TOTAL ASSETS 42,940,122,001 39,035,433,649 42,390,703,000 14,292,785,117 17,338,998,649

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1 MUTUAL BEEFITS ASSURACE PLC STATEMET OF FIACIAL POSITIO FOR THE YEAR EDED MARCH 31, 2015 GROUP COMPAY MARCH MARCH DECEMBER MARCH MARCH OTES ASSETS Cash and cash equivalents 1 12,424,442,427 4,554,516,410 13,147,603,000 5,249,366,427 2,042,069,410 Financial assets: Available for sale financial assets 2a 549,418, ,418,000 Fair value through profit or loss 2b 128,450,904 98,069, ,201, ,450,904 98,069,869 Loans and advances 2c 11,963,046,640 17,420,024,903 9,264,534, ,807,640 4,818,523,903 Pledged assets 3 129,467, ,000, ,467, ,467, ,000,000 Trade receivables 4 46,472, ,683,575 66,515,000 24,796, ,683,575 Reinsurance assets 5 1,128,893, ,598,858 1,562,803, ,107, ,293,858 Deferred acquisition cost 6 306,377, ,369, ,153, ,068, ,018,852 Other receivables and prepayments 7 1,542,895,452 4,673,605,340 1,304,096, ,242, ,660,340 Finance lease receivables 8 831,558, ,182, ,455, ,905, ,560,738 Inventories 2,447,524,108 1,659,496,000 Investment in subsidiaries 9 3,517,206,732 2,010,001,000 3,335,875,732 Intangible assets 10 17,299,552 19,877,000 99,133,000 8,279,553 9,746,000 Property Plant and equipment 11 3,769,978,234 3,200,351,372 5,905,509,000 3,267,812,457 3,067,496,371 Investment properties 12 6,984,764,000 1,695,873,000 6,984,764,000 47,000,000 Statutory deposit ,000, ,000, ,000, ,000, ,000,000 Deposit for shares ,479, ,000, ,479, ,479, ,000,000 Deferred Tax asset 16,074,000 16,074,000 97,097,000 Goodwill 17,980,000 17,980,000 TOTAL ASSETS 42,940,122,001 39,035,433,649 42,390,703,000 14,292,785,117 17,338,998,649 LIABILITIES Insurance contract liabilities 15 5,801,657,300 4,594,915,204 5,628,630,000 3,307,046,300 2,543,258,204 Investment contract liabilities 21,231,018,813 16,508,080,000 20,423,868,000 Trade payables 16 30,965, ,748,764 81,322, ,600,764 Other payables 17 4,029,632,436 5,026,800,058 4,451,076, ,857,290 4,353,999,058 Deposit liabilities 485,281, ,281,000 Books overdraft ,319,822 6,605, ,319,822

2 PAGE 1 DECEMBER ,273,617, ,201, ,310, ,467,000 23,443,000 1,235,294, ,844, ,926, ,876,000 2,010,001,000 89,222,000 3,204,920,000 47,000, ,000,000 55,479,000 14,488,601,275 3,364,254,000 1,084,493,000 6,605,000

3 Borrowing ,869, ,869, ,869, ,869, ,869,812 Long term borrowing 20 3,161,644,989 2,111,646,576 3,219,118,188 3,161,644,988 2,111,646,576 Current income tax ,841, ,710, ,961, ,416, ,278,099 Deferred income tax ,600, ,519, ,543, ,379, ,180,090 36,038,510,593 29,868,609,425 36,160,274,000 8,290,213,912 10,515,152,425 ET ASSET 6,901,611,408 9,166,824,224 6,230,429,000 6,002,571,205 6,823,846,224 EQUITIES Issued share capital 23 4,000,000,000 4,150,000,000 4,000,000,000 4,000,000,000 4,000,000,000 Share Premium 1,850,000,000 Treasury shares (250,000) (250,000) Retained earnings 24 (395,153,600) 49,391,941 (1,098,383,000) (1,040,955,759) 250,207,941 Contigency reserve 25 2,008,452,009 1,828,868,843 2,024,085,000 1,754,963,962 1,285,074,843 Revaluation reserve 1,288,563,000 1,288,563,440 1,288,563,000 1,288,563,000 1,288,563,440 oncontrolling interest in equity 16,414,000 SHAREHOLDERS' FUD BALACE 6,901,611,408 9,166,824,224 6,230,429,000 6,002,571,205 6,823,846,224

4 400,870,000 3,161,646, ,738, ,346,000 8,939,952,275 5,548,649,000 4,000,000,000 (250,000) (1,405,329,000) 1,665,665,000 1,288,563,000 5,548,649,000

5 MUTUAL BEEFITS ASSURACE PLC STATEMET OF COMPREHESIVE ICOME GROUP FOR THE YEAR EDED 31ST MARCH, 2015 MARCH MARCH Gross premium written 29 2,600,772,723 2,659,398,040 Gross premium income earned 29 2,171,319,051 2,691,209,823 Premium ceded to reinsurers 30 (440,419,511) (303,760,951) et premium 1,730,899,540 2,387,448,872 Commission income 31 67,310,817 15,917,064 Total Revenue from insurance contract 1,798,210,357 2,403,365,936 Gross claims paid ,841, ,724,541 Reinsurance claim recoveries 32 (110,884,851) (74,738,267) et claim expenses 531,956, ,986,274 Acquisition expenses due for the period ,207, ,763,301 Other underwriting expenses ,848, ,564,541 Underwriting expenses 685,056, ,327,842 Total expenses to the insurance contract 1,217,012,848 1,185,314,116 Underwriting profit /(loss) 581,197,509 1,218,051,820 et Underwriting profit 581,197,509 1,218,051,820 Investment income attributable to shareholders ,426, ,633,426 Fair value gains/(losses) 36 Other incomes 35 90,218, ,074,551 Management expenses 36 (680,785,306) (598,326,185) Employee benefit expenses 37 (356,580,076) (291,076,438) Profit/(loss) from operating activities 165,476, ,357,174 Profit before tax 165,476, ,357,174 Income tax expense (54,607,320) (156,923,850) Profit / Loss for the year after tax 110,869, ,433,324

6 PAGE 2 COMPAY MARCH MARCH ,660,298,723 1,718,924,040 1,493,065,051 2,012,955,823 (414,243,511) (277,584,951) 1,078,821,540 1,735,370,872 67,310,817 15,917,064 1,146,132,357 1,751,287, ,199,617 58,082,541 (69,527,851) (33,381,267) 122,671,766 24,701, ,280, ,411,199 28,949,363 66,090, ,230, ,501, ,901, ,203, ,230,509 1,390,084, ,230,509 1,390,084, ,735,136 22,708,037 88,693,466 33,783,551 (483,240,831) (400,781,710) (214,196,076) (148,692,438) 256,222, ,102, ,222, ,102,260 (45,506,100) (139,050,850) 210,716, ,051,410

7 MUTUAL BEEFITS ASSURACE PLC STATEMETS OF CHAGES I EQUITY FOR THE YEAR EDED 31ST MARCH, 2015 Share capital Revaluation reserve Treasury Shares == == == Balance as at 1/1/2015 4,000,000,000 1,288,563,000 (250,000) Profit/(Loss) for the year Transfer to contigency reserve Revaluation surplus on PPE Balance as at 31st March, ,000,000,000 1,288,563,000 (250,000) Balance as at 31st March, ,000,000,000 1,288,563,000

8 PAGE 3 Contigency reserve Retained Earnings on Conrolling Interest Total == == == == 1,960,432,000 (332,304,201) 6,790,992, ,869, ,869,408 48,020,009 (48,020,009) 2,008,452,009 (395,153,600) 6,901,861,408 2,024,085,000 (1,098,383,000) 16,414,000 6,230,679,000 6,230,429,000 6,901,611,408

9 GROUP MARCH DECEMBER ACTUAL ACTUAL 1. CASH AD CASH EQUIVALETS Cash and cash equivalents included: Petty cash 1,462, ,690,000 Cash at banks 741,363,079 1,109,661,000 Shortterm deposit within 90days 11,441,616,648 5,580,901,000 Treasury bills 240,000,000 5,469,351,000 12,424,442,427 13,147,603, FIACIAL ASSETS: a.) AVAILABLE FOR SALE FIACIAL ASSETS Mutual fund Othersequities 549,418, ,418,000 Less: Impairments Balance carried forward 549,418, ,418,000 b.) FAIR VALUE THROUGH PROFIT & LOSS Quoted Shares 125,739, ,113,000 Reduction of interest (93,374,000) Add/(Less): Fair value gain/(loss) 2,711,904 2,462, ,450, ,201,000 c. LOAS AD ADVACES MARCH DECEMBER ACTUAL ACTUAL Mutual Model Transport (i) Mutual Homes & Property 2,810,147, ,900,000 Loan to ICHL igeria Limited 320,000, ,000,000 Loan to Staff 79,682,000 69,324,629 CIL Track Africa (iii) 344,078, ,077,371 Prime Exploration (iv) 8,369,410,000 7,862,000,000 Mutual Exploration Loan to Charks (v) 39,729,269 45,232,000 11,963,046,640 9,264,534,000 i.) Loan to Mutual Model Transport Balance b/f Addition during the year Transfer from Mutual Benefit Life Assurance Limited Reclassification from Deposit for Shares Amount due from Mutual Model Transport Payment during the year Transfer to finance lease Impairment

10 ii.) Loan to Mutual Homes and Properties Balance b/f 4,551,511,697 Addition during the year Interest on loan Amount due from Mutual Homes Payment during the year (1,741,364,697) Transfer to Mutual Life 2,810,147,000 iii.) Loan to CIL Track Africa Balance b/f 344,078, ,097,000 Addition during the year Payment during the year (86,019,629) 344,078, ,077,371 iv.) Loan to Prime Exploration and ProductionPrime Exploration Balance b/f 7,862,000,000 10,694,319,000 Addition during the year with accrued Interest 507,410,000 5,070,000 Interest on loan 2,221,120,000 Repayment during the year (5,058,509,000) 8,369,410,000 7,862,000,000 v.) Loans to Charks Oyekunle Olaoye Tower Aluminium staff cooperative Transpellor Resources Limited 13 Million Facility 4,128,750 4,128,750 Osas & Oseji 4,182,465 4,182,465 Others 31,321,778 36,824,509 JGK & Co 96,276 96,276 39,729,269 45,232,000 MARCH DECEMBER PLEDGED ASSETS Margin facility with Gtbank plc 129,467, ,467, TRADE RECEIVABLES a, Premium receivable 46,472,455 66,515,000 Less : Impairment

11 46,472,455 66,515,000 b, CoAssurance recovery receivable Amount due from reinsurace companies Less : Impairment Gross total 46,472,455 66,515, REISURACE ASSETS Balance b/forward 1,443,080,000 Charged during the year (418,475,897) 1,562,804,000 Reinsurance recoverable 104,289,354 Balance c/forward 1,128,893,457 1,562,804, DEFERRED ACQUISITIO COST Balance b/forward 208,895,309 Gross Comm. during the year 260,153, ,895, ,153,000 Statement of comprehensive income 97,481,753 Balance c/forward 306,377, ,153,000 MARCH DECEMBER OTHER RECEIVABLES AD PREPAYMET Other receivables and prepayments Prepayments 168,008, ,842,000 Current account with Liberia 4,655,000 Staff loans & advances 504,274, ,526,000 Directors current account 108,754,194 90,547,000 Sundry debtors 5,008, ,181,000 Other Receivables 752,195,000 1,542,895,452 1,304,096,000 Impairment proviosions 1,542,895,452 1,304,096, FIACE LEASE RECEIVABLE Balance b/forward 1,147,019,253 1,546,747,000 Addition during the year 72,846, ,004,000 Payment during the year (388,306,702) (284,195,000) Impairment charge (866,101,000) Restructured arrangement 831,558, ,455,000 Restructured arrangement i.) Mutual Model Transport Ltd Balance b/f 668,727, ,727,000 SalesLease back finance leasing arrangement with Mutual transport

12 Mutual Transport Finance Lease transferred from Mutual Life 2015 additional finance lease Repayment during the year Due to Mutual Benefits Assurance (from Mutual Transport) 668,727, ,727, IVESTMET I SUBSIDIARIES Mutual Benefit Life Assurance Limited Mutual Benefit Micro Finance Bank Limited Mutual Benefit Liberia Company Limited*** Mutual Benefit Asset Management Limited Mutual Model Transport Limited Charks Investment Limited TFS Securities Limited Mutual Benefit Takaful Impairement loss on investments Investment in Projects MARCH DECEMBER 10. ITAGIBLE ASSETS Cost / Valuation As at January 1 118,595, ,306,000 Addition 900,000 94,439,000 Disposal Account/Reclassification As at March 31, 119,495, ,745,000 DEPRECIATIO/IMPAIRMET As at January 1 85,223,724 74,913,000 For the period (Amortisation/impairment) 16,971,725 21,699,000 Disposal Account As at March 31, 102,195,448 96,612,000 ET BOOK VALUE As at March 31, 17,299,552 99,133,000

13 PAGE 5 COMPAY MARCH MARCH DECEMBER MARCH ACTUAL ACTUAL ACTUAL ACTUAL ,619,386 1,462, ,087,000 13,937, ,899, ,786, ,629, ,899,091 2,811,997,933 4,474,117,648 3,788,901,000 1,212,232, ,000, ,000,000 4,554,516,410 5,249,366,427 5,273,617,000 2,042,069,410 85,225, ,739, ,739,000 85,225,000 12,844,869 2,711,904 2,462,000 12,844,869 98,069, ,450, ,201,000 98,069,869 MARCH MARCH DECEMBER MARCH ACTUAL ACTUAL ACTUAL ACTUAL ,670, ,755,920 4,551,511, ,823, ,000,000 77,656, ,097, ,078, ,078, ,097,964 10,925,183,405 3,574,941, ,000, ,000,000 30,904,918 39,729,269 45,232,000 30,904,918 17,420,024, ,807, ,310,335 4,818,523, ,270, ,298, ,597,006 22,000,000 80,300, ,408, ,000, ,270,920 1,453,706, ,897,006 (784,979,000) (29,541,086) (668,727,000) (54,600,000) (54,600,000)

14 932,670, ,755,920 PAGE 6 4,446,084, ,823, ,396, ,427, ,834, ,427,697 65,427,000 4,551,511, ,084, ,823,697 (669,084,000) 4,551,511, ,823, ,905, ,078, ,097, ,905,964 (46,808,000) (86,019,629) (46,808,000) 430,097, ,078, ,078, ,097,964 11,085,885,405 3,574,941,000 3,574,941, ,856,000 (160,702,000) (4,229,797,000) 10,925,183,405 3,574,941,405 1,632,585 1,632, , ,000 7,698,703 7,698,703 8,682,551 4,128,750 4,128,750 8,682,551 4,182,465 4,182,465 4,182,465 4,182,465 3,879,129 31,321,778 36,824,509 3,879,129 4,579,484 96,276 96,276 4,579,484 30,904,918 39,729,269 45,232,000 30,904,918 MARCH MARCH DECEMBER MARCH ,000, ,467, ,467, ,000, ,359,059 24,796,455 23,443, ,359,059

15 272,359,059 24,796,455 23,443, ,359,059 PAGE 7 189,324, ,324, ,324, ,324, ,683,575 24,796,455 23,443, ,683, ,276,964 1,235,294, ,971, ,321,894 (418,475,897) 1,235,294, ,321, ,289, ,598, ,107,457 1,235,294, ,293, ,689, ,844, ,338, ,240, ,844, ,240,955 1,021,929, ,844, ,844, ,578,955 (730,560,103) 46,224,062 (730,560,103) 291,369, ,068, ,844, ,018,852 MARCH MARCH DECEMBER MARCH ,971,982 6,497,856 10,736,000 23,825,982 4,655,000 68,652, ,274, ,526,000 62,555, ,583, ,754, ,767, ,583, ,329,952 5,061,079 26,897, ,694,952 3,152,067,000 4,673,605, ,242, ,926, ,660,340 4,673,605, ,242, ,926, ,660,340 1,374,442, ,876, ,065, ,785,961 45,538,000 72,846, ,004,000 25,720,000 (126,948,871) (9,816,702) (198,278,000) (41,207,871) (650,849,352) (121,642,000) (52,737,352) 668,727, ,182, ,905, ,876, ,560,738 PAGE 8 668,727, ,727, ,727,000

16 668,727, ,727, ,727,000 2,000,000,000 2,000,000,000 2,000,000,000 2,000,000, ,331, ,000, ,000, ,980, ,980,000 10,000,000 10,000,000 10,000,000 10,000, ,892, ,678, ,678, ,892, ,173, ,173, ,173, ,173, ,000, ,000,000 (352,850,890) (352,850,890) (352,850,890) (352,850,890) 371,680, ,680,726 3,517,206,732 2,010,001,000 2,010,001,000 3,335,875,732 MARCH MARCH DECEMBER MARCH ,841,000 89,222,000 58,123,000 58,123,000 95,758,000 83,841,000 89,222, ,881,000 58,123,000 63,321,000 64,659,724 48,377,000 48,377, ,000 16,282,724 16,282,000 63,964,000 80,942,447 64,659,000 48,377,000 19,877,000 8,279,553 89,222,000 9,746,000

17 GROUP MARCH DECEMBER IVESTMET PROPERTY Balance b/forward 6,984,764,000 Charged during the year 47,000,000 Discharged/disposal during the year Balance c/forward 6,984,764,000 47,000, STATUTORY DEPOSIT Held in central bank of igeria Balance b/forward 500,000, ,000,000 Addition during the year Balance c/forward 500,000, ,000,000 MARCH DECEMBER DEPOSIT FOR SHARES Mutual Model Transport Limited (a) Charks Investment Limited 179,063,000 Avanage igeria Ltd (b) 70,000,000 Current account with iger Republic (b) Impairment on Charks Investment Ltd (400,000,000) Mutual exploration 135,479, ,479,000 Transferred to Mutual Benefits Life 220,937, ,479, ,479, ISURACE LIABILITIES Claim reported/loss adjustment Outstandind claims 1,313,942,873 3,050,603,000 Unexpired risk 1,993,103,427 2,578,027,000 3,307,046,300 5,628,630, TRADE PAYABLES Amount due to brokers 81,326,000 Commission payable Coassurance Payable 20,343,000 Re insurance payables & Others 10,622,000 30,965, ,326, OTHER PAYABLES

18 Accruals 200,596, ,093, Dividend payable 1,877, ,878, Rent received in advance 19,938, ,066, Due to related companies: Mutual Benefit Life Assurance Limited 917,574, ,381, Mutual Benefit Motor Transport Limited UDB 19,092, Deposit premium 376,181, ,356, Charks investment 132,677, PAYE 5,621, ,355, VAT Payable 64,488, ,877, WHT Payable 6,910, ,353, MBA Staff CTCS (7,629,000.00) Salary control account Deferred income 13,580, ,945, Amount due to Directors 25,612, Sundry creditors 42,219, ,632, HF 1,202, , Other creditors 1,186,398, ,441, Creditors control Account Technical 22,496, ,243,274, Creditors control Account Management Expenses 1,026,405, ,098, ,029,632,436 4,451,076, Book overdraft 6,605,000 Book overdraft above represents various credit balances in the cash book 19. BORROWIG Guarantee Trust Bank plc 400,869, ,870,000 Sterling Bank plc Sterling Bank plc/charks 400,869, ,870, Long Term Borrowing Loan Daewoo securities limited 3,161,644,988 3,161,645,000 Other borrowings 57,473,000 Total 3,161,644,988 3,219,118, TAXATIO Income tax per SCI 49,643, ,791,000 Education tax 3,309,535 35,898,000 igerian information Tech tax 1,654,767 31,046,000 Written back of deferred tax Under/(Over)provision. 54,607, ,735,000 ii) Per balance sheet: Balance brought forward 441,256, ,980,000 Charge for the year 54,607, ,735,000 Tax paid (44,839,478) (126,754,000) 451,023, ,961,000

19 22. DEFERRED TAX Balance brought forward 283,379, ,262,000 Charged for the year 256,283, ,379, ,545, SHARE CAPITAL Authorized 10,000,000,000 ordinary shares at 50 kobo each 5,000,000,000 5,000,000,000 Allotted and fully paid: Balance brought forward 4,000,000,000 4,000,000,000 Adj IRO prior year Addition during the year As at MARCH 31, 4,000,000,000 4,000,000,000 8,000,000,000 Ordinary shares of 50Kobo each 3.000,000,000 Ordinary shares of 50k each MARCH DECEMBER RETAIED EARIGS Balance brought forward (458,003,000) (4,597,996,000) Prior year adjustment Transfer from SCI 110,869,408 4,086,941,000 (347,133,592) (511,055,000) Dividend Paid Transfer to contigency (48,020,009) (587,329,000) Balance carried forward (395,153,600) (1,098,384,000) MARCH DECEMBER COTIGECY RESERVE Balance at March 1 1,960,432,000 1,436,756,000 Capital reserve Transfer from retained earnings 48,020, ,329,000 2,008,452,009 2,024,085, ,433,324

20 PAGE 10 COMPAY MARCH MARCH DECEMBER MARCH ACTUAL ,695,873,000 47,000,000 47,000,000 1,695,873,000 47,000,000 47,000, ,000, ,000, ,000, ,000, ,000, ,000, ,000, ,000,000 MARCH MARCH DECEMBER MARCH ,000, ,000, ,000, ,000, ,063, ,000,000 70,000, ,255,000 (1,354,255,000) 135,479,452 55,479, ,937, ,000, ,479,452 55,479, ,000,000 2,198,122,168 1,313,942,873 1,487,818,000 1,161,924,168 2,396,793,036 1,993,103,427 1,876,436,000 1,381,334,036 4,594,915,204 3,307,046,300 3,364,254,000 2,543,258, ,600, ,600,764 20,364,000 5,784, ,748, ,600,764 PAGE 11

21 35,113, ,875,000 60,581,000 35,113,536 (1,344,814.00) 1,877,835 1,878,000 (1,344,814) 17,456, ,938,508 13,066,000 17,456,996 2,757,511, ,345, ,184,000 2,757,511,017 43,847, ,092,140 43,847, ,148, ,033,863 80,072, , ,677, ,677, ,677,000 (716,620.00) 244, ,000 (716,620) 586, , , ,528 5,261, ,905,641 7,245,000 5,261,198 3,820, ,820,070 11,284, ,284,279 38,921, ,580,083 30,945,000 38,921,037 35,444, ,320,000 35,444,355 16,893, ,916,088 41,787,000 16,893,770 5,484, ,053, ,000 5,484,008 11,689, ,567, ,784,000 11,689, ,373, ,931, ,373,973 1,030,348, ,735, ,098,000 1,030,348,108 5,026,800, ,857,290 1,084,493,000 4,353,999, ,319,822 6,605, ,319, ,869, ,869, ,870, ,869, ,869, ,869, ,870, ,869,812 2,111,646,576 3,161,644,988 3,161,645,000 2,111,646,576 2,111,646,576 3,161,644,988 3,161,645,000 2,111,646, ,137,782 18,593,032 60,383, ,137,782 17,942,045 17,942,045 35,898,000 17,942,045 8,971,023 8,971,023 26,055,000 8,971, ,050,850 45,506, ,336, ,050, ,659, ,952, ,778, ,227, ,050,850 45,506, ,336, ,050,850 (45,000,000) (63,041,902) (76,376,000) 539,710, ,416, ,738, ,278,099

22 PAGE ,519, ,379, ,962, ,180, ,384, ,519, ,379, ,346, ,180,090 5,000,000,000 5,000,000,000 5,000,000,000 5,000,000,000 4,150,000,000 4,000,000,000 4,000,000,000 4,000,000,000 4,150,000,000 4,000,000,000 4,000,000,000 4,000,000,000 MARCH MARCH DECEMBER MARCH (12,825,914) (1,201,862,899) (3,200,343,000) (447,454,794) (447,454,793) 649,433, ,716,103 2,243,768, ,051, ,152,616 (991,146,796) (956,575,000) 310,596,617 (139,760,675) (49,808,962) (448,754,000) (60,388,676) 49,391,941 (1,040,955,758) (1,405,329,000) 250,207,941 MARCH MARCH DECEMBER MARCH ACTUAL ACTUAL ,689,108,167 1,705,155,000 1,216,911,000 1,224,686, ,760,676 49,808, ,754,000 60,388,676 1,828,868,843 1,754,963,962 1,665,665,000 1,285,074, ,716,103

23 GROUP 11. PROPERTY, PLAT AD EQUIPMET Cost / Valuation LEASEHOLD PROPERTIES LAD & BUILDIGS As at January 1 656,933,413 2,805,195,315 Additions 5,000,000 Disposal Account Transfer Foreign Exchange translation reserve As at March 31, 661,933,413 2,805,195,315 DEPRECIATIO / IMPAIRMET As at January 1 324,054,413 84,552,054 Additions 19,533,206 4,436,548 Disposal Account Foreign Exchange translation reserve As at March 31, 343,587,619 88,988,602 ET BOOK VALUE As at March 31, 318,345,794 2,716,206,713 COMPAY 11. PROPERTY, PLAT AD EQUIPMET Cost / Valuation LEASEHOLD PROPERTIES LAD & BUILDIGS As at January 1 154,126,413 2,321,971,000 Additions Disposal Account As at March 31, 154,126,413 2,321,971,000 DEPRECIATIO / IMPAIRMET As at January 1 154,126, ,473,687 Additions 43,517,087 Disposal Account As at March 31, 154,126, ,990,773 ET BOOK VALUE As at March 31, 2,098,980,227

24 FURITURE ITAGIBLE PLAT & MACHIERY MOTOR VEHICLE, FITTIGS& EQUIP ASSET 71,058, ,101, ,324,141 87,396,000 16,471,152 2,304, ,652, ,000 87,529, ,405, ,976,709 88,296,000 53,266, ,711, ,819,627 68,941,000 1,585,735 19,320,571 10,097, ,000 54,852, ,032, ,917,254 69,630,000 32,676, ,373, ,059,455 18,666,000 FURITURE PLAT & MACHIERY MOTOR VEHICLE, FITTIGS& EQUIP ACTUAL TOTAL ' ,128, ,767,067 1,263,864,431 4,219,857,822 37,983,498 19,286,423 57,269,921 56,128, ,750,565 1,283,150,854 4,277,127,743 47,332, ,092, ,789, ,814, ,831 19,763,535 19,667,651 83,501,104 47,885, ,855, ,456,998 1,009,315,285 8,243, ,894, ,693,855 3,267,812,457

25 ACTUAL '2015 DECEMBER 2014 ACTUAL TOTAL '2014 4,915,245,875 7,874,357,000 3,891,448, ,327,720 1,806,679, ,433,235 (725,776,000) 5,185,573,595 8,955,260,000 4,148,881,628 1,298,379,181 2,437,572, ,325, ,216, ,055,000 36,204,648 (105,876,000) 1,415,595,360 3,049,751,000 3,769,978,235 5,905,509,000 3,200,351,336 DECEMBER 2014 ACTUAL MARCH ,680,961,000 3,557,137,760 1,052,452, ,456,869 (604,792,000) 4,128,621,000 3,789,594, ,408, ,839, ,293,000 21,258,613 (61,000,000) 923,701, ,098,258 3,204,920,000 3,067,496,371

26 29. PREMIUM ICOME MARCH MARCH MARCH MARCH Fire General Accident Motor Marine Unexpired risk b/f Gross premium written during the year 168,564, ,981, ,737, ,756,445 Unexpired risk c/f 168,564, ,981, ,737, ,756,445

27 GROUP MARCH MARCH MARCH DECEMBER MARCH Aviation Others ,876,436,000 5,255,583,000 1,876,436, ,459,861 11,799,431 2,600,772,723 11,451,048,000 1,660,298,723 (2,305,889,672) (1,255,583,000) (2,043,669,672) 314,459,861 11,799,431 2,171,319,051 15,451,048,000 1,493,065,051

28 PAGE 13 COMPAY DECEMBER MARCH ,876,436,000 2,786,666,667 11,354,526,000 1,718,924,040 (1,876,436,000) (2,492,634,884) 11,354,526,000 2,012,955,823

29 30.PREMIUM CEDED GROUP MARCH MARCH Outward reinsurance Reinsurance cost 440,419, ,760, ,419, ,760, COMMISSIO ICOME MARCH MARCH commission received on reinsurance 67,310,817 15,917,064 commission received on co assurance 32. GROSS BEEFITS AD CLAIMS 67,310,817 15,917,064 MARCH MARCH Claim paid for the year 816,716, ,256,130 Outstanding claims (173,875,127) (458,531,589) Total claims and loss adjuster expenses 642,841, ,724,541 Claims recoveries from reinsurance 99,879,288 56,306,267 Other recoveries 11,005,563 18,432,000 Re insurance assets movement Re insurance recoverable Total claim recoveries 110,884,851 74,738, ,956, ,986, UDERWRITIG EXPESES MARCH MARCH Deferred commission brought forward Gross commission paid 311,207, ,763,301 less Deferred commission carried forward Total acquisition expenses 311,207, ,763,301 Other underwring expenses 373,848, ,564, ,848, ,564, ,056, ,327, IVESTMET ICOME Interest income from fixed deposit 109,530,857 4,117,310

30 Return from statutory deposit 18,561,985 Interest from various call account 29,219 24,942 Income from quoted Equity 3,800 Income from Lease 2,175,060 Other investment income 419,691, ,925,389 Reclassification attributable to investment income 531,426, ,633,426 PAGE OTHER OPERATIG ICOME Profit on sales of fixed assets 1,002,333 (4,250,034) Interest on loan due from Prime exploration/homes Income from Treasury bill 5,760,000 Exchange gain 44,376,322 27,024,664 Fair value gain/(loss) 1,525,000 62,871 Rental income 4,287,865 Sundry income 25,379, ,814,050 Provision no longer required 7,887, ,423,000 90,218, ,074, MAAGEMET EXPESES 680,785, ,326, Employees benefits expenses Staff cost 356,580, ,076,438 Pension costs defined contribution plans 356,580, ,076,438

31 COMPAY DECEMBER MARCH MARCH DECEMBER ,193,206, ,243, ,584,951 6,070,869,000 6,193,206, ,243, ,584,951 6,070,869,000 DECEMBER MARCH MARCH DECEMBER ,822,000 67,310,817 15,917, ,247, ,822,000 67,310,817 15,917, ,247,000 DECEMBER MARCH MARCH DECEMBER ,542,930, ,074, ,163,130 1,545,327,000 (47,132,000) (173,875,127) (719,080,589) (411,904,000) 2,495,798, ,199,617 58,082,541 1,133,423, ,538,000 58,522,288 33,151,267 (125,705,000) 11,005, , ,538,000 69,527,851 33,381,267 (125,705,000) 2,366,260, ,671,766 24,701,274 1,259,128,000 DECEMBER MARCH MARCH DECEMBER ,350,742, ,280, ,411,199 1,057,287,000 1,350,742, ,280, ,411,199 1,057,287,000 1,077,033,000 28,949,363 66,090, ,047,000 1,077,033,000 28,949,363 66,090, ,047,000 2,427,775, ,230, ,501,842 1,166,334, ,642, ,530, ,117, ,225,000

32 35,829,000 18,561,985 35,829,000 3,043,000 29, ,942 3,043,000 1,748,000 3,800 1,748,000 48,347,000 2,175, ,969,000 2,288,307, ,043,000 (1,742,649,000) 1,071,267, ,735,136 22,708, ,857,000 PAGE 15 1,841,000 1,002,333 (4,250,034) 866,000 5,760, ,761,000 44,376,322 27,024, ,761,000 1,098,362,000 62,871 24,685,000 4,287,865 24,685,000 1,708,951,000 25,379,937 10,946,050 40,876, ,440,000 7,887, ,298,000 3,536,040,000 88,693,466 33,783, ,486,000 4,205,477, ,240, ,781,710 1,893,774,000 1,519,549, ,196, ,692, ,659,000 1,519,549, ,196, ,692, ,659,000

MUTUAL BENEFITS ASSURANCE PLC CONSOLIDATED AND SEPARATE STATEMENT OF PROFIT OR LOSS FOR THE PERIOD ENDED 31 MARCH 2018

MUTUAL BENEFITS ASSURANCE PLC CONSOLIDATED AND SEPARATE STATEMENT OF PROFIT OR LOSS FOR THE PERIOD ENDED 31 MARCH 2018 UNAUDITED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH, 2018 CONSOLIDATED AND SEPARATE STATEMENT OF PROFIT OR LOSS FOR THE PERIOD ENDED 31 MARCH 2017 MARCH 2017 Gross premium written 1.1