Rapport Annuel 2019 (ANG)- Tunis Re

RETAKAFUL ACTIVITY : Governed by high quality sharia board Opportunity for Tunis Leader on development in the Retakaful the Tunisian market Arab and African and positioning as a recognized regional markets reference Distinguish the quality of its expertise and technical skills 18.631 MDT As part of the diversification of its activity, Tunis Re has been a pioneer in the promotion The Turnover 2019 of takaful reinsurance in Tunisia, offering a wide range of coverage in line with the needs +30% of islamic insurance professionals. The Turnover Evolution The Retakaful activity is still expanding, achieving a progress of 32% by the end of the 2019 financial year and achieving 108% of the objectives set for 2019. By nature of acceptance, the turnover evolution was as follows : In MDT TURNOVER 2017 2018 2019 ST Evol 7.420 9.004 11.654 19/18 TREATY ACCEPTANCES 3.414 5.318 6.977 FACULTATIVE ACCEPTANCES 18.631 63% 29% 10.834 14.322 TOTAL 37% 31% 100% 30% 50­ ANNUAL REPORT 2019 TUNIS RE

+29% Actually, Tunis ReTakaful’s premiums reached 18.631 MTD against 14.322 MTD in 2018, Treaty Acceptances Evolution with an evolution of 29% in treaty acceptance and 31% in facultative acceptance. +31% Actually, the retakaful branch offers great Facultative Acceptances Evolution opportunities of development mainly on the Arab countries market By area, the evolution of the Retakaful turnover is as follows : In MDT AREA 2017 2018 2019 ST Evol 19/18 Tunisia 2.469 2.798 2.917 Maghreb 0.572 0.771 0.754 16% 4% Arab Countries 7.622 10.235 14.374 0.044 0.031 0.140 4% -2% Africa 0.127 0.486 0.447 Asia 10.834 14.322 18.631 77% 40% TOTAL 1% 354% 2% -8% 100% 30% As at 31 December 2019, Retakaful premiums However, some decreases were recorded increased in key markets, with +4% in the on the Maghreb market (-2%) and (-8%) on Tunisian market, +40% in the Arab market the Asian market, explained by a drop in and 354% in the African market. estimated premiums The Claims Charge of Retakaful Acceptances Following a period of low loss experience, the against 10.221 MTD in 2018. Compared to Retakaful activity recorded on 31/12/2019 expected losses for 2019, the achievement an aggravation in the total claims charge rate was 92%. by 11%, for an amount of 11.319 MTD By nature of acceptance, the claims charge has evolved as follows : CLAIMS CHARGE 2017 2018 2019 ST In MDT TREATY ACCEPTANCES 4.565 5.915 7.258 64% Evol 19/18 23% FACULTATIVE ACCEPTANCES 2.631 4.306 4.061 36% -6% TOTAL 7.196 10.221 11.319 100% 11% TUNIS RE ANNUAL REPORT 2019 51­

100% LR 80% 65% The loss ratio stood at 65% compared to 80% 70% 80% on 12/31/2018. This improvement is 60% 2018 2019 due to a decrease in losses in 2019 after an 40% 2017 exceptional year 2018. 20% 0% Retakaful Result The result of Retakaful acceptances showed a profit of 1.664 MTD. This result reflects 1.664 MDT the continuous search for added value as well as the improved loss ratio. This section Retakaful Profit 2019 keeps on developing thanks to the national and regional business potential. By nature of acceptance, the retakaful result was as follows : RETAKAFUL RESULT 2017 2018 2019 ST En MDT 1.070 0.246 0.336 20% TREATY ACCEPTANCES -0.562 -0.911 1.328 80% Evol FACULTATIVE ACCEPTANCES 0.507 -0.666 1.664 100% 19/18 TOTAL 37% 246% 350% The Retakaful Net Operating Result • The net retakaful premium recorded a growth of 21% rising from 10.646 MTD in 2018 to 12.830 MTD on 31/12/2019 and exceeding the 2019 estimates by three points. • The retrocession rate increased to 31% against 26% in 2018. • The net claims charge recorded a slight increase by 2% compared to 31.12.2018. Meanwhile, the loss ratio has improved significantly from 87% in 2018 to 68% in 2019, • The net technical result of the retakaful branch showed a profit of 1.164MT at the end of 2019. 52­ ANNUAL REPORT 2019 TUNIS RE

The Retakaful Net Operating Result was as follows : Written Premiums 2017 2018 2019 Evol Retroceded Premiums 19/18 10.834 14.322 18.631 Rétention 2.279 3.676 5.801 30% Retrocession Rate 8.555 10.646 12.830 58% Acceptances Claims Charge 21% 26% 31% 21% Retrocession Claims Charge 7.196 10.221 11.319 21% Net Claims Charge 1.871 1.723 2.651 11% 5.324 8.499 8.668 54% Net Loss Ratio 64% 115% 147% Underwriting Result 0.507 -0.666 1.664 2% Retrocession Result -0.510 0.281 0.500 28% 350% Technical Result 1.017 -0.946 1.164 78% 223% TUNIS RE ANNUAL REPORT 2019 53­

54­ ANNUAL REPORT 2019 TUNIS RE

FINANCIAL ACTIVITY TUNIS RE ANNUAL REPORT 2019 55­

FINANCIAL ACTIVITY Investment Strategy Portfolio The profitability Liquidity High level Diversification to meet of security commitments The Investment’s evolution was as follows : 2019 398.376 In MDT 2018 383.267 2017 +4% 348.308 Tunis Re’s Investments include financial, With regard to objectives set for 2019, monetary, real estate and deposits with ceding investments showed an excess of 2.414 MTD. companies. They amounted to 398.376 MTD In order to be in line with the structure of in 2018 against 383.267 MTD in 2018 and the financial statements, the investments’ 348.308 MDT in 2017, recording respective data will be presented before depreciation growth of 4% and 10%. and provisions and will not include cash in banking institutions. 56­ ANNUAL REPORT 2019 TUNIS RE

Presentation Of The Investment’s Structure 2018 2019 In MDT HEADING 9.806 9.856 Evol 46.099 46.620 19/18 Real Estate Investments 214.062 224.714 Shares & Variable Income Investments 103.385 107.097 1% Bonds & Fixed Income Investments 1.129 1.132 1% Deposit With Ceding Companies 374.481 389.419 5% Others 8.786 8.958 4% Sub-Total Conventional Investments 383.267 398.376 Retakaful Investments 0% Total 4% 2% 4% In order to improve the company’s management in foreign currency. These investments, which of liquidity, investments are categorized by represents 56% of total investments, have combining a good level of liquidity and a low reached at 31/12/2019 an amount of 225 risk level, while guaranteeing an adequate MTD against 214 MTD in 2017 up by 5%. minimum of return. Deposit With Ceding Companies Cash deposits Real Estate Investments, amounted to 9,856 with ceding companies, in representation of MTD slightly higher than 2018 and represents technical commitments, represent 27% of total 3% of the total investments in 2019, investments and reached as at 31/12/2019 an amount of 107MTD, up by 4% compared Variable Income Investments, Consist of listed to 2018. shares, participations, debt securities totalling an amount of 46.620 MTD as at 31/12/2019 Retakaful Investments : Ces placements against 46MTD in 2018 showing a change of comprennent les avoirs en deThese investments 1%. include foreign currency deposits, deposits with The choice of investments in the financial ceding companies and the «Seed Capital». At market is motivated by the search for a better the end of 2019, Retakaful investments totalled profitability of the overall portfolio while 8.958 MTD being an increase of 2% and ensuring a comfortable level of liquidity. representing 2% of total investments. Fixed Income Investments Consist of Bonds, short terms and long terms accounts and investments 26.928 MDT Investment Income : Investment Income 2019 With a varied and diversified portfo- lio, focusing on assets with high pro- fitability and reasonable level of risk, Tunis Re was able to achieve a financial income amoun- ting to 26.928 MTD in 2019 against 24,900 MTD in 2018, showing an increase of 8%. The growth was boosted by the development of technical flows, as well as by the exceptional financial and money market conditions, where the MMR reported several increases in 2019. TUNIS RE ANNUAL REPORT 2019 57­

The Investment’s income evolution was as follows : +8% 24.900 26.928 19.015 2017 2018 2019 The breakdown of investments’ income by category is as follows : HEADING 2018 2019 In MDT Real Estate Investments 1.019 1.066 Evol Shares & Variable Income Investments 5.645 2.940 19/18 Bonds & Fixed Income Investments 15.574 19.938 Deposit With Ceding Companies 2.155 2.385 5% Others 0.110 0.127 -48% Sub-Total Conventional Investments 24.503 26.456 28% Retakaful Investments 0.397 0.472 11% 15% Total 24.900 26.928 8% 19% 8% L’analyse par catégorie des produits des Variable Income investments The year 2019 placements montre les évolutions suivantes : ended with an income of 2.940 MTD up by 48%, explained by the realisation of profits Real Estate Investments generated an increase from the sale of financial assets in 2018, of income by 5% to reach 1.066 MTD, this despite the difficulties faced by the financial income combined the rents collected on non- market with no new admissions to listing and operating real estate investments and the lack of investment opportunities. theoretical rent for the new headquarters. 58­ ANNUAL REPORT 2019 TUNIS RE

Fixed Income Investments have evolved from Other Incomes constituted mainly of deposits 15.574 MTD at 31/12/2018 to 19.938 MTD with ceding companies generated a profit of This evolution is explained by the increase 2.385MTD, up by 11% compared to 2018. in MMR, which favours a good monetary The Income from The Retakaful Activity investment rate. Investments shows an increase of 19% to reach 0.472MTD. GENERAL OVERHEADS Overheads reached 12.854MTD against 11.952 MDT in 2018 that is an increase of 12.854 MDT 7.5%. These costs are mainly composed of Salary charges at a rate of 59%, maintenance General Overheads 2019 and repair costs, third party fees and depreciation charges. 8% The Administrative expenses, include the share Charge Rate 2019 of overhead assigned to the technical activity, contract management and claim management fees as well as placement costs and wakala costs; at the end of 2019, these costs totaled 13.229 MTD against 12.562 MTD in 2018, up 5%. Referring to the turnover, the administrative expenses represent 8%. NET RESULT OF FINANCIAL YEAR 11.655 MDT The Result of this exercise was impacted by : The Result of 2019 •The downward readjustment of turnover for 2MDT following COVID-19. Tunis Re, has demonstrated in previous years •Reinforcement of the PT for a Sup Amount its ability to creating added value and sowing of 2.5 MDT within the framework of the new its resources, despite the extremely difficult approach and in harmony with the prudential conditions on regional and international directives of the circular issued by the General markets. Insurance Committee – CGA. Today, thanks to its good competitive positioning, its good financial solidity and the •The fluctuation of different foreign currencies control of its prudential ratios, Tunis Re is in a compared to the Tunisian dinar estimated at a position to achieve profitable and sustainable net exchange loss of 5.2 MTD. growth. It is also worth pointing out that this result In 2019, the overall activities of Tunis Re for the financial year 2019 includes an produced a profitable result before tax of exceptional contribution to the State budget, of 15.284,153 DT. After Tax, this result combined with the impact of the fluctuation of stands at 11.654.742 dinars, compared to different foreign currencies compared to the 17.102,916 dinars in 2018, down 46.7% Tunisian dinar. TUNIS RE ANNUAL REPORT 2019 59­

60­ ANNUAL REPORT 2019 TUNIS RE

Auditor Reports.......................62 Financial Statements.................67 TUNIS RE ANNUAL REPORT 2019 61­

SOCIETE TUNISIENNE DE REASSURANCE « TUNIS RE » AUDITOR’S REPORT ON THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2019 To the Shareholders of Tunis Re As part of the assignment confided to us by your General Assembly, we are pleased to enclose our audit report on the financial statements of Tunis Re as at December 31, 2019. I-Report on the Financial Statements We have audited the accompanying financial statements of Tunis Re company, which comprise the Combined balance sheet as at December 31, 2019, and the Combined Life technical results statement, the Combined No-Life technical results statement, the Combined results statement, surplus or deficit status of the WindowTakaful Family Fund, surplus or deficit status of the WindowTakaful General Fund, the cash flow statement, the table of commitments received and made for the year then ended, and a summary of significant accounting policies and other explanatory notes. These financial statements show a total balance sheet of 739 909 005 DT, a net profit of 11 654 742 dinars, a deficit technical result Life of 1 059 320 DT and a deficit technical result No-Life of 612 290DT. 1.Auditor’s Opinion In our opinion the financial statements of Tunis Re as at December 31, 2019 are regular and present fairly, in all material respect, the financial position of Tunis Re as at that date and of its financial performance and of its operations and its cash-flows for the year then ended in accordance with accounting Standards in Tunisia. 2.Basis of opinion We conducted our audit in accordance with international auditing standards applicable in Tunisia. Our responsibilities under these standards are further described in the «Auditor’s Responsibilities for Auditing Financial Statements» section of this report. We are independent of the company in accordance with the rules of ethics which apply to the auditing of financial statements in Tunisia, and we are discharged of the other ethical responsibilities which fall to us according to these rules. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 3.Observation paragraph We draw your attention to note 5-1 on “Note on subsequent events: Impact of Covid-19”, which describes the consequences on Tunis Re, of the spread of the Coronavirus epidemic in Tunisia. Our opinion remains unchanged on this point. 62­ ANNUAL REPORT 2019 TUNIS RE

4.Key Audit Questions Key audit issues are matters that, in our professional judgment, have been most important in the audit of the financial statements of the period. These matters have been addressed in the context of our audit of the financial statements as a whole and for the purpose of forming our opinion on them, and we do not express a separate opinion on these matters. We have determined that the issues described below are the key audit issues to be communicated in our report. a. Assessment of technical provisions At December 31, 2019, gross technical provisions amounted to 338 168 729 DT compared to a total balance sheet of 739 909 005 DT, which represents 46% of the latter. This heading mainly comprises provisions for claims amounting to 243 325 748 DT. The detailed composition of these provisions is presented in note III: TECHNICAL PROVISIONS ACCEPTANCES. The valuation of the technical provisions is determined in accordance with the order of the Minister of Finance of February 27, 2001 setting the list, the method of calculation of the technical provisions and the conditions of their representation as modified by the decree of the Minister of Finance of March 28, 2005, to the provisions of NCT 29 «Technical provisions in insurance and / or reinsurance undertakings» and as described in note 3.2 of the financial statements. We have considered that the value of these provisions is a key point of the audit because of their significant importance compared to the total balance sheet of the company, their valuation, most often based on assumptions, estimates or assessments as indicated in the «3-3-4» notes to the financial statements and the influence they may have in assessing compliance with the two regulatory ratios of the company. How did our audit address the key issue of auditing Based on interviews with management and other control techniques, we have reviewed and evaluated the company’s procedures for the valuation and presentation of technical provisions. Our work also consisted of: • Appreciate compliance with the legal and regulatory provisions applicable to the company with regard to technical provisions, in particular the order of the Minister of Finance of February 27, 2001, as modified by the order of the Minister of Finance of March 28, 2005 and the provisions of NCT 29 «Technical provisions in insurance and / or reinsurance undertakings», setting out the list, the method of calculating technical provisions and the conditions for their representation, • Assess the reasonableness and appropriateness of the assumptions used by the company for the valuation of its future commitments, • Ensure the completeness and accuracy of the technical provisions and the soundness of the valuation methods applied by the company, • Analyze trends and corroborate estimates by reconciling historical estimates with company achievements; • Reconcile the data from the information system with the figures recorded. • In addition, we have also assessed the appropriateness of the information presented in the financial statements concerning the composition of the technical provisions and the terms of their valuation. b. Evaluation of Financial Investments In order to be able to cope with these future settlements, the companies must dispose of investments of an amount at least equal to the technical provisions. Investment regulation focuses on the distribution and dispersion rules of assets eligible for technical reserves and the valuation rules for these assets. As of December 31, 2019, financial investments amounted to a gross amount of 398 376 337 DT, provisioned in the amount of 2 143 098 DT, or a net amount of 396 233 239 DT, representing 54% of the total balance sheet. Financial investments are valued in accordance with the order of the Minister of Finance of March 28, 2005, amending the order of the Minister of Finance of February 27, 2001, fixing the list, the method of calculation of the technical provisions and the conditions of their representation, the provisions of NI 31 «Investments in Insurance and / or Reinsurance Undertakings» and as described in Note III INVESTMENTS of the Financial Statements. Given the importance of financial investments compared to the total balance sheet of «Tunis Re» and the risk of impairment of their values, we considered the valuation of financial investments as a key issue in our audit. How did our audit address the key issue of auditing. TUNIS RE ANNUAL REPORT 2019 63­

Most of our audit work on financial investments consisted of the following procedures: • The evaluation of internal control governing the process of valuation of financial investments to ensure the proper design and operational effectiveness of key controls, • Ensure that the financial investments have been valued in accordance with the provisions of the Order of the Minister of Finance dated 27 February 2001, setting out the list, the method of calculating the technical provisions and the conditions for their representation as it has been amended by the Decree of the Minister of Finance of March 28, 2005, and the provisions of NI 31 «Investments in Insurance and / or Reinsurance Undertakings», • We examined the information provided by management on the activity and potential future prospects as well as the criteria and assumptions used to determine the value in use of the various equity investments and the resulting provisions. The key auditing issues raised are part of our audit of the annual financial statements, taken as a whole, and therefore contributed to the formation of our opinion expressed in the first part of this report. 5. Management report The management report is the responsibility of management. Our opinion on the financial statements does not extend to the management report and we do not express any form of assurance whatsoever on this report. Pursuant to the provisions of article 266 of the Code of Commercial Companies, our responsibility consists in verifying the accuracy of the information given on the company’s accounts in the management report by reference to the data appearing in the financial statements. Our work consists of reading the management report and, in doing so, assessing whether there is a significant inconsistency between it and the financial statements or the knowledge that we acquired during the audit, or even if the report management otherwise appears to contain a significant anomaly. If, in the light of the work we have carried out, we conclude that there is a significant anomaly in the management report, we are required to report this fact. We have nothing to report in this regard. 6.Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting Standards in Tunisia and with the prudential regulation in force applicable to re-insurance companies. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. 7.Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the international audit standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. 64­ ANNUAL REPORT 2019 TUNIS RE

II-Report on other legal and regulatory requirements We have examined the accounting information disclosed in the board of director’s management report in accordance with auditing standards generally accepted in Tunisia and the laws into force. Regarding to article 266 of the Code of Commercial Companies, we have examined the accuracy and consistency with the audited financial information, the accounting data in the report of the Board of Directors. On the basis of our examination, we did not raise or not taken knowledge of significant inconsistencies in the financial information given in the board of director’s report, being able to contradict the financial statements of the Tunis Re company. Besides, and in accordance with article 3 of law n° 94-117 dated November 14, 1994 as amended by article 15 of law n° 2005-96 dated October 18, 2005, for security reinforcement of financial relations, we have examined the internal control procedures in relation with the process of the accounting information and the preparation of financial statements. Based on our examination, we have not detected any significant weaknesses that might alter our opinion on the financial statements. Furthermore, we did not raise or not taken knowledge of facts that leave us think that the accounting records of the securities issued by the company are not carried out in accordance with decree n° 2001- 2728 dated November 20, 2001, regarding the subscription conditions of securities and to the authorized intermediaries that keep the securities’ accounting records. Tunis 28th April, 2020 LP/ GAC – CPA International Mme Selma LANGAR TUNIS RE ANNUAL REPORT 2019 65­

SOCIETE TUNISIENNE DE REASSURANCE «TUNIS RE» SPECIAL AUDITOR’S REPORT ON THE REGULATED AGREEMENTS To the Shareholders of Tunis Re As part of our mission Statutory Auditors of Société Tunisienne de Réassurance «TUNIS RE», and with reference to articles 200 and 475 of the Commercial Companies Code, we report below the agreements and transactions referred to in the text indicated above. Our responsibility is to ensure compliance with legal procedures for authorization and approval of these agreements or transactions and their accurate translation, ultimately, in the financial statements. It is not for us to look specifically for the existence of any such agreements or transactions, but to inform you, based on the information received and those obtained through our auditing procedures, about their essential characteristics and conditions, without any comment on their usefulness and appropriateness. It is your responsibility to assess the interest attached to the conclusion of these agreements and the realization of these operations for their approval. We conducted our work in accordance with professional standards applicable in Tunisia. Those standards require that we plan and perform the audit to verify the concordance of the information given to us with the documents on which it is based. A. Regulated agreements (Other than obligations and commitments towards the Management): We inform you that your board of directors has not informed us of any contracted operations by the company «TUNIS RE» with one of the persons mentioned in these articles. Moreover, our audit works have not revealed the existence of other transactions in accordance with articles 200 and 475 of Commercial Companies Code. B. Obligations and commitments towards the management: The obligations and commitments of the company «TUNIS RE» towards its management regarding to the article 200 (new) II § 5 of the Commercial Companies Code are as follows: 1.The remuneration of the CEO is set according to the minutes of the Board of Directors of 28/08/2019. This remuneration include (on a 12-month basis): a- A monthly salary -Net monthly salary of 10 000DT -Social contributions paid by the employee 598 ,996 DT -A deduction of income tax of 5 425,238 DTDT -Employer’s social1 contribution 927,317 DT -Social and solidarity contribution 165,483 DT b- Incentive premium for the year 2018 and served in 2019: -Net amount of 48 799 DT -A deduction of income tax of 26 862 DT - Social and solidarity contribution 767,500 DT c- Benefits in kind include: -500 litters of fuel per month with car. -Telephone charges of an amount of 120 DT per quarter (264,590 DT for 2019). 2.Attendance fees accruing to members of the Board of Directors for decided by the ordinary general meeting of 04/06/2019, totalled an amount of 7 000 dinars by director and member of the Permanent Audit Committee. The gross amount recognized as such was respectively 105 000 DT and 52 500 DT. Except for the above mentioned operations and agreements, and those considered common and made under normal conditions, our work did not reveal the existence of other agreements or transactions within the scope of Article 200 and following of commercial Companies Code Tunis 28th April, 2020 P/ GAC – CPA International Mme Selma LANGAR 66­ ANNUAL REPORT 2019 TUNIS RE

BALANCE SHEET In Dinars HEADINGS GROSS 31/12/2019 NET AMOUNT 31/12/2018 AMOUNT DEPRE & AC1 INTANGIBLE ASSETS PROV 2 432 028 NET 3 539 970 AC11 Investment in research and development 1 107 941 1 349 584 1 468 785 1 349 584 1 082 444 AC12 Software 2 190 385 - 107 726 1 107 941 569 307 742 678 AC2 OPERATING TANGIBLE ASSETS 1 886 557 1 317 250 458 281 616 011 AC21 Technical Installations and Machinery(Infomation Technology Investments) 1 515 209 1 056 928 111 026 522 902 AC22 Other Installations. Equipments. and Furniture 371 348 396 233 239 AC3 INVESTMENT 398 376 337 260 322 93 109 AC31 Real Estate 2 143 098 7 714 102 381 351 631 AC311 Operating Real Estate 9 856 309 2 142 207 5 184 147 AC312 Non Operating Real Estate 6 263 758 1 079 610 2 529 954 7 890 802 AC33 Other Financial Estate 3 592 552 1 062 597 281 422 450 5 291 656 AC331 Equity. Other Variable Income Securities and Shares on common Investments 281 423 341 2 599 146 Funds 890 46 620 484 270 075 403 AC332 Bonds and Other Fixed Income Securities 46 620 484 AC332 Bonds and Other Fixed Income Securities ordinary - 194 167 960 46 099 004 AC332 Bonds and Other Fixed Income Securities Retakaful 194 167 960 189 547 960 AC334 Other Loans 189 547 960 - 187 596 160 AC336 Others - 4 620 000 184 376 160 AC336 Others ordinary 4 620 000 - 1 130 776 AC336 Others Retakaful 1 131 666 890 39 503 231 3 220 000 AC34 Cash deposits with ceding companies 39 503 231 - 35 165 556 1 127 765 AC34 Cash deposits with ceding companies ordinary 35 165 556 - 4 337 675 35 252 474 AC34 Cash deposits with ceding companies Retakaful 4 337 675 - 107 096 687 29 686 162 107 096 687 - 100 862 808 5 566 312 S/Total 100 862 808 - 6 233 879 103 385 426 6 233 879 - 98 847 008 AC5 RETROCESSIONNAIRES’ SHARES OF TECHNICAL PROVISIONS 399 234 575 4 538 419 AC510 Unearned Premium Provisions 403 802 864 4 568 289 AC510 Unearned Premium Provisions (ordinary) 191 986 332 383 436 426 AC510 Unearned Premium Provisions Retakaful 191 986 332 - 64 691 163 AC531 Loss Provisions 64 691 163 - 62 009 718 172 987 444 AC531 Loss Provisions (ordinary) 62 009 718 - 2 681 445 57 705 711 AC531 Loss Provisions Retakaful 2 681 445 - 56 135 235 - 127 295 169 1 570 476 AC6 RECEIVABLES 127 295 169 - 122 536 152 AC65 Receivables from acceptances' operations 122 536 152 - 115 281 732 AC65 Receivables from acceptances' operations (ordinary) 5 081 323 4 759 017 111 737 158 AC65 Receivables from acceptances' operations Retakaful 4 759 017 4 563 930 76 845 653 AC66 Receivables from Retrocession operations 81 926 975 4 563 930 56 151 204 3 544 574 AC66 Receivables from Retrocession operations (ordinary) 60 715 134 - 47 815 669 75 784 337 AC66 Receivables from Retrocession operations Retakaful 52 379 599 517 393 51 245 757 AC63 Other Receivables 517 393 8 335 535 44 743 378 AC631 Staff 8 335 535 - 9 977 451 AC632 State. Social securities & Public collectivities 10 494 844 - 7 844 124 6 502 379 AC632 State. Social securities & Public collectivities (ordinary) - 2 133 327 15 939 645 AC632 State. Social securities & Public collectivities Retakaful 8 361 517 - 10 716 998 13 806 319 2 133 327 - AC633 Various Debtors 10 716 998 - 236 266 2 133 327 )AC633 Various Debtors (ordinary - 2 507 457 8 598 934 AC633 Various Debtors Retakaful 236 266 - 2 408 994 2 507 457 - 11 160 AC635 FPC 2 408 994 98 463 4 670 552 - 3 650 846 4 629 031 S/Total 98 463 3 650 846 5 081 323 528 381 41 522 AC7 OTHER ASSET ITEMS 3 122 465 3 666 749 AC71 Cash 528 381 - AC72 Deferred Expenses 3 122 465 - 4 322 429 553 344 AC721 Deferred Acquisition costs - 3 113 405 AC721 Deferred Acquisition costs (ordinary) 4 322 429 - 268 831 985 AC721 Deferred Acquisition costs Retakaful - 250 473 AC73 Assets Equalization account 273 913 308 - 71 842 446 - 8 948 892 248 771 781 AC731 Interest acquired & not due 71 842 446 - 8 948 892 - 17 973 251 67 969 252 AC731 Interest acquired & not due (ordinary) - 17 973 251 6 861 584 AC731 Interest acquired & not due Retakaful 17 973 251 - 16 395 379 AC732 Estimation of Technical Acceptation Items 17 973 251 - 1 577 871 17 617 148 AC732 Estimation of Technical Items (ordinary) 16 395 379 - 29 296 575 17 617 148 AC732 Estimation of Technical Items Retakaful 1 577 871 - 6 783 962 16 339 551 AC733 Other Equalization Accounts 29 296 575 - 6 612 881 1 277 597 6 783 962 24 991 746 AC733 Other Equalization Accounts (ordinary) 6 612 881 - 171 081 5 591 663 - 13 424 462 5 418 737 AC733 Other Equalization Accounts Retakaful 171 081 - 12 625 026 AC74 Conversion Difference 13 424 462 - 172 926 AC74 Conversion Difference (ordinary) 12 625 026 799 435 12 193 890 AC74 Conversion Difference Retakaful - 9 088 152 11 076 925 799 435 8 954 412 S/Total 9 088 152 1 116 965 8 954 412 133 739 7 206 193 15 623 727 6 000 457 133 739 14 437 470 1 205 736 15 623 727 18 498 774 14 437 470 1 186 257 17 287 306 1 211 469 1 186 257 71 842 446 67 969 252 71 842 446 TOTAL ASSETS 749 558 617 9 649 612 739 909 005 700 177 459 TUNIS RE ANNUAL REPORT 2019 67­

BALANCE SHEET 31/12/2019 In Dinars HEADINGS 100 000 000 31/12/2018 78 081 772 SHAREHOLDERS FUNDS -223 825 100 000 000 CP1 Capital 10 983 441 75 761 161 CP2 Others shareholders Funds 9 991 218 -223 825 CP3 Repurchase of our own action 992 223 7 537 947 CP5 Deferred Income 4 616 482 CP5 Deferred Income (ordinary) 188 841 388 2 921 466 CP5 Deferred Income Retakaful 11 654 743 183 075 284 Total Shareholders equity before Financial Year profit 14 628 046 -2 973 303 17 102 916 Financial year profit 19 032 159 Financial year profit (ordinary) 200 496 130 -1 929 243 Financial year profit Retakaful 4 544 446 200 178 199 Total Shareholders equity before profit allocation 100 000 LIABILITIES 3 113 555 PA2 PROVISIONS FOR OTHER RISKS AND EXPENSES 1 794 446 100 000 1 097 758 363 555 PA22 Litigation Provisions - PA23 Losses and Expenses Provisions 696 688 363 555 )PA23 Losses and Expenses Provisions (ordinary PA23 Losses and Expenses Provisions Retakaful 2 650 000 2 650 000 PA24 Provisions for risks 1 950 000 1 950 000 PA24 Provisions for ordinary risks PA24 Provisions for Re Takaful risks 700 000 700 000 PA3 TECHNICAL PROVISIONS 338 168 729 311 872 707 PA310 Unearned premium Provisions PA310 Unearned premium Provisions (ordinary) 88 972 829 83 536 990 PA310 Unearned premium Provisions Retakaful 82 870 076 78 700 828 PA331 Loss Provisions PA331 Loss Provisions (ordinary) 6 102 753 4 836 162 PA331 Loss Provisions Retakaful 243 325 748 222 117 784 PA361 Other Technical provisions 225 909 107 209 645 344 PA5 Cash Deposits From Retrocessionnaires 17 416 641 12 472 440 PA5 Cash Deposits From Retrocessionnaires (ordinary 5 870 151 6 217 933 PA5 Cash Deposits From Retrocessionnaires Retakaful 83 411 688 75 527 505 PA6 OTHER DEBTS 77 684 757 71 262 488 PA621 Debts from Acceptance operations PA621 Debts from Acceptance operations (ordinary) 5 726 931 4 265 017 PA621 Debts from Acceptance operations Retakaful PA622 Debts from Retrocession operations 70 815 549 63 762 293 PA622 Debts from Retrocession operations (ordinary 20 808 347 23 123 366 PA622 Debts from Retrocession operations Retakaful 20 388 802 21 058 251 2 065 115 PA63 Various Debts 419 545 29 759 347 PA632 Staff 38 375 260 25 994 409 PA632 Staff (ordinary) 33 511 320 3 764 938 PA632 Staff Retakaful 10 879 579 PA633 State. Social securities & Public collectivities 4 863 940 PA633 State. Social securities & Public collectivities (ordinary) 11 631 942 928 246 PA633 State. Social securities & Public collectivities Retakaful 928 246 PA634 Various Creditors 946 538 PA634 Various Creditors (ordinary) 946 538 - PA634 Various Creditors Retakaful 5 582 122 PA635 FGIC creditors - 5 129 579 PA636 FPC 2 363 645 1 953 199 452 543 PA7 OTHER LIABILITIES 4 113 894 PA71 Liability Equalization account 410 445 3 917 391 3 994 486 PA710 Deferred acquisition costs from reinsurers 3 797 982 196 504 PA710 Deferred acquisition costs from reinsurers (ordinary) 4 844 PA710 Deferred acquisition costs from reinsurers Retakaful 196 504 PA711 Estimation of technical elements 4 844 250 473 PA711 Estimation of technical elements (ordinary) 45 723 200 PA711 Estimation of technical elements Retakaful 4 322 429 27 037 377 PA712 Other liability Equalization account 42 472 463 20 416 864 PA712 Other liability Equalization account (ordinary) 28 113 847 PA712 Other liability Equalization account Retakaful 6 620 513 PA72 Conversion Difference 20 266 934 12 682 581 PA72 Conversion Difference (ordinary 7 846 913 12 255 408 PA72 Conversion Difference Retakaful 14 422 869 427 174 Total Liabilities 13 633 805 3 077 006 2 790 658 TOTAL SHAREHOLDERS FUNDS & LIABILITIES 789 063 3 119 092 286 348 68­ ANNUAL REPORT 2019 TUNIS RE 2 857 335 11 277 790 261 757 5 370 798 10 571 887 5 906 992 18 685 824 3 775 794 6 796 093 499 999 260 14 358 616 700 177 459 539 412 875 739 909 005

STATEMENT OF NON LIFE TECHNICAL RESULT In Dinars  HEADING ACCEPTANCE 31/12/2019 NETS 31/12/2018 146 551 393 RETROCESSION 77 387 237 PRNV1 EARNED PREMIUM 149 315 115 73 165 230 72 989 651 PRNV11 Premium 134 301 379 69 164 156 63 940 892 695 835 76 )PRNV11 Premium (ordinary 15 013 736 76 149 885 67 339 687 PRNV11 Premium Retakaful 70 360 487 9 224 338 9 496 008 PRNV12 Variation of unearned premium provision 5 789 399 PRNV121 Variation of unearned premium provision (ordinary) PRNV122 Variation of unearned premium provision Retakaful -2 763 723 -6 985 729 4 222 007 -3 846 044 -2 113 875 -5 874 761 3 760 886 -2 989 571 PRNT3 TRANSFERRED INVESTMENT INCOME -1 110 968 PRNT31 TRANSFERRED INVESTMENT INCOME (ordinary) -649 847 461 121 -856 473 PRNT32 TRANSFERRED INVESTMENT INCOME Retakaful PRNV4 Other technical incomes 4 428 736 - 4 428 736 3 817 223 PRNV41 Other Ordinary technical incomes 3 911 979 3 911 979 3 463 299 PRNV42 Other Re-Takaful technical incomes - CHNV1 INCURRED LOSSES 516 757 516 757 353 924 CHNV11 Paid Losses 8 256 021 34 726 267 8 256 021 14 317 902 )CHNV111 Paid Losses (ordinary 7 439 381 22 712 830 7 439 381 11 501 777 CHNV112 Paid Losses Retakaful 21 276 715 CHNV12 Variation of losses provisions 816 640 816 640 2 816 125 )CHNV12 Variation of losses provisions (ordinary 82 900 882 1 436 116 48 174 615 53 492 701 CHNV12 Variation of losses provisions Retakaful 63 730 827 12 013 437 41 017 997 34 358 420 CHNV4 OPERATING EXPENSES 59 335 587 10 798 994 38 058 873 29 925 441 1 214 443 CHNV41 Acquisition Costs 4 395 240 20 151 835 2 959 124 4 432 979 CHNV411 Acquisition Costs (ordinary) 19 170 054 7 156 618 19 134 281 CHNV412 Acquisition Costs Retakaful 15 217 469 4 418 476 15 556 624 CHNV43 Management Expenses 2 738 142 3 577 657 CHNV431 Management Expenses (ordinary) 3 952 585 27 246 918 28 070 772 CHNV432 Management Expenses Retakaful 47 398 752 CHNV44 Commissions received from Retrocessionnaires CHNV441 Commissions received from Retrocessionnaires (ordinary) 35 179 458 - 35 179 458 31 594 008 CHNV442 Commissions received from Retrocessionnaires Retakaful 30 934 287 30 934 287 28 467 154 CHNV45 Wakala Fees - CHNV5 Other technical charges 4 245 171 4 245 171 3 126 854 CHNV5 Other Ordinary technical charges 12 219 294 17 295 606 12 219 294 12 000 435 CHNV5 Other Re-Takaful technical charges 15 756 182 RTNV Technical Income 9 357 227 1 539 424 9 357 227 8 906 474 RTNV Technical Income (ordinary) 2 862 068 2 856 229 2 862 068 3 093 961 RTNV Technical Income Retakaful -17 295 606 -13 196 543 - - -15 756 182 -12 182 667 -1 539 424 -1 013 876 - 14 286 054 -2 856 229 -2 327 127 15 262 752 13 797 607 15 262 752 1 484 547 13 546 804 13 546 804 488 447 1 715 948 456 261 1 715 948 1 028 286 13 673 764 -612 290 8 076 756 15 147 490 1 349 883 10 513 033 -1 473 726 -1 962 173 -2 436 277 TUNIS RE ANNUAL REPORT 2019 69­

STATEMENT OF LIFE TECHNICAL RESULT In Dinars 31/12/2019  HEADING ACCEPTATANCE RETROCESSION NETS 31/12/2018 PRV1 EARNED PREMIUM 10 148 540 266 323 9 882 217 7 857 784 PRV11 Premium 12 820 657 266 045 12 554 612 299 122 9 PRV11 Premium (ordinary 254 209 7 972 689 PRV11 Premium Retakaful 9 203 177 8 948 968 1 149 610 3 617 480 11 836 3 605 644 PRV12 Variation of unearned premium provision -1 264 515 PRV121 Variation of unearned premium provision (ordinary) -2 672 117 278 -2 672 395 -1 236 559 PRV12 2 Variation of unearned premium provision Retakaful -2 055 373 278 -2 055 650 -27 956 PRV4 Other technical income -616 744 - -616 744 PRV41 Other Ordinary income PRV42 Other Re-Takaful income 272 926 - 272 926 473 319 CHV1 INCURRED LOSSES 245 930 245 930 380 224 CHV112 Paid Losses - CHV11 Paid Losses (ordinary 26 996 - 26 996 93 095 CHV11 Paid Losses Retakaful 6 660 121 - 6 660 121 4 181 436 CHV12 Variation of losses provisions 4 622 212 - 4 622 212 3 774 696 CHV12 Variation of losses provisions (ordinary 2 642 737 - 2 642 737 2 832 128 CHV12 Variation of losses provisions Retakaful 1 979 474 - 1 979 474 CHV4 OPERATING EXPENSES 2 037 909 - 2 037 909 942 568 1 046 293 604 026 1 046 293 406 740 CHV41 Acquisition Costs 861 179 CHV411 Acquisition Costs (ordinary) 991 616 991 616 -454 439 CHV412 Acquisition Costs Retakaful 4 831 244 4 227 218 3 668 658 CHV43 Management Expenses CHV431 Management Expenses (ordinary) 3 821 052 - 3 821 052 3 321 718 CHV432 Management Expenses Retakaful 3 470 512 3 470 512 3 142 915 CHV44 Commissions received from Retrocessionnaires - CHV441 Commissions received from Retrocessionnaires (ordinary) 350 540 350 540 178 803 CHV442 Commissions received from Retrocessionnaires Retakaful 1 010 193 69 1 010 193 562 172 CHNV45 Wakala Fees 69 321 957 CHV5 Other technical charges 406 043 406 043 240 215 CHV51 Other Ordinary technical charges 604 150 - 604 150 CHV5 2Other Re-Takaful technical charges 603 957 -367 CHNT3 Transfered Investment Income - -69 -367 )CHNT31 Transfered investment income (ordinary - -69 CHNT32 Transfered investment income Retakaful - - RTV Technical Income 531 570 - - -214 865 RTV Technical Income (ordinary) 474 845 -603 957 RTV Technical Income Retakaful 56 726 - 531 570 66 301 204 446 474 845 32 308 186 245 -337 703 33 993 -349 539 56 726 167 636 18 201 204 446 154 553 -1 397 023 11 836 186 245 13 084 -460 451 18 201 582 344 -936 572 295 650 -1 059 320 286 694 -110 912 -948 408 70­ ANNUAL REPORT 2019 TUNIS RE

STATEMENT OF OVERALL RESULT In Dinars HEADING S/Total 1a 31/12/2019 31/12/2018 S/Total 1 RTNV TECHNICAL INCOME -612 290 8 076 756 RTNV TECHNICAL INCOME (ordinary) 1 349 883 10 513 033 RTNV TECHNICAL INCOME (Retakaful -1 962 173 -2 436 277 RTV TECHNICAL LIFE INCOME -1 059 320 RTV TECHNICAL INCOME (ordinary) 582 344 RTV TECHNICAL INCOME Retakaful -110 912 295 650 PRNT1 INVESTMENT INCOME -948 408 286 694 PRNT1 INVESTMENT INCOME (ordinary) 26 928 302 24 900 486 PRNT1 INVESTMENT INCOME Retakaful 26 212 280 24 400 019 PRNT11 Investment Revenues 716 023 500 467 PRNT11 Investment Revenues (ordinary) 25 595 331 20 712 880 PRNT11 Investment Revenues Retakaful 24 879 308 20 212 412 716 023 500 467 PRNT13 Recovery on Investment Values' Correction 25 595 331 20 712 880 PRNT14 Profit from Investment Realizations 1 034 164 835 477 PRNT3 TRANSFERRED INVESTMENT INCOME 298 808 3 352 130 PRNT3 TRANSFERRED INVESTMENT INCOME (ordinary PRNT3 TRANSFERRED INVESTMENT INCOME Retakaful 1 332 972 4 187 607 -204 446 -167 636 CHNT1 INVESTMENT EXPENSES -186 245 -154 553 CHNT11 Expenses relating to the management of investments including interest expenses -18 201 -13 084 CHNT12 Correction of Investment Values CHNT13 Losses from Investment Realizations 1 222 232 2 546 967 - - CHNT2 Allocated investment returns transferred from the non-life income statement CHNT2 Allocated investment returns transferred from the (ordinary) income statement 660 035 1 855 712 CHNT2 Allocated investment returns transferred from the Retakaful income statement 562 197 691 255 -4 428 736 PRNT2 OTHERS NON TECHNICAL INCOME -3 911 979 -3 817 223 PRNT2 OTHERS NON TECHNICAL INCOME (ordinary) -516 757 -3 463 299 PRNT2 OTHERS NON TECHNICAL INCOME Retakaful 5 301 570 4 804 264 -353 924 CHNT3 OTHER NON TECHNICAL EXPENSES 497 306 3 771 174 CHNT3 OTHER NON TECHNICAL EXPENSES (ordinary) 9 418 696 3 303 948 CHNT3 OTHER NON TECHNICAL EXPENSES Retakaful 8 677 603 741 092 467 227 Income from ordinary activities 15 284 153 8 266 842 Income from ordinary activities (ordinary) 18 257 456 7 886 496 Income from ordinary activities Retakaful -2 973 303 3 142 312 380 346 CHNT4 TAXES 3 142 312 22 532 093 CHNT4 TAXES (ordinary) 24 461 336 CHNT4 TAXES Retakaful - -1 929 243 12 141 841 Profit (Loss) on ordinary activities after tax 15 115 144 4 284 819 Profit (Loss) on ordinary activities after Ordinary tax -2 973 303 4 284 819 Profit (Loss) on ordinary activities after Re Takaful tax 487 098 - CHNT5 EXTRAORDINARY LOSSES 487 098 18 247 274 CHNT5 EXTRAORDINARY LOSSES (ordinary) 20 176 517 CHNT5 EXTRAORDINARY LOSSES (Re Takaful) - -1 929 243 11 654 742 1 144 358 Net Income for the year 14 628 045 1 144 358 Net Ordinary Income for the year Net Re Takaful Income for the year -2 973 303 - 17 102 916 Net Financial year income after accounting modification 11 654 742 19 032 159 Net Financial year income after accounting modification (ordinary) 14 628 045 -1 929 243 Net Financial year income after accounting modification Retakaful -2 973 303 17 102 916 19 032 159 -1 929 243 TUNIS RE ANNUAL REPORT 2019 71­

CASH FLOW STATEMENT 31/12/2019 In Dinars HEADING 59 759 498 31/12/2018 I- CASH FLOWS FROM OPERATING ACTIVITIES -20 926 361 12 170 980 49 948 602 *Receipts from ceding Companies -25 979 715 -22 902 307 *Payments to ceding Companies 198 579 859 *Receipts from Retrocessionnaires -212 959 822 8 771 916 *Payments to Retrocessionnaires 15 168 592 -20 511 822 *Receipts from Disposal of financial Investment 25 330 267 233 587 377 *Payments from Acquisition of Financial Investments -32 800 856 -252 660 294 *Financial Proceeds received 15 321 272 *Receipts from Suppliers & Staff -5 696 744 30 513 431 *Payments to Suppliers & Staff 615 760 -33 088 780 *Taxes Paid Cash From The Funds Management 13 261 458 -5 241 044 - 164 780 Net Cash from operating activities Net Cash used in operating activities 3 903 132 - II- CASH FLOW FROM INVESTING ACTIVITIES 12 312 33 120 *Receipts from Disposal of tangible Fixed Assets -127 324 -84 804 Payments for Acquisition of tangible Fixed Assets 505 598 24 582 819 *Receipts from Disposal of Financial Investments 1 223 808 2 778 400 *Receipts from Proceeds of Financial Investments -1 000 000 -23 820 175 *Payments for Acquisition of Financial Investments -38 226 *Payments for Acquisition of Intangible Fixed Assets -759 3 451 135 Cash flow from investing activities 613 635 Cash cash flows used in investing activities - - III- CASH FLOW FROM FINANCING ACTIVITIES - - Proceeds from Issuance of shares* - - Expenses from capital Issuance* -10 985 004 -9 981 361 Dividends & Other Distributions* - - Cash from Financing Activities -10 985 004 -9 981 361 Cash used in Financing Activities -792 123 1 169 286 IV- EFFECTS OF EXCHANGE RATE CHANGES ON CASH 2 097 966 -1 457 806 effects of exchange rate fluctuation on cash* 6 850 926 8 308 733 Increase ( Decrease ) in Cash and Cash Equivalent 8 948 892 6 850 926 Cash and Cash equivalents at begining of year Cash and Cash equivalents at end of year 72­ ANNUAL REPORT 2019 TUNIS RE

TABLE OF RECEIVED & CEDED ENGAGEMENTS In Dinars 2018 2019   HB1 - RECEIVED ENGAGEMENTS     HB2 - CEDED ENGAGEMENTS HB21 - APPROVALS, PLEDGES & PROTECTED FROM GIVEN CREDITS   - DEPOSIT IN PLEDGE - BANKING PLEDGE FOR THE BENEFIT OF THE RECEIVER OF THE FNANCES HB22 - BONDS & ASSETS ACQUIRED WITH COMMITMENT OF RESALE HB23 - OTHER ENGAGEMENTS ON BONDS, ASSETS OR INCOMES HB24 - OTHER CEDED ENGAGEMENTS HB3 - RECEIVED VALUES IN PLEDGE OF THE TRANSFEREES & RETROCES- SIONNAIRES HB4 - VALUES PUTTED BACK BY THE REASSURES ORGANISM WITH JOINT GUARANTEE OR OF REPLACEMENT HB5 - VALUES BELONGING TO INSTITUTIONS OF FORESIGHT HB6 - OTHER VALUES DETAINED FOR ACCOUNT OF THIRD PARTY *No commitments counted for the exercises 2018 and 2019. TUNIS RE ANNUAL REPORT 2019 73­

74­ ANNUAL REPORT 2019 TUNIS RE ANNEXE N°8 In Dinars Mouvements Having Affected The Elements of The Asset As At 31/12/2019 Raw value Amortizations & Provisions HEADING At the  Purchase  Handover  In the close At the beginning Increase Decrease In the close N.B.V beginning In the close INTANGIBLE ASSETS 2 469 721 1 282 654 Amort Prov Amort Prov Amort Prov Amort Prov Investment in research and development 2 352 903 1 282 654 2 432 028 Software 1 906 131 - 3 539 970 884 118 - 223 823 - - - 1 107 941 - TANGIBLE ASSETS 726 107 563 590 10 549 1 349 584 General installations, Organiz & develop 1 626 796 116 898 - 1 349 584 - - - - - -- - 1 082 444 Shelving Material 1 780 208 5 292 - 2 190 385 884 118 - 223 823 - - - 1 107 941 - 569 307 Transport Material 168 715 1 217 - 1 886 557 1 164 197 - 162 365 - 9 312 - 1 317 250 - 57 397 Electrical & electronique equipment - - - 1 205 Computer Material 387 517 17 940 - 174 007 102 994 - 13 617 - - - 116 610 - 75 435 Furniture 40 694 48 969 10 549 1 217 - - 13 - - - 13 - 22 048 Air conditioning 844 865 43 372 - 387 517 286 067 - 26 015 - - - 312 082 - 302 196 Industrial Equipment & Tools 331 562 - 58 634 30 788 - 5 798 - - - 36 586 - 110 919 INVESTMENT 6 856 108 367 642 538 893 834 499 040 - 92 597 - - - 591 637 - - Grounds allocated to a current construction 382 751 624 - 364 385 238 452 - 24 326 - 9 312 - 253 466 - 107 Other Financial Inestments 383 267 250 50 778 219 015 242 6 856 6 856 - - - - - 6 856 - 396 233 239 Equity, Other Variable Income Securities 9 805 531 230 362 289 8 517 426 108 - 0 - 7 714 102 Bonds and Other Fixed Income Securities 270 076 293 9 038 906 171 698 200 398 376 337 1 914 729 890 227 478 - - 0 890 281 422 450 Other Loans 46 099 004 178 270 000 314 948 - 2 142 207 46 620 484 Others 187 596 160 317 959 38 484 668 9 856 309 1 914 729 - 227 478 - - - 194 167 960 Cash deposits 1 128 655 42 735 425 148 627 296 281 423 341 - 890 - - - - 2 142 207 890 1 130 776 35 252 474 152 338 557 368 935 741 46 620 484 - - - - - -- - 39 503 231 TOTAL 103 385 426 194 167 960 - - - - - -- - 107 096 687 385 338 244 1 131 666 - 890 - - - -- 890 387 400 361 39 503 231 - - - - - -- - 399 234 575 107 096 687 - - - - - -- - -- 403 802 864 3 963 044 890 613 667 - 9 312 890 - 4 567 399

ANNEXE N°9 RECAP BOARD OF INVESTMENTS AS AT 31/12/2019 In Dinars CATEGORY Gross Value Net Value Just Value More or less worth latent Real estate investments and current real estale investiments 9 856 309 7 714 102 15 250 000 Stock and others variable-income titles others than the mutual fund 30 080 845 30 080 845 43 782 471 7 535 898 Shares of mutual funds holding only fixrd-imcome titles 19 553 756 Other shares of mutual funds 3 471 831 3 471 831 3 590 130 Bonds and others fixed income titles 13 067 807 13 067 807 13 168 235 119 666 Mortgage loans 194 167 960 194 167 960 194 167 960 117 082 Others loans and assimilated effects Deposits with ceding companies - - - - Others deposits 1 131 666 1 130 776 1 130 776 - Representative assets of contract in units of account 107 096 687 107 096 687 107 096 687 - 39 503 231 39 503 231 39 503 231 - Total - - - - - 398 376 337 396 233 239 417 689 490 27 326 402 ANNEXE N°11 BREAKDOWNS OF CHARGES & INVESTMENT INCOME As at 31/12/2019 In Dinars HEADING Revenus and financial Other revenues Total Consolidation expenses related to investments & in affiliated entreprises and Financial fees with shareholding relationship 1 066 366 Revenue of Real-estate investments - 1 193 384 1 066 366 PRNT11 + PRV21 Participation Revenues - 1 193 384 PRNT11 + PRV21 Investment Revenues - - PRN12 + PRV22 Other Investment Revenues (commissions.Fees) - 5 301 570 - Total of investment income - 7 561 320 5 301 570 PRNT2 7 561 320 Interests - - CHNT11 + CHV9 External expenses - - - CHNT3 Other expenses - 9 418 696 - CHNT3 Total of investment charges - 9 418 696 9 418 696 9 418 696 TUNIS RE ANNUAL REPORT 2019 75­