1. June 2009 Financial Results Presentation 27 August 2009 ReNaissance Park

2. Presentation Order Financial Performance Overview Review Of Operations Outlook Questions

3. Financial Performance Overview

4. Income Statement – June 2009 INCOMEJune 2009Dec 2008 USD Gross premium income 9.079,000 7,122,000 Net premium income6,484,0003,130,000 Unearned premium reserve(1,196,000)(883,000) Rental income1,617,000394,000 Actuarial fee income102,00063,000 Investment income118,0000 Other income 228,000 0 Total Income 7,353,000 2,704,000

5. Income Statement – June 2009 EXPENDITUREJune 2009Dec 2008 USD Claims1,465,000690,000 Net Commission966,0009,000 Operational expenses 2,367,000 2,059,000 Total Expenditure 4,798,000 2,758,000 Surplus/(Loss) from Operations2,555,000(54,000) Fair value – properties(19,114,000) Fair value – equities37,226,000 Taxation1,192,000 Transfer to policyholders(20,827,000) Transfer from minority interests 3,967,000 Profit for the period 4,999,000

6. Key Statistics – June 2009 KEY STATISTICSJune 2009Dec 2008 Claims ratio – short term36%27% Claims ratio – total28%27% Combined ratio85%31% Rental yield – annualised4.48%1.21% Income growth172% Expenses growth74% Basic EPS – cents2.31

7. Balance Sheet – June 2009 ASSETSJune 2009 USD Cash At Bank1,305,000 Premium Debtors2,656,000 Investments – Property70,334,000 Investments – Equities And Other41,370,000 Property & Equipment4,267,000 Other current assets 1,994,000 Total Assets 121,926,000

8. Balance Sheet – June 2009 EQUITY & LIABILITIESJune 2009 USD Insurance Creditors2,896,000 Other Creditors3,793,000 Taxation20,409,000 Policyholders Liabilities32,897,000 Profit for the year4,999,000 Non-distributable reserves60,249,000 Minority Interests (3,317,000) Total Liabilities 121,926,000

9. Cash Flow Statement – June 2009 June 2009 USD Operating cash flows2,452,000 Working capital changes(1,593,000) Cash generated from operations859,000 Taxation paid(64,000) Cash utilised in investing activities(568,000) Net increase in cash 227,000 Balance at the end of the period 1,305,000

10. Premium Analysis

11. Rental Analysis June 2009 Actual June 2009 Target Dec 2008 Rental yield – annualised4.48%5.82%1.21% Regional rental yields8%-15%7.5%-10% Average monthly rental per square metre $2.83$3.50$0.28 Regional average monthly rental per square metre $4-$30$10-$15

12. Claims Analysis

13. Expenses Analysis

14. Review of Operations

15. First Mutual Life Assurance Actuarial valuation of past policies and schemes completed Pensions being paid to pensioners New products – Medical Savings Group Eternal Peace Plan Aggressive marketing

16. TristarInsurance Product innovation Service delivery New products - Travel insurance Strategic partnership - Tourism insurance Prudent risk management

17. FMRE Property & Casualty Consolidating existing business Market share growth Regional operations Prudent underwriting

18. FMRE Life & Health Product development Retrocession arrangements Regional work

19. African Actuarial Consultants Conversion of policies to foreign currency Regional opportunities Staff training and development

20. Pearl Properties Reduce deferred maintenance In-house property management Land banks Increase rent per square metre Provide hands-on tenant support Trading stock

21. Outlook Capitalisation of subsidiaries Regional reinsurance office Streamlining operational processes Entry into strategic economic sectors Acquisition of land banks Staff retention and development Regional market entry Product innovation Market share growth

22. Questions