CONTENT THE COMPANY 4 BOARD OF DIRECTORS MANAGEMENT REPORT ANNUAL 6 GENERAL MEETING MARCH 9, 2016 KEY FIGURES 8 PRODUCT RANGE 9

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1 ANNUAL REPORT 2015

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3 CONTENT THE COMPANY 4 BOARD OF DIRECTORS MANAGEMENT REPORT ANNUAL 6 GENERAL MEETING MARCH 9, 2016 KEY FIGURES 8 PRODUCT RANGE 9 INDEPENDENT AUDITOR S REPORT 10 BALANCE SHEET AS AT 31 DECEMBER EXPRESSED IN OS () PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 2015 EXPRESSED IN OS () NOTES TO THE ANNUAL ACCOUNTS AS 15 AT 31 DECEMBER 2015

4 THE COMPANY BOARD OF DIRECTORS DUPIN Gilles Chairman de JAMBLINNE Olivier Director JANMART André Executive Director LIMBOURG Nicolas Executive Director MANAGEMENT LIMBOURG Nicolas Chief Executive Officer BEELEN Pierre Chief Operating / Chief Financial Officer JANMART André Chief Risk Officer 4 Annual report 2015

5 THE COMPANY VITIS LIFE IS PART OF MONCEAU ASSURANCES FRANCE Mutuelle Centrale de Réassurance (mic * ) France 100 % Monceau Participations Luxembourg 100 % Monceau International Luxembourg 100 % INTERNATIONAL Monceau Life & Pensions Luxembourg 100 % Vitis Life S.A. Luxembourg 100 % * Mic: mutual insurance company Data Office N.V. Belgique Reinsurance Life Holding Others Annual report

6 BOARD OF DIRECTORS MANAGEMENT REPORT ANNUAL GENERAL MEETING MARCH 9, 2016 Dear Stockholder, In accordance with statutory provisions and the articles of association of Vitis Life S.A. (the Company ), we are pleased to report on the Company s operations during the past financial year and to submit the balance sheet, the income statement, and this management report for your approval. Continuity in our business activities under the leadership of existing teams, and determination by the new shareholder to maintain the Company s commercial relationships with the entities of KBL epb Group as well as with other partners, in all the markets where we are present, have ensured that the change in shareholding has had no impact on the quality of the relationships and services we offer to our clients. 2015: A NEW TURNING POINT, PROMISING GROWTH FOR VITIS LIFE In challenging economic conditions, strongly influenced by a tense geopolitical situation and the continued drop in oil prices, financial markets have been extremely volatile during the past financial year. Despite this uncertain financial environment, the Company was successful in marketing its unit-linked products, increasing premium income by 11%, the latter reaching 264 million compared with 237 million in This growth in revenue is the result of partnerships entered into by the company with many private banks and professional of the financial sector. The quality of our existing partnerships, as well as the signing of new collaborative agreements with highly reputed partners established in each country where we actively market our products under the Freedom to Provide Services (Luxembourg, Belgium, France, Netherlands, Italy and Spain) have enabled the Company to conclude new dedicated insurance contracts. Indeed, up to 90% of premiums received have been invested through our own internal dedicated funds set up by the Company with its wealth management partners. In terms of claims, the initiatives launched in previous years to proactively support and inform our clients about developments concerning fiscal transparency in Luxembourg, and around the world, have been beneficial. Losses connected with redemptions have in fact decreased by 20%, to stabilise at 240 million, including 58 million of losses related to insurance policies containing specific commitments guaranteed by the Company RESULTS Thanks to maintaining a good level of assets and realising capital gains on the stock markets, operating income remained high in 2015, even though it did not reach the exceptional results of the previous two years. General expenses, meanwhile, have been reduced compared with fiscal year 2014, thanks to tight cost controls and the stability of salary costs. The Company s results for 2015, after tax, therefore amount to 6,625, The Board of Directors proposal for allocation of the available profit is as follows: Statutory reserve: since the statutory reserve has reached 10% of share capital, no allocation to the statutory reserve is proposed. Allocation to the reserve for wealth tax: the specific reserve of 2,310,775 provided for wealth tax for fiscal year 2005 was transferred, in an amount of 750,000 to the specific reserve in respect of wealth tax in 2014 and Ordinary gross dividend to shareholders: 0.00 Retained earnings: 6,625, In addition to the revenues generated by our business activity, the prominent feature in fiscal 2015 was the closing of the sale of the Company, initiated earlier in the year by KBL European Private Bankers S.A. After submission to the Commissariat aux Assurances (the Luxembourg insurance regulator) for assessment, the acquisition by Monceau Life & Pension Holding S.A., the Luxembourg subsidiary of Monceau Assurance, the French mutual insurance group, was finalised on 13 October Annual report 2015

7 BOARD OF DIRECTORS MANAGEMENT REPORT ANNUAL GENERAL MEETING MARCH 9, 2016 RISK EXPOSURE As regards risks relating to the Company s business activity and particularly to the use of various financial instruments, specific check was made for the following risks: Insurance risk The insurance risk (essentially whole-life insurance) is limited, given the fact that it is fully reinsured with a specialist reinsurance company with a Standard & Poors A+ rating. Interest rate risk This risk is managed throughout the life of the assets and liabilities and is subjected to pre-defined stress tests. The results of the main stress tests are reported regularly to the Board of Directors. Equity risk The Company complies with the investment constraints defined by applicable regulations and by the Commissariat aux Assurances. The Company regularly monitors equity risk through Finance Committee. Credit risk Investments are only authorised for debt instruments with a rating at least equivalent to Investment Grade (minimum BBB-) and only with sufficient diversification, both geographically and in terms of individual limits for each issuer. Foreign exchange risk This is a minor risk for the Company. Investments in currencies other than the Euro are marginal, and are mainly used to hedge obligations in those same currencies. Vitis Life S.A. does not have any branch, either in the Grand Duchy of Luxembourg or abroad. During the second half of 2015, the Company commissioned a specialist consultant to provide actuarial services and to assist in preparations for compliance with the new Solvency II legislation which came into force this year. SIGNIFICANT EVENTS AFTER CLOSURE OF FISCAL 2015 To the best of our knowledge, no significant event which might meaningfully affect the Company s financial statements as at December 31, 2015 have occurred after the year end. OUTLOOK FOR 2016 During 2016 we will work to strengthen our presence in all the markets where the Company operates. As regards France in particular, a partnership will be set up with Monceau Assurances to enable shareholders and clients of the new shareholder group to benefit from access to the Company s range of dedicated insurance policies. The Company s governance will also be recast in order to bring it into line with the governance principles of Monceau Assurances. We want to thank all our Company s employees for the commitment and dedication they have shown in performing their daily tasks and for their support throughout the process of sale of the Company. We also thank the Company s partners and clients who have placed their trust in the Company s capability and expertise. OTHER EVENTS Pursuant to Article 85 of the Amended Law of 8 December 1994, we confirm that the Company did not buy-back or subscribe for treasury shares in 2015, either itself or through third parties. In 2015, the Company did not make use of derivatives and did not incur expenditure on research and development. Nicolas LIMBOURG Chief Executive Officer Executive Director Luxembourg, 3 March 2016 Gilles DUPIN Chairman of the Board of Directors Annual report

8 KEY FIGURES Premiums Technical provisions 2, , , , , Total Balance sheet 2, , , , , Net results (24.31) Capital and reserves * ROE ** 16.30% 33.55% 41.75% 7.51% (37.46)% * including subordinated liabilities ** profit after tax divided by capital and reserve (figures expressed in million) 8 Annual report 2015

9 PRODUCT RANGE TRADITIONAL INSURANCE PRODUCTS WITH FIXED COMMITMENT Insurance Bond: Fixed term Increase rate Capitalisation Multi-currency Life Insurance contract: Life term Guaranteed rate and profit shearing Capitalisation Multi-currency Annuity: Fixed maturity Regular income Insurance Account UNIT LINKED INSURANCE PRODUCTS Life insurance contract: Fixed term or Life term Multisupport Multi-currency Policyholder: individual of legal entity Capitalisation contract: Fixed term Multisupport Multi-currency Policyholder: individual of legal entity Underlying assets: External funds (UCITS) Internal dedicated funds Internal collective funds Specialized insurance funds SERVICES Tailored beneficiary clauses - estate planning Optional additional death covers Pension product type: type of contract «Individual Pension Plan» (Belgium), contract type «End Allowance Career» (France), contract type «Pension Plan» (Luxembourg). Charia compliant life insurance contract (France) Annual report

10 INDEPENDENT AUDITOR S REPORT To the Board of Directors Vitis Life S.A. 2, boulevard E. Servais L-2535 Luxembourg REPORT ON THE ANNUAL ACCOUNTS Following our appointment by the Extraordinary General Meeting dated 23 November 2015, we have audited the accompanying annual accounts of Vitis Life S.A., which comprise the balance sheet as at 31 December 2014 and the profit and loss account for the year then ended, and a summary of significant accounting policies and other explanatory information. BOARD OF DIRECTORS RESPONSIBILITY FOR THE ANNUAL ACCOUNTS The Board of Directors is responsible for the preparation and fair presentation of these annual accounts in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the annual accounts and for such internal control as the Board of Directors determines is necessary to enable the preparation and presentation of annual accounts that are free from material misstatement, whether due to fraud or error. RESPONSIBILITY OF THE RÉVIS D ENTREPRISES AGRÉÉ Our responsibility is to express an opinion on these annual accounts based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the annual accounts are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the annual accounts. The procedures selected depend on the judgment of the réviseur d entreprises agréé, including the assessment of the risks of material misstatement of the annual accounts, whether due to fraud or error. In making those risk assessments, the réviseur d entreprises agréé considers internal control relevant to the entity s preparation and fair presentation of the annual accounts in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors, as well as evaluating the overall presentation of the annual accounts. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. OPINION In our opinion, the annual accounts give a true and fair view of the financial position of Vitis Life S.A. as of 31 December 2015, and of the results of its operations for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the annual accounts. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS. The management report, which is the responsibility of the Board of Directors, is consistent with the annual accounts. For Deloitte Audit, Cabinet de révision agréé Luxembourg, 9 march 2016 Jérôme LECOQ Certified auditor Partner 10 Annual report 2015

11 BALANCE SHEET AS AT 31 DECEMBER 2015 EXPRESSED IN OS () ASSETS Notes * INTANGIBLE ASSETS 4 936, , INVESTMENTS Investments in affiliated undertakings and participating interests Shares in affiliated undertakings 5 10,275, ,275, Other financial investments Shares and other variable-yield securities and units in unit trusts 6 11,850, ,187, Debt securities and other fixed income securities 7 111,809, ,418, Other 1, , Investments for the benefit of life insurance policyholders who bear the investment risk 2,063,609, ,942,848, REINSURERS SHARE OF TECHNICAL PROVISIONS Life insurance provision 371, , DEBTORS Debtors arising out of reinsurance operations 7, , Other debtors, including tax 9 13,704, ,667, OTHER ASSETS Tangible assets , , Cash at bank and in hand 22,728, ,761, PREPAYMENTS AND ACCRUED INCOME Accrued interest 2,374, ,249, Other prepayments and accrued income 50, , TOTAL ASSETS 2,237,843, ,183,188, * Accompanying notes are part of the annual accounts. Annual report

12 BALANCE SHEET AS AT 31 DECEMBER 2015 EXPRESSED IN OS () LIABILITIES Notes * CAPITAL AND RESERVES 11 Subscribed capital 25,202, ,202, Reserves Legal reserve 12 2,520, ,520, Other reserves 13 12,923, ,923, Result of the financial year 6,625, ,635, TECHNICAL PROVISIONS Life insurance provision 104,308, ,983, Provision for bonuses 19, , TECHNICAL PROVISIONS FOR LIFE INSURANCE POLICIES WHERE THE POLICYHOLDERS BEAR THE INVESTMENT RISK 2,063,609, ,942,848, PROVISIONS FOR OTHER RISKS AND CHARGES Other provisions 2,149, ,220, CREDITORS 8 Creditors arising out of direct insurance operations 18,744, ,355, Creditors arising out of reinsurance operations 91, , Amount owed to credit institutions 268, , Other creditors, including tax and social security 9 1,381, ,188, TOTAL LIABILITIES 2,237,843, ,183,188, * Accompanying notes are part of the annual accounts. 12 Annual report 2015

13 PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2015 EXPRESSED IN OS () TECHNICAL ACCOUNT LIFE INSURANCE BUSINESS Notes * EARNED PREMIUMS, NET OF REINSURANCE Gross premiums written ,622, ,512, Outward reinsurance premiums 16 (264,666.89) (328,492.73) INVESTMENT INCOME Income from participation 1,999, ,999, Income from other investments 8,102, ,680, Value re-adjustments on investments , Gains on the realisation of investments 53,957, ,352, UNREALISED GAINS ON INVESTMENTS 828, ,369, CLAIMS INCURRED, NET OF REINSURANCE Gross amount paid (239,930,999.69) (300,474,239.44) Reinsurers share 16 7, , CHANGE IN OTHER TECHNICAL PROVISIONS, NET OF REINSURANCE Life insurance provision Gross amount (64,084,961.57) (33,414,917.13) Reinsurers share 16 (131,517.87) 67, NET OPERATING EXPENSES Acquisition costs 15, 17 (1,976,815.97) (1,733,103.03) Administrative expenses 17 (3,924,464.76) (3,981,402.40) * Accompanying notes are part of the annual accounts. Annual report

14 PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2015 EXPRESSED IN OS () Notes * INVESTMENT CHARGES Investment management charges, incl. interest (4,672,237.29) (4,681,008.86) Value adjustments on investments 7 (112,127.01) 0.00 Losses on the realisation of investments 7 (1,624,279.12) (7,008,920.95) UNREALIZED LOSSES ON INVESTMENTS (4,182,220.68) 0.00 BALANCE ON THE TECHNICAL ACCOUNT LIFE INSURANCE BUSINESS 7,613, ,979, NON-TECHNICAL ACCOUNT BALANCE ON THE TECHNICAL ACCOUNT LIFE INSURANCE BUSINESS 7,613, ,979, TAX ON PROFIT OF ORDINARY ACTIVITIES (988,205.56) (260,943.49) PROFIT OR LOSS ON ORDINARY ACTIVITIES AFTER TAX 6,625, ,718, OTHER TAXES 0.00 (83,186.39) PROFIT OR LOSS FOR THE FINANCIAL YEAR 6,625, ,635, * Accompanying notes are part of the annual accounts. 14 Annual report 2015

15 NOTES TO THE ANNUAL ACCOUNTS AS AT 31 DECEMBER GENERAL AND REMARKABLE FACTS Vitis Life S.A. ( the Company ) is a life insurance company founded in Luxembourg on 9 January 1995 as a limited liability company ( Société Anonyme ). The Company s objectives are to conduct life insurance operations, capitalisation operations and the management of life insurance or capitalisation companies. c Tangible assets Tangible assets are recorded at the historical acquisition cost. The acquisition cost contains the purchase price and any ancillary expenses. Tangible assets for which the useful economic life is limited in time are depreciated as follows: On 2 July 1998, AlmaLife Luxembourg S.A. transferred all its assets and liabilities to the Company. On 3 May 2007, the Company changed its name from VITIS Life Luxembourg S.A. to Vitis Life S.A. On 13 October 2015, after being subjected to the evaluation of the Commissariat aux Assurances, the Company was acquired by «Monceau Life & Pension Holding S.A.,» Luxembourg subsidiary of the French mutual insurance group «Monceau Assurances». TANGIBLE ASSETS Computer equipment Office equipment Houseware Furniture DEPRECIATION METHOD 33.33% straight line basis 30% reducing balance method 20% reducing balance method 30% reducing balance method 2. BASIS OF PRESENTATION The annual accounts of the Company have been prepared in accordance with the Law of 8 December 1994 on the annual accounts of insurance and reinsurance companies, and with the significant accounting policies generally accepted within the insurance and reinsurance industry in the Grand Duchy of Luxembourg. Accounting principles and valuation methods are, besides the obligations laid down by law and the Commissariat aux Assurances, defined by the Board of Directors. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company s significant accounting policies are as follows: a Currency conversion The share capital of the Company is expressed in euros (), the same currency is applied to express the balance sheet and the profit and loss account. Value adjustments are also made with regard to tangible assets, so that they are valued at the lower figures to be attributed to them at the balance sheet date, if it is considered that the reduction in their value will be permanent. Such value adjustments may not be continued if the reasons for which they were made have ceased to apply. d Shares in affiliated undertakings Shares in affiliated undertakings are recorded at the historical acquisition cost. If the impairment in value is of a permanent nature, the shares in affiliated undertakings are valued at the lower of acquisition cost or market at the balance sheet date. Such value adjustments may not be continued if the reasons for which they were made have ceased to apply. e Shares and other variable-yield securities and units in unit trusts Equities and other variable income transferable securities and units in unit trusts are valued at the lower of acquisition cost or market value. Assets and liabilities denominated in currencies other than are converted at the average exchange rate applicable at the closing date of the balance sheet (year end). Income and charges in foreign currencies are converted into at the official exchange rate applicable on the transaction date b Intangible assets Intangible assets are recorded at the acquisition cost and depreciated on a straight line basis at 20% per year. Annual report

16 NOTES TO THE ANNUAL ACCOUNTS AS AT 31 DECEMBER 2015 f Debt securities and other fixed-income securities Debt securities and other fixed-income transferable securities are valued at the acquisition cost or redemption value by using the following methods: Premium paid over the redemption value is charged equally over the remaining life up to the repayment of the securities. Discounts received in comparison with the redemption value of securities are taken to the profit and loss account in equal instalments over the remaining period up to maturity. g Investments for the benefit of life insurance policyholders who bear the investment risk Investments for the benefit of life insurance policyholders who bear the investment risk are valued at the market value at the balance sheet date. Market value represents the quoted market at the date of drawing up the annual accounts or establishing the estimated realisable value. h Debtors Debtors are disclosed on the balance sheet at the lowest figure of the nominal value and the expected repayment value. Value adjustments are recorded when there is any doubt of their ability to recover. Such value adjustments may not be continued if the reasons for which they were made have ceased to apply. i Purchase price of assets of the same category The Company values assets of the same category using the weighted average price method. j Technical provisions Sufficient technical provisions are made to enable the Company to meet its commitments resulting from insurance contracts. The reinsurers share of technical provisions is included in the asset side of the balance sheet. Life insurance provision Life insurance provision, which comprises the actuarial value of the Company s liabilities after deducting the actuarial value of future premiums, is estimated separately for each insurance policy on the basis of mortality tables accepted in Luxembourg. Life insurance provision is calculated on the basis of a prospective actuarial method. Provision for bonuses The provision for bonuses is estimated separately for each contract k Technical provisions for life insurance policies where the policyholders bear the investment risk This item represents the technical provisions set up to cover liabilities relating to investments in the context of life policies, for which the policyholder bears the investment risk. l Creditors Creditors are stated at their nominal value. m Acquisition costs Acquisition costs are taken into the profit and loss account when they occur and charges relating to life insurance contracts are therefore not taken into account in the calculation of the life insurance provision. n Administrative expenses Administrative expenses include costs arising from premium collection, portfolio administration, handling of bonuses and rebates, and inward and outward reinsurance. In particular they include staff costs and depreciation provisions with regard to tangible assets in so far as they are not shown under acquisition costs, claims incurred or investment charges. o Value adjustments Value adjustments are deducted from the related assets. Provision for unearned premiums Premiums earned represent premiums received or receivable for all insurance policies issued prior to the end of the year. The part of the premiums earned which relates to subsequent accounting periods - this means the entrance fee the company is entitled to - is deferred by the transfer to the provision for unearned premium, calculated individually pro rata temporis for each contract with fixed duration. 16 Annual report 2015

17 NOTES TO THE ANNUAL ACCOUNTS AS AT 31 DECEMBER INTANGIBLE ASSETS The changes in intangible assets, corresponding to software licences, are as follows: Net book value at the beginning of the year 927, , Additions 398, , Depreciation for the year (388,724.51) (370,536.54) NET BOOK VALUE AT THE END OF THE YEAR 936, , SHARES IN AFFILIATED UNDERTAKINGS The Company holds 100,00% of DATA Office N.V., a limited liability company incorporated under Belgian law, amounting to 10,275, NAME REGISTERED OFFICE HOLDING % CAPITAL & RESERVE LAST FINANCIAL YEAR S RESULT BOOK VALUE AT Data Office N.V. Belgium % 12,136, * 1,824, * 10,275, As at 31 December 2015, the unaudited shareholders equity of this company, including the result for the year, amounted to 14,141, (2014: 12,136,313.19). The unaudited result for the year is a profit of 2,004, (2014: Profit of 1,824,995.78). * Audited Result Annual report

18 ANNEXE DES COMPTES ANNUELS DE L EXERCICE SE TERMINANT LE 31 DÉCEMBRE SHARES AND OTHER VARIABLE-YIELD SECURITIES AND UNITS IN UNIT TRUSTS Equities and other variable-yield transferable securities and units in unit trusts are analysed as follows: Book value 11,850, ,187, Acquisition cost 11,980, ,210, Market value 14,285, ,250, DEBT SECURITIES AND OTHER FIXED-INCOME SECURITIES Debt securities and other fixed income transferable securities are analysed as follows: Book value 111,809, ,418, Acquisition cost 115,609, ,573, Nominal value 109,419, ,473, Market value 115,594, ,282, Premiums (acquisition cost in excess of nominal value) not yet depreciated as at 31 December 2015 were 2,486, (2014: 4,236,375.69). Discounts (nominal value in excess of acquisition cost) are divided as follows between amounts already credited and amounts not yet credited to the profit and loss account: Discounts credited to profit and loss account during the year 193, , Discounts not yet credited to profit and loss account 96, , Annual report 2015

19 NOTES TO THE ANNUAL ACCOUNTS AS AT 31 DECEMBER BALANCES WITH AFFILIATED COMPANIES Creditors arising out of direct insurance operations , Amounts owed to credit institutions , Other creditors , OTHER CREDITORS/OTHER DEBTORS The other creditors for a total amount of 1,381, (2014: 1,188,531.08) include an amount of 0.00 for social security (2014: 155,966.10). The other debtors for a total amount of 13,704, (2014: 10,667,360.36) include an amount of 3,827, related to tax advance (2014: 4,254,926.84). 10. TANGIBLE ASSETS The changes in tangible assets, are as follows: Net book value at the beginning of the year 180, , Additions Depreciation for the year (56,755.92) (61,677.66) NET BOOK VALUE AT THE END OF THE YEAR 124, , Annual report

20 NOTES TO THE ANNUAL ACCOUNTS AS AT 31 DECEMBER CAPITAL AND RESERVES Changes for the year are as follows: As at Result 2015 Allocation of result 2014 (1) As at SUBSCRIBED CAPITAL 25,202, ,202, LEGAL RESERVE 2,520, ,520, UNAVAILABLE RESERVES FOR WEALTH TAX 11,009, ,009, OTHER RESERVES 1,913, ,913, DIVIDEND PAID 15 13,635, RESULT FOR THE YEAR 6,625, ,625, (13,635,260.59) 13,635, The subscribed capital is represented by 9,981 shares without nominal value. (1) according to the General Meeting of the Shareholders dated 11 March LEGAL RESERVE The Company is required under Luxembourg law to allocate annually a minimum of 5% of its statutory net profit to a legal reserve until the aggregate reserve equals 10% of the subscribed share capital. Such reserve is not available for distribution, except in the case of dissolution. No amount is required to be transferred to the legal reserve with regard to 2015, as the aggregate reserve has reached 10% of the subscribed share capital. 13. OTHER RESERVES In accordance with the tax law, the Company deducts from its tax basis for net worth tax, the net worth tax incurred during the financial year up to the amount of tax on profit. Such a deduction is subject to allocating an amount equal to five times the net worth tax deducted, to a non-distributable reserve, by a resolution at the Annual General Meeting of shareholders. Such a reserve is required to be maintained during 5 years. 20 Annual report 2015

21 NOTES TO THE ANNUAL ACCOUNTS AS AT 31 DECEMBER PREMIUMS Gross premiums written are analysed as follows: Individual premiums 263,622, ,512, Single premiums 263,463, ,366, Regular premiums 158, , Premiums from bonuses contracts , Premiums from contracts where the policyholders bear the investment risk 263,622, ,510, ,622, ,512, Premiums result from contracts with policyholders resident in the following countries : Grand Duchy of Luxembourg 17,549, ,003, Other Member States of the European Union 125,746, ,509, Other countries 120,326, ,622, ,512, All contracts are issued in the Grand Duchy of Luxembourg. 15. COMMISSIONS Total commissions paid to insurance intermediaries with regard to direct insurance business amount to ,07 (2014: ,07) and are included in the acquisition costs. Annual report

22 NOTES TO THE ANNUAL ACCOUNTS AS AT 31 DECEMBER REINSURANCE RESULT The reinsurance result is composed as follows: Outward reinsurance premiums (264,666.89) (328,492.73) Change in life insurance provision (131,517.87) 67, Claims paid, reinsurer share 7, , (388,686.46) (147,000.51) 17. STAFF The average number of employees in the company in 2014 was 49, divided as follows: CATEGORIES Number of persons Number of persons * Management 2 2 * Senior employees 6 6 * Junior employees Employees costs for the year consist of : Salaries 4,132, ,156, Other staff costs 100, , Charges sociales 764, , Social security costs * 183, , ,997, ,940, * of which pensions 22 Annual report 2015

23 NOTES TO THE ANNUAL ACCOUNTS AS AT 31 DECEMBER FEES EXPENSES OF THE AUDITOR Fees expenses related to the year of account (excl. VAT): Legal audit of the financial statements 48, , INFORMATION RELATING TO CONSOLIDATION In accordance with Article 96 of the Law of 8 December 1994 on the annual accounts and consolidated accounts of insurance and reinsurance companies, the Company is exempt from the obligation to issue consolidated accounts and a consolidated management report. The Company is included in the consolidated financial statements of the Mutuelle Centrale de Reassurance (SAM) France all constituting the smallest and largest companies of which the Company forms part as a subsidiary. The headquarters of this company are located at 65 rue de Monceau, Paris and the consolidated accounts are available at headquarters. Annual report

24 Vitis Life S.A. 2, boulevard Emmanuel Servais I L-2535 Luxembourg R.C.S. LUX B tel I fax postal address B.P. 803 I L-2018 Luxembourg I clientservices@vitislife.com Annual report Vitis Life S.A. 2015