Saham Finances

completed

The proposed project involves an equity investment in Saham Finances (“Saham Finances” or the “Company”). Saham Finances is an insurance holding company with operations in Morocco (through its majority owned subsidiaries CNIA SAADA and Isaaf), and Sub-Saharan Africa (through its wholly-owned subsidiary Colina). CNIA SAADA is the third largest insurance company in Morocco in terms of premiums with a market share of 13.6% (as of 2010), offering life and non-life insurance products. Isaaf Mondial Assistance is an “assistance” company (vehicle, medical and travel assistance) with a 46% market share (as of 2010). Colina, acquired by the Company in 2010, is the third largest insurance group in the West and Central African region in terms of premiums, with a 13.2% market share (as of 2009), also offering life and non-life insurance products. The project is intended to support Saham Finances in its expansion strategy for Colina in Sub-Saharan Africa.