WELCOME

2. WELCOME Analysts’ Meeting 29 August 2011 This presentation will be available on www.mauritiusuniongroup.com

3. DISCLAIMER In our aim to provide MUA’s shareholders and potential investors with information regarding the Group, including management’s assessment of the Group’s future plans and operations, certain statements and charts throughout this presentation are “forward-looking statements” and represent the Group’s internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the Group’s future economic performance. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Group’s actual performance and financial results in future periods to differ materially from any estimates or projections. Nothing in this presentation should be construed as a profit forecast.

4. AGENDA • Overview of MUA Group • Performance and Strategy • The Group • General Insurance • Long-term Insurance • Subsidiaries • Prospects • Questions and Answers

5. Overview of MUA Group

6. Overview of MUA Group 9 Board Members

7. Overview of MUA Group INCOME UNITS

8. AGENDA • Overview of MUA Group • Performance and Strategy • The Group • General Insurance • Long-term Insurance • Subsidiaries • Prospects • Questions and Answers

9. Financial Highlights…

10. Group Strategy Recent Events LPM Acquisition Rationale • Aim to gain market share and benefit from complementary expertise in product offerings, in Life Business • Aim to consolidate market share anddiversify product offering, in General Insurance • Aim to increase bargaining power vis-a-vis stakeholders and reinsurers • 100% Acquisition of LPM for Rs 800M, on a going concern basis • LPM’s Life Business assets stood at Rs 3.4bnat time of acquisition • LPM’s General Business assets stood at Rs 934Mat time of acquisition

11. Group Strategy Recent Events MCB Claim Settlement Rationale • Aim to increase customer confidence • Aim to free management from unnecessary hassleandgive them more time to concentrate on core business and customer service • Out-of court settlement of • Rs 250M, payable over 5 years • Considered risky and time consuming to pursue court case (7 years old lawsuit…), as perceived by some potential investors and customers 11

12. MUA Group’s 12 months’ share price performance 12

13. AGENDA • Overview of MUA Group • Performance and Strategy • The Group • General Insurance • Long-term Insurance • Subsidiaries • Prospects • Questions and Answers 13

14. General Insurance Focus on Diversification 14

15. General Insurance Focus on Diversification

16. General Insurance Focus on Diversification 16

17. General Insurance Scope exists to improve underwriting efficiency further… Annual average Growth rates over last 5 years were: +21% Gross Premium +20% Net Earned Premium +65% Underwriting Profit, including 2010 MCB claim 17

18. General Insurance Combined Ratio Widely considered as the best measure of insurance company performancesince it does not include investment income and therefore only includesprofit that is earned through efficient management 18

19. General Insurance Consolidate Core Business • LPM acquisition and MCB Claim settlement aim to strengthen Insurance operations • Net Assets Value rather resilient even after MCB • Claim settlement of Rs 250M • Smaller investment portfolio, but larger asset base post acquisition • Lower investment income to be compensated by increased underwriting profit in coming years 19

20. General Insurance Investment Portfolio • Size of Rs 1.42bn at end-June 2011 • Investment income lower due to exceptional investment disposals to acquire LPM in 2010 • Portfolio performance of 3.8% in 2011 • Objective: • Ensure capacity to settle claims • Support MUA Group’s long-term growth and development • Strategy: • Active management • Focus on yield and cash flow • Strategic investments Geographical allocation : 81% Local , 19% Foreign 20

21. AGENDA • Overview of MUA Group • Performance and Strategy • The Group • General Insurance • Long-term Insurance • Subsidiaries • Prospects • Questions and Answers 21

22. Long-Term Insurance • Gross Premium grew 27% for 1st Half 2011 compared to 2010, from Rs 296M to Rs 377M • Life Fund grew 6% since 31-Dec 2010 • Unit-Linked products share in Life Fund increased significantly after LPM acquisition, to reach 40% at end-June 2011 • Unit-Linked product performances were in line with respective benchmarks • Strategy: • Product re-positioning • Service innovation 22

23. Long-Term Insurance Become a leading player… Life Fund Net Premium 23

24. Long-Term Insurance Achieved more diversified product offering • The above strategy creates scope for increased return to shareholders over time 24

25. Long-term Insurance Investment Portfolio • Size of Rs 5.05bn at end-June 2011 • Portfolio performance of 4.4% as at end-June 2011 • Objective: • Ensure capacity to settle claims, redemptions and maturities • Achieve high risk-adjusted long-term returns for clients • Strategy: • Active management • Diversification • Focus on long-term growth potential Geographical allocation : 87% Local , 13% Foreign 25

26. AGENDA • Overview of MUA Group • Performance and Strategy • The Group • General Insurance • Long-term Insurance • Subsidiaries • Prospects • Questions and Answers 26

27. Subsidiaries NMF Ltd • Assets Under Management of Rs 704Mas at 30 June 2011 • As at 30 June 2011, 6-months returns were in line with benchmarks • 2.5% for NMF-General Fund • 0.6 % for NMF-Property Trust • NMF Ltd earnings grew 17%during1st Half 2011 • Increase in issued units observed during 1st Half 2011 • Positive response from clients following recent campaigns • Both NMF funds have many loyal clients 27

28. Subsidiaries Feber Associates • Pension assets under supervision of Rs 1.5bnon 30 June 2011 • The above registered growth of 6% in 1st Half 2011 • Earnings grew 49%during 1st Half 2011 • Achieved an interesting growth in number of clients 28