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Closing the Asiban deal Denis Rousset Groupama ZF Dinner, 8 th of April

Closing the Asiban deal Denis Rousset Groupama ZF Dinner, 8 th of April. A major player in the insurance sector. A mutual insurance, banking and financial services group originating in the agriculture segment Steady international growth 16 million customers and over 38,000 employees.

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Closing the Asiban deal Denis Rousset Groupama ZF Dinner, 8 th of April

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  1. Closing the Asiban dealDenis Rousset GroupamaZF Dinner, 8th of April

  2. A major player in the insurance sector A mutual insurance, banking and financial services group originating in the agriculture segment Steady international growth 16 million customers and over 38,000 employees • 1900Law authorising the creation of agricultural mutual insurance funds in France • 1963 Coverage of all property risks • 1972 Launch of life insurance 1986 Creation of the Groupama brand 1998 Acquisition of Gan, the 4th largest French insurer

  3. A group that covers all business lines, clients and distribution channels INSURANCE SERVICES FINANCE INTERNATIONAL Portugal Groupama Seguros Mutuaide Gan Insurance Banque Finama Assistance Spain Groupama Seguros Groupama Life Groupama Gan Eurocourtage FMB Vietnam Groupama Asset Management Italy Groupama Assicurazioni Nuova Tirrena Groupama Credit Insurance Groupama China Real Estate Gan Wealth Fourmi Verte Gan Hong Kong Finama Private Groupama Equity Legal China Protection Groupama Great Britain Chengdu Branch Gan Provident Groupama Groupama Banque Présence verte Insurances Groupama Turkey Transport BasakGroupama Hungary Groupama Télésurveillance Günes Sigorta Biztosito Groupama (36%) Employee OTP Garancia Savings Gan Outre-mer CapsAuto Romania Bulgaria BT Asigurari Asiban OTP Garancia OTP Garancia Slovakia C.E.S.V.I. Groupama Greece Poistovna Groupama Phoenix Centres Centaure

  4. 1 st 2 nd 3 rd A leader in its domestic market Agricultural Insurer Home Insurer Individual Health Insurer Local authorities Insurer Unforeseen eventsInsurer Long term care InsurerLegal protection Insurer Marine and transport Insurer Motor Insurer SME Insurer

  5. A unique model and an ambitious strategy • Leader among mutual insurers in France • Offering a full line of insurance products through several distribution networks • A major market player with about 16 million clients around the world • Having an ambitious strategy for international development and growth • Yielding strong operational performance An ambitiousstrategy A unique economic model A complete range of insurance, a strong position in non-life A strong brand, present in 14 countries Ranked among the Top 10 European insurers A multi network distribution A unique capacity to meet customer needs business A = on mass A diversified portfolio of loyal clients Multi-channel distribution A multi network distribution

  6. + 9.2% + 66.1% A strategy of sustainable and profitable growth Scope of group • Accelerated growth – change in revenues including 3.9 bn euros in international growth(+39%) • Strong increase in operating profit Combined revenue (bn euros) 2005 2006 2007 2008 Scope of group Operating profit (m euros) 2005 2006 2007 2008

  7. Strong international business growth EUROPE & MEDITERRANEAN Slovakia Groupama Poistovna Hungary Groupama Garancia Biztosito Romania BT Asigurari Asiban OTP Garancia Great Britain Groupama Insurances Bulgaria Subsidiary of OTP Garancia Spain Groupama Seguros Turkey Basak Groupama Emeklilik Basak Groupama Sigorta Güven Günes Sigorta (36%) Italy Groupama Assicurazioni Nuova Tirrena Portugal Groupama Seguros Tunisia Star (35%) Greece Groupama Phoenix

  8. Strong international business growth ASIA China Groupama (Hong Kong) Groupama S.A. Chengdu Branch Groupama China Beijing Office Vietnam Groupama Vietnam

  9. A solid platform for expansion in Central and Eastern Europe Russia Ukraine Slovakia Hungary Romania Croatia Serbia Bulgaria Montenegro Turkey Greece Groupama Presence Growth potential for Groupama – Presence only of OTP Bank Proforma based on 2008 data

  10. Why Romania The right marketat the right time • Dynamic economic growth • Well placed for development within the EU • High market potential - the insurance penetration reached only 1.77% of the GDP in 2007 and the total gross premiums reached 7.17 billion lei, a growth of 25.25% compared to 2006. Romanianmarket 2007 +168%

  11. Asiban BTA OTP Groupama Romania - Non - life GPW market share percent 12.8 12.7 0.3 0.3 10.8 0.3 4.4 4.6 2.9 8.2 7.8 7.6 2005 2006 2007 Groupama Romania - Life GPW market share percent 9.1 8.4 0 0.6 0.2 6.2 0.5 0 0.8 8.5 7.7 5.4 2005 2006 2007 Why Romania: Leading position on the market Marketshare Source: Insurance profile; Insurance supervisory commission

  12. Presence 155 249 54 3 4 6 2 2 4 2 2 3 6 4 1 3 2 6 2 4 4 2 4 2 2 3 1 2 4 6 3 3 3 4 3 4 2 3 22 5 5 3 5 4 8 2 4 6 4 2 3 4 9 4 21 2 10 3 8 3 8 5 2 2 3 2 5 7 8 3 6 7 10 8 9 3 5 4 7 4 7 7 10 13 11 2 4 1 1 1 1 1 1 1 2 2 1 1 2 1 2 2 1 1 1 1 2 1 2 1 1 1 1 1 1 2 2 1 1 1 1 1 1 2 1 1 Why Romania: Extensive geographical footprint SatuMare Maramures Botosani National coverage Suceava Iasi Bistrita-Nasaud Salaj Neamt Bihor Cluj Vaslui Mures Bacau Harghita Arad Alba Covasna Sibiu Galati Timis Brasov Vrancea Hunedoara Buzau Caras-Severin Tulcea Braila Gorj Prahova Valcea Arges Dambovita Ialomita Mehedinti Bucuresti Calarasi Dolj Constanta Giurgiu Olt Teleorman • All three companies have a network that cover the whole country

  13. Why Romania: A mix of skilled employees and agents Employees and agents Total

  14. The Asiban deal • Asiban • Romania's third-largest insurer in life- and non-life products • GWP EUR185.8 million (2007) • Owners: Banca Comerciala Romana SA, BRD-Groupe Societe Generale SA, Banca Transilvania SA and Casa de Economii si Consemnatiuni CEC SA • Advisors • Rothschild & Cie advised Asiban's four shareholders • Raiffeisen Investment Romania advised Groupama • Competitors (with final bids) • Axa, Eureko, Aegon, Generali • Winner • Groupama – E350 million deal • Deal closure: August 6th , 2008

  15. Strongplatform for development in Romania Transactions finalised 21 December 2007 6 August 2008 26 August 2008

  16. Groupama in Romania one of the market leaders Marketshare Non Life (2008) Life (2008) Source: Insurance profile; Insurance supervisory commission

  17. Key stages for creating a leadingcompany 2008 Acquisition Business continuity 2009 Merger Restoringprofitability 2010 Development & sustained profitability

  18. Long term commitment to the Romanian market • To be a Market maker: professional and innovative • Improve profitability, client services and develop new offers • Product focus: general insurances (auto, goods, equipments, etc), for both individual customers and corporate, followed by life insurance and by agricultural and health insurance

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