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

1900 Law authorising the creation of agricultural mutual insurance funds in France

1963 Coverage of all property risks1972 Launch of life insurance1986 Creation of the Groupama brand1998 Acquisition of Gan, the 4th largest French insurer

A group that covers all business lines, clients and

distribution channels

GroupamaCredit Insurance

GroupamaLegalProtection

GroupamaTransport

GanInsurance

GanEurocourtage

Groupama Life

Gan Wealth

Gan Provident

C.E.S.V.I.

CentresCentaure

MutuaideAssistance

FMB

Télésurveillance

Banque Finama

Groupama Asset

Management

Finama PrivateEquity

GroupamaReal Estate

FINANCEINSURANCE SERVICES

Présence verte

ItalyGroupama

Assicurazioni

Nuova Tirrena

GroupamaInsurances

Biztosito

Gan Hong Kong

GroupamaVietnam

INTERNATIONAL

Groupama

Groupama Günes Sigorta(36%)

Chengdu Branch

Gan Outre-mer

Great BritainChina

TurkeyHungary

SpainGroupama Seguros

PortugalGroupama Seguros

BasakGroupama

GroupamaPhoenix

Greece

China

Romania

BT AsigurariAsiban

OTP Garancia

GroupamaEmployeeSavings

GroupamaBanque

OTP Garancia

Fourmi Verte

CapsAutoBulgaria

OTP Garancia

SlovakiaGroupamaPoistovna

3

A leader in its domestic market

Agricultural Insurer Home InsurerIndividual Health InsurerLocal authorities Insurer

Motor InsurerSME Insurer

Marine and transport Insurer

1st

2 nd

3 rd

Unforeseen events Insurer Long term care Insurer Legal protection Insurer

4

5

A unique model and an ambitious strategy

A unique economic model An ambitious strategy

A

on mass

business

A multi network distribution

=

A multi network distribution

Multi-channel distribution

A strong brand,

present in 14 countries

A complete range of

insurance, a strong position

in non-life

A diversified portfolio of

loyal clients

A unique capacity to

meet customer

needs

• Leader among mutual Leader among mutual insurers in Franceinsurers in France

• Offering a full line of Offering a full line of insurance products insurance products through several through several distribution networksdistribution networks

• A major market player A major market player with about 16 million with about 16 million clients around the worldclients around the world

• Having an ambitious Having an ambitious strategy for international strategy for international development and growthdevelopment and growth

• Yielding strong Yielding strong operational performanceoperational performance

Ranked among

theTop 10

European insurers

6A strategy of sustainable and

profitable growth

Accelerated growth– change in revenuesincluding 3.9 bn euros in international growth(+39%)

Strong increase inoperating profit

13.4 14.2 14.9 16.2Combined revenue (bn euros)

+ 9.2%

2005 2006 2007 2008

Scope of group

157351 398

661

Operating profit (m euros)

2005 2006 2007 2008

+ 66.1%

Scope of group

7

Strong international business growth

SpainGroupama Seguros

PortugalGroupama Seguros

Great BritainGroupama Insurances

HungaryGroupama Garancia Biztosito Romania

BT AsigurariAsibanOTP Garancia

TurkeyBasak Groupama EmeklilikBasak Groupama SigortaGüvenGünes Sigorta (36%)

GreeceGroupama Phoenix

ItalyGroupama AssicurazioniNuova Tirrena

SlovakiaGroupama Poistovna

EUROPE & MEDITERRANEAN

BulgariaSubsidiary of OTP Garancia

TunisiaStar (35%)

8

ChinaGroupama (Hong Kong)Groupama S.A. Chengdu BranchGroupama China Beijing Office

VietnamGroupama Vietnam

ASIA

Strong international business growth

9

Croatia

Greece

Montenegro

Turkey

Slovakia

Romania

Serbia

Bulgaria

Ukraine

Russia

A solid platform for expansion in Central and

Eastern Europe

Groupama PresenceGrowth potential for Groupama – Presence only of OTP Bank

Proforma based on 2008 data

Hungary

The right market at 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.

Why Romania

Romanian market 2007

+168%

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Why Romania:Leading position on the

market Market share

Source: Insurance profile; Insurance supervisory commission

Groupama Romania - Non - life GPW market share percent

2.94.4 4.6

0.3

8.2

12.8

2006

0.3

7.8

12.7

20072005

7.6

0.310.8

Groupama Romania - Life GPW market share percent

9.1

8.5

0.6 0

2005

00.8

5.4

6.2

2006

0.20.5

7.7

8.4

2007

OTPBTAAsiban

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Why Romania:Extensive geographical

footprint

Presence

155

249

54

Maramures631

SatuMare

222

Salaj331

Bihor291

Arad

182

Timis482

Caras-Severin

631

Mehedinti221 Dolj

661 Olt

342

Teleorman

441

Giurgiu

421

Bucuresti

22214

Calarasi231 Constanta

4102

Tulcea241

Braila131

Buzau

351

Vrancea

451

Prahova

572

Dambovita

321Arges

392

Valcea

551

Gorj241

Hunedoara

472

Alba371

Cluj

4132

Bistrita-Nasaud

321

Suceava4

111

Botosani

261

Iasi2102

Vaslui

441

Galati371

Bacau282

Neamt671

Harghita

431

Mures

2101

Sibiu281 Brasov

381

Covasna541

Ialomita

321

National coverage

• All three companies have a network that cover the whole country

12

Why Romania:A mix of skilled

employees and agents

Total

Employees and agents

13

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

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Strong platform for development in Romania

21 December 2007

26 August 2008

Transactions finalised

6 August 2008

15

Groupama in Romania one of the market

leaders Market share

Source: Insurance profile; Insurance supervisory commission

16

Life (2008) Non Life (2008)

Key stages for creating a leading company

2009 Merger

Restoring profitability

2010 Development &

sustained profitability

2008 Acquisition

Business continuity

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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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