J.C. Flowers & Co. LLC 1 Lactuaire à létranger. Nicolas ROSSKOPF.

J.C. Flowers & Co. LLC1

L’actuaire à l’étranger. Nicolas ROSSKOPF

J.C. Flowers & Co. LLC2

Agenda

Company Overview

Legal environment in Luxemburg

Actuarials

J.C. Flowers & Co. LLC3

Strategy & Company OverviewNPG's Markets

Confidential

Geographical CoverageGeographical Coverage

Only wealth management solutions

Wealth management solutions and financial planning

Target CustomersTarget Customers

Unbundled Products2)

Bundled Products1)

HNWIs

HAIs

Mass market

NPG targets highly affluent individuals (HAIs) and high net worth individuals (HNWIs) in Western and Northern Europe

Headquarter in Luxembourg

1) Bundled Product: Standardized product with fund managers and investment options selected by NPG and managed within unit-linked life insurance policies

2) Unbundled Product: Bespoke product with broader range of assets (incl. hedge funds, private equity) selected by the client or fund manager and managed within dedicated life insurance policies.

Net assets: € 2-5m

Net assets: € 5-30m

J.C. Flowers & Co. LLC4

Strategy & Company OverviewPositioning of NPG

Confidential

…cross-border solutions

using investment-based life insurance products

with minimal residual guarantees

principally in Europe

to the HAI segment and upwards

via independent distribution.

NPG provides…

1.

2.

3.

4.

5.

6.

NPG targets a specific, profitable niche in the European Wealth Management landscape

J.C. Flowers & Co. LLC5

2009 Financial Results of my group

In 2009, NPG profited from strong sales and recovering financial markets

– The Wealth Management Business largely recovered in 2009 after the financial crisis.

– NPG's fees are partly linked to Assets under Management. The Group therefore profited from the recovery in equity markets.

Market Market EnvironmentEnvironment

New BusinessNew Business– New sales performed well in 2009.

– NPG diversified its business

Key FiguresKey Figures– At the end of the year, NPG managed client assets of € 6.1bn

(+ 12%).

J.C. Flowers & Co. LLC6

5.5

4.1

3.5

31/12/06 31/12/07 31/12/08 31/12/09

2009 Preliminary Financial ResultsClient Assets

In 2009, NPG's client assets grew by 12%

+ 19% + 33% + 12%

(€ bn)

1.0

2.0

3.0

4.0

5.0

6.0

7.0

6.1

PEL: 2.9

CUIL: 0.6

ATP LUX: 0.4ATP BDA: 0.3

J.C. Flowers & Co. LLC7

Agenda

Company Overview

Legal environment in Luxemburg

Actuarials

J.C. Flowers & Co. LLC8

Legal reporting :

J.C. Flowers & Co. LLC9

Legal reporting :

J.C. Flowers & Co. LLC10

Agenda

Company Overview

Legal environment in Luxemburg

Actuarials

J.C. Flowers & Co. LLC11

Moses : beaucoup de sociétés à gérer.

J.C. Flowers & Co. LLC12

Currencies : Risque de change à gérer.

Altraplan Assurance

Currency conversion rates Balance sheet :Red = Fixed rate

(based on Euro closing rates) Profit & loss:Blue = Variable rate

As at 30 June 2008

SUN GLOBUS SUN GLOBUS(*) (/) (*) (/)

USD (BM1) BM1 EUR (LU1) LU1 PeriodUSD USD EURO EURO

ATS Austria = 0,114545 8,730222 0,072673 13,760300 2008006

AUD Australia = 0,959417 1,042300 0,609236 1,641400 2008006

BEF Belgium = 0,039072 25,593650 0,024789 40,339900 2008006

BMD Bermuda = 1,000000 1,000000 0,634450 1,576168 2008006

CAD Canada = 0,985804 1,014400 0,625586 1,598500 2008006

CHF Swiss Francs = 0,981740 1,018600 0,623053 1,605000 2008006

CZK Czech Koruna = 0,065902 15,174000 0,041812 23,916800 2008006

DEM Germany = 0,805882 1,240876 0,511292 1,955830 2008006

DKK Denmark = 0,211260 4,733500 0,134086 7,457900 2008006

ESP Spain = 0,009473 105,563598 0,006010 166,386000 2008006

EUR Europe = 1,576168 0,634450 1,000000 1,000000 2008006

FIM Finland = 0,265092 3,772268 0,168188 5,945730 2008006

FRF France = 0,240285 4,161719 0,152449 6,559570 2008006

GBP Britain = 1,991040 0,502250 1,263344 0,791550 2008006

HKD Hong Kong = 0,128240 7,797900 0,081387 12,286900 2008006

I000 Italian lira 1000 = 0,814023 1,228467 0,516457 1,936270 2008006

IEP Ireland = 2,001321 0,499670 1,269738 0,787564 2008006

ITL Italian lira = 0,000814 1.228,466502 0,000516 1.936,270000 2008006

JPY Japan = 0,009433 106,015000 0,005988 166,990000 2008006

LTL Lithuania = 0,456329 2,191400 0,289589 3,453170 2008006

LUF Luxembourg = 0,039072 25,593650 0,024789 40,339900 2008006

NLG Netherlands = 0,715234 1,398144 0,453780 2,203710 2008006

NOK Norway = 0,196313 5,093900 0,124632 8,023600 2008006

NZD New Zeland dollars = 0,761035 1,314000 0,483092 2,070000 2008006

PTE Portugal = 0,007862 127,195805 0,004988 200,482000 2008006

SEK Sweden = 0,166246 6,015200 0,105505 9,478200 2008006

USD US of America = 1,000000 1,000000 0,634450 1,576168 2008006

XEU CEE = 1,576168 0,634450 1,000000 1,000000 2008006ZAR South Africa = 0,127733 7,828800 0,081053 12,337600 2008006

J.C. Flowers & Co. LLC13

Tables de mortalité : Beaucoup de tables différentes

Private Estate Life - MoSes Application - Mortality tablesDirectory C:\moses\NPGWM\2009Q4\tables\In_Force\  

Filename C:\moses\NPGWM\2009Q4\tables\In_Force\Mortality Tables.xls  

  Save Table? Description Date saved

MK Y * Belgian MK Mortality tablke (Males) 4/10/2010 11:08

FK Y * Belgian FK Mortality tablke (Females) 4/10/2010 11:08

gbm7680 Y * Gbm 7680 Base Females - Ultimate Rates 4/10/2010 11:08

gbm8085 Y * Gbm 8085 Base Females 4/10/2010 11:08

gbm8590 Y * Gbm 8590 Base Males 4/10/2010 11:09

gbm9095 Y * Table Gbm 9095 Base Table 4/10/2010 11:09

gbv7680 Y * Gbv 7680 Base Females - Ultimate Rates 4/10/2010 11:09

gbv8085 Y * Gbv 8085 Base Females - Ultimate Rates 4/10/2010 11:09

gbv8590 Y * Gbv 8590 Base Males - Ultimate Rates 4/10/2010 11:09

gbv9095 Y * Table Gbv 9095 Base Table - Ultimate Rates 4/10/2010 11:09

G82M Y * Danish Mortality Table G82 Male 4/10/2010 11:09

G82F Y * Danish Mortality Table G82 Female 4/10/2010 11:09

T84M Y * CUIL Mortality Table T84 Male 4/10/2010 11:09

T84F Y * CUIL Mortality Table T84 Female 4/10/2010 11:09