1. Sub-Saharan insurance market March 2014 1

2. THE AFRICAN INSURANCE MARKET A small market but growing very fast There are 3 main insurance areas in Africa:  Maghreb  English-speaking countries  French-speaking sub-Saharan countries Ascoma expertise 2

3. INSURANCE IN 2012 3 Source : FANAF 2014

4. LIFE AND NON LIFE INSURANCE - 2012 4 Source FANAF 2014

5. INSURANCE GROWTH RATES IN 2012 5 Source FANAF 2014

6. INSURANCE GROWHT RATES FROM 2004 TO 2012 6 Source FANAF 2014

7. MARKET SHARE OF THE MAINS CIMA CODE COUNTRIES 7 Source FANAF 20140

8. FRENCH SUB-SAHARAN INSURANCE ORGANISATION  14 countries : Niger, Mali, Senegal, Guinée Bissau, Burkina Faso, Ivory Coast, Togo, Bénin, Tchad, Cameroun, Centrafrican Republic, Equatorial Guinea, Congo, Gabon.  DRC in process  other countries close to CIMA : Burundi, Madagascar, Mauritania, Guinea Conakry, Sierra Leone  “Non-admitted” is absolutely forbidden  Minimum local retention is 25%  allows abroad reinsurance up to 75%  “Cash before cover”  Compulsory covers in CIMA zone generally include:  Motor Third Party Liability  Marine Cargo for Imported goods  Construction / Erection All Risks (projects > 50 mXAF)  Workers’ compensation (state scheme, not including employers’ liability) In almost the whole area, a common insurance code : CIMA 8

9. CIMA CODE COUNTRIES 9

10. ASCOMA KEY FIGURES HeadquartersMonaco Locations31 offices in 24 countries in Africa and Europe Staff600 employees - 500 in Africa 2013 Revenue 37 Million € Ranking1st in Monaco and 13th in France 1st independent broker in Africa Firm opening dat e s in Africa 1952-1969 Madagascar, Cameroon, Ivory Coast, Gabon and Central African Republic. 2003 - 2014 Congo, DRC, Senegal, Equatorial Guinea, Rwanda, Mauritania, Benin, Burundi, Ghana, Togo, Chad, Guinea, Niger, Burkina Faso Mali and Sierra Leone. 10

11. ASCOMA’S GENERAL STRUCTURE Maison mère du Groupe Ascoma Assureurs Conseils Headquarters (Monaco) Maison mère du Groupe Ascoma Assureurs Conseils Headquarters (Monaco) Direction Internationale ASCOMA INTERNATIONAL (Paris) Direction Internationale ASCOMA INTERNATIONAL (Paris) Direction Santé ASCOMA Santé (Pactilis, Maroc ) Direction Santé ASCOMA Santé (Pactilis, Maroc ) Europe Afrique de l’OuestAfrique Centre EstOcéan IndienAfrique Centrale Ascoma Jutheau Husson (Monaco) ----------------------------- Ascoma Maritime (Monaco) Ascoma Assurances (France) Ascoma Luxembourg Ascoma Jutheau Husson (Monaco) ----------------------------- Ascoma Maritime (Monaco) Ascoma Assurances (France) Ascoma Luxembourg Ascoma Côte d’Ivoire ----------------------------- Ascoma Mauritanie Ascoma Senegal Ascoma Guinée Conakry Ascoma Ghana Ascoma Togo Ascoma Benin Ascoma Niger Ascoma Burkina Faso Ascoma Burkina Faso Santé Ascoma Mali Ascoma Sierra Leone Ascoma Côte d’Ivoire ----------------------------- Ascoma Mauritanie Ascoma Senegal Ascoma Guinée Conakry Ascoma Ghana Ascoma Togo Ascoma Benin Ascoma Niger Ascoma Burkina Faso Ascoma Burkina Faso Santé Ascoma Mali Ascoma Sierra Leone Ascoma Cameroun ------------------------- Ascoma Centrafrique Ascoma Guinée Equatoriale Ascoma Burundi Ascoma Rwanda Ascoma Tchad Ascoma Cameroun ------------------------- Ascoma Centrafrique Ascoma Guinée Equatoriale Ascoma Burundi Ascoma Rwanda Ascoma Tchad Ascoma Gabon ----------------------- Ascoma Congo Ascoma RDC Ascoma RDC Santé Ascoma Gabon ----------------------- Ascoma Congo Ascoma RDC Ascoma RDC Santé Ascoma Madagascar H Hubs HH H H 11

12. ASCOMA NETWORK IN AFRICA Ascoma office Ascoma correspondents 12

13. KEY CONTACTS International Management ASCOMA INTERNATIONAL (Paris) Manager Stéphanie BOUGARAN International Management ASCOMA INTERNATIONAL (Paris) Manager Stéphanie BOUGARAN Hub Ascoma Ivory Coast ----------------------------- Manager Jean-Claude JEANSON Hub Ascoma Ivory Coast ----------------------------- Manager Jean-Claude JEANSON Hub Ascoma Cameroon ------------------------- Manager Sylvain COUSIN Hub Ascoma Cameroon ------------------------- Manager Sylvain COUSIN Hub Ascoma Gabon ----------------------- Manager Michel VALETTE Hub Ascoma Gabon ----------------------- Manager Michel VALETTE 13 sylvain.cousin@ascoma.com Tel: +237 33 42 80 80 jean-Claude.jeanson@ascoma.com Tél: +225 20 300 300 Michel.valette@ascoma.com Tel : +241 01 76 00 30 Stephanie.bougaran@ascoma.com Tél: +33 1 47 42 62 07

14. THE AFRICA DESK Our African operations provide our clients and partners with a central key contact for all of their risk-related needs in Africa: the AFRICA DESK.  Africa Desk : your key contact for business in Africa  A dedicated team in Paris in charge of :  Business Development  International coordination  Specific placements  Marine Cargo Division  5 persons fully experimented to handle international programs  Languages spoken : English, Spanish, French, Arabic, German and Portuguese  14

15. AFRICA DESK ORGANIZATION 15

16. SOLUTIONS AND SERVICES  Property / Business Interruption  Casualty  Marine – Cargo  Car – Ear – Inherent Defect  Motor fleet  Personal accident  Directors & Officers  Professional liability  Aviation  Kidnap & Ransom  Political & Credit Risk  Health Care  Risk Management Services  Reinsurance placement  Risks analysis  Incoming business Desk  Claims Management  Certificates  Premium allocation 16

17. OUR EXPERTISE 17  Hotel Business  Catering  Cotton/ Tobacco  Paper / Wood / Forest  Minings  Energy  Food Industry  Transportation  Logistics  Public Services  Telecommunication  Bank & Insurance  Mass market retailing  Hospitals  Agriculture / Fishing

18. SPECIAL OVERVIEW ON HEALTH CARE Ascoma provides a unique system in sub-Saharan Africa for health insurance and health expenses management  Main figures  Beneficiaries: + 300 000  Health care service providers: + 1 500  Ascoma doctors: + 60  Added-value services for clients and insurers  Audit of current health insurance plans and design of customized health solutions  Health insurance consulting, Technical support for mutual health benefit schemes  Medical control  Ascoma doctors develop our network of health care providers, harmonize health care prices, put in place medical controls  Monitoring and optimizing healthcare costs  Ascoma provides detailed statistics by treatment, by beneficiary,by illness, region, hospital, etc. thereby reducing possibilities of drug overuse, overprescription, medical insurance fraud, overinvoicing.. 18

19. SPECIAL OVERVIEW ON HEALTH CARE Access to health care in Ascoma network  Ascoma makes access to health care simple and efficient with its INSURER DIRECT PAYMENT SCHEME..  Policyholders do not need to pay upfront.  This system is available with 1500 Ascoma health care providers (doctors, dentists, pharmacies, medical tests, eyecare, hospitals, etc.)  It totally frees up insurers from administrative refund management.  Ascoma direct payment system is also available in many countries to beneficiaries travelling abroad. Through this monitoring, Ascoma improves cost-efficiency and contains health insurance premiums. 19

20. NSIA COLINA AXA ALLIANZ MAINS INSURERS NETWORKS  Benin, Burkina Faso, Cameroon, Central Africa, Congo, Ghana, Ivory Coast, Mali, Madagascar, Morocco, Senegal, South Africa, Togo.  Cameroon, Ivory Coast, Gabon, Senegal.  Angola, Benin, Burkina Faso, Cameroon, Guinea Bissau, Ivory Coast, Ghana, Gabon, Morocco, Mali, Madagascar, Senegal, Togo.  Benin, Cameroon, Congo,Guinea Bissau, Conakry Guinea, Ivory Coast, Ghana, Gabon, Mali, Nigeria, Senegal, Togo. 20

21. GLOBUS SUNU MAINS INSURERS NETWORKS 21  Benin, Burkina Faso, Cameroon, Central Africa, Ivory Coast, Gabon, Niger, Senegal, Togo. ( non integrated network)  Algeria, Morocco, Tunisia, Angola, Madagascar, Benin, Burkina Faso, Burundi, Cameroon, Congo, Ivory Coast, Gabon, Ghana, Conakry Guinea, Equatorial Guinea, Mauritius, Kenya, Liberia, Malawi, Mali, Mauritania, Mozambique, Niger, Nigeria, Uganda, Rwanda, Sao Tome & Principe, Senegal, Sierra Leone, Soudan, Tanzania, Chad, Togo, Zambia.

22. INSURANCE SCHEME IN AFRICA  There are 3 solutions to cover a risk in Africa :  International programs + fronting (25% retention)  Panafricans Programs + fronting (25 % retention)  Stand Alone Policies - 22 -

23. GLOBAL BROKERS CAN SERVE THEIR CLIENTS IN AFRICA WITH ASCOMA Some international clients served in Africa (program and local policies) BOLLORÉ French group - Transportation & Logistics - n°1 in Africa 17 countries managed by Ascoma ACCOR French group – Hotel operator - n°1 in the world - 5 countries BAKER HUGHES American group - Oil field services - 4 countries IMPERIAL TOBACCO British-american group – Tobacco - 3 countries ADDAX PETROLEUM - SINOPEC Chinese group – Oil & Gas exploration and production – Cameroon & Gabon) 23 ORANGE French group – Telecommunication– 8 countries

24. GLOBAL BROKERS CAN SERVE THEIR CLIENTS IN AFRICA WITH ASCOMA Some international clients served in Africa (program and local policies) CHINA ROAD & BRIDGE CORPORATION Chinese group – Construction - Equatorial Guinea CHINA NATIONAL NUCLEAR CORPORATION Chinese group – Uranium mining - Niger ENI Italian group – Oil - Congo & Gabon) RANGOLD RESSOURCES Australian group – Gold mining - Democratic Republic of Congo ANGLOGOLD ASHANTI South African group – Gold mining - Democratic Republic of Congo 24 AIRTEL Indian group – Telecom - 4 countries

25. Thanks for your attention www.ascoma.com 25