Agreement for the sale of majority in LIA sal

FOR IMMEDIATE RELEASE 14 May 2012

Agreement for the sale of a majority interest in LIA Insurance SAL

Bank Audi SAL - Audi Saradar Group and Saham Finances S.A., a subsidiary of Saham S.A., jointly announce that they have entered into a share purchase agreement for the sale by Bank Audi and certain individual sellers of 81% of the share capital of LIA Insurance SAL. Completion of the sale is subject to obtaining the required regulatory approvals, and is expected to take place by end of June 2012.

The parties have also agreed to enter into co-operation agreements for the conduct of future insurance business in Lebanon.

Lebanon will serve as Saham Finances S.A.'s hub for its development in the Middle East. Saham Finances S.A. owns insurance and reinsurance companies which are present in 15 African countries.