Standard Insurance Consultants Limited May 2008

1. Standard Insurance Consultants Limited May 2008

2. Background

3. Our History The STANDARD INSURANCE CONSULTANTS LIMITED was formed in the year 1980 under the Company's Act of 1968 and in accordance with the requirements of the Insurance Act of 1976 and the subsequent amendments. The STANDARD INSURANCE CONSULTANTS came into being over the last 28 years with initial staff of Three (3) Insurance Professionals and Seven (7) Staff with the name Standard Insurance Intermediaries. With expanded responsibilities and increased diversification in the face of Nigerian Economy that was then becoming dynamic and more complex, the need arose for a change in the nomenclature of the Organization as the hitherto existing name began to suggest more limited sphere of activity than we were serving thereby reflecting morbidity. The STANDARD INSURANCE CONSULTANTS LIMITED were thus educed and with dogged determination coupled with virtuous Professional mannerism, the Organization has been able to increase its professional and regular Staff to well over 150 Employees across the Country. We are happy to record that the Company has grown progressively over the years with the support of its Clients from a small Staff of 10 to over 150 Employees. The ethos of STANDARD INSURANCE CONSULTANTS LIMITED from the very beginning has been Client focused: Listening carefully to Clients concern and their requirements, striving to meet those needs and delivering the appropriate products and professional services.

4. Overview The STANDARD INSURANCE CONSULTANTS LIMITED and its Sister Company STANDARD LIFE & PENSIONS CONSULTANTS LIMITED is an independent Insurance/Reinsurance Brokers Headquarters in Lagos with Branch Offices at Ibadan, Abuja, Port Harcourt and Associate Offices throughout Nigeria. STANDARD INSURANCE CONSULANTS LIMTED is a functional Member of National Council of Registered Insurance Brokers (NCRIB) and fully licensed by the National Insurance Commission (NAICOM) to transact ALL classes of Insurance Business including SPECIAL RISKS such as Oil & Gas, Marine & Aviation, General Insurance and Life Insurance Business generally. We are duly licensed by the Department of Petroleum Resources (DPR) to operate as an Oil Industry Service Company (SPECIAL CATEGORY) as well as the Nigerian Petroleum Exchange (NIPEX) including NAPIMS. Employing over 150 Insurance Professionals across the country and with our International Backing by our Technical Partners at Lloyds in London, the STANDARD INSURANCE CONSULTANTS LIMITED offers Extensive Expertise in all the major Insurance disciplines. These may be summarized as follows: (1) Oil & Gas (2) Marine Hull & Cargo (3) Personal Accident Insurance (4) Life Insurance generally (5) Electronics Insurance (6) Automobile Insurance (7) Householders, fire/Special Perils (8) Aviation & Space (9) Construction & Engineering (10) Political Risks (11) Risk Managements (12) Treaty Reinsurance Generally The well trained staff of STANDARD INSURANCE CONSULTANTS LIMITED provides comprehensive and elaborate Insurance Programme for our clientele. These Programmes including Risk Management are very Cost Effective and meet the Insurance requirements of our clients. We are one of the well known and reputable Insurance Brokers in the country and with our strategic owned and associate Offices; we are in the best position to provide valuable, Local Professional Insurance Services to our Clients.

5. Our Resources TECHNOLOGY TEAM Technology is a major component in any Company's success. Effective Computer Network, Electronic Communication and extensive Database are key fundamentals to our Business. Our Information Technology Sister Company - ABC OMEGA Information Technology Ltd has many years of experience between them as they function very well and within business purview. This Outfit is the main engine in our Technology team and they are assisting our IT team work tremendously. LINK: www.abcomega.com GENERAL CLAIMS SERVICES The acid Test of any Insurance Outfit is "prompt Settlement of Claims as at when due" Standard Insurance Clients generally benefit from a prompt and efficient Claims Servicing. That is why at Standard we place Claims servicing at the top of our Service commitments to our Mutual Client. Our Claims Department are staffed by highly focused personnel, all of whom respond to any event with the same degree of urgency no matter whether the insured event is small, medium or big. When placing Insurance Business with our Organization, our Clients are rest assured in the knowledge that their Claims collection are in capable hands. All our Claims TEAM work to the same formular in the handling of our Clients affairs. The formular developed by us over the years is very simple application and the result is a seemless and efficient Claims servicing. The approach to Claim settlement may be summarized as follows:

6. Our Resources (A) MANAGEMENT Upon being appointed as a Client's Insurance Broker/Adviser, we put in place the necessary Claim procedure to handle our Clients Claims. These procedures range from basic reporting functions through to the more complex major loss handling report and regular reviews. (B)NEGOTIATION We have an excellent Team of Claims Negotiators who have been handling complex claims over the years. To this end, Claims negotiating ability is very strong within our Claims Team. (C)CLAIMS ADMINISTRATION By putting forward a very simple and dynamic procedure Standard Claims Personnel administer all the Claims that occur during the currency of the Policy of our Client very effectively. This in effect ensure that our Clients Claims are paid promptly and efficiently as at when due. HUMAN RESOURCES At Standard, we care for our Clientele as well as our Staff, Our Human Resources Team guides Management on personnel issues, offers facilities from induction to Appraisals through to Training and support Staff with good work conditions and appropriate Welfare Scheme. Our Staff generally, take great pride in working for STANDARD INSURANCE CONSULTANTS and our reputation, integrity for being a caring and considerate Employer is well known throughout the Insurance industry. STAFF TRAINING STANDARD INSURANCE CONSULTANTS LIMITED places a great Premium on the value of Staff Training. At Standard, we consider Staff Training as a foundational cornerstone of our Service Commitment to our Mutual Client and the Risk careers, Having a well trained personnel ensures that we provide a truly professional service. Our Training Programmes are Comprehensive both locally and Internationally utilizing the advantage of our sister Company STANDARD CONSULT (UK) LIMITED with link: www.standardconsultco.uk.

7. Standard Core Service Team President/Chief Executive Mallam Ahmed O. Salawudeen General Business Team Fred Ishie Rabiu Adamu Alexander Ehimwenma Bernard Nwankwo Moses Atengweye Energy Team Construction/Operational Upstream/Downstream Ahmed Salawudeen Biodun Oyinlola Isiaka Tijani Tayo Ayinde Baba Jaarfar Aishat Umar EXECUTIVE DIRECTORS Chief Tokunbo Orimobi Mr. Samuel Olalemi Business Development Team Alhaji AbdulRahman Idris Zainab Bunmi Salawudeen Marine/Aviation Isiaka Tijani Fred Ishie Biodun Oyinlola Bernard Nwankwo ICT Team Felix Adegboyega Prasad Kotikela Oladele Zacchaeus Claims Team Ahmed Salawudeen Baba Jaarfar Celestine Nwankpa

8. Standard Management Team Mallam Ahmed O. Salawudeen - (President/Chief Executive) The Management Team is led by Mallam Ahmed O. Salawudeen and he has been the President/Chief Executive of the Company from inception to date. The overall direction of the Team is under his purview and with his Experience, Might, Business Contacts and his personal integrity in the Insurance Industry has been an Inspiration to STANDARD INSURANCE CONSULTANTS LIMITED both Locally and Internationally. Mallam Salawudeen is a Graduate of College of Insurance Surbiton, London having qualified as a Chartered Insurance Practitioner in the year 1976. He is an Associate Member of Chartered Insurance Institute of London. He is also an Associate Member of both the Nigerian Council of Registered Insurance Brokers and The Chartered Insurance Institute of Nigeria. He has served the Nigerian Council of Registered Insurance Brokers for many years as a Council Member. Ahmed started his Insurance career with the Royal Insurance Group at Chancery Lane in London and had a brief working experience with British Engine in Manchester and the Royal Marine Insurance Department in Liverpool. He has attended various Insurance Courses within and outside Nigeria including Master of Energy in London, England. Mallam Ahmed Salawudeen has been involved in the Insurance Industry generally over the last three decades and he has travelled to so many countries around the Globe. He is currently the Chairman of many of the Companies within the STANDARD GROUP. He is married with children.

9. Standard Management Team • Fred O. Ishie - (Executive Director – Technical) • Mr. Fred O. Ishie began his Insurance career with the Law Union & Rock Insurance Company Limited dealing with many aspects of Insurance Underwriting as well as Claims Management. He joined Standard Insurance Consultants Limited over the last 25 years where he combined the role of Technician and Broker across the range of all aspects of Insurance Cover. • Mr. Ishie is an Associate member of the Institute of Commercial Management Berkshire England and also an Executive member of American Institute of Management, Boston. He is a member in Council of the Nigerian Corporation of Registered Insurance Brokers and he served as the Branch Chairman (West) of the Organization. • Over the last 26 years, Mr. Ishie has accumulated tremendous wealth of experience in the Insurance industry and he has served judiciously and meritoriously in the following Departments: • FIRE • ACCIDENT • MARINE • AVIATION • LIFE AND PENSION • He is married with children.

10. Standard Management Team Hezekiah Abiodun Oyinlola - (Chief Operating Officer) Mr. Oyinlola is the Chief Operating Officer of the STANDARD INSURANCE CONSULTANTS LMITED. He is a chartered Insurance Practitioner of over fifteen (15) years and a Master Degree holder of the Obafemi Awolowo University, lIe-Ife. He was until his appointment, the Underwriting Manager of UNIC Insurance PIc for many years and the General Manager/CEO of a Broking Outfit for a period of well over nine (9) years. A seasoned Lecturer with Nigerian Army School of Finance and Administration, Apapa. Mr. Oyinlola had attended many courses both locally and internationally where he acquired wealth of experience in Marketing Special Risks Packages such as Contractor All Risks, Oil and Gas, Marine and Aviation and General Insurance. Mr. Oyinlola is happily married with children.

11. Standard Management Team Alhaji Abdulrahman Idris – Executive Director (Business Development) Alhaji Abdulrahman Idris is a product of the famous Ahmadu Bello University (ABU) Zaria and graduated as a Business Administrator as far back as 1977. He is a versatile and highly respectable Marketing Personality with a high profile Business Contacts with Government and Private Organizations. He has experience spanning close to 28 years to date in all the facets of Marketing in Insurance and other related Industry. He has his early Insurance experience with the ROYAL EXCHANGE ASSURANCE OF NIGERIA (REAN) and he became the Risk Insurance Manager of the NATIONAL FERTILIZER COMPANY OF NIGERIA (NAFCON) and made a Director of the Organization until NAFCON was privatized. He has attended various Management Courses and Seminars including Negotiations for Employer and Clients both locally and on the international scene. He has widely travelled to countries which include the UK, USA, Indonesia, Republic of Ireland and all the Countries within the Sub-regions of West Africa. He is happily married with children.

12. Standard Management Team Zainab Olubunmi Ahmed-Salawudeen – Company Secretary/Legal Adviser Zainab Olubunmi Ahmed is a Graduate of the famous University of Hertfordshire where she obtained her LLB Degree with Honours in Commercial Law, Partnership & Entertainment Law including Media Law. She Proceeded to Brunel University for her Master Degree where she obtained LLM Degree in European & International Commercial Law. She is undergoing Legal Practice Course in Commercial & Private Route at the College of Law, Bloomsbury in England. Zainab is at the moment enrolled as a Student at Chartered Insurance Institute of London where she is intending to become a Chartered Insurance Practitioner. She joined the Board of Directors of STANDARD INSURANCE CONSULTANTS LIMITED as the Business Development Executive and Company’s Secretary/Legal Adviser.

13. Standard Management Team Rabiu S. K. Adamu (Chief Coordinator/Personal Assistant to CEO) Rabiu S.K Adamu is a Graduate of Business Administration and Management from KADUNA STATE POLYTECHNIC, ZARIA. He also enrolled in AFLON COMPUTERS INSTITUTE, ABUJA where he obtained a Diploma in Micro Computer Operations and Management. He started his Insurance career at NIGERIA REINSURANCE CORPORATION where he served as a Youth Corper, then he later joined the STANDARD INSURANCE CONSULTANTS LIMITED in the Year 2000 where he rose to his present position as the Assistant Underwriting Manager in Abuja. Rabiu S.K is presently an Associate Member of both the Nigerian Institute Of Management (AMNIM) and the Chartered Institute Of Administration (ACIA). In addition to the practical and on the job experience, he has attended series of seminars and meetings as well as workshops on Insurance Business generally. He is married with children.

14. Standard Management Team Alexander Ehimwenma – (Senior Manager, Administration) Mr. Ehimwenma is the Senior Manager (Administration) of the STANDARD GROUP of Companies. He is a graduate of Ondo State Polytechnic, Owo. His career started with the GENERAL TELEPHONE AND ELECTRONICS (GTE) where he was the Exchange Manager attached to Lekki Phase I. Mr. Ehimwenma has worked in various Department of the Company where he acquired wealth of experience in Special Risks Packaging such as Contractors "All Risks" Oil and Gas, Marine & Aviation and General Insurance. He is at the moment a registered member of the reputable Institute of Chartered Accountant of Nigeria. He is married with children.

15. Standard Management Team Isiaka Olaitan Tijani – (Accountant) Mr. Tijani has HND Accounting from The Polytechnic, Ibadan. Mr. Tijani started his Accounting career with a firm of Chartered Accountants (Messrs Adebayo Ayoade & Co) in the year 2001 as a Senior Trainee Accountant. He later joined Lotto Grafix Ltd, a household name in Prepress Industry as an Accountant. He is currently working as an Accountant with the STANDARD INSURANCE CONSULTANTS LIMITED. Mr. Tijani is a on Professional II Level of The Institute of Chartered Accountants of Nigeria. He is currently undergoing Insurance Training and has registered as a Student Member of the Chartered Insurance Institute of Nigeria. He is happily married.

16. Standard Management Team Bernard Nwankwo – (Underwriting/Claims Manager) Mr. Nwankwo is a Graduate of the Business Training School Dale in London. He started his Insurance career with Harmony Insurance Company and joined later STANDARD INSURANCE CONSULTANTS LTD in 1986. He has attended various local courses, seminars and workshops in Secretarial Administration and Correspondence writing. Mr. Nwankwo has worked in various Departments of the Company where he acquired wealth of experience in General Underwriting and Special Risks Reporting including Oil and Gas Reinsurance Treaty/Aviation Pool Reporting and claims. He is married with children.

17. Standard Management Team Oladele B. Zacchaeus – (IT Support Specialist) Mr. Zacchaeus Coordinates the activities of the ICT Department of the company. He started his IT career with GD Technologies and rose to the position of the Senior IT Engineer. A graduate of Ambrose Alli University, he is a Microsoft Certified Professional and a qualified Cisco Network Professional. He is also a Member of the Nigeria Computer Society (NCS). His experience in ICT world has brought innovations to Standard Insurance Consultants Limited.

18. Standard Management Team Miss Aishat A. Umar (Marketing Executive) Aishat A. Umar is the Marketing Executive of Standard Insurance Consultants Limited. She obtained her Degree in Business Administration from Ahmadu Bello University Zaria. Her working career started with the Legend Associates Insurance Brokers. During her service at Legend Associates Brokers, she handled various Accounts, she is also an Associate Member of the Nigerian Institute of Management (NIM) she attended Solag Computer Training School where she obtained a Certificate in Computer Operations presently. Miss Aisha is the Marketing Executive Officer of Standard Insurance Consultants in Abuja and its environs. She has attended many Insurance Seminars and Workshops in Insurance Administration, Management and Marketing.

19. Standard Management Team Baba Saleh Jaafar – (Underwriting Executive) Baba Saleh Jaafar is a graduate of Mathematics from the University of Jos in Plateau State. He started his working experience as a Zonal Corps Liaison Officer at Ijebu-Ode during his Service year where he served the Community diligently and was awarded with a State Zonal Inspections and Ijebu-Ode Local Government Council award of Excellence. He started his Insurance career with Yankari Insurance Company Limited where he served as the Area Manager (East) and Head of Operations in Port Harcourt. He later moved to the Head Office at Bauchi as the Head, Motor and Statistics and filially the Head, Underwriting at their Abuja Central Office. Jaafar had also obtained a Certificate in Computer from E-Tech Computer Training Institute in Port Harcourt in the year 2002 and he is a Registered Member of the Chartered Insurance Institute. He also attended several Insurance Seminars, workshops on Administration and Total Quality Management. He is happily married.

20. Standard Partnership with International Reinsurance Broker As a backup to our local setup particularly in Oil & Gas Business, we have a cordial and harmonious relationship with Willis Limited in London and this Partnership have been very productive over the years. This Partnership of ours among other things helps us to keep track of World Insurance Market Development particularly in the Energy Sector thereby enabling us to be abreast with the dynamic global trend maintaining a flexibility of operations in tune with the changes in the Global Insurance Market. They also provide Technical Insurance Training Facilities for our Staff that are variously sent overseas for Induction Courses. However, our Representation of Willis in Nigeria is not a Sole Partnership.

21. Standard Energy Clientele in Nigeria • Over a period of time, we have been involved in the cultivation of some strategic Oil & Gas Business in Nigeria with the joint effort of our Technical Partner. Some of these CLIENTELE may be summarized as follows; • NIGERIA LNG • AFAM INTEGRATED OIL & GAS PROJECTS • AGBAMI DEVELOPMENT PROJECT • STAR DEEP WATER PETROLEUM • OKPAI POWER PLANT CONSTRUCTION • WEST AFRICA CONTAINER TERMINAL • BONNY GAS TRANSPORTATION LIMITED • ESCRAVOUS GAS TO LIQUIDS PROJECT • AKPO FIELD DEVELOPMENT PROJECT • USAN DEVELOPMENT PROJECT • The above is just to mention a few of our many important Clientele in the Energy Sector of Nigerian Economy and we are working very hard on other Projects which we hope will materialise in due course.

22. Standard General Business Portfolio • STANDARD INSURANCE CONSULTANTS LIMITED provides Insurance Coverage and Risk Management Services through reputable CARRIERS in the Insurance market. As part of our Business, we Identify, Analyze and Manage Risks. We deliver Professional Risk Transfer, Loss Management and Actuarial Services to Parastatals, Private Companies as well as Marine Superintendent. • With our knowledge, experience and technical expertise, we are able to offer a wide range of products and services to various organizations. The experience gained over the years has been drawn from business placement of a very diverse and challenging nature. Among many businesses that we have recently been involved are: • NIGERIAN PORTS AUTHORITY (NPA) • AJAOKUTA STEEL COMPANY LIMITED • INTERCELLULAR NIGERIA LIMITED • NIGERIAN TELECOMMUNICATION LIMITED • NIGERIAN COLLEGE OF AVIATION & TECHNOLOGY • UNIVERSAL BASIC EDUCATION • NATIONAL IRON-ORE MINNING PROJECT • OBAFEMI AWOLOWO UNIVERSITY • INSTTITUTE OF AGRIC RESEARCH & TRAINING • ENERGY COMMISSION OF NIGERIA • INDEPENDENT NATIONAL ELECTORAL COMMISSION • NIGERIAN POLICE FORCE • LAGOS STATE GOVERNMENT • FEDERAL CAPITAL AREA COUNCIL • NATIONAL INSURANCE COMMISSION (NIACOM) • WEMA BANK PLC • FEDERAL MINISTRY OF HEALTH • AFRICAN REGIONAL CENTRE FOR ENGEERING DESIGN MFG • THE NATIONAL ASSEMBLY • OFFICE OF THE HEAD OF SERVICE,. FEDERAL REPUBLIC OF NIGERIA

23. Standard Reputation & Contacts Our Clients Service has always been our Selling Point and over a period of time, our current Client Retention Rate is in the region of 95%. In addition, we have a full support of many of our Board Members who are Politically connected within the system, and through their contact, we have been able to move forward in cultivation of viable businesses. We are Client-Focussed and transparent.

24. Our Offices in Nigeria • The numerous Manpower embodiments of the STANDARD GROUP are severally stationed in our various Branches and Syndicate Offices. • Presently, our strategically positioned Offices are as follows; • LAGOS (CORPORATE HEAD OFFICE) 130A, ASSOCIATION ROAD DOLPHIN ESTATE, IKOYI, LAGOS.

25. Our Offices in Nigeria 2. IBADAN, OYO STATE. (SOUTHWEST OF NIGERIA) STANDARD VILLA, FOREST HILL ESTATE NEW JERICHO GRA, JERICHO IBADAN, OYO SATE.

26. Our Offices in Nigeria 3. ABUJA (FCT). (NORTHERN OPERATIONS) STANDARD HOUSE KATAMPE DISTRICT FCT, ABUJA.

27. Our Offices in Nigeria OTHER OFFICES ABUJA (FCT) RUSSEL CENTRE, SUITE 72, 3RD FLOOR HERBERT MACAULAY WAY WUSE ZONE 4, ABUJA FCT. PORT HARCOURT 2, IKWERE ROAD, MILE 1 DIOBU PORT HARCOURT, RIVERS STATE. WARRI EDEWOR SHOPPING CENTRE BLOCK 1, WARRI/SAPELE ROAD EFFURUN.

28. Contact Details Mallam Ahmed O. Salawudeen Alhaji Abdulrahman Idris Standard Insurance Consultants Limited Standard Insurance Consultants Limited 130A Association Road Russel Centre, Suite 72, 3rd Floor Dolphin Estate, Ikoyi, Lagos. Herbert Macaulay Way Email: ahmedniyi@standardinsgroup.com Wuse Zone 4, Abuja. Tel: + 234 702 762 9262 (D) Email: idrisa@standardinsgroup.com + 234 805 655 4455 (M) Tel: +234 802 818 4477 (M) +44 7939 616 827 (M) +234 803 308 9696 (M) Fred O. Ishie H. Abiodun Oyinlola Standard Insurance Consultants Limited Standard Insurance Consultants Limited Standard Villa, Forest Hill Estate 130A Association Road New Jericho GRA, Jericho Dolphin Estate, Ikoyi, Lagos. Ibadan, Oyo State. Email: oyinlolab@standardinsgroup.com Email: ishief@standardinsgroup.com Tel: + 234 803 328 9154 (M) Tel: +234 803 388 4796 + 234 805 290 2247 (M)