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 4,749,632 3,745,210 2,480,715 2,255,595 Gross premium income 1 4,635,689 4,089,532 3,108,799 2,671,574 Premium ceded to reinsurers 1.2 (766,096) (376,576) (485,723) (287,153) Net premium income 1.3 3,869,593 3,712,956 2,623,076 2,384,421 Fee and commission income 2 144,749 92,181 116,115 65,776 Net underwriting income 4,014,342 3,805,137 2,739,191 2,450,197 Net benefits and claims 3 1,390,887 1,077,842 843,121 477,973 (Decrease)/increase in life fund 32.1.2 - - - - Increase in annuity reserve 32.1.2 (11,407) (11,342) - - Underwriting expenses 4 1,051,786 837,989 539,515 492,691 Net underwriting expenses 2,431,266 1,904,489 1,382,636 970,664 Underwriting profit 1,583,076 1,900,648 1,356,555 1,479,533 Profit/(loss) on investment contracts 5 319,392 1,083,679 - - Investment income 6 525,211 (424,248) 226,609 173,402 Net fair value gain on assets at FVTPL 7 40,112 (41,510) 40,112 (41,510) Other income 8 74,501 14,220 27,507 672 Impairment charge no longer required 9 - - - - Impairment charges 10 (56,740) (26,959) - - Employee benefit expenses 11 (527,046) (508,698) (236,962) (277,722) Other management expenses 12 (865,590) (837,488) (529,161) (499,626) Net foreign exchange differences 12.1 (337,950) (296,550) (337,950) (296,550) Result of operating activities 754,966 863,094 546,710 538,199 Finance costs 13 (7,269) (15,275) - - Finance incomes 14 121,261 22,473 - - Profit before income tax 868,958 870,292 546,710 538,199 Income tax expense 15 (197,264) (215,540) (164,013) (161,460) Profit from continuing operation 671,694 654,752 382,697 376,739 Discountinued operations Loss from discountined operation - - - - Profit for the year 671,694 654,752 382,697 376,739 Profit attributable to: Owners of the parent 665,596 642,794 382,697 376,739 Non-controlling interests - 6,098 11,958 - - 671,694 654,752 382,697 376,739 Earnings per share: Basic and diluted (kobo) 16 8 8 5 5 1

CONSOLIDATED AND SEPARATE STATEMENT OF OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 MARCH 2017 MARCH 2017 Profit for the year 671,694 654,752 382,697 376,739 Other comprehensive income: Items that are or may be reclassified to the profit or loss account: Foreign currency translation differences 158,563 12,548 158,563 - Revaluation Surplus 4,901-163,464 12,548 158,563 - Total comprehensive income for the year 835,158 667,300 541,260 376,739 Profit attributable to: Owners of the parent 808,446 655,342 541,260 376,739 Non-controlling interest 26,712 11,958 - - 835,158 667,300 541,260 376,739 2

MUTUAL BENEFITS ASSURANCE PLC CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL POSITION FOR THE PERIOD ENDED 31 M DECEMBER A 2017 ACTUAL R ASSETS Cash and cash equivalents Financial assets Available-for-sale investment securities Fair value through profit or loss Loans and receivables Held to maturity Assets pledged as collateral Trade receivables Reinsurance assets Other receivables and prepayments Deferred acquisition costs Finance lease receivables Inventories Investment properties Investments in subsidiaries Investment in associates Intangible assets Property, plants and equipment Statutory deposit Deposit for shares Deferred tax assets Goodwill Total assets 17 18 18 18 18 19 20 21 22 23 24 25 26 27 28 29 30 31 41.1 32 LIABILITIES Insurance contract liabilities Investment contract liabilities Trade payables Other liabilities Deposit liabilities Book overdraft Borrowings Current income tax liabilities Deferred tax liabilities Total liabilities 32 33 34 35 36 37 38 39 41.2 EQUITY Share Capital Treasury shares Foreign currency translation reserve Contingency reserve Revaluation reserve Accumulated losses Shareholders' fund 42.2 42 43 44 45 46 6,821,664 859,594 110,952 12,704,119 16,859,859 208,176 623,286 2,388,728 1,158,912 408,211 146,701 907,822 8,378,500 36,172 3,838,386 500,000 480,588 1,543 56,433,213 10,696,515 24,945,958 1,552,140 915,760 430,677 6,847,120 898,187 1,063,082 47,349,439 8,343,102 DECEMBER 2017 ACTUAL 859,524 110,952 12,245,288 16,840,317 168,064 629,279 2,455,731 952,326 485,283 145,468 907,822 8,566,000 43,994 3,922,931 500,000 480,587 1,543 57,658,211 3,730,295 21,553 110,952 617,926 4,218,964 208,176 350,036 1,185,474 548,989 325,775 135,464 56,000 4,000,000 7,639 2,859,966 300,000 410,588 19,087,797 3,249,277 21,553 110,952 633,143 4,457,954 168,064 278,159 1,086,826 560,685 312,182 134,044 56,000 4,000,000 15,387 2,925,601 300,000 410,588 18,720,415 10,300,735 26,564,221 2,863,920 1,120,562 259,268 6,509,170 687,173 1,063,082 49,368,131 4,001,033 858,641 254,700 6,847,120 570,940 705,821 13,238,255 4,352,606 1,028,272 235,696 6,509,170 422,005 705,821 13,253,570 4,000,000 (250) 1,069,625 2,896,926 1,472,305 (509,011) 8,929,595 4,000,000 (250) 911,062 2,801,764 1,467,404 (1,079,246) 8,100,734 4,000,000 (250) 2,475,024 1,339,395 (1,964,627) 5,849,542 4,000,000 (250) 2,398,485 1,339,395 (2,270,785) 5,466,845 8,929,595 154,179 9,083,774 8,100,734 189,346 8,290,080 5,849,542 5,849,542 5,466,845 5,466,845 56,433,213 57,658,211 19,087,797 18,720,415 Total equity attributable to the: Owners of the parent Non-controlling interests in equity Total equity Total liabilities and equity 47 These financial statements were approved by the Board on the 18th of January 2018 and signed on its behalf by: Mr. Abayomi Ogunwo FRC/2015/ICAN/00000011225 Chief Finance Officer Mr. Olusegun Omosehin FRC/2013/CIIN/00000003103 Managing Director 3 -

STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 Company Share Treasury Contingency Revaluation Accumulated capital shares reserve reserve loss Total As at 1 January 2017 4,000,000 (250) 2,179,515 1,288,563 (2,657,093) 4,810,735 Total comprehensive income for the year: Profit for the year - - - - 376,739 376,739 Other comprehensive income - - - - - - Total comprehensive income for the year - - - - 376,739 376,739 Transactions with owners of equity Disposal of investments - - - - - - Transfer to contingency reserve - - 75,348 - (75,348) - Total transactions with owners of equity - - 75,348 - (75,348) - MARCH 2017 ACTUAL 4,000,000 (250) 2,254,863 1,288,563 (2,355,702) 5,187,474 AS AT 1 JANUARY 2018 4,000,000 (250) 2,398,484 1,339,395 (2,270,786) 5,466,843 4,000,000 (250) 2,398,485 1,339,395 (2,270,785) 5,466,845 Total comprehensive income for the year: Profit for the year - - - - 382,697 382,697 Other comprehensive income - - - - - - Total comprehensive income for the year - - - - 382,697 382,697 Transactions with owners of equity Transfer to contingency reserve - - 76,539 - (76,539) - Total transactions with owners of equity - - 76,539 - (76,539) - 4,000,000 (250) 2,475,024 1,339,395 (1,964,629) 5,849,540 4

CONSOLIDATED AND SEPARATE STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 Group Attributable to equityholders of the Company Foreign Share Treasury translation Contingency Revaluation Accumulated Non - capital shares reserve reserve reserve losses Total controlling Total Note Restated* interests equity AS AT 1 JANUARY 2017 4,000,000 (250) 906,502 2,533,160 1,288,563 (1,838,814) 6,889,161 123,607 7,012,769 Total comprehensive income for the year: Profit/(loss) for the year - - - - - 652,281 652,281 7,683 659,964 Other comprehensive income - - 27,359 - - - 27,359-27,359 Total comprehensive income for the year - - 27,359 - - 652,281 679,640 7,683 687,323 Transactions with owners of equity Transfer to contingency reserve - - - 84,284 - (84,284) - - - Total transactions with owners of equity - - - 84,284 - (84,284) - - - MARCH 2017 ACTUAL 4,000,000 (250) 933,861 2,617,444 1,288,563 (1,270,816) 7,568,802 131,290 7,700,092 AS AT 31 4,000,000 (250) 911,062 2,801,763 1,467,404 (1,079,247) 8,100,732 189,347 8,290,079 4,000,000 (250) 911,062 2,801,764 1,467,404 (1,079,246) 8,100,734 189,346 8,290,080 Total comprehensive income for the period: (1) Profit/(loss) for the period - - - - - 665,596 665,596 6,098 671,694 Other comprehensive income Foreign currency translation reserve - - 158,563 - - - 158,563 (52,823) 105,740 Revaluation Surplus - - - - 4,901-4,901 11,557 16,458 Total comprehensive income for the period - - 158,563-4,901 665,596 829,060 (35,168) 793,892 Transactions with owners of equity Changes in equity - - - - - - - - Transfer to contingency reserve - - - 95,162 - (95,162) - - - Total transactions with owners of equity - - - 95,162 - (95,162) - - - 4,000,000 (250) 1,069,625 2,896,925 1,472,305 (509,011) 8,929,594 154,179 9,083,971 5

CONSOLIDATED AND SEPARATE STATEMENTS OF CASHFLOWS FOR THE PERIOD ENDED 31 MARCH 2017 MARCH 2017 Cash flows from operating activities Cash received from insurance contract policy holders 4,755,625 3,303,381 2,408,838 2,061,306 Cash received from investment contract policy holders 33 2,966,909 4,802,929 - Cash withdrawal by investment contract policy holders 33 (5,139,664) (3,929,572) - Commission received 2 144,749 92,181 116,115 65,776 Reinsurance cost 21.2 (864,743) (400,832) (584,371) (7,284) Claims paid 3 (1,686,430) (1,295,196) (732,633) (394,670) Claims recovered from to reinsurers 3 403,044 279,089 166,024 150,015 Commission paid 23.1 (565,314) (544,756) (375,521) (386,433) Payments to employees 11 (527,046) (508,698) (236,962) (277,722) Investment income 525,211 (424,248) 226,609 173,402 Other cash received 195,762 36,693 27,507 672 Cash paid to brokers, suppliers and other providers of services (2,187,051) 293,263 (893,887) (731,918) Income tax paid 13,750 (252,896) (15,078) (232,805) Net cash flows from operating activities 48 (1,965,198) 1,451,338 106,641 420,339 293,263 (731,918) Investing activities: Purchase of investment properties - - - - Purchase of intangible assets 28 - (13,552) - (9,632) Purchase of properties, plants and equipments 29 (78,436) (561,981) (51,890) (457,131) Receipts on loans and advances 18.3.2 (226) 1,691,491 - - Receipts on finance lease receivables 626 626 Additions to finance lease receivables - - Purchase of Held to maturity investments (585,000) (10,289,824) (585,000) (2,445,183) Proceeds on held to maturity financial assets 1,011,796 1,011,794 Proceeds from sale of properties, plant and equipment - 8,563 (1,154) 3,450 Additions to deposit for shares - (32,000) - (133,000) Proceeds from sale of investment properties 95,000 - - - Purchase of available-for-sale investments - - - Net cash flows used in investing activities 443,760 (9,197,303) 374,376 (3,041,496) Financing activities Increase in non controlling interest - - - - Net cash flows (used in)/from financing activities - - - - Net (decrease)/increase in cash and cash equivalents (1,521,438) (7,745,965) 481,017 (2,621,157) Effects of exchange rate changes on cash and cash equivalent - 2,184,975-2,184,975 Cash and cash equivalents as 1 January 8,343,102 14,016,107 3,249,277 4,111,237 Cash and cash equivalents as at period end 17.1 6,821,664 8,455,117 3,730,294 3,675,055 6,821,664 8,455,117 3,730,294 3,675,055 6

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 1 Gross premium income MARCH 2017 ACTUAL MARCH 2017 1.1 Gross premium written Non-life 2,835,984 2,769,028 2,480,715 2,255,595 Life (Group life and individual life) 1,766,575 976,182 - - Annuity - - - - 32.2 4,602,559 3,745,210 2,480,715 2,255,595 4,749,632 3,745,210 2,480,715 2,255,595 Changes in unearned premium Non-life 567,074 360,349 628,085 415,979 Life (Group life and individual life) (681,017) (16,027) - - Annuity - - - - 32.2 (113,943) 344,322 628,085 415,979 Gross premium income 4,488,616 4,089,532 3,108,800 2,671,574 4,635,689 4,089,532 3,108,799 2,671,574 1.2 Premiums ceded to reinsurers Outward premium - Non life 584,370 348,072 584,370 348,072 Outward premium - life 280,373 89,423 - - Changes in prepaid re-insurance (98,647) (60,919) (98,647) (60,919) 766,096 376,576 485,723 287,153 (766,096) (376,576) (485,723) (287,153) 1.3 Net premium income 3,722,520 3,712,956 2,623,077 2,384,421 3,869,593 3,712,956 2,623,076 2,384,421 2 Fee and commission income Commission received from reinsurance 144,749 92,179 116,115 65,774 Commission received from co insurance - 2-2 144,749 92,181 116,115 65,776 144,749 92,181 116,115 65,776 3 Net benefits and claims Claims paid 32.1 1,686,430 1,295,196 732,633 394,670 Change in outstanding claims 107,501 61,735 276,512 233,318 Claims recoveries (403,044) (279,089) (166,024) (150,015) Change in outstanding claims - Reinsurers 21.1 - - - - 1,390,887 1,077,842 843,121 477,973 1,390,887 1,077,842 843,121 477,973 7

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 4 Underwriting expenses Amortisation of deferred acquisition costs 23.1 642,385 501,287 361,928 391,055 Maintenance costs 4.1 407,302 336,702 177,587 101,636 1,049,687 837,989 539,515 492,691 1,051,786 837,989 539,515 492,691 Underwriting expenses can be sub-divided into commission expenses and other acquisition expenses. Commission expenses are those incurred in obtaining and renewing insurance contracts. They include commissions or brokerage paid to agents or brokers. Other acquisition expenses are those incurred in servicing existing policies/contracts. These include processing costs, preparation of statistics and reports, and other incidental costs attributable to maintenance. 4.1 Maintenance costs MARCH 2017 ACTUAL MARCH 2017 Agency expenses on vehicle insurance business 34,076 4,158 34,076 4,158 Tracking expenses on insured vehicles 35,983 40,885 35,983 40,885 Agency expenses on travel insurance business 57,401 24,231 57,401 24,231 Administrative charges-group Life 11,109 2,504 - - Agency allowance 30,916 30,693 - - Agency running cost - - - - Agency training 3,133 1,696 - - Transport & Travelling-Corporate 15,087 21,611 - - Superintending and surveyors fees 30,495 19,670 30,495 19,670 Group life actuary valuation report fee - - - - Stamp duty expenses 572 621 - - Training and forum for marketers 66,177 85,540 - - Agency unit manager allowance 54,092 51,867 - - Business promotion expenses - - - - Value added tax 28,661 21,548 10,864 7,809 Underwriting medical expenses 840 493 - - Consultancy fees - - - - Marketing expenses 38,760 31,186 8,767 4,883 407,302 336,703 177,586 101,636 407,302 336,702 177,587 101,636 5 Profit/(loss) on investment contracts - Interest income 6 872,552 1,601,961 - - Surrender fee 144,857 131,845 - - - - - - Guaranteed interest (454,492) (507,376) - - Acquisition cost on investment policies (243,525) (142,750) - - 319,392 1,083,680 - - 319,392 1,083,679 - - 8

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 6 Investment income Interest income on loans and advances 6.1 569,359 1,326,112-3,955 Dividend income - - - - Interest income on fixed term deposit 171,773 162,991 74,977 56,918 Interest income on statutory deposit 41,037 29,788 24,622 17,873 Interest income on lease 2,046 3,726 2,046 3,726 Interest from current accounts with banks 256 2,839 1 464 Interest Income from Staff Mortgage Loan 1,289 2,137 1,289 2,137 Interest income from treasury bills 608,536 396,325 123,674 86,344 Rental income 13,058 20,422-1,984 Investment income written off (9,591) (23,636) - - Reclassification of investment contract (872,552) (2,344,951) - - income 5 525,211 (424,247) 226,609 173,401 525,211 (424,248) 226,609 173,402 6.1 Interest income on loans and advances Loan to Prime Exploration 558,942 541,011 - - Loan to Mutual Homes and Properties - - - - Other loans and advances 10,417 785,101-3,955 569,359 1,326,112-3,955 7 Net fair value gain on assets at FVTPL MARCH 2017 ACTUAL MARCH 2017 Fair value (loss)/gain on financial assets 40,112 (41,510) 40,112 (41,510) through profit or loss Fair value (loss)/gain on pledged assets - - - - Fair value gain in investment property - - - - 40,112 (41,510) 40,112 (41,510) 40,112 (41,510) 40,112 (41,510) 9

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 8 Other income Profit on sale of property and equipment - 81-81 Bank charges income - - - - Net income from sale of properties - - - - Gain on disposal of PPE - (1,063) - - Micro finance fees and commission 14,104 17,801 - - Default charges - - - - Share of profit of the associate - - - - Commission on turnover 393 2,061 - - Others 11,977 1,843 - - Insurance claim received - (128) - (128) Sundry income 27,507 719 27,507 719 Foreign exchange gain?? 20,135 (7,094) - - 74,116 14,220 27,507 672 74,501 14,220 27,507 672 9 Impairment charge no longer required MARCH 2017 ACTUAL MARCH 2017 9.1 Other receivables 22.4 - - - - - - - - - - - - This represents amount received on premium income that had been impaired 10 Impairment charges Loans and advances - 56,740 26,959 - - Trade receivables - - - - - Other receivables - - - - - Finance lease receivables 24 - - - - 56,740 26,959 - - (56,740) (26,959) - - 11 Employee benefit expenses Wages and salaries 446,459 401,370 164,782 178,629 Defined contribution pension costs 80,588 107,328 72,180 99,094 527,047 508,698 236,962 277,723 (527,046) (508,698) (236,962) (277,722) In accordance with Pension Reform Act 2015, the Group contributes 10% each of the qualifying staff's salary (Basic, transport, and housing), whilst the employees contribute 8%. The contributions are recognised as employee benefits expense as and when due. 10

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 12 Other management expenses MARCH 2017 ACTUAL MARCH 2017 Depreciation of property, plants and 29 241,982 142,553 116,539 107,145 equipments Amortisation of intangible assets 28 28,385 9,350 7,747 8,783 Auditors' remunerations 10,011 8,575 3,750 3,413 Legal and consultancy fees 141,349 86,938 125,014 70,785 Directors fee and allowance 74,122 73,665 52,456 63,692 Medical expenses 11,251 16,685 1,386 7,295 Donations 16,234 9,682 125 1,650 Subscriptions 11,103 8,982 10,627 8,552 Rents and Rates 32,641 32,778 9,825 4,681 Share issue expenses - - - - Repairs and maintainance 81,670 113,200 30,315 38,233 Utilities 11,954 9,681 10,643 7,773 Transport and travelling 30,130 27,931 25,285 25,133 Public relations and advertising 21,577 11,259 16,201 7,955 Motor vehicle running expenses 20,306 17,602 11,711 8,778 Business acquisition costs 12,603 12,199 11,196 7,262 Training and recruitment 48,214 94,416 43,187 90,348 Insurance 8,263 9,178 6,472 7,049 Bank charges 16,859 19,284 4,097 2,792 Insurance supervisory fee 44,823 43,499 14,823 13,499 Conference and seminar expenses 14,107 2,815 14,107 2,815 Fines and penalties - 5 - - Newspapers and periodicals 90 146 47 87 Printing and stationery 8,409 9,886 1,266 3,390 Telecommunication expenses 10,490 8,890 6,034 2,741 Security expenses 6,749 7,023 4,811 4,400 Other expenses (74,229) 31,266 1,495 1,380 Head office expenses 37,500 30,000 - - Loss on disposal of property, plant & equipment - - - - Investment related expenses - - - - 866,593 837,488 529,159 499,631 (865,590) (837,488) (529,161) (499,626) 11

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 1 Net foreign exchange loss MARCH 2017 ACTUAL MARCH 2017 - (2,184,975) - (2,184,975) Exchange gain on foreign currency denominated bank balances Exchange loss on foreign loan 337,950 2,481,525 337,950 2,481,525 337,950 296,550 337,950 296,550 The exchange loss on foreign loan represents the impact of translation of 2,250,000,000 Japanese Yen (JPY) due to Daewoo Securities (Europe) Limited to the Company's funtional currency (NGN) at the reporting date.to hedge against future exchange losses that may arise on conversion of foreign currency denominated loan balances, the Group has started investing a proportion of its financial assets in foreign currency. 13 Finance costs MARCH 2017 ACTUAL MARCH 2017 Interest on loans and overdraft - - - - Interest charge on deposits 6,543 14,949 - - Other charges 726 326 - - 7,269 15,275 - - (7,269) (15,275) - - 14 Finance income Interest income on Micro loans 121,261 21,870 - - Interest income on SME loans - - - - Interest on Eazy cash product - - - - Interest income on overdraft - 603 - - Interest income on treasury bills - - - - Income from funds placement - - - - 121,261 22,473 - - 121,261-15 Income tax expense 15.1 Current income tax charge Current income tax 197,264 215,540 164,013 161,460 Education tax - - - - Information technology tax - - - - Minimum tax - - - - 197,264 215,540 164,013 161,460 12

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 15.2 Deferred tax Reversal of origination and temporary differences - - - - - - - - Total Income tax expenses 197,264 215,540 164,013 161,460 16 Earnings per share 16.1 Earnings per share - Basic Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year, excluding ordinary shares purchased by the Company and held as treasury shares. MARCH 2017 ACTUAL MARCH 2017 Profit attributable to equity holders 665,596 642,794 382,697 376,739 Weighted average number of ordinary shares for basic earnings per share 16.2 7,999,500 7,999,500 7,999,500 7,999,500 Basic earnings per ordinary share (kobo) 8 8 5 5 16.2 Weighted average number of ordinary shares - basic Issued ordinary shares at 1 January 8,000,000 8,000,000 8,000,000 8,000,000 Effect of treasury shares held 500 500 500 500 As at 31 December 7,999,500 7,999,500 7,999,500 7,999,500 16.3 Earnings per share- Diluted The calculation of diluted earnings per share has been based on the profit attributable to ordinary shareholders and the weighted- The company has no potential dilutive ordinary shares during the year (2016: Nil). Hence, the weighted average number of ordinary 13

FOR THE PERIOD ENDED 31 17 Cash and cash equivalents Cash in banks and on hand 1,147,762 1,755,691 131,737 173,825 Short-term deposits 17.1 5,673,902 6,269,243 3,598,557 3,075,452 Treasury bills with original maturity - 318,168 - - of less than 90days 6,821,664 8,343,102 3,730,294 3,249,277 6,821,664 8,343,102 3,730,295 3,249,277 17.1 Short-term deposits - - (1) - Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash For the purpose of the statement of cash flows, the cash and cash equivalents comprise the following balances with maturity of three months or less from the date of acquisition. Cash in banks and on hand 1,147,762 1,755,691 131,737 173,825 Short-term deposits 5,673,902 6,269,243 3,598,557 3,075,452 Treasury bills with original maturity <90days - 318,168 - - 6,821,664 8,343,102 3,730,294 3,249,277 Book overdraft - - - - 6,821,664 8,343,102 3,730,294 3,249,277 18 Financial assets The Group s financial assets are Available-for-sale investment securiti 18.1 859,594 859,524 21,553 21,553 Fair value through profit or loss 18.2 110,952 110,952 110,952 110,952 Loans and receivables 18.3 12,704,119 12,245,288 617,926 633,143 Held to maturity 18.4 16,859,859 16,840,316 4,218,964 4,457,954 30,534,524 30,056,080 4,969,395 5,223,602 13,674,665 13,215,764 750,431 744,095 18.1 Available-for-sale investment securities Unquoted investments 18.1.1 1,131,949 1,131,879 193,908 193,908 Allowance for impairment 18.1.3 (272,355) (272,355) (172,355) (172,355) 859,594 859,524 21,553 21,553 14

FOR THE PERIOD ENDED 31 18.1.1 Analysis of investments in unlisted entities Empire Aviation Limited 122,355 122,355 122,355 122,355 Global Haulage Limited 150,000 150,000 50,000 50,000 Mutual Model Transport Limited (MMTL) 1,000 1,000 1,000 1,000 ICHL Limited 316,472 316,472 - - Motor Way Assets Limited 330,000 330,000 - - Leasing Company of Liberia 60,950 60,950 - - WAICA Reinsurance Corporation Plc 20,553 20,553 Avanage Limited 70,000 70,000 - - Other investments 60,619 50,400 20,553 20,553 1,131,949 1,121,730 193,908 193,908-10,149 - - 18.1.2 Movement in unlisted entities At 1 January 1,121,730 966,391 193,908 173,355 Purchase during the year - 20,553-20,553 Transfer from deposit for shares - 70,000 - - Foreign exchange reserves 10,219 64,786 - - At 31 December 1,131,949 1,121,730 193,908 193,908 18.1.3 Analysis of impaired unlisted investments Empire Aviation Limited 122,355 122,355 122,355 122,355 Global Haulage Limited 150,000 150,000 50,000 50,000 Other investments - - - - 272,355 272,355 172,355 172,355 - - - - 18.2 Investment securities - fair value through profit or loss Quoted shares 110,952 110,952 110,952 110,952 Movement in listed entities At 1 January 110,952 93,463 110,952 93,463 Purchase during the year - - - - Liquidation of subsidiaries - - - - Fair value (loss)/gain - 17,489-17,489 At 31 December 110,952 110,952 110,952 110,952 18.3 Loans and advances Term loans 18.3.1 11,641,771 11,273,420 (202) - Overdrafts 534,281 370,304 - - Staff loans 704,233 720,989 618,128 633,143 12,880,285 12,364,713 617,926 633,143 Allowance for specific impairment (176,165) (119,425) - - Allowance for collective impairment - - - - 12,704,120 12,245,288 617,926 633,143 12,704,119 12,245,288 617,926 633,143 15

FOR THE PERIOD ENDED 31 18.3.1 Term loans Loan to Prime Exploration and 18.3.2 10,721,520 10,162,578 - - Production Limited Loan to Mutual Homes and - - - - Properties Limited Others 920,251 1,110,842 - - Gross loans and advances 11,641,771 11,273,420 - - Allowance for specific impairment - - - - Allowance for collective impairment - - - - 11,641,771 11,273,420 - - 11,641,771 11,273,420 (202) - 18.3.2 Term loans Balance as 1 January 10,162,578 10,010,310 - - Additions - - - - 10,162,578 10,010,310 - - Interest on loan 558,942 2,202,268 - - Payments - (2,050,000) - - 10,721,520 10,162,578 - - 18.4.1 The movement in held-to-maturity financial assets At 1 January 16,840,316 8,214,636 4,457,954 2,030,905 Additions during the year 585,000 16,252,540 585,000 3,565,863 Accrued interest income 446,338 1,774,479 187,805 692,382 Redemption at maturity (1,011,795) (9,401,338) (1,011,795) (1,831,196) 16,859,859 16,840,316 4,218,964 4,457,954 19 Assets pledged as collateral Quoted shares 208,176 168,064 208,176 168,064 16

FOR THE PERIOD ENDED 31 20 Trade receivables General busines 306,112 278,159 350,036 278,159 Mutual Benefits Niger 236,465 208,046 - - Mutual Benefits Liberia 80,710 143,075 - - 623,287 629,280 350,036 278,159 623,286 629,279 350,036 278,159 21 Reinsurance assets Reinsurance share of outstanding clai 21.1 214,506 214,506 177,866 177,866 Reinsurance receivable 798,038 786,600 487,865 487,865 Co-assurance claims receivable 911,330 1,088,418 76,944 76,944 Prepaid reinsurance 21.2 464,854 366,207 442,798 344,150 2,388,728 2,455,731 1,185,473 1,086,825 2,388,728 2,455,731 1,185,474 1,086,826 21.1 The movement in reinsurers' share of claims reported and loss adjustment expenses is as follows: Opening balance 214,506 904,869 177,866 673,818 Changes in reinsurance share of outstanding claims 3 - (690,363) - (495,952) 214,506 214,506 177,866 177,866 21.2 The movement in prepaid reinsurance Balance, beginning of the year 366,207 579,872 344,150 555,901 Additions during the year 864,743 1,671,990 584,371 834,537 Recognised in profit or loss 1.2 (766,096) (1,885,655) (485,723) (1,046,288) 464,854 366,207 442,798 344,150 17

FOR THE PERIOD ENDED 31 22 Other receivables and prepayments Prepayments 181,913 194,549 102,535 119,077?? Interest receivable - - - -?? Staff loans - - - - Loan to policy holders - - - -?? Other bank balances 22.1 74,154 76,784 63,601 63,601?? Investment receivables 22.2 (33,242) 16,758 16,758 16,758 Other assets 22.3 71,661 64,013 - - Due from Related Companies (35,916) - 119,591 155,508 Sundries receivables 554,409 380,398 260,181 253,389?? Directors current account 69,349 35,646 66,684 32,700 Property development 21,922 21,922 - - VAT input recoverable on investment property 198,750 198,750 - - Trade receivables of non-insurance subsidiaries 142,754 50,254 - - Deposit for building material - - - - 1,245,754 1,039,074 629,350 641,033 Allowance for impairment on other receivables 22.4 (86,748) (86,748) (80,358) (80,358) 1,159,006 952,326 548,992 560,675 1,158,912 952,326 548,989 560,685 22.1 Other bank balances Balance held in Skye Bank Jericho 2,533 2,533 2,533 2,533 Balance held in GTB ( Premium call) 18,068 18,068 18,068 18,068 Balance held in Unity Bank Plc - - - - Balance held in Guaranty Trust 42,988 42,988 42,988 42,988 Balance held in Sterling Bank - - - - Balance held in GTB( current account) 11 11 11 11 Other bank balances 10,554 13,184 1 1 74,154 76,784 63,601 63,601 74,154 76,784 63,601 63,601 22.2 Investment receivables Placement with Profound Securities 16,757 16,757 16,757 16,757 Others (49,999) 1 1 1 (33,242) 16,758 16,758 16,758 (33,242) 16,758 16,758 16,758 18

FOR THE PERIOD ENDED 31 22.3 Other assets WHT recoverable - OPL 72,430 67,402 - - Uniform stock - - - - Private placement - - - - Stock of cheque 2,119 2,156 - - Branch account - - - - SMS Alert account - - - - Telephone - 20 - - Accrued interest?? - - - - Unpaid capital?? - - - - Adjustment account?? - - - - Suspense account?? - - - - Cheques and coupons - - - - Due from government - - - - Excess interest charges 6,390 6,390 - - ATM Receivables?? 957 957 - - Premium Refund (10,235) (12,912) - - 71,661 64,013 - - 71,661 64,013 - - 22.4 The movement in impairment Balance, beginning of the year 86,748 192,440 80,358 80,358 Write-offs during the year - (104,406) - - Write back during the year - (1,286) - - 86,748 86,748 80,358 80,358 23 Deferred acquisition costs Deferred acquisition cost - Fire 41,570 41,570 41,570 41,570 Deferred acquisition cost - Gen Accident 130,110 116,517 130,110 116,517 Deferred acquisition cost - Motor 86,275 86,275 86,275 86,275 Deferred acquisition cost - Marine 49,067 49,067 49,067 49,067 Deferred acquisition cost - Oil & Gas & aviation 18,754 18,754 18,754 18,754 Life Business 82,437 173,101 - - 408,213 485,284 325,776 312,183 408,211 485,283 325,775 312,182 23.1 The movement in deferred acquisition cost is as follows: Balance, beginning of the year 485,284 322,609 312,183 261,798 Additions during the year 565,314 1,785,328 375,521 1,155,075 Amortisation in the year (642,385) (1,622,653) (361,928) (1,104,690) Balance, end of year 408,213 485,284 325,776 312,183 19

FOR THE PERIOD ENDED 31 24 Finance lease receivables Net investment in finance lease 24.1 344,834 343,188 254,767 253,347 Less: Allowance for specific impairment (197,719) (197,718) (119,303) (119,303) Allowance for collective impairment - - - - 147,115 145,470 135,464 134,044 146,701 145,468 135,464 134,044 24.1 Movement in finance lease Balance at the beginning of the year 343,188 539,352 253,347 267,268 Additions 226 - - Interest on finance leases 2,046 31,795 2,046 14,800 Repayment received on finance leases (626) (227,959) (626) (28,721) Foreign exchange difference - - - 344,834 343,188 254,767 253,347 - - - - 25 Inventories Diesel Stocks-Head office - - - - Construction in progress 907,822 907,822 - - Building raw materials - - - - Land properties for construction - - - - 907,822 907,822 - - 907,822 907,822 - - 20

FOR THE PERIOD ENDED 31 26 Investment properties At the beginning of the year 8,566,000 8,731,665 56,000 56,000 Additions - (80,275) - - Transfer from Mutual Benefits Homes & Properties Limited - - - - Reclassification from property, plant and equipment - - - - Disposal (187,500) - - - Fair value gain - (85,390) - - 8,378,500 8,566,000 56,000 56,000 8,378,500 8,566,000 56,000 56,000 The items of investment properties Mutual Tulip Estate i 798,140 798,140 - - Property at Ikeja GRA- Sasegbon ii 625,000 625,000 - - Property at Ikeja Alausa iii 285,000 285,000 - - Property at Ikota iv 56,000 56,000 56,000 56,000 Property at Sango/Idiroko - Mogga v 84,250 84,250 - - Property at Sango/Idiroko - Caxtonjo vi 50,000 50,000 - - Property at Onireke,Ibadan vii 538,000 538,000 - - Mutual Alpha Court duplex, Costain, viii 4,143,000 4,218,000 - - Property at Asokoro, Abuja ix 702,000 702,000 Property at Akure Plots (5,500 220,000 220,000 x Square Meters) Property at Paradise Estate, 230,000 230,000 xi Anthony Estate Property at Ado Ekiti Land, (100 Hect xii 750,000 750,000 Property at Oyingbo, Lagos xiii 170,000 170,000 8,651,390 8,726,390 56,000 56,000 27 Investments in subsidiaries The Company s investment in Mutual Benefits Life Assurance Limited 4,000,000 4,000,000 21

FOR THE PERIOD ENDED 31 27 Investments in subsidiaries MUTUAL BENEFIT'S STRUCTURE Mutual Benefit Assurance Plc CLASS ULTIMATE PARENT 100% Mutual Benefits Life Assurance Limited 80% 100% 95% 92% Mutual Benefits Microfinance Bank Limited Mutual Benefits Homes and Properties Ltd Mutual Benefit Liberia Company Limited Mutual Benefits Niger Republic SA Company name Nature of business Country of origin Relationship % of equity Year of NCI Status controlled control 1 Mutual Benefits Life Assurance Insurance Nigeria Direct - Subsidiary 100% - Set up Dec 2007 2 Mutual Benefits Microfinance Bank Ltd Banking Nigeria Indirect - Subsidiary 76% 24% Acquired Jan 2009 3 Mutual Benefits Homes and Properties Ltd Property development Nigeria Indirect - Subsidiary 100% - Set up Jan 2008 4 Mutual Benefits Liberia Insurance Liberia Indirect - Subsidiary 95% 5% Set up Jan 2008 5 Mutual Benefits Niger Republic Insurance Niger Republic Indirect - Subsidiary 92% 8% Set up Jan 2014 22

FOR THE PERIOD ENDED 31 27 Investments in subsidiaries Mutual Benefits Life Assurance Limited Mutual Life Assurance Limited is a wholly owned subsidiary of Mutual Benefits Assurance Plc.The principal activity of the Company is the underwriting of life insurance policies. Mutual Benefits Microfinance Bank Mutual Benefits Microfinance Bank was incorporated in Nigeria in January 2008 and its principal activity involves the provision of retail banking services to both individual and corporate customers. Mutual Benefits Life Assurance Limited obtained control of the company with acquisition of 80% of the voting rights of the Company in January 2009.As at June 2017, MBA PLC's shareholdings changed to 76% with the additional issue of shares by the subsidiary. Mutual Benefits Homes and Properties Ltd Mutual Benefits Homes and Properties Limited was incorporated in December 2007 to provide property development services to corporate and individual customers. The Company was established as a wholly owned subsidiary of Mutual Benefits Life Assurance Limited. Mutual Benefits Liberia Mutual Benefit Assurance Company Liberia was incorporated on 29 August 2007 and commenced operations on 2 January 2008. It is into underwriting of all classes of non- Life and life businesses. It is 95% owned by Mutual Benefits Life Assurance Limited. Mutual Benefits Niger Republic Mutual Benefits Niger S.A commenced operations on 2 January 2014. It is into underwriting of all classes of non-life businesses. It is 92% owned by Mutual Benefits Life Assurance Limited. 23

FOR THE PERIOD ENDED 31 - - - - 28 Intangible assets Note DECEMBER 2017 ACTUAL Cost: Balance at the beginning of the year 326,840 293,042 177,237 163,512 Additions - 21,796-13,725 Foreign exchange reserves 3,735 12,002 - - 330,575 326,840 177,237 177,237 Amortization: Balance at the beginning of the year 282,846 219,511 161,851 130,207 Amortisation charge 12 8,623 54,986 7,747 31,644 Foreign exchange reserves 2,933 8,348 - - 294,403 282,846 169,598 161,851 (169,599) 36,173 43,994 7,639 15,386 24

FOR THE PERIOD ENDED 31 29 Property, plant and equipments (Group) Furniture Organisa - Capital Leasehold Land & Leasehold Plant and Motor fittings and Trading tional work-in Total Note properties Land Building Improvement machinery vehicles equipment booth cost progress Cost: As at 1 January 2016 154,126 118,900 2,243,070 1,550,670 324,558 1,055,318 1,488,726 3,799 114,751-7,053,918 Additions - 63,668-57,341 1,162 142,576 102,232 - - - 366,979 Disposal - - - (65,887) (32,912) (7,136) - - - (105,935) Revaluation adjustment - 139,139 72,617 - - - - - - - 211,756 Foreign exchange difference - 17,575-466 31 289 9,358 - - - 27,719 154,126 339,282 2,315,687 1,608,477 259,864 1,165,271 1,593,180 3,799 114,751-7,554,437 Additions - - 8,258 725 1,664 65,270 2,519 - - - 78,436 Reclassification - - - - - - - - - - Foreign exchange difference - - 14,049 (14) (148) 3,496 - - - 17,383 Disposal - - - - - - - - - - 154,126 339,282 2,323,945 1,623,251 261,514 1,230,393 1,599,196 3,799 114,751-7,650,256 Accumulated depreciation: As at 1 January 2016 154,126-176,416 758,896 277,015 593,809 950,809 3,799 114,751-3,029,621 Charge for the year - - 46,439 220,989 16,380 194,035 221,870 - - - 699,713 Disposal - - - - (65,866) (32,912) (5,813) - - - (104,591) Revaluation adjustment - - - - - - - - - - Foreign exchange difference - - - 79 26 240 6,418 - - - 6,763 154,126-222,855 979,964 227,555 755,172 1,173,284 3,799 114,751-3,631,506 Charge for the year - - 11,610 55,833 2,992 46,765 59,654 - - - 176,854 Disposal - - - - - - - - - - - Foreign exchange difference - - - (29) (13) (119) 2,836 - - - 2,676 154,126-234,465 1,035,769 230,534 801,818 1,235,775 3,799 114,751-3,811,036 Carrying amounts at: - 339,282 2,089,481 587,482 30,980 428,574 363,421 - - - 3,839,220-339,282 2,092,832 628,513 32,310 410,098 419,896 - - - 3,922,931 No leased assets are included in the above property, plant and equipment and the Group had no capital commitments as at 31 December 2016. The capital work-in progress is a control account for the acquisition of property, plant and equipment for which advance payments have been made but assets yet to be completed, delivered and put to use. None of the assets have been pledged as collateral. 25

FOR THE PERIOD ENDED 31 29 Property, plant and equipment (Company) Furnitures Leasehold Leasehold Plant and Motor fittings and Total properties Building Improvement machinery vehicles equipment Cost/revaluation: As at 1 January 154,126 2,321,970 517,628 71,564 691,318 992,880 4,749,486 Additions - - 40,996-89,932 20,830 151,758 Disposal - - - (1,137) (23,512) (3,843) (28,492) Revaluation adjustment - 72,617 - - - - 72,617 31 December 2016 154,126 2,394,587 558,624 70,427 757,738 1,009,867 4,945,369 Additions - - 725 1,664 49,501-51,890 Disposal - - - - - (1,154) (1,154) Transfer - - - - - - - 154,126 2,394,587 559,349 72,091 807,239 1,008,713 4,996,105 Accumulated depreciation: As at 1 January 2015 154,126 215,649 212,108 55,603 348,949 610,407 1,596,842 Charge for the year - 46,439 110,744 4,537 142,084 147,614 451,418 Disposal - - - (1,137) (23,512) (3,843) (28,492) Transfer - - - - - - - 31 December 2016 154,126 262,088 322,852 59,003 467,521 754,178 2,019,768 Charge for the year - 11,610 27,944 1,148 39,108 36,561 116,371 Disposal - - - - - - - Transfer - - - - - - - Foreign exchange reserve - - - - - - - 154,126 273,698 350,796 60,151 506,629 790,739 2,136,139 Carrying amounts at: - 2,120,889 208,553 11,940 300,610 217,974 2,859,966-2,132,499 235,772 11,424 290,217 255,689 2,925,601 26

FOR THE PERIOD ENDED 31 30 Statutory deposit This represents amounts deposited with the Central Bank of Nigeria (CBN) pursuant to Section 10(3) of the Insurance Act, 2003. This amount is not available for the day-to-day use in the working capital of the Company and so it is excluded from the cash and cash equivalents. ACTUAL Statutory deposit 500,000 500,000 300,000 300,000 500,000 500,000 300,000 300,000 500,000 500,000 300,000 300,000 31 Deposit for shares Mutual Exploration 410,588 480,588 410,588 410,588 Avanage Nigeria Limited 70,000 - - - 480,588 480,588 410,588 410,588 480,588 480,587 410,588 410,588 32 Insurance contract liabilities ACTUAL Outstanding claims 32.1 6,339,834 6,078,210 2,202,870 1,926,358 Unearned premiums 32.2 4,356,681 4,220,880 1,798,163 2,426,248 10,696,515 10,299,090 4,001,033 4,352,606 32.1 Movement in outstanding claims 10,696,515 10,300,735 4,001,033 4,352,606 At 1 January 6,078,210 1,804,553 1,926,358 1,783,719 Claims incurred in the current year 1,948,053 7,493,825 1,009,145 2,181,480 Claims paid during the year (1,686,429) (3,220,168) (732,633) (2,038,841) 6,339,834 6,078,210 2,202,870 1,926,358 Outstanding claims Non-Life business 32.1.1 2,807,531 2,394,078 2,202,870 1,926,358 Life business 32.1.2 3,532,303 3,684,132 - - 6,339,834 6,078,210 2,202,870 1,926,358 6,339,834 6,078,210 2,202,870 1,926,358 32.1.1 Non-Life business: Non-Life outstanding claims Claims reported by policyholders 2,303,254 1,819,801 1,698,593 1,352,081 Claims incurred but not reported (IBNR) 504,277 574,277 504,277 574,277 2,807,531 2,394,078 2,202,870 1,926,358 2,807,531 2,394,078 2,202,870 1,926,358 32 Outstanding claims - Continued Movement in Non-life outstanding claims ACTUAL At 1 January 2,394,078 1,804,553 1,926,358 1,783,719 Claims incurred in the current year 1,210,544 2,312,121 1,009,145 2,181,480 Claims paid during the year (797,091) (1,722,596) (732,633) (2,038,841) 2,807,531 2,394,078 2,202,870 1,926,358 27

FOR THE PERIOD ENDED 31 32.1.2 Life business: Life outstanding claims Outstanding claims 2,810,234 2,962,063 - - Claims incurred but not reported 722,069 722,069 - - 3,532,303 3,684,132 - - Analyis of life outstanding claims per class of insurance Group life i 3,066,667 3,207,089 - - Individual life ii 79,925 79,925 - - Annuity iii 385,711 397,118 - - 3,532,303 3,684,132 - - i Movement in group life outstanding claims At 1 January 3,207,089 597,472 - - Claims incurred in the current year 722,527 3,998,431 - - Claims paid during the year (862,949) (1,388,814) - - 3,066,667 3,207,089 - - Life business: ii Movement in individual life outstanding claims At 1 January 79,925 245,727 Claims incurred in the current year 14,982 (87,827) Claims paid during the year (14,982) (77,975) 79,925 79,925 iii Movement in annuity At 1 January 397,118 65,332 - - Claims incurred in the current year - 362,569 - - Claims paid during the year (11,407) (30,783) - - 385,711 397,118 - - 32.2 Unearned premiums Non-Life business 1,975,027 2,490,377 1,798,163 2,426,248 Life business 2,381,654 1,730,504 - - 4,356,681 4,220,881 1,798,163 2,426,248 i The movement in unearned premium At 1 January 4,220,881 3,374,888 2,426,248 2,187,449 Premiums written in the year 1.1 4,749,632 14,037,879 2,480,715 7,298,974 Premiums earned during the year 1 (4,613,832) (13,191,886) (3,108,800) (7,060,175) 4,356,681 4,220,881 1,798,163 2,426,248 ii The movement in non-life unearned premium At 1 January 2,490,377 2,267,057 2,426,248 2,187,449 Premiums written in the year 2,835,984 9,269,263 2,480,715 7,298,974 Premiums earned during the year (3,351,334) (9,045,943) (3,108,800) (7,060,175) 1,975,027 2,490,377 1,798,163 2,426,248 The movement in life unearned premium At 1 January 1,730,504 955,744 - - Premiums written in the year 1,766,575 4,768,616 Premiums earned during the year (1,115,425) (3,993,856) 2,381,654 1,730,504 - - 28

FOR THE PERIOD ENDED 31 33 Investment contract liabilities Group deposit administration 262,674 256,134 - - Individual deposit administration 24,683,284 26,308,087 - - 24,945,958 26,564,221 - - 24,945,958 26,564,221 Current 9,742,373 8,827,046 - - Non-current 15,203,585 17,737,175 - - 24,945,958 26,564,221 - - The movement in deposit administration funds Balance at the beginning of the year 26,564,221 24,217,581 - - Deposits received during the year 2,966,909 13,356,843 - - Guaranteed interest 554,492 2,041,115 - - Withdrawals during the year (5,139,664) (13,051,318) - - Balance at the end of the year 24,945,958 26,564,221 - - 24,945,958 26,564,221 34 Trade payables ACTUAL Reinsurance payables 481,961 265,243 255,388 115,352 Co-Insurance payables (27,004) 885,197 (35,106) - Deferred commission 169,309 169,309 163,378 163,378 Commission payable 443,199 485,402 258,761 195,057 Deposit for premium 484,675 1,058,769 216,219 554,474 1,552,140 2,863,920 858,640 1,028,261 1,552,140 2,863,920 858,641 1,028,272 35 Other liabilities ACTUAL Accruals 7,125 139,387 25,947 23,850 Creditors control-management 71,236 34,170 71,236 34,170 Rent received in advance 37,606 30,663 9,424 4,424 Dividend Payable 89,141 89,141 89,141 89,141 Due to related companies (22,735) - - - PAYE 10,618 3,954 5,023 502 VAT payable 401,737 401,280 198 - WHT payable 31,600 28,711 3,166 1,435 Staff pension 2,052 6,976 (15) - ATM working capital??? 31,558 34,962 - - Deferred income 40.2 1,593 52 1,593 52 Amount due to Directors 3,495 3,491 1 1 National Housing Fund 1,778 2,466 1,345 2,036 Cooperative 3,334 3,141 - - Unpaid capital??? 15,789 61,155 - - Provision for NAICOM levy 16,516 39,627 16,516 39,627 Sundry creditors 142,648 158,773 30,949 40,457 Deposit for properties by customers 50,317 50,317 - - 912,287 1,120,602 254,700 235,695 915,760 1,120,562 254,700 235,696 3,473 (40) 29

FOR THE PERIOD ENDED 31 36 Deposit liabilities ACTUAL Current 100,416 133,041 - - Time 199,893 - - - Savings 130,368 126,227 - - 430,677 259,268 - - 430,677 259,268 37 Book overdraft Book overdraft - - - - The Group has a cash management system under which overdrawn book balances exist at the reporting date due to un-posted lodgements and un-cleared cheques. 38 Borrowings ACTUAL GTBank margin facility 39.2 400,870 400,870 400,870 400,870 Loan from Daewoo Securities Limited 39.3 6,446,250 6,108,300 6,446,250 6,108,300 6,847,120 6,509,170 6,847,120 6,509,170 6,847,120 6,509,170 6,847,120 6,509,170 39.1 The movement in borrowings during the year is as follows: Balance, beginning of the year 6,509,170 3,619,988 6,509,170 3,562,515 Impact of foreign exchange rate changes 337,950 2,946,655 337,950 2,946,655 Disposal of subsidiaries - (57,473) - - Accrued interest - - - - Payments during the year - - - - Balance at the end of the year 6,847,120 6,509,170 6,847,120 6,509,170 6,847,120 6,509,170 6,847,120 6,509,170 39.3 Loan from Daewoo Securities Limited ACTUAL Balance at 1 January 6,108,300 3,672,225 6,108,300 3,672,225 Interest - - - - Repayment - - - - Impact of foreign exchange rate changes 337,950 2,436,075 337,950 2,436,075 6,446,250 6,108,300 6,446,250 6,108,300 39 Current income tax liabilities ACTUAL At the beginning of the year: 687,173 521,385 422,005 317,932 Current year charge: Company income tax 197,264 165,764 164,013 117,263 Education tax - 15,921-15,343 Information technology tax - 1,569 - - Minimum tax - 83,015 - - Under provision during the year - - - - 15.1 197,264 266,270 164,013 132,607 Payments during the year 13,750 (100,482) (15,078) (28,534) Balance at the end of the year 898,187 687,173 570,940 422,005 30

FOR THE PERIOD ENDED 31 40 Deferred income tax 898,187 687,173 570,940 422,005 Deferred income tax asset 41.1 - - - - Deferred tax liabilities 41.2 1,063,082 1,063,082 705,821 705,821 1,063,082 1,063,082 705,821 705,821 40 Deferred income tax - Continued ACTUAL 41.2 Movement in Deferred income tax liabilities Balance, beginning of year 1,063,082 1,136,077 705,821 720,943 (Credit)/charge in income statement for the year - (72,995) - (15,122) Disposal of subsidiaries - - - - Tax charge /(reversals) relating to components of other comprehensive income - - - - Balance at the end of the year 1,063,082 1,063,082 705,821 705,821 1,063,082 1,063,082 705,821 705,821 41 Share capital Share capital comprises: 42.1 Authorized: 20,000,000,000 (2016: 10,000,000,000) Ordinary shares of 50k each 10,000,000 5,000,000 10,000,000 5,000,000 42.2 Issued and fully paid: 8,000,000, 000 (2016:8,000,000,000) Ordinary shares of 50k each 4,000,000 4,000,000 4,000,000 4,000,000 The Company increased it authorised share capital from N5,000,000,000 to N10,000,000,000 by the creation of 10,000,000,000 ordinary shares of 50 kobo each and this was registered with the Commission on the 15th of March 2017 42 Treasury shares ACTUAL Company's shares held 250 250 250 250 Treasury share: this represents the market value of shares of the Company held by the Company through its investement in quoted securities of the Nigerian Stock Exchange. 43 Foreign currency translation reserve This comprises exchange differences resulting from the translation to Naira of the results and financial position of Group companies that have a functional currency other than Naira. Mutual benefits liberia limited and Mutual benefits Niger Republic limited have functional currencies other than Naira. 31

FOR THE PERIOD ENDED 31 44 Contingency reserve In compliance with Section 21 (1) of Insurance Act 2003, the contingency reserve for non-life insurance business is credited with the greater of 3% of total premiums, or 20% of the profits. This shall accumulate until it reaches the amount of greater of minimum paid-up capital or 50 percent of net premium. While for life business, the contingency reserves is credited with an amount equal to 1% of gross premium or 10% of net profit (whichever is greater) and accumulated until it reached the amount of minimum paid up capital. ACTUAL Balance, beginning of the year 2,801,764 2,292,040 2,398,485 1,981,910 Transfer from retained earnings 95,162 509,724 76,539 416,575 Balance, end of year 2,896,926 2,801,764 2,475,024 2,398,485 Analysis per business segment Non-life business 2,475,024 2,398,485 2,475,024 2,398,485 Life business 421,902 403,279 - - 2,896,926 2,801,764 2,475,024 2,398,485 Non-life business Balance, beginning of the year 2,398,485 1,981,910 2,398,485 1,981,910 Transfer from retained earnings 76,539 416,575 76,539 416,575 Balance, end of year 2,475,024 2,398,485 2,475,024 2,398,485 Life business Balance, beginning of the year 403,279 310,130 - - Transfer from retained earnings 18,623 93,149 - - Balance, end of year 421,902 403,279 - - 45 Revaluation reserves This is revaluation surplus in respect of building in line with the Company's accounting policies. ACTUAL 1 Revaluation surplus on property, plant and equipment - Land and building 1,288,563 1,288,563 1,288,563 1,288,563 Addition during the year - - - - 1,472,305 1,467,404 1,339,395 1,339,395 46 Retained earnings The retained earnings represents the amount available for dividend distribution to the equity shareholders of the Company. See statement of changes in equity for movement in retained earnings. 47 Non-controlling interests in equity Opening balance 189,347 123,607 Additions during the year - 14,867 Changes in equity - 8,310 Transfer from the profit or loss account 6,098 (13,973) Transfer from OCI (41,266) 56,535 Balance as at year end 154,179 189,347 154,179 189,346 32