THIS RIGHTS CIRCULAR IS IMPORTANT AND SHOULD BE READ CAREFULLY. If you are in any doubt about its contents or the action to be taken, please consult your Banker, Stockbroker, Accountant, Solicitor or any other Professional Adviser for guidance immediately. Investors are advised to note that liability for false or misleading statements made in connection with the Right Circular are provided in sections 85 and 86 of the Investment and Securities Act No. 29, 2007 (“the Act”). For information concerning certain risk factors which should be considered by shareholders, see “Risk Factors” on page 61- 62 of this Rights Circular RC: 6753 RIGHTS ISSUE OF 13,635,796,006 ORDINARY SHARES OF N0.50 EACH AT N0.50 PER SHARE ON THE BASIS OF THIRTY-EIGHT (38) NEW ORDINARY SHARES FOR EVERY FIFTEEN (15) ORDINARY SHARES HELD AS AT THE CLOSE OF BUSINESS ON JANUARY 31, 2020 PAYABLE IN FULL ON ACCEPTANCE ACCEPTANCE LIST OPENS: AUGUST 10, 2020 ACCEPTANCE LIST CLOSES: SEPTEMBER 17, 2020 THE RIGHTS BEING OFFERED ARE TRADABLE ON THE FLOOR OF THE NIGERIAN STOCK EXCHANGE FOR THE DURATION OF THE RIGHTS ISSUE ISSUING HOUSE: ECZELLON CAPITAL LIMITED Rc: 978786 This Right Circular and the securities which it offers, have been cleared and registered by the Securities and Exchange Commission. The Investment and Securities Act provides for civil and criminal liabilities for the issue of a Rights Circular which contains false or misleading information. The clearance and registration of this Rights Circular and the securities which it offers do not relieve the parties of any liability arising under the Act for false and misleading statements or for any omission of a material fact in this Right Circular. THIS RIGHTS CIRCULAR IS DATED JULY 7, 2020 Page | 1 TABLE OF CONTENTS Important Notice ............................................................................................................................................ 4 1. Key Terms and Definitions ...................................................................................................................... 5 2. Corporate Directory ............................................................................................................................... 6 3. Abridged Indicative Offer Timeline ......................................................................................................... 7 4. The Rights Issue ..................................................................................................................................... 8 5. Summary of the Rights Issue ................................................................................................................... 9 6. Directors And Company Secretary of Prestige Assurance Plc ................................................................... 12 7. Professional Parties to the Issue ............................................................................................................. 13 8. Audit Committee Members ................................................................................................................... 14 9. The Chairman’s Letter .......................................................................................................................... 15 10. Sworn Letter of Declaration .................................................................................................................. 18 11. Letter from the Directors on the Going Concern Status ............................................................................ 19 12. Letter from the Auditors on the Going Concern Status ............................................................................. 20 13. Five- Year Financial Information ........................................................................................................... 21 13.1 Statement of Profit or Loss and Other Comprehensive Income .......................................................... 21 13.2 Statement of Financial Position ...................................................................................................... 23 13.3 Statement of Cashflow .................................................................................................................. 24 13.4 Notes to the Financial Statement .................................................................................................... 26 14. Statutory And General Information ....................................................................................................... 50 14.1. Brief Profile of Prestige Assurance Plc ............................................................................................. 50 14.2. Service Offerings .......................................................................................................................... 50 14.3. Share Capital History.................................................................................................................... 51 14.4. Shareholding Structure.................................................................................................................. 52 14.5. Directors Beneficial Interest ............................................................................................................ 52 14.6. Profile of Board of Directors .......................................................................................................... 53 14.7. Organogram of Prestige Assurance Plc .......................................................................................... 57 14.8. Material Contracts ........................................................................................................................ 58 14.9. Consents ...................................................................................................................................... 58 Page | 2 TABLE OF CONTENTS 14.10. Statement of Indebtedness ............................................................................................................. 59 14.11. Claims and Litigation .................................................................................................................... 59 14.12. Mergers and Acquisitions .............................................................................................................. 59 14.13. Relationship Between the Company and its Advisors ....................................................................... 59 14.14. Research and Development ........................................................................................................... 59 14.15. Related Party Transactions ............................................................................................................. 60 14.16. Cost and Expenses ....................................................................................................................... 61 14.17. Subsidiaries and Associated Companies ........................................................................................ 61 14.18. Risk ............................................................................................................................................. 61 14.19. Underwriting ................................................................................................................................ 62 14.20. Declarations ................................................................................................................................. 62 14.21. Purpose and Use of Proceeds ........................................................................................................ 63 14.22. Details of Proceed Utilization ......................................................................................................... 64 14.23. Documents available for Inspection ................................................................................................ 64 15. Provisional Allotment Letter ................................................................................................................... 66 16. Receiving Agents ................................................................................................................................. 69 17. Acceptance/Renunciation Form ............................................................................................................ 70 Page | 3 IMPORTANT NOTICE No person is authorised to give information or make any representations concerning this Rights Issue. Any information or representation concerning this Issue that is not contained in this circular should not be relied upon as having been authorised by the Issuing House, Eczellon Capital Limited or its Directors. This Rights Circular is intended to be read in conjunction with publicly available information at the designated office of the Issuer, Prestige Assurance Plc. Each Investor/Shareholder to whom this Rights Circular is addressed should make his/her own independent evaluation and determine the amount of shares he/she would subscribe to, based on their own investment evaluation. This Rights Circular and the information stated herein do not constitute investment advice or an offer from the Issuing House to subscribe to the shares being offered. The recipient of this Rights Circular is expected to scrutinise the information contained therein and seek professional advice to aid investment decision. Forward Looking Statements: Certain statements included herein may constitute forward-looking statements that involve a number of risks and uncertainties because they relate to events and depend