Closing the Asiban deal Denis Rousset Groupama ZF Dinner, 8 th of April

2 A major player in the insurance sector  A mutual insurance, banking and financial services group originating in the agriculture segment  Steady international growth  16 million customers and over 38,000 employees 1900 Law authorising the creation of agricultural mutual insurance funds in France 1963Coverage of all property risks 1972Launch of life insurance 1986Creation of the Groupama brand 1998Acquisition of Gan, the 4 th largest French insurer

A group that covers all business lines, clients and distribution channels Groupama Credit Insurance Groupama Legal Protection Groupama Transport Gan Insurance Gan Eurocourtage Groupama Life Gan Wealth Gan Provident C.E.S.V.I. Centres Centaure Mutuaide Assistance FMB Télésurveillance Banque Finama Groupama Asset Management FinamaPrivate Equity Groupama Real Estate FINANCE INSURANCE SERVICES Présence verte Italy Groupama Assicurazioni Nuova Tirrena Groupama Insurances Biztosito Gan Hong Kong Groupama Vietnam INTERNATIONAL Groupama Günes Sigorta (36%) Chengdu Branch Gan Outre-mer Great Britain China Turkey Hungary Spain Groupama Seguros Portugal Groupama Seguros Basak Groupama Groupama Phoenix Greece China Romania BT Asigurari Asiban OTP Garancia Groupama Employee Savings Groupama Banque OTP Garancia Fourmi Verte CapsAuto Bulgaria OTP Garancia Slovakia Groupama Poistovna 3

A leader in its domestic market Agricultural Insurer Home Insurer Individual Health Insurer Local authorities Insurer Motor Insurer SME Insurer Marine and transport Insurer 1 st 2 nd 3 rd Unforeseen events Insurer Long term care Insurer Legal protection Insurer 4

5 A unique model and an ambitious strategy A unique economic model An ambitious strategy A on mass business A multi network distribution = A multi network distribution Multi-channel distribution A strong brand, present in 14 countries A complete range of insurance, a strong position in non-life A diversified portfolio of loyal clients A unique capacity to meet customer needs Leader among mutual insurers in FranceLeader among mutual insurers in France Offering a full line of insurance products through several distribution networksOffering a full line of insurance products through several distribution networks A major market player with about 16 million clients around the worldA major market player with about 16 million clients around the world Having an ambitious strategy for international development and growthHaving an ambitious strategy for international development and growth Yielding strong operational performanceYielding strong operational performance Ranked among the Top 10 European insurers

6 A strategy of sustainable and profitable growth  Accelerated growth – change in revenues including 3.9 bn euros in international growth (+39%)  Strong increase in operating profit Combined revenue (bn euros) + 9.2% Scope of group Operating profit (m euros) % Scope of group

7 Strong international business growth Spain Groupama Seguros Portugal Groupama Seguros Great Britain Groupama Insurances Hungary Groupama Garancia Biztosito Romania BT Asigurari Asiban OTP Garancia Turkey Basak Groupama Emeklilik Basak Groupama Sigorta Güven Günes Sigorta (36%) Greece Groupama Phoenix Italy Groupama Assicurazioni Nuova Tirrena Slovakia Groupama Poistovna EUROPE & MEDITERRANEAN Bulgaria Subsidiary of OTP Garancia Tunisia Star (35%)

8 China Groupama (Hong Kong) Groupama S.A. Chengdu Branch Groupama China Beijing Office Vietnam Groupama Vietnam ASIA Strong international business growth

9 Croatia Greece Montenegro Turkey Slovakia Romania Serbia Bulgaria Ukraine Russia A solid platform for expansion in Central and Eastern Europe Groupama Presence Growth potential for Groupama – Presence only of OTP Bank Proforma based on 2008 data Hungary

The right market at the right time  Dynamic economic growth  Well placed for development within the EU  High market potential - the insurance penetration reached only 1.77% of the GDP in 2007 and the total gross premiums reached 7.17 billion lei, a growth of 25.25% compared to Why Romania Romanian market % 10

Why Romania: Leading position on the market Market share Source:Insurance profile; Insurance supervisory commission Groupama Romania-Non-life GPW market share percent Groupama Romania-Life GPW market share percent OTPBTAAsiban 11

Why Romania: Extensive geographical footprint Presence National coverage All three companies have a network that cover the whole country 12

Why Romania: A mix of skilled employees and agents Total Employees and agents 13

The Asiban deal  Asiban  Romania's third-largest insurer in life- and non-life products  GWP EUR185.8 million (2007)  Owners: Banca Comerciala Romana SA, BRD-Groupe Societe Generale SA, Banca Transilvania SA and Casa de Economii si Consemnatiuni CEC SA  Advisors  Rothschild & Cie advised Asiban's four shareholders  Raiffeisen Investment Romania advised Groupama  Competitors (with final bids)  Axa, Eureko, Aegon, Generali  Winner  Groupama – E350 million deal  Deal closure: August 6th,

Strong platform for development in Romania 21 December August 2008 Transactions finalised 6 August

Groupama in Romania one of the market leaders Market share Source:Insurance profile; Insurance supervisory commission 16 Life (2008) Non Life (2008)

Key stages for creating a leading company 2009 Merger Restoring profitability 2010 Development & sustained profitability 2008 Acquisition Business continuity 17

Long term commitment to the Romanian market  To be a Market maker: professional and innovative  Improve profitability, client services and develop new offers  Product focus: general insurances (auto, goods, equipments, etc), for both individual customers and corporate, followed by life insurance and by agricultural and health insurance 18