JUMIA AND AXA PARTNER TO PROVIDE INSURANCE PRODUCTS AND SERVICES TO AFRICAN CUSTOMERS

Africa Internet Group (“AIG”), a leading e-commerce group in Africa, and
AXA, a worldwide leader in insurance and asset management, today announced a
partnership whereby AXA will become the exclusive provider of insurance
products and services through Jumia and other AIG online and mobile platforms
in Africa. Going forward, AXA’s African insurance companies plan to propose custom-made
insurance products to Jumia and AIG’s e-commerce client base through its
ecosystem of marketplaces and classifieds services.

 As part of the partnership, AXA will also become a shareholder of AIG,
along with MTN, Rocket Internet and Millicom. AXA and Jumia view Africa as a
fast developing market for financial services and insurance products,
benefitting from strong fundamentals such as low penetration rates, rise in
middle class, urbanization as well as the youth of its population. “Internet is
creating unparalleled opportunities for consumers and businesses in Africa to
connect and do business in a new way. We continue to be very excited about the
growth prospects of Jumia and this new partnership will enable us to capture
them,” said Sacha Poignonnec and Jeremy Hodara, founders and co-CEOs of Jumia
and AIG. “We expect Africa’s e-commerce and online businesses to develop
rapidly as a result of the strong growth of the middle class coupled with the
increasing mobile phone and internet penetration.

With Rocket Internet’s extensive background in online business models, MTN
as leading mobile carrier with its broad African presence, and now the
partnership with AXA in insurance products and services, we are in a great
position to continue to innovate and connect businesses to the fast growing
consumer demand.” “This transaction confirms AXA’s long-term commitment
towards the African markets and represents another step in our development on
the continent. Africa is home to some of the most dynamic and promising
insurance markets in the world and our partnership with Africa Internet Group
will enable us to accelerate materially our development by having access to
their rich customer base and to their state-of-the-art e-commerce technology.
Going forward, we aim to enable African consumers to better access insurance
solutions to create sustainable financial well-being throughout their lives and
those of their dependants”, added Denis Duverne, Deputy CEO of AXA. As a
result of the transaction, AXA will invest Euro 75 million and own
approximately 8% of the capital of AIG. Completion of the transaction is
subject to customary closing conditions, including the closing of the previous
investment round, and is expected to take place in the first quarter of 2016

The additional capital contributed by AXA will further strengthen the
balance sheet and support AIG’s continued growth. Jumia, AIG’s main subsidiary,
is currently present in 11 African markets and grew its transaction volume
(GMV) by 265% during first 9 months of 2015 to reach Euro 206 million. Jumia is
part of broader ecosystem of services providing opportunities for local African
businesses to do business with the fast-growing African consumers and middle
class.

Other services include Kaymu, a leading online shopping community, as well
as leading marketplaces in food delivery (Hellofood), travel (Jovago) and
leading classifieds in real estate (Lamudi), jobs (Everjobs) and cars
(Carmudi).