Presentation provided at the Annual ICC Banking Commission Meeting by Krishnan Ramadurai on 11 April 2019.

1. 1
ICC TRADE REGISTER 2018
Summary of Findings
April 2019

2. WE MAKE BUSINESS WORK FOR EVERYONE, EVERY DAY, EVERYWHERE.
2
0.01%
0.07%
0.01%
0.02%
0.01%
1. Accounts for 7.6% observed 'Claim Rate'
Note: LGD = [1-Recovery Rate] + [Cost of Recovery] + [Time to Recovery][Discount on recoveries]. Source: ICC Trade Register 2018
0.19%
0.03%
0.25%
0.25%
0.07% 100
100
100
7.6
100
Exposure-weighted
default rate
Exposure at
default
Loss given
default
Exposure-weighted
Expected loss
Import LC
Export LC
Loans for import/export
Performance Guarantees
(applying CCF to EAD)
Performance Guarantees
(applying CCF to LGD)
41%
36%
30%
3%1
36%
2008-2017
Product/Asset class
OVERVIEW OF FINDINGS IN 2018 REPORT
DEFAULT RATES AND EXPECTED LOSSES REMAIN LOW FOR TRADE FINANCE PRODUCTS
vs. 2008-162008-17 vs. 2008-162008-17 vs. 2008-162008-172008-17

3. WE MAKE BUSINESS WORK FOR EVERYONE, EVERY DAY, EVERYWHERE.
3
0.27%
0.01%
0.11%
0.02%
1. Accounts for 7.6% observed 'Claim Rate'. 2. Exposure weighted LGD
Note: LGD = [1-Recovery Rate] + [Cost of Recovery] + [Time to Recovery][Discount on recoveries]. Source: ICC Trade Register 2018
0.37%
0.05%
0.76%
0.47%
Obligor-weighted
default rate
Loss given
default2
Obligor-weighted
Expected loss
Import LC
Export LC
Loans for import/export
Performance Guarantees
30%
36%
3%1
36%
61
111
184
123
Time to Recovery
Trade Finance
2008-2017
Product/Asset class
TRADE FINANCE PRODUCTS HAVE FAVORABLE RISK PROFILES…

4. WE MAKE BUSINESS WORK FOR EVERYONE, EVERY DAY, EVERYWHERE.
4
0.44%
0.07%
0.16%
1. Accounts for 7.6% observed 'Claim Rate'. 2. Obligor weighted LGD
Note: LGD = [1-Recovery Rate] + [Cost of Recovery] + [Time to Recovery][Discount on recoveries]. Source: ICC Trade Register 2018
1.62%
0.25%
0.68%
Obligor-weighted
default rate
Loss given
default2
Obligor-weighted
Expected loss
27%
28%
24%
393
427
350
Time to Recovery
SME
Banks & FIs
Commodities Finance
Other Asset classes
Asset class
…COMPARED TO NON-TRADE ASSET CLASSES
2008-2017

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5
MLT TRADE FINANCE | DEFAULT RATES REMAIN LOW WITH SMALL
INCREASES IN CORPORATE AND SOVEREIGN RATES
1.5
0.5
0.0
1.0
Corporate
0.50
SovereignFI
Default rate (%)
Specialised Total
0.55
0.68
1.17
1.21
0.14
0.28
0.43
0.39
0.58
2007-20172007-2016
0.0
0.5
1.0
1.5
Sovereign
0.99
1.37
Corporate
Default rate (%)
FI Specialised Total
1.03
1.13
0.60
1.37
0.43 0.44
0.53
0.95
0.5
0.0
1.0
1.5
0.62
Corporate
0.30
Sovereign
Default rate (%)
FI Specialised Total
0.84
0.97
1.36
1.41
0.34
0.67
0.82
0.88
Source: ICC Trade Register 2018
Default rate by Exposure Default rate by Obligors Default rate by Transactions

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6
NORTH & SOUTH AMERICA AND AFRICA HAVE SEEN LARGEST
INCREASES IN DEFAULT RATES, SLIGHT REDUCTION IN MIDDLE EAST
Note: Regions and Countries reflect those of Obligor. Ex-CIS countries: Russia , Armenia, Azerbaijan, Belarus, Kazakhstan,
Kyrgyzstan, Moldova, Republic Of, Russian Federation, Turkmenistan, Ukraine, Uzbekistan Source: ICC Trade Register 2018
0.0 0.5 1.0 1.5
0.41
0.37
0.41
0.64
0.55
0.68
0.34
0.35
0.99
1.01
1.01
0.91
0.11
0.49
0.50
0.58
2007-2016 2007-2017
1.00.0 2.52.00.5 1.5
2.32
0.89
0.93
2.44
0.95
0.66
0.55
0.60
0.57
1.23
1.00
1.16
0.66
1.23
0.47
0.99
0.76
0.80
0.0 2.00.5 1.0 1.5 2.5
1.23
0.62
Default rate (%)
0.39
0.56
0.74
0.55
0.58
1.28
2.16
2.07
0.56
0.63
0.82
0.88
Default rate by Exposure Default rate by Obligors Default rate by Transactions
Africa
APAC
Central and
South America
Europe
Ex-CIS
Middle East
North America
Total