ACHIEVEMENT OF A CREDIT RATING CLAIMS PAYING ABILITY (AA-)

We are pleased to announce that Global Credit Rating Company Limited of South Africa has accorded NICO General Insurance Company Limited a domestic Malawi Kwacha Currency claims paying ability of AA- (Double A minus) with effect from June 9, 2008.

The AA- rate on the Claims Ability Paying Scale means that NICO General has very strong claims paying ability protection factor and risk is modest.

The rating rationale for NICO General Insurance Company Limited by Global Credit Rating Company Limited has been based on the following key factors:

NICO General's leading position on the Maiawian short term insurance market and access to technical guidance and expertise from our group international shareholders.

• The enhanced claims control and improved efficiencies, which facilitate a robust claim servicing regime.

• Our strong balance sheet supportive of comfortable solvency margin levels.

• Our maintenance of a substantial cash balance in absolute terms underpinning sound liquidity

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