Banque Privée de Fleury Limited

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1 Banque Privée de Fleury Limited 4 th Floor, Raffles Tower, Ebene Statement of financial position as at 30 th September 2015 ASSETS Cash and cash equivalents 6,053,239 6,759,820 Equipment 81,278 - Intangible asset 24,936 - Deferred tax asset 70,645 - Other assets 130,614 25,243 Total assets 6,360,712 6,785,063 LIABILITIES Deposits from customers 2,773 - Other payables 163,959 3,029 Total liabilities 166,732 3,029 SHAREHOLDERS EQUITY Stated capital 6,799,671 6,799,671 Accumulated losses (605,691) (17,637) Total equity 6,193,980 6,782,034 Total liabilities and equity 6,360,712 6,785,063 Approved by the Board of Directors and authorised for issue on 16 December Ashvin Krishna Dwarka Chairman Maurice Jean Marc Ulcoq Director

2 Statement of profit or loss and other comprehensive income for the year ended 30 th September 2015 Year ended Period from 18 March 2014 (Date of Incorporation) to Interest income - - Interest expense - - Net interest income - - Fee and commission income Operating income Personnel expenses (165,164) - Operating lease expenses (59,289) - Depreciation and amortisation (9,431) - Administrative expenses (409,593) (17,637) Other Expenses (15,582) - Operating loss before tax (658,699) (17,637) Income tax 70,645 - Loss for the year/period (588,054) (17,637) Other comprehensive income: Items that will not be reclassified subsequently to profit or loss - - Items that will be reclassified subsequently to profit or loss Other comprehensive loss for the year/period, net of tax Total comprehensive loss for the year/period (588,054) (17,637)

3 Statement of changes in equity for the year ended 30 th September 2015 Stated Accumulated capital losses Total At 18 March Issue of Shares 6,799,671-6,799,671 Total Comprehensive losses for the period - (17,637) (17,637) At 30 September ,799,671 (17,637) 6,782,034 Total Comprehensive loss for the year - (588,054) (588,054) At 30 September ,799,671 (605,691) 6,193,980 Statement of cash flows for the year ended 30 th September 2015 Operating activities Loss before tax Period from 18 March 2014(Date of Incorporation) Year ended to (658,699) (17,637) Adjustments for: Depreciation and amortisation 9,431 - (649,268) (17,637) Changes in operating assets and liabilities Change in other assets (105,371) (25,243) Change in other payables 160,930 3,029 Change in deposit from customers 2,773 - Net cash used in operating activities (590,936) (39,851) Investing activities Purchase of equipment (89,032) - Purchase of intangible assets (26,613) - Net cash used in investing activities (115,645) - Financing activities Proceeds from issue of shares - 6,799,671 Net cash from financing activities - 6,799,671 Net change in cash and cash equivalents (706,581) 6,759,820 Cash and cash equivalents at beginning 6,759,820 - Cash and cash equivalents, end of year/period 6,053,239 6,759,820

4 Independent auditor s report to the shareholders of Banque Privée de Fleury Limited This report is made solely to the shareholders of Banque Privée de Fleury Limited (the Bank ), as a body, in accordance with section 205 of the Mauritius Companies Act Our audit work has been undertaken so that we might state to the Bank's shareholders those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Bank and the Bank's shareholders as a body, for our audit work, for this report, or for the opinions we have formed. Report on the financial statements We have audited the financial statements of the Bank set out on pages 31 to 53 which comprise the statement of financial position as at 30 September 2015 and statement of profit or loss and other comprehensive income, statement of changes in equity and cash flow statement for the year then ended and a summary of significant accounting policies and other explanatory information. Directors responsibility for the financial statements The Bank s directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards and in compliance with the requirements of the Mauritius Companies Act 2001, Financial Reporting Act 2004 and Banking Act They are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Bank s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements on pages 31 to 53 give a true and fair view of the financial position of the Bank as at 30 September 2015 and of its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards and comply with the requirements of the Mauritius Companies Act 2001.

5 Report on other legal and regulatory requirements Mauritius Companies Act 2001 We have no relationship with, or interests in, the Bank, other than in our capacities as auditors and arm s length dealings in the ordinary course of business. We have obtained all information and explanations that we have required. In our opinion, proper accounting records have been kept by the Bank as far as appears from our examination of those records. Banking Act 2004 In our opinion, the financial statements have been prepared on a basis consistent with that of the preceding year and are complete, fair and properly drawn up and comply with the provisions of the Banking Act 2004 and the regulations and guidelines of the Bank of Mauritius. The explanations or information called for or given to us by the officers or agents of the Bank were satisfactory. The Financial Reporting Act 2004 The directors are responsible for preparing the Corporate Governance Report. Our responsibility is to report on the extend of compliance with the Code of Corporate Governance as disclosed in the annual report and on whether the disclosure is consistent with the requirements of the code. In our opinion, the disclosure in the Corporate Governance Report is consistent with the requirements of the Code. Deloitte Chartered Accountants Jacques de C. du Mée, ACA Licensed by FRC 16 December 2015

462 IBN18 (MAURITIUS) LIMITED. IBN18 (Mauritius) Limited

462 IBN18 (MAURITIUS) LIMITED. IBN18 (Mauritius) Limited 462 IBN18 (MAURITIUS) LIMITED IBN18 (Mauritius) Limited IBN18 (MAURITIUS) LIMITED 463 Independent Auditors Report Independent Auditors Report to the member of IBN18 (Mauritius) Limited Report on the Financial