing change together with our customers and together we are growing our businesses stronger. 3. Atradius Management report | This is Atradius Embracing change together We have all embraced the idea that change is good for business. It lends to new ideas and innovation, which ultimately enhance our lives and drives profits. The last two years have emphasised how important Embracing change is. The pandemic has brought hardship for many, which has amplified the need for rapid change . Whether it be re-evaluating supply chains, introducing new products or services to capture changing needs, adapting new ways of delivering service or simply adjusting to the new world economy, we have evolved at a faster pace than ever before. These changes however are not occurring in a vacuum with just one business or industry taking a leap of faith and others waiting to see how it turns out.

3 We are all leaping forward and Embracing these changes together. Whether it be to manage lockdown rules, maintain sales or respond to the escalating environmental concerns, we are all taking action. Retailers are accelerating their online sales plans, hospitality businesses have built off-site business models, offices have adopted hybrid-working models, the real estate industry is developing plans for adapting to changing commercial and residential property needs and automotive and transport, as well as many other industries, are responding to environmental concerns. We have discovered that our capacity to innovate the way we do business to meet each other's needs is higher than we thought and we are enthusiastically doing it together. At Atradius, we are Embracing change together with our customers and together we are growing our businesses stronger.

4 4. Atradius Management report | This is Atradius Our performance at a glance Supporting our customers during the most challenging of times . The result of the year grew to EUR million.. Atradius claims ratio decreased to a . The gross combined ratio ended at . A positive contribution of EUR million from our prudent investment portfolio.. Shareholders' equity and subordinated debt position was further strengthened by . Total Potential Exposure (TPE) increased by (1) through demand for Atradius'. services and the company's commitment to support its customers and their needs.. Solid solvency ratio exceeds 200% (2).. Customer retention of , a reflection of Atradius' dedication to its customers and continued pursuit of excellence even in the most challenging of times. (1). Including bonding and instalment credit protection exposure.

5 (2). Subject to finalisation of any audit procedures. Management Board David Capdevila, Chairman Andreas Tesch Christian van Lint Claus Gramlich-Eicher Marc Henstridge The Supervisory Board Xavier Freixes, Chairman Francisco Arregui, Vice-Chairman D sir e van Gorp Juan Ignacio Guerrero Carlos Halpern John Hourican Bernd H. Meyer Hugo Serra Jos Mar a Sunyer Supervisory Board Committees Audit Committee Remuneration, Selection and Appointment Committee 5. Atradius Management report | This is Atradius Total Revenue Net Investment Result (1). Gross Claims Ratio Expense Ratio (2). Result For The Year Equity (1). Net Investment Result consists of net income from investments and share of associated companies (excluding realised gains & losses, and impact of valuation of associated companies in 2017). (2). Recurrent expense ratio for 2021 was 6.

6 Atradius Management report | This is Atradius Ten years in figures Financial information 2021 2020 2019 2018 2017 2016 (1) 2015 2014 2013 2012. (in EUR million). Insurance premium revenue 1, 1, 1, 1, 1, 1, 1, 1, 1, 1, Service and other income Total revenue 2, 1, 2, 1, 1, 1, 1, 1, 1, 1, Net investment result (2) Total income 2, 1, 2, 1, 1, 1, 1, 1, 1, 1, Result for the year Balance sheet information (in EUR million). Equity 2, 1, 2, 1, 1, 1, 1, 1, 1, 1, Total assets 5, 5, 5, 4, 4, 4, 4, 4, 3, 3, Insurance contracts 2, 1, 1, 1, 1, 1, 1, 1, 1, 1, Shareholders information Return on equity (3) Outstanding ordinary shares (at year-end, in million). Dividend paid (in EUR million) Technical ratios Gross claims ratio (4) Gross expense ratio (5) Gross combined ratio Net claims ratio Net expense ratio Full-time equivalents 3,497 3,503 3,531 3,545 3,596 3,586 3,161 3,139 3,107 3,143.

7 (FTE), at year-end Financial strength ratings Moody's (6) A2, outlook stable Best (7). A (Excellent), outlook stable (1). Including Graydon, Iberinform Portugal, Gestifatura and Informes Mexico since Q3 2016. (2). Net Investment Result consists of net income from investments and share of associated companies (excluding realised gains & losses and impairments on associated companies). (3). Return on equity is defined as the result for the year divided by the time weighted average shareholders' equity. (4). 2019 Gross Claims Expenses and the Gross Claims Ratio shown in the management report exclude a single large claim of which was 100% reinsured and had zero impact on the net insurance result. (5). Recurrent expense ratio for 2021 was (6). Moody's affirmed the A2 financial strength rating of the Atradius rated entities with a stable outlook since February 2021 (after a temporary reduction to negative outlook in March 2020 reflecting market uncertainty).

8 (7). In 2021 Best reaffirmed the Financial Strength Rating of A (Excellent), outlook stable and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of the Atradius rated entities as a+ . 7. Atradius Management report | This is Atradius A message from the Management Board Left to right: Christian van Lint, Andreas Tesch, David Capdevila, Claus Gramlich-Eicher, Marc Henstridge. We, the Management Board, are proud of the performance of Atradius in 2021, and of our ability to adapt to the on-going uncertainty and thrive under such circumstances. It has been another tumultuous year, dominated by Covid-19. The on-going effects of the global pandemic have brought much uncertainty and disruption to key economic drivers and global trade. This has been, and will continue to be, a very difficult period to forecast. The current pattern of historically low insolvencies is no barometer of the future, and the impact of the cessation of government support measures has no precedent to give insight into what this might mean for the period ahead.

9 8. Atradius Management report | This is Atradius Despite all of these challenges, demand for our services has remained strong and we have delivered an exceptional performance. Our Gross Insurance Revenues reached EUR 2, million, which is ahead of last year and the first time we have breached the EUR 2 billion mark. Overall Atradius produced a record profit after tax of EUR million. Against a back-drop of a benign claims environment and costly government reinsurance schemes, this is proof of our excellent value proposition and our ability to work in harmony with the economic cycle; balancing risk management and income generation during these extraordinary times. 2021 has been another year where we have whole-heartedly embraced change and emerged stronger as a result of it. We believe that this adaptability stems from Atradius' unique corporate culture.

10 In 2021 we have listened to our evolving customer and partner needs to enable us to consistently deliver unrivalled service. Our company strategy follows the 3 pillars of our strategic framework: Growth and Customer Service, Profitability and Solvency. These 3 pillars, which are aligned with our parent company Grupo Catalana Occidente (GCO), guide our view of what tomorrow will look like for the business and where we need to invest for future success. They also ensure we take a balanced and sustainable approach to the way we run our business. Under the pillar of Growth and Customer Service, the major digital transformation programmes we are undertaking for the Credit Insurance and Bonding business continue to dominate the agenda. Progress has continued, but at a slower pace than originally planned due to the challenges of orchestrating such large programmes while largely working on-line and from home.