1. Reliance Mutual Insurance Society Limited Reliance Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Financial Services Register No. 119332. There® is a trading name of Reliance Mutual Insurance Society Limited. Annual General Meeting 2016 Welcome

2. Reliance Mutual Insurance Society Limited Seamus Creedon Chairman

3. Reliance Mutual Insurance Society Limited Chairman’s welcome Keynote address

4. Reliance Mutual Insurance Society Limited Mark Goodale Chief Executive

5. Reliance Mutual Insurance Society Limited New Business Results

6. Reliance Mutual Insurance Society Limited Sales down 15% Expenses up 33% (underlying increase 12%) Small decline in overall policy numbers- down 2% 21% fall in Fund For Future Appropriations (surplus) Total assets stable at £1.8 bn 2015 Overview

7. Reliance Mutual Insurance Society Limited Main Developments THERE ® - testing, then suspension Funeral plans – notice given to partner Pensions Freedoms – initial rush, now more stable mix Solvency II – delivered on time, but impact on statutory surplus Outsourcing of investment management Balance sheet derisking Funds rationalisation Redundancy programme – to reduce costs Senior management changes

8. Reliance Mutual Insurance Society Limited Fund NameSizeOver 1 yearOver 3 years Over 5 years Pensions Managed£551m1 st Quartile (Q1)Q1Q2 Life Managed£75m3 rd Quartile (Q3)Q4 Life Property£12m2 nd Quartile (Q2)Q2 Pensions Equity£9m3 rd Quartile (Q3)Q4 Life Tax Exempt Deposit £8m2 nd Quartile (Q2)Q2Q1 Life Equity£8m3 rd Quartile (Q4)Q4 Pensions Deposit£5m4 th Quartile (Q4)Q3 Pensions Property Acc £1m2 nd Quartile (Q2)Q1 Investment Performance

9. Reliance Mutual Insurance Society Limited Priorities for 2016 Managing under the new solvency regime Strategic Review FCA Review of Legacy Business

10. Reliance Mutual Insurance Society Limited We welcome your questions

11. Reliance Mutual Insurance Society Limited The voting process

12. Reliance Mutual Insurance Society Limited To approve the Directors’ Report and Statement of Accounts for the year ended 31 December 2015 and the Auditors’ Report thereon. Resolution 1: Total proxy votes For (incl. discretionary) Against% ForVote withheld 6,3326,2943899.430

13. Reliance Mutual Insurance Society Limited To approve, by way of advisory vote, the Directors’ Remuneration Report for the year ended 31 December 2015. Resolution 2: Total proxy votes For (incl. discretionary) Against% ForVote withheld 6,2776,09618197.184

14. Reliance Mutual Insurance Society Limited To re-elect Seamus Creedon, who seeks re-election in accordance with the UK Corporate Governance Code. Resolution 3: Total proxy votes For (incl. discretionary) Against% ForVote withheld 6,3196,2289198.643

15. Reliance Mutual Insurance Society Limited To re-elect Mark Goodale, who seeks re-election in accordance with the UK Corporate Governance Code. Resolution 4: Total proxy votes For (incl. discretionary) Against% ForVote withheld 6,3156,2387798.848

16. Reliance Mutual Insurance Society Limited To re-elect Nigel Sherry, who seeks re-election in accordance with the UK Corporate Code. Resolution 5: Total proxy votes For (incl. discretionary) Against% ForVote withheld 6,3166,2308698.647

17. Reliance Mutual Insurance Society Limited To re-elect Chris Lerpiniere, who seeks re-election in accordance with the UK Corporate Governance Code. Resolution 6: Total proxy votes For (incl. discretionary) Against% ForVote withheld 6,3206,2388298.743

18. Reliance Mutual Insurance Society Limited To re-elect Oliver Johnson, who seeks re-election in accordance with the UK Corporate Governance Code. Resolution 7: Total proxy votes For (incl. discretionary) Against% ForVote withheld 6,3146,2249098.649

19. Reliance Mutual Insurance Society Limited To re-elect Sophie O’Connor, who seeks re-election in accordance with the UK Corporate Governance Code. Resolution 8: Total proxy votes For (incl. discretionary) Against% ForVote withheld 6,3246,2448098.739

20. Reliance Mutual Insurance Society Limited To elect Ed Gardner, who was appointed since the last AGM. Resolution 9: Total proxy votes For (incl. discretionary) Against% ForVote withheld 6,3146,2486699.049

21. Reliance Mutual Insurance Society Limited To re-appoint PricewaterhouseCoopers LLP as auditors to the Society for 2016. Resolution 10: Total proxy votes For (incl. discretionary) Against% ForVote withheld 6,3316,23010198.432

22. Reliance Mutual Insurance Society Limited Thank you for attending, please join us now for tea, coffee and sandwiches.