1. Shareholders’ Annual General Meeting Year ended 31 December 2010 Jeff Mack 10 May 2011 4/29/2015 1 “ Building for the future ”

2. Operating segment structure 4/29/2015 2 LIFE HEALTH AND PENSION INTERNATIONAL PROPERTY & CASUALTY ASSET MANAGEMENT STRATEGIC ALTERNATIVE INVESTMENTS GLOC (100%) GLL (100%) FATUM LIFE CURACAO (100%) FATUM LIFE ARUBA (100%) FATUM HEALTH (100%) GGIL (100%) WIA (100%) FATUM GENERAL CURACAO (100%) FATUM GENERAL ARUBA (100%) TNI (54%) RSA (25%) GUARDIAN RE (100%) JGHL (39.05%) RGM (33.33%) SERVUS (50%) ECGPC (40.5%) LAEVULOSE (91%) GAM (100%) CARIBBEAN PROPERTY & CASUALTY

3. Consolidated financial highlights 2010 4/29/2015 3 20102009Change Gross premiums written4,323,8534,203,442+ 2.9% Net earned premium4,070,5703,310,028+ 23.0% Net income from insurance activities229,828251,677- 8.7% Net income from investing activities1,174,7841,041,495+ 12.8% Finance charges(82,854)(108,299)- 23.5% Reported profit after tax425,343(824,181)N/A Reported earnings per share$1.94($4.10)N/A Profit after tax (continuing operations)422,757367,684+ 15.0% Earnings per share (continuing operations)$1.92$1.816.1%

4. Consolidated financial highlights 2010 (continued) 4/29/2015 4  Increase in gross premiums written: +2.3%  Significant growth in LHP premiums + 11.1%  Marginal growth in Caribbean P&C premiums + 4.6% (due to continuing soft market)  Significant reduction in International P&C – 19.4% (mainly from ceasing to write UK motor)  Decline in net income from insurance activities: -8.7%  Chilean earthquake losses  Increase in reserves on Lloyd’s  Increase in net income from investing activities: +12.8%

5. Significant events for 2010 17% 15% 17% 25% 23% 4/29/2015 5  GHL continued to rebuild and strengthen its Balance Sheet  IFC Debt conversion of US$50 million  IFC equity investment of US$25 million  Re-profile of $900 million Bond (to 2023)  Increase in retained earnings of $227 million  Increase in Shareholders’ Equity of $787 million or 33.6%

6. Five year history of total revenue 17% 25% 4/29/2015 6 Revenue from continuing operations has demonstrated consistent growth over the past five years (CAGR - 12% on insurance activities / CAGR – 13% on investing activities) * - Excludes revenues from Zenith 23% Total revenue ($million)*

7. Five year history of net income by activity ( before operating expenses and finance charges ) 17% 25% 23% 4/29/2015 7 Income from investment activity (which accounts for the larger element of earnings) has been proportionately increasing over the last five years Net income ($M)

8. Geographic distribution of revenue 17% 15% 17% 23% 4/29/2015 8 Revenue distribution continues to be diversified across the Caribbean 2010 - $5.5 billion2009 - $4.6 billion

9. Five year history of finance charges 17% 15% 17% 25% 23% 4/29/2015 9 Since 2008, the average coupon rate on debt fell every year - for 2010 the average debt cost was 7.21% Since 2008 both cost and quantum of debt have been decreasing The 2010 cost of debt was $82.8 million – lower than the cost of debt reported in 2002

10. Profit before tax (continuing operations) 4/29/2015 10 Net profit from continuing operations* demonstrate sustainable profitability from core operations * Results excludes both Zenith and GAMJA for 2007 and 2008

11. Financial position 2010 4/29/2015 11 Significant balance sheet items

12. Balance sheet composition 4/29/2015 12  Consolidated total assets decreased from 2009 mainly as result of:  Repayment of debt  Disposal of GAMJA  Although assets decreased by 3.3% compared to 2009, liabilities fell by 16% and shareholders equity increased by 34% 12 Consolidated Balance Sheet($M)

13. Consolidated total assets 4/29/2015 13 Intangible assets now represent 1.2% of total assets (compared to 5.3% in 2006) Total assets ($M)

14. Composition of assets 4/29/2015 14 Total assets ($B)  Financial assets (investments) represent 50%+ of total assets  Financial assets consist of the Group’s investment portfolios – invested in high quality assets

15. Key ratios 4/29/2015 15 Key ratios

16. Earnings per share 4/29/2015 16 Earnings per share from continuing operations have steadily improved since 2007 CAGR (3 years - 2008 – 2010)- 49%

17. Dividends per share 4/29/2015 17 Dividend per share increased from $0.15 per share for 2006 to $0.50 per share for 2010 (27% growth rate)* * - excludes $0.25 special dividend paid in 2008

18. Dividend cover 4/29/2015 18 Dividend cover increased from $1.92 for 2007 to 3.8 for 2010 (25% growth rate)

19. Gearing ratio 4/29/2015 19 The Group’s gearing ratio has improved significantly from 2009

20. Segment performance 4/29/2015 20 Segment performance

21. Life, Health & Pension (key statistics) 4/29/2015 21 Comprises primarily: –Guardian Life of the Caribbean Ltd, Trinidad (GLOC) –Guardian Life Limited, Jamaica (GLL) –Fatum Life, Netherland Antilles (Fatum LHP) Leading market share: –# 1 In Trinidad Over 600 dedicated life sales agents –# 2 In Jamaica Over 300 dedicated life sales agents Compounded annual growth rate in premium income of 13% In 2010, total revenue from LHP was $2.9B (2009:$2.7B)

22. LHP – Settled annualized premium (API) 4/29/2015 22 Total annualized premium fell comparative to 2009, but has shown compounded annual growth of 6.7% Settled API ($million)

23. LHP – Net premium income (NPI) 4/29/2015 23 Net premium income has shown steady growth for the past five years. A compounded annual growth rate of 9.6% NPI ($million)

24. Caribbean – P&C 4/29/2015 24 Caribbean Property & Casualty

25. Property & Casualty (key statistics) 4/29/2015 25 Comprises primarily: ◦ Guardian General Insurance Ltd, Trinidad (GGIL) ◦ West indies Alliance Ltd, Jamaica (WIA) ◦ Fatum General, Netherland Antilles (Fatum P&C) ◦ Guardian Re (SAC) Ltd Largest Caribbean property & casualty insurer: ◦ Double the size of its nearest competitor measured by gross written premium ◦ Underwrites in every English speaking Commonwealth country in the Caribbean Financial strength and consistently applied underwriting discipline and capabilities are its competitive advantage: ◦ GGIL carries an “A-” Excellent rating by AM Best ◦ Combined ratio of less than 100% for the past three years ◦ Consistently delivers high profit margins  Manages the underwriting cycles  Good geographic spread  Excellent reinsurance program Strategic investment in a Lloyd’s Managing Agency ◦ Provides access to international P&C markets ◦ Lloyd’s underwriting vehicle carries financial strength rating of “A+” Caribbean International

26. Caribbean P&C – Gross premiums written 4/29/2015 26 Gross written premiums have been consistent. Compounded annual growth rate since 2006 of 14% arising entirely from organic growth.

27. Caribbean P&C – combined ratio 4/29/2015 27 The combined ratio of the Caribbean P&C has been consistently below 100% - this reflects the Group’s conservative underwriting policies and excellent reinsurance protection

28. International P&C 4/29/2015 28 International Property & Casualty

29. International P&C – Gross premiums written* 4/29/2015 29 International P&C expanded in 2007 – 2008 (underwriting UK motor and Lloyd’s) the Group has since exited the UK motor market and is reducing its underwriting at Lloyd’s * - includes premiums from Zenith in 2006 - 2009 GWP (TT$ million)

30. Asset management 4/29/2015 30 Asset management

31. Asset management (key statistics) 4/29/2015 31  GAM Date of Incorporation : 6 July 2000  Capital Invested at start date: $15.1M  Capital as at December 2010: $108.7M (CAGR 28%)  Acts as investment manager for the group but also offers investment opportunities to 13 independent mutual funds  Offers financial advisory services to high net worth individuals  Total Assets Under Management $7.9Bn  Consistently profitable

32. Asset management – Revenue & Profitability 4/29/2015 32 The asset management segment has demonstrated consistent growth in both revenue and profitability over the past five years Revenue ($M) Profitability ($M)

33. Asset management – Assets under management (AUM) 4/29/2015 33 Assets under management have demonstrated steady growth and funds under management now stand at $7.9B. Compounded annual growth rate of 8.6%

34. Investment mix 4/29/2015 34  Assets are in invested in high quality instruments with relatively low volatility  Investment mix has shifted significantly since 2006 to reduce exposure to volatility in equities

35. Geographic presence 4/29/2015 35 Bermuda The Bahamas International P&C Caribbean P&C Caribbean LH&P Aruba Curacao Bonaire Cayman Islands JamaicaUS Virgin Islands Barbados Trinidad & Tobago Eastern Caribbean United Kingdom Belize Turks & Caicos