ACR ReTakaful MEA B.S.C. (c) CONDENSED INTERIM FINANCIAL INFORMATION. 30 JUNE 2018 (Reviewed)

ACR ReTakaful MEA B.S.C. (c) CONDENSED INTERIM FINANCIAL INFORMATION 30 JUNE 2018 (Reviewed)

ACR ReTakaful MEA B.S.C. (c) CONDENSED INTERIM FINANCIAL INFORMATION for the six months ended 30 June 2018 CONTENTS Page General information 1 Directors and Management 2 Independent auditors report on review of condensed interim financial information 3 Condensed interim financial information Condensed statement of financial position 4 Condensed statement of income 5 Condensed statement of policyholders revenues and expenses 6 Condensed statement of changes in policyholders surplus and deficit 7 Condensed statement of changes in shareholders equity 8 Condensed statement of cash flows 9 Notes to the condensed interim financial information 10-18

ACR ReTakaful MEA B.S.C. (c) 1 GENERAL INFORMATION as at 30 June 2018 Address: Gajria Tower P. O. Box : 1591 8th Floor, Building 452A Telephone : +973 1738 8350 Road 1010, Block 410 Telefax : +973 1738 8351 Sanabis E-mail : mea_md@acrretakaful.com Kingdom of Bahrain Website : www.acrretakaful.com Commercial registration : 69349 PRINCIPAL BANKERS Standard Chartered Bank Bahrain Al Salam Bank Bahrain Kuwait Finance House CIMB Islamic Bank AUDITORS KPMG Fhakro P. O. Box : 710 Manama Telephone : +973 1722 4807 Kingdom of Bahrain Telefax : +973 1722 7443

ACR ReTakaful MEA B.S.C. (c) 2 DIRECTORS and management for the six months ended 30 June 2018 BOARD OF DIRECTORS Datuk Dr Syed Muhamad Bin Syed Abdul Kadir Dato Mohd Salleh Bin Hj Harun Datuk Mohd. Najib bin Hj. Abdullah Sergei Alexeyevich Korol Chairman Director Director Director AUDIT AND COMPLIANCE COMMITTEE Datuk Mohd. Najib bin Hj. Abdullah Datuk Dr Syed Muhamad Bin Syed Abdul Kadir Dato Mohd Salleh Bin Hj Harun Chairman Member Member SHARIAH COMMITTEE Dr. Abdulaziz Khalifa Al Qassar Member MANAGEMENT Vithya Karunakaran Acting Chief Executive Officer

ACR ReTakaful MEA B.S.C. (c) 4 CONDENSED STATEMENT OF FINANCIAL POSITION as at 30 June 2018 USD 000s Note 30 June 2018 (reviewed) 31 December 2017 (audited) ASSETS Cash and bank balances 8 8,311 73,466 Retakaful receivables 2,067 3,697 Accrued contributions receivable 656 787 Retrocessionaires' share of retakaful reserves 20,644 25,731 Deferred acquisition costs 349 673 Deferred wakala fees expense 393 814 Investment securities 9 100,299 36,302 Other assets 2,117 1,686 Total assets 134,836 143,156 LIABILITIES, POLICYHOLDERS EQUITY AND SHAREHOLDERS EQUITY Liabilities Retakaful reserves 31,843 37,321 Retakaful balances payable 4,199 5,651 Deferred commissions from retrocessions 167 510 Deferred wakala fees income 393 814 Other liabilities 3,376 2,463 Due to related parties 10 508 307 Total liabilities 40,486 47,066 Policyholders equity (page 7) (4,987) (4,103) Shareholders equity Share capital 150,000 150,000 Statutory reserve 2,425 2,425 Investment fair value reserve (26) 202 Accumulated losses (53,062) (52,434) Total shareholders equity (page 8) 99,337 100,193 TOTAL LIABILITIES, POLICYHOLDERS EQUITY AND SHAREHOLDERS EQUITY 134,836 143,156 Datuk Dr. Syed Muhamad Bin Syed Abdul Kadir Dato Mohd Salleh Bin Hj Harun Chairman Director The notes on pages 10 to 18 are an integral part of this condensed interim financial information.

ACR ReTakaful MEA B.S.C. (c) 5 CONDENSED STATEMENT OF INCOME for the six months ended 30 June 2018 USD 000s 2018 2017 (reviewed) (reviewed) Revenues Profit income (54) 773 Wakala fee 630 296 Mudarib fee 9 160 Total revenue 585 1,229 Expenses General and administration expenses (726) (1,437) Policy acquisition costs (487) 3,469 Wakala fee write back on pipeline premium adjustments - (4,586) LOSS FOR THE PERIOD ATTRIBUTABLE TO SHAREHOLDERS (628) (1,325) Datuk Dr. Syed Muhamad Bin Syed Abdul Kadir Dato Mohd Salleh Bin Hj Harun Chairman Director The notes on pages 10 to 18 are an integral part of this condensed interim financial information.

ACR ReTakaful MEA B.S.C. (c) 6 CONDENSED STATEMENT OF POLICYHOLDERS REVENUES AND EXPENSES for the six months ended 30 June 2018 USD 000s 2018 2017 (reviewed) (reviewed) RETAKAFUL REVENUES Gross booked contributions 883 4,153 Gross pipeline contributions (178) (16,038) Total gross contributions 705 (11,885) Retrocessionaires share of contributions (576) 1,730 129 (10,155) Unearned contributions adjustment gross 1,445 1,207 Unearned contributions adjustment - retrocessionaires share (1,286) (562) Net earned contributions 288 (9,510) Commissions from retrocessions 550 (479) Total retakaful revenues 838 (9,989) Other income (237) 167 Total revenues 601 (9,822) RETAKAFUK EXPENSES Gross claims paid 3,846 10,539 Retrocessionaires share of claims paid (2,616) (3,876) Outstanding claims adjustment - gross (4,264) (17,322) Outstanding claims adjustment - retrocessionaires share 3,844 4,627 Net claims incurred 810 (6,032) Wakala fee 630 296 Wakala fee write back on pipeline premium adjustments - (4,586) Provision for bad debts - 1,132 Reversal of provision for contribution deficiency reserve - (42) Total retakaful expenses 1,440 (9,232) DEFICIT FROM RETAKAFUL OPERATIONS (839) (590) Profit income 22 399 Mudarib fee (9) (160) Non-sharia income paid to charities (10) - DEFICIT OF REVENUES OVER EXPENSES FOR THE PERIOD (836) (351) Datuk Dr. Syed Muhamad Bin Syed Abdul Kadir Dato Mohd Salleh Bin Hj Harun Chairman Director The notes on pages 10 to 18 are an integral part of this condensed interim financial information.

ACR ReTakaful MEA B.S.C. (c) 7 CONDENSED STATEMENT OF CHANGES IN POLICYHOLDERS SURPLUS AND DEFICIT for the six months ended 30 June 2018 USD 000s 2018 (reviewed) Accumulated deficit Investment fair value reserve Total At 1 January (4,137) 34 (4,103) Deficit for the period (836) - (836) Changes on re-measurement of investments at fair value through equity - (48) (48) At 30 June (4,973) (14) (4,987) 2017 (reviewed) Accumulated deficit Investment fair value reserve Total At 1 January (11,103) - (11,103) Deficit for the period (351) - (351) Changes on re-measurement of investments at fair value through equity - (69) (69) At 30 June (11,454) (69) (11,523) The notes on pages 10 to 18 are an integral part of these condensed interim financial information.

ACR ReTakaful MEA B.S.C. (c) 8 CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY for the six months ended 30 June 2018 USD 000s 2018 (reviewed) Share capital Statutory reserve Investment fair value reserve Accumulated losses Total At 1 January 2018 150,000 2,425 202 (52,434) 100,193 Loss for the period - - - (628) (628) Changes on re-measurement of investments at fair value through equity - - (228) - (228) Balance at 30 June 2018 150,000 2,425 (26) (53,062) 99,337 2017 (reviewed) Share capital Statutory reserve Investment fair value reserve Accumulated losses Total At 1 January 2017 150,000 2,425 - (46,638) 105,787 Profit for the period - - (1,325) (1,325) Changes on re-measurement of investments at fair value through equity - - (27) - (27) Balance at 30 June 2017 150,000 2,425 (27) (47,963) 104,435 The notes on pages 10 to 18 are an integral part of these condensed interim financial information.

ACR ReTakaful MEA B.S.C. (c) 9 CONDENSED STATEMENT OF CASH FLOWS for the six months ended 30 June 2018 2018 2017 Note (reviewed) (reviewed) OPERATING ACTIVITIES Deficit for the period attributable to participants (836) (351) Loss for the period attributable to shareholders (628) (1,325) (1,464) (1,676) Adjustments for non cash items: Profit income (1,124) (1,228) Changes in unearned contributions (1,445) (1,207) Changes in retrocessionaires share of contributions 1,286 561 Changes in contribution deficiency reserve - (42) Depreciation on property and equipment 11 11 Provision / (Reversal) for bad debts - 1,132 Amortisation of sukuk 15 56 Change in fair value of investments 1,141 97 Operating loss before changes in operating assets and liabilities (1,580) (2,296) Changes in operating assets and liabilities: Retakaful Receivables 1,630 (1,122) Accrued contributions receivable 132 10,839 Deferred acquisition costs 323 601 Deferred wakala fees expense 421 34 Retrocessionaires' share of outstanding claims 3,801 4,623 Other assets (563) 1,127 Outstanding claims (4,033) (17,280) Deferred wakala fees income (421) (34) Deferred commissions from retrocessions (343) (448) Retakaful balances payable (1,452) (4,028) Other liabilities 1,032 (1,121) Due to related parties 202 409 Net cash used in operating activities (851) (8,696) INVESTING ACTIVITY Profit income 1,306 1,121 Proceeds from matured investments 4,000 - Movement in placements with financial institutions - 47,281 Proceeds from sale of investment securities 8,983 - Purchase of investment securities (78,590) (42,682) Net cash(used in)/ generated from in investing activities (64,301) 5,720 NET CHANGE IN CASH AND CASH EQUIVALENTS (65,152) (2,976) Cash and cash equivalent at beginning of the period 73,014 30,497 CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 8 7,862 27,521 The notes on pages 10 to 18 are an integral part of these condensed interim financial information.

ACR ReTakaful MEA B.S.C. (c) 10 NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION for the six months ended 30 June 2018 1. REPORTING ENTITY ACR ReTakaful MEA B.S.C. (c) (the Company ) is a closed joint stock company incorporated in the Kingdom of Bahrain and registered with the Ministry of Industry and Commerce under commercial registration number 69349 on 16 July 2008. The registered office of the Company is at 8th Floor, Building 452A, Road 1010, Block 410, Sanabis, Kingdom of Bahrain. The Company is licensed by the Central Bank of Bahrain as a retakaful entity and is engaged in retakaful activities in accordance with Islamic Shariah principles. The Company is a wholly owned subsidiary of ACR ReTakaful Holdings Limited the parent company, a company limited by shares, incorporated in the Dubai International Financial Centre, Dubai, United Arab Emirates. On 2 February 2017, ACR Capital Holdings Pte Ltd, incorporated in Singapore (the Group ) has become the ultimate parent company after its acquisition of the 100% of the paid up shares of the parent company. The Group has decided to streamline and simplify its organization structure and operations. One strategic measure involves the Company ceasing to write new business. In an extraordinary shareholders meeting held on 5 July 2017, the shareholders approved to put the Company s insurance activities under the runoff. The Central Bank of Bahrain has approved the shareholders resolution and restricted the Company licence to service existing business. The company will continue to meet and honour its contractual and regulatory obligations to policyholders through its presence in Bahrain with support from the Group during this managed run-off period. Upon completion of the run-off, the Group intends to wind up the Company s, and accordingly these financial statements have not been prepared on going concern basis. The condensed interim financial information of the Company was authorised for issue in accordance with a resolution of the Board of Directors dated 8 August 2018. 2. BASIS OF PREPARATION The condensed interim financial information has been prepared in accordance with Financial Accounting Standards ( FAS ) issued by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). In line with the requirements of AAOIFI and the CBB Rule Book, for matters that are not covered by AAOIFI standards, the Company uses guidance from the relevant International Financial Reporting Standards. Accordingly, the interim financial information has been presented in condensed form in accordance with International Accounting Standard 34 - Interim Financial Reporting, which permits the interim financial statements to be in summarized form and do not include all of the information required for full annual financial statements. The condensed interim financial information does not include all of the information required for full annual financial statements and should be read in conjunction with the audited financial statements of the Company for the year ended 31 December 2017. The Central Bank of Bahrain (CBB) had introduced new rules and regulations, which, amongst other things, included accounting and payment of all expenses of policyholders fund, other than claims and investment expenses, in the shareholder s fund. The charging of wakala fee to cover all expenses including acquisition costs and other expenses, write off or pay back of Qard Hassan, earmarking of assets, application of solvency regulations on shareholders and policyholders funds combined together and actuary certifications of wakala rate and approval by Shariah Committee. The condensed interim financial information is not audited but has been reviewed by KPMG Fakhro and their review report is set out on pages 4 and 5. The comparatives for the condensed statement of financial position have been extracted from the audited financial statements for the year ended 31 December 2017. The comparatives for the condensed statements of income, policyholders revenues and expenses, policy holders surplus and deficit, changes in shareholders equity and cash flows have been extracted from reviewed condensed interim financial information for the six months period ended 30 June 2017. In addition, the results for the six-month period ended 30 June 2018 are not necessarily indicative of the results that may be expected for the financial year ending 31 December 2018.

ACR ReTakaful MEA B.S.C. (c) 11 NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION for the six months ended 30 June 2018 2. BASIS OF PREPARATION (continued) The condensed interim financial information has been presented in United States Dollars USD which is also the functional currency of the Company. The figures have been rounded to the nearest thousand except where otherwise indicated. 3. ACCOUNTING POLICIES The accounting policies have been consistently applied by the Company and the condensed interim financial information has been prepared using the same accounting policies and methods of computation applied in the preparation of the latest audited financial statements of the Company for the year ended 31 December 2017. There are no accounting standards and interpretations that have been issued by AAOIFI during 2018 effective from annual periods beginning on or after 1 January 2018 that are relevant to the Company. 4. FINANCIAL RISK MANAGEMENT The Company s financial risk management objectives and policies are consistent with those disclosed in the audited financial statements for the year ended 31 December 2017. 5. JUDGEMENT AND ESTIMATES Preparation of condensed interim financial information requires management to make judgements, estimates and assumptions that effect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. 6. SEASONALITY OF INTERIM OPERATIONS As a result of the seasonality associated with the insurance business, gross premiums written over the financial year are not evenly spread out. This seasonality does not however, have any material impact on the Company's underwriting result as the contribution are taken to income over the terms of the related contracts or policies. Claims are not cyclical and could impact reported result for each interim period. Appropriations of net profit, if any, are made only at the year end. 7. WAKALA FEE AND MUDARIB SHARE The shareholders of the Company manage takaful operations on behalf of the policyholders and charge 5% of gross contributions in addition to the policy acquisition cost (2017: 5% of gross contributions) as a wakala fee. The maximum chargeable wakala fee as approved by the Shariah Committee, is 14% (2017:14%) of gross contributions and the policy acquisition costs to be included in the wakala fee as incurred. The shareholders also manage the policyholders' investments and charge 40% (2017: 40%) of profit income earned by the policyholders' funds as mudarib.

ACR ReTakaful MEA B.S.C. (c) 12 NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION for the six months ended 30 June 2018 8. CASH AND BANK BALANCES 30 June 2018 (reviewed) Shareholders Participants Total Placements with financial institutions with original maturities of three months or less - Murabaha 957-957 Cash in hand and banks 3,462 3,443 6,905 Cash and cash equivalents 4,419 3,443 7,862 Statutory deposit 449-449 Cash and bank balances 4,868 3,443 8,311 9. INVESTMENT SECURITIES Debt type instruments 31 December 2017 (audited) Shareholders Policyholders Total Placements with financial institutions with original maturities of three months or less - Murabaha 44,291 24,514 68,805 - Wakala 1-1 Cash in hand and banks 1,188 3,020 4,208 Cash and cash equivalents 45,480 27,534 73,014 Statutory deposit 452-452 Cash and bank balances 45,932 27,534 73,466 30 June 2018 (reviewed) Shareholderholders Policy- Total 31 December 2017 (audited) Shareholderholders Policy- Total Fair value through income statement: Quoted instruments 68,444 23,059 91,503 27,373-27,373 Equity type instruments Fair value through equity: unquoted instruments 5,663 3,133 8,796 5,750 3,179 8,929 Investment securities 74,107 26,192 100,299 33,123 3,179 36,302 10. RELATED PARTY TRANSACTIONS Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions. Related parties include other group companies, directors and key management personnel of the Company. Key management personnel comprise of the Board of Directors and key members of management having authority and responsibility for planning, directing and controlling the activities of the Company.

ACR ReTakaful MEA B.S.C. (c) 13 NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION for the six months ended 30 June 2018 10. RELATED PARTY TRANSACTIONS (continued) a) Transactions with related parties 2018 (reviewed) Entities related to the Shareholders shareholders 2017 (reviewed) Entities related to the Shareholders shareholders Gross contributions - - 16 (10,527) Retakaful contributions - 549 73 (1,846) Gross claims paid 4 1 (192) 3,075 Retakaful share of claims paid - 1,039 36 2,306 Acquisition costs - 1 4 (3,223) Retakaful commissions - 29 21 (957) General and administration expenses - 150-17 Balances with related parties included in the condensed statement of financial position are as follows: 30 June 2018 (reviewed) Entities related to the Shareholders shareholders 31 December 2017 (audited) Entities related to the Shareholders shareholders Receivables - 1,876 2,186 593 Retakaful balances payable - (2,278) - 2,927 Due to related parties 103 405 54 254 Compensation of key management personnel The remuneration of directors and other members of key management during the period was as follows: 2018 (reviewed) 2017 (reviewed) Salaries and benefits 123 143 Directors' sitting fee 37 69 Employees' end of service benefits 10 9 170 221

ACR ReTakaful MEA B.S.C. (c) 14 NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION for the six months ended 30 June 2018 11. FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of financial assets and financial liabilities that are traded in active markets are based on quoted market prices or broker price quotations. For all other financial instruments, the Company determines fair values using other valuation techniques. Fair value hierarchy The Company measures fair values using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements: Level 1: Inputs that are quoted market prices (unadjusted) in active markets for identical instruments. Level 2: Inputs other than quoted prices included with in level 1 that are observable either directly (i.e. as prices) or indirectly (i.e. derived from prices). This category includes instruments valued using: quoted market prices in active markets for similar instruments; quoted prices for identical or similar instruments in markets that are considered less active; or other valuation techniques where all significant inputs are directly or indirectly observable from market data. Level 3: Inputs that are unobservable. This category includes all instruments for which the valuation technique includes inputs not based on observable data and the unobservable inputs have a significant effect on the instrument s valuation. This category includes instruments that are valued based on quoted market prices for similar instruments where significant unobservable adjustments or assumptions are required to reflect differences between the instruments. The table below analyses financial instruments measured at fair value at the reporting date by the level in the fair value hierarchy into which the fair value measurement is categorised. The amounts are based on the values recognised in the statement of financial position. All fair value measurements below are recurring: 30 June 2017 Equity instruments Debt instruments Level 1 Level 2 Level 3 Total - 8,796-8,796 91,503 - - 91,503 91,503 8,796-100,299 31 December 2017 Equity instruments Debt instruments Level 1 Level 2 Level 3 Total - 8,929-8,929 27,373 - - 27,373 27,373 8,929-36,302 No transfers out of, or into, the level 3 measurement classification occurred during the six months period ended 30 June 2018 (30 June 2017: Nil).

ACR ReTakaful MEA B.S.C. (c) 15 NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION for the six months ended 30 June 2018 11. FAIR VALUE OF FINANCIAL INSTRUMENTS (continued) The table below sets out the Company s classification of each class of financial assets and liabilities, and their fair values: 30 June 2018 (reviewed) Fair value through equity Total carrying value Reported outstanding claims - - 16,694 16,694 16,694 Retakaful payables - - 4,199 4,199 4,199 Other liabilities - - 1,153 1,153 1,153 Due to related party - - 508 508 508 Total financial liabilities - - 22,554 22,554 22,554 31 December 2017 Fair value through equity Total carrying value Held-tomaturity Loans and receivables Fair value Cash and bank balances - - 8,311 8,311 8,311 Retakaful receivables - - 2,067 2,067 2,067 Accrued contributions receivable - - 656 656 656 Retrocessionaires' share of outstanding reported claims - - 10,259 10,259 10,259 Investment securities 100,299 - - 100,299 100,299 Other assets - - 1,163 1,163 1,163 Total financial assets 100,299-22,456 122,755 122,755 Held-tomaturity Loans and receivables Fair value Cash and bank balances - - 73,466 73,466 73,466 Retakaful receivables - - 3,697 3,697 3,697 Accrued contributions receivable - - 787 787 787 Retrocessionaires' share of outstanding reported claims - - 11,843 11,843 11,843 Investment securities 36,302 - - 36,302 36,302 Other assets - - 1,440 1,440 1,440 Total financial assets 36,302-91,233 127,535 127,535 Reported outstanding claims - - 19,270 19,270 19,270 Retakaful payables - - 5,651 5,651 5,651 Other liabilities - - 1,048 1,048 1,048 Due to related party - - 307 307 307 Total financial liabilities - - 26,276 26,276 26,276

ACR ReTakaful MEA B.S.C. (c) 16 NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS for the six months period ended 30 June 2018 12. SEGMENT INFORMATION The Company s activities are classified into two business segments namely Shareholders fund and participants fund. a) Shareholders fund The results of the shareholders fund activities are presented in page 7 of the condensed interim financial information. Assets and liabilities relating to shareholders fund activities are presented in note 13 d) of the condensed interim financial information. b) Policyholder s takaful funds The results of the policyholders takaful funds are set out in note 13 c) and the assets and liabilities are presented in note 13 d) of the condensed interim financial information. c) Policyholders revenues and expenses 30 June 2018 (reviewed) 30 June 2017 (reviewed) Engineering Property Motor Casualty Other Total Engineering Property Motor Casualty Other Total TAKAFUL REVENUE Gross contributions 330 127 248 12 (12) 705 (2,954) (4,561) 71 (1,647) (2,794) (11,885) Retrocessionaires share of contributions (284) (119) (160) (8) (5) (576) 297 463 (464) 154 1,280 1,730 Net contributions 46 8 88 4 (17) 129 (2,657) (4,098) (393) (1,493) (1,514) (10,155) Unearned contributions adjustment 187 (10) - (12) (6) 159 555 99 8 10 15 687 Net earned contribution 233 (2) 88 (8) (23) 288 (2,102) (3,999) (385) (1,483) (1,499) (9,468) Net claim incurred (273) (134) (236) (60) (107) (810) 1,428 2,983 129 511 981 6,032 Wakala fee (532) (57) (17) (11) (13) (630) 916 1,780 157 309 1,128 4,290 Commissions from retrocessions 404 13 39 13 82 550 (75) (78) 97 (9) (414) (479) (deficit) / Surplus from operations (168) (180) (126) (66) (61) (601) 166 686 (2) (673) 198 375

ACR ReTakaful MEA B.S.C. (c) 17 NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS for the six months period ended 30 June 2018 12. SEGMENT INFORMATION - FUNDS INTERIM STATEMENT OF FINANCIAL POSITION (continuation) d) Segment assets and liabilities ASSETS 30 June 2018 (reviewed) 31 December 2017 (audited) Shareholders Policyholders Elimination Total Shareholders Policyholders Elimination Total Cash and bank balances 4,868 3,443-8,311 45,932 27,534-73,466 Retakaful receivables - 2,067-2,067-3,697-3,697 Accrued contributions receivable - 656-656 - 787-787 Retrocessionaires' share of retakaful - 20,644-20,644 reserves - 25,731-25,731 Deferred acquisition costs 349 - - 349 673 - - 673 Deferred wakala fees expense - 393-393 - 814-814 Investment securities 74,107 26,192-100,299 33,123 3,179-36,302 Other assets 1,842 275-2,117 1,605 81-1,686 Qard Hassan due from policyholders' fund 21,389 - (21,389) - 21,389 - (21,389) - TOTAL ASSETS 102,555 53,670 (21,389) 134,836 102,722 61,823 (21,389) 143,156 LIABILITIES, POLICYHOLDERS' FUND AND EQUITY Liabilities Retakaful reserves - 31,843-31,843-37,321-37,321 Retakaful balances payable - 4,199-4,199-5,651-5,651 Deferred commissions from retrocessions - 167-167 - 510-510 Deferred wakala fees income 393 - - 393 814 - - 814 Other liabilities 2,317 1,059-3,376 1,408 1,055-2,463 Due to related parties 508 - - 508 307 - - 307 Qard Hassan due to Shareholders' fund - 21,389 (21,389) - - 21,389 (21,389) - Total liabilities 3,218 58,657 (21,389) 40,486 2,529 65,926 (21,389) 47,066

ACR ReTakaful MEA B.S.C. (c) 18 NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS for the six months period ended 30 June 2018 12. SEGMENT INFORMATION - FUNDS INTERIM STATEMENT OF FINANCIAL POSITION (continuation) Deficiency in policyholder' fund 30 June 2018 (reviewed) 31 December 2017 (audited) Shareholders Policyholders Elimination Total Shareholders Policyholders Elimination Total - (4,987) - (4,987) - (4,103) - (4,103) Equity Share capital 150,000 - - 150,000 150,000 - - 150,000 Statutory reserve 2,425 - - 2,425 2,425 - - 2,425 Investment fair value reserve (26) - (26) 202 - - 202 Accumulated losses (53,062) - - (53,062) (52,434) - - (52,434) Total equity 99,337 - - 99,337 100,193 - - 100,193 TOTAL LIABILITIES, POLICYHOLDERS EQUITY AND SHAREHOLDERS EQUITY 102,555 53,670 (21,389) 134,836 102,722 61,823 (21,389) 143,156