LAINEYS INSURED ISLAMIC INSURANCE COVERAGE POLICY

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Gilbert Woods
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Creditor ) on the terms and conditions detailed herein with effect from February,21th 2018

1 LAINEYS INSURED ISLAMIC INSURANCE COVERAGE POLICY This master policy witnesses that LAINEYS GLOBAL (the Assurer ) shall insure the lives of eligible Debtors to xxxxxxxxxxxxxxxx (the Creditor ) on the terms and conditions detailed herein with effect from February,21th 2018 (the Commencement date ) ENGLISH VERSION COVER PAGE. SECTION I: Conditions Relating to the Life Assured

2 1. DEFINITIONS In this policy, where applicable, words indicating the singular shall include the plural and vice-versa, and words signifying one gender shall include the other genders; and ASSURER shall mean LAINEYS GLOBAL; CREDITOR shall mean xxxxxxxxxxxxxxxxxxx. DEBTOR shall mean a natural person, described as much in the proposal form, who is indebted to the Creditor in terms of Contract of Indebtedness; LIFE ASSURED shall mean a Debtor who is granted benefits in terms of this Policy; PROPOSAL FORM shall mean the application form as prescribed by the Assurer, duly completed and signed by the Debtor; CONTRACT OF INDEBTEDNESS shall mean a contract of finance agreement in terms of which the Debtor becomes indebted to the Creditor under the credit facility or other similar agreements; CLAIM SUM ASSURED shall mean, at the date of death of the Life assured, the net present value of future payments remaining on the outstanding principal. The number of future payments shall be equal to the number of whole months between the date of claim and the date of expiry, assuming payments are made in advance. Where the manner of the loan contract differs from what is explained above, the Assurer shall not be held liable unless this is pre-agreed in writing. PERMANENT DISABILITY: shall mean impairment solely and independent of any other factor caused by accidental, violent, external and visible means resulting in permanent and total disablement that prevents the policy holder from engaging in or attending to his profession or any other occupation.

3 LOSS OF JOB shall mean the termination of discontinuance of the service of a workman by his employer for any reason whatsoever, but does not include: a) Voluntary resignation or retirement of the workman, or b) Retirement of the workman on reaching the age of retirement if the contract of employment between the employer and the workman concerned contains a stipulation in that behalf, or c) Termination of the service of a workman on the ground of continued ill health, or d) Absence due to illness / injury or period on pregnancy /childbirth (maternity leave), or e) Redundancy as a result of employee s misconduct, or f) Cases where it can be reasonably assumed that there was foreknowledge or notification of termination of service prior to commencement of cover, or g) Employees of the Creditor, or h) Self-employed persons / business owners, or i) Casual or seasonal jobs, or INITIAL SUM ASSURED shall mean the Claim Sum Assured as calculated at the effective date on which the Contract of Indebtedness was concluded; 2. ELIGIBILITY Debtors between the ages of 50 and 80 attained on the date that a Contract of Indebtedness is concluded shall be eligible to apply for benefits in terms of this Policy, provided that written application is made on a duly completed Proposal form. 3. POLICY TERM The policy term is determined at entry to coincide with the expiry of the loan agreement. 4. BENEFITS 4.1 The Assurer agrees to pay the Claim Sum Assured on receiving manifestly credible and satisfactory evidence of the occurrence during the terms of the assurance of any one of the following; (a) The death of a Life Assured, except if due to suicide or at the hands of justice; or

4 (b) Total Permanent Disability of the Life Assured Provided that: i. Such evidence is received within sixty (60) days or such longer period of time as the Assurer determines reasonable in the circumstances but not exceeding one hundred and eighty (180) days; ii. The Assured must have been a confirmed worker who resides in Islamic Region prior to the inception and throughout the duration of the policy iii. In the event of the Death or Total Permanent Disability of a Life Assured, the net present value of future payments remaining, calculated at the interest rate applicable to the Contract of Indebtedness shall be payable. The number of future payments shall be equal to the number of whole months between the date of claim and the date of expiry, assuming payments are made in advance. (c) The loss of job of a Life Assured; Provided that: iv. Such evidence is received within sixty (60) days or such longer period of time as the Assurer determines reasonable in the circumstances but not exceeding one hundred and eighty (180) days; v. The Assured must have been a confirmed full-time worker who resides in Islamic Region prior to the inception and throughout the duration of the policy vi. There shall be an introductory period as specified hereunder before payment of the benefit is made by the Assurer. For the purpose of this policy, the introductory period shall mean the number of days the assurer is expected to be informed about the inception and the details of the loan agreement between the company and the debtor as stated below: 1 calendar month for a loan tenor of up to six (6) months and above. vii. In addition to the introductory period above, there shall be a 30 days waiting period after the life assured becomes unemployed and remains out of job before payment of a claim under this section. The waiting period shall be that period of time for which the Claim Sum Assured shall not be deemed claimable. viii. in the event of a claim under loss of job, the Assurer shall pay the Creditor the lump sum subject to the respective maximum payouts of. (.) months installment excluding

5 interest, the present value of the amounts falling due as rentals within the stated period below at the interest rate applicable to the Contract of Indebtedness from time to time. Payment of the benefit shall cease on the last repayment date of the loan, subject to the maximum instalment (s) specified above or upon the life assured s reemployment. 4.2 The Life Assured, his representative or Nominee shall provide the Assurer with all necessary documents and other information and evidence as it shall require for the purpose of processing any claim hereunder. 4.3 The Assurer reserves the right to call for such medical or other information as may be required to establish that a claim is payable in respect of a Life Assured. 4.4 Provided that declaration in the Proposal form have been completed without qualification, the terms of assurance in respect of each Life Assured shall Commence upon the date of the Contract of Indebtedness is concluded and shall cease at midnight on the day on which the final payment is due in terms of such Contract, provided further that such term shall not exceed twelve (12) months in respect of any single Contract or novation thereof. 4.5 If the Debtor qualifies any declaration contained in the proposal form, then commencement of the term of assurance shall be deferred until the Assurer, in its sole discretion, has decided to grant benefits as detailed herein with or without amendment, or to revoke or cancel benefits provided under this Policy, provided that in the event of amendment, the term of assurance shall only commence on a date advised in writing by the Assurer; the Assurer shall immediately inform the Creditor of its decision. 4.6 The Claim Sum Assured shall not exceed the actual debt due to the Creditor in respect of a Life Assured under this Policy. 4.7 The payment of a death Claim shall be in full and final settlement of all benefits under this Policy. 4.8 The Assurer will not recognize any claim for Death which is directly or indirectly caused by or attributed to:

6 (a) Intentionally self-inflicted injury; violation of criminal law, war, riot, strike, civil commotion or usurpation of power or any military; naval; air force or police organization activities; alcohol or drug addiction; (b) Any medical impairment or condition of a Life Assured which occurred or which was diagnosed prior to commencement of the term of assurance under this Policy, or within six (6) months of such commencement, which the Assurer regards in its sole and absolute discretion resulting directly or indirectly from a condition for which he received treatment or of which he was aware at the date of or any time prior to such commencement; (c) Infection with Human-Immunodeficiency Virus. It is agreed and expressly understood that the Insurance cover is being provided on the condition that the Life Assured has never been treated for, or had any indication of Acquired Immune Deficiency Syndrome (AIDS), Aids Related Complex (ARC), immunological disorder, or had any positive test results indicating exposure to the Aids virus or any other terminal ailments before subscribing to the policy. Otherwise the policy will become void and the Assurer shall not be liable. 4.9 This Policy does not at any time qualify for surrender value. PERMANENT DISABILITY The company agrees with the Policyholder to insure the persons described herein, each called the insured person, against permanent disability resulting from bodily injury cause solely by accidental, violent, external and visible means whilst the policy is in force up to the limit provided in the schedule of the policy. In the event of Permanent Disablement resulting by accident, Compensation shall be payable in accordance with the following scale:- Loss Percentage of Compensation a) Loss by physical separation at 100 or above the wrist or ankle of one or more limbs b) Permanent and total loss of: Whole eye Sight of eye Sight of eye except perception of light c) Permanent and total loss of 100

7 hearing: Both ears One ear 25 d) Permanent and total loss of 100 speech e) Injuries resulting in permanent 100 total disability from following usual occupation and any other equivalent occupation for which the insured person is fitted by education, knowledge or training. f) Loss of four fingers 70 g) Loss of thumb: Both phalanges One phalanx h) Loss of index finger: Three phalanges Two phalanges One phalanx i) Loss of any other finger: Three phalanges Two phalanges One phalanx j) Loss of metacarpals: First or second (each metacarpal) Third, fourth or fifth (each metacarpal) Loss Percentage of Compensation k) Loss of toes: All on one foot Great, both phalanges Great, one phalanx 5 5 Other than great, if more than one toe lost, each

8 l) Permanent disfigurement of the head and neck, provided that the total area affected exceeds 20% of the total area of the head and neck The hands, provided the total area affected exceeds 20% of the total area of the hands affected but subject to a maximum of 50% All other areas of the body, provided that the total area of the body affected exceeds 5% of the total area of the body but subject to maximum of 50% % age of area affected % age of area affected % age of area affected 5. PREMIUMS 5.1 A single premium shall be payable in advance in respect of each Debtor who makes application for benefits in terms of this Policy, which premium shall be remitted to the Assurer alongside a schedule, in a prescribed format, showing the details of the debtor same time as the Contract of Indebtedness is being concluded. 5.2 The tender or acceptance of payment of a premium shall be without prejudice to the Assurer. 5.3 In the event of a single premium having been paid, there will be a refund of such premium in respect of any debtor who is not accepted by the Assurer for benefits in term of this Policy. 6. GENERAL CONDITIONS 6.1 The Claim Sum Assured in respect of any one Life Assured under this Policy shall not exceed an amount of $27.5 million irrespective of the number of Contracts or proposals in force at any time.

9 6.2 For the purpose of administering this Policy, the Life Assured irrevocably appoints the Creditors as his Nominee and empowers it to pay premiums, receive benefits due and generally deal with all matters pertaining to the assurance provided under this Policy for and on his behalf. 6.3 All benefits and premiums are payable in the local currency at the Assurer s head office. 6.4 The Proposal forms, the declaration and the Conditions shall form part of the Policy. 6.5 This policy is governed by and construed in accordance with the laws of Federal Republic of the Islamic Region, whose Courts shall have jurisdiction in any dispute arising hereunder. 6.6 If any material information has been withheld or any information disclosed is false or incorrect, then the claim will be regarded as invalid. In addition, the Assurer reserves the right to cancel the cover in its entirety, and declare all premiums paid as forfeited. 6.7 If any claim is fraudulent in any manner, all benefits will be forfeited and the Assurer reserves the right to cancel the cover in its entirety and declare all premiums paid as forfeited. 6.8 The benefits under this Policy in respect of the assured life shall cease when: The loan is cancelled; or The loan is paid off; or Premiums are not paid on due date; or A Death benefit is paid; or The Assured life reaches his XXth birthday. 6.9 As soon as possible after the occurrence of an accident which may be the subject of a claim under this policy, the Life Assured must obtain and follow the advice of a registered Medical Practitioner. The Assurer shall not be liable for any consequences arising from failure by the insured to obtain and follow such advice. SECTION II: Conditions Relating to the Creditor Subject to the terms and conditions of SECTION I hereof:

10 1. Policy Anniversary shall mean the first and every succeeding anniversary of the Policy s Commencement Date 2. The Creditor shall furnish the Assurer with information relating to the Life Assured in a prescribed form and single premium due immediately and at the same time as the relevant contracts of Indebtedness are concluded. 3. The rate of single premium shall be determined by the Assurer at the Commencement Date, and may be revised at each subsequent Policy Anniversary for the purposes of benefits thereafter granted in terms of the Policy. 4. The Assurer reserves the right to examine, during normal business hours, all documents or written records in the possession of the Creditor which in the opinion of the Assurer relate to the policy. 5. Subject to one calendar months notice in writing to the Creditor, the Assurer may terminate this policy or alter the terms and conditions thereof. Similarly on one calendar months notice to the Assurer the Creditor may terminate this Policy. Notwithstanding the termination or alteration of this policy all Lives Assured who are placed on risk prior to the termination or amendment shall be covered as though the termination or amendment had not taken place. 6. In the event of a claim being initiated in respect of a Life Assured, the Life Assured or his personal representatives, through the Creditor, shall at his or their expense furnish to the Assurer such certificates, information and evidence as the Assurer may from time to time reasonably require in the form and of the nature prescribed by the Assurer. The Assurer may carry out a medical examination on the Life Assured from time to time or in the case of death upon reasonable notice to the said person s personal representatives to have a post mortem examination of the body. No claim under this policy shall be payable unless all premiums falling due have been fully paid and the Life Assured or his personal representatives have complied with the terms of this condition. The documentation referred to in 6 above shall include: 6.1 In case of Death Claim; (a) Completed death claim form (b) Medical certificate of cause of death (c) Death registration certificate or burial warrant (d) Police report, in case death was caused by accident (e) Indebtedness contract document/offer letter

11 (f) Proof of debt/certificate from Creditor/repayment schedule of life assured indicating amount outstanding at the date of death (g) Any other documentation required for the purpose of admitting claim. 6.2 In case of Permanent disability claim, (a) Completed Disability Claim form; (b) Medical Report from a qualified medical practitioner; (c) Indebtedness contract document/offer letter; (d) Proof of debt/certificate from Creditor/repayment schedule of life assured indicating amount outstanding at the date of death (e) Any other documentation required for the purpose of admitting claim such as a personal medical attendant s report. 6.3 In case of Loss of Job Claim, (a) Completed Loss of Job Claim form; (b) Letter of last employment; (c) Letter of termination of employment; (d) Indebtedness contract document and number; (e) Proof of debt/certificate from Creditor/Assured indicating amount outstanding at the date of claim (loss of job); (f) Indemnity forms executed by the guarantors to the loan (g) Any other documentation required for the purpose of admitting claim. Any other documentation required for the purpose of admitting claim such as a personal medical attendant s report. EXCEPTIONS This policy does not apply to bodily injury whether fatal or non-fatal or death directly or indirectly caused by, arising or resulting from or traceable to: a) Accident happening when the Insured is under the influence of intoxicating liquor or of a drug (unless administered under the orders of a hospital or a qualified medical practitioner) or is in a state of insanity, or b) The Insured being affected (temporarily or otherwise) by alcohol drug or insanity; or c) Suicide or attempted suicide, war, invasion, act of foreign enemy, hostilities (whether war be declared or not) civil war, rebellion, riot, civil commotion, revolution, insurrection or military or usurped power; or

12 d) The Insured playing football for or against professional clubs polo or motorcycling (whether as driver or passenger) or mountaineering (with the use of ropes or guides) skiing, tobogganing, bob-sleighing, hunting or participating in speed or duration tests or races of any kind (other than athletics); or e) Childbearing or other physical causes peculiar to the female sex; f) Air travel (other than as a fare-paying passenger by a regular schedule Air-line Service) g) any injury by accident or disease directly attributed to war invasion act of foreign enemy hostilities (whether war be declared or not) civil war mutiny insurrection rebellion revolution or military or usurped power h) The Insured's liability to employees of contractors to the Insured i) any liability of the Insured which attaches by virtue of an agreement but which would not have attached in the absence of such agreement j) Any sum which the Insured would have been entitled to recover from any party but for an agreement between the Insured and such party.

ACCIDENT INSURANCE POLICY

ACCIDENT INSURANCE POLICY HEAD OFFICE Leadway Assurance House NN 28/29, Constitution Road, P. O. Box 458, Kaduna. CORPORATE OFFICE Leadway Assurance House 121/123, Funso Williams Avenue, Iponri, Surulere, Lagos. P.O. BOX 6437 MARINA,