BOARD OF DIRECTORS

HONORARY CHAIRMAN Jos Mara SUNYER ALDOM CHAIRMAN Jos RUIZ DOMNGUEZ1 MEMBERS David ANGULO RUBIO Jos CELMA PRIETO Ignacio EYRIES GARCA DE VINUESA Borja GARCA-NIETO PORTABELLA2 Diogo MORAES SUNYER Jess QUINTANAL SAN EMETERIO Toms RODRIGO BARN2 Juan Antonio SAGARDOY BENGOECHEA1 Luca SUNYER LACHIONDO2 Jos Maria SUNYER SENDRA1 SECRETARY TO THE BOARD (Non Director) Juan Antonio MONTOYA LEAL
1 Members of the Remuneration and Appointment Committee 2 Members of the Audit Committee

FACTS& FIGURES10

MANAGING COMMITTEE
Jos RUIZ DOMNGUEZ Chairman-General Manager Jos Ramn JCANO PREZ Deputy General Manager Cristbal DAZ EXPSITO Deputy Manager-Technical Manager Pedro HERRERA NOGALES Deputy Manager-Underwriting Jos Ramn DAZ DE DURANA RESPALDIZA Development Manager Claudio I. LPEZ-COBO ZURITA International Manager Joaqun COLL PUEYO Commercial Manager Javier MELERO AMEIJIDE Financial Manager

Head Office: Zurbano, 8 - 28010 MADRID Tel. +34 913 081 412 - Fax +34 913 199 543 nr@nacionalre.es www.nacionalre.es

IN A NUTSHELL

HIGHLIGHTS OF THE YEAR 2010

Portfolio Composition
P.Acc & Health 5,3% Motor & TPL 11,1%

Outlines
Nacional de Reaseguros, S.A. is a Spanish professional reinsurer founded in 1939. Since then it has carried out a successful, continuous activity.

The Annual General Shareholders Meeting of NACIONAL DE REASEGUROS S.A. was held on June 27th 2011. Among other agreements, the accounts for the year 2010, Nacionals 71st trading year, were approved. From the Chairmans speech to the Shareholders Meeting, we highlight the following key points: Underwritten premiums amount to 472.5 million euros, which represent 1.1% growth over the previous year. In our days increments are not the rule, either among Spanish insurers, our main cedents, or among reinsurers.

Underwriting
NACIONALs strategy follows criteria of sound judgement, conservative and selective underwriting, and close, long-lasting relations with clients. The main part of the portlfolio comes from companies in the Iberian Market, where Nacional has a broad knowledge, and provides a high level of service.

Life 12,8%

Technical provisions grow 5.1% and reach 772.5 million euros, in a proportion superior to premiums, a characteristic that also applies to retention.
Fire & Multirisk

Miscellaneous

14,6%

49,1%

Protable assets are over 823 million euros and grow 4.3%. The constant reduction of reinsurance deposits benets in-house investment. Financial yielding, 19.8 million euros, is a very positive contribution to results, despite the bonds and equities markets became adverse in Spain. However, in this occasion, the international diversication of our portfolio and the conservative Companys policy for investments have favoured us. Technical results exceed those of previous years, despite underwriting endured, for the second time, an unusual loss ratio related to CAT risks. The major impact comes from the Spanish interests in Chile which suffered a ravaging earthquake in 2010. If we set aside this fact, all business lines keep healthy margins. The combination of the mentioned factors results in 27.12 million euros net prot, 3.8% over last year results, and an increase of 8.8% on booked equity. ------The Annual General Shareholders Meeting also agreed a new increase in capital of 6 million euros and a substantial rise in free reserves, contributing to the high solvency levels of the Company.

Engaged
Nacional de Reaseguros S.A. MAIN FIGURES 2010 Thousand % Growth

Marine 5,9%

Rating (A+)
On 2nd September 2010 Standard&Poors afrmed the A+ rating of the Company.
Other countries Spain 91%

INCOME Gross premium income Financial income Total income TECHNICAL PROVISIONS Technical provisions for assumed business Technical provisions for retention % on retained premium PROFITABLE ASSETS SHAREHOLDERS EQUITY NET PROFIT OF THE YEAR

472.454 19.835 492.289

1,1% -16,4% 0,3%

4,4%

772.453 636.636 190,4% 823.769 166.361 27.118

5,1% 2,4%

4,3% 8,8% 3,8%

Portugal 4,6%

The complete version of the Annual Report is available at the Companys website: www.nacionalre.es
www.nacionalre.es