AUM Appointments

Fran

Pieter

Steven

Dear Friends & Colleagues

Further to our notification last week, we would like to inform you of a number of appointments and developments that are taking place at Aquarius.

Having managed the company for the past months, I have been appointed as Managing Director. Fran van Niekerk, who currently fills the role of Financial Manager and is a shareholder, will be joining our Board of Directors. Pieter Bezuidenhout also joins the board in a non-executive capacity. Pieter is currently Chief Financial Officer of Zurich South Africa, and has a wealth of industry knowledge, having previously worked for Mutual & Federal as Chief Financial Officer for 10 years. Steven Rimmer, our UK shareholder and non-executive director in the last 3 years, will take up the position of non-executive Chairman.

Andrew Errington, who started working for the Company on 1 December 2010, has been appointed as Head of Business Development.

We are also pleased to announce that our Liability offering which focuses on Broadform Liability, Directors & Officers, Umbrella and Professional Indemnity business is now in place and Ken van Sweeden will manage this division.

Chris Moll who acted as our liaison in Cape Town for the last year will be retiring at the end of February. Please join me in wishing him all the best in his retirement and at the same time welcoming Steve Thomas, who will fill the full time position as Regional Manager in Cape Town.

In closing, I wish to thank you for your support. If you have any queries, please feel free to contact me.

Kind regards,

DREW SCHNEHAGE

Managing Director