Cumberland Insurance & Reinsurance Company s.a.l. is a Lebanese company licensed by the Lebanese Ministry of Trade and Economy in 1977 under the Lebanese Insurance Act. The Company is licensed to accept all forms of insurance business (except Life Assurance).

The current shareholders acquired the Company in mid-1994 and, having increased the paid-up capital to L.L. 1.5 billion (US$ 1 million), began accepting business on 1st September, 1994. Today Cumberland operates from a position of strength, with healthy capital reserves following a further injection of capital in 1997 and 2003. The current paid up capital of the Company is L.L. 6 billion. In order to facilitate our long-term development plans, legal ownership of Cumberland was transferred in 2002 to a holding company, The Oak Holding sal, which was specially formed for this purpose by the same group of individual shareholders.

Cumberland has continued to show, year-on-year, strong growth and excellent results. We will continue on this course, capitalizing on our clear client-orientated strategy. Professional underwriting is central to Cumberland's business objectives. Consequently, achieving underwriting profits through a disciplined selection of risks and a creative approach is our goal. Of equal importance is the identification and development of new lines of business.

As of today the efforts of the shareholders, supported by the whole of the Cumberland team, have resulted in Cumberland:

• Establishing a strong position in the Lebanese market through steady, continuous and planned growth.

• Ranking 8th among the 60+ local and foreign insurance companies in the Lebanese market. Being perceived by the general public as a blue chip, trustworthy and progressive company.

• Establishing and maintaining a first class Medical Insurance plan with an excellent network of service providers in support.

• Exceeding the compliance regulations of current Lebanese insurance legislation relating to capitalization and reserves as required by the Lebanese Ministry of Trade and Economy. Cumberland's technical reserves exceed by 40% the amount required by the current legislation.

• Creating affiliate companies in the Kingdom of Saudi Arabia and in Egypt to develop the Cumberland brand name regionally.

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