AFGHANISTAN IRAN IRAQ TURKMENISTAN TAJIKISTAN KYRGYZSTAN UZBEKISTAN KAZAKHSTAN RUSSIA MONGOLIA CHINA SOUTH KOREA NORTH KOREA JAPAN PAKISTAN INDIA NEPAL BANGLADESH MYANMAR (BURMA) LAOS THAILAND VIETNAM CAMBODIA PHILIPPINES MALAYSIA MALAYSIA INDONESIA TIMOR-LESTE PAPUA NEW GUINEA AUSTRALIA NEW ZEALAND JORDAN LEBANON ISRAEL CYPRUS TURKEY GEORGIA ARMENIA AZERBAIJAN SYRIA EGYPT LIBYA ALGERIA TUNISIA MOROCCO PORTUGAL SPAIN WESTERN SAHARA MAURITANIA MALI NIGER NIGERIA BENIN TOGO GHANA IVORY COAST LIBERIA SIERRA LEONE GUINEA SENEGAL CHAD SUDAN ERITREA ETHIOPIA CAMEROON CONGO GABON DEMOCRATIC REPUBLIC OF THE CONGO UGANDA SOMALIA TANZANIA RWANDA BURUNDI KENYA MALAWI MOZAMBIQUE ZAMBIA ZIMBABWE ANGOLA NAMIBIA BOTSWANA SOUTH AFRICA LESOTHO MADAGASCAR MAURITIUS REUNION SRI LANKA MALDIVES SAUDI ARABIA KUWAIT OMAN UAE YEMEN BRAZIL FRENCH GUIANA SURINAME GUYANA VENEZUELA COLOMBIA ECUADOR PERU BOLIVIA PARAGUAY URUGUAY ARGENTINA CHILE FRENCH ANTILLES DOMINICAN REPUBLIC HAITI CUBA JAMAICA PANAMA COSTA RICA NICARAGUA HONDURAS EL SALVADOR GUATEMALA MEXICO UNITED STATES CANADA GREENLAND Country Risk Map Quarter 3 2016 The Atradius Risk Map gives an overview of the level of risk associated with countries worldwide. This map has been created by our Economic Research team and drawn from a range of sources. This map is provided for information purposes only and is not intended as a recommendation as to particular transactions, investments or strategies in any way to any reader. For our full disclaimer and further information on our Risk Map, please visit: www.atradius.com/RiskMap. Low Risk Moderate-Low Risk Moderate Risk Moderate-High Risk High Risk Very High Risk CENTRAL AFRICAN REPUBLIC SOUTH SUDAN Haiti Italy Trinidad & Tobago Top Country Movements SWEDEN NORWAY FINLAND ESTONIA LATVIA LITHUANIA BELARUS POLAND GERMANY DENMARK NETHERLANDS BELGIUM FRANCE UNITED KINGDOM IRELAND CZECH REPUBLIC SLOVAKIA HUNGARY AUSTRIA SWITZERLAND ITALY BOSNIA SLOVENIA CROATIA SERBIA MACEDONIA ALBANIA GREECE MONTENEGRO UKRAINE MOLDOVA ROMANIA BULGARIA MALTA SPAIN PORTUGAL Movement Focus Italy Country risk in Italy remains moderately low but the country was downgraded within this rating category due to persistently low and fragile growth, banking sector weakness, and increasing political uncertainty surrounding the upcoming referendum on constitutional changes. Trinidad & Tobago Hit hard by low energy prices, the economy is further undermined by persistent fiscal deficits and lack of reforms. An inefficient FX allocation system and FX shortages is increasing currency risk and leading to a rise in external payment arrears. Iceland Iceland has been making a strong recovery from its banking crisis with much lower insolvencies, a drop in government debt, and robust economic growth. The economic and financial outlook is stable as a result of effective progress on banking sector reforms and the relaxation of capital controls. Czech Republic Iceland