Presentation to Iraq Finance Dubai, January 2014 Jonathan Biles Chief Executive Officer

1. Presentation to Iraq Finance Dubai, January 2014 Jonathan Biles Chief Executive Officer

2. Introduction to Iraq Gate (1) • Founded in 2008 • Highly experienced and proven in Iraqi insurance market • An Iraqi company with offices in Baghdad, Basrah and Erbil • Fully Registered, Authorised and Regulated by the Iraq Insurance Diwan • Allows full compliance with local insurance law while also ensuring transparent pricing and quality of coverage • A broad selection of relationships with Iraqi, regional and international insurance and reinsurance companies including Lloyd’s of London • Excellent relations with all other Iraqi insurers (state and private) allowing use of any local market • Partnerships with leading specialist brokers in London and elsewhere allowing the most sophisticated products to be deployed combined with local service • Fully capable of and experienced in working with any London and other international brokers on reinsurance marketing as may be required or preferred by clients

3. Introduction to Iraq Gate (2) • Iraq Gate is led by Jonathan Biles, an experienced insurance broker with over 20 years experience in the industry and considerable knowledge of the Middle East in general and Iraq and Iraqi Kurdistan (“KRG”) in particular • Iraq Gate offers clients international service levels and levels of product sophistication and security together with full compliance with Iraqi law: • 24/7 customer service on the ground in Iraq from 3 offices • Claims handling, surveying and servicing • Liaison with Iraqi Government and regulators across all ministries and government bodies • Added value at all levels when operating in Iraq • Iraq Gate has experience of dealing with clients in Iraq in the fields of: • Professional Services (PWC) • Oil & Gas (Oilserv, ENI, Gazprom, Kogas, Petronor, AGC Drilling, NAPESCO) • Government entities (UN Iraq Ops, US Embassy Baghdad AEBEA) • Healthcare (HT Hospitals) • Power Generation (Luthardt, Al Bilal Group) • Security (Near East, Al Murabit Security, Anticip) • Manufacturing and Trading (Daimler AG, Qualtra) • Construction (Harlow International, Rasheed Hotel, Iraq Energy City) • and many others

4. Iraq Gate Products • Oil & Gas • Full Range of Upstream and Downstream Coverages • During exploration phase - Operators Extra Expense Insurance ("OEE") covering: • Cost of well control, redrill, clean up costs up to an agreed limit. • Third Party Liability including pollution liability excess of above • Equipment in transit/storage • During field development phase - Construction All Risks Insurance ("CAR") covering: • All risks of physical loss or damage to project works during project period plus 12 months maintenance period • Third party liability • During production phase (including additional development drilling) - Operational Insurance Package ("OIP") covering: • All risks of physical loss or damage to insured assets • Cost of well control, redrill, clean up costs • Third Party Liability including pollution liability excess of b) above, up to an agreed limit. • Equipment in transit/storage up to an agreed limit. • Business Interruption • Workmen’s Compensation Insurance • Construction/ Power Generation and Distribution • Construction All Risks (“CAR”) • Erectors All Risks (“EAR”) • Cargo • Delay In Start Up (“DSU”) • Decennial Liability • Directors & Officers • Bankers Blanket Bond, Cash in Transit and other specialist banking coverages • Personal Accident including tailor made coverages for high risk operations • Liability (including for demining) • Cargo • Political Risks, Political Violence and “Investor Insurance” • War & Terrorism

5. Insurance and Banking • The increasing attractiveness of Iraq to international banks such as Standard Chartered is good news for the Iraqi insurance industry • The appointment of bankers with international experience to senior positions in domestic banks such as Bank of Baghdad is also to be greatly welcomed • Banks like to see their clients insured – it improves their security and hedges their risk position • Oil companies have recently been the major drivers of insurance uptake among Iraqi companies as they have insisted on a full suite of insurance coverages to protect themselves from risk • Development of the Iraqi economy depends on the growth and development of a vibrant private sector – the development of the banking and insurance sectors working together will assist this development • Without the development of a successful private sector creating jobs and generating tax revenues the Iraqi state will continue to rely almost entirely on oil revenues to support itself which cannot be a desirable objective

6. Regulation • The disappearance of insurance revenues from the country is in part a consequence of miscommunication or misunderstandings regarding the regulatory position • Our Diwan says ““no unlicensed (by the Insurance Diwan) foreign or local insurance company can operate in insurance business inside Iraq, or insure money or properties inside Iraq by those unlicensed insurance companies. Also, no unlicensed (by the Insurance Diwan) insurance broker or agent can transfer money or property insurance documents from inside Iraq to Insurance companies operating outside Iraq or to unlicensed (by the Insurance Diwan) Insurance companies operating in Iraq.” • Lloyd’s of London says ““The insured can place business with a non-admitted insurer either directly or through the use of an intermediary, outside the territory” • With this level of conflict between regulations it is hardly surprising that the development of the insurance industry in Iraq is slow

7. Oil & Gas Insurance • The Insurance premiums of IOCs operating in Iraq is a “Petroleum Cost” and is therefore paid by the Government of Iraq • Iraq has both insurance companies and reinsurance brokers fully capable of handling the underwriting and risk transfer of the Energy risks presented by IOCs operating in Iraq • Why then is the reinsurance of these risks handed directly to London brokers with no involvement in the development and success of the Iraqi financial services industry? • Many millions of Iraqi dollars are flowing directly to London when there is an opportunity for taxpaying Iraqi employers to participate in the risk • This is an example of a missed opportunity in the development of the Iraqi financial services industry

8. Conclusion • The insurance industry in Iraq is strong but could be stronger • Clients can now buy any insurance product in Baghdad or Basrah that they can buy in Dubai or London • The insurance industry will greatly assist in the development of a vibrant private sector and adds value to the financial health of the Iraqi economy • A more thorough understanding of what we currently do, not to mention what we can do and what benefits that would bring to Iraq would be appreciated!

9. Contact Points For further information, guidance or support please contact: Jonathan Biles Chief Executive Officer Iraq Gate Insurance Brokers LLC Al-KawakibBuilding, Al-MagribStreet, Baghdad, Iraq Tel: +964 7806 822 441 (Baghdad) Tel: +971 556 128 565 (Middle East) Tel: +44 7823 559 079 (Global) Email: jonathan.biles@iraqgateinsurance.com