Global Alliance Insurance,S.A.

Global Alliance Insurance,S.A. Annual Financial Statements for the year ended

Index 1. Management report 3 2. Report of the board of directors 6 3. Director`s approval 8 4. Fiscal committee report 10 5. Report of the independent auditors 11 6. Financial statements 12 6.1. Income Statements 12 6.2. Statement of Comprehensive Income 13 6.3. Statement of Financial Position 14 6.4. Statement of changes in equity 16 6.5. Statement of cash flows 17 7. Notes to the annual financial statements 18 2

1. MANAGEMENT REPORT 3

4

5

2. Report of the board of directors The directors have pleasure in presenting their report for the year ended 31 DECEMBER. General information and nature of activities The Company transacts short and long term insurance business as well as life and retirement fund business. Company registration number 12801/102-C/29 Holding, ultimate holding company and shareholders Holding Company Absa Financial Services Africa Holdings Pty Ltd - 98% Ultimate Holding Company Barclays Bank PLC (55.62%) Shareholders Absa Financial Services Africa Holdings Pty Ltd - 98% Absa Short Term Insurance Ltd - 1% Absa Life Ltd - 1% Country of incorporation Mozambique Results of operations The results of operations for the year are set out on the pages 12 to 13 to the financial statements. Authorised and issued share capital The authorized and issued share capital are disclosed in note 31 of the financial statements. Events after the reporting date No events, which are likely to have a material effect on the entity s results in the current year, have occurred between the year-end date and the date of this report. Going Concern The annual financial statements presented on pages 12 to 17 have been prepared on the going concern basis and the directors have every reason to believe that the entity will continue operations for the foreseeable future. Dividends No dividends were declared during. Directors The directors of the Company during the year and to the date of this report are as follows: L Zulu E Wasserman A Laice L Kahts C Raposo (Chairman) (Non-Executive) (Non-Executive) (CEO) (Executive Director) At the end of the year the following directors ceased to be part of the Board of Directors: 6

A Laice (Non-Executive) Auditors PricewaterhouseCoopers, Lda. Registered Office and Business Address Avenida da Marginal, Parcela 141 Maputo Mozambique 7

3. DIRECTORS` APPROVAL STATEMENT OF DIRECTORS RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The following statement, which should be read in conjunction with the fiscal committee report and auditor s opinion set out in their report on pages 5 and 6 to 7 respectively, is made with a view to distinguish for shareholders the respective responsibilities of the directors and of the auditors in relation to the financial statements of Global Alliance Seguros, S.A. ( the Company ). The directors are responsible for the preparation, integrity and objectivity of the financial statements that fairly present the state of the affairs of Global Alliance Seguros, S.A. ( the Company ) at the end of the financial year and the net income and cash flows for the year, and other information contained in this report. In, the company consolidated its position as subsidiary of the ABSA Group and, therefore, all internal controls designed, implemented and maintained at ABSA Group Level now affect Global Alliance. These include controls over the completeness and accuracy of financial information produced by the entity, as well as controls relating to operations and compliance with laws and regulations to which the entity is subject. To enable the directors to meet these responsibilities: All directors and employees will endeavour to maintain the highest ethical standards in ensuring the company s business is conducted in a manner that in all reasonable circumstances is above reproach. The board set standards and management implements systems of internal control and accounting and information systems aimed at providing reasonable assurance that both on- and off-statement of financial position assets are safeguarded and the risk of error, fraud or loss is reduced in a cost-effective manner. These controls, contained in established policies and procedures, include the proper delegation of responsibilities and authorities within a clearly defined framework, effective accounting procedures and adequate segregation of duties. The board and management identify all key areas of risk across the company and endeavour to minimise these risks by ensuring that appropriate infrastructure, controls, systems and discipline are applied and managed within predetermined procedures and constraints. The Actuarial Review Committee assists the directors with regard to actuarial and related matters of a technical nature including the identification and analysis of actuarial risks, the review of any actuarial reports, the consideration of reserving and capital methodology and assumptions, the review of any external financial condition or risk management disclosure, the consideration of regulatory and economic capital requirements, and the actuarial soundness of new products as well as revisions of existing products. To the best of their knowledge and belief, based on the above, the directors are satisfied that no material breakdown in the operation of the systems of internal control and procedures has occurred during the year under review. The Company consistently adopts appropriate and recognised accounting policies and these are supported by reasonable and prudent judgements and estimates on a consistent basis. These financial statements have been prepared in accordance with the Mozambican Diploma number 222/2010 which sets out Mozambican Accounting Principles for Insurance Companies. Diploma 222/2010 is based on IFRS issued until 2010. 8

The directors have no reason to believe that the Company will not be a going concern in the year ahead, based on forecasts and available cash resources. These financial statements have accordingly been prepared on this basis. It is the responsibility of the fiscal committee and the independent auditors to report on the financial statements. Their reports to the member of the Company are set out on page 5 and 6 to 7 of this report, respectively. The directors report on pages 4 and the financial statements of the Company, which appear on pages 8 to 64, were approved by the board of directors and are signed by: L Kahts Director C Raposo Director Maputo,, 9

4. Fiscal commitee report 10

5. Audit report 11

6. Financial statement 6.1 Statement of income - USD Prior - MZN Previous Profit and Loss account Technical account Technical account Non technical year Technical account Technical account Non technical year Notes Life Non Life account Total USD Life Non Life account Total MZN 3 i); 6 Earned premium income net of reinsurance 3,222,562 24,518,848 0 27,741,410 23,767,587 94,355,491 717,903,243 0 812,258,734 657,649,119 Gross written premium 4,501,728 59,181,592 0 63,683,320 50,922,351 131,809,003 1,732,816,181 0 1,864,625,183 1,409,021,460 Reinsurance premiums ceded -1,279,165-34,154,500 0-35,433,665-26,901,687-37,453,511-1,000,031,732 0-1,037,485,243-744,369,687 Changes in provision for unearned premiums 0-6,646,695 0-6,646,695-2,443,290 0-194,612,892 0-194,612,892-67,605,839 Provision for unearned premiums, reinsurers' share (Variation) 0 6,138,451 0 6,138,451 2,190,213 0 179,731,686 0 179,731,686 60,603,185 Commissions from insurance contracts and operations considered for accounting purposes as investment contracts or as services contracts 0 0 0 0 0 0 0 0 0 0 7 Net claims cost -588,618-13,019,982 0-13,608,600-11,686,803-17,234,529-381,220,476 0-398,455,005-323,373,848 Claims paid -592,457-13,249,474 0-13,841,932-12,085,599-17,346,935-387,939,949 0-405,286,884-334,408,537 Gross amounts -712,218-20,387,561 0-21,099,780-15,795,358-20,853,505-596,940,621 0-617,794,126-437,057,550 Reinsurers' share 119,761 7,138,087 0 7,257,848 3,709,758 3,506,570 209,000,672 0 212,507,242 102,649,013 Claims provision Variation 3,839 229,493 0 233,332 398,796 112,406 6,719,473 0 6,831,878 11,034,689 Gross amounts -616-2,695,757 0-2,696,373-4,317,211-18,031-78,930,810 0-78,948,841-119,457,232 Reinsurers' share 4,455 2,925,250 0 2,929,705 4,716,007 130,437 85,650,283 0 85,780,720 130,491,921 Other technical provisions, net of reinsurance 0 0 0 0 0 0 0 0 0 0 8 Life mathematical provision net of reinsurance -752,168 0 0-752,168-921,084-22,023,214 0 0-22,023,214-25,486,394 Gross amounts -521,900 0 0-521,900-855,807-15,281,048 0 0-15,281,048-23,680,180 Reinsurers' share -230,268 0 0-230,268-65,277-6,742,166 0 0-6,742,166-1,806,215 Profit sharing, net of reinsurance 0 0 0 0 0 0 0 0 0 0 3 i); 9 Net operational costs -921,978-7,616,932 0-8,538,910-7,779,756-26,995,198-223,021,085 0-250,016,283-215,265,856 Acquisition costs -747,696-6,078,320 0-6,826,015-6,110,167-21,892,262-177,971,059 0-199,863,321-169,068,332 Changes in deferred acquisition cost 0 71,253 0 71,253-33,733 0 2,086,256 0 2,086,256-933,397 Administrative Fees -382,790-2,972,824 0-3,355,614-3,165,348-11,207,945-87,043,244 0-98,251,189-87,585,171 Commissions and profit sharing 208,507 1,362,959 0 1,571,466 1,529,492 6,105,010 39,906,962 0 46,011,972 42,321,044 3 e); 10 Income 40,431 313,994 0 354,425 313,251 1,183,799 9,193,632 0 10,377,432 8,667,667 Interest from financial assets not carried at fair value through profit and loss 17,999 139,784 0 157,783 94,526 527,005 4,092,830 0 4,619,835 2,615,544 Interest on financial liabilities not carried at fair value through profit and loss 0 0 0 0 0 0 0 0 0 0 Others 22,432 174,210 0 196,642 218,725 656,794 5,100,802 0 5,757,597 6,052,124 11 Financial expenses -1,124-8,726 0-9,850-7,545-32,900-255,509 0-288,409-208,780 Interest on financial assets not carried at fair value through profit and loss 0 0 0 0 0 0 0 0 0 0 Interest on financial liabilities not at fair value through profit and loss 0 0 0 0 0 0 0 0 0 0 Others -1,124-8,726 0-9,850-7,545-32,900-255,509 0-288,409-208,780 Net gain on financial assets and liabilities not carried at fair value through profit and loss 0 0 0 0 0 0 0 0 0 0 Net gain of financial assets and liabilities carried at fair value 12 through profit and loss 4,869 37,814 0 42,683 52,472 142,564 1,107,180 0 1,249,743 1,451,909 Net gain of financial assets and liabilities held for trading 0 0 0 0 0 0 0 0 0 0 Net gain of financial assets and liabilities initially recognized at fair value through profit and loss 4,869 37,814 0 42,683 52,472 142,564 1,107,180 0 1,249,743 1,451,909 13 Exchange differences 0 0-250,666-250,666 414,256 0 0-7,339,422-7,339,422 11,462,451 Net gain of non-financial assets not classified as non-current 3 f); 14 assets held for sale and discontinued operations 51,333 398,667 0 450,000 25,000 1,503,026 11,672,815 0 13,175,842 691,750 Impairment loss (net of reversals) from: 0 0 0 0 0 0 0 0 0 0 Available for sale financial assets 0 0 0 0 0 0 0 0 0 0 Loans and receivables at amortized cost 0 0 0 0 0 0 0 0 0 0 Held-to-maturity investments 0 0 0 0 0 0 0 0 0 0 16 Other technical income / expense, net of reinsurance 99,256 770,839 0 870,095 746,413 2,906,168 22,569,904 0 25,476,072 20,653,251 15 Changes in other provisions 0 0 0 0-572,239 0 0 0 0-15,833,850 16 Other income / expense 0 0-101,752-101,752-104,313 0 0-2,979,257-2,979,257-2,886,347 Negative goodwill immediately recognized in profit and loss 0 0 0 0 0 0 0 0 0 0 Gains and losses of associates and joint ventures accounted for through equity method 0 0 0 0 0 0 0 0 0 0 Gains and losses on non-current assets (or disposal groups) Profit before tax 1,154,563 5,394,522-352,418 6,196,667 4,247,237 33,805,207 157,949,705-10,318,679 181,436,233 117,521,072 3 m); 28 Corporate taxfor the year - Current taxes -337,023-1,574,688 102,873-1,808,839-1,382,571-9,867,912-46,106,325 3,012,075-52,962,162-38,255,749 3 m); 28 Corporate taxfor the year - deferred -36,810-171,990 11,236-197,564 0-1,077,790-5,035,811 328,984-5,784,618 0 31 Net income for year 780,730 3,647,843-238,310 4,190,264 2,864,666 22,859,505 106,807,569-6,977,620 122,689,454 79,265,323 classified as held for sale 0 0 0 0 0 0 0 0 0 0 12

6.2 Statement of comprehensive income - USD Previous year USD Statement of comprehensive income Technical Technical Technical Technical Non technical Total Non technical Total life non life life non life Net income for the year 780,730 3,647,843-238,310 4,190,264 484,954 2,170,663 209,049 2,864,666 Other comprehensive income for the year 0 0 0 0 0 0 0 0 Total comprehensive income net of tax 780,730 3,647,843-238,310 4,190,264 484,954 2,170,663 209,049 2,864,666 - MZN Previous year MZN Statement of comprehensive income Technical Technical Technical Technical Non technical Total Non technical Total life non life life non life Profit for the year 22,859,505 106,807,569-6,977,620 122,689,454 13,418,682 60,062,251 5,784,389 79,265,322 Other comprehensive income for the year 645,033 3,013,820-196,890 3,461,964 3,576,543 16,008,668 1,541,740 21,126,951 Translation differences for presentation currency MZN 645,033 3,013,820-196,890 3,461,964 3,576,543 16,008,668 1,541,740 21,126,951 Total comprehensive income net of tax 23,504,538 109,821,389-7,174,509 126,151,418 16,995,225 76,070,919 7,326,129 100,392,273 13

6.3 Statement of Financial Position - USD - MZN Im pairment, Im pairment, Gross assets depreciation / Net assets Previous year Gross assets depreciation / Net assets Previous year am ortization Net assets am ortization Net assets Notes Assets and adjustm ents USD and adjustments MZN 3 a); 18 Cash and cash equivalents 8,565,408 0 8,565,408 7,565,258 249,583,155 0 249,583,155 217,765,960 Investments in subsidiaries, associates and joint ventury Held for trading financial assets Financial assets initially recognized at fair value through profit 3 c); 19 and loss 0 0 0 91,559 0 0 0 2,635,520 3 c); 20 Available for sale financial assets 5,183,438 0 5,183,438 0 151,037,596 0 151,037,596 0 3 c); 21 Loans and receivables 2,836,311 0 2,836,311 4,855,686 82,645,848 0 82,645,848 139,770,921 Deposits with ceding companies Other deposits 2,836,311 0 2,836,311 4,855,686 82,645,848 0 82,645,848 139,770,921 Loans Accounts receivables Other receivables 3 c); 22 Held to maturity investments 0 0 0 42,231 0 0 0 1,215,615 3 g); 23 Buildings 7,701,356 338,078 7,363,278 7,021,675 224,405,970 9,851,094 214,554,876 202,118,913 Buildings for own use 4,281,356 338,078 3,943,278 4,051,675 124,752,300 9,851,094 114,901,206 116,627,463 Investment property 3,420,000 0 3,420,000 2,970,000 99,653,670 0 99,653,670 85,491,450 3 h); 24 Other tangible assets 599,365 243,008 356,358 395,824 17,464,611 7,080,879 10,383,732 11,393,786 Inventories Goodwill 3 i); 25 Other intangible assets 168,900 91,953 76,947 98,067 4,921,494 2,679,376 2,242,118 2,822,857 3 j); 26 Technical provision for reinsurance ceded 20,558,327 0 20,558,327 11,720,439 599,038,807 0 599,038,807 337,372,830 Provision for unearned premiums 12,050,862 0 12,050,862 5,912,411 351,144,042 0 351,144,042 170,188,749 Mathematical provisions 0 230,268 0 0 6,628,264 Provision for claims 8,507,465 0 8,507,465 5,577,760 247,894,765 0 247,894,765 160,555,817 Profit sharing provision Other technical provision Assets for post-employment and other long-term benefits 3 c); 27 Other receivables from insurance and other operations 12,912,924 643,412 12,269,512 5,072,630 376,263,234 18,748,061 357,515,173 146,015,622 Accounts receivable for direct insurance operations 10,323,489 643,412 9,680,077 4,783,427 300,810,970 18,748,061 282,062,909 137,690,957 Accounts receivable for reinsurance operations 2,204,094 2,204,094 61,100 64,223,999 0 64,223,999 1,758,756 Accounts receivable for other operations 385,341 385,341 228,103 11,228,265 0 11,228,265 6,565,909 3 n); 28 Tax assets 4,528 0 4,528 0 131,942 0 131,942 0 Current tax assets 0 0 0 0 0 0 0 0 Deferred tax assets 4,528 0 4,528 0 131,942 0 131,942 0 29 Accruals and deferrals 96,401 0 96,401 189,670 2,808,972 0 2,808,972 5,459,659 Other assets Non-current assets held for sale and discontinued operations TOTAL ASSETS 58,626,958 1,316,451 57,310,507 37,053,038 1,708,301,629 38,359,410 1,669,942,220 1,066,571,684 14

6.3 Statement of Financial Position (continued) Previous year Previous year Notes EQUITY AND LIABILITIES USD USD MZN MZN LIABILITIES 3 j); 26 Technical provisions 28,174,534 18,380,819 820,963,646 529,091,864 Provision for unearned premiums 15,779,928 9,204,468 459,803,441 264,951,130 Mathematical provision 1,974,970 1,453,070 57,547,663 41,826,620 Provision for claims: 10,419,635 7,723,263 303,612,541 222,314,114 Life 11,150 10,534 324,901 303,233 Workman compensations and personal accidents 243,888 523,466 7,106,537 15,067,960 Other segments 10,164,597 7,189,262 296,181,103 206,942,921 Provision for profit sharing Provision for claims deviation Unexpired risks provision Other technical provisions Financial liabilities of the component Policyholders deposit insurance and insurance contracts and operations considered for accounting purposes as investment contracts Other financial liabilities Subordinated liabilities Deposits received from reinsurers Other Post-employment and other long-term benefits 30 Other creditors from direct insurance and other operations 10,636,388 5,322,556 309,928,377 153,209,761 Accounts payable for direct insurance operations 922,993 879,157 26,894,627 25,306,540 Accounts payable for other reinsurance operations 9,534,126 4,277,344 277,810,127 123,123,339 Accounts payable for other operations 179,269 166,055 5,223,623 4,779,882 3 n); 28 Tax liabilities 2,079,893 1,209,942 60,604,975 34,828,182 Current tax liabilities 1,053,501 385,642 30,697,436 11,100,706 Deferred tax liabilities 1,026,393 824,300 29,907,539 23,727,476 29 Accruals and deferrals 762,970 673,263 22,231,805 19,379,879 Provisions other Other liabilities Liabilities of a disposal group classified as held for sale TOTAL LIABILITIES 41,653,785 25,586,580 1,213,728,804 736,509,686 EQUITY 3 p); 31 Share capital 5,806,770 5,806,770 142,525,000 142,525,000 (Own shares) Other capital instruments Revaluation reserves For adjustments in the fair value of financial assets For revalorizaçãode buildings use own On revaluation of intangible assets On revaluation of other tangible assets Exchange rate differences Difered reserve tax 31 Other reserves 2,125,918 1,552,985 58,625,076 42,772,011 31 Retained earnings 3,533,770 1,242,037 101,721,731 38,309,472 31 Income for the year 4,190,264 2,864,666 122,689,454 79,265,323 31 Translation reserve - - 30,652,156 27,190,192 Total Equity Capital 15,656,722 11,466,458 456,213,416 330,061,998 TOTAL LIABILITIES AND EQUITY 57,310,507 37,053,038 1,669,942,220 1,066,571,684 15

6.4 Statement of changes in equity Other reserves Notes Statement of Changes in Equity (Amounts in USD) Share capital Share Legal reserve premium Retained Net profit for earnings the period Total Balance as at 31 December 2011 4,306,770 895,279 73,770-1,093,706 2,919,679 7,101,792 Errors corrections (IAS 8) Changes in accounting policies (IAS 8) 0 Revised opening balance 4,306,770 895,279 73,770-1,093,706 2,919,679 7,101,792 31 Increase in reserves (1) 583,936 2,335,743-2,919,679 0 Net profit for the period (2) 2,864,666 2,864,666 Other comprehensive income for the period (3) 0 0 0 0 0 0 Net gains from fair value adjustments of available for sale financial assets 0 Other gains/losses directly recognized in capital 0 Total comprehensive income for the period (4) = (2) + (3) 0 0 0 0 2,864,666 2,864,666 Transactions with capital holders (5) 1,500,000 0 0 0 0 1,500,000 Distribution of reserves 0 Dividens distribution 0 31 Capital increase/(reduction) 1,500,000 1,500,000 Capital transfers not included in other lines (6) Net changes in equity (1) + (4) + (5) + (6) 1,500,000 583,936 0 2,335,743-55,013 4,364,666 Balance as at 31 December 5,806,770 1,479,215 73,770 1,242,037 2,864,666 11,466,458 Changes in accounting policies (IAS 8) 0 Revised opening balance 5,806,770 1,479,215 73,770 1,242,037 2,864,666 11,466,458 31 Increase in reserves (1) 572,933 2,291,733-2,864,666 0 Net profit for the period (2) 4,190,264 4,190,264 Other comprehensive income for the period (3) 0 0 0 0 0 0 Net gains from fair value adjustments of available for sale financial assets 0 Other gains/losses directly recognized in capital 0 Total comprehensive income for the period (4) = (2) + (3) 0 0 0 0 4,190,264 4,190,264 Transactions with capital holders (5) 0 0 0 0 0 0 Distribution of reserves 0 Dividens distribution 0 31 Capital increase/(reduction) 0 Capital transfers not included in other lines (6) Net changes in equity (1) + (4) + (5) + (6) 0 572,933 0 2,291,733 1,325,598 4,190,264 Balance as at 31 December 5,806,770 2,052,148 73,770 3,533,770 4,190,264 15,656,722 Other reserves Notes Statement of changes in equity Share capital Retained Net income for Revaluation TOTAL Share ( Amounts in MZN ) Legal reserve earnings the year reserve premium Balance at December 31, 2011 100,000,000 23,918,755 1,970,879-29,220,037 84,411,886 6,063,241 187,144,724 Errors Corrections (IAS 8) Changes accounting policies (IAS 8) 0 Revised opening balance 100,000,000 23,918,755 1,970,879-29,220,037 84,411,886 6,063,241 187,144,724 31 Increased reserves by application of results (1) 16,882,377 67,529,509-84,411,886 0 Net profit for the period (2) 79,265,322 79,265,322 Other comprehensive income for the period (3) 0 0 0 0 0 21,126,951 21,126,951 Net gains from fair value adjustments of available for sale financial assets 0 31 Translations reserves 21,126,951 21,126,951 Other gains / losses recognized directly in equity 0 Total comprehensive income for the period (4) = (2) + (3) 0 0 0 0 79,265,322 21,126,951 100,392,273 Transactions with capital holders (5) 0 0 0 0 0 0 0 Distribution of reserves 0 Dividends distribution 0 31 Capital Increase / (reduction) 42,525,000 42,525,000 Capital transfers not included on other lines (6) Net changes in equity (1) + (4) + (5) + (6) 42,525,000 16,882,377 0 67,529,509-5,146,564 21,126,951 142,917,273 Balance at December 31, 142,525,000 40,801,132 1,970,879 38,309,472 79,265,322 27,190,192 330,061,998 Changes accounting policies (IAS 8) 0 Revised opening balance 142,525,000 40,801,132 1,970,879 38,309,472 79,265,322 27,190,192 330,061,998 31 Increased reserves by application of results (1) 15,853,065 63,412,259-79,265,323 0 Net profit for the period (2) 122,689,454 122,689,454 Other comprehensive income for the period (3) 0 0 0 0 0 3,461,964 3,461,964 Net gains from fair value adjustments of available for sale financial assets 0 31 Translations reserves 3,461,964 3,461,964 Other gains / losses recognized directly in equity 0 Total comprehensive income for the period (4) = (2) + (3) 0 0 0 0 122,689,454 3,461,964 126,151,418 Transactions with capital holders (5) 0 0 0 0 0 0 0 Distribution of reserves 0 Dividends distribution 0 31 Capital Increase / (reduction) 0 0 Capital transfers not included on other lines (6) 0 Net changes in equity (1) + (4) + (5) + (6) 0 15,853,065 0 63,412,259 43,424,130 3,461,964 126,151,418 Balance at December 31, 142,525,000 56,654,197 1,970,879 101,721,730 122,689,454 30,652,156 456,213,416 16

6.5 Statement of cash flows Statement of cash flows USD USD MZN MZN Cash flow from operating activities Net income for the year 4,190,264 2,864,666 122,689,454 79,265,322 Adjustments for: Depreciation and amortisation charges for the year 242,464 218,702 7,099,271 6,051,493 Changes in provision for claims -233,333-398,795-6,040,522-6,216,536 for direct insurance and reinsurance accepted 2,696,372 4,317,212 81,298,427 131,316,225 for reinsurance ceded -2,929,705-4,716,007-87,338,949-137,532,761 Changes in other technical provisions 1,189,177 1,179,549 36,246,326 40,852,321 for direct insurance and reinsurance accepted 7,097,360 3,332,830 210,573,355 111,086,433 for reinsurance ceded -5,908,183-2,153,281-174,327,028-70,234,112 Variação da provisão para recibos por cobrar 0 572,239 0 15,833,850 (Increase) / decrease in debtors -7,196,882 500,027-211,499,552 1,535,575 from direct insurance and reinsurance accepted -4,896,649 225,291-144,371,953-5,206,242 from reinsurance operations -2,142,994 290,612-62,465,243 7,637,769 from other operations -157,238-15,875-4,662,356-895,952 Increase / (decrease) in creditors 6,179,255-329,643 182,363,468 2,114,772 from direct insurance and reinsurance accepted 43,836 50,054 1,588,087 3,155,783 from reinsurance operations 5,256,782-109,896 154,686,788 5,911,482 State and other public entities 865,423-299,055 25,644,851-8,077,519 Sundry 13,214 29,253 443,741 1,125,025 Changes in other asset 93,270-189,670 2,650,687-5,459,659 Changes in other liabilities 89,707 31,716 2,851,926 2,239,966 (Increase) / decrease in fair value of financial assets at fair value through profit -42,683-52,472-1,249,743-1,451,909 (Increase) / decrease in investments held to maturity 0 3,444 0 95,299 Unrealised gains on investment properties -450,000-25,000-13,175,842-691,750 Exchange difference effects 0 77,665 0 2,148,985 Interest and similar income -408,830-203,337-11,970,395-5,626,324 Cash flows from investing activities Total 3,652,409 4,249,091 109,965,079 130,691,405 Acquisition of investments (including fixed deposits) -8,019,749-4,855,686-233,683,444-134,356,831 Refunds / divestitures (including reimbursement of fixed deposits) 4,989,476 0 143,622,056 0 Acquisitions of tangible and intangible assets -42,399-215,071-1,241,431-5,951,015 Interest and similar income 408,830 203,337 11,970,395 5,626,324 Cash flow from financing activities Total -2,663,843-4,867,420-79,332,424-134,681,521 Capital increase 0 1,500,000 0 42,525,000 Total 0 1,500,000 0 42,525,000 Net change in cash and cash equivalents 988,567 881,671 30,632,655 38,534,883 Effect of exchange differences 0-77,665 0-2,148,985 Cash and cash equivalents at the begining of the period 7,565,258 6,761,345 217,765,960 180,639,727 Cash and cash equivalents at end of period 8,565,408 7,565,258 249,583,155 217,765,960 17

8. NOTES TO THE FINANCIAL STATEMENTS Amounts stated in U.S. Dollars (USD) and Mozambican Meticais (MZN Note 1 - Corporate Information Global Alliance Seguros SA is a limited liability company incorporated in 1993. The head office of the company is in Maputo and the principal objective of the company is to develop its activities in insurance area. The company is licensed to operate in long and short-term insurances (life and non-life) and pension fund management. Activity in During the year, the GA Mozambique exceeded projected budgets in terms of growth, although profitability was lower than expected. The main cause affecting our profitability can be attributed to the volume of claims which reached USD xxx million over budget. The main reasons for the positive income, reside in the growth of the natural resource sector as well as in business derived from this sector. The year saw an unprecedented increase in the frequency of claims, as well as their severity levels. The increase in claims costs net of - amounted to 30.72%. * 18

Note 2 - Basis of preparation and significant accounting policies Basis of preparation These financial statements, which refer to the year ended December 31, were prepared in accordance with the "Plan accounts for entities authorized to carry on insurance business", approved by Ministerial Decree. 222 / 2010 of December 17, the Ministry of Finance, which came into force on January 1,, and is based on the International Accounting Standards (IAS or IFRS), effective January 1,, except IFRS 4 - Insurance Contracts, they are only adopted the principles of classification of the type of contracts by insurance companies, and was also considered the provisions issued by the Institute of Insurance Supervision of Mozambique (ISSM) for the accounting operations of insurance companies in Mozambique. IFRSs comprise accounting standards issued by the International Accounting Standards Board (IASB) and interpretations issued by the International Financial Reporting Interpretation Committee (IFRIC) and its predecessor body. As described below, under the accounting standards and interpretations that became effective implementation of the January 1,, the Insurer also adopted in preparing these financial statements, the accounting standards issued by the International Accounting Standards Board (IASB) and interpretations the International Financial Reporting Interpretation Committee (IFRIC) effective since January 1, Accordingly, the financial statements were prepared based on the principles of continuity and historical cost, except for situations specifically identified, arising from the application of Accounting Standards and Financial Reporting Standards (IFRS), including financial assets and properties of income. In preparing the financial statements, the insurer made judgments and estimates using assumptions that affect the application of accounting policies and the reported amounts of revenues, expenses, assets and liabilities. Changes in such assumptions or differences between these and the reality may impact on the current estimates and judgments. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant in preparing the financial statements are disclosed in Note 4. The financial statements are expressed in the functional currency of the Insurer, which is the U.S. dollar, as well as the presentation currency metical. These financial statements were approved by the Board of Directors on May 27,. Standards and Interpretations that became effective application on January 1, : There are the following new standards that are mandatory from 1 January. - IFRS 7 (amendment), 'Financial instruments: Disclosures - Transfers of Financial Assets (effective for annual periods beginning on or after July 1, ). This amendment to IFRS 7 relates to disclosure requirements to be made in respect of financial assets transferred to third parties but not derecognised by the entity maintaining related liabilities continued. This amendment has no impact on the financial statements of the entity. New standards and amendments to existing standards, despite having already been published, they are only mandatory for annual periods beginning on or after July 1, or later: 19

Standards - IAS 12 (amendment), 'Income taxes' (effective for annual periods beginning on or after January 1, ). This amendment requires an entity to measure the deferred tax relating to assets depending on whether the entity expects to recover the net value of the asset through use or sale, except for investment properties measured in accordance with the fair value model. This amendment incorporates the principles in IAS 12 included in SIC 21, which is repealed. This amendment has no impact on the financial statements of the entity. - IAS 1 (amendment), 'Presentation of financial statements' (effective for annual periods beginning on or after July 1, ). The amendment requires entities to present separately the items recorded as other comprehensive income, depending on whether they can be recycled or not in the future for the income and the related tax effect, if the items are presented before tax. The Bank will apply this standard in the period in which it becomes effective. - IAS 19 (revised ), 'Employee benefits' (effective for annual periods beginning on or after January 1, ). This revision introduces significant differences in recognition and measurement of defined benefit costs and benefits of cessation of employment, as well as the disclosure requirements for all employee benefits. The actuarial gains and losses are now recognized immediately and only in "Other comprehensive income (not allowed the corridor method). The financial cost of the plans with a fund is calculated on the basis of net unfunded liability. The Benefits of termination of employment only qualify as such if there is no obligation to pay the employee's future service. The Bank will apply this standard in the period in which it becomes effective. - Improvements to 2009- standards, applicable for annual periods beginning on or after January 1,. The process affects the 2009- annual improvement standards: IFRS 1, IAS 1, IAS 16, IAS 32 and IAS 34. These improvements will be adopted by the Authority, as applicable, except for those improvements to IFRS 1 for the Entity already apply a chart of accounts based on IFRS. - IFRS 1 (amendment), 'First-time adoption of IFRS' (effective for annual periods beginning no later than on or after January 1, ). This amendment seeks to include a specific exemption for entities that were previously operating in hyperinflationary economies, and first-time adopters IFRS. The exemption allows an entity to elect to measure certain assets and liabilities at fair value and to use fair value as "deemed cost" in the statement of financial position for the opening IFRS. Another change concerns the replacement of references to specific dates by "date of transition to IFRSs" exceptions to the retrospective application of IFRS. This amendment has no impact on the financial statements of the entity. - IFRS 1 (amendment), 'First time adoption of IFRS - Government loans' (effective for annual periods beginning on or after January 1, ). This amendment is intended to clarify how entities adopting IFRS for the first time should account for a government loan with a lower interest rate than the market rate. It also introduces an exemption from retrospective application, similar to that given to entities that already reportavam IFRS in 2009. This change has no impact on the financial statements of the entity by now applying IFRS. - IFRS 10 (new), 'Consolidated Financial Statements' (effective for annual periods beginning no later than on or after January 1, ). IFRS 10 replaces all the principles associated with the control and consolidation included in IAS 27 and SIC 12, changing the definition of control and the criteria for determining control. The basis of the consolidated financial statements present the parent company and its subsidiaries as a single entity remains unchanged. This amendment has no impact on the financial statements of the entity. 20

- IFRS 11 (new) 'Joint Arrangements' (effective for annual periods beginning no later than on or after January 1, ). IFRS 11 focuses on the rights and obligations associated with joint arrangements rather than the legal form. Joint arrangements can be joint operations (rights over assets and liabilities) or joint ventures (rights to the net assets by applying the equity method). Proportional consolidation is no longer permitted in the measurement of jointly controlled entities. This amendment has no impact on the financial statements of the entity. - IFRS 12 (new) - 'Disclosure of interests in other entities' (effective for annual periods beginning on or after January 1, ). This standard establishes disclosure requirements for all types of interests in other entities, including joint arrangements, associates and special purpose entities, in order to evaluate the nature, risks and financial effects associated with the interest of the entity. The Bank will apply this standard in the period in which it becomes effective. - Amendment to IFRS 10, IFRS 11 and IFRS 12 - 'transitional regime' (effective for annual periods beginning on or after January 1, ). This amendment clarifies that when applying IFRS 10 results in an accounting treatment of a financial investment than the previously followed, according to IAS 12 27/SIC, the comparatives must be restated but only for the comparative period, and differences arising at the date of the beginning of the comparative period are recognized in equity. Specific disclosures are required by IFRS 12. This amendment has no impact on the financial statements of the entity. - Amendment to IFRS 10, IFRS 12 and IAS 27 - "Financial holding entities' (effective for annual periods beginning on or after January 1, 2014). This change includes the definition of financial holding entity and introduces the scheme exception to the obligation to consolidate for financial holding entities that qualify as such, since all investments are measured at fair value. Specific disclosures are required by IFRS 12. This amendment has no impact on the financial statements of the entity. - IFRS 13 (new) - 'Fair Value Measurement' (effective for annual periods beginning on or after January 1, ). IFRS 13 aims to increase the consistency, to establish a definition of fair value, and provide the sole basis of the measurement and disclosure requirements for fair value to be applied across the board to all IFRSs The Bank will apply this standard in the period in which the same become effective. - IAS 27 (revised ) 'Separate Financial Statements' (effective for annual periods beginning no later than on or after January 1, 2014). IAS 27 was revised after the issuance of IFRS 10 and contains the accounting and disclosure requirements for investments in subsidiaries and joint ventures and associates when an entity prepares separate financial statements. The Bank will apply this standard in the period in which it becomes effective. - IAS 28 (revised ), 'Investments in associates and joint ventures' (effective for annual periods beginning no later than on or after January 1, 2014). IAS 28 was revised after the issuance of IFRS 11 to include in its scope the accounting treatment of investments in associates and joint ventures, and establishing the requirements for the application of the equity method. The Bank will apply this standard in the period in which it becomes effective. - IFRS 7 (Amendment) 'Disclosures - offsetting financial assets and liabilities' (effective for annual periods beginning on or after January 1, ). This amendment is part of the project "compensation assets and liabilities" of the IASB and introduces new disclosure requirements on countervailing duties (assets and liabilities) are not counted, the assets and liabilities offset and the effect of these compensations in exposure to credit risk. The Bank will apply this standard in the period in which it becomes effective. 21

- IAS 32 (amendment), 'Offsetting financial assets and liabilities' (effective for annual periods beginning on or after January 1, 2014). This amendment is part of the project "compensation assets and liabilities" of the IASB which clarifies the term "currently holds the legal right to compensation" and clarifies that some systems regularization by gross (clearinghouses) may be equivalent to compensation by net amounts. The Bank will apply this standard in the period in which it becomes effective. - IFRS 9 (new), 'Financial instruments - classification and measurement' (effective for annual periods beginning on or after January 1, 2015). This is the first phase of IFRS 9, which provided for the existence of two measurement categories: amortized cost and fair value. All equity instruments are measured at fair value. A financial instrument is measured at amortized cost only if the entity is holding it to collect contractual cash flows and cash flows represent principal and interest. Otherwise the financial instruments are measured at fair value through profit or loss. The Bank will apply IFRS 9 for the year in which it becomes effective. Interpretations - IFRIC 20 (new), 'discovery costs in the production phase of a mine open' (effective for annual periods beginning on or after January 1, ). This interpretation refers to the recording of costs of waste removal in the initial phase of an open pit mine, as an asset, whereas the removal of waste generates two potential benefits: the immediate extraction of mineral resources and the opening of access to quantity additional mineral resources to draw in the future. This amendment has no impact on the financial statements of the entity. Summary of significant accounting policies The principal accounting policies used in preparing the financial statements are described below and have been applied consistently to all periods presented in the financial statements: a) Cash and cash equivalents In preparing the statement of cash flows considered as the Insurer Cash and cash equivalents values balances with less than three months from the balance sheet date, readily convertible into cash and with reduced risk of changes in value, where include cash and deposits with credit institutions. b) Investments in subsidiaries, associates and joint ventures Are classified as subsidiaries (subsidiaries) companies over which the Insurer exercises control. Control is presumed to exist when the insurer has the power to exercise the majority of the voting rights. Control may also exist when the insurance company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities, even if the percentage holding of the shareholding is less than 50%. Are classified as associated companies over which the Insurer has significant influence. Significant influence is presumed when the Insurer has the power to participate in decisions relating to financial and operating policies of the company, not having control of those policies. Are classified as joint ventures (jointly controlled entities), all entities over which the Insurer has the ability to control jointly with other venturers (shareholders) financial and operational policy of the enterprise. The Insurer does not hold any investments in subsidiaries, associates and joint ventures. c) Financial assets 22

(i) Classification The GA classifies its financial assets at the time of purchase considering the intention behind them, according to the following categories: Financial assets held for trading Those purchased with the main objective to generate capital gains in the short term;. Financial assets at fair value through profit and loss This category includes equity instruments designated upon initial recognition at fair value with subsequent changes recognized in profit and loss Financial assets available for sale includes non-derivative financial assets which (i) the insurer intends to hold indefinitely, (ii) are designated as available-for-sale at initial recognition or (iii) do not fit in categories referred above;; Investments held-to-maturity Are financial assets for which there is an intention and ability to hold until maturity, presenting a maturity and determinable fixed cash flows. In the event of sales, the class is considered contaminated and all assets of the class must be reclassified as available for sale. ; Loans and receivables Includes financial assets, excluding derivatives, with fixed or determinable payments that are not quoted in an active market and whose purpose is not to negotiate. Additionally includes receivables related to direct insurance, reinsurance and other transactions related to insurance contracts. (ii) Recognition, measurement and derecognition Acquisitions and disposals: Financial assets are initially recognized at fair value plus transaction costs, except for financial assets held for trading or at fair value through profit or loss, in which case these transaction costs are directly recognized as income.. Financial assets are derecognised when (i) the contractual rights of the GA to receive their cash flows, (ii) the insurer has transferred substantially all risks and rewards of ownership or (iii) although retaining some but not substantially all the risks and rewards of ownership, the Insurer has transferred control over the assets. (iii) Subsequent measurement After initial recognition, financial assets held for trading and financial assets at fair value with recognition of gains and losses are valued at fair value with changes therein recognized in profit and loss. Investments available for sale are carried at fair value which, however, the corresponding changes recognized in equity, in the part that belongs to the shareholder, until the investments are derecognised, ie, the time at which the cumulative gains and potential losses recorded in equity is transferred to profit. For products with profit sharing, changes in the fair value are initially recognized in reserves (equity) and subsequently transferred to the account of profit sharing to assign ("shadow-accounting"). Still in relation to financial assets available for sale, the adjustment to book value comprises the separation of (i) depreciation at the rate effective, (ii) the foreign exchange (in the case of designated 23

foreign currency monetary assets) - both by the income and (iii) changes in fair value (excluding risk) - as described above. Investments held-to-maturity are measured at amortized cost in the balance sheet in accordance with the effective interest rate method with amortization (interest, values and incremental premiums and discounts) to be recorded in the profit and loss. The fair value of listed financial assets is your current purchase price ("bid-price"). For unlisted securities, the GA establishes fair value by using (i) valuation techniques such as the use of prices of recent transactions, and conducted in similar market conditions, techniques of discounted cash flow models and option valuation parameterized to reflect the particularities and circumstances of the instrument, and (ii) valuation assumptions based on market information. at cost. Financial instruments for which it is not possible to measure reliably the fair value are recorded (iv) Transfers between categories of financial assets In October 2008 the IASB issued a revised IAS 39 - Reclassification of financial instruments (IAS 39 Amendments to Financial Instruments: Recognition and Measurement and IFRS 7: Financial Instruments Disclosures). This change allowed an entity to transfer financial assets held for trading portfolios to financial assets available for sale, loans and receivables or financial assets held to maturity, as these financial assets match the characteristics of each category. A transfer of financial assets available for sale to the categories of loans and receivables and financial assets held to maturity is also allowed. (v) Impairment Impairment of securities: GA assesses at each reporting date whether there is any objective evidence that a financial asset or group fo financial assets is impaired. Assets Carried at amortised cost If there is objective evidence that was supported an impairment loss on loans and receivables or held-to-maturity at amortized cost, the amount of the loss is measured as the difference between the carrying amount of the asset and the present value of the flows estimated future cash discounted at the original effective interest rate of the financial asset. The amount of the asset should be reduced through the use of a reduced active account. The amount of the loss shall be recognized in profit. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss shall be reversed by adjusting the bill to reduce the asset. The reversal shall not result in a carrying amount of the financial asset that exceeds the amount that would have been determined by amortized cost, the impairment not been recognized at the date the impairment is reversed. The amount of the reversal shall be recognized in profit. Assets carried at cost If there is objective evidence that an impairment loss has supported an instrument of unquoted equity that is not recognized at fair value because its fair value can not be reliably measured, or on a derivative asset that is linked, and should be settled by delivery of an instrument of such unquoted equity, the amount of impairment loss is measured as the difference between the carrying amount of the financial asset and the present value of estimated future cash flows 24

discounted at the current market return for similar financial asset. These impairment losses shall not be reversed. Available for sale financial assets When there is evidence of impairment of financial assets available for sale, the cumulative loss equity, corresponding to the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognized in the income statement, is transferred to results. Adjustments receipts premiums receivable and doubtful debts: The adjustments of premiums receivable receipts are aimed at reducing the amount of premiums to collect their estimated realizable value. The calculation of these adjustments are made on an economic basis on which we assess the recoverability of all receipts that are collecting for over 30 days and then applied to the bank receipt receipt. This adjustment is presented in the balance sheet as a deduction from debtors for direct insurance operations. This adjustment is intended to recognize the results of the impact of potential insurer failure to collect receipts for premiums written d) Other financial assets - Embedded Derivatives Financial instruments with embedded derivatives are initially recognized at fair value. Subsequently, the fair value of derivative financial instruments are revalued on a regular basis, and gains or losses resulting from this revaluation are recorded directly in the income statement, where the derivative is not closely related to the asset base, and in the revaluation reserve in other cases. e) Recognition of interest and dividends The results relating to interest on financial instruments are recognized under interest and similar income using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. To calculate the effective interest rate are estimated future cash flows considering all contractual terms of the financial instrument, excluding, however, any future credit losses. The calculation includes all fees that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts directly related to the transaction. To income from equity instruments (dividends) are recognized when the right to recognition. f) Investiment property and building for own use Investment property The company classifies as Investment properties all properties whose recoverability is by obtaining rents rather than continuing use, using the measurement criteria of IAS 40. Investment properties are measured initially at cost, including transaction costs. The carrying amount includes the cost of replacing part of an existing investment property at the time that cost is incurred if the recognition criteria are met; and excludes the costs of day-to-day servicing of an investment property. 25