Jamaica Stock Exchange

Mayberry Investments Limited (MIL) – Annual Report for the Year Ended December 31, 2025

May 28, 2026Kingston

ơ͍̈ёͩࢫɄ̌ɾࢫ§̛͛͛ 2016

000 2017

000 2018

000 2019

000 Restated 2020 000 Net Interest Income and Other Revenues 1,546,623 936,277 1,255,617 1,640,311 2,488,400 Interest Income 682,209 713,903 777,374 803,880 978,350 Net Interest Income 117,737 147,012 264,609 324,448 671,038 Net Other Income 1,428,886 789,265 991,008 1,315,863 1,817,362 Operating Expenses 961,748 858,456 1,233,682 1,373,979 1,321,248 ơ͍̈ёͩࢫɩʍʱ̛͍ʍࢫėɄΦɄͩˏ̛̌ࢫ 584,875 77,821 21,935 266,332 1,167,152 ½ʍͩࢫơ͍̈ёͩࢫ 568,314 36,109 (36,078) 271,909 1,223,187 ½ʍͩࢫơ͍̈ёͩࢫ͍ͩͩˏɩͷͩɄɩ˵ʍࢫ̛ͩࢫĊ˂Ʉ͍ʍ˂̛˵ɾʍ͍͛ 568,314 36,109 160,398 709,584 (919,767) ė̛ͩɄ˵ࢫ-̛͍̆ͅʍ˂ʍ̌͛ˏΘʍࢫ̌ɲ̛̆ʍࢫ 619,516 122,160 58,948 842,500 1,032,696 %Ʉ˵Ʉ̌ɲʍࢫĊ˂ʍʍͩ 2016 $’000 2017 $’000 2018 $’000 2019 $’000 Restated 2020 $’000 ė̛ͩɄ˵ࢫ͛͛ʍͩ͛ࢫ 15,701,380 16,675,988 17,402,413 18,388,251 21,824,494 ė̛ͩɄ˵ࢫ§ˏɄɩˏ˵ˏͩˏʍ͛ࢫ 13,589,239 14,717,951 14,843,486 14,335,615 16,889,306 Ċ̛ͩɲˬ˂̛˵ɾʍ͍࣭͛ࢫH͋ͷˏͩΩ 2,112,141 1,958,037 2,558,927 4,052,636 4,935,188 ½ͷ̆ɩʍ͍ࢫ̛ʱࢫˏ͛͛ͷʍɾࢫ͛˂Ʉ͍ʍ͛ࢫࣜͷ̌ˏͩ͛ࣝ 1,201,149 1,201,149 1,201,149 1,201,149 1,201,149 ʍΩࢫkˏ̌Ʉ̌ɲˏɄ˵ࢫþɄͩˏ̛͛ 2016 $’000 2017 $’000 2018 $’000 2019 $’000 Restated 2020 $’000 HɄ͍̌ˏ̌ʳ͛ࢫͅʍ͍ࢫ̛͛ͩɲˬࢫͷ̌ˏͩ $0.47 $0.03 $0.13 $0.59 ($0.77) %̛̛ˬࢫŅɄ˵ͷʍࢫöʍ͍ࢫ͛˂Ʉ͍ʍ $1.76 $1.63 $2.13 $3.37 $4.11 þʍͩͷ͍̌ࢫ̛̌ࢫH͋ͷˏͩΩ 26.9% 1.8% 6.3% 17.5% (18.6%) þʍͩͷ͍̌ࢫ̛̌ࢫΘʍ͍Ʉʳʍࢫ͛͛ʍͩ͛ 3.8% 0.2% (0.2%) 1.5% 6.1% ͛͛ʍͩࢫn̛͍Νͩ˂ࣜय़ࣝ 8.9% 6.2% 4.4% 5.7% 18.7% ½ʍͩࢫơ͍̈ёͩࣃࣜ§̛͛͛ࣝࢫ͍ͩͩˏɩͷͩɄɩ˵ʍࢫ̛ͩࢫĊ˂Ʉ͍ʍ - ˂̛˵ɾʍ͍͛ࢫn̛͍Νͩ˂ࢫࣜय़ࣝ 395.1% (93.6%) (199.9%) 853.7% 349.9% 6

ơ͍̈ёͩࢫɄ̌ɾࢫ§̛͛͛ 2021 000 2022 000 2023 000 2024 000 2025 000 Net Interest Income and Other Revenues 2,816,053 2,243,589 2,154,293 1,881,298 2,363,332 Interest Income 782,403 1,192,332 2,062,748 2,451,306 2,732,689 Net Interest Income 378,049 547,008 322,469 649,899 724,042 Net Other Income 2,438,004 1,696,581 1,831,824 1,231,399 1,639,290 Operating Expenses 1,710,675 1,825,979 1,833,634 2,261,353 1,985,722 ơ͍̈ёͩࢫɩʍʱ̛͍ʍࢫėɄΦɄͩˏ̛̌ࢫ 1,105,378 417,610 320,659 (380,055) 377,610 ½ʍͩࢫơ͍̈ёͩࢫ 1,354,378 418,626 914,291 139,282 637,924 ½ʍͩࢫơ͍̈ёͩࢫ͍ͩͩˏɩͷͩɄɩ˵ʍࢫ̛ͩࢫĊ˂Ʉ͍ʍ˂̛˵ɾʍ͍͛ 2,064,765 418,626 914,291 139,282 637,924 ė̛ͩɄ˵ࢫ-̛͍̆ͅʍ˂ʍ̌͛ˏΘʍࢫ̌ɲ̛̆ʍࢫ 1,340,220 489,907 900,232 265,517 572,392 %Ʉ˵Ʉ̌ɲʍࢫĊ˂ʍʍͩ 2021 000 2022 000 2023 000 2024 000 2025 000 ė̛ͩɄ˵ࢫ͛͛ʍͩ͛ࢫ 23,582,997 29,016,651 40,441,800 41,470,256 44,246,740 ė̛ͩɄ˵ࢫ§ˏɄɩˏ˵ˏͩˏʍ͛ࢫ 17,691,957 22,972,026 33,857,287 34,970,226 37,374,318 Ċ̛ͩɲˬ˂̛˵ɾʍ͍࣭͛ࢫH͋ͷˏͩΩ 5,891,040 6,044,625 6,584,513 6,500,030 6,872,422 ½ͷ̆ɩʍ͍ࢫ̛ʱࢫˏ͛͛ͷʍɾࢫ͛˂Ʉ͍ʍ͛ࢫࣜͷ̌ˏͩ͛ࣝ 1,201,149 1,201,149 1,201,149 1,201,149 1,201,149 ʍΩࢫkˏ̌Ʉ̌ɲˏɄ˵ࢫþɄͩˏ̛͛ 2021 000 2022 000 2023 000 2024 000 2025 000 HɄ͍̌ˏ̌ʳ͛ࢫͅʍ͍ࢫ̛͛ͩɲˬࢫͷ̌ˏͩ $1.72 $0.35 $0.76 $0.12 $0.53 %̛̛ˬࢫŅɄ˵ͷʍࢫöʍ͍ࢫ͛˂Ʉ͍ʍ $4.90 $5.03 $5.48 $5.41 $5.72 þʍͩͷ͍̌ࢫ̛̌ࢫH͋ͷˏͩΩ 35.0% 6.9% 13.9% 2.1% 9.3% þʍͩͷ͍̌ࢫ̛̌ࢫΘʍ͍Ʉʳʍࢫ͛͛ʍͩ͛ 6.0% 1.6% 2.6% 0.3% 1.5% ͛͛ʍͩࢫn̛͍Νͩ˂ࣜय़ࣝ 8.1% 23.0% 39.4% 2.5% 6.7% ½ʍͩࢫơ͍̈ёͩࣃࣜ§̛͛͛ࣝࢫ͍ͩͩˏɩͷͩɄɩ˵ʍࢫ̛ͩࢫĊ˂Ʉ͍ʍ - ˂̛˵ɾʍ͍͛ࢫn̛͍Νͩ˂ࢫࣜय़ࣝ 10.7% (69.1%) 118.4% (84.8%) 358.0% 7

Corporate Governance Introduction and Governance Framework The Board of Directors of Mayberry Investments Limited is committed to upholding the highest standards of corporate governance. This report sets out how the Company applied the principles and complied with the provisions of applicable corporate ʳ̛Θʍ͍̌Ʉ̌ɲʍࢫɲ̛ɾʍ͛ࢫɾͷ͍ˏ̌ʳࢫͩ˂ʍࢫё̌Ʉ̌ɲˏɄ˵ࢫΩʍɄ͍ࢫʍ̌ɾʍɾ8ࢫ࠴࠶ࢫʍɲʍ̆ɩʍ͍࠸࠵࠳࠵ࢫࢶ Mayberry Investments Limited operates under a robust corporate governance framework designed to support the effective functioning of the Board and its committees. This framework is structured to promote the delivery of long-term shareholder value, integrity, and transparency, and to ensure a shared understanding of the roles and responsibilities of the Board, its committees, individual Directors, and senior management. The Board has formally adopted the Corporate Governance Policy of Mayberry Group §ˏ̆ˏͩʍɾࢷࢫͩ˂ʍࢫͷ˵ͩˏ̆ɄͩʍࢫͅɄ͍ʍ̌ͩࢫɲ̛̆ͅɄ̌Ωࢫ̛ʱࢫͩ˂ʍࢫn̛͍ͷͅࢷࢫɾɄͩʍɾ8ࢫʍɲʍ̆ɩʍ͍࠷࠵࠳࠵ࢫࢷࢫɄ͛ࢫͩ˂ʍࢫ Company’s governing corporate governance policy, superseding all prior policies. In Ʉɾ̛ͩͅˏ̌ʳࢫͩ˂ˏ͛ࢫơ̈˵ˏɲΩࢷࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫˏ͛ࢫ͛Ʉͩˏ͛ёʍɾࢫͩ˂Ʉͩࢫˏͩࢫˏ͛ࢫɲ̛̌͛ˏ͛ͩʍ̌ͩࢫΝˏͩ˂ࢫɄͅͅ˵ˏɲɄɩ˵ʍࢫ˵ɄΝ͛ࢫɄ̌ɾࢫ regulations, local and international best practices, the Jamaica Corporate Governance -̛ɾʍࢫ࠴࠵࠳࠵ࢫˏ͛͛ͷʍɾࢫɩΩࢫͩ˂ʍࢫö͍ˏΘɄͩʍࢫĊʍɲ̛͍ͩࢫÌ͍ʳɄ̌ˏ͛Ʉͩˏ̛̌ࢫ̛ʱࢫɄ̆ɄˏɲɄࢫࣜöĊÌࣝࢷࢫɄ̌ɾࢫͩ˂ʍࢫþͷ˵ʍ͛ࢫ̛ʱࢫͩ ˂ʍࢫɄ̆ɄˏɲɄࢫĊ̛ͩɲˬࢫHΦɲ˂Ʉ̌ʳʍࢶࢫė˂ʍࢫͷͅɾɄͩʍɾࢫơ̈˵ˏɲΩࢫˏ͛ࢫɄΘɄˏ˵Ʉɩ˵ʍࢫ̛̌ࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫΝʍɩ͛ˏͩʍࢫɄͩࢫ www.mayberryinv.com/investor-relations. Board Role and Function The Board is responsible for providing strategic direction, overseeing risk management, monitoring performance, and ensuring the effectiveness of controls and compliance frameworks across the Company. The Board is further charged with maintaining effective engagement with shareholders and a broad range of stakeholders, including customers, ʍ̆ͅ˵̛Ωʍʍ͛ࢷࢫ͛ͷͅͅ˵ˏʍ͍͛ࢷࢫ͍ʍʳͷ˵Ʉ̛͍ͩ͛ࢷࢫɄ̌ɾࢫͩ˂ʍࢫΝˏɾʍ͍ࢫɲ̛̆̆ͷ̌ˏͩΩࢶࢫ̌ࢫͩ˂ˏ͛ࢫɲ̛̌ͩʍΦͩࢷࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫ ʍ͛ͩɄɩ˵ˏ͛˂ʍ͛ࢫɄࢫʱ͍Ʉ̆ʍΝ̛͍ˬࢫʱ̛͍ࢫʍΘɄ˵ͷɄͩˏ̌ʳࢫͩ˂ʍࢫͅʍ͍ʱ̛͍̆Ʉ̌ɲʍࢫ̛ʱࢫͩ˂ʍࢫHΦʍɲͷͩˏΘʍࢫ·Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫͩ ʍɄ̆ࢫɄʳɄˏ̌͛ͩࢫɾʍё̌ʍɾࢫͅʍ͍ʱ̛͍̆Ʉ̌ɲʍࢫɲ͍ˏͩʍ͍ˏɄࢫɄ̌ɾࢫˏ̌ͩʍ͍̌Ʉ˵ࢫɲ̛̛͍̌ͩ˵͛ࢶ ė˂ʍࢫ%̛Ʉ͍ɾ࣭͛ࢫ͍ͅˏ̌ɲˏͅɄ˵ࢫɾͷͩˏʍ͛ࢫʍ̌ɲ̛̆ͅɄ͛͛ࢸ ࣜ ˏࣝࢫ͍ͩˏɲͷ˵Ʉͩˏ̌ʳࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫΘˏ͛ˏ̛̌ࢷࢫ̆ˏ͛͛ˏ̛̌ࢷࢫɄ̌ɾࢫɲ̛͍ʍࢫͅͷ̛͍͛ͅʍࢶࣜ ˏˏࣝࢫĊʍͩͩˏ̌ʳࢫͩ˂ʍࢫ͍͛ͩɄͩʍʳˏɲࢫɾˏ͍ʍɲͩˏ̛̌ࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ωࢶࣜ ˏˏˏࣝࢫĊͷͅʍ͍Θˏ͛ˏ̌ʳࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫˏ̌ͩʍ͍̌Ʉ˵ࢫɲ̛̛͍̌ͩ˵͛ࢫɄ̌ɾࢫɄɲɲ̛ͷ̌ͩɄɩˏ˵ˏͩΩࢫ͛Ω͛ͩʍ̆͛ࢶࣜ ˏΘࣝࢫþʍΘˏʍΝˏ̌ʳࢷࢫʍ̌ɾ̛͍͛ˏ̌ʳࢷࢫɄ̌ɾࢫ̛̆̌ˏ̛͍ͩˏ̌ʳࢫ͍ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ͛Ω͛ͩʍ̆͛ࢷࢫˏ̌ͩʍ͍̌Ʉ˵ࢫɲ̛̛͍̌ͩ˵͛ࢷࢫ codes of conduct, and legal compliance. ࣜ Θࣝࢫ̛ͅͅˏ̌ͩˏ̌ʳࢫɄࢫ͛ͷˏͩɄɩ˵ʍࢫ-˂ˏʍʱࢫHΦʍɲͷͩˏΘʍࢫÌʱёɲʍ͍ࢫɄ̌ɾࢫ-̛̆ͅɄ̌ΩࢫĊʍɲ͍ʍͩɄ͍Ωࢶࣜ Θˏࣝࢫė͍Ʉɲˬˏ̌ʳࢫͩ˂ʍࢫ̛͍ͅʳ͍ʍ͛͛ࢫɄ̌ɾࢫͅʍ͍ʱ̛͍̆Ʉ̌ɲʍࢫ̛ʱࢫͩ˂ʍࢫHΦʍɲͷͩˏΘʍࢫ·Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫͩʍɄ̆ࢶ 30

Board decisions are guided by a thorough and objective assessment of all relevant ˏ̌ʱ̛͍̆Ʉͩˏ̛̌ࢶࢫĊͷɲ˂ࢫɾʍɲˏ͛ˏ̛̌͛ࢫɄ͍ʍࢫ̆Ʉɾʍࢫˏ̌ࢫɲ̛̆ͅ˵ˏɄ̌ɲʍࢫΝˏͩ˂ࢫɄͅͅ˵ˏɲɄɩ˵ʍࢫ˵ʍʳɄ˵ࢫ̛ɩ˵ˏʳɄͩˏ̛̌͛ࢫ Ʉ̌ɾࢫΝˏͩ˂ࢫɾͷʍࢫ͍ʍʳɄ͍ɾࢫʱ̛͍ࢫͩ˂ʍࢫ͍ʍɄ̛͛̌Ʉɩ˵ʍࢫʍΦͅʍɲͩɄͩˏ̛̌͛ࢫ̛ʱࢫɄ˵˵ࢫ͛ͩɄˬʍ˂̛˵ɾʍ͍͛ࢷࢫˏ̌ɲ˵ͷɾˏ̌ʳࢫ shareholders, employees, customers, suppliers, creditors, and the broader community. 8ˏ͍ʍɲ̛͍ͩ͛ࢫʍΦʍ͍ɲˏ͛ʍࢫˏ̌ɾʍͅʍ̌ɾʍ̌ͩࢫ˥ͷɾʳ̆ʍ̌ͩࢫɄ̌ɾࢫ̛͛ͷ̌ɾࢫɩͷ͛ˏ̌ʍ͛͛ࢫɄɲͷ̆ʍ̌ࢫˏ̌ࢫΝ˂Ʉͩࢫͩ˂ʍΩࢫ consider to be the best interests of the Company, placing appropriate reliance on the ˏ̌ͩʍʳ͍ˏͩΩࢫɄ̌ɾࢫʍΦͅʍ͍ͩˏ͛ʍࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢷࢫʍΦͩʍ͍̌Ʉ˵ࢫɄɾΘˏ̛͍͛͛ࢷࢫɄ̌ɾࢫɄͷɾˏ̛͍ͩ͛ࢶ The Board maintains oversight of, and holds management accountable for, the -̛̆ͅɄ̌Ω࣭͛ࢫ̛ͅʍ͍Ʉͩˏ̛̌Ʉ˵ࢷࢫ͍͛ͩɄͩʍʳˏɲࢷࢫɄ̌ɾࢫё̌Ʉ̌ɲˏɄ˵ࢫͅʍ͍ʱ̛͍̆Ʉ̌ɲʍࢶࢫ·Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫˏ͛ࢫɄɲɲ̛͍ɾˏ̌ʳ˵Ωࢫ ʍΦͅʍɲͩʍɾࢫ̛ͩࢫ̆Ʉˏ̌ͩɄˏ̌ࢫ̛ͅʍ̌ࢫɄ̌ɾࢫ͍ͩɄ̌͛ͅɄ͍ʍ̌ͩࢫɲ̛̆̆ͷ̌ˏɲɄͩˏ̛̌ࢫΝˏͩ˂ࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢷࢫɩ͍ˏ̌ʳˏ̌ʳࢫɄ˵˵ࢫ material matters promptly to its attention. In its broader oversight capacity, the Board takes a lead role in establishing core policies, ɾʍё̌ˏ̌ʳࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫ͍ˏ͛ˬࢫɄͅͅʍͩˏͩʍࢷࢫɄ̌ɾࢫ͛˂Ʉͅˏ̌ʳࢫˏͩ͛ࢫɲ̛̛͍͍ͅɄͩʍࢫɲͷ˵ͩͷ͍ʍࢶࢫͩࢫɄ˵̛͛ࢫ̛͍ͅΘˏɾʍ͛ࢫ direction on the Company’s organisational structure and promotes appropriate policies with respect to corporate social responsibility. Board Composition and Structure The composition and organisational structure of the Board enable it to effectively discharge its mandate and deliver value for the Company and its stakeholders, in full compliance with applicable legal and regulatory requirements and recognised best ͍ͅ Ʉɲͩˏɲʍ͛ࢶࢫė˂ʍࢫ͛ˏηʍࢫ̛ʱࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫɄ̌ɾࢫͩ˂ʍࢫΘɄ͍ˏʍɾࢫ̛͍ͅʱʍ͛͛ˏ̛̌Ʉ˵ࢫɩɄɲˬʳ̛͍ͷ̌ɾ͛ࢷࢫʍΦͅʍ͍ͩˏ͛ʍࢷࢫɄ̌ɾࢫ ʍΦͅʍ͍ˏʍ̌ɲʍࢫ̛ʱࢫˏͩ͛ࢫ̆ʍ̆ɩʍ͍͛ࢫɲ̛˵˵ʍɲͩˏΘʍ˵Ωࢫʍ͋ͷˏͅࢫˏͩࢫ̛ͩࢫʱͷ˵ё˵ࢫˏͩ͛ࢫʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ͍ʍ̛͛̌͛ͅˏɩˏ˵ˏͩˏʍ͛ࢫ Νˏͩ˂ࢫ͍ˏʳ̛ͷ͍ࢫɄ̌ɾࢫɾˏ˵ˏʳʍ̌ɲʍࢶࢫė˂ʍࢫɩɄ˵Ʉ̌ɲʍࢫ̆Ʉˏ̌ͩɄˏ̌ʍɾࢫɩʍͩΝʍʍ̌ࢫʍΦʍɲͷͩˏΘʍࢫɄ̌ɾࢫ̛࣒̌̌ʍΦʍɲͷͩˏΘʍࢫ 8ˏ͍ʍɲ̛͍ͩ͛ࢫʍ̌͛ͷ͍ʍ͛ࢫͩ˂Ʉͩࢫ̛̌ࢫ͛ˏ̌ʳ˵ʍࢫˏ̌ɾˏΘˏɾͷɄ˵ࢫ̛͍ࢫ͛̆Ʉ˵˵ࢫʳ̛͍ͷͅࢫˏ͛ࢫɄɩ˵ʍࢫ̛ͩࢫʍΦʍ͍ɲˏ͛ʍࢫͷ̌ɾͷʍࢫ ˏ̌ђͷʍ̌ɲʍࢫ̛Θʍ͍ࢫͩ˂ʍࢫ%̛Ʉ͍ɾ࣭͛ࢫɾʍɲˏ͛ˏ̛࣒̌̆Ʉˬˏ̌ʳࢫ̛͍ͅɲʍ͛͛ʍ͛ࢶ ͛ࢫɄͩ8ࢫ࠴࠶ࢫʍɲʍ̆ɩʍ͍࠸࠵࠳࠵ࢫࢷࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫˏ͛ࢫɲ˂Ʉˏ͍ʍɾࢫɩΩࢫ·͍ࢶࢫnɄ͍ΩࢫöʍɄ͍ͩࢫɄ̌ɾࢫɲ̛͍̆ͅˏ͛ʍ͛ࢫʍˏʳ˂ͩࢫ̆ ʍ̆ɩʍ͍͛ࢫ̛̌ʍࢫHΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩࢷࢫʱ̛ͷ͍ࢫ½̛࣒̌HΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩ͛ࢷࢫɄ̌ɾࢫͩ˂͍ʍʍࢫ̌ɾʍͅʍ̌ɾʍ̌ͩࢫ ½̛࣒̌HΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩ͛ࢶ The Board is considered to be of appropriate size for the Company and operates ʍʱʱʍɲͩˏΘʍ˵Ωࢫˏ̌ࢫˏͩ͛ࢫɲͷ͍͍ʍ̌ͩࢫʱ̛͍̆ࢶࢫHɄɲ˂8ࢫˏ͍ʍɲ̛͍ͩࢫˏ͛ࢫɾˏ͛ͩˏ̌ʳͷˏ͛˂ʍɾࢫɩΩࢫͩ˂ʍˏ͍ࢫʍɾͷɲɄͩˏ̛̌Ʉ˵ࢫ ɩɄɲˬʳ̛͍ͷ̌ɾࢷࢫͩʍɲ˂̌ˏɲɄ˵ࢫ̛͍ͅёɲˏʍ̌ɲΩࢷࢫˏ̌ɾͷ͍͛ͩΩࢫˬ̛̌Ν˵ʍɾʳʍࢷࢫ̛͍ͅʱʍ͛͛ˏ̛̌Ʉ˵ࢫɲ̛̆ͅʍͩʍ̌ɲʍࢷࢫɄ̌ɾࢫ personal integrity. In all deliberations, the best interests of the Company take precedence, and personal relationships whether arising from friendship, family connections, or contractual arrangements do not form part of the decision-making process. ė˂ʍࢫ%̛Ʉ͍ɾࢫɾʍё̌ʍ͛ࢫɄ̌ࢫ̌ɾʍͅʍ̌ɾʍ̌ͩࢫ½̛࣒̌HΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩࢫɄ͛ࢫɄ̌ࢫˏ̌ɾˏΘˏɾͷɄ˵ࢫΝ˂̛ࢫɩ͍ˏ̌ʳ͛ࢫ independent judgment to bear on matters before the Board and who acts at all times ˏ̌ࢫͩ˂ʍࢫɩʍ͛ͩࢫˏ̌ͩʍ͍ʍ͛ͩ͛ࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌ΩࢫɄ̌ɾࢫˏͩ͛ࢫ͛˂Ʉ͍ʍ˂̛˵ɾʍ͍͛ࢶࢫࢫ̛࣒̌̌ʍΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩࢫˏ͛ࢫ deemed independent where they satisfy this standard of independence. 31

The collective professional backgrounds of the Board’s members provide a well-rounded Ʉ̌ɾࢫɲ̛̆ͅ˵ʍ̆ʍ̌ͩɄ͍Ωࢫɩ˵ʍ̌ɾࢫ̛ʱࢫʍΦͅʍ͍ͩˏ͛ʍࢷࢫʍΦͅʍ͍ˏʍ̌ɲʍࢷࢫɄ̌ɾࢫˬ̛̌Ν˵ʍɾʳʍࢫɄɲ̛͍͛͛ࢫɄࢫɩ̛͍Ʉɾࢫ range of disciplines, including investment banking, law, auditing, corporate governance, information technology, strategic management, and general business administration. ė̛ࢫʱͷ͍ͩ˂ʍ͍ࢫʍ̌˂Ʉ̌ɲʍࢫͩ˂ʍˏ͍ࢫʍʱʱʍɲͩˏΘʍ̌ʍ͛͛ࢷ8ࢫˏ͍ʍɲ̛͍ͩ͛ࢫͅɄ͍ͩˏɲˏͅɄͩʍࢫˏ̌ࢫˏ̌ͩʍ͍̌Ʉ˵ࢫɄ̌ɾࢫʍΦͩʍ͍̌Ʉ˵ࢫ͍ͩ Ʉˏ̌ˏ̌ʳࢫ̛͍ͅʳ͍Ʉ̆̆ʍ͛ࢫɾʍ͛ˏʳ̌ʍɾࢫ̛ͩࢫʍΦͅɄ̌ɾࢫͩ˂ʍˏ͍ࢫˬ̛̌Ν˵ʍɾʳʍࢫɄ̌ɾࢫˬʍʍͅࢫͩ˂ʍ̆ࢫɲͷ͍͍ʍ̌ͩࢫΝˏͩ˂ࢫ developments in the statutory and regulatory environment, as well as emerging corporate governance best practices. ė˂ʍࢫ̛͍˵ʍ͛ࢫ̛ʱࢫͩ˂ʍࢫ-˂Ʉˏ͍̆Ʉ̌ࢫɄ̌ɾࢫ-˂ˏʍʱࢫHΦʍɲͷͩˏΘʍࢫÌʱёɲʍ͍ࢫɄ͍ʍࢫɾˏ͛ͩˏ̌ɲͩࢫɄ̌ɾࢫɲ˵ʍɄ͍˵Ωࢫ͛ʍͅɄ͍Ʉͩʍɾࢶࢫ This separation ensures an appropriate distribution of authority, promoting transparency, Ʉɲɲ̛ͷ̌ͩɄɩˏ˵ˏͩΩࢷࢫɄ̌ɾࢫɾʍɲˏ͛ˏ̛࣒̌̆Ʉˬˏ̌ʳࢫˏ̌ɾʍͅʍ̌ɾʍ̌ͩࢫ̛ʱࢫʍΦʍɲͷͩˏΘʍࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢶࢫė˂ʍࢫ Chairman bears responsibility for leading the Board, guiding the Company’s strategy, overseeing management, and safeguarding the interests of shareholders. The Chief HΦʍɲͷͩˏΘʍࢫÌʱёɲʍ͍ࢫˏ͛ࢫ͍ʍ̛͛̌͛ͅˏɩ˵ʍࢫʱ̛͍ࢫʍΦʍɲͷͩˏ̌ʳࢫͩ˂ʍࢫ͍͛ͩɄͩʍʳΩࢫɄ̛͍ͅͅΘʍɾࢫɩΩࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫɄ̌ɾࢫ managing the Company’s day-to-day operations. Directors maintain open and unrestricted communication with management at all levels and have full access to relevant information. This ongoing engagement between the Board and management strengthens decision-making and supports an appropriate and effective distribution of authority within the organisation. Lead Independent Director Mr. Gladstone Lewars continues to serve as Lead Independent Director of the Company. Diversity ࢫʱͷ̌ɾɄ̆ʍ̌ͩɄ˵ࢫ͍ʍ̛͛̌͛ͅˏɩˏ˵ˏͩΩࢫ̛ʱࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫˏ͛ࢫ̛ͩࢫˏɾʍ̌ͩˏʱΩࢫ͛ˏʳ̌ˏёɲɄ̌ͩࢫ̛̛͍ͩͅͅͷ̌ˏͩˏʍ͛ࢫ and risks while providing strategic direction for the business. This requires a diverse Ʉ̌ɾࢫʍΦͅʍ͍ˏʍ̌ɲʍɾࢫʳ̛͍ͷͅࢫ̛ʱࢫˏ̌ɾˏΘˏɾͷɄ˵͛ࢫ̛ͅʍ͍Ʉͩˏ̌ʳࢫΝˏͩ˂ˏ̌ࢫɄ̌ࢫʍ̌Θˏ̛͍̌̆ʍ̌ͩࢫͩ˂ɄͩࢫɄɲͩˏΘʍ˵Ωࢫ ʍ̌ɲ̛ͷ͍Ʉʳʍ͛ࢫͩ˂ʍࢫʍΦ͍ͅʍ͛͛ˏ̛̌ࢫ̛ʱࢫΘɄ͍ˏʍɾࢫͅʍ͍͛ͅʍɲͩˏΘʍ͛ࢶࢫö͍ˏ̛͍ࢫ̛ͩࢫɄ̛ͅͅˏ̌ͩ̆ʍ̌ͩࢷࢫɲɄ͍ʍʱͷ˵ࢫ ɲ̛̌͛ˏɾʍ͍Ʉͩˏ̛̌ࢫˏ͛ࢫʳˏΘʍ̌ࢫ̛ͩࢫʍɄɲ˂ࢫɲɄ̌ɾˏɾɄͩʍ࣭͛ࢫ͛ˬˏ˵˵͛ࢷࢫʍΦͅʍ͍ˏʍ̌ɲʍࢷࢫˏ̌ɾʍͅʍ̌ɾʍ̌ɲʍࢷࢫɄ̌ɾࢫʱɄ̆ˏ˵ˏɄ͍ˏͩΩࢫ with the Company and its operations. The breadth of professional and educational backgrounds represented on the Board ʍ̌Ʉɩ˵ʍ͛8ࢫˏ͍ʍɲ̛͍ͩ͛ࢫ̛ͩࢫʱͷ˵ё˵ࢫͩ˂ʍˏ͍ࢫɾͷͩˏʍ͛ࢫˏ̌ࢫɄɲɲ̛͍ɾɄ̌ɲʍࢫΝˏͩ˂ࢫ͛ͩɄͩͷ̛͍ͩΩࢫ͍ʍ͋ͷˏ͍ʍ̆ʍ̌ͩ͛ࢷࢫͩ˂ʍࢫ -̛̆ͅɄ̌Ω࣭͛ࢫ͍ͩˏɲ˵ʍ͛ࢫ̛ʱࢫ̛͛͛ɲˏɄͩˏ̛̌ࢷࢫɄ̌ɾࢫʍ͛ͩɄɩ˵ˏ͛˂ʍɾࢫʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ̛͍ͅɲʍɾͷ͍ʍ͛ࢶࢫė̛ࢫʍ̌͛ͷ͍ʍࢫ the Board’s continued effectiveness, candidates for appointment or re-election should demonstrate, among other qualities: 32

• Unwavering personal and professional ethics, integrity, and values. • HΦͅʍ͍ͩˏ͛ʍࢫͩ˂ɄͩࢫɄɾɾ͛ࢫΘɄ˵ͷʍࢫ̛ͩࢫͩ˂ʍࢫ̛͍ʳɄ̌ˏ͛Ʉͩˏ̛̌ࢫɄ̌ɾࢫɲ̛̆ͅ˵ʍ̆ʍ̌ͩ͛ࢫͩ˂ʍࢫʍΦͅʍ͍ˏʍ̌ɲʍࢫ̛ʱࢫ ʍΦˏ͛ͩˏ̌ʳࢫ%̛Ʉ͍ɾࢫ̆ʍ̆ɩʍ͍͛ࢶ • ࢫʳʍ̌ͷˏ̌ʍࢫΝˏ˵˵ˏ̌ʳ̌ʍ͛͛ࢫɄ̌ɾࢫɲɄͅɄɲˏͩΩࢫ̛ͩࢫɲ̛̆̆ˏͩࢫͩ˂ʍࢫͩˏ̆ʍࢫ͍ʍ͋ͷˏ͍ʍɾࢫ̛ͩࢫʱͷ˵ё˵ࢫͩ˂ʍࢫɾͷͩˏʍ͛ࢫ and responsibilities of Board membership. ė˂ʍࢫ̆Ʉ͍ͩˏΦࢫɩʍ˵̛Νࢫɾʍ͛ɲ͍ˏɩʍ͛ࢫͩ˂ʍࢫˬʍΩࢫ͛ˬˏ˵˵͛ࢫͩ˂Ʉͩࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫ˂Ʉ͛ࢫˏɾʍ̌ͩˏёʍɾࢫɄ͛ࢫʍ͛͛ʍ̌ͩˏɄ˵ࢫʱ̛͍ࢫ effective oversight and the implementation of the Company’s strategic objectives. Experience Area Christopher Berry Gary Peart Konrad Berry Erwin Angus Gladstone Lewars Alok Jain Walter Scott Patrick Bataille General Management & Business Operations Technology Investment & Financial Services Risk Management Listed Company Experience Strategy Development Legal/Regulatory Corporate Governance Accounting No Competence Low Competence Some Competence High Competence Expert 33

Board Committees ė̛ࢫʍ̌˂Ʉ̌ɲʍࢫͩ˂ʍࢫʍʱʱʍɲͩˏΘʍ̌ʍ͛͛ࢫɄ̌ɾࢫʍʱёɲˏʍ̌ɲΩࢫΝˏͩ˂ࢫΝ˂ˏɲ˂ࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫɾˏ͛ɲ˂Ʉ͍ʳʍ͛ࢫˏͩ͛ࢫёɾͷɲˏɄ͍Ωࢫ duties and governance responsibilities, the Board has established a number of specialised ͛ ͷɩ࣒ɲ̛̆̆ˏͩͩʍʍ͛ࢶ8ࢫͷ͍ˏ̌ʳ࠸࠵࠳࠵ࢫࢷࢫɄ̌ࢫ̌ʱ̛͍̆Ʉͩˏ̛̌ࢫɄ̌ɾࢫėʍɲ˂̛̌˵̛ʳΩࢫ͛ͷɩ࣒ɲ̛̆̆ˏͩͩʍʍࢫΝɄ͛ࢫ ʍ͛ͩɄɩ˵ˏ͛˂ʍɾࢫˏ̌ࢫɄɾɾˏͩˏ̛̌ࢫ̛ͩࢫͩ˂ʍࢫʍΦˏ͛ͩˏ̌ʳࢫёΘʍࢫ͛ͷɩ࣒ɲ̛̆̆ˏͩͩʍʍ͛ࢶ These committees address matters requiring thorough review or in-depth analysis, either ʍΦʍ͍ɲˏ͛ˏ̌ʳࢫɾʍ˵ʍʳɄͩʍɾࢫɄͷͩ˂̛͍ˏͩΩࢫ̛ͩࢫ̆Ʉˬʍࢫɾʍɲˏ͛ˏ̛̌͛ࢫ̛̌ࢫɩʍ˂Ʉ˵ʱࢫ̛ʱࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫ̛͍ࢫʱ̛͍̆ͷ˵Ʉͩˏ̌ʳࢫ ɲ̛̌͛ˏɾʍ͍ʍɾࢫ͍ʍɲ̛̆̆ʍ̌ɾɄͩˏ̛̌͛ࢫʱ̛͍ࢫˏͩ͛ࢫ͍ʍΘˏʍΝࢫɄ̌ɾࢫɄ̛͍ͅͅΘɄ˵ࢶࢫHɄɲ˂ࢫɲ̛̆̆ˏͩͩʍʍࢫ̛ͅʍ͍Ʉͩʍ͛ࢫ ͷ̌ɾʍ͍ࢫɄࢫɲ˵ʍɄ͍˵Ωࢫɾʍё̌ʍɾࢫ̆Ʉ̌ɾɄͩʍࢷࢫ͛ͷ̛͍ͩͅͅˏ̌ʳࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫˏ̌ࢫͩ˂ʍࢫʍΦʍɲͷͩˏ̛̌ࢫ̛ʱࢫˏͩ͛ࢫʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ functions and providing independent oversight of the Company’s internal controls and risk management framework. The Chairperson of each committee is responsible for reporting to the full Board on key matters considered and decisions reached during committee meetings, ensuring that the Board remains comprehensively informed of each committee’s deliberations and activities. MAYBERRY’S BOARD COMMITEES AUDIT COMMITTEE ė˂ʍࢫ̆Ʉˏ̌ࢫ̛ɩ˥ʍɲͩˏΘʍࢫ̛ʱࢫͩ˂ʍࢫͷɾˏͩ -̛̆̆ˏͩͩʍʍࢫˏ͛ࢫ̛ͩࢫɄˏɾࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫˏ̌ࢫ ɲɄ͍͍Ωˏ̌ʳࢫ̛ͷͩࢫˏͩ͛ࢫ̛Θʍ͍͛ˏʳ˂ͩࢫɾͷͩˏʍ͛ࢫ ɲ̛̌ɲʍ͍̌ˏ̌ʳࢫͩ˂ʍࢫˏ̌ͩʍ͍̌Ʉ˵ࢫɲ̛̛͍̌ͩ˵ࢫ͛ Ω͛ͩʍ̆͛ࢷࢫͩ˂ʍࢫʍ̌ͩˏͩΩ࣭͛ࢫё̌Ʉ̌ɲˏɄ˵ࢫ͍ ʍ̛͍ͩͅˏ̌ʳࢫ̛͍ͅɲʍɾͷ͍ʍ͛ࢷࢫɄ̌ɾࢫɄͷɾˏͩࢫ ʱͷ̌ɲͩˏ̛̌͛ࢶ ASSET AND LIABILITIES -Ì··ėėHHࢫ§-Ìࣣ Oversees and supervises the ̆ Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ̛ʱࢫˏ̌Θʍ͛ͩ̆ʍ̌ͩࢫ̛͍ͩͅ ʱ̛˵ˏ̛͛ࢫɄ̌ɾࢫ˵ˏɄɩˏ˵ˏͩˏʍ͛ࢫˏ̌ࢫ Ʉɲɲ̛͍ɾɄ̌ɲʍࢫΝˏͩ˂ࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫ͍ ˏ͛ˬࢫ̛ͩ˵ʍ͍Ʉ̌ɲʍࢶ NOMINATIONS AND CORPORATE GOVERNANCE COMMITTEE Ċͷʳʳʍ͛ͩ͛ࢫ̛ͩͅʍ̌ͩˏɄ˵ࢫɲɄ̌ɾˏɾɄͩʍ͛ࢫ ʱ̛͍ࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫ̛ʱ8ࢫˏ͍ʍɲ̛͍ͩ͛ࢫɄ̌ɾࢫ͛ ͷͅʍ͍Θˏ͛ʍ͛ࢫͩ˂ʍࢫʍʱёɲˏʍ̌ͩࢫ̛ͅʍ͍Ʉͩˏ̛̌ࢫ̛ʱࢫͩ ˂ʍࢫ%̛Ʉ͍ɾࢶ INFORMATION TECHNOLOGY COMMITTEE ÌΘʍ͍͛ʍʍ͛ࢫͩ˂ʍࢫėࢫ͍ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ ʱ͍Ʉ̆ʍΝ̛͍ˬࢫɄ̌ɾࢫͩ˂ʍࢫʍʱʱʍɲͩˏΘʍ̌ʍ͛͛ࢫ̛ʱࢫ ėࢫʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ͍͛ͩͷɲͩͷ͍ʍ͛ࢫʍ̌͛ͷ͍ˏ̌ʳࢫ Ʉ˵ˏʳ̌̆ʍ̌ͩࢫΝˏͩ˂ࢫɩͷ͛ˏ̌ʍ͛͛ࢫ̛ɩ˥ʍɲͩˏΘʍ͛ࢫ Ʉ̌ɾࢫɄͅͅ˵ˏɲɄɩ˵ʍࢫ͍ʍʳͷ˵Ʉ̛͍ͩΩࢫ͍ ʍ͋ͷˏ͍ʍ̆ʍ̌ͩ͛ࢶ COMPLIANCE & DATA PROTECTION COMMITTEE ͛ࢫͩɄ͛ˬʍɾࢫΝˏͩ˂ࢫʍ̌͛ͷ͍ˏ̌ʳࢫ Ʉɾ˂ʍ͍ʍ̌ɲʍࢫ̛ͩࢫ˵ʍʳɄ˵ࢫɄ̌ɾࢫ͍ʍʳͷ˵Ʉ̛͍ͩΩࢫ͍ ʍ͋ͷˏ͍ʍ̆ʍ̌ͩ͛ࢷࢫɄ͛ࢫΝʍ˵˵ࢫɄ͛ࢫɾʍΘʍ˵̛ͅˏ̌ʳࢫ Ʉࢫʱ͍Ʉ̆ʍΝ̛͍ˬࢫʱ̛͍ࢫɲ̛̆ͅ˵ˏɄ̌ɲʍࢫΝˏͩ˂ࢫ 8ɄͩɄࢫơ͍̈ͩʍɲͩˏ̛̌ࢫ§ɄΝ͛ࢶ REMUNERATION COMMITTEE H͛ͩɄɩ˵ˏ͛˂ʍ͛ࢫͩ˂ʍࢫʱͷ̌ɾɄ̆ʍ̌ͩɄ˵ࢫ͍ͅ ˏ̌ɲˏͅ˵ʍ͛ࢷࢫͅɄ͍Ʉ̆ʍͩʍ͍͛ࢷࢫɄ̌ɾࢫ ʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ͍͛ͩͷɲͩͷ͍ʍࢫ̛ʱࢫͩ˂ʍࢫ -̛̆ͅɄ̌Ω࣭͛ࢫ͍ʍ̆ͷ̌ʍ͍Ʉͩˏ̛̌ࢫ̛ͅ˵ˏɲΩࢶ 34

Names Positions Audit ALCO Compliance & Data Protection Nominations and Corporate Governance Remuneration Information Technology nɄ͍ΩࢫöʍɄ͍ͩ Non – Executive -˂Ʉˏ͍̆Ʉ̌ M M -˂͍ˏ̛͛ͩͅ˂ʍ͍ࢫ %ʍ͍͍Ω Non- Executive 8ˏ͍ʍɲ̛͍ͩ M M M ̛͍̌Ʉɾࢫ%ʍ͍͍Ω Non-Executive 8ˏ͍ʍɲ̛͍ͩ M M M M H͍Νˏ̌ࢫ̌ʳͷ͛ Non-Executive 8ˏ͍ʍɲ̛͍ͩࢫ M M öɄ͍ͩˏɲˬࢫ%ɄͩɄˏ˵˵ʍ HΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩࣃ -˂ˏʍʱࢫHΦʍɲͷͩˏΘʍࢫÌʱёɲʍ͍ M M M n˵Ʉɾ̛͛ͩ̌ʍࢫ§ʍΝɄ͍͛ ̌ɾʍͅʍ̌ɾʍ̌ͩ8ࢫˏ͍ʍɲ̛͍ͩ M C M C ˵̛ˬࢫɄˏ̌ࢫ ̌ɾʍͅʍ̌ɾʍ̌ͩ8ࢫˏ͍ʍɲ̛͍ͩ C M C ŋɄ˵ͩʍ͍ࢫĊɲ̛ͩͩࢫ ̌ɾʍͅʍ̌ɾʍ̌ͩ8ࢫˏ͍ʍɲ̛͍ͩ M C C ŖΘʍ͛ࢫ§ɄΝ̛͛̌ࣁ -̛̛࣒ͩͅʍɾࢫ-̛̆̆ˏͩͩʍʍࢫ ·ʍ̆ɩʍ͍ M Names Board Positions Board Audit ALCO Compliance & Data Protection Nominations and Corporate Governance Remuneration* Information Technology ½ͷ̆ɩʍ͍ࢫ̛ʱࢫ Meetings 9 3 6 3 2 - 2 nɄ͍Ωࢫ Peart -˂Ʉˏ͍̆Ʉ̌ 9 2 2 -˂͍ˏ̛͛ͩͅ˂ʍ͍ࢫ %ʍ͍͍Ω 8ˏ͍ʍɲ̛͍ͩ 7 1 - Konrad %ʍ͍͍Ω 8ˏ͍ʍɲ̛͍ͩ 9 3 6 - 2 H͍Νˏ̌ࢫ ̌ʳͷ͛ 8ˏ͍ʍɲ̛͍ͩ 7 3 6 öɄ͍ͩˏɲˬࢫ %ɄͩɄˏ˵˵ʍ HΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩࣃ -˂ˏʍʱࢫHΦʍɲͷͩˏΘʍࢫࢫ Ìʱёɲʍ͍ 9 6 3 2 n˵Ʉɾ̛͛ͩ̌ʍࢫ §ʍΝɄ͍͛ Independent 8ˏ͍ʍɲ̛͍ͩ 8 2 6 1 2 ˵̛ˬࢫ Ʉˏ̌ࢫ Independent 8ˏ͍ʍɲ̛͍ͩ 8 3 2 2 ŋɄ˵ͩʍ͍ࢫ Ċɲ̛ͩͩࢫ Independent 8ˏ͍ʍɲ̛͍ͩ 8 3 3 - Director’s Attendance: Board and Committee Meetings Board Committee Composition ࣁ½ࢫ̛ࢫ̆ʍʍͩˏ̌ʳ͛ࢫ̛ʱࢫͩ˂ʍࢫþʍ̌ͷ̆ʍ͍Ʉͩˏ̛̌ࢫ-̛̆̆ˏͩͩʍʍࢫΝʍ͍ʍࢫ˂ʍ˵ɾࢫɾͷ͍ˏ̌ʳࢫͩ˂ʍࢫΩʍɄ͍ࢶ 35

Audit Committee ė˂ʍࢫͷɾˏͩࢫ-̛̆̆ˏͩͩʍʍࢫˏ͛ࢫ͍ʍ̛͛̌͛ͅˏɩ˵ʍࢫʱ̛͍ࢫ̛͍ͅΘˏɾˏ̌ʳࢫˏ̌ɾʍͅʍ̌ɾʍ̌ͩࢫ̛Θʍ͍͛ˏʳ˂ͩࢫ̛ʱࢫͩ˂ʍࢫ -̛̆ͅɄ̌Ω࣭͛ࢫё̌Ʉ̌ɲˏɄ˵ࢫ͍ʍ̛͍ͩͅˏ̌ʳࢷࢫˏ̌ͩʍ͍̌Ʉ˵ࢫɲ̛̛͍̌ͩ˵͛ࢷࢫ͍ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢷࢫɄ̌ɾࢫɄͷɾˏͩࢫʱͷ̌ɲͩˏ̛̌͛ࢷࢫ with a view to assuring stakeholders that: • ė˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫё̌Ʉ̌ɲˏɄ˵ࢫ͛ͩɄͩʍ̆ʍ̌ͩ͛ࢫɄ͍ʍࢫɄɲɲͷ͍ɄͩʍࢫɄ̌ɾࢫ͍ʍ˵ˏɄɩ˵ʍࢶ • The Company has adequate and effective internal controls in place. • The audit function operates with independence and effectiveness. ̌ࢫʱͷ˵ё˵̆ʍ̌ͩࢫ̛ʱࢫˏͩ͛ࢫ̆Ʉ̌ɾɄͩʍࢷࢫͩ˂ʍࢫ-̛̆̆ˏͩͩʍʍࢫʍΦʍ͍ɲˏ͛ʍ͛ࢫ̛Θʍ͍͛ˏʳ˂ͩࢫɄɲ̛͍͛͛ࢫͩ˂ʍࢫʱ̛˵˵̛Νˏ̌ʳࢫɄ͍ʍɄ͛ࢸ • Financial Reporting ࢫࣔࢫȞ͛ͷ͍ˏ̌ʳࢫͩ˂ʍࢫˏ̌ͩʍʳ͍ˏͩΩࢫɄ̌ɾࢫɄɲɲͷ͍ɄɲΩࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫё̌Ʉ̌ɲˏɄ˵ࢫ͛ͩ Ʉͩʍ̆ʍ̌ͩ͛ࢫɄ̌ɾࢫ͍ʍΘˏʍΝˏ̌ʳࢫ͛ˏʳ̌ˏёɲɄ̌ͩࢫɄɲɲ̛ͷ̌ͩˏ̌ʳࢫ̛ͅ˵ˏɲˏʍ͛ࢫɄ̌ɾࢫ͍ͅɄɲͩˏɲʍ͛ࢶ • Internal Controls — Monitoring the effectiveness of the Company’s internal control systems and recommending improvements where necessary. • External Audit ࣔ ࢫÌΘʍ͍͛ʍʍˏ̌ʳࢫͩ˂ʍࢫ͛ʍ˵ʍɲͩˏ̛̌ࢫɄ̌ɾࢫɄ̛ͅͅˏ̌ͩ̆ʍ̌ͩࢫ̛ʱࢫͩ˂ʍࢫʍΦͩʍ͍̌Ʉ˵ࢫɄͷɾˏ̛͍ͩࢫ and reviewing the auditor’s independence and effectiveness. • Risk Management ࣔ ࢫ͛͛ʍ͛͛ˏ̌ʳࢫͩ˂ʍࢫɄɾʍ͋ͷɄɲΩࢫɄ̌ɾࢫʍʱʱʍɲͩˏΘʍ̌ʍ͛͛ࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫ͍ ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ̛͍ͅɲʍ͛͛ʍ͛ࢫɄ̌ɾࢫʍΘɄ˵ͷɄͩˏ̌ʳࢫ͛ˏʳ̌ˏёɲɄ̌ͩࢫ͍ˏ͛ˬࢫʍΦ̛͛ͅͷ͍ʍ͛ࢫɄ̌ɾࢫɄ̛͛͛ɲˏɄͩʍɾࢫ mitigation strategies. • Compliance and Legal Matters ࣔ ࢫȞ͛ͷ͍ˏ̌ʳࢫͩ˂ɄͩࢫɄࢫ̛͍ɩͷ͛ͩࢫʱ͍Ʉ̆ʍΝ̛͍ˬࢫˏ͛ࢫˏ̌ࢫͅ˵Ʉɲʍࢫ̛ͩࢫ monitor and assure compliance with all relevant laws and regulations, and overseeing ˵ʍʳɄ˵ࢫ̆Ʉͩͩʍ͍͛ࢫͩ˂Ʉͩࢫ̆ɄΩࢫ˂ɄΘʍࢫɄࢫ̆Ʉͩʍ͍ˏɄ˵ࢫɩʍɄ͍ˏ̌ʳࢫ̛̌ࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫё̌Ʉ̌ɲˏɄ˵ࢫ͛ͩɄͩʍ̆ʍ̌ͩ͛ࢶࢫ • Ethical Conduct ࣔ ࢫȞ͛ͷ͍ˏ̌ʳࢫͩ˂Ʉͩࢫͩ˂ʍࢫ-̛̆ͅɄ̌ΩࢫɄɾ˂ʍ͍ʍ͛ࢫ̛ͩࢫˏͩ͛ࢫ-̛ɾʍࢫ̛ʱࢫ-̛̌ɾͷɲͩࢫ and ethical standards, and maintaining oversight of the Company’s commitment to combating fraud, corruption, and other unethical practices, including the administration of the whistleblowing programme. ė˂ʍࢫ͛ͅʍɲˏёɲࢫ̛͍˵ʍ͛ࢫɄ̌ɾࢫ͍ʍ̛͛̌͛ͅˏɩˏ˵ˏͩˏʍ͛ࢫ̛ʱࢫͩ˂ʍࢫͷɾˏͩࢫ-̛̆̆ˏͩͩʍʍࢫɄ͍ʍࢫ͛ʍͩࢫ̛ͷͩࢫˏ̌ࢫͩ˂ʍࢫͷɾˏͩࢫ Committee Charter approved by the Board, which is available on the Company’s website at www.mayberryinv.com/investor-relations. The Charter is consistent with the principles ̛ ʱࢫͩ˂ʍࢫöĊÌࢫ-̛̛͍͍ͅɄͩʍࢫn̛Θʍ͍̌Ʉ̌ɲʍࢫ-̛ɾʍ࠴࠵࠳࠵ࢫࢷࢫΝ˂ˏɲ˂ࢫ͍ʍ͋ͷˏ͍ʍ͛ࢫͩ˂ɄͩࢫɄͩࢫ˵ʍɄ͛ͩࢫͩ˂͍ʍʍࢫ̆ʍ̆ɩʍ͍͛ࢫ̛ ʱࢫͩ˂ʍࢫͷɾˏͩࢫ-̛̆̆ˏͩͩʍʍࢫɩʍࢫˏ̌ɾʍͅʍ̌ɾʍ̌ͩࢫ̛࣒̌̌ʍΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩ͛ࢷࢫ̛̌ʍࢫ̛ʱࢫΝ˂̛̆ࢫ͛˂̛ͷ˵ɾࢫ̛͛͛ͅ ʍ͛͛ࢫ͍ʍɲʍ̌ͩࢫɄ̌ɾࢫ͍ʍ˵ʍΘɄ̌ͩࢫё̌Ʉ̌ɲˏɄ˵ࢫʍΦͅʍ͍ˏʍ̌ɲʍࢶ Nominations and Corporate Governance Committee ė˂ʍࢫ½̛̆ˏ̌Ʉͩˏ̛̌͛ࢫɄ̌ɾࢫ-̛̛͍͍ͅɄͩʍࢫn̛Θʍ͍̌Ʉ̌ɲʍࢫ-̛̆̆ˏͩͩʍʍࢫ˂Ʉ͛ࢫɩʍʍ̌ࢫʍ͛ͩɄɩ˵ˏ͛˂ʍɾࢫɩΩࢫ the Board to enhance its effectiveness in overseeing matters relating to Director nominations, corporate governance, and Board performance. The Committee’s purpose ˏ͛ࢫ̛ͩࢫʍ̌͛ͷ͍ʍࢫͩ˂Ʉͩࢫͩ˂ʍࢫ%̛Ʉ͍ɾ࣭͛ࢫɲ̛̛̆͛ͅˏͩˏ̛̌ࢫ͍ʍђʍɲͩ͛ࢫɄࢫɾˏΘʍ͍͛ʍࢫɄ̌ɾࢫΝʍ˵˵࣒ɩɄ˵Ʉ̌ɲʍɾࢫ͍Ʉ̌ʳʍࢫ̛ʱࢫ͛ ˬˏ˵˵͛ࢫɄ̌ɾࢫʍΦͅʍ͍ͩˏ͛ʍࢷࢫɄ̌ɾࢫ̛ͩࢫ̛̛͍̆ͩͅʍࢫɄ̌ɾࢫͷͅ˂̛˵ɾࢫ̛͍ɩͷ͛ͩࢫɲ̛̛͍͍ͅɄͩʍࢫʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ͍ͅˏ̌ɲˏͅ˵ʍ͛ࢫ in alignment with the foundational values of fairness, accountability, independence, responsibility, stewardship, and transparency. 36

Assets and Liabilities Committee ė˂ʍࢫ͛͛ʍͩ͛ࢫɄ̌ɾࢫ§ˏɄɩˏ˵ˏͩˏʍ͛ࢫ-̛̆̆ˏͩͩʍʍࢫࣜ§-Ìࣝࢫ˂Ʉ͛ࢫɩʍʍ̌ࢫʍ͛ͩɄɩ˵ˏ͛˂ʍɾࢫɩΩࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫ̛ͩࢫ̛͍ͅΘˏɾʍࢫ oversight and strategic guidance in relation to the management of the Company’s assets Ʉ̌ɾࢫ˵ˏɄɩˏ˵ˏͩˏʍ͛ࢶࢫÌͅʍ͍Ʉͩˏ̌ʳࢫɄ͛ࢫɄࢫ͛ͷɩ࣒ɲ̛̆̆ˏͩͩʍʍࢫ̛ʱࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫΝˏͩ˂ˏ̌ࢫͩ˂ʍࢫn̛͍ͷ࣭͛ͅࢫ̛Θʍ͍Ʉ͍ɲ˂ˏ̌ʳࢫ ʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ͍͛ͩͷɲͩͷ͍ʍࢷࢫ§-Ì࣭͛ࢫͅͷ̛͍͛ͅʍࢫˏ͛ࢫ̛ͩࢫʍ̌͛ͷ͍ʍࢫͩ˂ʍࢫʍʱʱʍɲͩˏΘʍࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ̛ʱࢫͩ˂ʍࢫ -̛̆ͅɄ̌Ω࣭͛ࢫё̌Ʉ̌ɲˏɄ˵ࢫ͍ʍ̛͛ͷ͍ɲʍ͛ࢷࢫ̛ͩͅˏ̆ˏ͛ʍࢫͩ˂ʍࢫɩɄ˵Ʉ̌ɲʍࢫɩʍͩΝʍʍ̌ࢫɄ͛͛ʍͩ͛ࢫɄ̌ɾࢫ˵ˏɄɩˏ˵ˏͩˏʍ͛ࢷࢫɄ̌ɾࢫ align risk management practices with the Company’s strategic objectives. ̌ࢫʱͷ˵ё˵̆ʍ̌ͩࢫ̛ʱࢫˏͩ͛ࢫ̆Ʉ̌ɾɄͩʍࢷࢫͩ˂ʍࢫ-̛̆̆ˏͩͩʍʍࢫʍΦʍ͍ɲˏ͛ʍ͛ࢫ̛Θʍ͍͛ˏʳ˂ͩࢫɄɲ̛͍͛͛ࢫͩ˂ʍࢫʱ̛˵˵̛Νˏ̌ʳࢫɄ͍ʍɄ͛ࢸ • Ċ͍ͩɄͩʍʳˏɲࢫɄ͛͛ʍͩࢫɄ̌ɾࢫ˵ˏɄɩˏ˵ˏͩΩࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢶ • þˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢶ • Liquidity management. • Interest rate management. • Market risk management. • Capital adequacy. Compliance and Data Protection Committee The Compliance and Data Protection Committee is responsible for overseeing the Company’s adherence to applicable legal and regulatory requirements and monitoring the effectiveness of the Company’s internal control systems. The Committee’s purpose is to safeguard the integrity, legality, and ethical conduct of the Company by providing oversight of regulatory compliance and ensuring the robust protection of sensitive information in accordance with applicable data protection and privacy standards. Remuneration Committee ė˂ʍࢫþʍ̆ͷ̌ʍ͍Ʉͩˏ̛̌ࢫ-̛̆̆ˏͩͩʍʍࢫ˂Ʉ͛ࢫɩʍʍ̌ࢫʍ͛ͩɄɩ˵ˏ͛˂ʍɾࢫ̛ͩࢫ̛Θʍ͍͛ʍʍࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫ remuneration policies and practices, ensuring they are aligned with the Company’s strategic objectives, performance goals, and corporate governance best practices. The Committee’s mandate encompasses oversight of the following: • HΦʍɲͷͩˏΘʍࢫɲ̛̆ͅʍ̌͛Ʉͩˏ̛̌ࢶ • Performance evaluation frameworks. • H͋ͷˏͩΩ࣒ɩɄ͛ʍɾࢫˏ̌ɲʍ̌ͩˏΘʍࢫɄ͍͍Ʉ̌ʳʍ̆ʍ̌ͩ͛ࢶ 37

Directors’ Remuneration The Company is committed to ensuring that Director remuneration is equitable, competitive, and aligned with the Company’s strategic objectives. Compensation is ͍͛ͩ ͷɲͩͷ͍ʍɾࢫ̛ͩࢫ͍ʍђʍɲͩࢫͩ˂ʍࢫͩˏ̆ʍࢫɲ̛̆̆ˏͩ̆ʍ̌ͩࢷࢫ͍ʍ̛͛̌͛ͅˏɩˏ˵ˏͩˏʍ͛ࢷࢫɄ̌ɾࢫʍΦͅʍ͍ͩˏ͛ʍࢫɄ̛͛͛ɲˏɄͩʍɾࢫΝˏͩ˂ࢫ each Director’s role, with the aim of attracting, retaining, and appropriately incentivising Directors of the highest calibre. Director remuneration comprises fees only, determined by reference to each Director’s committee memberships, responsibilities, and such other factors as the Board considers relevant. Directors do not receive any form of share-based compensation; they are, however, encouraged to acquire shares in the Company through open-market purchases, reinforcing their alignment with shareholder interests. Full details of Director ͍ ʍ̆ͷ̌ʍ͍Ʉͩˏ̛̌ࢫɄ͍ʍࢫɾˏ͛ɲ˵̛͛ʍɾࢫˏ̌ࢫͩ˂ˏ͛ࢫ̌̌ͷɄ˵ࢫþʍ̛͍ͩͅࢫˏ̌ࢫͩ˂ʍࢫˏ̌ͩʍ͍ʍ͛ͩࢫ̛ʱࢫ͍ͩɄ̌͛ͅɄ͍ʍ̌ɲΩࢫɄ̌ɾࢫ accountability. Information Technology Committee ė˂ʍࢫ̌ʱ̛͍̆Ʉͩˏ̛̌ࢫėʍɲ˂̛̌˵̛ʳΩࢫ-̛̆̆ˏͩͩʍʍࢫ͛ͷ̛͍ͩ͛ͅͅࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫˏ̌ࢫʱͷ˵ё˵˵ˏ̌ʳࢫˏͩ͛ࢫ̛Θʍ͍͛ˏʳ˂ͩࢫ responsibilities for the Company’s IT risk management framework, ensuring alignment with business objectives and applicable regulatory requirements. The Committee oversees the effectiveness of IT governance structures, including policies, procedures, and internal controls, in accordance with relevant guidelines. ė˂ʍࢫ-̛̆̆ˏͩͩʍʍࢫ̛̆̌ˏ̛͍ͩ͛ࢫ͛ˏʳ̌ˏёɲɄ̌ͩࢫėࢫˏ̌Θʍ͛ͩ̆ʍ̌ͩ͛ࢫɄ̌ɾࢫ̛͍ͅ˥ʍɲͩ͛ࢫ̛ͩࢫʍ̌͛ͷ͍ʍࢫ͍ͅͷɾʍ̌ͩࢫ resource allocation and alignment with the Company’s risk appetite. It also oversees the ˏɾʍ̌ͩˏёɲɄͩˏ̛̌ࢷࢫɄ͛͛ʍ͛͛̆ʍ̌ͩࢷࢫɄ̌ɾࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ̛ʱࢫė࣒͍ʍ˵Ʉͩʍɾࢫ͍ˏ͛ˬ͛ࢷࢫˏ̌ɲ˵ͷɾˏ̌ʳࢫɲΩɩʍ͍͛ʍɲͷ͍ˏͩΩࢷࢫ and third-party service provider risks, ensuring that appropriate controls and mitigation strategies are implemented. In addition, the Committee reviews the adequacy of business continuity and disaster recovery frameworks to support operational resilience and the continuity of critical services. It receives regular reports on key risk indicators, system performance, and ̆ Ʉͩʍ͍ˏɄ˵ࢫˏ̌ɲˏɾʍ̌ͩ͛ࢷࢫɄ̌ɾࢫ̛͍ͅΘˏɾʍ͛ࢫͷͅɾɄͩʍ͛ࢫ̛ͩࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫ̛̌ࢫėࢫ͍ˏ͛ˬࢫʍΦ̛͛ͅͷ͍ʍ͛ࢷࢫɲ̛̛͍̌ͩ˵ࢫ effectiveness, and compliance with applicable regulatory requirements. 38

Board Training and Development Ì̌8ࢫ࠶ࢫʍɲʍ̆ɩʍ͍࠸࠵࠳࠵ࢫࢷ8ࢫˏ͍ʍɲ̛͍ͩ͛ࢫͅɄ͍ͩˏɲˏͅɄͩʍɾࢫˏ̌ࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫɄ̌̌ͷɄ˵ࢫ͍ͩɄˏ̌ˏ̌ʳࢫ͛ʍ͛͛ˏ̛̌ࢫ̛̌ࢫ ̌ͩˏ࣒·̛̌ʍΩࢫ§Ʉͷ̌ɾʍ͍ˏ̌ʳࢫɄ̌ɾࢫ-̛ͷ̌ͩʍ͍࣒kˏ̌Ʉ̌ɲˏ̌ʳࢫ̛ʱࢫėʍ̛͍͍͍ˏ͛̆ࢫࣜ§·ࣃ-kėࣝࢷࢫʱɄɲˏ˵ˏͩɄͩʍɾࢫɩΩࢫɄ̌ࢫ ʍΦͩʍ͍̌Ʉ˵ࢫ͛ʍ͍Θˏɲʍࢫ̛͍ͅΘˏɾʍ͍ࢶࢫė˂ʍࢫ͛ʍ͛͛ˏ̛̌ࢫɲ̛Θʍ͍ʍɾࢫͩ˂ʍࢫʱ̛˵˵̛Νˏ̌ʳࢫ͛ͷɩ˥ʍɲͩࢫ̆Ʉͩͩʍ͍ࢸ AML/CFT/CFP • Money Laundering, Terrorism Financing and Proliferation Financing. • þ̛˵ʍࢫ̛ʱࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫˏ̌ࢫ§·ࣃ-kėࣃ-köࢶ • þˏ͛ˬࢫɩɄ͛ʍɾࢫɄ̛͍ͅͅɄɲ˂ࢫˏ̌ࢫ§·ࣃ-kėࣃ-köࢫ࣓ࢫ-ͷ̛͛ͩ̆ʍ͍8ࢫͷʍ8ࢫˏ˵ˏʳʍ̌ɲʍࢷࢫH̆ͅ˵̛Ωʍʍ8ࢫͷʍࢫ 8ˏ˵ˏʳʍ̌ɲʍࢫɄ̌ɾࢫȞ˂Ʉ̌ɲʍɾ8ࢫͷʍ8ࢫˏ˵ˏʳʍ̌ɲʍࢶ • þʍΘˏʍΝࢫ̛ʱࢫė˂ʍࢫơ͍̈ɲʍʍɾ͛ࢫ̛ʱࢫ-͍ˏ̆ʍࢫɲͩࢷࢫ࠺࠳࠳࠵ࢫࣜöÌ-ࣝࢹࢫė˂ʍࢫėʍ̛͍͍͍ˏ͛̆ࢫö͍ʍΘʍ̌ͩˏ̛̌ࢫɲͩࢷࢫ ࢫ࠸࠳࠳࠵ࣜėöࣝࢹࢫė˂ʍࢫĤ̌ˏͩʍɾࢫ½Ʉͩˏ̛̌͛ࢫĊʍɲͷ͍ˏͩΩࢫ-̛ͷ̌ɲˏ˵ࢫþʍ̛͛˵ͷͩˏ̛̌͛ࢫ̆ͅ˵ʍ̆ʍ̌ͩɄͩˏ̛̌ࢫɲͩࢷࢫ࠶࠴࠳࠵ࢫࣜ Ĥ½Ċ-þࣝࢶ Names Positions AML/CFT nɄ͍ΩࢫöʍɄ͍ͩ ½̛࣒̌HΦʍɲͷͩˏΘʍࢫ-˂Ʉˏ͍̆Ʉ̌ -˂͍ˏ̛͛ͩͅ˂ʍ͍ࢫ%ʍ͍͍Ω Non- Executive 8ˏ͍ʍɲ̛͍ͩ ̛͍̌Ʉɾࢫ%ʍ͍͍Ω Non- Executive 8ˏ͍ʍɲ̛͍ͩ H͍Νˏ̌ࢫ̌ʳͷ͛ ½̛࣒̌ࢫHΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩ öɄ͍ͩˏɲˬࢫ%ɄͩɄˏ˵˵ʍ HΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩࣃ-˂ˏʍʱࢫ HΦʍɲͷͩˏΘʍࢫÌʱёɲʍ͍ n˵Ʉɾ̛͛ͩ̌ʍࢫ§ʍΝɄ͍͛ Independent 8ˏ͍ʍɲ̛͍ͩ ˵̛ˬࢫɄˏ̌ࢫ Independent 8ˏ͍ʍɲ̛͍ͩ ŋɄ˵ͩʍ͍ࢫĊɲ̛ͩͩࢫ Independent 8ˏ͍ʍɲ̛͍ͩ 39

Staff Training ˵˵ࢫ͛ͩɄʱʱࢫ̆ʍ̆ɩʍ͍͛ࢫɄ͍ʍࢫ͍ʍ͋ͷˏ͍ʍɾࢫ̛ͩࢫɲ̛̆ͅ˵ʍͩʍࢫ̆Ʉ̌ɾɄ̛͍ͩΩࢫ̌ͩˏ࣒·̛̌ʍΩࢫ§Ʉͷ̌ɾʍ͍ˏ̌ʳࢷࢫ-̛ͷ̌ͩʍ͍࣒ kˏ̌Ʉ̌ɲˏ̌ʳࢫ̛ʱࢫėʍ̛͍͍͍ˏ͛̆ࢷࢫɄ̌ɾࢫ-̛ͷ̌ͩʍ͍࣒kˏ̌Ʉ̌ɲˏ̌ʳࢫ̛ʱࢫơ͍̈˵ˏʱʍ͍Ʉͩˏ̛̌ࢫࣜ§·ࣃ-kėࣃ-köࣝࢫ͍ͩɄˏ̌ˏ̌ʳࢫ̛̌ࢫ an annual basis. This training is facilitated by the Company’s Compliance Department and concludes with a formal assessment. The results of each assessment are recorded and ͍ ʍͩɄˏ̌ʍɾࢫ̛̌ࢫͩ˂ʍࢫ͍ʍ͛ͅʍɲͩˏΘʍࢫͩʍɄ̆ࢫ̆ʍ̆ɩʍ͍࣭͛ࢫʍ̆ͅ˵̛Ωʍʍࢫё˵ʍࢶ Business Conduct and Ethical Practices ė˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫ%̛Ʉ͍ɾ࣒Ʉ̛͍ͅͅΘʍɾࢫ-̛ɾʍࢫ̛ʱࢫ-̛̌ɾͷɲͩࢫ͍ʍђʍɲͩ͛ࢫˏͩ͛ࢫё͍̆ࢫɲ̛̆̆ˏͩ̆ʍ̌ͩࢫ̛ͩࢫ upholding the highest standards of ethical behaviour across all levels of the organisation. ė˂ʍࢫ-̛ɾʍࢫˏ͛ࢫɲ̛̆ͅ˵ʍ̆ʍ̌ͩʍɾࢫɩΩࢫɄ̌ࢫHͩ˂ˏɲ͛ࢫơ̈˵ˏɲΩࢷࢫɄ˵̛͛ࢫɄ̛͍ͅͅΘʍɾࢫɩΩࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢷࢫΝ˂ˏɲ˂ࢫɄͅͅ˵ˏʍ͛ࢫ̛ͩ ࢫɄ˵˵8ࢫˏ͍ʍɲ̛͍ͩ͛ࢷࢫ̛ʱёɲʍ͍͛ࢷࢫɄ̌ɾࢫʍ̆ͅ˵̛Ωʍʍ͛ࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ωࢶ ė̛ʳʍͩ˂ʍ͍ࢷࢫͩ˂ʍ͛ʍࢫˏ͍̌͛ͩͷ̆ʍ̌ͩ͛ࢫ͛ʍͩࢫ̛ͷͩࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫʍΦͅʍɲͩɄͩˏ̛̌͛ࢫΝˏͩ˂ࢫ͍ʍ͛ͅʍɲͩࢫ̛ͩࢫͩ˂ʍࢫ̛͍ͅͅ ʍ͍ࢫɲ̛̌ɾͷɲͩࢫ̛ʱࢫɩͷ͛ˏ̌ʍ͛͛ࢫɄ̌ɾࢫʍͩ˂ˏɲɄ˵ࢫɩʍ˂ɄΘˏ̛ͷ͍ࢶ8ࢫˏ͍ʍɲ̛͍ͩ͛ࢷࢫ̛ʱёɲʍ͍͛ࢷࢫɄ̌ɾࢫʍ̆ͅ˵̛Ωʍʍ͛ࢫɄ͍ʍࢫ required to: • Comply with all applicable laws and regulations in every jurisdiction in which the Company operates. • Θ̛ˏɾࢫɲ̛̌ђˏɲͩ͛ࢫ̛ʱࢫˏ̌ͩʍ͍ʍ͛ͩࢫͩ˂Ʉͩࢫɲ̛ͷ˵ɾࢫɲ̛̛͍̆̆ͅˏ͛ʍࢫͩ˂ʍˏ͍ࢫɾͷͩˏʍ͛ࢫ̛͍ࢫͩ˂ʍࢫɩʍ͛ͩࢫˏ̌ͩʍ͍ʍ͛ͩ͛ࢫ̛ʱࢫ the Company. • Conduct themselves with honesty and integrity in all business dealings. • Ĥͅ˂̛˵ɾࢫɲ̛̌ёɾʍ̌ͩˏɄ˵ˏͩΩࢫɄ̌ɾࢫ͛ɄʱʍʳͷɄ͍ɾࢫͩ˂ʍࢫˏ̌ͩʍʳ͍ˏͩΩࢫɄ̌ɾࢫ͛ʍɲͷ͍ˏͩΩࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫ assets, communications, information, and transactions. • Treat all individuals — including customers, suppliers, service providers, employees, and other stakeholders — with fairness, impartiality, and professionalism. ė˂ʍࢫ%̛Ʉ͍ɾࢫˏ͛ࢫ͛Ʉͩˏ͛ёʍɾࢫɄ͛ࢫ̛ͩࢫͩ˂ʍࢫɄɾʍ͋ͷɄɲΩࢫɄ̌ɾࢫʍʱʱʍɲͩˏΘʍ̌ʍ͛͛ࢫ̛ʱࢫͩ˂ʍࢫʱ͍Ʉ̆ʍΝ̛͍ˬࢫʍ͛ͩɄɩ˵ˏ͛˂ʍɾࢫ̛ͩ ࢫʍ̌͛ͷ͍ʍࢫɲ̛̌͛ˏ͛ͩʍ̌ͩࢫɄɾ˂ʍ͍ʍ̌ɲʍࢫ̛ͩࢫͩ˂ʍࢫ-̛ɾʍࢫ̛ʱࢫ-̛̌ɾͷɲͩࢫɄ̌ɾࢫHͩ˂ˏɲ͛ࢫơ̈˵ˏɲΩࢫɄɲ̛͍͛͛ࢫͩ˂ʍࢫ organisation. The Company actively cultivates a strong compliance culture through the ͍ ˏʳ̛̛͍ͷ͛ࢫʍ̌ʱ̛͍ɲʍ̆ʍ̌ͩࢫ̛ʱࢫͩ˂ʍ͛ʍࢫ̛ͅ˵ˏɲˏʍ͛ࢫɄ̌ɾࢫͩ˂ʍࢫɄͅͅ˵ˏɲɄͩˏ̛̌ࢫ̛ʱࢫё͍̆ࢫɾˏ͛ɲˏͅ˵ˏ̌Ʉ͍Ωࢫ̆ʍɄ͛ͷ͍ʍ͛ࢫ Ν˂ʍ͍ʍࢫɩ͍ʍɄɲ˂ʍ͛ࢫ̛ɲɲͷ͍ࢶࢫ%̛ͩ˂ࢫͩ˂ʍࢫ-̛ɾʍࢫ̛ʱࢫ-̛̌ɾͷɲͩࢫɄ̌ɾࢫͩ˂ʍࢫHͩ˂ˏɲ͛ࢫơ̈˵ˏɲΩࢫɄ͍ʍࢫɄΘɄˏ˵Ʉɩ˵ʍࢫ̛̌ࢫ the Company’s website at www.mayberryinv.com/investor-relations. Whistleblower Policy ė˂ʍࢫ-̛̆ͅɄ̌Ωࢫ˂Ʉ͛ࢫɄࢫ%̛Ʉ͍ɾ࣒Ʉ̛͍ͅͅΘʍɾࢫŋ˂ˏ͛ͩ˵ʍɩ˵̛Νʍ͍ࢫơ̈˵ˏɲΩࢫͩ˂Ʉͩࢫ̛͍ͅΘˏɾʍ͛ࢫɄࢫɲ̛̌ёɾʍ̌ͩˏɄ˵ 40

and anonymous channel through which all employees may report instances of illegal, unethical, or otherwise questionable conduct without fear of retaliation. The Policy is ɾʍ͛ˏʳ̌ʍɾࢫ̛ͩࢫ̛͍ͩͅʍɲͩࢫͩ˂ʍࢫˏ̌ͩʍʳ͍ˏͩΩࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫё̌Ʉ̌ɲˏɄ˵ࢫ͍ʍ̛͍ͩͅˏ̌ʳࢫɄ̌ɾࢫɩͷ͛ˏ̌ʍ͛͛ࢫ transactions, while reinforcing adherence to the Code of Conduct. The Whistleblower Policy is available on the Company’s website at www.mayberryinv.com/investor-relations. Health and Safety The health and safety of all persons within the Mayberry organisation is a matter of paramount importance and a critical component of the Company’s operational framework. Through comprehensive policies, proactive risk management measures, and ongoing training, the Company is committed to maintaining a secure and healthy environment for its employees, clients, and stakeholders. The continuous evaluation and enhancement of health and safety practices remain central to this commitment. To this end, the Company has established robust policies and procedures across the following areas: ÌɲɲͷͅɄͩˏ̛̌Ʉ˵ࢫĊɄʱʍͩΩࢫࣔࢫþʍʳͷ˵Ʉ͍ࢫˏ̌͛ͅʍɲͩˏ̛̌͛ࢫɄ͍ʍࢫɲ̛̌ɾͷɲͩʍɾࢫ̛ͩࢫˏɾʍ̌ͩˏʱΩࢫɄ̌ɾࢫɄɾɾ͍ʍ͛͛ࢫ potential hazards, including matters relating to ergonomics, electrical systems, and workplace ventilation, ensuring that the working environment meets appropriate safety standards at all times. H̆ʍ͍ʳʍ̌ɲΩࢫö͍ʍͅɄ͍ʍɾ̌ʍ͛͛ࢫࣔࢫơ̛͍̈ͩɲ̛˵͛ࢫɄ͍ʍࢫ̆Ʉˏ̌ͩɄˏ̌ʍɾࢫʱ̛͍ࢫɄࢫ͍Ʉ̌ʳʍࢫ̛ʱࢫʍ̆ʍ͍ʳʍ̌ɲΩࢫ͛ɲʍ̌Ʉ͍ˏ̛͛ࢷࢫ ˏ̌ɲ˵ͷɾˏ̌ʳࢫё͍ʍࢷࢫ̆ʍɾˏɲɄ˵ࢫʍ̆ʍ͍ʳʍ̌ɲˏʍ͛ࢷࢫɄ̌ɾࢫ̌Ʉͩͷ͍Ʉ˵ࢫɾˏ͛Ʉ͛ͩʍ͍͛ࢶࢫþʍʳͷ˵Ʉ͍ࢫɾ͍ˏ˵˵͛ࢫɄ͍ʍࢫɲ̛̌ɾͷɲͩʍɾࢫ to ensure that all employees are familiar with evacuation procedures and emergency response protocols. ɲɲˏɾʍ̌ͩࢫþʍ̛͍ͩͅˏ̌ʳࢫࣔࢫH̆ͅ˵̛Ωʍʍ͛ࢫɄ͍ʍࢫ͍ͩɄˏ̌ʍɾࢫ̛ͩࢫ͍ʍ̛͍ͩͅࢫɄɲɲˏɾʍ̌ͩ͛ࢫɄ̌ɾࢫˏ̌ɲˏɾʍ̌ͩ͛ࢫ̛͍̆ͩͅͅ˵Ωࢶࢫ Detailed records are maintained to enable the analysis of trends and the implementation of preventive measures. Ċˏɲˬࢫ§ʍɄΘʍࢫơ̈˵ˏɲΩࢫࣔࢫ-˵ʍɄ͍ࢫʳͷˏɾʍ˵ˏ̌ʍ͛ࢫʳ̛Θʍ͍̌ࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫɄ̛͍ͅͅɄɲ˂ࢫ̛ͩࢫ͛ˏɲˬࢫ˵ʍɄΘʍࢷࢫ encouraging employees to remain at home when unwell in order to safeguard the health of colleagues and prevent the spread of contagious illness. zʍɄ˵ͩ˂ࢫHɾͷɲɄͩˏ̛̌ࢫࣔࢫöʍ͍ˏ̛ɾˏɲࢫΝ̛͍ˬ͛˂̛͛ͅࢫɄ̌ɾࢫ͛ʍ̆ˏ̌Ʉ͍͛ࢫɄ͍ʍࢫɲ̛̌ɾͷɲͩʍɾࢫ̛ͩࢫ̛̛͍̆ͩͅʍࢫ employee wellbeing, covering topics such as stress management, healthy lifestyle practices, and preventive healthcare. 41

Economic and Business Environment ė˂ʍࢫ͛ͩɄ͍ͩˏ̌ʳࢫ̛ͅˏ̌ͩࢫʱ̛͍ࢫ࠸࠵࠳࠵ࢫΝɄ͛ࢫɄࢫɾˏʱёɲͷ˵ͩ࠷࠵࠳࠵ࢫࢷࢫˏ̌ࢫΝ˂ˏɲ˂ࢫͩ˂ʍࢫɄ̆ɄˏɲɄ̌ࢫʍɲ̛̛̌̆Ωࢫ ɲ̛͍̌ͩɄɲͩʍɾࢫˏ̌ࢫͩ˂ʍࢫͩ˂ˏ͍ɾࢫ͋ͷɄ͍ͩʍ͍ࢫɄ͛ࢫn8öࢫʱʍ˵˵࠶ࢫࢶ࠸य़ࢫΩʍɄ̛͍࣒࣒̌ΩʍɄ͍ࢶࢫė˂Ʉͩࢫɾʍɲ˵ˏ̌ʍࢫ͍ʍђʍɲͩʍɾࢫɄࢫ ࠵ࢶ࠵य़ࢫɾʍɲ͍ʍɄ͛ʍࢫˏ̌ࢫͩ˂ʍࢫĊʍ͍Θˏɲʍ͛ࢫ̌ɾͷ͍͛ͩˏʍ͛ࢫɄ̌ɾࢫɄࢫ̛͍̆ʍࢫ͛ʍΘʍ͍ʍ࠺ࢫࢶ࠵य़ࢫɲ̛͍̌ͩɄɲͩˏ̛̌ࢫˏ̌ࢫͩ˂ʍࢫn̛̛ɾ͛ࢫ Producing Industries — both directly attributable to the destructive impact of Hurricane %ʍ͍Ω˵ࢶࢫö͍ʍ˵ˏ̆ˏ̌Ʉ͍Ωࢫʍ͛ͩˏ̆Ʉͩʍ͛ࢫ̛ͅˏ̌ͩʍɾࢫ̛ͩࢫʱͷ͍ͩ˂ʍ͍ࢫɲ̛͍̌ͩɄɲͩˏ̛̌ࢫˏ̌ࢫͩ˂ʍࢫʱ̛ͷ͍ͩ˂ࢫ͋ͷɄ͍ͩʍ͍ࢫ̛ʱࢫ࠷࠵࠳࠵ࢫ Ʉ͛ࢫė̛͍ͅˏɲɄ˵ࢫĊ̛͍ͩ̆ࢫþɄʱɄʍ˵ࢫɄ̌ɾࢫɄࢫ͛ʍ͍ˏʍ͛ࢫ̛ʱࢫ͛ͷɩ͛ʍ͋ͷʍ̌ͩࢫ˂Ωɾ̛͍˵̛ʳˏɲɄ˵ࢫʍΘʍ̌ͩ͛ࢫɲ̛̌ͩˏ̌ͷʍɾࢫ̛ͩࢫ weigh on output. Despite those headwinds, underlying conditions in the broader economy remained ɲ̛͍̌͛ͩͷɲͩˏΘʍࢫͩ˂̛͍ͷʳ˂ࢫͩ˂ʍࢫ͍ͩɄ̌͛ˏͩˏ̛̌ࢫˏ̛̌ͩ࠸࠵࠳࠵ࢫࢶࢫ-̛̌͛ͷ̆ʍ͍ࢫɲ̛̌ёɾʍ̌ɲʍࢫɄ̌ɾࢫʍ̆ͅ˵̛Ω̆ʍ̌ͩࢫ ɲ̛̌ͩˏ̌ͷʍɾࢫ̛ͩࢫˏ̛͍̆ͅΘʍࢶࢫk̛͍ʍˏʳ̌ࢫʍΦɲ˂Ʉ̌ʳʍࢫ̆Ʉ͍ˬʍͩࢫˏ̌ђ̛Ν͛ࢫΝʍ͍ʍࢫɾʍ͛ɲ͍ˏɩʍɾࢫɄ͛ࢫɩͷ̛ΩɄ̌ͩࢫɩΩࢫͩ ˂ʍࢫ%Ʉ̌ˬࢫ̛ʱࢫɄ̆ɄˏɲɄࢷࢫɄ̌ɾࢫˏ̌ͩʍ͍̌Ʉͩˏ̛̌Ʉ˵ࢫ͍ʍ͛ʍ͍Θʍ͛ࢫ˂ʍ˵ɾࢫ̛͍͛ͩ̌ʳࢶ8ࢫ̛̆ʍ͛ͩˏɲࢫˏ̌ђɄͩˏ̛̌ࢫɾΩ̌Ʉ̆ˏɲ͛ࢫ̛͍̆ͩͅͅ ʍɾࢫͩ˂ʍ%ࢫÌࢫ̛ͩࢫ̆Ʉˏ̌ͩɄˏ̌ࢫɄɲͩˏΘʍࢫ̛̆̌ʍͩɄ͍Ωࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢷࢫΝˏͩ˂ࢫͩ˂ʍࢫ͛ͩɄͩʍɾࢫ̛ɩ˥ʍɲͩˏΘʍࢫ̛ ʱࢫˬʍʍͅˏ̌ʳࢫˏ̌ђɄͩˏ̛̌ࢫΝˏͩ˂ˏ̌ࢫˏͩ͛࠷ࢫय़ࢫ̛ͩ࠹ࢫय़ࢫͩɄ͍ʳʍͩࢫɩɄ̌ɾࢫ̛Θʍ͍ࢫͩ˂ʍࢫ̌ʍɄ͍ࢫ̛ͩࢫ̆ʍɾˏͷ̆ࢫͩʍ͍̆ࢶ Private sector investment remained supported by ongoing tourism development projects Ʉ̌ɾࢫʳ̛Θʍ͍̌̆ʍ̌ͩࢫ̆ʍɄ͛ͷ͍ʍ͛ࢫɄ̛̌̌ͷ̌ɲʍɾࢫˏ̌ࢫ˵Ʉͩʍ࠷࠵࠳࠵ࢫࢷࢫˏ̌ɲ˵ͷɾˏ̌ʳࢫɄࢫͩɄΦࢫɲ͍ʍɾˏͩࢫʱ̛͍ࢫˏ̌Θʍ͛ͩ̆ʍ̌ͩࢫ in low-income areas and the creation of a fund dedicated to public-private partnership infrastructure projects. These initiatives were part of a broader effort to diversify economic ɄɲͩˏΘˏͩΩࢫɩʍΩ̛̌ɾࢫͩ˂ʍࢫ͍ͩɄɾˏͩˏ̛̌Ʉ˵ࢫͅˏ˵˵Ʉ͍͛ࢫ̛ʱࢫ̛ͩͷ͍ˏ͛̆ࢷࢫ͍ʍ̆ˏͩͩɄ̌ɲʍ͛ࢷࢫɄ̌ɾࢫɲ̛̛̆̆ɾˏͩΩࢫʍΦ̛͍ͩ͛ͅࢶ ė˂ʍࢫɄ̆ɄˏɲɄ̌ࢫʍɲ̛̛̌̆Ωࢫ͍ʍɲ̛͍ɾʍɾࢫ̛̆ɾʍ͛ͩࢫʳ̛͍Νͩ˂ࢫ̛ʱࢫɄ̛͍ͅͅΦˏ̆Ʉͩʍ˵Ω࠳ࢫࢶ࠻य़࣓࠴ࢶ࠴य़ࢫˏ̌ࢫͩ˂ʍࢫ Ʉ̌ͷɄ͍Ω࣓·Ʉ͍ɲ˂ࢫ࠸࠵࠳࠵ࢫ͋ͷɄ͍ͩʍ͍ࢫɄ̌ɾࢫɄ̌ࢫʍ͛ͩˏ̆Ʉͩʍɾ࠴ࢫࢶ࠷य़ࢫˏ̌ࢫͩ˂ʍࢫ͍ͅˏ˵࣓ͷ̌ʍࢫ͋ͷɄ͍ͩʍ͍ࢷࢫɄ͛ࢫͩ˂ʍࢫ͍ ʍɲ̛Θʍ͍Ωࢫʱ̛͍̆ࢫzͷ͍͍ˏɲɄ̌ʍࢫ%ʍ͍Ω˵ࢫʳɄˏ̌ʍɾࢫ̛̆̆ʍ̌ͩͷ̆ࢶࢫė˂ʍࢫͩ˂ˏ͍ɾࢫ͋ͷɄ͍ͩʍ͍ࢫ̛ʱࢫ࠸࠵࠳࠵ࢫɾʍ˵ˏΘʍ͍ʍɾࢫͩ ˂ʍࢫ̛͍͛ͩ̌ʳʍ͛ͩࢫͅʍ͍ʱ̛͍̆Ʉ̌ɲʍࢫ̛ʱࢫͩ˂ʍࢫΩʍɄ͍ࢸࢫɄɲɲ̛͍ɾˏ̌ʳࢫ̛ͩࢫͩ˂ʍࢫĊͩɄͩˏ͛ͩˏɲɄ˵ࢫ̌͛ͩˏͩͷͩʍࢫ̛ʱࢫɄ̆ɄˏɲɄࢫࣜ Ċėė½ࣝࢷࢫn8öࢫʍΦͅɄ̌ɾʍɾࢫɩΩ࠸ࢫࢶ࠴य़ࢫΩʍɄ̛͍࣒࣒̌ΩʍɄ͍ࢫࣔࢫɄࢫͩ˂͍ʍʍ࣒ΩʍɄ͍ࢫ˂ˏʳ˂ࢫࣔࢫɾ͍ˏΘʍ̌ࢫɩΩࢫɄࢫ˵̛Ν࣒ ɩɄ͛ʍࢫ͍ʍɲ̛Θʍ͍Ωࢫʱ̛͍̆ࢫ%ʍ͍Ω˵࣭͛ࢫ̛ͷͩ͛ˏηʍɾࢫˏ̆ͅɄɲͩࢫˏ̌ࢫͷ˵Ω࣓Ċʍͩͅʍ̆ɩʍ͍࠷࠵࠳࠵ࢫࢶࢫ-̛̆ͅɄ͍ʍɾࢫ̛ͩࢫͩ˂ʍࢫ ˏ̆̆ʍɾˏɄͩʍ˵Ωࢫ͍ͅʍɲʍɾˏ̌ʳࢫ͋ͷɄ͍ͩʍ͍ࢷࢫn8öࢫ̛͍͛ʍࢫɩΩ࠴ࢫࢶ࠴य़ࢷࢫ̆Ʉ͍ˬˏ̌ʳࢫͩ˂ʍࢫͩ˂ˏ͍ɾࢫɲ̛̌͛ʍɲͷͩˏΘʍࢫ͋ͷɄ͍ͩʍ͍ࢫ̛ ʱࢫ͛ʍ͋ͷʍ̌ͩˏɄ˵ࢫʍΦͅɄ̌͛ˏ̛̌ࢶ 45

ė˂ʍࢫʱ̛ͷ͍ͩ˂ࢫ͋ͷɄ͍ͩʍ͍ࢫˏ͛ࢫʍΦͅʍɲͩʍɾࢫ̛ͩࢫɩ͍ˏ̌ʳࢫɄ̌ࢫɄɩ͍ͷͩͅࢫ͍ʍΘʍ͍͛Ʉ˵ࢶࢫzͷ͍͍ˏɲɄ̌ʍࢫ·ʍ˵ˏ͛͛Ʉࢫ̆Ʉɾʍࢫ ˵Ʉ̌ɾʱɄ˵˵ࢫˏ̌ࢫÌɲ̛ͩɩʍ͍ࢫ࠸࠵࠳࠵ࢫɄ͛ࢫɄࢫ-Ʉͩʍʳ̛͍Ωࢫ࠸ࢫ̛͍͛ͩ̆ࢷࢫɲɄͷ͛ˏ̌ʳࢫΝˏɾʍ͍͛ͅʍɄɾࢫɾʍ͍͛ͩͷɲͩˏ̛̌ࢫɄɲ̛͍͛͛ࢫ Ʉ˵˵ࢫˏ̌ɾͷ͍͛ͩˏʍ͛ࢶࢫė˂ʍࢫö˵Ʉ̌̌ˏ̌ʳࢫ̌͛ͩˏͩͷͩʍࢫ̛ʱࢫɄ̆ɄˏɲɄࢫࣜöÌࣝࢫ̛͍ͅ˥ʍɲͩʍɾࢫɄࢫn8öࢫɲ̛͍̌ͩɄɲͩˏ̛̌ࢫ̛ʱࢫ ɩʍͩΝʍʍ̌࠴࠴ࢫय़ࢫɄ̌ɾ࠶࠴ࢫय़ࢫʱ̛͍ࢫÌɲ̛ͩɩʍ͍࣓8ʍɲʍ̆ɩʍ͍࠸࠵࠳࠵ࢫࢷࢫΝ˂ˏɲ˂ࢫΝɄ͛ࢫʍΦͅʍɲͩʍɾࢫ̛ͩࢫɾ͍Ʉʳࢫͩ˂ʍࢫʱͷ˵˵ࢫ ё͛ɲɄ˵ࢫΩʍɄ͍࠸࠵࠳࠵ࢫࣃࢫ࠹࠵ˏ̛̌ͩࢫ̌ʍʳɄͩˏΘʍࢫͩʍ͍͍ˏ̛͍ͩΩࢫ̛ʱࢫɄ̛͍ͅͅΦˏ̆Ʉͩʍ˵Ω࠶ࢫय़ࢶ ̌ђɄͩˏ̛̌ ̌ђɄͩˏ̛̌ࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫΝɄ͛ࢫɄࢫɲ˵ʍɄ͍ࢫ͛ͷɲɲʍ͛͛ࢫ̛͍͛ͩΩࢫˏ̌࠸࠵࠳࠵ࢫࢶࢫʱͩʍ͍ࢫzͷ͍͍ˏɲɄ̌ʍࢫ%ʍ͍Ω˵ࢫͅͷ͛˂ʍɾࢫ ˂ʍɄɾ˵ˏ̌ʍࢫˏ̌ђɄͩˏ̛̌ࢫ̛ͩࢫɄࢫͅʍɄˬࢫ̛ʱ࠹ࢫࢶ࠸य़ࢫˏ̌ࢫͷʳͷ͛ͩ࠷࠵࠳࠵ࢫࢷࢫ͍ͅˏɲʍࢫ͍ͅʍ͛͛ͷ͍ʍ͛ࢫʍɄ͛ʍɾࢫ̛͍ͅʳ͍ʍ͛͛ˏΘʍ˵Ωࢫ Ʉ͛ࢫΝʍɄͩ˂ʍ͍࣒͍ʍ˵Ʉͩʍɾࢫʱ̛̛ɾࢫ͛ͷͅͅ˵Ωࢫ͛˂̛ɲˬ͛ࢫͷ̌Ν̛ͷ̌ɾࢶ%ࢫΩࢫɄ̌ͷɄ͍Ω࠹࠵࠳࠵ࢫࢷࢫͩ˂ʍࢫ̛ͅˏ̛̛࣒࣒̌ͩͩͅˏ̌ͩࢫ ˏ̌ђɄͩˏ̛̌ࢫ͍Ʉͩʍࢫ˂ɄɾࢫʱɄ˵˵ʍ̌ࢫ̛ͩ࠶ࢫࢶ࠼य़ࢷࢫɩʍ˵̛Νࢫͩ˂ʍࢫ˵̛Νʍ͍ࢫɩ̛ͷ̌ɾࢫ̛ʱࢫͩ˂ʍࢫ%Ʉ̌ˬࢫ̛ʱࢫɄ̆ɄˏɲɄ࣭͛࠷ࢫ࣓࠹य़ࢫͩ Ʉ͍ʳʍͩࢫ͍Ʉ̌ʳʍࢷࢫ͍ʍ͍ͅʍ͛ʍ̌ͩˏ̌ʳࢫɄ࠳ࢫࢶࢫ࠹ͅʍ͍ɲʍ̌ͩɄʳʍࢫ̛ͅˏ̌ͩࢫɾʍɲ˵ˏ̌ʍࢫʱ̛͍̆ࢫͩ˂ʍ࠷ࢫࢶ࠸य़ࢫ͍ʍɲ̛͍ɾʍɾࢫˏ̌ࢫ ࢶ࠸࠵࠳࠵ࢫ8ʍɲʍ̆ɩʍ͍ Ì̌ࢫɄࢫʱͷ˵˵࣒ΩʍɄ͍ࢫɩɄ͛ˏ͛ࢷࢫͩ˂ʍࢫɾˏΘˏ͛ˏ̛̌͛ࢫɲ̛͍̌ͩˏɩͷͩˏ̌ʳࢫ̛̆͛ͩࢫ̛ͩࢫͩ˂ʍࢫɄ̌ͷɄ͍Ω࠸࠵࠳࠵ࢫ࣓Ʉ̌ͷɄ͍Ωࢫ࠹࠵࠳࠵ࢫ ˏ̌ђɄͩˏ̛̌ࢫ̛ͷͩͩͷ͍̌ࢫ̛ʱ࠶ࢫࢶ࠼य़ࢫΝʍ͍ʍࢫk̛̛ɾࢫɄ̌ɾࢫ½̛࣒̌˵ɲ̛˂̛˵ˏɲࢫ%ʍΘʍ͍Ʉʳʍ͛ࢫࣜॆ࠸ࢶ࠺य़ࣝࢷࢫz̛ͷ͛ˏ̌ʳࢷࢫ ŋɄͩʍ͍ࢷࢫH˵ʍɲ͍ͩˏɲˏͩΩࢷࢫnɄ͛ࢫɄ̌ɾࢫÌͩ˂ʍ͍ࢫkͷʍ˵͛ࢫࣜॆ࠷ࢶ࠹य़ࣝࢷࢫɄ̌ɾࢫöʍ̛͍͛̌Ʉ˵ࢫ-Ʉ͍ʍࢷࢫĊ̛ɲˏɄ˵ࢫơ͍̈ͩʍɲͩˏ̛̌ࢫ Ʉ̌ɾࢫ·ˏ͛ɲʍ˵˵Ʉ̌ʍ̛ͷ͛ࢫn̛̛ɾ͛ࢫɄ̌ɾࢫĊʍ͍Θˏɲʍ͛ࢫࣜॆ࠷ࢶ࠴य़ࣝࢶࢫ-̛͍ʍࢫˏ̌ђɄͩˏ̛̌ࢷࢫΝ˂ˏɲ˂ࢫʍΦɲ˵ͷɾʍ͛ࢫʱ̛̛ɾࢫɄ̌ɾࢫ fuel, also eased over the course of the year, reinforcing the Bank of Jamaica’s view that ͷ̌ɾʍ͍˵Ωˏ̌ʳࢫˏ̌ђɄͩˏ̛̌Ʉ͍Ωࢫ͍ͅʍ͛͛ͷ͍ʍ͛ࢫΝʍ͍ʍࢫ͛ͷɩ͛ˏɾˏ̌ʳࢶ 46

Monetary Policy and Interest Rates ė˂ʍࢫ%Ʉ̌ˬࢫ̛ʱࢫɄ̆ɄˏɲɄࢫ͍ʍ̛͛̌ͅɾʍɾࢫ̛ͩࢫͩ˂ʍࢫˏ̛͍̆ͅΘˏ̌ʳࢫˏ̌ђɄͩˏ̛̌ࢫʍ̌Θˏ̛͍̌̆ʍ̌ͩࢫΝˏͩ˂ࢫɄࢫ ɲ̛̌ͩˏ̌ͷɄͩˏ̛̌ࢫ̛ʱࢫˏͩ͛ࢫʍɄ͛ˏ̌ʳࢫɲΩɲ˵ʍࢶࢫ̌ࢫ·ɄΩ࠸࠵࠳࠵ࢫࢷࢫͩ˂ʍࢫ·̛̌ʍͩɄ͍Ωࢫơ̈˵ˏɲΩࢫ-̛̆̆ˏͩͩʍʍࢫ͍ʍɾͷɲʍɾࢫͩ ˂ʍࢫ̛Θʍ͍̌ˏʳ˂ͩࢫ̛ͅ˵ˏɲΩࢫ͍ɄͩʍࢫɩΩࢫ࠸࠵ࢫɩɄ͛ˏ͛ࢫ̛ͅˏ̌ͩ͛ࢫ̛ͩ࠸ࢫࢶ࠸࠺य़ࢷࢫɲˏͩˏ̌ʳࢫɩʍ˵̛Ν࣒ͩɄ͍ʳʍͩࢫˏ̌ђɄͩˏ̛̌ࢫɄ̌ɾࢫɄࢫ ɩ̛͍Ʉɾ˵Ωࢫ͛ͩɄɩ˵ʍࢫʍΦͩʍ͍̌Ʉ˵ࢫʍ̌Θˏ̛͍̌̆ʍ̌ͩࢶࢫࢫʱͷ͍ͩ˂ʍ͍ࢫɲͷͩࢫ̛ʱࢫ࠸࠵ࢫɩɄ͛ˏ͛ࢫ̛ͅˏ̌ͩ͛ࢫ̛ͩ࠸ࢫࢶ࠳࠸य़ࢫࣔࢫʍʱʱʍɲͩˏΘʍࢫ kʍɩ͍ͷɄ͍Ω࠷࠵ࢫࢷࢫ࠹࠵࠳࠵ࢫࣔࢫʱ̛˵˵̛Νʍɾࢷࢫ͍ʍђʍɲͩˏ̌ʳࢫɄࢫʱɄ͛ͩʍ͍࣒ͩ˂Ʉ࣒̌ʍΦͅʍɲͩʍɾࢫ͍ʍɲ̛Θʍ͍Ωࢫʱ̛͍̆ࢫzͷ͍͍ˏɲɄ̌ʍࢫ ·ʍ˵ˏ͛͛ɄࢫɄ̌ɾࢫͩ˂ʍࢫ͍ʍͩͷ͍̌ࢫ̛ʱࢫ˂ʍɄɾ˵ˏ̌ʍࢫˏ̌ђɄͩˏ̛̌ࢫ̛ͩ࠶ࢫࢶ࠼य़ࢫˏ̌ࢫɄ̌ͷɄ͍Ω࠹࠵࠳࠵ࢫ 47

Foreign Exchange ė˂ʍࢫɄ̆ɄˏɲɄ̌ࢫɾ̛˵˵Ʉ͍ࢫʍΦ˂ˏɩˏͩʍɾࢫ̛̆ɾʍ͍ɄͩʍࢷࢫΝʍ˵˵࣒ɲ̛̌ͩɄˏ̌ʍɾࢫΘ̛˵Ʉͩˏ˵ˏͩΩࢫɄʳɄˏ̌͛ͩࢫͩ˂ʍࢫĤĊࢫɾ̛˵˵Ʉ͍ࢫ̛ Θʍ͍ࢫͩ˂ʍࢫ͍ʍΘˏʍΝࢫͅʍ͍ˏ̛ɾࢶࢫė˂ʍࢫʍΦɲ˂Ʉ̌ʳʍࢫ͍Ʉͩʍࢫ̛ͅʍ̌ʍɾࢫɄ̌ͷɄ͍Ωࢫ࠷࠵࠳࠵ࢫɄͩ࠹࠸࠴ࢫࢶࢫ࠵࠷·8ࣃĤĊ8ࢫɄ̌ɾࢫ ɾʍ͍ͅʍɲˏɄͩʍɾࢫʳ͍ɄɾͷɄ˵˵Ωࢫͩ˂̛͍ͷʳ˂ࢫͩ˂ʍࢫΩʍɄ͍ࢷࢫ͍ʍɄɲ˂ˏ̌ʳ࠼࠸࠴ࢫࢶࢫ࠷࠴·8ࣃĤĊ8ࢫɩΩࢫÌɲ̛ͩɩʍ͍ࢫ࠷࠵࠳࠵ࢫࣔࢫɄࢫ ɾʍ͍ͅʍɲˏɄͩˏ̛̌ࢫ̛ʱࢫɄ̛͍ͅͅΦˏ̆Ʉͩʍ˵Ω࠴ࢫࢶ࠺य़ࢶࢫė˂ʍࢫɲͷ͍͍ʍ̌ɲΩࢫ˵Ʉ͍ʳʍ˵Ωࢫ͍ʍɲ̛Θʍ͍ʍɾࢫɩΩࢫΩʍɄ͍࣒ʍ̌ɾࢷࢫɲ˵̛͛ˏ̌ʳࢫ 8ʍɲʍ̆ɩʍ͍࠴࠶ࢫࢷࢫ࠷࠵࠳࠵ࢫɄͩ࠹࠸࠴ࢫࢶࢫ࠵࠷·8ࣃĤĊ8ࢷࢫʍʱʱʍɲͩˏΘʍ˵Ωࢫͷ̌ɲ˂Ʉ̌ʳʍɾࢫʱ̛͍̆ࢫͩ˂ʍࢫ͛ͩɄ͍ͩࢫ̛ʱࢫͩ˂ʍࢫΩʍɄ͍ࢶ ̌࠸࠵࠳࠵ࢫࢷࢫɾʍ͍ͅʍɲˏɄͩˏ̛̌ࢫ͍ͅʍ͛͛ͷ͍ʍ͛ࢫˏ̌ͩʍ̌͛ˏёʍɾࢫ̛͛̆ʍΝ˂Ʉͩࢶࢫė˂ʍࢫʍΦɲ˂Ʉ̌ʳʍࢫ͍Ʉͩʍࢫ̛̆Θʍɾࢫʱ̛͍̆ࢫ ࢫɄࢫࣔࢫ࠸࠵࠳࠵ࢫÌɲ̛ͩɩʍ͍ࢫˏ̌ࢫ8ࣃĤĊ8·ࢫ࠻࠶ࢶ࠴࠹࠴ࢫ̛ʱࢫͅʍɄˬࢫͩΝ̛࣒ΩʍɄ͍ࢫɄࢫ̛ͩࢫɄ̌ͷɄ͍Ωࢫˏ̌ࢫ8ࣃĤĊ8·ࢫ࠵࠻ࢶ࠺࠸࠴ ɾʍ͍ͅʍɲˏɄͩˏ̛̌ࢫ̛ʱࢫɄ̛͍ͅͅΦˏ̆Ʉͩʍ˵Ω࠵ࢫࢶ࠶य़ࢫ̛Θʍ͍ࢫͩ˂Ʉͩࢫͩʍ̛࣒̌̆̌ͩ˂ࢫͅʍ͍ˏ̛ɾࢷࢫɲ̛ˏ̌ɲˏɾˏ̌ʳࢫΝˏͩ˂ࢫͩ˂ʍࢫ ʍɲ̛̛̌̆ˏɲࢫ͛˂̛ɲˬࢫʱ̛͍̆ࢫzͷ͍͍ˏɲɄ̌ʍࢫ·ʍ˵ˏ͛͛Ʉࢶࢫࢫ̛̌ͩɄɩ˵ʍࢫɲ̛͍͍ʍɲͩˏ̛̌ࢫʱ̛˵˵̛ΝʍɾࢸࢫɩΩࢫɄ̌ͷɄ͍Ω࠹࠵࠳࠵ࢫࢷࢫͩ ˂ʍࢫ͍Ʉͩʍࢫ˂ɄɾࢫɄ͍ͅͅʍɲˏɄͩʍɾࢫ̛ͩ࠺࠸࠴ࢫࢶࢫ࠷࠸·8ࣃĤĊ8ࢷࢫ͍ʍ͍ͅʍ͛ʍ̌ͩˏ̌ʳࢫɄࢫ͍ʍɲ̛Θʍ͍Ωࢫ̛ʱࢫɄ̛͍ͅͅΦˏ̆Ʉͩʍ˵Ωࢫ ࠵ࢶ࠷य़ࢫʱ̛͍̆ࢫͩ˂ʍࢫÌɲ̛ͩɩʍ͍ࢫͅʍɄˬࢫɄ̌ɾࢫɩ͍ˏ̌ʳˏ̌ʳࢫͩ˂ʍࢫɲͷ͍͍ʍ̌ɲΩࢫɩ̛͍Ʉɾ˵ΩࢫɩɄɲˬࢫˏ̌ࢫ˵ˏ̌ʍࢫΝˏͩ˂ࢫ ʍɄ͍˵Ω࣒ࢫ࠷࠵࠳࠵˵ʍΘʍ˵͛ࢶ ɲ̛͍͛͛ࢫͩ˂ʍࢫʱͷ˵˵ࢫͩΝ̛࣒ΩʍɄ͍ࢫΝˏ̌ɾ̛Νࢷࢫͩ˂ʍࢫɄ̆ɄˏɲɄ̌ࢫɾ̛˵˵Ʉ͍ࢫ͍ͩɄɾʍɾࢫΝˏͩ˂ˏ̌ࢫɄࢫ͍ʍ˵ɄͩˏΘʍ˵Ωࢫɲ̛̌ͩɄˏ̌ʍɾࢫ ɩɄ̌ɾࢫ̛ʱࢫɄ̛͍ͅͅΦˏ̆Ʉͩʍ˵Ω࠸࠸࠴ࢫ࣓ࢫ࠴࠹࠴·8ࣃĤĊ8ࢶࢫė˂ˏ͛ࢫͅɄͩͩʍ͍̌ࢫˏ͛ࢫɲ̛̌͛ˏ͛ͩʍ̌ͩࢫΝˏͩ˂ࢫͩ˂ʍࢫ%Ʉ̌ˬࢫ̛ʱࢫ Ʉ̆ɄˏɲɄ࣭͛ࢫɲ˂Ʉ͍Ʉɲͩʍ͍ˏ͛Ʉͩˏ̛̌ࢫ̛ʱࢫͩ˂ʍࢫʍΦɲ˂Ʉ̌ʳʍࢫ͍ɄͩʍࢫɄ͛ࢫɩ̛͍Ʉɾ˵Ωࢫ͛ͩɄɩ˵ʍࢷࢫ͛ͷ̛͍ͩͅͅʍɾࢫɩΩࢫ͛ͩʍɄɾΩࢫ ɾ̛˵˵Ʉ͍ˏ͛Ʉͩˏ̛̌ࢫ͍Ʉͩˏ̛͛ࢫɄ̌ɾࢫɲ̛̌ͩˏ̌ͷʍɾࢫͅͷɩ˵ˏɲࢫɲ̛̌ёɾʍ̌ɲʍࢫˏ̌ࢫͩ˂ʍࢫɾ̛̆ʍ͛ͩˏɲࢫɲͷ͍͍ʍ̌ɲΩࢶࢫk̛͍ʍˏʳ̌ࢫ ʍΦɲ˂Ʉ̌ʳʍࢫˏ̌ђ̛Ν͛ࢫ͍ʍ̆Ʉˏ̌ʍɾࢫɩͷ̛ΩɄ̌ͩࢷࢫͷ̌ɾʍ͍ͅˏ̌̌ʍɾࢫɩΩࢫ͍ʍ͛ˏ˵ˏʍ̌ͩࢫ̛ͩͷ͍ˏ͛̆ࢫ͍ʍɲʍˏͩ͛ͅࢫɄ̌ɾࢫ͍ ʍ̆ˏͩͩɄ̌ɲʍࢫђ̛Ν͛ࢶ 48

Equity markets H͋ͷˏͩˏʍ͛ࢫ̆Ʉ͍ˬʍͩ͛ࢫɲ˵̛͛ʍɾࢫ࠸࠵࠳࠵ࢫˏ̌ࢫ̌ʍʳɄͩˏΘʍࢫͩʍ͍͍ˏ̛͍ͩΩࢷࢫ͍ʍђʍɲͩˏ̌ʳࢫͩ˂ʍࢫɲͷ̆ͷ˵ɄͩˏΘʍࢫͷ̌ɲʍ͍ͩɄˏ̌ͩΩࢫ ʳʍ̌ʍ͍ɄͩʍɾࢫɩΩࢫzͷ͍͍ˏɲɄ̌ʍࢫ·ʍ˵ˏ͛͛ɄࢫɄ̌ɾࢫͩ˂ʍࢫɩ̛͍Ʉɾʍ͍ࢫʍɲ̛̛̌̆ˏɲࢫ͛˵̛Νɾ̛Ν̌ࢫˏ̌ࢫͩ˂ʍࢫё̌Ʉ˵ࢫ͋ͷɄ͍ͩʍ͍ࢶࢫ ̛͍ࢫय़ࢷ࠳࠶ࢶ࠸ࢫ̛ʱࢫɾʍɲ˵ˏ̌ʍࢫɄࢫࣔࢫ̛ͅˏ̌ͩ͛ࢫ࠻࠻ࢶ࠹࠻࠼ࢷ࠺࠴࠶ࢫɄͩࢫΩʍɄ͍ࢫͩ˂ʍࢫʍ̌ɾʍɾࢫ̌ɾʍΦࢫɄ͍ˬʍͩ·ࢫɄˏ̌·ࢫĊHࢫė˂ʍ ͍ͩࢫ˵Ʉ͛ͩࢫͩ˂ʍࢫ̛̌ࢫ͍Ʉ˵˵ΩࢫΩʍɄ͍࣒ʍ̌ɾࢫࢫ̛ͅˏ̌ͩ͛ࢶࢫ࠷࠼ࢶ࠷࠼࠺ࢷ࠸࠶࠶ࢫ̛ʱࢫɲ˵̛͛ʍࢫ࠷࠵࠳࠵ࢫˏͩ͛ࢫʱ̛͍̆ࢫ̛ͅˏ̌ͩ͛ࢷࢫ࠹࠳ࢶ࠻࠳࠻ࢷ࠺࠴ࢫ Ʉɾˏ̌ʳࢫɾɄΩࢫ̛ʱ8ࢫʍɲʍ̆ɩʍ͍ࢫ̛͍ͅΘˏɾʍɾࢫɄࢫ̛̆ɾʍ͛ͩ࠳ࢫࢶ࠺࠹य़ࢫʳɄˏ̌ࢫ̛ͩࢫͩ˂ʍࢫĊHࢫ-̛̆ɩˏ̌ʍɾࢫ̌ɾʍΦࢫɩͷͩࢫ ΝɄ͛ࢫˏ̌͛ͷʱёɲˏʍ̌ͩࢫ̛ͩࢫ̛ʱʱ͛ʍͩࢫͩ˂ʍࢫΩʍɄ͍࣭͛ࢫ˵̛͛͛ʍ͛ࢶ ė˂ʍࢫĊHࢫͷ̌ˏ̛͍ࢫ·Ʉ͍ˬʍͩࢷࢫΝ˂ˏɲ˂ࢫ͍ͩɄɲˬ͛ࢫ͛̆Ʉ˵˵ࢫɄ̌ɾࢫ̆ʍɾˏͷ࣒̆͛ˏηʍɾࢫɲ̛̆ͅɄ̌ˏʍ͛ࢷࢫ ࢫɾ̛Ν̌ࢫ̛ͅˏ̌ͩ͛ࢷࢫ࠴࠷ࢶ࠴࠳࠷ࢷ࠶ࢫɄͩࢫ࠸࠵࠳࠵ࢫɲ˵̛͛ʍࢫ̛ͩࢫय़࠶࠼ࢶ࠻ࢫʱɄ˵˵ˏ̌ʳࢫɄ͍ˬʍͩࢷ·ࢫɄˏ̌·ࢫͩ˂ʍࢫʍΘʍ̌ࢫͷ̌ɾʍ͍ͅʍ͍ʱ̛͍̆ʍɾ ̛ࢫΩʍɄ͍ࢫɲ̛̌͛ʍɲͷͩˏΘʍࢫͩ˂ˏ͍ɾࢫɄࢫ̆Ʉ͍ˬʍɾࢫė˂ˏ͛ࢫ̛ͅˏ̌ͩ͛ࢶࢫ࠸࠳ࢶ࠸࠶࠺ࢷ࠶ࢫ̛ʱࢫɲ˵̛͛ʍࢫ࠷࠵࠳࠵ࢫˏͩ͛ࢫʱ̛͍̆ࢫ̛ͅˏ̌ͩ͛ࢫ࠷࠹ࢶ࠶࠶࠶ ʱࢫɾʍɲ˵ˏ̌ʍࢫʱ̛͍ࢫͩ˂ʍࢫͷ̌ˏ̛͍ࢫ·Ʉ͍ˬʍͩࢷࢫʍΦͩʍ̌ɾˏ̌ʳࢫ˵̛͛͛ʍ͛ࢫͩ˂Ʉͩࢫё͍͛ͩࢫʍ̆ʍ͍ʳʍɾࢫˏ̌࠶࠵࠳࠵ࢫࢶࢫė˂ʍࢫ·Ʉˏ̌ࢫ ·Ʉ͍ˬʍ࣭ͩ͛ࢫ࠸࠵࠳࠵ࢫɾʍɲ˵ˏ̌ʍࢫ͍ʍΘʍ͍͛ʍɾࢫˏͩ͛ࢫ̛̆ɾʍ͛ͩࢫ͍ʍɲ̛Θʍ͍Ωࢫˏ̌ࢫ࠷࠵࠳࠵ࢫɄ̌ɾࢫʍΦͩʍ̌ɾʍɾࢫɄࢫɲ˂Ʉ˵˵ʍ̌ʳˏ̌ʳࢫ̆ ͷ˵ͩˏ࣒ΩʍɄ͍ࢫͅʍ͍ˏ̛ɾࢫʱ̛͍ࢫ˵ˏ͛ͩʍɾࢫʍ͋ͷˏͩˏʍ͛ࢹࢫͩ˂ʍࢫˏ̌ɾʍΦࢫ͍ʍ̆Ʉˏ̌͛ࢫΝʍ˵˵ࢫɩʍ˵̛Νࢫˏͩ͛ࢫ͍ͅʍ࣒ͅɄ̌ɾʍ̆ˏɲࢫͅʍɄˬࢷࢫ Νˏͩ˂ࢫˏͩ͛ࢫΝ̛͍͛ͩࢫͅʍ͍ʱ̛͍̆Ʉ̌ɲʍࢫ˂ɄΘˏ̌ʳࢫ̛ɲɲͷ͍͍ʍɾࢫˏ̌࠳࠵࠳࠵ࢫࢷࢫΝ˂ʍ̌ࢫˏͩࢫʱʍ˵˵࠵࠵ࢫࢶ࠷य़ࢶ ė˂ʍࢫʍ͋ͷˏͩˏʍ͛ࢫ̆Ʉ͍ˬʍͩࢫΝʍɄˬ̌ʍ͛͛ࢫͅɄ͍ͩ˵Ωࢫ͍ʍђʍɲͩ͛ࢫˏ̌Θʍ̛͍͛ͩࢫɲɄͷͩˏ̛̌ࢫˏ̌ࢫͩ˂ʍࢫʱɄɲʍࢫ̛ʱࢫ˂ͷ͍͍ˏɲɄ̌ʍ࣒ related economic uncertainty, rising reconstruction costs, and the temporary suspension ̛ ʱࢫͩ˂ʍࢫё͛ɲɄ˵ࢫ͍ͷ˵ʍࢶࢫz̛ΝʍΘʍ͍ࢷࢫɄ̌Ʉ˵Ω͛ͩ͛ࢫ̛̌ͩʍɾࢫͩ˂Ʉͩࢫͩ˂ʍࢫͷ̌ɾʍ͍˵Ωˏ̌ʳࢫʍɄ͍̌ˏ̌ʳ͛ࢫɩɄ͛ʍࢫ̛ʱࢫ̆Ʉ̌Ωࢫ listed companies remained sound, and that the market’s valuation compression may present medium-term opportunities as the reconstruction cycle generates activity across multiple sectors. ė˂ʍࢫ࠸࠵࠳࠵ࢫɄ̆ɄˏɲɄࢫʍɲ̛̛̌̆Ωࢫ͍ʍΘˏʍΝࢫˏ͛ࢫɄࢫ̛͍͛ͩΩࢫ̛ʱࢫͩΝ̛ࢫ˂Ʉ˵Θʍ͛ࢶࢫė˂̛͍ͷʳ˂ࢫͩ˂ʍࢫё͍͛ͩࢫͩ˂͍ʍʍࢫ quarters, the economy staged an impressive and broad-based recovery from the ɾˏ͍͛ͷͩͅˏ̛̌͛ࢫ̛ʱ࠷࠵࠳࠵ࢫࢷࢫΝˏͩ˂ࢫn8öࢫʳ̛͍Νˏ̌ʳࢫɄͩࢫˏͩ͛ࢫʱɄ͛ͩʍ͛ͩࢫͅɄɲʍࢫˏ̌ࢫͩ˂͍ʍʍࢫΩʍɄ͍͛ࢷࢫˏ̌ђɄͩˏ̛̌ࢫ̛̆Θˏ̌ʳࢫ below target, unemployment at historic lows, and international reserves reaching new heights. Ʉ̆ɄˏɲɄࢫʍ̌ͩʍ͍͛ࢫ࠹࠵࠳࠵ࢫΝˏͩ˂ࢫͩ˂ʍࢫͩɄ͛ˬࢫ̛ʱࢫ͍ʍɩͷˏ˵ɾˏ̌ʳࢷࢫɩͷͩࢫˏͩࢫɾ̛ʍ͛ࢫ̛͛ࢫʱ̛͍̆ࢫɄࢫ̛͛ͅˏͩˏ̛̌ࢫ̛ʱࢫʳ͍ʍɄͩʍ͍ࢫ institutional strength than at any previous point in its post-independence history. The challenge now is to ensure that the reconstruction cycle is managed in a manner that ͍͛ͩ ʍ̌ʳͩ˂ʍ̌͛ࢫ˵̛̌ʳ࣒͍ͷ̌ࢫɲ̛̆ͅʍͩˏͩˏΘʍ̌ʍ͛͛ࢷࢫɾˏΘʍ͍͛ˏёʍ͛ࢫʍɲ̛̛̌̆ˏɲࢫɄɲͩˏΘˏͩΩࢷࢫɄ̌ɾࢫɾʍ˵ˏΘʍ͍͛ࢫͩ˂ʍࢫ inclusive growth that aggregate macroeconomic indicators have yet to fully capture. 49

CORPORATE OVERVIEW CORE ACTIVITIES ·ɄΩɩʍ͍͍Ωࢫ̌Θʍ͛ͩ̆ʍ̌ͩ͛ࢫ§ˏ̆ˏͩʍɾࢫࣜ·§ࣝࢫˏ͛ࢫɄࢫ˵ʍɄɾˏ̌ʳࢫˏ̌Θʍ͛ͩ̆ʍ̌ͩࢫɩɄ̌ˬˏ̌ʳࢷࢫ͛ʍɲͷ͍ˏͩˏʍ͛ࢫɄ̌ɾࢫ ˏ̌Θʍ͛ͩ̆ʍ̌ͩࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫɲ̛̆ͅɄ̌Ωࢫͩ˂Ʉͩࢫ̛͍ͅΘˏɾʍ͛ࢫɄࢫΝˏɾʍࢫ͍Ʉ̌ʳʍࢫ̛ʱࢫё̌Ʉ̌ɲˏɄ˵ࢫ͛ʍ͍Θˏɲʍ͛ࢫɄ̌ɾࢫ̛͍ͅ ɾͷɲͩ͛ࢫ̛ͩࢫɄࢫɾˏΘʍ͍͛ˏёʍɾࢫɲ˵ˏʍ̌ͩࢫɩɄ͛ʍࢶࢫė˂ʍ͛ʍࢫˏ̌ɲ˵ͷɾʍࢫɲ̛̛͍͍ͅɄͩˏ̛̌͛ࢷࢫё̌Ʉ̌ɲˏɄ˵ࢫˏ̌͛ͩˏͩͷͩˏ̛̌͛ࢷࢫ ʳ̛Θʍ͍̌̆ʍ̌ͩ͛ࢫɄ̌ɾࢫˏ̌ɾˏΘˏɾͷɄ˵͛ࢫˏ̌ࢫͩ˂ʍࢫɲɄͅˏͩɄ˵ࢫ̆Ʉ͍ˬʍͩࢶࢫÌͷ͍ࢫ͛ʍ͍Θˏɲʍࢫ̛ʱʱʍ͍ˏ̌ʳࢫˏ̌ɲ˵ͷɾʍ͛ࢫ͍͛ͩɄͩʍʳˏɲࢫ ё̌Ʉ̌ɲˏɄ˵ࢫɄɾΘˏ̛͍͛Ωࢫ͛ʍ͍Θˏɲʍ͛ࢫΝˏͩ˂ࢫʍ̆ͅ˂Ʉ͛ˏ͛ࢫ̛̌ࢫ̆ʍ͍ʳʍ͍͛ࢫɄ̌ɾࢫɄɲ͋ͷˏ͛ˏͩˏ̛̌͛ࢹࢫɾʍɩͩࢫɄ̌ɾࢫʍ͋ͷˏͩΩࢫ restructuring; investment management services through separate and comingled managed portfolios; brokerage services; cambio and research services. Ìͷ͍ࢫ̆ˏ͛͛ˏ̛̌ࢫ̛ʱࢫ͍ͩɄ̌͛ʱ̛͍̆ˏ̌ʳࢫ˵ˏΘʍ͛ࢫ̛͛ͅˏͩˏΘʍ˵Ωࢫͩ˂̛͍ͷʳ˂ࢫ˵Ʉ͛ͩˏ̌ʳࢫ͍ʍ˵Ʉͩˏ̛̌͛˂ˏ͛ͅࢫɄʱʱ̛͍ɾ͛ࢫͷ͛ࢫͩ˂ʍࢫ opportunity to create deep and enduring relationships with our customers. We do this by discovering their needs and delivering the most relevant product and service solutions to realise their investment objectives. FINANCIAL HIGHLIGHTS ·§ࢫ͍ʍ̛͍ͩͅʍɾࢫɄ࠻࠸࠶ࢫय़ࢫˏ̌ɲ͍ʍɄ͛ʍࢫˏ̌ࢫ̌ʍͩࢫ̛͍ͅёͩࢫ̛ͩࢫ͍ʍɄɲ˂ࢫम࠺࠶࠹ࢶࢫ࠼̆ˏ˵˵ˏ̛̌ࢫʱ̛͍ࢫͩ˂ʍࢫΩʍɄ͍8ࢫʍɲʍ̆ɩʍ͍ࢫ ࢫė˂ˏ͛ࢫࢫࢶ࠷࠵࠳࠵ࢫˏ̌ࢫͅʍ͍ˏ̛ɾࢫɲ̛͍͍ʍ̛͛̌ͅɾˏ̌ʳࢫͩ˂ʍࢫʱ̛͍ࢫ̆ˏ˵˵ˏ̛̌ࢫ࠶ࢶ࠼࠶࠴मࢫ̛ʱࢫ̛͍ͅёͩࢫɄࢫ̛ͩࢫɲ̛̆ͅɄ͍ʍɾࢫࢷ࠸࠵࠳࠵ࢫࢷ࠴࠶ performance was primarily attributable to operating income higher than the prior year ɩΩ࠸࠵ࢫࢶ࠹य़ࢷࢫɾ͍ˏΘʍ̌ࢫɩΩࢫ͛ˏʳ̌ˏёɲɄ̌ͩࢫˏ̛͍̆ͅΘʍ̆ʍ̌ͩࢫʱ̛͍ࢫͷ͍̌ʍɄ˵ˏηʍɾࢫʳɄˏ̌͛ࢫ̛̌ࢫˏ̌Θʍ͛ͩ̆ʍ̌ͩ͛ࢷࢫʱʍʍ͛ࢫ and commissions, net interest income, dividend income and other income. This was ɲ̛̆ͅ˵ʍ̆ʍ̌ͩʍɾࢫɩΩࢫɄࢫ͍ʍɾͷɲͩˏ̛̌ࢫˏ̌ࢫ̛ͅʍ͍Ʉͩˏ̌ʳࢫɲ̛͛ͩ͛ࢶࢫࢫė̛ͩɄ˵ࢫ̛ͅʍ͍Ʉͩˏ̌ʳࢫʍΦͅʍ̌͛ʍ͛ࢫʱ̛͍ࢫͩ˂ʍࢫΩʍɄ͍ࢫ ࢫͩ˂ʍࢫ̛ͩࢫɲ̛̆ͅɄ͍ʍɾࢫΝ˂ʍ̌ࢫ̆ˏ˵˵ˏ̛̌ࢫ࠹ࢶ࠸࠺࠵मࢫ̛͍ࢫय़࠵ࢶ࠵࠴ࢫɩΩࢫɾʍɲ͍ʍɄ͛ʍɾࢫ࠸࠵࠳࠵ࢫࢷ࠴࠶ࢫ8ʍɲʍ̆ɩʍ͍ࢫʍ̌ɾʍɾ ɲ̛̆ͅɄ͍ɄͩˏΘʍࢫͅʍ͍ˏ̛ɾࢫˏ̌࠷࠵࠳࠵ࢫࢶࢫࢫė˂ˏ͛ࢫΝɄ͛ࢫɾ͍ˏΘʍ̌ࢫ͍ͅˏ̆Ʉ͍ˏ˵ΩࢫɩΩࢫɄࢫ͍ʍɾͷɲͩˏ̛̌ࢫˏ̌ࢫ̛͍ͅΘˏ͛ˏ̛̌ࢫʱ̛͍ࢫ credit losses, staff and administrative costs, further offset by increases in depreciation and Ʉ̛͍̆ͩˏηɄͩˏ̛̌ࢶࢫࢫė˂ʍࢫ-̛̆ͅɄ̌Ωࢫ͍ʍɲ̛ʳ̌ˏ͛ʍɾࢫɄࢫͩɄΦɄͩˏ̛̌ࢫɲ͍ʍɾˏͩࢫ̛ʱࢫम࠳࠹࠵ࢶࢫ࠶̆ˏ˵˵ˏ̛̌ࢫࣜ࠷࠵࠳࠵ࢸࢫम࠼࠴࠸ࢶࢫ࠶̆ ˏ˵˵ˏ̛̌ࣝࢫ͍ʍђʍɲͩˏ̌ʳࢫͩ˂ʍࢫ͍ʍɲ̛ʳ̌ˏͩˏ̛̌ࢫ̛ʱࢫɾʍʱʍ͍͍ʍɾࢫͩɄΦࢫɄ͛͛ʍͩ͛ࢫɄ͍ˏ͛ˏ̌ʳࢫʱ̛͍̆ࢫˏ̌ɲ̛̆ʍࢫ̛̌ͩࢫ͛ͷɩ˥ʍɲͩࢫ̛ͩ ࢫͩɄΦࢫͷ̌ɾʍ͍ࢫͩ˂ʍࢫ-þ-Ì·8ࢫ̛ͷɩ˵ʍࢫėɄΦɄͩˏ̛̌ࢫė͍ʍɄͩΩࢫɄ̌ɾࢫɄΘɄˏ˵Ʉɩ˵ʍࢫͩɄΦࢫ˵̛͛͛ࢫɲɄ͍͍Ωʱ̛͍ΝɄ͍ɾ͛ࢶࢫ ࣝࢶ࠵࠴ࢶ࠳मࢫࢸ࠷࠵࠳࠵ࣜࢫ࠶࠸ࢶ࠳मࢫ̛ʱࢫࣜHöĊࣝࢫ͛˂Ʉ͍ʍࢫͅʍ͍ࢫʍɄ͍̌ˏ̌ʳ͛ࢫɄ̌ࢫˏ̌ࢫ͍ʍ͛ͷ˵ͩʍɾࢫė˂ˏ͛ 50

FINANCIAL PERFORMANCE Net Interest Income ̛ͩࢫ̆ˏ˵˵ˏ̛̌ࢫ࠴ࢶ࠷࠺मࢫ̛͍ࢫय़࠷ࢶ࠴࠴ࢫɩΩࢫʳ͍ʍΝࢫˏ̌ɲ̛̆ʍࢫˏ̌ͩʍ͍ʍ͛ͩࢫ̌ʍͩࢫࢷ࠸࠵࠳࠵ࢫࢷ࠴࠶ࢫ8ʍɲʍ̆ɩʍ͍ࢫʍ̌ɾʍɾࢫΩʍɄ͍ࢫͩ˂ʍࢫk̛͍ ࢫमࢫ࠷࠵࠺̆ˏ˵˵ˏ̛̌ࢷࢫɲ̛̆ͅɄ͍ʍɾࢫ̛ͩࢫ̌ʍͩࢫˏ̌ͩʍ͍ʍ͛ͩࢫˏ̌ɲ̛̆ʍࢫ̛ʱࢫम࠼࠷࠹ࢶࢫ࠼̆ˏ˵˵ˏ̛̌ࢫʱ̛͍ࢫͩ˂ʍࢫɲ̛͍͍ʍ̛͛̌ͅɾˏ̌ʳࢫͅ ʍ͍ˏ̛ɾࢫˏ̌࠷࠵࠳࠵ࢫࢶࢫė˂ˏ͛ࢫͅʍ͍ʱ̛͍̆Ʉ̌ɲʍࢫ͍ʍ͛ͷ˵ͩʍɾࢫʱ̛͍̆ࢫ͛ˏʳ̌ˏёɲɄ̌ͩࢫʳ̛͍Νͩ˂ࢫˏ̌ࢫ˵̛Ʉ̌͛ࢫɄ̌ɾࢫ̛ͩ˂ʍ͍ࢫ͍ ʍɲʍˏΘɄɩ˵ʍ͛ࢶࢫࢫ̌ͩʍ͍ʍ͛ͩࢫɲ̛͛ͩ͛ࢫ̛ͩͩɄ˵˵ʍɾࢫमࢫ࠵ɩˏ˵˵ˏ̛̌ࢷࢫ˂ˏʳ˂ʍ͍ࢫɩΩࢫम࠺࠳࠵ࢶࢫ࠵̆ˏ˵˵ˏ̛̌ࢫ̛͍࠴࠴ࢫࢶ࠸य़ࢫΩʍɄ͍ࢫ̛Θʍ͍ࢫ year primarily driven by corporate papers and notes. 51

Consulting Fees and Commissions ė˂ʍࢫ-̛̆ͅɄ̌Ωࢫ͍ʍ̛͍ͩͅʍɾࢫɲ̛̌͛ͷ˵ͩˏ̌ʳࢫʱʍʍ͛ࢫऑࢫɲ̛̆̆ˏ͛͛ˏ̛̌ࢫˏ̌ɲ̛̆ʍࢫ̛ʱࢫम࠼࠻࠼ࢶࢫ࠼̆ˏ˵˵ˏ̛̌ࢫʱ̛͍ࢫͩ˂ʍࢫ ͅࢫɲ̛̆ͅɄ͍ɄͩˏΘʍࢫͩ˂ʍࢫ̛Θʍ͍ࢫ̆ˏ˵˵ˏ̛̌ࢫ࠵࠻࠴मࢫ̛͍ࢫय़࠸ࢶ࠵࠵ࢫ̛ʱࢫˏ̌ɲ͍ʍɄ͛ʍࢫɄ̌ࢫࢷ࠸࠵࠳࠵ࢫࢷ࠴࠶ࢫ8ʍɲʍ̆ɩʍ͍ࢫʍ̌ɾʍɾࢫΩʍɄ͍ ʍ͍ˏ̛ɾࢫͅɄ͍ͩˏɄ˵˵Ωࢫɾ͍ˏΘʍ̌ࢫɩΩࢫˬʍΩࢫɾʍɄ˵͛ࢫʍΦʍɲͷͩʍɾࢫɩΩࢫͩ˂ʍࢫˏ̌Θʍ͛ͩ̆ʍ̌ͩࢫɩɄ̌ˬˏ̌ʳࢫͩʍɄ̆ࢶ Ċˏʳ̌ˏёɲɄ̌ͩࢫɲ̛͍̌ͩˏɩͷ̛͍ͩ͛ࢫɾͷ͍ˏ̌ʳࢫͩ˂ʍࢫͅʍ͍ˏ̛ɾࢫΝʍ͍ʍࢸࢫ • ơ͍̈ͩʱ̛˵ˏ̛ࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫʱʍʍ͛ࢫ͛ˏʳ̌ˏёɲɄ̌ͩ˵Ωࢫʳ͍ʍΝࢫɩΩ࠻࠷ࢫࢶ࠸य़ࢫ̛͍ࢫम࠹࠻ࢶࢫ࠶̆ˏ˵˵ˏ̛̌ࢫ̛Θʍ͍ࢫͩ˂ʍࢫ ɲ̛͍͍ʍ̛͛̌ͅɾˏ̌ʳࢫͅʍ͍ˏ̛ɾࢫˏ̌ࢫ࠷࠵࠳࠵ࢫɾͷʍࢫ̛ͩࢫʳ̛͍Νͩ˂ࢫˏ̌ࢫͩ˂ʍࢫ̛͍ͩͅʱ̛˵ˏ̛ࢷࢫ • ė˂ʍࢫɩ̛͍ˬʍ͍Ʉʳʍࢫɩͷ͛ˏ̌ʍ͛͛ࢫˏ̌ɲ̛̆ʍࢫˏ̌ɲ͍ʍɄ͛ʍɾࢫɩΩ࠹࠴ࢫࢶ࠶य़ࢫ̛͍ࢫम࠹࠼ࢶࢫ࠼̆ˏ˵˵ˏ̛̌ࢫͅɄ͍ͩˏɄ˵˵Ωࢫ̛̌ࢫɄɲɲ̛ͷ̌ͩࢫ of increased earnings from selling fees transactions during the period. 52

Other Operating Income Ìͩ˂ʍ͍ࢫ̛ͅʍ͍Ʉͩˏ̌ʳࢫˏ̌ɲ̛̆ʍࢫʱ̛͍ࢫͩ˂ʍࢫΩʍɄ͍ࢫʍ̌ɾʍɾ8ࢫʍɲʍ̆ɩʍ͍࠴࠶ࢫࢷ࠸࠵࠳࠵ࢫࢷࢫΝɄ͛ࢫ˂ˏʳ˂ʍ͍ࢫɩΩ࠶࠸ࢫࢶ࠶य़ࢫ̛͍ࢫ म࠸࠵࠵ࢶࢫ࠼̆ˏ˵˵ˏ̛̌ࢫΝ˂ʍ̌ࢫɲ̛̆ͅɄ͍ʍɾࢫ̛ͩࢫͩ˂ʍࢫ͍ͅˏ̛͍ࢫΩʍɄ͍ࢶࢫࢫ½̛ͩɄɩ˵ʍࢫΘɄ͍ˏɄ̌ɲʍ͛ࢫʱ̛͍ࢫͩ˂ʍࢫΩʍɄ͍ࢫˏ̌ɲ˵ͷɾʍࢸࢫ • Ĥ͍̌ʍɄ˵ˏηʍɾࢫʳɄˏ̌͛ࢫʱ̛͍̆ࢫˏ̌Θʍ͛ͩ̆ʍ̌ͩࢫ̛͍ͅͅʍ͍ͩˏʍ͛ࢫ̛ͩͩɄ˵˵ʍɾࢫम࠶࠼࠵ࢶࢫ࠺̆ˏ˵˵ˏ̛̌ࢫɲ̛̆ͅɄ͍ʍɾࢫ̛ͩࢫʳɄˏ̌͛ࢫ̛ ʱࢫम࠻࠹ࢶࢫ࠷̆ˏ˵˵ˏ̛̌ࢫʱ̛͍ࢫͩ˂ʍࢫ͍ͅˏ̛͍ࢫͅʍ͍ˏ̛ɾࢫɾͷʍࢫ̛ͩࢫΘɄ˵ͷɄͩˏ̛̌ࢫɄ͍ͅͅʍɲˏɄͩˏ̛̌ࢫɾͷ͍ˏ̌ʳࢫͩ˂ʍࢫͅʍ͍ˏ̛ɾࢷࢫ • 8ˏΘˏɾʍ̌ɾࢫˏ̌ɲ̛̆ʍࢫˏ̌ɲ͍ʍɄ͛ʍɾࢫɩΩ࠻࠹ࢫࢶ࠺य़ࢫ̛͍ࢫम࠳࠴ࢶࢫ࠻̆ˏ˵˵ˏ̛̌ࢫ̛ͩࢫम࠹࠵ࢶࢫ࠸̆ˏ˵˵ˏ̛̌ࢷࢫ͍ʍ͍ͅʍ͛ʍ̌ͩˏ̌ʳࢫ higher pay-outs from corporates for the period, • ࢫࢫ̆ˏ˵˵ˏ̛̌ࢷࢫ࠶ࢶ࠴࠶࠴मࢫ̛ͩࢫ̆ˏ˵˵ˏ̛̌ࢫ࠼ࢶ࠶࠶मࢫ̛͍ࢫय़࠺ࢶ࠷࠶ࢫɩΩࢫʳ͍ʍΝࢫˏ̌ɲ̛̆ʍࢫÌͩ˂ʍ͍ • ½ʍͩࢫʱ̛͍ʍˏʳ̌ࢫʍΦɲ˂Ʉ̌ʳʍࢫʳɄˏ̌͛ࢫ̛ʱࢫम࠶࠳࠵ࢶࢫ࠷̆ˏ˵˵ˏ̛̌ࢫɲ̛̆ͅɄ͍ʍɾࢫ̛ͩࢫʳɄˏ̌͛ࢫ̛ʱࢫम࠹࠻࠴ࢶࢫ࠻̆ˏ˵˵ˏ̛̌ࢫʱ̛͍ࢫ ࢫࢷ࠷࠵࠳࠵ • ½ʍͩࢫ͍ͩɄɾˏ̌ʳࢫʳɄˏ̌͛ࢫ̛̌ࢫͩ˂ʍࢫɾˏ̛͛͛ͅɄ˵ࢫ̛ʱࢫ͛ʍɲͷ͍ˏͩˏʍ͛ࢫ̛ͩͩɄ˵˵ʍɾࢫम࠻ࢶࢫ࠸̆ˏ˵˵ˏ̛̌ࢫɲ̛̆ͅɄ͍ʍɾࢫ̛ͩࢫʳɄˏ̌͛ࢫ̛ ࢫࢫࢶ࠷࠵࠳࠵ࢫˏ̌ࢫͅʍ͍ˏ̛ɾࢫɲ̛͍͍ʍ̛͛̌ͅɾˏ̌ʳࢫͩ˂ʍࢫʱ̛͍ࢫ̆ˏ˵˵ˏ̛̌ࢫ࠻ࢶ࠳࠹मࢫʱ Operating Expenses ė̛ͩɄ˵ࢫ̛ͅʍ͍Ʉͩˏ̌ʳࢫʍΦͅʍ̌͛ʍ͛ࢫɄ̛̆ͷ̌ͩʍɾࢫ̛ͩࢫम࠴ࢶࢫ࠼ɩˏ˵˵ˏ̛̌ࢫʱ̛͍ࢫͩ˂ʍࢫΩʍɄ͍ࢫʍ̌ɾʍɾ8ࢫʍɲʍ̆ɩʍ͍࠴࠶ࢫࢷࢫ࠸࠵࠳࠵ࢫɄࢫ ɾʍɲ͍ʍɄ͛ʍࢫ̛ʱ࠵࠴ࢫࢶ࠵य़ࢫ̛͍ࢫम࠸࠺࠵ࢶࢫ࠹̆ˏ˵˵ˏ̛̌ࢫ̛Θʍ͍ࢫͩ˂ʍࢫɲ̛͍͍ʍ̛͛̌ͅɾˏ̌ʳࢫͅʍ͍ˏ̛ɾࢫˏ̌࠷࠵࠳࠵ࢫࢶࢫࢫࢫė˂ʍࢫ͍ʍɾͷɲͩˏ̛̌ࢫ was primarily driven by lower administrative and staff costs, in addition to lower provision for credit losses for the period under review. 53

Assets and Liabilities ࢫ࠸ࢶ࠴࠷मࢫͩ˂ʍࢫʱ̛͍̆ࢫɩˏ˵˵ˏ̛̌ࢫ࠵ࢶ࠷࠷मࢫ̛ͩࢫय़࠺ࢶ࠹ࢫɩΩࢫˏ̌ɲ͍ʍɄ͛ʍɾࢫ࠸࠵࠳࠵ࢫࢷ࠴࠶ࢫ8ʍɲʍ̆ɩʍ͍ࢫɄͩࢫɄ͛ࢫɄ͛͛ʍͩ͛ࢫė̛ͩɄ˵ ɩˏ˵˵ˏ̛̌ࢫ͍ʍ̛͍ͩͅʍɾࢫɄ͛ࢫɄͩ8ࢫʍɲʍ̆ɩʍ͍࠴࠶ࢫࢷ࠷࠵࠳࠵ࢫࢶࢫė˂ʍࢫम࠵ࢶࢫ࠺ɩˏ˵˵ˏ̛̌ࢫˏ̌ɲ͍ʍɄ͛ʍࢫΝɄ͛ࢫͅɄ͍ͩˏɄ˵˵ΩࢫɄ͍ͩͩˏɩͷͩɄɩ˵ʍࢫ̛ͩ ࢫɄࢫम࠴ࢶࢫ࠼ɩˏ˵˵ˏ̛̌ࢫˏ̌ɲ͍ʍɄ͛ʍࢫˏ̌ࢫ˵̛Ʉ̌͛ࢫɄ̌ɾࢫ̛ͩ˂ʍ͍ࢫ͍ʍɲʍˏΘɄɩ˵ʍ͛ࢫɾ͍ˏΘʍ̌ࢫɩΩࢫ˂ˏʳ˂ʍ͍ࢫɲ˵ˏʍ̌ͩࢫ̆Ʉ͍ʳˏ̌͛ࢫ Ʉ̌ɾࢫ̛ͩ˂ʍ͍ࢫ͍ʍɲʍˏΘɄɩ˵ʍ͛ࢷࢫɄ̌ɾࢫɾͷʍࢫʱ̛͍̆ࢫ͍ʍ˵Ʉͩʍɾࢫɲ̛̆ͅɄ̌ˏʍ͛ࢫˏ̌ɲ͍ʍɄ͛ʍɾࢫɩΩࢫम࠴ࢶࢫ࠺ɩˏ˵˵ˏ̛̌ࢶࢫࢫė˂ˏ͛ࢫˏ͛ࢫ in addition to higher balances reported for reverse repurchase agreements, investment ̛͍ͅͅ ʍ͍ͩˏʍ͛ࢷࢫɾʍʱʍ͍͍ʍɾࢫͩɄΦࢫɄ͛͛ʍͩࢫɄ̌ɾࢫˏ̌ͩɄ̌ʳˏɩ˵ʍࢫɄ͛͛ʍͩࢶࢫࢫė˂ʍࢫˏ̌ɲ͍ʍɄ͛ʍࢫΝɄ͛ࢫ̛̆ɾʍ͍ɄͩʍɾࢫࢫɩΩࢫ˵̛Νʍ͍ࢫ balances recorded for promissory notes, cash resources and investment securities. ė̛ͩɄ˵ࢫ˵ˏɄɩˏ˵ˏͩˏʍ͛ࢫˏ̌ɲ͍ʍɄ͛ʍɾࢫɩΩ࠹ࢫࢶ࠼य़ࢫ̛͍ࢫम࠵ࢶࢫ࠷ɩˏ˵˵ˏ̛̌ࢫ̛Θʍ͍8ࢫʍɲʍ̆ɩʍ͍࠴࠶ࢫࢷ࠷࠵࠳࠵ࢫࢶࢫࢫė˂ʍࢫʳ̛͍Νͩ˂ࢫˏ̌ࢫͩ˂ʍࢫ ɩɄ˵Ʉ̌ɲʍࢫ͛˂ʍʍͩࢫɄ͛͛ʍͩ͛ࢫΝɄ͛ࢫͅɄ͍ͩˏɄ˵˵Ωࢫʱͷ̌ɾʍɾࢫɩΩࢫ˵̛Ʉ̌͛ࢫΝ˂ˏɲ˂ࢫΝʍ͍ʍࢫ˂ˏʳ˂ʍ͍ࢫɩΩ࠶ࢫࢶ࠷य़ࢫ̛͍ࢫम࠷࠷࠷ࢶࢫ࠶̆ ˏ˵˵ˏ̛̌ࢶࢫࢫė˂ˏ͛ࢫˏ͛ࢫˏ̌ࢫɄɾɾˏͩˏ̛̌ࢫ̛ͩࢫɄɲɲ̛ͷ̌ͩ͛ࢫͅɄΩɄɩ˵ʍࢫˏ̌ɲ͍ʍɄ͛ˏ̌ʳࢫɩΩࢫमࢫ࠶ɩˏ˵˵ˏ̛̌ࢫ̆Ʉˏ̌˵Ωࢫ̛̌ࢫɄɲɲ̛ͷ̌ͩࢫ̛ ʱࢫɲ˵ˏʍ̌ͩࢫͅɄΩɄɩ˵ʍ͛ࢫΝ˂ʍ̌ࢫɲ̛̆ͅɄ͍ʍɾࢫ̛ͩ8ࢫʍɲʍ̆ɩʍ͍࠴࠶ࢫࢷ࠷࠵࠳࠵ࢫࢶࢫࢫė˂ʍࢫˏ̌ɲ͍ʍɄ͛ʍࢫ̛ͩࢫ̛͛̆ʍࢫʍΦͩʍ̌ͩࢫ ΝɄ͛ࢫͩʍ̆ͅʍ͍ʍɾࢫɩΩࢫ˵̛Νʍ͍ࢫɩɄ̌ˬࢫ̛Θʍ͍ɾ͍ɄʱͩࢫɩɄ˵Ʉ̌ɲʍ͛ࢫ̛ʱࢫम࠼࠴࠶ࢶࢫ࠴̆ˏ˵˵ˏ̛̌ࢫɄ̌ɾࢫ͛ʍɲͷ͍ˏͩˏʍ͛ࢫ̛͛˵ɾࢫͷ̌ɾʍ͍ࢫ͍ ʍͅͷ͍ɲ˂Ʉ͛ʍࢫɄʳ͍ʍʍ̆ʍ̌ͩ͛ࢫ˵̛Νʍ͍ࢫɩΩࢫम࠴࠹࠺ࢶࢫ࠶̆ˏ˵˵ˏ̛̌ࢶ Mayberry Investments Limited’s Capital Base remains strong with total shareholders’ ʍ͋ͷˏͩΩࢫΘɄ˵ͷʍɾࢫɄͩࢫम࠹ࢶࢫ࠼ɩˏ˵˵ˏ̛̌ࢶࢫė˂ˏ͛ࢫ͍ʍ͛ͷ˵ͩʍɾࢫˏ̌ࢫɄࢫ̌ʍͩࢫɩ̛̛ˬࢫΘɄ˵ͷʍࢫͅʍ͍ࢫ͛˂Ʉ͍ʍࢫ̛ʱࢫम࠸ࢶࢫ࠵࠺ࣜ8ʍɲࢶ࠷࠵࠳࠵ࢫࢸࢫ ࣝࢶ࠴࠷ࢶ࠸म 54

REGULATORY AND CAPITAL REQUIREMENTS The Company’s regulatory capital base continues to be robust and compliant with ͍ ʍʳͷ˵Ʉ̛͍ͩΩࢫɩʍ̌ɲ˂̆Ʉ͍ˬ͛ࢶࢫ͛ࢫɄͩ8ࢫʍɲʍ̆ɩʍ͍࠴࠶ࢫࢷ࠸࠵࠳࠵ࢫࢷࢫͩ˂ʍࢫɲɄͅˏͩɄ˵ࢫ̛ͩࢫ͍ˏ͛ˬ࣒Νʍˏʳ˂ͩʍɾࢫɄ͛͛ʍͩࢫ͍Ʉͩˏ̛ࢫ̛ʱࢫ ࠻࠴ࢶ࠵य़ࢫʍΦɲʍʍɾ͛ࢫͩ˂ʍࢫʍ͛ͩɄɩ˵ˏ͛˂ʍɾࢫ̆ˏ̌ˏ̆ͷ̆ࢫ̛ʱ࠳࠴ࢫय़ࢫ͛ʍͩࢫɩΩࢫͩ˂ʍࢫkˏ̌Ʉ̌ɲˏɄ˵ࢫĊʍ͍Θˏɲʍ͛ࢫ-̛̆̆ˏ͛͛ˏ̛̌ࢫࣜ kĊ-ࣝࢶࢫࢫ̌ࢫɄɾɾˏͩˏ̛̌ࢷࢫėˏʍ͍ࢫ̛̌ʍࢫ-ɄͅˏͩɄ˵ࢫˏ͛࠼࠼ࢫय़ࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫ̛Θʍ͍Ʉ˵˵ࢫɲɄͅˏͩɄ˵ࢫɩɄ͛ʍࢫɄ̌ɾࢫ ʍΦɲʍʍɾ͛ࢫͩ˂ʍࢫ͍ʍʳͷ˵Ʉ̛͍ͩΩࢫ̆ˏ̌ˏ̆ͷ̆ࢫ̛ʱ࠳࠸ࢫय़ࢫʍ͛ͩɄɩ˵ˏ͛˂ʍɾࢫɩΩࢫͩ˂ʍࢫkĊ-ࢶࢫ 55

MIL Risk Management Framework Risk Management þʍɲ̛ʳ̌ˏηˏ̌ʳࢫͩ˂ʍࢫͅɄ͍Ʉ̛̆ͷ̌ͩࢫˏ̛͍̆ͩͅɄ̌ɲʍࢫ̛ʱࢫ͍ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫˏ̌ࢫ͛ɄʱʍʳͷɄ͍ɾˏ̌ʳࢫ͛ ˂Ʉ͍ʍ˂̛˵ɾʍ͍ࢫΘɄ˵ͷʍࢷࢫ·ɄΩɩʍ͍͍Ωࢫ˂Ʉ͛ࢫͩɄˬʍ̌ࢫ͛ˏʳ̌ˏёɲɄ̌ͩࢫ͍͛ͩˏɾʍ͛ࢫ̛ͩࢫʍ̌˂Ʉ̌ɲʍࢫˏͩ͛ࢫ͍ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ͍ͅ Ʉɲͩˏɲʍ͛ࢶࢫH̆ɩ͍Ʉɲˏ̌ʳࢫɄࢫ̛͍ͅɄɲͩˏΘʍࢫ͛ͩɄ̌ɲʍࢫ̛ͩΝɄ͍ɾ͛ࢫ͍ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢷࢫ·ɄΩɩʍ͍͍Ωࢫ͛ͷɲɲʍ͛͛ʱͷ˵˵Ωࢫ navigated challenges arising from severe weather events, including Hurricane Mellissa, Ʉ˵̛̌ʳ͛ˏɾʍࢫͩ˂ʍࢫ˵ˏ̌ʳʍ͍ˏ̌ʳࢫʍʱʱʍɲͩ͛ࢫ̛ʱࢫzͷ͍͍ˏɲɄ̌ʍࢫ%ʍ͍Ω˵ࢫɄ̌ɾࢫ̛࣒͛ͩͅ-ÌŅ8ࢫ͍ʍɲ̛Θʍ͍Ωࢫ͍ͅʍ͛͛ͷ͍ʍ͛ࢶ ė˂ʍࢫͅɄ͛͛Ʉʳʍࢫ̛ʱࢫzͷ͍͍ˏɲɄ̌ʍࢫ·ʍ˵˵ˏ͛͛Ʉࢫͷ̌ɾʍ͍͛ɲ̛͍ʍɾࢫͩ˂ʍࢫʳ̛͍Νˏ̌ʳࢫ͛ˏʳ̌ˏёɲɄ̌ɲʍࢫ̛ʱࢫɲ˵ˏ̆Ʉͩʍ࣒ related and environmental risks within the operating environment. While the hurricane ɾˏɾࢫ̛̌ͩࢫ͍ʍ͛ͷ˵ͩࢫˏ̌ࢫ̆Ʉͩʍ͍ˏɄ˵ࢫё̌Ʉ̌ɲˏɄ˵ࢫ˵̛͛͛ʍ͛ࢷࢫˏͩࢫ͍ʍ͋ͷˏ͍ʍɾࢫ˂ʍˏʳ˂ͩʍ̌ʍɾࢫ̛ͅʍ͍Ʉͩˏ̛̌Ʉ˵ࢫΘˏʳˏ˵Ʉ̌ɲʍࢷࢫ activation of relevant business continuity measures, and ongoing monitoring of infrastructure, systems availability, and staff safety. This proactive approach reinforces the resilience of the organization and fosters a culture of risk awareness and responsiveness at all levels. Mayberry’s Risk Management Framework ·ɄΩɩʍ͍͍Ω࣭͛ࢫþˏ͛ˬࢫ·Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫk͍Ʉ̆ʍΝ̛͍ˬࢫ͛ʍ͍Θʍ͛ࢫɄ͛ࢫɄࢫɲ̛͍̌ʍ̛͍͛ͩ̌ʍࢫʱ̛͍ࢫͩ˂ʍࢫ̛͍ʳɄ̌ˏηɄͩˏ̛࣭̌͛ࢫ͍͛ͩ Ʉͩʍʳˏɲࢫɩͷ͛ˏ̌ʍ͛͛ࢫʍΦʍɲͷͩˏ̛̌ࢷࢫͷ̌ɾʍ͍͛ɲ̛͍ˏ̌ʳࢫͩ˂ʍࢫˏ̌ͩʍʳ͍Ʉͩˏ̛̌ࢫ̛ʱࢫ͍ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ͍ͅɄɲͩˏɲʍ͛ࢫ into every facet of its operations. This comprehensive framework encompasses the ˏɾʍ̌ͩˏёɲɄͩˏ̛̌ࢷࢫɄ͛͛ʍ͛͛̆ʍ̌ͩࢷࢫ͍ͩʍɄͩ̆ʍ̌ͩࢷࢫ̛̆̌ˏ̛͍ͩˏ̌ʳࢷࢫɄ̌ɾࢫ͍ʍ̛͍ͩͅˏ̌ʳࢫ̛ʱࢫ͍ͅˏ̆Ʉ͍Ωࢫ͍ˏ͛ˬ͛ࢷࢫͩ˂ʍ͍ʍɩΩࢫ facilitating risk-reward optimization across the company’s diverse portfolio of assets and securities. ̌ͩʍʳ͍Ʉ˵ࢫ̛ͩࢫͩ˂ʍࢫþˏ͛ˬࢫ·Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫk͍Ʉ̆ʍΝ̛͍ˬࢫˏ͛ࢫɄࢫ̛͍ɩͷ͛ͩࢫʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ͍͛ͩͷɲͩͷ͍ʍࢷࢫ underpinned by the principles of transparency, accountability, and consistency. Mayberry adopts a three lines of defense approach, delineating clear roles and responsibilities Ʉ̛̆̌ʳࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ̛ʱࢫɩͷ͛ˏ̌ʍ͛͛ࢫ˵ˏ̌ʍ͛ࢷࢫˏ̌ɾʍͅʍ̌ɾʍ̌ͩࢫ-̛̆ͅ˵ˏɄ̌ɲʍࢫɄ̌ɾࢫþˏ͛ˬࢫʱͷ̌ɲͩˏ̛̌͛ࢷࢫɄ̌ɾࢫ ̌ͩʍ͍̌Ʉ˵ࢫͷɾˏͩࢶࢫė˂ˏ͛ࢫɲ̛˵˵Ʉɩ̛͍ɄͩˏΘʍࢫʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ̛̆ɾʍ˵ࢫʍ̌͛ͷ͍ʍ͛ࢫʍʱʱʍɲͩˏΘʍࢫ͍ˏ͛ˬࢫ̛Θʍ͍͛ˏʳ˂ͩࢫɄ̌ɾࢫ mitigation while aligning organizational objectives with stakeholder interests, including preparedness for climate-related disruptions. Risk Management Governance Mayberry’s risk management framework adopts a three lines of defense approach to governing risk, promoting transparency, accountability, and consistency through clearly ɾʍё̌ʍɾࢫ̛͍˵ʍ͛ࢸ 57

kˏ͍͛ͩࢫ§ˏ̌ʍࢫ̛ʱ8ࢫʍʱʍ̌͛ʍࢫ࣓ࢫ·Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ̛ʱࢫ%ͷ͛ˏ̌ʍ͛͛ࢫ§ˏ̌ʍ͛ࢸ Business line management is responsible for identifying, assessing, and managing risks in daily operations. This includes ensuring operational resilience during climate-related events such as hurricanes, adherence to business continuity plans, and compliance with all legal and regulatory requirements. Ċʍɲ̛̌ɾࢫ§ˏ̌ʍࢫ̛ʱ8ࢫʍʱʍ̌͛ʍࢫ࣓ࢫ-̛̆ͅ˵ˏɄ̌ɲʍࢫɄ̌ɾࢫþˏ͛ˬࢫkͷ̌ɲͩˏ̛̌ࢸ ė˂ʍࢫ-̛̆ͅ˵ˏɄ̌ɲʍࢫɄ̌ɾࢫþˏ͛ˬࢫʱͷ̌ɲͩˏ̛̌ࢫ̛͍ͅΘˏɾʍ͛ࢫˏ̌ɾʍͅʍ̌ɾʍ̌ͩࢫ̛Θʍ͍͛ˏʳ˂ͩࢫɄ̌ɾࢫɄ͛͛ͷ͍Ʉ̌ɲʍࢫɄɲ̛͍͛͛ࢫ market, credit, compliance, reputational, operational, and environmental risks. This function actively monitors climate-related developments, including hurricanes, assesses ̛ͩͅ ʍ̌ͩˏɄ˵ࢫˏ̆ͅɄɲͩ͛ࢷࢫɄ̌ɾࢫ̛͍ͅΘˏɾʍ͛ࢫͩˏ̆ʍ˵Ωࢫ͍ʍ̛͍ͩͅˏ̌ʳࢫ̛ͩࢫĊʍ̌ˏ̛͍ࢫ·Ʉ̌Ʉʳʍ̆ʍ̌ͩࢷࢫͩ˂ʍࢫ͛͛ʍͩࢫɄ̌ɾࢫ §ˏɄɩˏ˵ˏͩΩࢫ-̛̆̆ˏͩͩʍʍࢫࣜ§-ÌࣝࢷࢫɄ̌ɾࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢶ ė˂ˏ͍ɾࢫ§ˏ̌ʍࢫ̛ʱ8ࢫʍʱʍ̌͛ʍࢫ࣓ࢫ̌ͩʍ͍̌Ʉ˵ࢫͷɾˏͩࢸ ̌ͩʍ͍̌Ʉ˵ࢫͷɾˏͩࢫ̛͍ͅΘˏɾʍ͛ࢫˏ̌ɾʍͅʍ̌ɾʍ̌ͩࢫɄ̌ɾࢫ̛ɩ˥ʍɲͩˏΘʍࢫɄ͛͛ͷ͍Ʉ̌ɲʍࢫ̛̌ࢫͩ˂ʍࢫʍʱʱʍɲͩˏΘʍ̌ʍ͛͛ࢫ̛ʱࢫ controls, including those related to disaster preparedness, business continuity, and risk governance. ˵˵ࢫͩ˂͍ʍʍࢫ˵ʍΘʍ˵͛ࢫ͍ʍ̛͍ͩͅࢫ̛ͩࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢷࢫʍˏͩ˂ʍ͍ࢫɾˏ͍ʍɲͩ˵Ωࢫ̛͍ࢫͩ˂̛͍ͷʳ˂ࢫͩ˂ʍࢫ͛͛ʍͩ͛ࢫɄ̌ɾࢫ§ˏɄɩˏ˵ˏͩˏʍ͛ࢫ -̛̆̆ˏͩͩʍʍࢫɄ̌ɾࢫͷɾˏͩࢫ-̛̆̆ˏͩͩʍʍࢶ Strategic Alignment and Continuous Improvement Mayberry remains steadfast in integrating risk management into its strategic decision- ̆ Ʉˬˏ̌ʳࢫ̛͍ͅɲʍ͛͛ʍ͛ࢶࢫ½ʍΝࢫ̛͍ͅɾͷɲͩ͛ࢷࢫ̛͍ͅ˥ʍɲͩ͛ࢷࢫɄ̌ɾࢫʍ̆ʍ͍ʳˏ̌ʳࢫͩ˂͍ʍɄͩ͛ࢫɄ͍ʍࢫɄ͛͛ʍ͛͛ʍɾࢫͩ˂̛͍ͷʳ˂ࢫ the lens of enterprise risk management to ensure alignment with the company’s risk appetite. In light of Hurricane Mellissa, management has reinforced its focus on continuous monitoring, scenario analysis, and climate resilience planning. This includes periodic reviews of business continuity and disaster recovery arrangements to ensure readiness for future climate-related events. Key Risks Mayberry acknowledges the diverse array of risks inherent in its business model, ranging ʱ̛͍̆ࢫё̌Ʉ̌ɲˏɄ˵ࢫɄ̌ɾࢫ̛ͅʍ͍Ʉͩˏ̛̌Ʉ˵ࢫ͍ˏ͛ˬ͛ࢫ̛ͩࢫ͍͛ͩɄͩʍʳˏɲࢷࢫ͍ʍͅͷͩɄͩˏ̛̌Ʉ˵ࢷࢫɄ̌ɾࢫʍ̌Θˏ̛͍̌̆ʍ̌ͩɄ˵ࢫ ɲ̛̌ɲʍ͍̌͛ࢶࢫࢫɾʍͅɄ͍ͩ̆ʍ̌ͩɄ˵࣒˵ʍΘʍ˵ࢫ͍ˏ͛ˬࢫɄ͛͛ʍ͛͛̆ʍ̌ͩࢫ̆ʍɲ˂Ʉ̌ˏ͛̆ࢫ͛ͷ̛͍ͩ͛ͅͅࢫͩˏ̆ʍ˵Ωࢫˏɾʍ̌ͩˏёɲɄͩˏ̛̌ࢫ and mitigation of emerging threats, including climate-related risks. 58

2025 Risk Framework Overview ė˂̛͍ͷʳ˂̛ͷͩ࠸࠵࠳࠵ࢫࢷࢫͩ˂ʍࢫɄ̆ɄˏɲɄ̌ࢫё̌Ʉ̌ɲˏɄ˵ࢫ͛ʍɲ̛͍ͩࢫʱɄɲʍɾࢫɄࢫͷ̌ˏ͋ͷʍࢫ͛ʍͩࢫ̛ʱࢫɲ˂Ʉ˵˵ʍ̌ʳʍ͛ࢷࢫΝ˂ˏɲ˂ࢫ ·ɄΩɩʍ͍͍Ω࣭͛ࢫþˏ͛ˬࢫ·Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫk͍Ʉ̆ʍΝ̛͍ˬࢫΝɄ͛ࢫΝʍ˵˵ࢫ̛͛ͅˏͩˏ̛̌ʍɾࢫ̛ͩࢫɄɾɾ͍ʍ͛͛ࢶࢫė˂ʍ͛ʍࢫˏ̌ɲ˵ͷɾʍɾࢸ Cybersecurity Risks: ɲɲʍ˵ʍ͍ɄͩʍɾࢫɾˏʳˏͩɄ˵ࢫ͍ͩɄ̌͛ʱ̛͍̆Ʉͩˏ̛̌ࢫɄ̌ɾࢫͷ͛ʍࢫ̛ʱࢫ͍ͩˏёɲˏɄ˵ࢫ̌ͩʍ˵˵ˏʳʍ̌ɲʍࢫ̛͍ͅʳ͍Ʉ̆͛ࢫ˂ʍˏʳ˂ͩʍ̌ʍɾࢫ ʍΦ̛͛ͅͷ͍ʍࢫ̛ͩࢫɲΩɩʍ͍ࢫͩ˂͍ʍɄͩ͛ࢶࢫ·ɄΩɩʍ͍͍Ωࢫ͍͛ͩʍ̌ʳͩ˂ʍ̌ʍɾࢫˏͩ͛ࢫɾʍʱʍ̌͛ʍ͛ࢫͩ˂̛͍ͷʳ˂ࢫɄɾΘɄ̌ɲʍɾࢫ cybersecurity protocols and regular penetration testing. Market Volatility: Hɲ̛̛̌̆ˏɲࢫђͷɲͩͷɄͩˏ̛̌͛ࢫɄ̌ɾࢫʳʍ̛̛ͅ˵ˏͩˏɲɄ˵ࢫͩʍ̌͛ˏ̛̌͛ࢫˏ̌ɲ͍ʍɄ͛ʍɾࢫ̆Ʉ͍ˬʍͩࢫΘ̛˵Ʉͩˏ˵ˏͩΩࢶࢫė˂ʍࢫɲ̛̆ͅɄ̌Ωࢫ ʍ̆ͅ˵̛Ωʍɾࢫ̛͍ɩͷ͛ͩࢫё̌Ʉ̌ɲˏɄ˵ࢫ̛̆ɾʍ˵ˏ̌ʳࢫɄ̌ɾࢫ͍͛ͩʍ͛͛ࢫͩʍ͛ͩˏ̌ʳࢫ̛ͩࢫ̆Ʉ̌Ʉʳʍࢫͩ˂ʍ͛ʍࢫ͍ˏ͛ˬ͛ࢶ Regulatory Compliance: ̌ࢫʍΘ̛˵Θˏ̌ʳࢫ͍ʍʳͷ˵Ʉ̛͍ͩΩࢫʍ̌Θˏ̛͍̌̆ʍ̌ͩࢫ͍ʍ͋ͷˏ͍ʍɾࢫ͛ͷ͛ͩɄˏ̌ʍɾࢫΘˏʳˏ˵Ʉ̌ɲʍࢶࢫ·ɄΩɩʍ͍͍Ω࣭͛ࢫɲ̛̆ͅ˵ˏɄ̌ɲʍࢫ team ensured adherence to all legal and regulatory obligations. Environmental and Climate-Related Risks: -˵ˏ̆Ʉͩʍࢫɲ˂Ʉ̌ʳʍࢫɄ̌ɾࢫʍΦ͍ͩʍ̆ʍࢫΝʍɄͩ˂ʍ͍ࢫʍΘʍ̌ͩ͛ࢷࢫˏ̌ɲ˵ͷɾˏ̌ʳࢫzͷ͍͍ˏɲɄ̌ʍࢫ·ʍ˵˵ˏ͛͛Ʉࢷࢫ̛͛ͅʍɾࢫ increasing operational and resilience challenges. While no material adverse impact was recorded, the event necessitated enhanced monitoring, activation of precautionary measures, and continued evaluation of climate-related risks within strategic planning and risk assessments. Operational Risks: Potential disruptions from infrastructure damage, power outages, and reduced staff availability during severe weather events remain key considerations. Mayberry maintains robust and regularly tested business continuity and disaster recovery plans to mitigate these risks. 59

Conclusion ·ɄΩɩʍ͍͍Ω࣭͛ࢫ̛͍ͅɄɲͩˏΘʍࢫɄ̛͍ͅͅɄɲ˂ࢫ̛ͩࢫ͍ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢷࢫ͛ͷ̛͍ͩͅͅʍɾࢫɩΩࢫɄࢫ̛͍ɩͷ͛ͩࢫþˏ͛ˬࢫ Management Framework and strong governance structure, positions the company to ʍʱʱʍɲͩˏΘʍ˵Ωࢫ̌ɄΘˏʳɄͩʍࢫɄ̌ࢫʍΘ̛˵Θˏ̌ʳࢫ͍ˏ͛ˬࢫ˵Ʉ̌ɾ͛ɲɄͅʍࢶࢫė˂ʍࢫʍΦͅʍ͍ˏʍ̌ɲʍࢫ͛ͷ̛͍͍ͷ̌ɾˏ̌ʳࢫzͷ͍͍ˏɲɄ̌ʍࢫ Mellissa reinforced the importance of climate-related risk awareness, operational preparedness, and continuous monitoring. ͛ࢫͩ˂ʍࢫɲ̛̆ͅɄ̌Ωࢫ̛̆Θʍ͛ࢫˏ̛̌ͩ࠹࠵࠳࠵ࢫࢷࢫͩ˂ʍࢫþˏ͛ˬ8ࢫʍͅɄ͍ͩ̆ʍ̌ͩࢫ͍ʍ̆Ʉˏ̌͛ࢫɲ̛̆̆ˏͩͩʍɾࢫ̛ͩࢫ strengthening the risk culture, enhancing climate resilience, and ensuring that risk management continues to support strategic objectives, safeguard shareholder value, and promote long-term sustainability. 60

Mayberry Investments Limited Index 31 December 2025 Page Independent Auditors' Report to the Members Financial Statements Statement of Financial Position 1 Statement of Profit or Loss 2 Statement of Comprehensive Income 3 Statement of Changes in Equity 4 Statement of Cash Flows 5 Notes to the Financial Statements 6 – 6 6

PricewaterhouseCoopers, Scotiabank Centre, Duke Street, P.O. Box 372, Kingston, Jamaica T: +1 876 922 6230, F: +1 876 922 7581 www.pwc.com/jm B.L. Scott B.J. Denning G.A. Reece P.A. Williams R.S. Nathan C.I. Bell-Wisdom G.K. Moore T.N. Smith DaSilva K.D. Powell ,QGHSHQGHQWDXGLWRU VUHSRUW To the Members of Mayberry Investments Limited Report on the audit of the financial statements Our opinion In our opinion, the financial statements give a true and fair view of the financial position of Mayberry Investments Limited (the Company) as at 31 December 2025, and of its financial performance and its cash flows for the year then ended in accordance with IFRS Accounting Standards and with the requirements of the Jamaican Companies Act. What we have audited The Company's financial statements comprise: x the statement of financial position as at 31 December 2025; x the statement of profit or loss x the statement of comprehensive income for the year then ended; x the statement of changes in equity for the year then ended; x the statement of cash flows for the year then ended; and x the notes to the financial statements, comprising material accounting policy information and other explanatory information. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a

basis for our opinion. ,QGHSHQGHQFH We are independent of the Company in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code). We have also fulfilled our other ethical responsibilities in accordance with the IESBA Code. Responsibilities of management and those charged with governance for the financial statements Management is responsible for the preparation of the financial statements that give a true and fair view in accordance with IFRS Accounting Standards and with the requirements of the Jamaican Companies Act, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated fin ancial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key audit matter How our audit addressed the key audit matter Measurement of investment in associates Refer to Notes 2(c), 3(a) and 21 to the consolidated financial statements for disclosures of related accounting policies and balances. The Group’s total investments in associates was $13.97 billion as at 31 December 2025, representing holdings in certain investment securities, which range between 17% to 33% of the issued share capital and where there is board and/or board subcommittee representation. As per the Group’s accounting policies, management recognises associates as all entities over which the Group has significant influence but not control, generally accompanying a shareholding of 20% of the voting rights. As the Group is deemed by management to have a similar business model to an investment entity as defined by IFRS 10 - Consolidated Financial Statements, the Group has elected to implement the exemption from applying the equity method in IAS 28 - Investments in Associates and Joint Ventures and recognises its investment in associates at fair value through profit or loss in accordance with IFRS 9 - Financial Instruments. We focused our audit efforts on this balance due to its material impact on the financial statements and because the determination of the most appropriate accounting treatment and accounting standard involved a level of judgement applied by management. Our approach to addressing the matter, included the following procedures amongst others: x Performed inquiries and evaluated management’s accounting policies against the requirements of the applicable accounting standards. x Read and evaluated management’s position papers on the determination of the designation of the investments as associated companies. x Independently confirmed shareholdings of related associates with the local securities deposit’s registry. x Corroborated board and subcommittee membership through inspection of published submissions to the Jamaica Stock Exchange. x Evaluated management’s assertion that it qualifies for the exemption from equity accounting under IAS 28 by assessing the following: R the nature of the subsidiary’s operations; R how the business is managed; R how the performance of the subsidiary is assessed and management of the subsidiary is remunerated; and R whether the underlying information is consistent with the types of entities described by IAS 28 as being eligible for exemption. As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: x Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. x Obtain an understanding of internal control relevant to the audit 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 Company's internal control. x Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. x Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. x Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Report on other legal and regulatory requirements As required by the Jamaican Companies Act, we have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of our audit. In our opinion, proper accounting records have been kept, so far as appears from our examination of those records, and the accompanying financial statements are in agreement therewith and give the information required by the Jamaican Companies Act, in the manner so required. Chartered Accountants Kingston, Jamaica 31 March 2026

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Page 2 Mayberry Investments Limited Statement of Profit or Loss Year ended 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) Note s 202 5 $’000 202 4 $’000 Net Interest Income and Other Revenues Interest income 2,732,68 9 2,451,306 Interest expense (2,008,647) (1,801,407) Net interest income 4 724,042 649,899 Consulting fees and commissions 5 989,867 807,842 Dividend income 6 26,528 15,722 Net change in fair value on financial instruments at FVTPL (14,072) (5,634) Net trading gain s on financial instruments at AC 8,503 60,799 Net foreign exchange gains 203,409 186,791 Other income 131,349 97,497 Unrealised gains on investment properties 293,706 68,382 2,363,332 1,881,298 Operating Expenses Salaries, statutory contributions and other staff costs 7 747,051 777,589 Provision for credit losses (5,321) 148,130 Depreciation and amortisation 205,413 151,745 Other operating expenses 1,038,57 9 1,183,889 8 1,985,722 2,261,353 Profit /(Loss) before Taxation 377,610 (380,055) Taxation credit 9 260,314 519,337 Net Profit for the Year 637,924 139,282

Page 3 Mayberry Investments Limited Statement of Comprehensive Income Year ended 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 202 5 $’000 202 4 $’000 Net Profit for the Year 637,924 139,282 Other Comprehensive Income Net of Taxation: Item that will not be reclassified to profit or loss Net unrealised (losses) /gains on financial instruments – fair value through other comprehensive income (65,532) 126,235 Total Comprehensive Income for the Year 572,392 265,517

Page 4 Mayberry Investments Limited Statement of Changes in Equity Year ended 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) Profit for the year 637,924 637,924 Other comprehensive income - - (65,532) - - (65,532) Total comprehensive income - - (65,532) - 637,924 572,392 Transactions with Owners Dividend declared (Note 2 8 ) - - - - (200,000) (200,000) Balance at 31 December 202 5 1,201,149,291 1,582,382 394,633 77,939 4,817,468 6,872,422 No. of Shares Share Capital Fair Value Reserves Other Reserves Retained Earnings Total $’000 $’000 $’000 $’000 $’000 $’000 Balance at 1 January 2024 1,201,149,291 1,582,382 327,663 77,939 4,596,529 6,584,513 Profit for the year - - - - 139,282 139,282 Other comprehensive income - - 126,235 - - 126,235 Total comprehensive income - - 126,235 - 139,282 265,517 Transfer Between Reserves From fair value reserves - - 6,267 - (6,267) - Transactions with Owners Dividend paid (Note 2 8 ) - - - - (350,000) (350,000) Balance at 31 December 2024 1,201,149,291 1,582,382 460,165 77,939 4,379,544 6,500,030

Page 5 Mayberry Investments Limited Statement of Cash Flows Year ended 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) Note 202 5 $’000 202 4 $’000 Cash Flows from Operating Activities Profit /(Loss) before taxation 377,610 (380,055) Adjustments for: Items not affecting cash: Adjustments to reconcile net profit to net cash provided by operating activities 18 2,312,226 (50,626) Tax paid Interest received 2,755,808 2,455,177 Interest paid (1, 796,643 ) (1,839,791) Cash provided by operating activities 3,649,001 184,705 Cash Flows from Investing Activities Additions to intangible assets (566,477) (232,634) Proceeds from disposal of property, plant and equipment 6,365 Additions to property, plant and equipment 15 (51,345) (67,411) Cash used in investing activities (611,457) (300,045) Cash Flows from Financing Activities Dividend payment 2 8 (200,000) - Lease principal payment 17 (30,545) (14,202) Loans received 3,904,350 2,556,272 Loans repaid (3,804,404) (3,542,157) Cash used in financing activities (130,599) (1,000,087) Net Increase/( Decrease ) in Cash and Cash Equivalents 2,906,945 (1,115,427) Exchange gain /( loss ) on foreign cash balances 45,247 (147) Cash and cash equivalents at beginning of year 2,491,857 3,607,431 Cash and Cash Equivalents at End of Year 10 5,444,049 2,491,857

Page 6 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 1. Identification and Principal Activities Mayberry Investments Limited ("the Company") is a company limited by shares, incorporated and domiciled in Jamaica. It is 100% (2024 – 100%) owned by Mayberry Holdings Limited (“MHL”) which is also incorporated and domiciled in Jamaica. Mayberry Group Limited (“MGL”) is the ultimate parent company, and is incorporated and domiciled in Saint Lucia under the International Business Companies Act. The registered office of the Company is located at 1 ½ Oxford Road, Kingston 5. The Company is a licensed securities dealer and is a member of the Jamaica Stock Exchange. The Company has primary dealer status from the Bank of Jamaica. The principal activities of the Company comprise dealing in securities, portfolio management, investment advisory services, operating a foreign exchange cambio, managing funds on behalf of clients and administrative and investment management services for pension plans. 2. Material Accounting Policies The material accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied for all the years presented unless otherwise stated. (a) Basis of preparation These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS Accounting Standards) and IFRS Interpretations Committee (IFRIC) interpretations applicable to companies reporting under IFRS Accounting Standards. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investment securities at fair value through other comprehensive income (“FVTOCI”), and investment properties and certain financial assets at fair value through profit or loss (“FVTPL”). These financial statements are also prepared in accordance with requirements of the Jamaican Companies Act. The financial statements comprise the statement of profit and loss and statement of comprehensive income shown as two statements, the statement of financial position, the statement of changes in equity, the statement of cash flows and the notes.

Page 7 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 2. Material Accounting Policies (Continued) (a) Basis of preparation (continued) The preparation of financial statements in conformity with IFRS Accounting Standards requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, contingent assets and contingent liabilities at the end of the reporting period and the total comprehensive income during the reporting period. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will seldom equal the related actual results. The estimates and underlying assumptions are reviewed on an ongoing basis and any adjustments that may be necessary would be reflected in the year in which actual results are known. The areas involving more judgement and complexity or areas where assumptions or estimates are significant to the financial statements are disclosed in note 3. New, revised and amended standards and interpretations that became effective during the year Certain new standards, interpretations and amendments to existing standards have been published that became effective during the current financial year. x Amendments to IAS 21 - Lack of Exchangeability The Company has assessed the relevance of all such new standards, interpretations and amendments and has concluded that they did not have any impact on the amounts recognised in prior periods or current period. New, revised and amended standards and interpretations not yet effective and not early adopted by the Company Certain amendments to accounting standards have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the Company. x Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments x Annual improvements to IFRS – Volume 11 x IFRS 18, ‘Presentation and Disclosure in Financial Statements’ x IFRS 19, ‘Subsidiaries without Public Accountability: Disclosures’ These amendments are not expected to have a material impact on the entity in the future reporting periods and on foreseeable future transactions.

Page 8 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 2. Material Accounting Policies (Continued) (b) Foreign currency translation Items included in the financial statements are measured using the currency of the primary economic environment in which the Company operates (“the functional currency”). The financial statements are presented in Jamaican dollars, which is the Company’s functional and presentation currency, unless otherwise stated. Transaction and balances Foreign currency transactions are accounted for at the exchange rates prevailing at the dates of the transactions. At the date of the statement of financial position, monetary assets and liabilities denominated in foreign currencies are translated using the closing exchange rate at the date. Exchange differences resulting from the settlement of transactions at rates different from those at the dates of the transactions, and unrealized foreign exchange differences on unsettled foreign currency monetary assets and liabilities are recognized in the statement of profit or loss. Translation differences on non-monetary financial assets are a component of the change in their fair value. Depending on the classification of a non-monetary financial asset, exchange differences are either recognized in the statement of profit or loss (applicable for financial assets at FVTPL), or within other comprehensive income if non-monetary financial assets are equity instruments which are designated as FVTOCI. (c) Impairment of Non-Financial Assets Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. (d) Intangible assets &RPSXWHUVRIWZDUH Acquired computer software licenses and proprietary developed systems are capitalised on the basis of costs incurred to acquire and bring to use the specific software. These costs are amortised over the estimated useful life of the software, which ranges from 5 to 10 years.

Page 9 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 2. Material Accounting Policies (Continued) (e) Revenue recognition Revenue comprises the fair value of the consideration received or receivable for services provided in the ordinary course of business and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured, regardless of when the payment is made. Revenue is measured taking into account contractually defined terms of payment. Consulting fees and commission income: Consulting fees and commission income are recognized on an accrual basis when the performance obligations are satisfied, that is over time or at a point in time. Where a customer contract contains multiple performance obligations, the transaction price is allocated to each distinct performance obligation based on the relative stand-alone selling prices of the goods or services being provided to the customer. Consulting fees and commission arising from negotiating or participating in the negotiation of a transaction for a third party are recognized on completion of the underlying transaction. Portfolio and other management advisory and service fees are recognized based on the applicable service contracts. Asset management fees related to investment funds are recognized over the period the service is provided. Performance linked fees or fee components are recognized when the performance criteria are fulfilled.

Page 10 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 2. Material Accounting Policies (Continued) (f) Repurchase and reverse repurchase agreements Securities sold under agreements to repurchase (repurchase agreements), and securities purchased under agreements to resell (reverse repurchase agreements), are treated as collateralized financing transactions. The difference between the sale/purchase and repurchase/resale price is treated as interest and accrued over the lives of the agreements using the effective yield method. (g) Loans and receivables and provisions for credit losses The Company recognizes loss allowances for expected credit losses (ECL) on the following financial instruments: loans and other receivables, promissory notes, due from related parties and debt instruments carried at amortised cost. Loans are recognized when cash is advanced to borrowers. They are initially recorded at cost, which is the cash given to originate the loan including any transaction costs, and subsequently measured at amortized cost using the effective interest rate method. The Company applies the “three stage model under IFRS 9 in measuring the ECL on loans and receivables, and makes estimations about likelihood of defaults occurring, associated loss ratios, changes in market conditions, and expected future cash flows. This is measured using the Probability of Default (PD), Exposure at Defaults (EAD) and Loss Given Default (LGD) for a portfolio of assets. x Probability of Default - This represents the likelihood of a borrower defaulting on its financial obligation either over the next 12 months (12-month PD), or over the remaining lifetime (Lifetime PD) of the obligation. x Exposure at Default - This represents the expected balance at default, taking into account the repayment of principal and interest from the statement of financial position date to the default event together with any expected drawdowns of committed facilities. x Loss Given Default – The LGD represents expected losses on the EAD given the event of default, taking into account the mitigating effect of collateral value at the time it is expected to be realised and also the time value of money. The ‘three stage’ model is used to categorise financial assets according to credit quality as follows: x Stage 1 – financial assets that are not credit impaired on initial recognition or are deemed to have low credit risk. These assets generally abide by the contractual credit terms. The ECL is measured using a 12-month PD, which represents the probability that the financial asset will default within the next 12 months. Stage 2 – financial assets with a significant increase in credit risk (SICR) since initial recognition, but are not credit impaired. The ECL is measured using a lifetime PD. x Stage 3 – credit impaired financial assets. The ECL is measured using a lifetime PD. Transfer between stages Financial assets can be transferred between the different categories depending on their relative increase in credit risk since initial recognition. Financial instruments are transferred out of stage 2 if their credit risk is no longer considered to be significantly increased since initial recognition. Financial instruments are transferred out of stage 3 when they no longer exhibit any evidence of credit impairment. This assessment is done on a case-by-case basis.

Page 11 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 2. Material Accounting Policies (Continued) (g) Loans and receivables and provisions for credit losses (continued) The Company considers forward-looking information in determining the PDs of financial assets. Significant Increase in Credit Risk (SICR) The assessment of SICR is performed for individual loans, taking into consideration the sector grouping of the individual exposures, and incorporates forward-looking information. It also considers qualitative criteria specific to the borrower's risk rating, early signs of cash flow/liquidity problems and expected significant adverse change in the financial condition of the borrower. However, this assessment will differ for different types of lending arrangements. Backstop Irrespective of the above qualitative assessment, the Company presumes that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due. The Company has monitoring procedures in place to assess whether the criteria used to identify SICR continue to be appropriate. The ECL is determined by projecting the PD, LGD and EAD, which are multiplied together and discounted back to the reporting date. The discount rate used in the ECL calculation is the original effective interest rate or an approximation thereof. A loan is classified as impaired when, in management's opinion there has been deterioration in credit quality to the extent that there is no longer reasonable assurance of timely collection of the full amount of principal and interest. Write offs are made when the Company determines that there is no realistic prospect of recovery. Write offs are charged against previously established provisions for credit losses. Recoveries in part or in full of amounts previously written off are credited to provision for credit losses in the statement of profit or loss. (h) Financial assets i. Initial recognition and measurement Financial assets are recognised when the Company becomes a party to the contractual provisions of the instrument. This includes regular way purchases of financial assets and liabilities that require delivery of assets within the time frame generally established by regulation or convention in the market place. The classification of financial instruments at initial recognition depends on their contractual terms and the business model for managing the instruments. Financial instruments are initially measured at their fair value, plus or minus directly attributable transaction costs for all instruments except in the case of financial assets recorded at FVTPL. For financial instruments measured at FVTPL transaction costs are expensed in the statement of profit and loss.

Page 12 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 2. Material Accounting Policies (Continued) (h) Financial assets (continued) ii . Classification and subsequent measurement The Company classifies all of its financial assets based on the business model for managing the assets and the assets contractual terms. The following measurement categories are used in accordance with the requirements of IFRS 9: x those to be measured at FVTOCI x FVTPL, and x those to be measured at amortised cost. iii. Business model assessment IFRS 9 requires an assessment of the nature of the Company’s business model at a level that best reflects how it manages portfolios of financial assets. The business model reflects how the Company manages the assets in order to generate cash flow; this is, whether the Company’s objective is solely to collect the contractual cash flows from the assets or is to collect both the contractual cash flows and cash flows arising from the sale of assets. If neither of these is applicable (e.g., financial assets are held for trading purposes), then the financial assets are classified as “Other” business model and measured at FVTPL. Factors considered by the Company in determining the business model for a group of assets include: 1. How the asset’s performance is evaluated and reported to key management personnel; 2. How risks are assessed and managed; and 3. How managers are compensated. The Company has determined that it has three business models: x Hold-to-collect (HTC) business model: This comprises, cash and cash equivalents debt securities, promissory notes, loans and other receivables, reverse repurchase agreements and accounts receivables. These financial assets are held to collect contractual cash flows. x Hold-to-collect-and-sell (HTCS): where both collecting and contractual cash flows and cash flows arising from the sale of assets are the objective of the business model. x Other business model: This comprises equity investments. These financial assets are managed and their performance is evaluated, on a fair value basis. Solely payments of principal and interest (SPPI) assessment. Debt instruments held within HTC or HTCS business model are assessed to evaluate if their contractual cash flows are SPPI. SPPI payments are those which would typically be expected from basis lending arrangements. Principal amounts include par repayments from lending and financing arrangements, and interest primarily relates to basic lending returns, including compensation for credit risk and the time value of money associated with the principal amount outstanding over a period of time. Interest can also include other basic lending risks and costs (for example, liquidity risk, servicing or administrative costs) associated with holding the financial asset for a period of time, and a profit margin.

Page 13 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 2. Material Accounting Policies (Continued) (h) Financial assets (continued) iv. Debt Instruments Debt instruments include cash and bank balances, loans and other receivables, investment securities, guarantees and other assets. Classification and subsequent measurement of debt instruments depend on the Company’s business model for managing the asset and the cash flow characteristics of the asset. Debt instruments are measured at amortised cost if they are held for collection of contractual cash flows where those cash flows represent SPPI. Interest income from these financial assets is included in interest income using the effective interest method. Any gain or loss arising on de-recognition is recognized directly in profit or loss together with foreign exchange gains or losses. Impairment losses are presented as a separate line item in the statement of profit or loss. The Company’s financial assets measured at amortised cost comprise cash resources, trade receivables, investment securities for which the objective is to hold these investment securities in order to collect contractual cash flows and the contractual cash flows are SPPI, reverse repurchase agreements, promissory notes, other receivables and amounts due from related companies in the statement of financial position. Debt instruments measured at FVTPL are those which were either acquired for generating a profit from short term fluctuations in price or dealers' margin, or are securities included in a portfolio in which a pattern of short term profit taking exists or which fail the SPPI test. The Company reclassifies debt instruments when and only when its business model for managing those assets changes. The reclassification takes place from the start of the first reporting period following the change. Such changes are expected to be very infrequent, and none occurred during the period. v. Equity Instruments Financial assets measured at FVTOCI Where the Company has made an irrevocable election to classify equity investments at FVTOCI, they are carried at fair value with changes in fair value recognised in other comprehensive income and accumulated in the related fair value reserve. There is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment, these realised gains are reclassified directly to retained earnings. Financial assets measured at FVTPL This category comprises financial instruments which are carried in the statement of financial position at fair value with changes in fair value recognised in the statement of profit or loss in the “financial instruments – FVTPL” line. The Company has equity investments held for trading which it has classified as being at FVTPL.

Page 14 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 2. Material Accounting Policies (Continued) (h) Financial assets (continued) vi. Impairment Credit loss allowance are measured on each reporting date according to a three-stage expected credit loss impairment model. Changes in the required ECL are recorded in profit or loss for the period at each reporting date. ECL are established for all financial assets, except for financial assets classified or designated as FVTPL and equity securities designated as FVTOCI, which are not subject to impairment assessment. Financial assets subject to impairment assessment include loans and receivables, debt securities, reverse repurchase agreements, due from related parties and promissory notes. Loans and receivables, promissory notes and debt securities carried at amortised cost are presented net of ECL on the statement of financial position. The Company assesses on a forward looking basis the ECL associated with its financial assets classified at amortised cost. The estimation of credit exposure for risk management purposes requires the use of complex models, as the exposure varies with changes in market conditions, expected cash flows and the passage of time. The assessment of credit risk of a portfolio of assets entails further estimations as to the likelihood of defaults occurring, of the associated loss ratios and of defaults correlations between counterparties. The Company measures risk using PD, EAD and LGD. The methodology used to determine the amount of the provision is based on whether there has been a significant increase in credit risk since initial recognition of the financial asset. For those where the credit risk has not been increased significantly since initial recognition of the financial asset, twelve month ECLs along with gross interest income are recognised. For those for which credit risk has increased significantly, lifetime ECLs along with interest income on a net basis are recognised. The Company assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due.

Page 15 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 2. Material Accounting Policies (Continued) (h) Financial assets (continued) vii. De-recognition The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset have expired, or when it transfers the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred, or in which the Company neither transfers nor retains substantially all the risks and rewards of ownership and it does not retain control of the financial asset. Any interest in transferred financial assets that qualify for de-recognition that is created or retained by the Company is recognized as a separate asset or liability in the statement of financial position. On de-recognition of a financial asset, the difference between the carrying amount of the asset (or carrying amount allocated to the portions of the asset transferred), and the sum of (i) the consideration received (including any new assets obtained less any new liability assumed) and (ii) any cumulative gain/loss recognized in OCI in respect of equity investment securities but transferred from OCI to retained earnings on disposal. viii.Revenue Interest income and expense are recognised in arriving at net profit or loss for all interest-bearing instruments on the accrual basis using the effective yield method based on the actual purchase price. Interest income includes coupons earnings on fixed income investments and accrued discounts or premiums on instruments. The effective interest method is a method of calculating the amortised cost of a financial asset or a financial liability and of allocating the interest income or interest expenses over the relevant period. The effective interest rate is the rate that exactly discounts the estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Company estimates cash flows considering the contractual terms of the financial instrument but does not consider future credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums and discounts. When a loan is classified as impaired it is written down to its recoverable amount and interest income on the loans is thereafter recognized based on the rate of interest that was used to discount the future cash flows for measuring the recoverable amount. Dividend income is recognized when the stockholder's right to receive payment is established. (i) Financial liabilities Financial liabilities are initially recognised at fair value, being their issue proceeds, net of transaction costs directly attributable to the issue of the instrument. Borrowings are subsequently carried at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is a constant rate on the balance of the liability carried in the statement of financial position. The Company’s financial liabilities comprise primarily amounts due to banks, repurchase agreements, accounts payable, debt security in issue and amounts due to related companies. The Company derecognises a financial liability when its contractual obligations are discharged, cancelled or expired.

Page 16 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 2. Material Accounting Policies (Continued) (j) Property, plant and equipment All property, plant and equipment are stated at historical cost less accumulated depreciation. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any replaced part is derecognised. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred. Depreciation is calculated on the straight-line basis at annual rates estimated to write off the cost of the assets over their expected useful lives as follows: Furniture, fixtures and fittings 10 years Office equipment 5 years Computer equipment 5 years Motor vehicles 3 years Leasehold improvements 30 years Depreciation methods, useful lives and carrying values are reassessed at the reporting date. Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount. The recoverable amount is the higher of the asset’s fair value less costs to sell and value in use. Gains or losses on disposal of property, plant and equipment are determined by reference to their carrying amounts and are taken into account in determining profit or loss. (k) Investment properties Investment properties, principally comprising land and buildings from foreclosed assets, are held for capital appreciation and sale and are treated as long-term investments. They are measured initially at cost, including related transaction costs and are subsequently carried at fair value with changes in the carrying amount recognised in profit or loss. The carrying amount includes repairs and maintenance costs to investment property at the time that the cost is incurred only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to profit or loss during the financial period in which they are incurred. Capital gains on disposals of investment properties are calculated by comparison with their latest market value recorded in the closing statement of financial position for the previous year. Fair value is determined periodically by an independent registered valuer. Fair value is based on current prices in an active market for similar properties in the same location and condition. Some of these properties are used as collateral for the Company’s corporate paper (Note 21)

Page 17 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 2. Material Accounting Policies (Continued) (l) Borrowings Borrowings including those arising under securitization arrangements are recognized initially at cost, being their issue proceeds, net of transaction costs incurred. Subsequently, borrowings are stated at amortised cost and any difference between net proceeds and the redemption value is recognized in the statement of profit or loss over the period of the borrowings using the effective yield method. (m) Share capital Ordinary shares are classified as equity when there is no obligation to transfer cash or other assets. Preference share capital is classified as equity except where it is redeemable on a specific or determinable date or at the option of the shareholders and/or if dividend payments are not discretionary, in which case it is classified as a liability. (n) Employee benefits (i) Pension scheme costs The Company operates a defined contribution pension scheme (Note 33), the assets of which are held in a separate trustee administered fund. Contributions to the scheme are fixed and are made on the basis provided for in the rules. Contributions are charged to the statement of profit or loss when due. The Company has no legal or constructive obligation beyond paying these contributions. (ii) Profit-sharing and bonus plan The Company recognizes a liability and an expense for bonuses and profit-sharing based on a formula that takes into consideration the profit attributable to the Company's stockholders after certain adjustments. The Company recognizes a provision where contractually obliged or where there is a past practice that has created a constructive obligation. (iii) Other employee benefits: Employee entitlement to annual leave and other benefits are recognized when they accrue to employees. A provision is made for the estimated liability for annual leave and other benefits as a result of services rendered by employees up to the end of the reporting period.

Page 18 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 2. Material Accounting Policies (Continued) (o) Leases The Company leases various offices, and vehicles. Rental contracts are typically made for fixed periods of 1 to 25 years but may have extension options as described below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. All leases are accounted for by recognising a right-of-use asset and a lease liability for all leases with a term greater than 12 months. Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the Company's incremental borrowing rate on commencement of the lease is used. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate. On initial recognition, the carrying value of the lease liability also includes amounts expected to be payable under any residual value guarantee, the exercise price of any purchase option granted in favour of the Company if it is reasonably certain to exercise that option, any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercised. Right-of-use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for lease payments made at or before commencement of the lease, initial direct costs incurred and the amount of any provision recognised where the Company is contractually required to dismantle, remove or restore the leased asset. Subsequent to initial measurement, lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset, whichever is shorter. When the Company revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted at the same discount rate that applied on lease commencement. The carrying value of lease liabilities is similarly revised when the variable element of future payments dependent on a rate or index is revised. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining lease term.

Page 19 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 2. Material Accounting Policies (Continued) (p) Taxation Taxation expense in the statement of profit or loss and statement of comprehensive income comprises current and deferred tax charges. Current taxation charge is the expected taxation payable on the taxable income for the year, using tax rates enacted at the reporting date and any adjustment to tax payable and tax losses in respect of previous years. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Currently enacted tax rates are used in the determination of deferred income tax. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the asset will be realized or the liability will be settled based on enacted rates. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Management has reviewed the investment portfolio and concluded that none of the Company’s investment properties are held under a business model whose objective is to consume substantially all the economic benefits embodied in the investment properties over time, rather than entirely through sale. As a result the Company has not recognized any deferred taxes on changes in fair value of the investment properties as the Company is not subject to any income taxes on the fair value changes of the investment properties on disposal. Current and deferred tax assets and liabilities are offset when they arise from the same taxable entity and relate to the same Tax Authority and when the legal right of offset exists. Deferred tax is charged or credited in the statement of profit or loss except where it relates to items charged or credited to equity, in which case deferred tax is also accounted for in equity. The principal temporary differences arise from depreciation of property, plant and equipment, revaluation of certain financial assets and tax losses carried forward. (q) Provisions Provisions are recognised when there is a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. (r) Cash and cash equivalents Cash and cash equivalents include cash on hand, and highly liquid financial assets with original maturities of less than three months, which are subject to insignificant risk of changes in their fair value and are used by the Company in the management of its short-term commitments. Cash and cash equivalents are carried at amortised cost in the statement of financial position. For the purposes of the cash flow statement, cash and cash equivalents comprise balances with original maturities of less than three months from the date of acquisition, including cash resources and bank overdraft.

Page 20 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 2. Material Accounting Policies (Continued) (s) Funds under management The Company accepts funds from individuals and institutions to manage with complete discretion and without reference to the account holders, in accordance with the relevant guidelines issued by the Financial Services Commission, taking into account the investment objective and risk profile of the account holder. The Company also acts in other fiduciary capacities that result in holding or placing of assets on behalf of individuals and institutions. These assets and income arising thereon are excluded from these financial statements, as they are not assets of the Company. (t) Dividends Dividends are recognized when they become legally payable. In the case of interim dividends to equity shareholders, these are payable when declared by the directors. In the case of final dividends, these are payable when approved by shareholders at the Annual General Meeting. (u) Segment reporting An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the entity’s Chief Operating Decision Maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance; and for which discrete financial information is available. Based on the information presented to and reviewed by the CODM, the entire operations of the Company are considered as one operating segment. (v) Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an unconditional and legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the assets and settle the liabilities simultaneously. 3. Critical Accounting Judgements and Estimates (a) Critical judgements in applying the Company’s accounting policy The preparation of the financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgement in applying the Company’s accounting policies. The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities within the next financial year. This note provides an overview of the major sources of estimation uncertainty that have a significant risk of resulting in a material adjustment within the next financial year. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Detailed information about each of these estimates and judgements is included in the related notes together with information about the basis of calculation for each affected line item in the financial statements.

Page 21 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 3. Critical Accounting Judgements and Estimates (Continued) (b) Key Sources of estimation uncertainty (i) Impairment losses on loans, investments and receivables The Company reviews its loan and investment portfolios to assess impairment at least on a quarterly basis. In determining whether an impairment loss should be recorded in the statement of profit or loss, the Company makes judgements as to whether there are any observable data indicating that there is a measurable decrease in the estimated future cash flows from the loans resulting from adverse change in the payment status of the borrower or national and economic conditions that correlate with defaults on loans and investments in the Company. Management uses estimates based on historical loss experience for assets with credit risk characteristics and objective evidence of impairment similar to those in the portfolio when scheduling its future cash flows. The methodology and assumptions used for estimating both the amount and timing of future cash flows are reviewed regularly to reduce any differences between loss estimates and actual loss experience. (ii) Income taxes There are certain transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Company recognises liabilities for actual and anticipated tax audit issues based on estimates of whether additional taxes will be due. In determining these estimates, Management considers the merit of any tax audit issues raised, based on their interpretation of the taxation laws, and their knowledge of any precedents established by the taxation authorities. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences could materially impact the current tax and deferred tax provisions in the period in which such determination is made. The Company also recognises deferred tax assets on tax losses carried forward where it anticipates making future taxable income to offset these losses.

Page 22 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 3. Critical Accounting Judgements and Estimates (Continued) (b) Key Sources of estimation uncertainty (continued) (iii) Fair value of financial assets A significant amount of financial assets and liabilities included in the Company’s financial statements require measurement at, and/or disclosure of fair value. Management uses its judgment in selecting appropriate valuation techniques supported by appropriate assumptions to determine fair value of investment securities (Note 32). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market price is used to determine fair value of a financial instrument. For financial instruments where no market price is available, the fair values presented have been estimated using present value or other estimation and valuation techniques based on market conditions existing at the end of the reporting period. The values derived from applying these techniques are significantly affected by the underlying assumptions used concerning both the amounts and timing of future cash flows and the discount rates. The following methods and assumptions have been used: (i) Investment securities classified as FVTPL and FVTOCI are measured at fair value by reference to quoted market prices when available. If quoted market prices are not available, then fair values are estimated on the basis of pricing models or discounted cash flows or other recognized valuation techniques. The fair values of liquid assets and other maturing within one year are assumed to approximate their carrying amount. The assumption is applied to liquid assets and short term elements of all financial assets and liabilities. (ii) The fair values of variable rate financial instruments are assumed to approximate their carrying amounts. The Company uses the following hierarchy in determining and disclosing the fair value of financial instruments by valuation technique: Level 1 quoted prices in active markets for identical assets or liabilities Level 2 other techniques for which all inputs which have a significant effect on the recorded fair value is observable, either directly or indirectly. Level 3 techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. Transfers of items between levels are recognised in the period they occur.

Page 23 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 4. Net Interest Income 2025 2024 $’000 $’000 Interest income - Investment securities measured at FVTPL 58,383 32,038 Investments, loans and promissory notes at amortised cost 2,674,306 2,419,268 2,732,68 9 2,451,306 Interest expense - Margin loans with brokers 92,955 116,936 Securities sold under repurchase agreements 583,545 585,354 Corporate papers and notes 1,234,425 1,035,784 Other 97,722 63,333 2,008,647 1,801,407 724,042 649,899 5. Consulting Fees and Commissions 2025 2024 $’000 $’000 Services transferred at a point in time - Brokerage fees and commissions 690,61 3 593,649 Structured financing fees 35,002 36,277 725,61 5 629,926 Services transferred over time - Portfolio management 264,252 177,916 989,86 7 807,842 6. Dividend Income 202 5 202 4 $’000 $’000 Subsidiaries - Equity securities measured at FVTPL 23,533 5,352 Equity securities measured at FVTOCI 2,995 10,370 26,528 15,722

Page 24 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 7. Salaries, Statutory Contributions and Staff Costs 202 5 202 4 $’000 $’000 Wages and salaries 633,655 667,913 Statutory contributions 74,808 69,691 Pension contributions 15,634 13,190 Training and development 9,590 15,198 Staff welfare 13,364 11,597 747,051 777,589 The number of employees at year-end was 107 (2024 –117). 8. Expenses by Nature 202 5 202 4 $’000 $’000 Sales, marketing, and public relations 92,449 114,848 Auditors’ remuneration 13,504 19,106 Computer expenses 125,883 76,379 Depreciation (Note 15) 21,354 21,656 Amortisation of intangibles (Note 26) 146,052 111,906 Amortisation – right-of-use assets (Note 17) 38,007 18,183 Provision for credit losses (5,321) 148,130 Insurance 30,007 37,954 Licensing fees 161,149 109,678 Short term lease expense 21,441 13,772 Legal and professional fees 285,083 217,478 Registrar and broker fees 21,247 21,197 Directors' fees 20,912 18,057 Bank charges 21,757 21,836 Repairs and maintenance 5,105 8,200 Salaries, statutory contributions and staff costs (Note 7) 747,051 777,589 Security 18,309 20,942 Travelling and motor vehicles expenses 15,801 6,474 Assets tax 87,535 84,624 Operational losses 1,873 255,492 Utilities 48,752 53,618 Irrecoverable general consumption taxes 44,305 66,781 Other operating expenses 23,467 37,453 1,985,722 2,261,353 Fees for non-audit services for the year were $1,985,000 (2024 - $1,890,000).

Page 25 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 9. Taxation (a) Taxation is based on the operating results for the year, adjusted for taxation purposes, and is made up as follows: 202 5 202 4 $’000 $’000 Current year income tax at 33 1/3% - - Deferred tax/(credit) (Note 21) (260,314) (519,337) Taxation credit (260,314) (519,337) (b) Reconciliation of theoretical tax credit that would arise on profit before taxation using applicable tax rate to actual tax charge. 202 5 202 4 $’000 $’000 Profit/(Loss) before taxation 377,610 (380,055) Tax calculated at a tax rate 33 1/3% 125,870 (126,685) Adjustments for the effects of: Expenses not deductible for tax 40,138 37,584 Income not subject to tax (349,397) (331,856) Other adjustments (76,925) (98,380) Taxation credit (260,314) (519,337) (c) Subject to agreement with Tax Administration Jamaica, the Company’s tax losses of approximately $5,382 million (2024 - $4,613 million) are available for set-off against future taxable profits. (d) Tax charge relating to components of other comprehensive income is as follows: 2025 $’000 2024 $’000 Before tax Tax charge After tax Before tax Tax credit After tax Item that will not be reclassified to profit or loss Net unrealised gains/(losses) on financial instruments - FVTOCI (79,923) 14,391 (65,532) 145,908 (19,673) 126,235 Other Comprehensive Income for the Year (79,923) 14,391 (65,532) 145,908 (19,673) 126,235 Deferred taxation (Note 21) 14,391 (19,673)

Page 26 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 10. Cash Resources 202 5 202 4 $’000 $’000 Current accounts - Jamaican dollar 596,266 789,162 Current accounts - Foreign currencies 1,328,095 1,805,202 Deposits - Jamaican dollar 1,488 1,488 Cash in hand 230 329 1,926,079 2,596,181 For the purposes of cash flow statement, cash and cash equivalents comprise the following: 2025 2024 $’000 $’000 Cash resources 1,926,079 2,596,181 Investment securities with 90 - day maturity 3,906,344 603,184 Bank overdraft (388,374) (707,508) 5,444,049 2,491,857 National Commercial Bank Jamaica Limited (“NCB”) holds as security, Government of Jamaica Global Bond with a nominal value of US$219,000(2024 - US$219,000), to cover its overdraft facility of $200,000,000. NCB also holds as security Government of Jamaica Benchmark Notes with a nominal value of $150,000,000 (2024 - $18,400,000) and a lien over idle cash balances to cover 10% of the un-cleared effects limit of $60,000,000 i.e. $6,000,000. A revolving credit line facility of $575,000,000 was granted in February 2020, by Sagicor Bank Jamaica Limited to assist with the working capital requirements of the Company. This overdraft facility is unsecured at a current effective interest rate of 9% per annum. The facility is reviewed on an annual basis.

Page 27 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 11. Investment Securities 202 5 202 4 $’000 $’000 Investment securities at FVTPL - Debt securities Government of Jamaica bonds 15,248 22,346 Foreign government bonds 10,213 25,828 Corporate bonds 310,203 37,232 Equities 57,308 37,187 Total FVTPL 392,972 122,593 Investment securities at FVTOCI - Equities 557,275 635,260 Total FVTOCI 557,275 635,260 Investment securities at amortised cost, net of ECL - Debt securities Government of Jamaica bonds 5,298,026 5,235,405 Foreign government bonds 93 217 Corporate bonds 2,819,153 3,635,902 Less ECL (15,481) (27,428) Total investment securities at amortised cost, net of ECL 8,101,791 8,844,096 9,052,038 9,601,949 Accrued interest 24,722 25,847 Total investment securities 9,076,760 9,627,796 The Government and Corporate bonds are used as collateral for the Company's demand loans received from, Oppenheimer and Co. Inc. and Morgan Stanley (Note 20). The movement in the ECL determined under the requirements of IFRS is as follows: 202 5 202 4 $’000 $’000 Balance at beginning of year 27,428 8,997 Net increase included in provision for credit losses (11,947) 18,431 Balance at end of year 15,481 27,428 The current portion of investment securities is $6,457 million (2024 - $5,727 million).

Page 28 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 12. Reverse Repurchase Agreements The Company enters into repurchase and reverse repurchase agreements collateralised by Government of Jamaica debt securities. These agreements may result in credit exposure in the event that the counterparty to the transaction is unable to fulfil its contractual obligations. 202 5 202 4 $’000 $’000 Reverse repurchase agreements 4,208,414 3,268,133 Interest receivable 24,311 37,190 4,232,725 3,305,323 Included in reverse repurchase agreements is $4,208,414,000 (2024: $3,268,133,000) which matures within the next 12 months, of which $3,906,345 (2024: $603,184,000) with original maturities of 90 days or less, are regarded as cash and cash equivalents for the purposes of the statement of cash flows. 13. Promissory Notes 2025 2024 $’000 $’000 Gross loans 5,111,096 6,744,562 Less: Allowance for credit losses (393,755) (388,506) Interest receivable 172,33 7 181,452 4,889,67 8 6,537,508 This represents Jamaican and United States dollar promissory notes from customers. These are hypothecated against balances held for the customers, registered mortgages and other properties. The current portion of promissory notes is $3,975 million (2024 - $4,718 million). The movement in the ECL determined under the requirements of IFRS is as follows: 202 5 202 4 $’000 $’000 Balance at beginning of year 388,506 228,680 Net increase included in provision for credit losses 24,290 171,045 Write-offs (19,041) (11,219) Balance at end of year 393,755 388,506

Page 29 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 14. Loans and other Receivables 2025 2024 $’000 $’000 Client margins 7,034,641 5,448,135 Client receivables 3,661,685 3,425,734 Due from broker - 76,099 Current account with Cherry Hill Developments Limited 222,377 222,377 Withholding tax recoverable 295,308 111,806 Prepayments 41,256 120,395 Other receivables 859,08 7 753,976 12,114,354 10,158,522 Less: Allowance for credit losses (178,246) (195,910) 11,936,108 9,962,612 Client margins are secured against their equity portfolios held at the Jamaica Central Securities Depository. The movement in the ECL determined under the requirements of IFRS is as follows: 202 5 202 4 $’000 $’000 Balance at beginning of year 195,910 251,026 Write offs - (13,770) Net decrease included in provision for credit losses (17,664) (41,346) Balance at end of year 178,246 195,910

Page 30 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 15. Property, Plant and Equipment Leasehold Improvements Computer Equipment Office Equipment Furniture, Fixtures & Fittings Motor Vehicle s CWIP Total $’000 $’000 $’000 $’000 $’000 $’000 Cost - At 1 January 2024 82,511 277,675 40,940 63,627 28,244 77,020 570,017 Additions 7,763 42,860 886 209 - 15,693 67,411 At 31 December 2024 90,274 320,535 41,826 63,836 28,244 92,713 637,428 Additions 21,574 396 8,078 395 20,902 51,345 Disposal - - - - (13,889) (13,889) At 31 December 2025 111,848 320,931 49,904 64,231 14,355 113,615 674,884 Accumulated Depreciation - At 1 January 2024 32,857 243,997 33,990 62,166 28,244 - 401,254 Charge for the year 1,715 16,425 2,773 743 - - 21,656 At 31 December 2024 34,572 260,422 36,763 62,909 28,244 - 422,910 Charge for the year 2,338 16,861 1,842 313 - - 21, 354 On Disposal - - - - (13,889) - (13,889) At 31 December 2025 36,910 277,283 38,605 63,222 14,355 430,375 Net Book Value - 31 December 2025 74,938 43,648 11,299 1,009 - 113,615 244,509 31 December 2024 55,702 60,113 5,063 927 - 92,713 214,518

Page 31 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 16. Investment Properties 2025 2024 $’000 $’000 Balance at beginning of year 2,181,854 2,113,472 Net gain from fair value adjustment 293,706 68,382 Balance at end of year 2,475,560 2,181,854 Amounts recognised in profit or loss for investment properties 202 5 202 4 $’000 $’000 Direct operating expenses from property that did not generate rental income - Fair value gain recognised in other income 293,706 68,382 293,706 68,382 Some of these properties are used as collateral for the Company’s corporate paper (Note 20) The properties held are stated at fair market value as appraised by professional independent valuers. The valuation is done on the basis of market value as defined by the RICS Valuation Global Standard as: The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion. Valuations have been performed using a comparable sales approach incorporating a review of sales with similar highest and best use using public and private data sources. There has been no change in the valuation technique during the year.

Page 32 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 17. Leases (a) Right-of-use assets (b) Lease liabilities Land & Building Motor Vehicles Total $’000 $’000 $’000 As at 31 December 2023 67,041 2,746 69,787 Addition 11,108 16,945 28,053 Interest expense 9,971 757 10,728 Lease payments (19,364) (5,566) (24,930) As at 31 December 2024 68,756 14,882 83,638 Addition 13,956 82,620 96,576 Interest expense 9,712 4,469 14,181 Lease payments (20,672) (24,054) (44,726) At 31 December 2025 71,752 77,917 149,669 (c) Amount recognised in the income statement 2025 2024 $’000 $’000 Amortization charge of right - of - use assets 38,007 18,183 Interest expense 14,181 10,728 Short term lease expense 21,441 13,772 Land & Building Motor Vehicles Total $’000 $’000 $’000 As at December 2023 50,520 2,599 53,119 Addition 11,108 16,945 28,053 Amortization (13,231) (4,952) (18,183) As at December 2024 48,397 14,592 62,989 Addition 13,956 82,620 96,576 Amortization (14,491) (23,516) (38,007) At 31 December 2025 47,862 73,696 121,558

Page 33 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 18. Cash Flows Adjustments to reconcile net profit to net cash provided by operating activities. Note 2025 2024 $’000 $’000 Adjustments for non - cash items: Provision for credit losses (5,321) 148,130 Intangible asset – amortization 146,052 111,906 Depreciation 15 21,354 21,656 Right - of - use assets - amortization 17 38,007 18,183 Interest income 4 (2,732,68 9 ) (2,451,306) Interest expense 4 2,008,647 1,801,407 Interest expense – right - of - use assets 17 14,181 10,728 Gain on disposal of property, plant and equipment (6,365) - Gains on disposal of investment securities measured at amortised cost (8,503) (60,799) Net change in fair value on financial instruments at FVTPL 14,072 5,634 Net foreign exchange gains (203,409) (186,791) Unrealised fair value gains on investment properties (293,706) (68,382) (1,0 07,680 ) (649,634) Changes in operating assets and liabilities: Loans and other receivables (1, 797,670 ) 399,536 Investments 476,366 (5,861,468) Promissory notes 1,6 14,425 (127,494) Reverse repurchase agreements 2,362,879 (135,104) Accounts payable 3,196,998 220,745 Due from related companies (1, 667,158 ) 4,274,224 Demand loans 145,606 (297,578) Securities sold under repurchase agreements (720,328) 2,126,147 2,312,226 (50,626)

Page 34 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 19. Pledged Assets The carrying amounts of assets pledged as security for current and non–current borrowings are: 202 5 202 4 $’000 $’000 Investment securities at amortised cost - 52,477 Promissory notes 662,577 1,371,585 Loans and receivables 6,885,177 5,448,135 Due from subsidiaries - 671,530 Investment property at FVTPL 1,618,972 1,505,607 Total assets pledged as collateral 9,166,726 9,049,334

Page 35 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 20. Loans 2025 2024 $’000 $’000 Demand loans (i) - Oppenheimer & Co. Inc. 1,940,941 2,085,775 Morgan Stanley - 770 Term loans – Corporate paper (unsecured) (ii) 1,264,322 1,848,076 Corporate paper (secured) (ii) 770,060 730,788 Revolving line of credit (iv) 475,000 475,000 Development Bank of Jamaica (v) 1,035,428 1,556,331 Bonds - Bondberry bond (iii) 7,490,381 6,325,050 12,976,132 13,021,790 Unamortised Transaction Fees (23,417) (45,917) Interest Payable 262,219 17,572 13,214,934 12,993,445 (i) The demand loans attract interest at 4.75% (2024 – 5.75%) per annum - Oppenheimer & Co. Inc., and 5.70% per annum for Morgan Stanley in 2024. The collaterals for the demand loans are investment securities which were purchased with the proceeds of the loans received from Morgan Stanley, and Oppenheimer & Co. Inc. (Note 11). (ii) The Unsecured Corporate Paper attracts interest at 10% per annum (2024 - 10%) and matures January 14, 2026. The Secured Corporate Paper is backed by real estate and attracts a weighted average rate of interest at 10.33% per annum (2024 – 10.33%) with outstanding Tranches maturing between August 22, 2026 and January 14, 2028. The Company was compliant with the Loan to value Ratio requirement of 1.35 times. The second Secured Corporate Paper is backed by secured loans and attracts an interest rate of 11% per annum (2024 – 11%) and matures 23 August 2026. The Company was compliant with the Collateral Coverage Ratio of 2 times.

Page 36 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 20. Loans (continued) (iii) On January 20, 2023, the Company completed a secured corporate bond issue amounting to $6.3 billion. The bonds are in several Tranches and are repayable between 2024 and 2026. The fixed rate notes attract interest between 9.25% and 12% with interest paid quarterly. The bonds are secured by a charge over the Company’s secured loan portfolio. The Company was compliant with financial debt covenants. (iv) On June 16, 2022, the Company entered into a revolving line of credit facility attracting interest at 12% (2024 – 12%) per annum with monthly interest payments. The effective interest rate is subject to change based on prevailing market conditions and the facility matures in 36 months. The current $475 million loan is secured by some of the shares in Mayberry Jamaican Equities Limited which are held in trust by the Company on behalf of MGL. The shares are required to have a fair value coverage of 2 times the principal amount, and a maintenance margin of 1.5 times is to be achieved. The Company was compliant with all covenants with the exception of the maintenance margin requirement. (v) The loans from Development Bank of Jamaica are granted in Jamaican dollars and are utilized by the Company to finance customers with projects in various sectors of the economy. These loans are for terms up to 10 years and at rates ranging from 5.75% - 9.25%. The Company also has the following credit lines, which were undrawn as at the year-end: x J$575 million with Sagicor Bank Jamaica Limited, revolving annually at an interest rate of 9.00% per annum x J$200 million with National Commercial Bank Jamaica Limited, revolving annually and reprices semi- annually at the GOJ Six-Month Treasury Bill Rate plus 7.00%, which was 12.498% as at December 31, 2025.

Page 37 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 21. Deferred Taxation Deferred income taxes are calculated on all temporary differences under the liability method using a tax rate of 33 1/3%. The movement in the net deferred income tax balance is as follows: 202 5 202 4 $’000 $’000 Net balance at beginning of year 1,648,128 1,148,464 Deferred tax credit (Note 9) 260,314 519,337 Deferred tax (charge)/credit on investment securities (OCI) 14,391 (19,673) Net balance at end of year 1,922,833 1,648,128 Net deferred income taxation is due to the following items: 202 5 202 4 $’000 $’000 Deferred income tax assets: Interest payable 102,785 33,742 Property, plant and equipment 30,821 7,092 Provisions 195,827 203,948 Tax losses carried forward 1,917,781 1,546,334 Unrealised foreign exchange loss 20,658 19,708 Other 20,562 15,712 2,288,434 1,826,536 Deferred income tax liabilities: Property, plant and equipment 46,545 38,713 Intangibles 3,956 33,221 Investment securities: - Trading (4,708) (1,838) - Other comprehensive income 12,425 26,816 Interest receivable 307,383 81,496 365,601 178,408 Net deferred tax asset 1,922,833 1,648,128 Deferred income taxes are recognized for tax losses carried forward only to the extent that realization of the related tax benefit is probable (Note 9).

Page 38 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 21. Deferred Taxation (Continued) The movement in deferred income taxation is due to the following items: Interest payable Property, plant and equipment Unrealised foreign exchange loss Other Tax losses carried forward Provisions Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 Deferred income tax assets : As at 1 January 2024 46,539 7,992 33,066 12,339 1,027,698 162,901 1,290,535 Credited/(Charged) to profit or loss (12,797) (900) (13,358) 3,373 518,636 41,047 536,001 As at 31 December 2024 33,742 7,092 19,708 15,712 1,546,334 203,948 1,826,536 (Charged)/Credited to profit or loss 69,043 23,729 950 4,850 371,447 (8,121) 461,898 As at 31 December 2025 102,785 30,821 20,658 20,562 1,917,781 195,827 2,288,434 Interest receivable Property, plant and equipment Unrealised fair value gain Intangibles Total $’000 $’000 $’000 $’000 $’000 Deferred income tax liabilities: As at 1 January 2024 83,865 32,900 3,731 21,575 142,071 Charged/(Credited) to profit or loss (2,369) 5,813 1,574 11,646 16,664 Credited to other comprehensive income - - 19,673 - 19,673 As at 31 December 2024 81,496 38,713 24,978 33,221 178,408 (Credited)/Charged to income statement 225,887 7,832 (2,870) (29,265) 201,584 Charged to other comprehensive income - - (14,39 1 ) - (14,39 1 ) As at 31 December 2025 307,383 46,545 7,71 7 3,956 365,60 1

Page 39 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 21. Deferred Taxation (Continued) The gross amounts shown in the above tables include the following:- 202 5 202 4 $’000 $’000 Deferred income tax assets: Deferred tax assets to be recovered after more than 12 months 2,144,429 1,773,087 Deferred tax assets to be recovered within 12 months 144,005 53,449 2,288,434 1,826,536 Deferred income tax liabilities: Deferred tax assets to be settled after more than 12 months 365,601 71,934 Deferred tax assets to be settled within 12 months 106,474 365,601 178,408 Deferred tax asset, net 1,922,833 1,648,128 22. Accounts Payable 2025 2024 $’000 $’000 Accounts payable 2,599,848 2,293,144 Due to broker 156,084 - Dividend payable 350,000 350,000 General Consumption Tax payable 1,211 399 Client payables 12,196,134 9,462,736 15,303,277 12,106,279 23. Share Capital 2025 2024 $’000 $’000 Authorized – 2,120,000,000 Ordinary Shares - 380,000,000 Redeemable Cumulative Preference Shares Issued and fully paid – 1,201,149, 290 Ordinary Shares 1,582,382 1,582,382 24. Fair Value Reserves These represent net unrealised gains on the revaluation of equity securities. These unrealised gains are transferred to retained earnings on disposal of the equities. The FVTOCI securities are based on short term fluctuations in market prices. 25. Other Reserves 2025 2024 $’000 $’000 Capital redemption reserve fund 51,343 51,343 Stock option reserve 26,596 26,596 77,939 77,939

Page 40 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 26. Intangible Asset Computer Software Work in progress Total $’000 $’000 $’000 At Cost – 1 January 2024 1,024,323 228,166 1,252,489 Additions - 232,634 232,634 Transfers 408,090 (408,090) - At 31 December 2024 1,432,413 52,710 1,485,123 Additions 1,535 564,942 566,477 Transfers At 31 December 2025 1,433,948 617,652 2,0 51 , 60 0 Amortisation – 1 January 2024 10,227 - 10,227 Charge for the year 111,906 - 111,906 31 December 2024 122,133 - 122,133 Charge for the year 146,052 - 146,052 31 December 2025 268,185 - 2 68,185 Net book value - 31 December 2025 1,165,763 617,652 1,783,415 31 December 2024 1,310,280 52,710 1,362,990 Work in progress represents primarily the implementation of a new ERP application for the Company to integrate financial reporting with the new integrated client service, customer management, operations management and back office financial management system to digitise the Company’s operations.

Page 41 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 27. Related Party Transactions and Balances Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial or operational decisions. (i) The following are the balances with related parties: 202 5 202 4 $’000 $’000 Due from related companies : Mayberry Jamaican Equities Limited - 223,573 Widebase Limited 3,034,696 3,267,122 Mayberry Group Limited 774,147 285,228 Mayberry Holdings Limited 1,634,238 - 5,443,081 3,775,923 Investments Securities: Cherry Hill Developments Limited 568,720 406,368 Dolla Financial Services Limited 428,611 452,300 Mayberry Jamaican Equities 109,184 782,887 Chalmers Oasis Limited 191,346 653,529 Loans and other receivables: Cherry Hill Developments Limited 222,377 222,377 Companies controlled by directors 1,020,860 1,089,827 Directors and key management personnel 259,738 326,431 Promissory Note: Mayberry Group Limited 1,193,736 1,092,779 Accounts payable: Dividend Payable 350,000 350,000 Companies controlled by directors 279,592 267,500 Directors and key management personnel 152,782 277,421 (ii) The following are the balances with related parties: 2025 2024 $’000 $’000 Dividend income 120 Interest income 744,437 755,995 Other income earned 108,199 119,698 Interest exp ense - 7,184 Key management compensation Salaries and other short term employee benefits 225,202 203,889 Pension contributions 6,237 4,654 Directors’ emoluments: - Fees 15,503 15,503 Executive directors’ remuneration 9,406 9,406

Page 42 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 28. Dividends 202 5 202 4 $’000 $’000 Final dividend to ordinary shareholders – 15.5 cents per share (2024 – 29 cents per share) 200,000 350,000 200,000 350,000 A dividend of $0.155 (2024 - $0.29) was approved 24 April 2025 to those shareholders on record as at 14 May 2025. 29. Reconciliation of Liabilities arising from Financing Activities The table below details the movement in debt for each of the periods presented. Financing activities represent debt security issued and other loans. Loans Lease liabilities 2025 2024 2025 2024 $’000 $’000 $’000 $’000 As at 1 January 12,993,445 14,251,269 83,638 69,787 Interest payable (17,572) (2,667) - - 12,975,873 14,248,602 83,638 69,787 Changes related to Operating Activities Loans received 2,298 - - - Principal repayments (147,904) (29 7, 578 ) - - Net Changes related to Operating Activities (145,606) (29 7,578 ) - - Changes related to Financing Activities Loan received 3,904,350 2,556,272 - - Lease additions - - 96,576 28,053 Repayments (3,804,404) (3,542,157) (30,545) (14,202) Amortization of borrowing costs 20,273 10,734 - - Interest payable 264,448 17,572 - - Net Changes related Financing Activities 384,667 (9 57,579 ) 66,031 13,851 As at 31 December 13,214,934 12,993,445 149,669 83,638

Page 43 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 30. Financial Risk Management Risk Management Framework The Board of Directors has overall responsibility for the establishment and oversight of the Company risk management framework. The Board has established the Assets and Liabilities Committee (ALCO) which is responsible for developing and monitoring the Company’s risk management policies in their specified areas. ALCO places trading limits on the level of exposure that can be taken and monitors risks and adherence to limits. The Company, through its training and management standards and procedures, aims to develop disciplined and constructive control environment, in which all employees understand their roles and obligations. This is supplemented by the Compliance Committee which was established in 2020, to specifically monitor regulatory measures. The Audit Committee is responsible for monitoring compliance with the Company’s risk management policies and procedures and for reviewing the adequacy of the risk management framework in relation to the risks faced by the Company. The Audit Committee is assisted in these functions by both the Compliance Unit and Internal Audit. The Compliance Unit and Internal Audit undertake both regular and ad-hoc reviews of risk management controls and procedures, the results of which are reported to the Board of Directors and the Audit Committee, respectively. By its nature, the Company’s activities are principally related to the use of financial instruments. The Company accepts funds from customers at both fixed and floating rates and for various periods and seeks to earn above average interest margins by investing these funds in high quality assets. The Company seeks to increase these margins by consolidating short-term funds and lending for longer periods at higher rates while maintaining sufficient liquidity to meet all claims that might fall due. The Company also seeks to raise its interest margins by obtaining above average margins, net of provisions, through lending to commercial and retail borrowers with a range of credit standing. The Company also trades in financial instruments where it takes positions to take advantage of short-term market movements in equity and bond prices and in foreign exchange and interest rates.

Page 44 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 30. Financial Risk Management (Continued) Risk Management Framework (continued) (a) Liquidity risk The Company is exposed to daily calls on its available cash resources from maturing repurchase agreements and loan draw downs. The Company does not maintain cash resources to meet all of these needs as experience shows that a minimum level of re-investment of maturing funds can be predicted with a high level of certainty. The Company's treasury and securities department seek to have available a minimum proportion of maturing funds to meet such calls. The Company's policy is to hold a high proportion of liquid assets to cover withdrawals at unexpected levels of demand. Daily reports cover the liquidity position of the Company as well as any exceptions and remedial actions taken. The matching and controlled mismatching of the maturities and interest rates of assets and liabilities is fundamental to the management of the Company. It is unusual for the Company ever to be completely matched since business transacted is often of uncertain term and of different types. An unmatched position potentially enhances profitability but can increase the risk of loss. The maturities of assets and liabilities and the ability to replace, at an acceptable cost, interest-bearing liabilities as they mature, are important factors in assessing the liquidity of the Company and exposure to changes in interest rates and exchange rates. The key measure used by the Company for managing liquidity risk is the ratio of liquid assets to securities sold under repurchase agreements and loans. For this purpose liquid assets are considered as including cash and cash equivalents, investment grade securities, excluding equities, for which there is an active and liquid market and loans and other receivables. The tables below present the undiscounted cash flows (both interest and principal cash flows) to settle financial liabilities, based on contractual repayment obligations. However, the Company expects that many customers will not request repayment on the earliest date the Company could be required to pay.

Page 45 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 30. Financial Risk Management (Continued) (a) Liquidity risk (continued) 202 5 Within 1 Month 1 to 3 Months 3 to 12 Months 1 to 5 Years Over 5 Years Total $’000 $’000 $’000 $’000 $’000 $’000 Financial Liabilities Bank overdraft 388,374 - - - - 388,374 Securities sold under repurchase agreements 3,534,753 1,607,839 3,263,825 - - 8,406,417 Loans 6,078,233 2,753,441 729,770 3,984,986 - 13,546,430 Lease liabilities 2,259 6,777 18,071 70,319 53,194 150,620 Accounts payable 15,303,277 - - - - 15,303,277 Total liabilities (contractual maturity dates) 25,3 06,896 4,368,057 4,011,666 4,055,305 53,194 37, 795,118 202 4 Within 1 Month 1 to 3 Months 3 to 12 Months 1 to 5 Years Over 5 Years Total $’000 $’000 $’000 $’000 $’000 $’000 Financial Liabilities Bank overdraft 707,508 - - - - 707,508 Securities sold under repurchase agreements 1,944,158 3,791,034 3,491,291 - - 9,226,483 Loans 5,086,929 429,886 1,075,435 7,365,311 548,074 14,505,635 Lease liabilities 1,602 3,205 14,420 61,045 75,991 156,263 Accounts payables 11,945,231 161,048 - - - 12,106,279 Total liabilities (contractual maturity dates) 19,685,428 4,385,173 4,581,146 7,426,356 624,065 36,702,168

Page 46 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 30. Financial Risk Management (Continued) (b) Market risk Market risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market prices whether those changes are caused by factors specific to the individual security, its issuer or factors affecting all securities traded in the market. The Company manages this risk through extensive research and monitors the price movement of securities on the local and international markets. The Company's portfolio is balanced with respect to the duration of the securities included in order to minimize exposure to volatility, based on projected market conditions. Management of market risks The Company separates its exposure to market risk between trading and non-trading portfolios. The trading portfolios are held by the Company and include positions arising from market making and proprietary position taking, together with financial assets and liabilities that are managed on a fair value basis. The Company’s foreign exchange positions relating to Foreign Currency Trading are treated as part of the Company’s trading portfolios for risk management purposes. The Company’s market risk is monitored on a daily basis by its Compliance Unit, which is responsible for the development of risk management policies (subject to review and approval by ALCO) and for the daily review of their implementation.

Page 47 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 30. Financial Risk Management (Continued) (c) Interest rate risk The following table summarizes the Company's exposure to interest rate risk. Included in the table are the Company's financial assets and liabilities at carrying amounts, categorized by the earlier of contractual repricing or maturity dates. 2025 Within 1 Month 1 to 3 Months 3 to 12 Months 1 to 5 Years Over 5 Years Non-Interest Bearing Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 Financial Assets Cash resources 1,926,079 - - - - - 1,926,079 Investment securities 3,202,463 2,607,587 1,061,305 1,201,489 441,914 562,002 9,076,760 Reverse repurchase agreements 3,257,756 672,900 302,069 - - - 4,232,725 Promissory notes 10,412 1,758,023 2,222,043 413,991 485,209 - 4,889,678 Due from related companies - - - - - 5,443,081 5,443,081 Loans and other receivables 9,729,542 - - - - 2,206,566 11,936,108 Total assets 18,126,252 5,038,510 3,585,417 1,615,480 927,123 8,211,649 37,504,431 Financial Liabilities Bank overdraft 388,374 - - - - - 388,374 Securities sold under repurchase agreements 3,498,852 1,641,676 3,177,536 - - - 8,318,064 Loans 6,118,270 2,816,900 414,850 3,864,914 - - 13,214,934 Other - - - - - 15,452,946 15,452,946 Total liabilities 10,005,496 4,458,576 3,592,386 3,864,914 - 15,452,946 37,374,318 Total interest rate sensitivity gap 8,120,756 579,934 (6,969) (2,249,434) 927,123 (7,241,297) 130,113 Cumulative interest rate sensitivity gap 8,120,756 8,700,690 8,693,721 6,444,287 7,371,410 130,113

Page 48 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 30. Financial Risk Management (Continued) (c) Interest rate risk (continued) 2024 Within 1 Month 1 to 3 Months 3 to 12 Months 1 to 5 Years Over 5 Years Non-Interest Bearing Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 Financial Assets Cash resources 2,596,181 - - - - - 2,596,181 Investment securities 4,967,002 543,264 682,194 2,719,986 42,903 672,447 9,627,796 Reverse repurchase agreements 1,186,045 1,351,179 768,099 - - - 3,305,323 Promissory notes 703,450 915,279 3,342,496 1,045,498 530,785 - 6,537,508 Due from related companies - - - - - 3,775,923 3,775,923 Loans and other receivables 8,655,351 - - - - 1,307,261 9,962,612 Total assets 18,108,029 2,809,722 4,792,789 3,765,484 573,688 5,755,631 35,805,343 Financial Liabilities Bank overdraft 707,508 - - - - - 707,508 Securities sold under repurchase agreements 1,924,078 3,770,134 3,385,144 - - - 9,079,356 Loans 4,619,819 207,551 955,600 6,712,457 498,018 - 12,993,445 Other 919,294 149,647 - - - 11,120,976 12,189,917 Total liabilities 8,170,699 4,127,332 4,340,744 6,712,457 498,018 11,120,976 34,970,226 Total interest rate sensitivity gap 9,937,330 (1,317,610) 452,045 (2,946,973) 75,670 (5,365,345) 835,117 Cumulative interest rate sensitivity gap 9,937,330 8,619,720 9,071,765 6,124,792 6,200,462 835,117

Page 49 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 30. Financial Risk Management (Continued) (c) Interest rate risk (continued) The table below summarises the effective interest rate by major currencies for financial instruments of the Company. JA$ US$ JA$ US$ 202 5 202 4 % % % % Assets Investment securities 7.55 8.62 8.14 7.92 Reverse repurchase agreements 6.14 4.42 7.32 5.08 Promissory notes 12.53 10.59 11.90 9.40 Liabilities Securities sold under repurchase agreements 5.57 2.62 6.93 4.49 Loans 10.07 - 7.23 - Corporate papers 10.58 - 10.96 - The management of interest rate risk is supplemented by monitoring the sensitivity of the Company’s financial assets to various standard and non-standard interest rate scenarios. Standard scenarios that are considered include a 25 basis point (bp) (2024 - 25 bp) parallel rise and a 25 bp (2024 – 25 bp) parallel fall in the yield curve applicable to Government of Jamaica local instruments and a 25 bp (2024 - 25 bp) parallel rise and a 50 bp (2024 – 25 bp) parallel fall in the yield curves applicable to Government of Jamaica global bonds and other sovereign bonds. An analysis of the Company’s sensitivity to an increase or decrease in market interest rates and the likely impact on equity and statement of income (FVTPL instruments) is as follows: Change in basis points JMD / USD Effect on Net Profit Effect on other components of equity Change in basis points JMD / USD Effect on Net Profit Effect on other components of equity 2025 2025 2025 2024 2024 2024 $’000 $’000 $’000 $’000 + 25/ - 25 5,341 - + 25/ - 25 11,545 - +25/ - 50 (5,341) - +25/ - 25 (11,545) -

Page 50 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 30. Financial Risk Management (Continued) (d) Currency risk The Company takes on exposure to effects of fluctuation in the prevailing foreign currency exchange rates on its financial position and cash flows. Net exposure is kept to an acceptable level by matching foreign assets with liabilities as far as possible. The following foreign currency balances are included in these financial statements: 202 5 GBP US$ CAN$ EURO J$’000 J$’000 J$’000 J$’000 Financial Assets Cash resources 17,059 1,283,428 9,736 18,093 Investment securities - 900,339 - - Promissory notes - 787,812 - - Reverse repurchase agreement - 3,906,344 - - Interest receivable - 106,017 - - Due from related companies - 585,639 - - Loans and other receivables 51,681 696,750 4 - Total assets 68,740 8,266,329 9,740 18,093 Financial Liabilities Bank overdraft - 128,105 - 65 Securities sold under repurchase agreements - 3,434,827 - - Loans and other payables 16,353 2,793,531 32,693 991 Interest payable - 6,240 - - Total liabilities 16,353 6,362,703 32,693 1,056 Net position 52,387 1,903,626 (22,953) 17,037

Page 51 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 30 . Financial Risk Management (Continued) (d) Currency risk (continued) 2024 GBP US$ CAN$ EURO J$’000 J$’000 J$’000 J$’000 Financial Assets Cash resources 35,046 1,701,062 61,814 7,470 Investment securities - 1,397,857 - - Promissory notes - 3,002,881 - - Reverse repurchase agreement - 2,301,933 - - Interest receivable - 167,197 - - Due from related companies - 544,401 - - Loans and other receivables 39,036 1,830,649 - 1,740 Total assets 74,082 10,945,980 61,814 9,210 Financial Liabilities Bank overdraft - 130,097 691 - Securities sold under repurchase agreements - 2,942,500 - - Loans and other payables 59,031 7,749,202 61,082 - Interest payable - 26,222 - - Total liabilities 59,031 10,848,021 61,773 - Net position 15,051 97,959 41 9,210

Page 52 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 30 . Financial Risk Management (Continued) (d) Currency risk (continued) Sensitivity analysis Changes in the exchange rates of the Jamaican dollar (JA$) to the following currencies would have the effects as described below: Change in Currency Rate Effect on Loss before Taxation Change in Currency Rate Effect on Loss before Taxation 2025 2025 2024 2024 % $’000 % $’000 Currency: GBP - 1 ( 524 ) - 4 595 GBP +2 785 +1 (149) US$ - 1 ( 14,461 ) - 4 (11,085) US$ +2 21,691 +1 2,771 CAN$ - 1 230 - 4 26 CAN$ +2 (345) +1 (7) EURO - 1 171 - 4 368 EURO +2 ( 257 ) +1 (92) The analysis assumes that all other variables, in particular interest rates, remain constant. It is performed on the basis of 2% weakening and 1% strengthening (2024 – 4% weakening and 4% strengthening) in exchange rates.

Page 53 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 30. Financial Risk Management (Continued) (e) Credit risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company’s loans and advances to customers, promissory notes and investment securities. For risk management reporting purposes, the Company considers and consolidates all elements of credit risk exposure (such as individual obligor default risk, country and sector risk). For risk management purposes, credit risk arising on trading securities is managed independently, but reported as a component of market risk exposure. The Board of Directors has delegated responsibility for the management of credit risk to its ALCO and its Risk Unit. The Risk Unit is responsible for oversight of the Company’s credit risk, including: x Formulating credit policies in consultation with business units, covering collateral requirements, credit assessment, risk grading and reporting, documentary and legal procedures, and compliance with regulatory and statutory requirements. x Establishing the authorization structure for the approval and renewal of credit facilities. Authorisation limits are allocated to business unit credit officers. Larger facilities require approval by the Board of Directors as appropriate. x Reviewing and assessing credit risk. The Risk Unit assesses all credit exposures in excess of designated limits, prior to facilities being committed to customers by the business unit concerned. Renewals and reviews of facilities are subject to the same review process. x Limiting concentrations of exposure to counterparties, geographies and industries (for loans and advances), and by issuer, credit rating band, market liquidity and country (for investment securities). x Developing and maintaining the Company’s risk grading in order to categorise exposures according to the degree of risk of the financial loss faced and to focus management on the attendant risks. The risk grading system is used in determining where impairment provisions may be required against specific credit exposures. The current risk grading framework consists of six grades reflecting varying degrees of risk of default and the availability of collateral or other credit risk mitigation. The responsibility for setting risk grades lies with the final approving executive as appropriate. x Reviewing compliance of business units with agreed exposure limits, including those for selected industries, country risk and product types. Regular reports are provided to the Board of Directors on the credit quality of loan portfolios and appropriate corrective actions taken. x Providing advice, guidance and specialist skills to business units to promote best practice throughout the Company in the management of credit risk. Each business unit is required to implement credit policies and procedures, with credit approval authorities delegated by the Board of Directors. In addition, each business unit is responsible for the quality and performance of its credit portfolio and for monitoring and controlling all credit risks in its portfolios. Regular audits of business units and credit processes are undertaken by Internal Audit.

Page 54 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 30. Financial Risk Management (Continued) (e) Credit risk (continued) Exposure to credit risk is also managed in part by obtaining collateral, corporate and personal guarantees. It is the policy of the Company to obtain or take possession of or register lien against securities. The Company monitors the market value of the underlying securities which collateralize the related receivable including accrued interest and request additional collateral where deemed appropriate. An estimate of fair value of collateral held against defaulted promissory notes is $204,500,000 (2024 - $226,600,000). The Company monitors concentrations of credit risk by sector and geographic location. Other than exposure to Government of Jamaica securities, there is no significant concentration of credit risk for the Company’s investment securities at amortised cost. An analysis of concentrations of credit risk at the reporting date for promissory notes and loans and other receivables is shown below: Promissory Notes Loans and Other Receivables 202 5 $’000 202 4 $’000 202 5 $’000 202 4 $’000 Concentration by sector - Corporate 4,671,841 6,185,586 7,120,514 7,354,991 Retail 217,837 351,922 4,479,030 2,375,420 Total carrying amount 4,889,678 6,537,508 11,599,544 9,730,411 Loss allowance recognised in profit or loss during the year is summarized below: 202 5 $’000 202 4 $’000 Promissory notes 24,290 171,045 Loans and other receivables (17,664) (41,346) Investment securities – at amortised cost (11,947) 18,431 (5,321) 148,130

Page 55 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 30. Financial Risk Management (Continued) (e) Credit risk (continued) Loans and other receivables The loss allowance as at 31 December 2025 and 31 December 2024 was determined as follows for trade and other receivables: At 31 December 202 5 At 31 December 202 4 Gross Carrying Amount Loss Allowance Expected Loss Rate Gross Carrying Amount Loss Allowance Expected Loss Rate $’000 $’000 % $’000 $’000 % Less than 1 month 9,107,834 31,156 0.34 7,640,975 1,228 0.02 Within 1 to 3 months 2,523,501 635 0.02 1,743,074 589 0.03 Over 3 months 146,455 146,455 100 .00 542,272 194,093 35.79 11,777,790 178,246 9,926,321 195,910

Page 56 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 30. Financial Risk Management (Continued) (e) Credit risk (continued) Promissory notes The expected credit loss is summarised as follows: 202 5 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 Standard risk 4,148,719 - - 4,148,719 Past due risk - - - - Credit impaired - - 1,134,714 1,134,714 Gross carrying amount 4,148,719 - 1,134,714 5,283,43 3 Loss allowance (19,673) - (374,082) (393,755) Carrying amount 4,129,046 - 760,632 4,889,67 8 202 4 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 Standard risk 6,362,825 - - 6,362,825 Past due risk - - - - Credit impaired - - 563,189 563,189 Gross carrying amount 6,362,825 - 563,189 6,926,014 Loss allowance (25,254) - (363,252) (388,506) Carrying amount 6,337,571 - 199,937 6,537,508

Page 57 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 30. Financial Risk Management (Continued) (e) Credit risk (continued) Promissory notes (continued) Movement in the maximum exposure to credit risk 2025 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 Maximum exposure to credit risk as at January 01, 2025 6,362,814 563,200 6,926,014 Transfer from Stage 1 to Stage 3 (543,094) 543,094 - New financial assets originated or purchased 97,262 - - 97,262 Financial assets fully recognised during the period 3,247,192 - - 3,247,192) Changes in principal and interest (4,984,070) (19,438) (5,003,508) Foreign exchange adjustments - - 16,473 16,473 Maximum exposure to credit risk as at December 31, 2025 4,180,104 1,103,329 5,283,433 2024 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 Maximum exposure to credit risk as at January 01, 2024 6,283,763 - 400,072 6,683,835 Transfer from Stage 1 to Stage 3 (177,107) - 177,107 - New financial assets originated or purchased 3,447,724 - - 3,447,724 Financial assets fully derecognised during the period (2,973,860) - (11,228) (2,985,088) Changes in principal and interest (222,005) - (2,751) (224,756) Foreign exchange adjustments 4,299 - - 4,299 Maximum exposure to credit risk as at December 31, 2024 6,362,814 - 563,200 6,926,014

Page 58 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 30. Financial Risk Management (Continued) (e) Credit risk (continued) Promissory notes (continued) Movement in the loss allowance: 202 5 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 At 1 January 2025 25,254 363,252 388,506 Movements with profit or loss impact: New financial assets originated 13,034 - 44 13,0 78 Changes in PDs/LGD/EADs 11,824 - - 11,824 Financial assets derecognised during the period (19,653) - - (19,653) Loss allowance recognised in profit or loss 5,205 - 44 5,249 At 31 December 202 5 30,459 - 363,296 393,755 202 4 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 At 1 January 2024 28,108 - 200,572 228,680 Movements with profit or loss impact: New financial assets originated 18,532 - 177,107 195,639 Changes in PDs/LGD/EADs (753) - - (753) Financial assets derecognised during the period (20,633) - - (20,633) Write-offs - - (11,219) (11,219) Recoveries - - (3,208) (3,208) Loss allowance recognised in profit or loss (2,854) - 162,680 159,826 At 31 December 2024 25,254 - 363,252 388,506

Page 59 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 30. Financial Risk Management (Continued) (e) Credit risk (continued) Debt securities The expected credit loss is summarised as follows: 202 5 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 Standard risk 8,117,272 - - 8,117,272 Past due risk - - - - Credit impaired - - - - Gross carrying amount 8,117,272 - - 8,117,272 Loss allowance (15,481) - - (15,481) Carrying amount 8,101,791 - - 8,101,791 202 4 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 Standard risk 8,871,524 - - 8,871,524 Past due risk - - - - Credit impaired - - - - Gross carrying amount 8,871,524 - - 8,871,524 Loss allowance (27,428) - - (27,428) Carrying amount 8,844,096 - - 8,844,096

Page 60 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 30. Financial Risk Management (Continued) (e) Credit risk (continued) Debt securities (continued) Movement in the maximum exposure to credit risk: 202 5 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 Maximum exposure to credit risk as at January 01, 2025 8,065,008 - - 8,065,008 New financial assets originated or purchased 8,480,663 - - 8,480,663 Financial assets fully derecognised during the period (8,433,867) - - (8,433,867) Foreign exchange adjustments 5,468 - - 5,468 Maximum exposure to credit risk as at December 31, 2025 8,117,272 - - 8,117,272 202 4 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 Maximum exposure to credit risk as at January 01, 2024 2,998,194 - - 2,998,194 New financial assets originated or purchased 7,483,547 - - 7,483,547 Financial assets fully derecognised during the period (1,612,505) - - (1,612,505) Foreign exchange adjustments 2,288 - - 2,288 Maximum exposure to credit risk as at December 31, 2024 8,871,524 - - 8,871,524 The loss allowance recognised in profit or loss for debt securities was $11,947,000 (2024 – ($18,431,000). There were no transfers between stages during the period.

Page 61 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 30. Financial Risk Management (Continued) (f) Settlement risk The Company’s activities may give rise to risk at the time of settlement of transactions and trades. Settlement risk is the risk of loss due to the failure of a company to honour its obligations to deliver cash, securities or other assets as contractually agreed. For certain types of transactions, the Company mitigates this risk by conducting settlements through a settlement/clearing agent to ensure that a trade is settled only when both parties have fulfilled their contractual settlement obligations. (g) Regulatory capital management The Company’s objectives when managing capital, which is a broader concept than the “equity” on the face of the statement of financial position, are: x To comply with the capital requirements set by the regulators of the financial markets where the Company operates; x To safeguard the Company’s ability to continue as a going concern so that it can continue to provide returns for stockholder and benefits for other stakeholders; and x To maintain a strong and efficient capital base consistent with the Company’s risk profile, strategic objectives to support the development of its business. Mayberry is subject to regulatory capital standards issued by the Financial Services Commission (FSC) which, are largely guided by international criteria set by the Basel Committee on Banking Supervision (BCBS). The FSC requires the Company to hold a specified level of regulatory capital and to maintain the following: x a minimum ratio of total regulatory capital to total risk weighted assets of 10%, x and capital to total assets ratio of 6%. At year end, the Company’s was in compliance with all external externally imposed capital requirements to which it is exposed. Through the capital management framework, capital adequacy and regulatory capital are monitored by the Company’s management, employing techniques based on the guidelines developed by the FSC. The required information including early warning ratios is filed with the regulator at the stipulated intervals. In addition, the Company is subject to bi-annual Stress Testing by the Financial Services Commission to determine if capital is sufficient to absorb losses during economic and financial market stress as well as effective capital planning processes. The Company’s capital adequacy ratios have passed all individual and combined shocks applied to its balance sheet data in the bi-annual stress tests. Passing the bi-annual stress tests underscores the Company’s commitment to a sustained capital planning process that satisfies the expectations of our stakeholders. The Company remains adequately capitalized well in excess of the minimum regulatory capital adequacy requirements which further underscores the strength and resilience of the business and is a key component of the Company’s growth strategy.

Page 62 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 30. Financial Risk Management (Continued) (g) Regulatory capital management (continued) The Company’s policy is to maintain a strong capital base to ensure investor, creditor and market confidence and to sustain the future development of the business. The impact of the level of capital on shareholders’ return is also recognised and the Company recognises the need to maintain a balance between higher returns that might be possible with greater leverage and the advantages and security afforded by a sound capital position. The Company has complied with all regulatory capital requirements throughout the period. There have been no material changes in the management of capital during the period. Capital allocation Although maximization of the return on risk-adjusted capital is the principal basis used in determining how capital is allocated within the Company to operations or activities, it is not the sole basis used for decision making. Account is also taken of synergies with other operations and activities, availability of management and other resources, and the fit of the activity with the Company’s longer-term strategic objectives. Capital management and allocation are reviewed regularly by the Board of Directors. 31. Fair Values Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market price is used to determine the fair value of a financial instrument. However, market prices are not available for some of the financial assets held by the Company. Therefore, for financial instruments where no market price is available, the fair values presented have been estimated using present value or other estimation and valuation techniques based on market conditions existing at the end of the reporting period. The values derived from applying these techniques are significantly affected by the underlying assumptions used concerning both the amounts and timing of future cash flows and the discount rates. The following methods and assumptions have been used: (i) Investment securities and investment in associates classified as FVTPL and investment securities FVTOCI are measured at fair value by reference to quoted market prices when available. If quoted market prices are not available, then fair values are estimated on the basis of pricing models or discounted cash flows or other recognized valuation techniques. (ii) The fair values of liquid assets and other assets maturing within one year are assumed to approximate their carrying amount. This assumption is applied to liquid assets and short term elements of all financial assets and financial liabilities. (iii) The fair values of variable rate financial instruments are assumed to approximate their carrying amounts.

Page 63 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 31. Fair Values (Continued) (iv) The fair values of fixed rate loans are estimated by comparing market interest rates when the loans were granted with the current market rate offered on similar loans. Changes in the credit quality of loans within the portfolio are not taken to account in determining gross fair values as the impact of credit risk is recognized separately by deducting the amount of the provisions for credit losses from both book and fair values. The Company uses the following hierarchy in determining and disclosing the fair value of financial instruments by valuation technique: x Level 1: quoted prices in active markets for identical assets or liabilities. x Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. x Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial assets and investments in associates held by the Company when available is with reference to the current bid, ask and trade prices. The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. This category includes government bonds, certificates of deposit and corporate paper. Indicative prices or yields of these instruments are obtained from regular, publicly available quotes by reputable pricing services, dealers and brokers.

Page 64 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 31. Fair Values (Continued) The following table shows an analysis of assets measured at the date of the statement of financial position that, subsequent to initial recognition, are measured at fair value. The assets are grouped into levels of the fair value hierarchy: 202 5 Level 1 Level 2 Level 3 Total $’000 $’000 $’000 $’000 Financial assets - Debt securities - 15,248 - 15,248 Government of Jamaica - 10,213 - 10,213 Corporate bonds - 39,231 270,972 310,203 Quoted equity securities 614,583 - - 614,583 Non Financial assets: Investment Properties - 2,475,560 - 2,475,560 614,583 2,540,252 270,972 3,425,807 202 4 Level 1 Level 2 Level 3 Total $’000 $’000 $’000 $’000 Financial assets - Debt securities Government of Jamaica - 22,346 - 22,346 Foreign government - 25,828 - 25,828 Corporate bonds - 37,232 - 37,232 Quoted equity securities 672,447 - - 672,447 Non financial assets Investment Properties - 2,181,854 - 2,181,854 672,447 2,267,260 - 2,939,707

Page 65 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 31. Fair Values (Continued) As at 31 December, the fair value of the financial instruments valued at amortized cost is detailed below: 2025 2024 Carrying Value Fair Value Carrying Value Fair Value $’000 $’000 $’000 $’000 Assets Debt securities 7,606,972 8,901,156 8,092,436 9,269,754 Reverse repurchase agreements 4,232,725 4,233,228 3,305,323 3,305,323 Promissory notes 3,518,690 3,984,222 6,537,508 6,585,192 Loans and other receivables 11,782,513 11,782,513 9,730,411 9,730,411 Liabilities Securities purchased under resale agreements 8,318,064 8,318,064 9,079,356 9,079,356 Loans 13,437,715 13,113,554 12,993,445 12,885,353 Accounts payable 15,080,496 15,080,496 12,106,279 12,106,279

Page 66 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) 32. Pension Scheme The Company operates a defined contribution pension scheme for employees who have satisfied certain minimum service requirements. The scheme is funded by equal contributions of employer and employees of 5% of pensionable salaries and an option for employees to contribute an additional 10%. The Company's contribution for the year amounted to $16,842,000 (2024: $17,671,000). 33. Funds Under Management The Company provides custody, investment management and advisory services for both institutions and individuals which involve the Company making allocation and purchases and sales decisions in relation to quoted shares and government financial instruments on a non-recourse basis. Those assets that are held in a fiduciary capacity are not included in these financial statements. 34 . Segment Information The Company is a licensed Securities Dealer (note 1). Based on the information presented to and reviewed by the CODM, the entire operations of the Company are considered as one operating segment. Financial information related to the operating segment results from continuing operations for the two years ended 31 December 2025, can be found in the consolidated statement of income. There are no differences in the measurement of the reportable segment results and the Company’s results. Details of the segment assets and liabilities for the two years ended 31 December 2025, can be found in the consolidated statement of financial position and related notes. There are no differences in the measurement of the reportable segment assets and liabilities and the Company’s assets and liabilities. Entity-wide disclosure: The revenue from operations can be found in the consolidated statement of income. 35. Capital Commitments Significant capital expenditure contracted for the at the end of the reporting period but not recognized as liabilities is as follows: 202 5 202 4 $’000 $’000 Intangible assets 71,336 265,924 The above commitments relate primarily to the implementation of a new ERP application and new Asset Management system supporting the Company’s digitisation strategy.

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Mayberry Investments Limited (MIL) – Annual Report for the Year Ended December 31, 2025

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Mayberry Investments Limited (MIL) – Annual Report for the Year Ended December 31, 2025

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Mayberry Investments Limited (MIL) – Annual Report for the Year Ended December 31, 2025

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000 Net Interest Income and Other Revenues 1,546,623 936,277 1,255,617 1,640,311 2,488,400 Interest Income 682,209 713,903 777,374 803,880 978,350 Net Interest Income 117,737 147,012 264,609 324,448 671,038 Net Other Income 1,428,886 789,265 991,008 1,315,863 1,817,362 Operating Expenses 961,748 858,456 1,233,682 1,373,979 1,321,248 ơ͍̈ёͩࢫɩʍʱ̛͍ʍࢫėɄΦɄͩˏ̛̌ࢫ 584,875 77,821 21,935 266,332 1,167,152 ½ʍͩࢫơ͍̈ёͩࢫ 568,314 36,109 (36,078) 271,909 1,223,187 ½ʍͩࢫơ͍̈ёͩࢫ\u0001͍ͩͩˏɩͷͩɄɩ˵ʍࢫ̛ͩࢫĊ˂Ʉ͍ʍ˂̛˵ɾʍ͍͛ 568,314 36,109 160,398 709,584 (919,767) ė̛ͩɄ˵ࢫ-̛͍̆ͅʍ˂ʍ̌͛ˏΘʍࢫ̌ɲ̛̆ʍࢫ 619,516 122,160 58,948 842,500 1,032,696 %Ʉ˵Ʉ̌ɲʍࢫĊ˂ʍʍͩ 2016 $’000 2017 $’000 2018 $’000 2019 $’000 Restated 2020 $’000 ė̛ͩɄ˵ࢫ\u0001͛͛ʍͩ͛ࢫ 15,701,380 16,675,988 17,402,413 18,388,251 21,824,494 ė̛ͩɄ˵ࢫ§ˏɄɩˏ˵ˏͩˏʍ͛ࢫ 13,589,239 14,717,951 14,843,486 14,335,615 16,889,306 Ċ̛ͩɲˬ˂̛˵ɾʍ͍࣭͛ࢫH͋ͷˏͩΩ 2,112,141 1,958,037 2,558,927 4,052,636 4,935,188 ½ͷ̆ɩʍ͍ࢫ̛ʱࢫˏ͛͛ͷʍɾࢫ͛˂Ʉ͍ʍ͛ࢫࣜͷ̌ˏͩ͛ࣝ 1,201,149 1,201,149 1,201,149 1,201,149 1,201,149 ʍΩࢫkˏ̌Ʉ̌ɲˏɄ˵ࢫþɄͩˏ̛͛ 2016 $’000 2017 $’000 2018 $’000 2019 $’000 Restated 2020 $’000 HɄ͍̌ˏ̌ʳ͛ࢫͅʍ͍ࢫ̛͛ͩɲˬࢫͷ̌ˏͩ $0.47 $0.03 $0.13 $0.59 ($0.77) %̛̛ˬࢫŅɄ˵ͷʍࢫöʍ͍ࢫ͛˂Ʉ͍ʍ $1.76 $1.63 $2.13 $3.37 $4.11 þʍͩͷ͍̌ࢫ̛̌ࢫH͋ͷˏͩΩ 26.9% 1.8% 6.3% 17.5% (18.6%) þʍͩͷ͍̌ࢫ̛̌ࢫ\u0001Θʍ͍Ʉʳʍࢫ\u0001͛͛ʍͩ͛ 3.8% 0.2% (0.2%) 1.5% 6.1% \u0001͛͛ʍͩࢫn̛͍Νͩ˂ࣜय़ࣝ 8.9% 6.2% 4.4% 5.7% 18.7% ½ʍͩࢫơ͍̈ёͩࣃࣜ§̛͛͛ࣝࢫ\u0001͍ͩͩˏɩͷͩɄɩ˵ʍࢫ̛ͩࢫĊ˂Ʉ͍ʍ - ˂̛˵ɾʍ͍͛ࢫn̛͍Νͩ˂ࢫࣜय़ࣝ 395.1% (93.6%) (199.9%) 853.7% 349.9% 6 ơ͍̈ёͩࢫɄ̌ɾࢫ§̛͛͛ 2021

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Mayberry Investments Limited (MIL) – Annual Report for the Year Ended December 31, 2025

May 28, 2026Kingston

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000 Net Interest Income and Other Revenues 2,816,053 2,243,589 2,154,293 1,881,298 2,363,332 Interest Income 782,403 1,192,332 2,062,748 2,451,306 2,732,689 Net Interest Income 378,049 547,008 322,469 649,899 724,042 Net Other Income 2,438,004 1,696,581 1,831,824 1,231,399 1,639,290 Operating Expenses 1,710,675 1,825,979 1,833,634 2,261,353 1,985,722 ơ͍̈ёͩࢫɩʍʱ̛͍ʍࢫėɄΦɄͩˏ̛̌ࢫ 1,105,378 417,610 320,659 (380,055) 377,610 ½ʍͩࢫơ͍̈ёͩࢫ 1,354,378 418,626 914,291 139,282 637,924 ½ʍͩࢫơ͍̈ёͩࢫ\u0001͍ͩͩˏɩͷͩɄɩ˵ʍࢫ̛ͩࢫĊ˂Ʉ͍ʍ˂̛˵ɾʍ͍͛ 2,064,765 418,626 914,291 139,282 637,924 ė̛ͩɄ˵ࢫ-̛͍̆ͅʍ˂ʍ̌͛ˏΘʍࢫ̌ɲ̛̆ʍࢫ 1,340,220 489,907 900,232 265,517 572,392 %Ʉ˵Ʉ̌ɲʍࢫĊ˂ʍʍͩ 2021

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Mayberry Investments Limited (MIL) – Annual Report for the Year Ended December 31, 2025

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000 ė̛ͩɄ˵ࢫ\u0001͛͛ʍͩ͛ࢫ 23,582,997 29,016,651 40,441,800 41,470,256 44,246,740 ė̛ͩɄ˵ࢫ§ˏɄɩˏ˵ˏͩˏʍ͛ࢫ 17,691,957 22,972,026 33,857,287 34,970,226 37,374,318 Ċ̛ͩɲˬ˂̛˵ɾʍ͍࣭͛ࢫH͋ͷˏͩΩ 5,891,040 6,044,625 6,584,513 6,500,030 6,872,422 ½ͷ̆ɩʍ͍ࢫ̛ʱࢫˏ͛͛ͷʍɾࢫ͛˂Ʉ͍ʍ͛ࢫࣜͷ̌ˏͩ͛ࣝ 1,201,149 1,201,149 1,201,149 1,201,149 1,201,149 ʍΩࢫkˏ̌Ʉ̌ɲˏɄ˵ࢫþɄͩˏ̛͛ 2021

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Mayberry Investments Limited (MIL) – Annual Report for the Year Ended December 31, 2025

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News

Jamaica Stock Exchange

Mayberry Investments Limited (MIL) – Annual Report for the Year Ended December 31, 2025

May 28, 2026Kingston

ơ͍̈ёͩࢫɄ̌ɾࢫ§̛͛͛ 2016

000 2017

000 2018

000 2019

NOTES

Source: Original PDF

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000 2022

News

Jamaica Stock Exchange

Mayberry Investments Limited (MIL) – Annual Report for the Year Ended December 31, 2025

May 28, 2026Kingston

ơ͍̈ёͩࢫɄ̌ɾࢫ§̛͛͛ 2016

000 2017

000 2018

000 2019

NOTES

Source: Original PDF

Syndicated from Jamaica Stock Exchange · originally published May 28, 2026.

Legal context · powered by Jurifi

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000 2023

News

Jamaica Stock Exchange

Mayberry Investments Limited (MIL) – Annual Report for the Year Ended December 31, 2025

May 28, 2026Kingston

ơ͍̈ёͩࢫɄ̌ɾࢫ§̛͛͛ 2016

000 2017

000 2018

000 2019

NOTES

Source: Original PDF

Syndicated from Jamaica Stock Exchange · originally published May 28, 2026.

Legal context · powered by Jurifi

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000 2024

News

Jamaica Stock Exchange

Mayberry Investments Limited (MIL) – Annual Report for the Year Ended December 31, 2025

May 28, 2026Kingston

ơ͍̈ёͩࢫɄ̌ɾࢫ§̛͛͛ 2016

000 2017

000 2018

000 2019

NOTES

Source: Original PDF

Syndicated from Jamaica Stock Exchange · originally published May 28, 2026.

Legal context · powered by Jurifi

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000 2025

News

Jamaica Stock Exchange

Mayberry Investments Limited (MIL) – Annual Report for the Year Ended December 31, 2025

May 28, 2026Kingston

ơ͍̈ёͩࢫɄ̌ɾࢫ§̛͛͛ 2016

000 2017

000 2018

000 2019

NOTES

Source: Original PDF

Syndicated from Jamaica Stock Exchange · originally published May 28, 2026.

Legal context · powered by Jurifi

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000 HɄ͍̌ˏ̌ʳ͛ࢫͅʍ͍ࢫ̛͛ͩɲˬࢫͷ̌ˏͩ $1.72 $0.35 $0.76 $0.12 $0.53 %̛̛ˬࢫŅɄ˵ͷʍࢫöʍ͍ࢫ͛˂Ʉ͍ʍ $4.90 $5.03 $5.48 $5.41 $5.72 þʍͩͷ͍̌ࢫ̛̌ࢫH͋ͷˏͩΩ 35.0% 6.9% 13.9% 2.1% 9.3% þʍͩͷ͍̌ࢫ̛̌ࢫ\u0001Θʍ͍Ʉʳʍࢫ\u0001͛͛ʍͩ͛ 6.0% 1.6% 2.6% 0.3% 1.5% \u0001͛͛ʍͩࢫn̛͍Νͩ˂ࣜय़ࣝ 8.1% 23.0% 39.4% 2.5% 6.7% ½ʍͩࢫơ͍̈ёͩࣃࣜ§̛͛͛ࣝࢫ\u0001͍ͩͩˏɩͷͩɄɩ˵ʍࢫ̛ͩࢫĊ˂Ʉ͍ʍ - ˂̛˵ɾʍ͍͛ࢫn̛͍Νͩ˂ࢫࣜय़ࣝ 10.7% (69.1%) 118.4% (84.8%) 358.0% 7\u003c/p\u003e\n\u003cp\u003e8\u003c/p\u003e\n\u003cp\u003e11\u003c/p\u003e\n\u003cp\u003e12\u003c/p\u003e\n\u003cp\u003e13\u003c/p\u003e\n\u003cp\u003e14\u003c/p\u003e\n\u003cp\u003e15\u003c/p\u003e\n\u003cp\u003e16\u003c/p\u003e\n\u003cp\u003e17\u003c/p\u003e\n\u003cp\u003e18\u003c/p\u003e\n\u003cp\u003e19\u003c/p\u003e\n\u003cp\u003e20\u003c/p\u003e\n\u003cp\u003e21\u003c/p\u003e\n\u003cp\u003e22\u003c/p\u003e\n\u003cp\u003e23\u003c/p\u003e\n\u003cp\u003e26\u003c/p\u003e\n\u003cp\u003e27\u003c/p\u003e\n\u003cp\u003eCorporate Governance Introduction and Governance Framework The Board of Directors of Mayberry Investments Limited is committed to upholding the highest standards of corporate governance. This report sets out how the Company applied the principles and complied with the provisions of applicable corporate ʳ̛Θʍ͍̌Ʉ̌ɲʍࢫɲ̛ɾʍ͛ࢫɾͷ͍ˏ̌ʳࢫͩ˂ʍࢫё̌Ʉ̌ɲˏɄ˵ࢫΩʍɄ͍ࢫʍ̌ɾʍɾ8ࢫ࠴࠶ࢫʍɲʍ̆ɩʍ͍࠸࠵࠳࠵ࢫࢶ Mayberry Investments Limited operates under a robust corporate governance framework designed to support the effective functioning of the Board and its committees. This framework is structured to promote the delivery of long-term shareholder value, integrity, and transparency, and to ensure a shared understanding of the roles and responsibilities of the Board, its committees, individual Directors, and senior management. The Board has formally adopted the Corporate Governance Policy of Mayberry Group §ˏ̆ˏͩʍɾࢷࢫͩ˂ʍࢫͷ˵ͩˏ̆ɄͩʍࢫͅɄ͍ʍ̌ͩࢫɲ̛̆ͅɄ̌Ωࢫ̛ʱࢫͩ˂ʍࢫn̛͍ͷͅࢷࢫɾɄͩʍɾ8ࢫʍɲʍ̆ɩʍ͍࠷࠵࠳࠵ࢫࢷࢫɄ͛ࢫͩ˂ʍࢫ Company’s governing corporate governance policy, superseding all prior policies. In Ʉɾ̛ͩͅˏ̌ʳࢫͩ˂ˏ͛ࢫơ̈˵ˏɲΩࢷࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫˏ͛ࢫ͛Ʉͩˏ͛ёʍɾࢫͩ˂Ʉͩࢫˏͩࢫˏ͛ࢫɲ̛̌͛ˏ͛ͩʍ̌ͩࢫΝˏͩ˂ࢫɄͅͅ˵ˏɲɄɩ˵ʍࢫ˵ɄΝ͛ࢫɄ̌ɾࢫ regulations, local and international best practices, the Jamaica Corporate Governance -̛ɾʍࢫ࠴࠵࠳࠵ࢫˏ͛͛ͷʍɾࢫɩΩࢫͩ˂ʍࢫö͍ˏΘɄͩʍࢫĊʍɲ̛͍ͩࢫÌ͍ʳɄ̌ˏ͛Ʉͩˏ̛̌ࢫ̛ʱࢫɄ̆ɄˏɲɄࢫࣜöĊÌࣝࢷࢫɄ̌ɾࢫͩ˂ʍࢫþͷ˵ʍ͛ࢫ̛ʱࢫͩ ˂ʍࢫɄ̆ɄˏɲɄࢫĊ̛ͩɲˬࢫHΦɲ˂Ʉ̌ʳʍࢶࢫė˂ʍࢫͷͅɾɄͩʍɾࢫơ̈˵ˏɲΩࢫˏ͛ࢫɄΘɄˏ˵Ʉɩ˵ʍࢫ̛̌ࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫΝʍɩ͛ˏͩʍࢫɄͩࢫ www.mayberryinv.com/investor-relations. Board Role and Function The Board is responsible for providing strategic direction, overseeing risk management, monitoring performance, and ensuring the effectiveness of controls and compliance frameworks across the Company. The Board is further charged with maintaining effective engagement with shareholders and a broad range of stakeholders, including customers, ʍ̆ͅ˵̛Ωʍʍ͛ࢷࢫ͛ͷͅͅ˵ˏʍ͍͛ࢷࢫ͍ʍʳͷ˵Ʉ̛͍ͩ͛ࢷࢫɄ̌ɾࢫͩ˂ʍࢫΝˏɾʍ͍ࢫɲ̛̆̆ͷ̌ˏͩΩࢶࢫ̌ࢫͩ˂ˏ͛ࢫɲ̛̌ͩʍΦͩࢷࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫ ʍ͛ͩɄɩ˵ˏ͛˂ʍ͛ࢫɄࢫʱ͍Ʉ̆ʍΝ̛͍ˬࢫʱ̛͍ࢫʍΘɄ˵ͷɄͩˏ̌ʳࢫͩ˂ʍࢫͅʍ͍ʱ̛͍̆Ʉ̌ɲʍࢫ̛ʱࢫͩ˂ʍࢫHΦʍɲͷͩˏΘʍࢫ·Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫͩ ʍɄ̆ࢫɄʳɄˏ̌͛ͩࢫɾʍё̌ʍɾࢫͅʍ͍ʱ̛͍̆Ʉ̌ɲʍࢫɲ͍ˏͩʍ͍ˏɄࢫɄ̌ɾࢫˏ̌ͩʍ͍̌Ʉ˵ࢫɲ̛̛͍̌ͩ˵͛ࢶ ė˂ʍࢫ%̛Ʉ͍ɾ࣭͛ࢫ͍ͅˏ̌ɲˏͅɄ˵ࢫɾͷͩˏʍ͛ࢫʍ̌ɲ̛̆ͅɄ͛͛ࢸ ࣜ ˏࣝࢫ\u0001͍ͩˏɲͷ˵Ʉͩˏ̌ʳࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫΘˏ͛ˏ̛̌ࢷࢫ̆ˏ͛͛ˏ̛̌ࢷࢫɄ̌ɾࢫɲ̛͍ʍࢫͅͷ̛͍͛ͅʍࢶࣜ ˏˏࣝࢫĊʍͩͩˏ̌ʳࢫͩ˂ʍࢫ͍͛ͩɄͩʍʳˏɲࢫɾˏ͍ʍɲͩˏ̛̌ࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ωࢶࣜ ˏˏˏࣝࢫĊͷͅʍ͍Θˏ͛ˏ̌ʳࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫˏ̌ͩʍ͍̌Ʉ˵ࢫɲ̛̛͍̌ͩ˵͛ࢫɄ̌ɾࢫɄɲɲ̛ͷ̌ͩɄɩˏ˵ˏͩΩࢫ͛Ω͛ͩʍ̆͛ࢶࣜ ˏΘࣝࢫþʍΘˏʍΝˏ̌ʳࢷࢫʍ̌ɾ̛͍͛ˏ̌ʳࢷࢫɄ̌ɾࢫ̛̆̌ˏ̛͍ͩˏ̌ʳࢫ͍ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ͛Ω͛ͩʍ̆͛ࢷࢫˏ̌ͩʍ͍̌Ʉ˵ࢫɲ̛̛͍̌ͩ˵͛ࢷࢫ codes of conduct, and legal compliance. ࣜ Θࣝࢫ\u0001̛ͅͅˏ̌ͩˏ̌ʳࢫɄࢫ͛ͷˏͩɄɩ˵ʍࢫ-˂ˏʍʱࢫHΦʍɲͷͩˏΘʍࢫÌʱёɲʍ͍ࢫɄ̌ɾࢫ-̛̆ͅɄ̌ΩࢫĊʍɲ͍ʍͩɄ͍Ωࢶࣜ Θˏࣝࢫė͍Ʉɲˬˏ̌ʳࢫͩ˂ʍࢫ̛͍ͅʳ͍ʍ͛͛ࢫɄ̌ɾࢫͅʍ͍ʱ̛͍̆Ʉ̌ɲʍࢫ̛ʱࢫͩ˂ʍࢫHΦʍɲͷͩˏΘʍࢫ·Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫͩʍɄ̆ࢶ 30\u003c/p\u003e\n\u003cp\u003eBoard decisions are guided by a thorough and objective assessment of all relevant ˏ̌ʱ̛͍̆Ʉͩˏ̛̌ࢶࢫĊͷɲ˂ࢫɾʍɲˏ͛ˏ̛̌͛ࢫɄ͍ʍࢫ̆Ʉɾʍࢫˏ̌ࢫɲ̛̆ͅ˵ˏɄ̌ɲʍࢫΝˏͩ˂ࢫɄͅͅ˵ˏɲɄɩ˵ʍࢫ˵ʍʳɄ˵ࢫ̛ɩ˵ˏʳɄͩˏ̛̌͛ࢫ Ʉ̌ɾࢫΝˏͩ˂ࢫɾͷʍࢫ͍ʍʳɄ͍ɾࢫʱ̛͍ࢫͩ˂ʍࢫ͍ʍɄ̛͛̌Ʉɩ˵ʍࢫʍΦͅʍɲͩɄͩˏ̛̌͛ࢫ̛ʱࢫɄ˵˵ࢫ͛ͩɄˬʍ˂̛˵ɾʍ͍͛ࢷࢫˏ̌ɲ˵ͷɾˏ̌ʳࢫ shareholders, employees, customers, suppliers, creditors, and the broader community. 8ˏ͍ʍɲ̛͍ͩ͛ࢫʍΦʍ͍ɲˏ͛ʍࢫˏ̌ɾʍͅʍ̌ɾʍ̌ͩࢫ˥ͷɾʳ̆ʍ̌ͩࢫɄ̌ɾࢫ̛͛ͷ̌ɾࢫɩͷ͛ˏ̌ʍ͛͛ࢫɄɲͷ̆ʍ̌ࢫˏ̌ࢫΝ˂Ʉͩࢫͩ˂ʍΩࢫ consider to be the best interests of the Company, placing appropriate reliance on the ˏ̌ͩʍʳ͍ˏͩΩࢫɄ̌ɾࢫʍΦͅʍ͍ͩˏ͛ʍࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢷࢫʍΦͩʍ͍̌Ʉ˵ࢫɄɾΘˏ̛͍͛͛ࢷࢫɄ̌ɾࢫɄͷɾˏ̛͍ͩ͛ࢶ The Board maintains oversight of, and holds management accountable for, the -̛̆ͅɄ̌Ω࣭͛ࢫ̛ͅʍ͍Ʉͩˏ̛̌Ʉ˵ࢷࢫ͍͛ͩɄͩʍʳˏɲࢷࢫɄ̌ɾࢫё̌Ʉ̌ɲˏɄ˵ࢫͅʍ͍ʱ̛͍̆Ʉ̌ɲʍࢶࢫ·Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫˏ͛ࢫɄɲɲ̛͍ɾˏ̌ʳ˵Ωࢫ ʍΦͅʍɲͩʍɾࢫ̛ͩࢫ̆Ʉˏ̌ͩɄˏ̌ࢫ̛ͅʍ̌ࢫɄ̌ɾࢫ͍ͩɄ̌͛ͅɄ͍ʍ̌ͩࢫɲ̛̆̆ͷ̌ˏɲɄͩˏ̛̌ࢫΝˏͩ˂ࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢷࢫɩ͍ˏ̌ʳˏ̌ʳࢫɄ˵˵ࢫ material matters promptly to its attention. In its broader oversight capacity, the Board takes a lead role in establishing core policies, ɾʍё̌ˏ̌ʳࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫ͍ˏ͛ˬࢫɄͅͅʍͩˏͩʍࢷࢫɄ̌ɾࢫ͛˂Ʉͅˏ̌ʳࢫˏͩ͛ࢫɲ̛̛͍͍ͅɄͩʍࢫɲͷ˵ͩͷ͍ʍࢶࢫͩࢫɄ˵̛͛ࢫ̛͍ͅΘˏɾʍ͛ࢫ direction on the Company’s organisational structure and promotes appropriate policies with respect to corporate social responsibility. Board Composition and Structure The composition and organisational structure of the Board enable it to effectively discharge its mandate and deliver value for the Company and its stakeholders, in full compliance with applicable legal and regulatory requirements and recognised best ͍ͅ Ʉɲͩˏɲʍ͛ࢶࢫė˂ʍࢫ͛ˏηʍࢫ̛ʱࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫɄ̌ɾࢫͩ˂ʍࢫΘɄ͍ˏʍɾࢫ̛͍ͅʱʍ͛͛ˏ̛̌Ʉ˵ࢫɩɄɲˬʳ̛͍ͷ̌ɾ͛ࢷࢫʍΦͅʍ͍ͩˏ͛ʍࢷࢫɄ̌ɾࢫ ʍΦͅʍ͍ˏʍ̌ɲʍࢫ̛ʱࢫˏͩ͛ࢫ̆ʍ̆ɩʍ͍͛ࢫɲ̛˵˵ʍɲͩˏΘʍ˵Ωࢫʍ͋ͷˏͅࢫˏͩࢫ̛ͩࢫʱͷ˵ё˵ࢫˏͩ͛ࢫʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ͍ʍ̛͛̌͛ͅˏɩˏ˵ˏͩˏʍ͛ࢫ Νˏͩ˂ࢫ͍ˏʳ̛ͷ͍ࢫɄ̌ɾࢫɾˏ˵ˏʳʍ̌ɲʍࢶࢫė˂ʍࢫɩɄ˵Ʉ̌ɲʍࢫ̆Ʉˏ̌ͩɄˏ̌ʍɾࢫɩʍͩΝʍʍ̌ࢫʍΦʍɲͷͩˏΘʍࢫɄ̌ɾࢫ̛࣒̌̌ʍΦʍɲͷͩˏΘʍࢫ 8ˏ͍ʍɲ̛͍ͩ͛ࢫʍ̌͛ͷ͍ʍ͛ࢫͩ˂Ʉͩࢫ̛̌ࢫ͛ˏ̌ʳ˵ʍࢫˏ̌ɾˏΘˏɾͷɄ˵ࢫ̛͍ࢫ͛̆Ʉ˵˵ࢫʳ̛͍ͷͅࢫˏ͛ࢫɄɩ˵ʍࢫ̛ͩࢫʍΦʍ͍ɲˏ͛ʍࢫͷ̌ɾͷʍࢫ ˏ̌ђͷʍ̌ɲʍࢫ̛Θʍ͍ࢫͩ˂ʍࢫ%̛Ʉ͍ɾ࣭͛ࢫɾʍɲˏ͛ˏ̛࣒̌̆Ʉˬˏ̌ʳࢫ̛͍ͅɲʍ͛͛ʍ͛ࢶ \u0001͛ࢫɄͩ8ࢫ࠴࠶ࢫʍɲʍ̆ɩʍ͍࠸࠵࠳࠵ࢫࢷࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫˏ͛ࢫɲ˂Ʉˏ͍ʍɾࢫɩΩࢫ·͍ࢶࢫnɄ͍ΩࢫöʍɄ͍ͩࢫɄ̌ɾࢫɲ̛͍̆ͅˏ͛ʍ͛ࢫʍˏʳ˂ͩࢫ̆ ʍ̆ɩʍ͍͛ࢫ̛̌ʍࢫHΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩࢷࢫʱ̛ͷ͍ࢫ½̛࣒̌HΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩ͛ࢷࢫɄ̌ɾࢫͩ˂͍ʍʍࢫ̌ɾʍͅʍ̌ɾʍ̌ͩࢫ ½̛࣒̌HΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩ͛ࢶ The Board is considered to be of appropriate size for the Company and operates ʍʱʱʍɲͩˏΘʍ˵Ωࢫˏ̌ࢫˏͩ͛ࢫɲͷ͍͍ʍ̌ͩࢫʱ̛͍̆ࢶࢫHɄɲ˂8ࢫˏ͍ʍɲ̛͍ͩࢫˏ͛ࢫɾˏ͛ͩˏ̌ʳͷˏ͛˂ʍɾࢫɩΩࢫͩ˂ʍˏ͍ࢫʍɾͷɲɄͩˏ̛̌Ʉ˵ࢫ ɩɄɲˬʳ̛͍ͷ̌ɾࢷࢫͩʍɲ˂̌ˏɲɄ˵ࢫ̛͍ͅёɲˏʍ̌ɲΩࢷࢫˏ̌ɾͷ͍͛ͩΩࢫˬ̛̌Ν˵ʍɾʳʍࢷࢫ̛͍ͅʱʍ͛͛ˏ̛̌Ʉ˵ࢫɲ̛̆ͅʍͩʍ̌ɲʍࢷࢫɄ̌ɾࢫ personal integrity. In all deliberations, the best interests of the Company take precedence, and personal relationships whether arising from friendship, family connections, or contractual arrangements do not form part of the decision-making process. ė˂ʍࢫ%̛Ʉ͍ɾࢫɾʍё̌ʍ͛ࢫɄ̌ࢫ̌ɾʍͅʍ̌ɾʍ̌ͩࢫ½̛࣒̌HΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩࢫɄ͛ࢫɄ̌ࢫˏ̌ɾˏΘˏɾͷɄ˵ࢫΝ˂̛ࢫɩ͍ˏ̌ʳ͛ࢫ independent judgment to bear on matters before the Board and who acts at all times ˏ̌ࢫͩ˂ʍࢫɩʍ͛ͩࢫˏ̌ͩʍ͍ʍ͛ͩ͛ࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌ΩࢫɄ̌ɾࢫˏͩ͛ࢫ͛˂Ʉ͍ʍ˂̛˵ɾʍ͍͛ࢶࢫ\u0001ࢫ̛࣒̌̌ʍΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩࢫˏ͛ࢫ deemed independent where they satisfy this standard of independence. 31\u003c/p\u003e\n\u003cp\u003eThe collective professional backgrounds of the Board’s members provide a well-rounded Ʉ̌ɾࢫɲ̛̆ͅ˵ʍ̆ʍ̌ͩɄ͍Ωࢫɩ˵ʍ̌ɾࢫ̛ʱࢫʍΦͅʍ͍ͩˏ͛ʍࢷࢫʍΦͅʍ͍ˏʍ̌ɲʍࢷࢫɄ̌ɾࢫˬ̛̌Ν˵ʍɾʳʍࢫɄɲ̛͍͛͛ࢫɄࢫɩ̛͍Ʉɾࢫ range of disciplines, including investment banking, law, auditing, corporate governance, information technology, strategic management, and general business administration. ė̛ࢫʱͷ͍ͩ˂ʍ͍ࢫʍ̌˂Ʉ̌ɲʍࢫͩ˂ʍˏ͍ࢫʍʱʱʍɲͩˏΘʍ̌ʍ͛͛ࢷ8ࢫˏ͍ʍɲ̛͍ͩ͛ࢫͅɄ͍ͩˏɲˏͅɄͩʍࢫˏ̌ࢫˏ̌ͩʍ͍̌Ʉ˵ࢫɄ̌ɾࢫʍΦͩʍ͍̌Ʉ˵ࢫ͍ͩ Ʉˏ̌ˏ̌ʳࢫ̛͍ͅʳ͍Ʉ̆̆ʍ͛ࢫɾʍ͛ˏʳ̌ʍɾࢫ̛ͩࢫʍΦͅɄ̌ɾࢫͩ˂ʍˏ͍ࢫˬ̛̌Ν˵ʍɾʳʍࢫɄ̌ɾࢫˬʍʍͅࢫͩ˂ʍ̆ࢫɲͷ͍͍ʍ̌ͩࢫΝˏͩ˂ࢫ developments in the statutory and regulatory environment, as well as emerging corporate governance best practices. ė˂ʍࢫ̛͍˵ʍ͛ࢫ̛ʱࢫͩ˂ʍࢫ-˂Ʉˏ͍̆Ʉ̌ࢫɄ̌ɾࢫ-˂ˏʍʱࢫHΦʍɲͷͩˏΘʍࢫÌʱёɲʍ͍ࢫɄ͍ʍࢫɾˏ͛ͩˏ̌ɲͩࢫɄ̌ɾࢫɲ˵ʍɄ͍˵Ωࢫ͛ʍͅɄ͍Ʉͩʍɾࢶࢫ This separation ensures an appropriate distribution of authority, promoting transparency, Ʉɲɲ̛ͷ̌ͩɄɩˏ˵ˏͩΩࢷࢫɄ̌ɾࢫɾʍɲˏ͛ˏ̛࣒̌̆Ʉˬˏ̌ʳࢫˏ̌ɾʍͅʍ̌ɾʍ̌ͩࢫ̛ʱࢫʍΦʍɲͷͩˏΘʍࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢶࢫė˂ʍࢫ Chairman bears responsibility for leading the Board, guiding the Company’s strategy, overseeing management, and safeguarding the interests of shareholders. The Chief HΦʍɲͷͩˏΘʍࢫÌʱёɲʍ͍ࢫˏ͛ࢫ͍ʍ̛͛̌͛ͅˏɩ˵ʍࢫʱ̛͍ࢫʍΦʍɲͷͩˏ̌ʳࢫͩ˂ʍࢫ͍͛ͩɄͩʍʳΩࢫɄ̛͍ͅͅΘʍɾࢫɩΩࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫɄ̌ɾࢫ managing the Company’s day-to-day operations. Directors maintain open and unrestricted communication with management at all levels and have full access to relevant information. This ongoing engagement between the Board and management strengthens decision-making and supports an appropriate and effective distribution of authority within the organisation. Lead Independent Director Mr. Gladstone Lewars continues to serve as Lead Independent Director of the Company. Diversity \u0001ࢫʱͷ̌ɾɄ̆ʍ̌ͩɄ˵ࢫ͍ʍ̛͛̌͛ͅˏɩˏ˵ˏͩΩࢫ̛ʱࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫˏ͛ࢫ̛ͩࢫˏɾʍ̌ͩˏʱΩࢫ͛ˏʳ̌ˏёɲɄ̌ͩࢫ̛̛͍ͩͅͅͷ̌ˏͩˏʍ͛ࢫ and risks while providing strategic direction for the business. This requires a diverse Ʉ̌ɾࢫʍΦͅʍ͍ˏʍ̌ɲʍɾࢫʳ̛͍ͷͅࢫ̛ʱࢫˏ̌ɾˏΘˏɾͷɄ˵͛ࢫ̛ͅʍ͍Ʉͩˏ̌ʳࢫΝˏͩ˂ˏ̌ࢫɄ̌ࢫʍ̌Θˏ̛͍̌̆ʍ̌ͩࢫͩ˂ɄͩࢫɄɲͩˏΘʍ˵Ωࢫ ʍ̌ɲ̛ͷ͍Ʉʳʍ͛ࢫͩ˂ʍࢫʍΦ͍ͅʍ͛͛ˏ̛̌ࢫ̛ʱࢫΘɄ͍ˏʍɾࢫͅʍ͍͛ͅʍɲͩˏΘʍ͛ࢶࢫö͍ˏ̛͍ࢫ̛ͩࢫɄ̛ͅͅˏ̌ͩ̆ʍ̌ͩࢷࢫɲɄ͍ʍʱͷ˵ࢫ ɲ̛̌͛ˏɾʍ͍Ʉͩˏ̛̌ࢫˏ͛ࢫʳˏΘʍ̌ࢫ̛ͩࢫʍɄɲ˂ࢫɲɄ̌ɾˏɾɄͩʍ࣭͛ࢫ͛ˬˏ˵˵͛ࢷࢫʍΦͅʍ͍ˏʍ̌ɲʍࢷࢫˏ̌ɾʍͅʍ̌ɾʍ̌ɲʍࢷࢫɄ̌ɾࢫʱɄ̆ˏ˵ˏɄ͍ˏͩΩࢫ with the Company and its operations. The breadth of professional and educational backgrounds represented on the Board ʍ̌Ʉɩ˵ʍ͛8ࢫˏ͍ʍɲ̛͍ͩ͛ࢫ̛ͩࢫʱͷ˵ё˵ࢫͩ˂ʍˏ͍ࢫɾͷͩˏʍ͛ࢫˏ̌ࢫɄɲɲ̛͍ɾɄ̌ɲʍࢫΝˏͩ˂ࢫ͛ͩɄͩͷ̛͍ͩΩࢫ͍ʍ͋ͷˏ͍ʍ̆ʍ̌ͩ͛ࢷࢫͩ˂ʍࢫ -̛̆ͅɄ̌Ω࣭͛ࢫ\u0001͍ͩˏɲ˵ʍ͛ࢫ̛ʱࢫ\u0001̛͛͛ɲˏɄͩˏ̛̌ࢷࢫɄ̌ɾࢫʍ͛ͩɄɩ˵ˏ͛˂ʍɾࢫʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ̛͍ͅɲʍɾͷ͍ʍ͛ࢶࢫė̛ࢫʍ̌͛ͷ͍ʍࢫ the Board’s continued effectiveness, candidates for appointment or re-election should demonstrate, among other qualities: 32\u003c/p\u003e\n\u003cp\u003e• Unwavering personal and professional ethics, integrity, and values. • HΦͅʍ͍ͩˏ͛ʍࢫͩ˂ɄͩࢫɄɾɾ͛ࢫΘɄ˵ͷʍࢫ̛ͩࢫͩ˂ʍࢫ̛͍ʳɄ̌ˏ͛Ʉͩˏ̛̌ࢫɄ̌ɾࢫɲ̛̆ͅ˵ʍ̆ʍ̌ͩ͛ࢫͩ˂ʍࢫʍΦͅʍ͍ˏʍ̌ɲʍࢫ̛ʱࢫ ʍΦˏ͛ͩˏ̌ʳࢫ%̛Ʉ͍ɾࢫ̆ʍ̆ɩʍ͍͛ࢶ • \u0001ࢫʳʍ̌ͷˏ̌ʍࢫΝˏ˵˵ˏ̌ʳ̌ʍ͛͛ࢫɄ̌ɾࢫɲɄͅɄɲˏͩΩࢫ̛ͩࢫɲ̛̆̆ˏͩࢫͩ˂ʍࢫͩˏ̆ʍࢫ͍ʍ͋ͷˏ͍ʍɾࢫ̛ͩࢫʱͷ˵ё˵ࢫͩ˂ʍࢫɾͷͩˏʍ͛ࢫ and responsibilities of Board membership. ė˂ʍࢫ̆Ʉ͍ͩˏΦࢫɩʍ˵̛Νࢫɾʍ͛ɲ͍ˏɩʍ͛ࢫͩ˂ʍࢫˬʍΩࢫ͛ˬˏ˵˵͛ࢫͩ˂Ʉͩࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫ˂Ʉ͛ࢫˏɾʍ̌ͩˏёʍɾࢫɄ͛ࢫʍ͛͛ʍ̌ͩˏɄ˵ࢫʱ̛͍ࢫ effective oversight and the implementation of the Company’s strategic objectives. Experience Area Christopher Berry Gary Peart Konrad Berry Erwin Angus Gladstone Lewars Alok Jain Walter Scott Patrick Bataille General Management \u0026amp; Business Operations Technology Investment \u0026amp; Financial Services Risk Management Listed Company Experience Strategy Development Legal/Regulatory Corporate Governance Accounting No Competence Low Competence Some Competence High Competence Expert 33\u003c/p\u003e\n\u003cp\u003eBoard Committees ė̛ࢫʍ̌˂Ʉ̌ɲʍࢫͩ˂ʍࢫʍʱʱʍɲͩˏΘʍ̌ʍ͛͛ࢫɄ̌ɾࢫʍʱёɲˏʍ̌ɲΩࢫΝˏͩ˂ࢫΝ˂ˏɲ˂ࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫɾˏ͛ɲ˂Ʉ͍ʳʍ͛ࢫˏͩ͛ࢫёɾͷɲˏɄ͍Ωࢫ duties and governance responsibilities, the Board has established a number of specialised ͛ ͷɩ࣒ɲ̛̆̆ˏͩͩʍʍ͛ࢶ8ࢫͷ͍ˏ̌ʳ࠸࠵࠳࠵ࢫࢷࢫɄ̌ࢫ̌ʱ̛͍̆Ʉͩˏ̛̌ࢫɄ̌ɾࢫėʍɲ˂̛̌˵̛ʳΩࢫ͛ͷɩ࣒ɲ̛̆̆ˏͩͩʍʍࢫΝɄ͛ࢫ ʍ͛ͩɄɩ˵ˏ͛˂ʍɾࢫˏ̌ࢫɄɾɾˏͩˏ̛̌ࢫ̛ͩࢫͩ˂ʍࢫʍΦˏ͛ͩˏ̌ʳࢫёΘʍࢫ͛ͷɩ࣒ɲ̛̆̆ˏͩͩʍʍ͛ࢶ These committees address matters requiring thorough review or in-depth analysis, either ʍΦʍ͍ɲˏ͛ˏ̌ʳࢫɾʍ˵ʍʳɄͩʍɾࢫɄͷͩ˂̛͍ˏͩΩࢫ̛ͩࢫ̆Ʉˬʍࢫɾʍɲˏ͛ˏ̛̌͛ࢫ̛̌ࢫɩʍ˂Ʉ˵ʱࢫ̛ʱࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫ̛͍ࢫʱ̛͍̆ͷ˵Ʉͩˏ̌ʳࢫ ɲ̛̌͛ˏɾʍ͍ʍɾࢫ͍ʍɲ̛̆̆ʍ̌ɾɄͩˏ̛̌͛ࢫʱ̛͍ࢫˏͩ͛ࢫ͍ʍΘˏʍΝࢫɄ̌ɾࢫɄ̛͍ͅͅΘɄ˵ࢶࢫHɄɲ˂ࢫɲ̛̆̆ˏͩͩʍʍࢫ̛ͅʍ͍Ʉͩʍ͛ࢫ ͷ̌ɾʍ͍ࢫɄࢫɲ˵ʍɄ͍˵Ωࢫɾʍё̌ʍɾࢫ̆Ʉ̌ɾɄͩʍࢷࢫ͛ͷ̛͍ͩͅͅˏ̌ʳࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫˏ̌ࢫͩ˂ʍࢫʍΦʍɲͷͩˏ̛̌ࢫ̛ʱࢫˏͩ͛ࢫʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ functions and providing independent oversight of the Company’s internal controls and risk management framework. The Chairperson of each committee is responsible for reporting to the full Board on key matters considered and decisions reached during committee meetings, ensuring that the Board remains comprehensively informed of each committee’s deliberations and activities. MAYBERRY’S BOARD COMMITEES AUDIT COMMITTEE ė˂ʍࢫ̆Ʉˏ̌ࢫ̛ɩ˥ʍɲͩˏΘʍࢫ̛ʱࢫͩ˂ʍࢫ\u0001ͷɾˏͩ -̛̆̆ˏͩͩʍʍࢫˏ͛ࢫ̛ͩࢫɄˏɾࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫˏ̌ࢫ ɲɄ͍͍Ωˏ̌ʳࢫ̛ͷͩࢫˏͩ͛ࢫ̛Θʍ͍͛ˏʳ˂ͩࢫɾͷͩˏʍ͛ࢫ ɲ̛̌ɲʍ͍̌ˏ̌ʳࢫͩ˂ʍࢫˏ̌ͩʍ͍̌Ʉ˵ࢫɲ̛̛͍̌ͩ˵ࢫ͛ Ω͛ͩʍ̆͛ࢷࢫͩ˂ʍࢫʍ̌ͩˏͩΩ࣭͛ࢫё̌Ʉ̌ɲˏɄ˵ࢫ͍ ʍ̛͍ͩͅˏ̌ʳࢫ̛͍ͅɲʍɾͷ͍ʍ͛ࢷࢫɄ̌ɾࢫɄͷɾˏͩࢫ ʱͷ̌ɲͩˏ̛̌͛ࢶ ASSET AND LIABILITIES -Ì··ėėHHࢫ\u0001§-Ìࣣ Oversees and supervises the ̆ Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ̛ʱࢫˏ̌Θʍ͛ͩ̆ʍ̌ͩࢫ̛͍ͩͅ ʱ̛˵ˏ̛͛ࢫɄ̌ɾࢫ˵ˏɄɩˏ˵ˏͩˏʍ͛ࢫˏ̌ࢫ Ʉɲɲ̛͍ɾɄ̌ɲʍࢫΝˏͩ˂ࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫ͍ ˏ͛ˬࢫ̛ͩ˵ʍ͍Ʉ̌ɲʍࢶ NOMINATIONS AND CORPORATE GOVERNANCE COMMITTEE Ċͷʳʳʍ͛ͩ͛ࢫ̛ͩͅʍ̌ͩˏɄ˵ࢫɲɄ̌ɾˏɾɄͩʍ͛ࢫ ʱ̛͍ࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫ̛ʱ8ࢫˏ͍ʍɲ̛͍ͩ͛ࢫɄ̌ɾࢫ͛ ͷͅʍ͍Θˏ͛ʍ͛ࢫͩ˂ʍࢫʍʱёɲˏʍ̌ͩࢫ̛ͅʍ͍Ʉͩˏ̛̌ࢫ̛ʱࢫͩ ˂ʍࢫ%̛Ʉ͍ɾࢶ INFORMATION TECHNOLOGY COMMITTEE ÌΘʍ͍͛ʍʍ͛ࢫͩ˂ʍࢫėࢫ͍ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ ʱ͍Ʉ̆ʍΝ̛͍ˬࢫɄ̌ɾࢫͩ˂ʍࢫʍʱʱʍɲͩˏΘʍ̌ʍ͛͛ࢫ̛ʱࢫ ėࢫʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ͍͛ͩͷɲͩͷ͍ʍ͛ࢫʍ̌͛ͷ͍ˏ̌ʳࢫ Ʉ˵ˏʳ̌̆ʍ̌ͩࢫΝˏͩ˂ࢫɩͷ͛ˏ̌ʍ͛͛ࢫ̛ɩ˥ʍɲͩˏΘʍ͛ࢫ Ʉ̌ɾࢫɄͅͅ˵ˏɲɄɩ˵ʍࢫ͍ʍʳͷ˵Ʉ̛͍ͩΩࢫ͍ ʍ͋ͷˏ͍ʍ̆ʍ̌ͩ͛ࢶ COMPLIANCE \u0026amp; DATA PROTECTION COMMITTEE ͛ࢫͩɄ͛ˬʍɾࢫΝˏͩ˂ࢫʍ̌͛ͷ͍ˏ̌ʳࢫ Ʉɾ˂ʍ͍ʍ̌ɲʍࢫ̛ͩࢫ˵ʍʳɄ˵ࢫɄ̌ɾࢫ͍ʍʳͷ˵Ʉ̛͍ͩΩࢫ͍ ʍ͋ͷˏ͍ʍ̆ʍ̌ͩ͛ࢷࢫɄ͛ࢫΝʍ˵˵ࢫɄ͛ࢫɾʍΘʍ˵̛ͅˏ̌ʳࢫ Ʉࢫʱ͍Ʉ̆ʍΝ̛͍ˬࢫʱ̛͍ࢫɲ̛̆ͅ˵ˏɄ̌ɲʍࢫΝˏͩ˂ࢫ 8ɄͩɄࢫơ͍̈ͩʍɲͩˏ̛̌ࢫ§ɄΝ͛ࢶ REMUNERATION COMMITTEE H͛ͩɄɩ˵ˏ͛˂ʍ͛ࢫͩ˂ʍࢫʱͷ̌ɾɄ̆ʍ̌ͩɄ˵ࢫ͍ͅ ˏ̌ɲˏͅ˵ʍ͛ࢷࢫͅɄ͍Ʉ̆ʍͩʍ͍͛ࢷࢫɄ̌ɾࢫ ʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ͍͛ͩͷɲͩͷ͍ʍࢫ̛ʱࢫͩ˂ʍࢫ -̛̆ͅɄ̌Ω࣭͛ࢫ͍ʍ̆ͷ̌ʍ͍Ʉͩˏ̛̌ࢫ̛ͅ˵ˏɲΩࢶ 34\u003c/p\u003e\n\u003cp\u003eNames Positions Audit ALCO Compliance \u0026amp; Data Protection Nominations and Corporate Governance Remuneration Information Technology nɄ͍ΩࢫöʍɄ͍ͩ Non – Executive -˂Ʉˏ͍̆Ʉ̌ M M -˂͍ˏ̛͛ͩͅ˂ʍ͍ࢫ %ʍ͍͍Ω Non- Executive 8ˏ͍ʍɲ̛͍ͩ M M M ̛͍̌Ʉɾࢫ%ʍ͍͍Ω Non-Executive 8ˏ͍ʍɲ̛͍ͩ M M M M H͍Νˏ̌ࢫ\u0001̌ʳͷ͛ Non-Executive 8ˏ͍ʍɲ̛͍ͩࢫ M M öɄ͍ͩˏɲˬࢫ%ɄͩɄˏ˵˵ʍ HΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩࣃ -˂ˏʍʱࢫHΦʍɲͷͩˏΘʍࢫÌʱёɲʍ͍ M M M n˵Ʉɾ̛͛ͩ̌ʍࢫ§ʍΝɄ͍͛ ̌ɾʍͅʍ̌ɾʍ̌ͩ8ࢫˏ͍ʍɲ̛͍ͩ M C M C \u0001˵̛ˬࢫɄˏ̌ࢫ ̌ɾʍͅʍ̌ɾʍ̌ͩ8ࢫˏ͍ʍɲ̛͍ͩ C M C ŋɄ˵ͩʍ͍ࢫĊɲ̛ͩͩࢫ ̌ɾʍͅʍ̌ɾʍ̌ͩ8ࢫˏ͍ʍɲ̛͍ͩ M C C ŖΘʍ͛ࢫ§ɄΝ̛͛̌ࣁ -̛̛࣒ͩͅʍɾࢫ-̛̆̆ˏͩͩʍʍࢫ ·ʍ̆ɩʍ͍ M Names Board Positions Board Audit ALCO Compliance \u0026amp; Data Protection Nominations and Corporate Governance Remuneration* Information Technology ½ͷ̆ɩʍ͍ࢫ̛ʱࢫ Meetings 9 3 6 3 2 - 2 nɄ͍Ωࢫ Peart -˂Ʉˏ͍̆Ʉ̌ 9 2 2 -˂͍ˏ̛͛ͩͅ˂ʍ͍ࢫ %ʍ͍͍Ω 8ˏ͍ʍɲ̛͍ͩ 7 1 - Konrad %ʍ͍͍Ω 8ˏ͍ʍɲ̛͍ͩ 9 3 6 - 2 H͍Νˏ̌ࢫ \u0001̌ʳͷ͛ 8ˏ͍ʍɲ̛͍ͩ 7 3 6 öɄ͍ͩˏɲˬࢫ %ɄͩɄˏ˵˵ʍ HΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩࣃ -˂ˏʍʱࢫHΦʍɲͷͩˏΘʍࢫࢫ Ìʱёɲʍ͍ 9 6 3 2 n˵Ʉɾ̛͛ͩ̌ʍࢫ §ʍΝɄ͍͛ Independent 8ˏ͍ʍɲ̛͍ͩ 8 2 6 1 2 \u0001˵̛ˬࢫ Ʉˏ̌ࢫ Independent 8ˏ͍ʍɲ̛͍ͩ 8 3 2 2 ŋɄ˵ͩʍ͍ࢫ Ċɲ̛ͩͩࢫ Independent 8ˏ͍ʍɲ̛͍ͩ 8 3 3 - Director’s Attendance: Board and Committee Meetings Board Committee Composition ࣁ½ࢫ̛ࢫ̆ʍʍͩˏ̌ʳ͛ࢫ̛ʱࢫͩ˂ʍࢫþʍ̌ͷ̆ʍ͍Ʉͩˏ̛̌ࢫ-̛̆̆ˏͩͩʍʍࢫΝʍ͍ʍࢫ˂ʍ˵ɾࢫɾͷ͍ˏ̌ʳࢫͩ˂ʍࢫΩʍɄ͍ࢶ 35\u003c/p\u003e\n\u003cp\u003eAudit Committee ė˂ʍࢫ\u0001ͷɾˏͩࢫ-̛̆̆ˏͩͩʍʍࢫˏ͛ࢫ͍ʍ̛͛̌͛ͅˏɩ˵ʍࢫʱ̛͍ࢫ̛͍ͅΘˏɾˏ̌ʳࢫˏ̌ɾʍͅʍ̌ɾʍ̌ͩࢫ̛Θʍ͍͛ˏʳ˂ͩࢫ̛ʱࢫͩ˂ʍࢫ -̛̆ͅɄ̌Ω࣭͛ࢫё̌Ʉ̌ɲˏɄ˵ࢫ͍ʍ̛͍ͩͅˏ̌ʳࢷࢫˏ̌ͩʍ͍̌Ʉ˵ࢫɲ̛̛͍̌ͩ˵͛ࢷࢫ͍ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢷࢫɄ̌ɾࢫɄͷɾˏͩࢫʱͷ̌ɲͩˏ̛̌͛ࢷࢫ with a view to assuring stakeholders that: • ė˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫё̌Ʉ̌ɲˏɄ˵ࢫ͛ͩɄͩʍ̆ʍ̌ͩ͛ࢫɄ͍ʍࢫɄɲɲͷ͍ɄͩʍࢫɄ̌ɾࢫ͍ʍ˵ˏɄɩ˵ʍࢶ • The Company has adequate and effective internal controls in place. • The audit function operates with independence and effectiveness. ̌ࢫʱͷ˵ё˵̆ʍ̌ͩࢫ̛ʱࢫˏͩ͛ࢫ̆Ʉ̌ɾɄͩʍࢷࢫͩ˂ʍࢫ-̛̆̆ˏͩͩʍʍࢫʍΦʍ͍ɲˏ͛ʍ͛ࢫ̛Θʍ͍͛ˏʳ˂ͩࢫɄɲ̛͍͛͛ࢫͩ˂ʍࢫʱ̛˵˵̛Νˏ̌ʳࢫɄ͍ʍɄ͛ࢸ • Financial Reporting ࢫࣔࢫȞ͛ͷ͍ˏ̌ʳࢫͩ˂ʍࢫˏ̌ͩʍʳ͍ˏͩΩࢫɄ̌ɾࢫɄɲɲͷ͍ɄɲΩࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫё̌Ʉ̌ɲˏɄ˵ࢫ͛ͩ Ʉͩʍ̆ʍ̌ͩ͛ࢫɄ̌ɾࢫ͍ʍΘˏʍΝˏ̌ʳࢫ͛ˏʳ̌ˏёɲɄ̌ͩࢫɄɲɲ̛ͷ̌ͩˏ̌ʳࢫ̛ͅ˵ˏɲˏʍ͛ࢫɄ̌ɾࢫ͍ͅɄɲͩˏɲʍ͛ࢶ • Internal Controls — Monitoring the effectiveness of the Company’s internal control systems and recommending improvements where necessary. • External Audit ࣔ ࢫÌΘʍ͍͛ʍʍˏ̌ʳࢫͩ˂ʍࢫ͛ʍ˵ʍɲͩˏ̛̌ࢫɄ̌ɾࢫɄ̛ͅͅˏ̌ͩ̆ʍ̌ͩࢫ̛ʱࢫͩ˂ʍࢫʍΦͩʍ͍̌Ʉ˵ࢫɄͷɾˏ̛͍ͩࢫ and reviewing the auditor’s independence and effectiveness. • Risk Management ࣔ ࢫ\u0001͛͛ʍ͛͛ˏ̌ʳࢫͩ˂ʍࢫɄɾʍ͋ͷɄɲΩࢫɄ̌ɾࢫʍʱʱʍɲͩˏΘʍ̌ʍ͛͛ࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫ͍ ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ̛͍ͅɲʍ͛͛ʍ͛ࢫɄ̌ɾࢫʍΘɄ˵ͷɄͩˏ̌ʳࢫ͛ˏʳ̌ˏёɲɄ̌ͩࢫ͍ˏ͛ˬࢫʍΦ̛͛ͅͷ͍ʍ͛ࢫɄ̌ɾࢫɄ̛͛͛ɲˏɄͩʍɾࢫ mitigation strategies. • Compliance and Legal Matters ࣔ ࢫȞ͛ͷ͍ˏ̌ʳࢫͩ˂ɄͩࢫɄࢫ̛͍ɩͷ͛ͩࢫʱ͍Ʉ̆ʍΝ̛͍ˬࢫˏ͛ࢫˏ̌ࢫͅ˵Ʉɲʍࢫ̛ͩࢫ monitor and assure compliance with all relevant laws and regulations, and overseeing ˵ʍʳɄ˵ࢫ̆Ʉͩͩʍ͍͛ࢫͩ˂Ʉͩࢫ̆ɄΩࢫ˂ɄΘʍࢫɄࢫ̆Ʉͩʍ͍ˏɄ˵ࢫɩʍɄ͍ˏ̌ʳࢫ̛̌ࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫё̌Ʉ̌ɲˏɄ˵ࢫ͛ͩɄͩʍ̆ʍ̌ͩ͛ࢶࢫ • Ethical Conduct ࣔ ࢫȞ͛ͷ͍ˏ̌ʳࢫͩ˂Ʉͩࢫͩ˂ʍࢫ-̛̆ͅɄ̌ΩࢫɄɾ˂ʍ͍ʍ͛ࢫ̛ͩࢫˏͩ͛ࢫ-̛ɾʍࢫ̛ʱࢫ-̛̌ɾͷɲͩࢫ and ethical standards, and maintaining oversight of the Company’s commitment to combating fraud, corruption, and other unethical practices, including the administration of the whistleblowing programme. ė˂ʍࢫ͛ͅʍɲˏёɲࢫ̛͍˵ʍ͛ࢫɄ̌ɾࢫ͍ʍ̛͛̌͛ͅˏɩˏ˵ˏͩˏʍ͛ࢫ̛ʱࢫͩ˂ʍࢫ\u0001ͷɾˏͩࢫ-̛̆̆ˏͩͩʍʍࢫɄ͍ʍࢫ͛ʍͩࢫ̛ͷͩࢫˏ̌ࢫͩ˂ʍࢫ\u0001ͷɾˏͩࢫ Committee Charter approved by the Board, which is available on the Company’s website at www.mayberryinv.com/investor-relations. The Charter is consistent with the principles ̛ ʱࢫͩ˂ʍࢫöĊÌࢫ-̛̛͍͍ͅɄͩʍࢫn̛Θʍ͍̌Ʉ̌ɲʍࢫ-̛ɾʍ࠴࠵࠳࠵ࢫࢷࢫΝ˂ˏɲ˂ࢫ͍ʍ͋ͷˏ͍ʍ͛ࢫͩ˂ɄͩࢫɄͩࢫ˵ʍɄ͛ͩࢫͩ˂͍ʍʍࢫ̆ʍ̆ɩʍ͍͛ࢫ̛ ʱࢫͩ˂ʍࢫ\u0001ͷɾˏͩࢫ-̛̆̆ˏͩͩʍʍࢫɩʍࢫˏ̌ɾʍͅʍ̌ɾʍ̌ͩࢫ̛࣒̌̌ʍΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩ͛ࢷࢫ̛̌ʍࢫ̛ʱࢫΝ˂̛̆ࢫ͛˂̛ͷ˵ɾࢫ̛͛͛ͅ ʍ͛͛ࢫ͍ʍɲʍ̌ͩࢫɄ̌ɾࢫ͍ʍ˵ʍΘɄ̌ͩࢫё̌Ʉ̌ɲˏɄ˵ࢫʍΦͅʍ͍ˏʍ̌ɲʍࢶ Nominations and Corporate Governance Committee ė˂ʍࢫ½̛̆ˏ̌Ʉͩˏ̛̌͛ࢫɄ̌ɾࢫ-̛̛͍͍ͅɄͩʍࢫn̛Θʍ͍̌Ʉ̌ɲʍࢫ-̛̆̆ˏͩͩʍʍࢫ˂Ʉ͛ࢫɩʍʍ̌ࢫʍ͛ͩɄɩ˵ˏ͛˂ʍɾࢫɩΩࢫ the Board to enhance its effectiveness in overseeing matters relating to Director nominations, corporate governance, and Board performance. The Committee’s purpose ˏ͛ࢫ̛ͩࢫʍ̌͛ͷ͍ʍࢫͩ˂Ʉͩࢫͩ˂ʍࢫ%̛Ʉ͍ɾ࣭͛ࢫɲ̛̛̆͛ͅˏͩˏ̛̌ࢫ͍ʍђʍɲͩ͛ࢫɄࢫɾˏΘʍ͍͛ʍࢫɄ̌ɾࢫΝʍ˵˵࣒ɩɄ˵Ʉ̌ɲʍɾࢫ͍Ʉ̌ʳʍࢫ̛ʱࢫ͛ ˬˏ˵˵͛ࢫɄ̌ɾࢫʍΦͅʍ͍ͩˏ͛ʍࢷࢫɄ̌ɾࢫ̛ͩࢫ̛̛͍̆ͩͅʍࢫɄ̌ɾࢫͷͅ˂̛˵ɾࢫ̛͍ɩͷ͛ͩࢫɲ̛̛͍͍ͅɄͩʍࢫʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ͍ͅˏ̌ɲˏͅ˵ʍ͛ࢫ in alignment with the foundational values of fairness, accountability, independence, responsibility, stewardship, and transparency. 36\u003c/p\u003e\n\u003cp\u003eAssets and Liabilities Committee ė˂ʍࢫ\u0001͛͛ʍͩ͛ࢫɄ̌ɾࢫ§ˏɄɩˏ˵ˏͩˏʍ͛ࢫ-̛̆̆ˏͩͩʍʍࢫࣜ\u0001§-Ìࣝࢫ˂Ʉ͛ࢫɩʍʍ̌ࢫʍ͛ͩɄɩ˵ˏ͛˂ʍɾࢫɩΩࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫ̛ͩࢫ̛͍ͅΘˏɾʍࢫ oversight and strategic guidance in relation to the management of the Company’s assets Ʉ̌ɾࢫ˵ˏɄɩˏ˵ˏͩˏʍ͛ࢶࢫÌͅʍ͍Ʉͩˏ̌ʳࢫɄ͛ࢫɄࢫ͛ͷɩ࣒ɲ̛̆̆ˏͩͩʍʍࢫ̛ʱࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫΝˏͩ˂ˏ̌ࢫͩ˂ʍࢫn̛͍ͷ࣭͛ͅࢫ̛Θʍ͍Ʉ͍ɲ˂ˏ̌ʳࢫ ʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ͍͛ͩͷɲͩͷ͍ʍࢷࢫ\u0001§-Ì࣭͛ࢫͅͷ̛͍͛ͅʍࢫˏ͛ࢫ̛ͩࢫʍ̌͛ͷ͍ʍࢫͩ˂ʍࢫʍʱʱʍɲͩˏΘʍࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ̛ʱࢫͩ˂ʍࢫ -̛̆ͅɄ̌Ω࣭͛ࢫё̌Ʉ̌ɲˏɄ˵ࢫ͍ʍ̛͛ͷ͍ɲʍ͛ࢷࢫ̛ͩͅˏ̆ˏ͛ʍࢫͩ˂ʍࢫɩɄ˵Ʉ̌ɲʍࢫɩʍͩΝʍʍ̌ࢫɄ͛͛ʍͩ͛ࢫɄ̌ɾࢫ˵ˏɄɩˏ˵ˏͩˏʍ͛ࢷࢫɄ̌ɾࢫ align risk management practices with the Company’s strategic objectives. ̌ࢫʱͷ˵ё˵̆ʍ̌ͩࢫ̛ʱࢫˏͩ͛ࢫ̆Ʉ̌ɾɄͩʍࢷࢫͩ˂ʍࢫ-̛̆̆ˏͩͩʍʍࢫʍΦʍ͍ɲˏ͛ʍ͛ࢫ̛Θʍ͍͛ˏʳ˂ͩࢫɄɲ̛͍͛͛ࢫͩ˂ʍࢫʱ̛˵˵̛Νˏ̌ʳࢫɄ͍ʍɄ͛ࢸ • Ċ͍ͩɄͩʍʳˏɲࢫɄ͛͛ʍͩࢫɄ̌ɾࢫ˵ˏɄɩˏ˵ˏͩΩࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢶ • þˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢶ • Liquidity management. • Interest rate management. • Market risk management. • Capital adequacy. Compliance and Data Protection Committee The Compliance and Data Protection Committee is responsible for overseeing the Company’s adherence to applicable legal and regulatory requirements and monitoring the effectiveness of the Company’s internal control systems. The Committee’s purpose is to safeguard the integrity, legality, and ethical conduct of the Company by providing oversight of regulatory compliance and ensuring the robust protection of sensitive information in accordance with applicable data protection and privacy standards. Remuneration Committee ė˂ʍࢫþʍ̆ͷ̌ʍ͍Ʉͩˏ̛̌ࢫ-̛̆̆ˏͩͩʍʍࢫ˂Ʉ͛ࢫɩʍʍ̌ࢫʍ͛ͩɄɩ˵ˏ͛˂ʍɾࢫ̛ͩࢫ̛Θʍ͍͛ʍʍࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫ remuneration policies and practices, ensuring they are aligned with the Company’s strategic objectives, performance goals, and corporate governance best practices. The Committee’s mandate encompasses oversight of the following: • HΦʍɲͷͩˏΘʍࢫɲ̛̆ͅʍ̌͛Ʉͩˏ̛̌ࢶ • Performance evaluation frameworks. • H͋ͷˏͩΩ࣒ɩɄ͛ʍɾࢫˏ̌ɲʍ̌ͩˏΘʍࢫɄ͍͍Ʉ̌ʳʍ̆ʍ̌ͩ͛ࢶ 37\u003c/p\u003e\n\u003cp\u003eDirectors’ Remuneration The Company is committed to ensuring that Director remuneration is equitable, competitive, and aligned with the Company’s strategic objectives. Compensation is ͍͛ͩ ͷɲͩͷ͍ʍɾࢫ̛ͩࢫ͍ʍђʍɲͩࢫͩ˂ʍࢫͩˏ̆ʍࢫɲ̛̆̆ˏͩ̆ʍ̌ͩࢷࢫ͍ʍ̛͛̌͛ͅˏɩˏ˵ˏͩˏʍ͛ࢷࢫɄ̌ɾࢫʍΦͅʍ͍ͩˏ͛ʍࢫɄ̛͛͛ɲˏɄͩʍɾࢫΝˏͩ˂ࢫ each Director’s role, with the aim of attracting, retaining, and appropriately incentivising Directors of the highest calibre. Director remuneration comprises fees only, determined by reference to each Director’s committee memberships, responsibilities, and such other factors as the Board considers relevant. Directors do not receive any form of share-based compensation; they are, however, encouraged to acquire shares in the Company through open-market purchases, reinforcing their alignment with shareholder interests. Full details of Director ͍ ʍ̆ͷ̌ʍ͍Ʉͩˏ̛̌ࢫɄ͍ʍࢫɾˏ͛ɲ˵̛͛ʍɾࢫˏ̌ࢫͩ˂ˏ͛ࢫ\u0001̌̌ͷɄ˵ࢫþʍ̛͍ͩͅࢫˏ̌ࢫͩ˂ʍࢫˏ̌ͩʍ͍ʍ͛ͩࢫ̛ʱࢫ͍ͩɄ̌͛ͅɄ͍ʍ̌ɲΩࢫɄ̌ɾࢫ accountability. Information Technology Committee ė˂ʍࢫ̌ʱ̛͍̆Ʉͩˏ̛̌ࢫėʍɲ˂̛̌˵̛ʳΩࢫ-̛̆̆ˏͩͩʍʍࢫ͛ͷ̛͍ͩ͛ͅͅࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫˏ̌ࢫʱͷ˵ё˵˵ˏ̌ʳࢫˏͩ͛ࢫ̛Θʍ͍͛ˏʳ˂ͩࢫ responsibilities for the Company’s IT risk management framework, ensuring alignment with business objectives and applicable regulatory requirements. The Committee oversees the effectiveness of IT governance structures, including policies, procedures, and internal controls, in accordance with relevant guidelines. ė˂ʍࢫ-̛̆̆ˏͩͩʍʍࢫ̛̆̌ˏ̛͍ͩ͛ࢫ͛ˏʳ̌ˏёɲɄ̌ͩࢫėࢫˏ̌Θʍ͛ͩ̆ʍ̌ͩ͛ࢫɄ̌ɾࢫ̛͍ͅ˥ʍɲͩ͛ࢫ̛ͩࢫʍ̌͛ͷ͍ʍࢫ͍ͅͷɾʍ̌ͩࢫ resource allocation and alignment with the Company’s risk appetite. It also oversees the ˏɾʍ̌ͩˏёɲɄͩˏ̛̌ࢷࢫɄ͛͛ʍ͛͛̆ʍ̌ͩࢷࢫɄ̌ɾࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ̛ʱࢫė࣒͍ʍ˵Ʉͩʍɾࢫ͍ˏ͛ˬ͛ࢷࢫˏ̌ɲ˵ͷɾˏ̌ʳࢫɲΩɩʍ͍͛ʍɲͷ͍ˏͩΩࢷࢫ and third-party service provider risks, ensuring that appropriate controls and mitigation strategies are implemented. In addition, the Committee reviews the adequacy of business continuity and disaster recovery frameworks to support operational resilience and the continuity of critical services. It receives regular reports on key risk indicators, system performance, and ̆ Ʉͩʍ͍ˏɄ˵ࢫˏ̌ɲˏɾʍ̌ͩ͛ࢷࢫɄ̌ɾࢫ̛͍ͅΘˏɾʍ͛ࢫͷͅɾɄͩʍ͛ࢫ̛ͩࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫ̛̌ࢫėࢫ͍ˏ͛ˬࢫʍΦ̛͛ͅͷ͍ʍ͛ࢷࢫɲ̛̛͍̌ͩ˵ࢫ effectiveness, and compliance with applicable regulatory requirements. 38\u003c/p\u003e\n\u003cp\u003eBoard Training and Development Ì̌8ࢫ࠶ࢫʍɲʍ̆ɩʍ͍࠸࠵࠳࠵ࢫࢷ8ࢫˏ͍ʍɲ̛͍ͩ͛ࢫͅɄ͍ͩˏɲˏͅɄͩʍɾࢫˏ̌ࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫɄ̌̌ͷɄ˵ࢫ͍ͩɄˏ̌ˏ̌ʳࢫ͛ʍ͛͛ˏ̛̌ࢫ̛̌ࢫ \u0001̌ͩˏ࣒·̛̌ʍΩࢫ§Ʉͷ̌ɾʍ͍ˏ̌ʳࢫɄ̌ɾࢫ-̛ͷ̌ͩʍ͍࣒kˏ̌Ʉ̌ɲˏ̌ʳࢫ̛ʱࢫėʍ̛͍͍͍ˏ͛̆ࢫࣜ\u0001§·ࣃ-kėࣝࢷࢫʱɄɲˏ˵ˏͩɄͩʍɾࢫɩΩࢫɄ̌ࢫ ʍΦͩʍ͍̌Ʉ˵ࢫ͛ʍ͍Θˏɲʍࢫ̛͍ͅΘˏɾʍ͍ࢶࢫė˂ʍࢫ͛ʍ͛͛ˏ̛̌ࢫɲ̛Θʍ͍ʍɾࢫͩ˂ʍࢫʱ̛˵˵̛Νˏ̌ʳࢫ͛ͷɩ˥ʍɲͩࢫ̆Ʉͩͩʍ͍ࢸ AML/CFT/CFP • Money Laundering, Terrorism Financing and Proliferation Financing. • þ̛˵ʍࢫ̛ʱࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫˏ̌ࢫ\u0001§·ࣃ-kėࣃ-köࢶ • þˏ͛ˬࢫɩɄ͛ʍɾࢫɄ̛͍ͅͅɄɲ˂ࢫˏ̌ࢫ\u0001§·ࣃ-kėࣃ-köࢫ࣓ࢫ-ͷ̛͛ͩ̆ʍ͍8ࢫͷʍ8ࢫˏ˵ˏʳʍ̌ɲʍࢷࢫH̆ͅ˵̛Ωʍʍ8ࢫͷʍࢫ 8ˏ˵ˏʳʍ̌ɲʍࢫɄ̌ɾࢫȞ˂Ʉ̌ɲʍɾ8ࢫͷʍ8ࢫˏ˵ˏʳʍ̌ɲʍࢶ • þʍΘˏʍΝࢫ̛ʱࢫė˂ʍࢫơ͍̈ɲʍʍɾ͛ࢫ̛ʱࢫ-͍ˏ̆ʍࢫ\u0001ɲͩࢷࢫ࠺࠳࠳࠵ࢫࣜöÌ-\u0001ࣝࢹࢫė˂ʍࢫėʍ̛͍͍͍ˏ͛̆ࢫö͍ʍΘʍ̌ͩˏ̛̌ࢫ\u0001ɲͩࢷࢫ ࢫ࠸࠳࠳࠵ࣜėö\u0001ࣝࢹࢫė˂ʍࢫĤ̌ˏͩʍɾࢫ½Ʉͩˏ̛̌͛ࢫĊʍɲͷ͍ˏͩΩࢫ-̛ͷ̌ɲˏ˵ࢫþʍ̛͛˵ͷͩˏ̛̌͛ࢫ̆ͅ˵ʍ̆ʍ̌ͩɄͩˏ̛̌ࢫ\u0001ɲͩࢷࢫ࠶࠴࠳࠵ࢫࣜ Ĥ½Ċ-þ\u0001ࣝࢶ Names Positions AML/CFT nɄ͍ΩࢫöʍɄ͍ͩ ½̛࣒̌HΦʍɲͷͩˏΘʍࢫ-˂Ʉˏ͍̆Ʉ̌ -˂͍ˏ̛͛ͩͅ˂ʍ͍ࢫ%ʍ͍͍Ω Non- Executive 8ˏ͍ʍɲ̛͍ͩ ̛͍̌Ʉɾࢫ%ʍ͍͍Ω Non- Executive 8ˏ͍ʍɲ̛͍ͩ H͍Νˏ̌ࢫ\u0001̌ʳͷ͛ ½̛࣒̌ࢫHΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩ öɄ͍ͩˏɲˬࢫ%ɄͩɄˏ˵˵ʍ HΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩࣃ-˂ˏʍʱࢫ HΦʍɲͷͩˏΘʍࢫÌʱёɲʍ͍ n˵Ʉɾ̛͛ͩ̌ʍࢫ§ʍΝɄ͍͛ Independent 8ˏ͍ʍɲ̛͍ͩ \u0001˵̛ˬࢫɄˏ̌ࢫ Independent 8ˏ͍ʍɲ̛͍ͩ ŋɄ˵ͩʍ͍ࢫĊɲ̛ͩͩࢫ Independent 8ˏ͍ʍɲ̛͍ͩ 39\u003c/p\u003e\n\u003cp\u003eStaff Training \u0001˵˵ࢫ͛ͩɄʱʱࢫ̆ʍ̆ɩʍ͍͛ࢫɄ͍ʍࢫ͍ʍ͋ͷˏ͍ʍɾࢫ̛ͩࢫɲ̛̆ͅ˵ʍͩʍࢫ̆Ʉ̌ɾɄ̛͍ͩΩࢫ\u0001̌ͩˏ࣒·̛̌ʍΩࢫ§Ʉͷ̌ɾʍ͍ˏ̌ʳࢷࢫ-̛ͷ̌ͩʍ͍࣒ kˏ̌Ʉ̌ɲˏ̌ʳࢫ̛ʱࢫėʍ̛͍͍͍ˏ͛̆ࢷࢫɄ̌ɾࢫ-̛ͷ̌ͩʍ͍࣒kˏ̌Ʉ̌ɲˏ̌ʳࢫ̛ʱࢫơ͍̈˵ˏʱʍ͍Ʉͩˏ̛̌ࢫࣜ\u0001§·ࣃ-kėࣃ-köࣝࢫ͍ͩɄˏ̌ˏ̌ʳࢫ̛̌ࢫ an annual basis. This training is facilitated by the Company’s Compliance Department and concludes with a formal assessment. The results of each assessment are recorded and ͍ ʍͩɄˏ̌ʍɾࢫ̛̌ࢫͩ˂ʍࢫ͍ʍ͛ͅʍɲͩˏΘʍࢫͩʍɄ̆ࢫ̆ʍ̆ɩʍ͍࣭͛ࢫʍ̆ͅ˵̛Ωʍʍࢫё˵ʍࢶ Business Conduct and Ethical Practices ė˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫ%̛Ʉ͍ɾ࣒Ʉ̛͍ͅͅΘʍɾࢫ-̛ɾʍࢫ̛ʱࢫ-̛̌ɾͷɲͩࢫ͍ʍђʍɲͩ͛ࢫˏͩ͛ࢫё͍̆ࢫɲ̛̆̆ˏͩ̆ʍ̌ͩࢫ̛ͩࢫ upholding the highest standards of ethical behaviour across all levels of the organisation. ė˂ʍࢫ-̛ɾʍࢫˏ͛ࢫɲ̛̆ͅ˵ʍ̆ʍ̌ͩʍɾࢫɩΩࢫɄ̌ࢫHͩ˂ˏɲ͛ࢫơ̈˵ˏɲΩࢷࢫɄ˵̛͛ࢫɄ̛͍ͅͅΘʍɾࢫɩΩࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢷࢫΝ˂ˏɲ˂ࢫɄͅͅ˵ˏʍ͛ࢫ̛ͩ ࢫɄ˵˵8ࢫˏ͍ʍɲ̛͍ͩ͛ࢷࢫ̛ʱёɲʍ͍͛ࢷࢫɄ̌ɾࢫʍ̆ͅ˵̛Ωʍʍ͛ࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ωࢶ ė̛ʳʍͩ˂ʍ͍ࢷࢫͩ˂ʍ͛ʍࢫˏ͍̌͛ͩͷ̆ʍ̌ͩ͛ࢫ͛ʍͩࢫ̛ͷͩࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫʍΦͅʍɲͩɄͩˏ̛̌͛ࢫΝˏͩ˂ࢫ͍ʍ͛ͅʍɲͩࢫ̛ͩࢫͩ˂ʍࢫ̛͍ͅͅ ʍ͍ࢫɲ̛̌ɾͷɲͩࢫ̛ʱࢫɩͷ͛ˏ̌ʍ͛͛ࢫɄ̌ɾࢫʍͩ˂ˏɲɄ˵ࢫɩʍ˂ɄΘˏ̛ͷ͍ࢶ8ࢫˏ͍ʍɲ̛͍ͩ͛ࢷࢫ̛ʱёɲʍ͍͛ࢷࢫɄ̌ɾࢫʍ̆ͅ˵̛Ωʍʍ͛ࢫɄ͍ʍࢫ required to: • Comply with all applicable laws and regulations in every jurisdiction in which the Company operates. • \u0001Θ̛ˏɾࢫɲ̛̌ђˏɲͩ͛ࢫ̛ʱࢫˏ̌ͩʍ͍ʍ͛ͩࢫͩ˂Ʉͩࢫɲ̛ͷ˵ɾࢫɲ̛̛͍̆̆ͅˏ͛ʍࢫͩ˂ʍˏ͍ࢫɾͷͩˏʍ͛ࢫ̛͍ࢫͩ˂ʍࢫɩʍ͛ͩࢫˏ̌ͩʍ͍ʍ͛ͩ͛ࢫ̛ʱࢫ the Company. • Conduct themselves with honesty and integrity in all business dealings. • Ĥͅ˂̛˵ɾࢫɲ̛̌ёɾʍ̌ͩˏɄ˵ˏͩΩࢫɄ̌ɾࢫ͛ɄʱʍʳͷɄ͍ɾࢫͩ˂ʍࢫˏ̌ͩʍʳ͍ˏͩΩࢫɄ̌ɾࢫ͛ʍɲͷ͍ˏͩΩࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫ assets, communications, information, and transactions. • Treat all individuals — including customers, suppliers, service providers, employees, and other stakeholders — with fairness, impartiality, and professionalism. ė˂ʍࢫ%̛Ʉ͍ɾࢫˏ͛ࢫ͛Ʉͩˏ͛ёʍɾࢫɄ͛ࢫ̛ͩࢫͩ˂ʍࢫɄɾʍ͋ͷɄɲΩࢫɄ̌ɾࢫʍʱʱʍɲͩˏΘʍ̌ʍ͛͛ࢫ̛ʱࢫͩ˂ʍࢫʱ͍Ʉ̆ʍΝ̛͍ˬࢫʍ͛ͩɄɩ˵ˏ͛˂ʍɾࢫ̛ͩ ࢫʍ̌͛ͷ͍ʍࢫɲ̛̌͛ˏ͛ͩʍ̌ͩࢫɄɾ˂ʍ͍ʍ̌ɲʍࢫ̛ͩࢫͩ˂ʍࢫ-̛ɾʍࢫ̛ʱࢫ-̛̌ɾͷɲͩࢫɄ̌ɾࢫHͩ˂ˏɲ͛ࢫơ̈˵ˏɲΩࢫɄɲ̛͍͛͛ࢫͩ˂ʍࢫ organisation. The Company actively cultivates a strong compliance culture through the ͍ ˏʳ̛̛͍ͷ͛ࢫʍ̌ʱ̛͍ɲʍ̆ʍ̌ͩࢫ̛ʱࢫͩ˂ʍ͛ʍࢫ̛ͅ˵ˏɲˏʍ͛ࢫɄ̌ɾࢫͩ˂ʍࢫɄͅͅ˵ˏɲɄͩˏ̛̌ࢫ̛ʱࢫё͍̆ࢫɾˏ͛ɲˏͅ˵ˏ̌Ʉ͍Ωࢫ̆ʍɄ͛ͷ͍ʍ͛ࢫ Ν˂ʍ͍ʍࢫɩ͍ʍɄɲ˂ʍ͛ࢫ̛ɲɲͷ͍ࢶࢫ%̛ͩ˂ࢫͩ˂ʍࢫ-̛ɾʍࢫ̛ʱࢫ-̛̌ɾͷɲͩࢫɄ̌ɾࢫͩ˂ʍࢫHͩ˂ˏɲ͛ࢫơ̈˵ˏɲΩࢫɄ͍ʍࢫɄΘɄˏ˵Ʉɩ˵ʍࢫ̛̌ࢫ the Company’s website at www.mayberryinv.com/investor-relations. Whistleblower Policy ė˂ʍࢫ-̛̆ͅɄ̌Ωࢫ˂Ʉ͛ࢫɄࢫ%̛Ʉ͍ɾ࣒Ʉ̛͍ͅͅΘʍɾࢫŋ˂ˏ͛ͩ˵ʍɩ˵̛Νʍ͍ࢫơ̈˵ˏɲΩࢫͩ˂Ʉͩࢫ̛͍ͅΘˏɾʍ͛ࢫɄࢫɲ̛̌ёɾʍ̌ͩˏɄ˵ 40\u003c/p\u003e\n\u003cp\u003eand anonymous channel through which all employees may report instances of illegal, unethical, or otherwise questionable conduct without fear of retaliation. The Policy is ɾʍ͛ˏʳ̌ʍɾࢫ̛ͩࢫ̛͍ͩͅʍɲͩࢫͩ˂ʍࢫˏ̌ͩʍʳ͍ˏͩΩࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫё̌Ʉ̌ɲˏɄ˵ࢫ͍ʍ̛͍ͩͅˏ̌ʳࢫɄ̌ɾࢫɩͷ͛ˏ̌ʍ͛͛ࢫ transactions, while reinforcing adherence to the Code of Conduct. The Whistleblower Policy is available on the Company’s website at www.mayberryinv.com/investor-relations. Health and Safety The health and safety of all persons within the Mayberry organisation is a matter of paramount importance and a critical component of the Company’s operational framework. Through comprehensive policies, proactive risk management measures, and ongoing training, the Company is committed to maintaining a secure and healthy environment for its employees, clients, and stakeholders. The continuous evaluation and enhancement of health and safety practices remain central to this commitment. To this end, the Company has established robust policies and procedures across the following areas: ÌɲɲͷͅɄͩˏ̛̌Ʉ˵ࢫĊɄʱʍͩΩࢫࣔࢫþʍʳͷ˵Ʉ͍ࢫˏ̌͛ͅʍɲͩˏ̛̌͛ࢫɄ͍ʍࢫɲ̛̌ɾͷɲͩʍɾࢫ̛ͩࢫˏɾʍ̌ͩˏʱΩࢫɄ̌ɾࢫɄɾɾ͍ʍ͛͛ࢫ potential hazards, including matters relating to ergonomics, electrical systems, and workplace ventilation, ensuring that the working environment meets appropriate safety standards at all times. H̆ʍ͍ʳʍ̌ɲΩࢫö͍ʍͅɄ͍ʍɾ̌ʍ͛͛ࢫࣔࢫơ̛͍̈ͩɲ̛˵͛ࢫɄ͍ʍࢫ̆Ʉˏ̌ͩɄˏ̌ʍɾࢫʱ̛͍ࢫɄࢫ͍Ʉ̌ʳʍࢫ̛ʱࢫʍ̆ʍ͍ʳʍ̌ɲΩࢫ͛ɲʍ̌Ʉ͍ˏ̛͛ࢷࢫ ˏ̌ɲ˵ͷɾˏ̌ʳࢫё͍ʍࢷࢫ̆ʍɾˏɲɄ˵ࢫʍ̆ʍ͍ʳʍ̌ɲˏʍ͛ࢷࢫɄ̌ɾࢫ̌Ʉͩͷ͍Ʉ˵ࢫɾˏ͛Ʉ͛ͩʍ͍͛ࢶࢫþʍʳͷ˵Ʉ͍ࢫɾ͍ˏ˵˵͛ࢫɄ͍ʍࢫɲ̛̌ɾͷɲͩʍɾࢫ to ensure that all employees are familiar with evacuation procedures and emergency response protocols. \u0001ɲɲˏɾʍ̌ͩࢫþʍ̛͍ͩͅˏ̌ʳࢫࣔࢫH̆ͅ˵̛Ωʍʍ͛ࢫɄ͍ʍࢫ͍ͩɄˏ̌ʍɾࢫ̛ͩࢫ͍ʍ̛͍ͩͅࢫɄɲɲˏɾʍ̌ͩ͛ࢫɄ̌ɾࢫˏ̌ɲˏɾʍ̌ͩ͛ࢫ̛͍̆ͩͅͅ˵Ωࢶࢫ Detailed records are maintained to enable the analysis of trends and the implementation of preventive measures. Ċˏɲˬࢫ§ʍɄΘʍࢫơ̈˵ˏɲΩࢫࣔࢫ-˵ʍɄ͍ࢫʳͷˏɾʍ˵ˏ̌ʍ͛ࢫʳ̛Θʍ͍̌ࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫɄ̛͍ͅͅɄɲ˂ࢫ̛ͩࢫ͛ˏɲˬࢫ˵ʍɄΘʍࢷࢫ encouraging employees to remain at home when unwell in order to safeguard the health of colleagues and prevent the spread of contagious illness. zʍɄ˵ͩ˂ࢫHɾͷɲɄͩˏ̛̌ࢫࣔࢫöʍ͍ˏ̛ɾˏɲࢫΝ̛͍ˬ͛˂̛͛ͅࢫɄ̌ɾࢫ͛ʍ̆ˏ̌Ʉ͍͛ࢫɄ͍ʍࢫɲ̛̌ɾͷɲͩʍɾࢫ̛ͩࢫ̛̛͍̆ͩͅʍࢫ employee wellbeing, covering topics such as stress management, healthy lifestyle practices, and preventive healthcare. 41\u003c/p\u003e\n\u003cp\u003eEconomic and Business Environment ė˂ʍࢫ͛ͩɄ͍ͩˏ̌ʳࢫ̛ͅˏ̌ͩࢫʱ̛͍ࢫ࠸࠵࠳࠵ࢫΝɄ͛ࢫɄࢫɾˏʱёɲͷ˵ͩ࠷࠵࠳࠵ࢫࢷࢫˏ̌ࢫΝ˂ˏɲ˂ࢫͩ˂ʍࢫɄ̆ɄˏɲɄ̌ࢫʍɲ̛̛̌̆Ωࢫ ɲ̛͍̌ͩɄɲͩʍɾࢫˏ̌ࢫͩ˂ʍࢫͩ˂ˏ͍ɾࢫ͋ͷɄ͍ͩʍ͍ࢫɄ͛ࢫn8öࢫʱʍ˵˵࠶ࢫࢶ࠸य़ࢫΩʍɄ̛͍࣒࣒̌ΩʍɄ͍ࢶࢫė˂Ʉͩࢫɾʍɲ˵ˏ̌ʍࢫ͍ʍђʍɲͩʍɾࢫɄࢫ ࠵ࢶ࠵य़ࢫɾʍɲ͍ʍɄ͛ʍࢫˏ̌ࢫͩ˂ʍࢫĊʍ͍Θˏɲʍ͛ࢫ̌ɾͷ͍͛ͩˏʍ͛ࢫɄ̌ɾࢫɄࢫ̛͍̆ʍࢫ͛ʍΘʍ͍ʍ࠺ࢫࢶ࠵य़ࢫɲ̛͍̌ͩɄɲͩˏ̛̌ࢫˏ̌ࢫͩ˂ʍࢫn̛̛ɾ͛ࢫ Producing Industries — both directly attributable to the destructive impact of Hurricane %ʍ͍Ω˵ࢶࢫö͍ʍ˵ˏ̆ˏ̌Ʉ͍Ωࢫʍ͛ͩˏ̆Ʉͩʍ͛ࢫ̛ͅˏ̌ͩʍɾࢫ̛ͩࢫʱͷ͍ͩ˂ʍ͍ࢫɲ̛͍̌ͩɄɲͩˏ̛̌ࢫˏ̌ࢫͩ˂ʍࢫʱ̛ͷ͍ͩ˂ࢫ͋ͷɄ͍ͩʍ͍ࢫ̛ʱࢫ࠷࠵࠳࠵ࢫ Ʉ͛ࢫė̛͍ͅˏɲɄ˵ࢫĊ̛͍ͩ̆ࢫþɄʱɄʍ˵ࢫɄ̌ɾࢫɄࢫ͛ʍ͍ˏʍ͛ࢫ̛ʱࢫ͛ͷɩ͛ʍ͋ͷʍ̌ͩࢫ˂Ωɾ̛͍˵̛ʳˏɲɄ˵ࢫʍΘʍ̌ͩ͛ࢫɲ̛̌ͩˏ̌ͷʍɾࢫ̛ͩࢫ weigh on output. Despite those headwinds, underlying conditions in the broader economy remained ɲ̛͍̌͛ͩͷɲͩˏΘʍࢫͩ˂̛͍ͷʳ˂ࢫͩ˂ʍࢫ͍ͩɄ̌͛ˏͩˏ̛̌ࢫˏ̛̌ͩ࠸࠵࠳࠵ࢫࢶࢫ-̛̌͛ͷ̆ʍ͍ࢫɲ̛̌ёɾʍ̌ɲʍࢫɄ̌ɾࢫʍ̆ͅ˵̛Ω̆ʍ̌ͩࢫ ɲ̛̌ͩˏ̌ͷʍɾࢫ̛ͩࢫˏ̛͍̆ͅΘʍࢶࢫk̛͍ʍˏʳ̌ࢫʍΦɲ˂Ʉ̌ʳʍࢫ̆Ʉ͍ˬʍͩࢫˏ̌ђ̛Ν͛ࢫΝʍ͍ʍࢫɾʍ͛ɲ͍ˏɩʍɾࢫɄ͛ࢫɩͷ̛ΩɄ̌ͩࢫɩΩࢫͩ ˂ʍࢫ%Ʉ̌ˬࢫ̛ʱࢫɄ̆ɄˏɲɄࢷࢫɄ̌ɾࢫˏ̌ͩʍ͍̌Ʉͩˏ̛̌Ʉ˵ࢫ͍ʍ͛ʍ͍Θʍ͛ࢫ˂ʍ˵ɾࢫ̛͍͛ͩ̌ʳࢶ8ࢫ̛̆ʍ͛ͩˏɲࢫˏ̌ђɄͩˏ̛̌ࢫɾΩ̌Ʉ̆ˏɲ͛ࢫ̛͍̆ͩͅͅ ʍɾࢫͩ˂ʍ%ࢫÌࢫ̛ͩࢫ̆Ʉˏ̌ͩɄˏ̌ࢫɄɲͩˏΘʍࢫ̛̆̌ʍͩɄ͍Ωࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢷࢫΝˏͩ˂ࢫͩ˂ʍࢫ͛ͩɄͩʍɾࢫ̛ɩ˥ʍɲͩˏΘʍࢫ̛ ʱࢫˬʍʍͅˏ̌ʳࢫˏ̌ђɄͩˏ̛̌ࢫΝˏͩ˂ˏ̌ࢫˏͩ͛࠷ࢫय़ࢫ̛ͩ࠹ࢫय़ࢫͩɄ͍ʳʍͩࢫɩɄ̌ɾࢫ̛Θʍ͍ࢫͩ˂ʍࢫ̌ʍɄ͍ࢫ̛ͩࢫ̆ʍɾˏͷ̆ࢫͩʍ͍̆ࢶ Private sector investment remained supported by ongoing tourism development projects Ʉ̌ɾࢫʳ̛Θʍ͍̌̆ʍ̌ͩࢫ̆ʍɄ͛ͷ͍ʍ͛ࢫɄ̛̌̌ͷ̌ɲʍɾࢫˏ̌ࢫ˵Ʉͩʍ࠷࠵࠳࠵ࢫࢷࢫˏ̌ɲ˵ͷɾˏ̌ʳࢫɄࢫͩɄΦࢫɲ͍ʍɾˏͩࢫʱ̛͍ࢫˏ̌Θʍ͛ͩ̆ʍ̌ͩࢫ in low-income areas and the creation of a fund dedicated to public-private partnership infrastructure projects. These initiatives were part of a broader effort to diversify economic ɄɲͩˏΘˏͩΩࢫɩʍΩ̛̌ɾࢫͩ˂ʍࢫ͍ͩɄɾˏͩˏ̛̌Ʉ˵ࢫͅˏ˵˵Ʉ͍͛ࢫ̛ʱࢫ̛ͩͷ͍ˏ͛̆ࢷࢫ͍ʍ̆ˏͩͩɄ̌ɲʍ͛ࢷࢫɄ̌ɾࢫɲ̛̛̆̆ɾˏͩΩࢫʍΦ̛͍ͩ͛ͅࢶ ė˂ʍࢫɄ̆ɄˏɲɄ̌ࢫʍɲ̛̛̌̆Ωࢫ͍ʍɲ̛͍ɾʍɾࢫ̛̆ɾʍ͛ͩࢫʳ̛͍Νͩ˂ࢫ̛ʱࢫɄ̛͍ͅͅΦˏ̆Ʉͩʍ˵Ω࠳ࢫࢶ࠻य़࣓࠴ࢶ࠴य़ࢫˏ̌ࢫͩ˂ʍࢫ Ʉ̌ͷɄ͍Ω࣓·Ʉ͍ɲ˂ࢫ࠸࠵࠳࠵ࢫ͋ͷɄ͍ͩʍ͍ࢫɄ̌ɾࢫɄ̌ࢫʍ͛ͩˏ̆Ʉͩʍɾ࠴ࢫࢶ࠷य़ࢫˏ̌ࢫͩ˂ʍࢫ\u0001͍ͅˏ˵࣓ͷ̌ʍࢫ͋ͷɄ͍ͩʍ͍ࢷࢫɄ͛ࢫͩ˂ʍࢫ͍ ʍɲ̛Θʍ͍Ωࢫʱ̛͍̆ࢫzͷ͍͍ˏɲɄ̌ʍࢫ%ʍ͍Ω˵ࢫʳɄˏ̌ʍɾࢫ̛̆̆ʍ̌ͩͷ̆ࢶࢫė˂ʍࢫͩ˂ˏ͍ɾࢫ͋ͷɄ͍ͩʍ͍ࢫ̛ʱࢫ࠸࠵࠳࠵ࢫɾʍ˵ˏΘʍ͍ʍɾࢫͩ ˂ʍࢫ̛͍͛ͩ̌ʳʍ͛ͩࢫͅʍ͍ʱ̛͍̆Ʉ̌ɲʍࢫ̛ʱࢫͩ˂ʍࢫΩʍɄ͍ࢸࢫɄɲɲ̛͍ɾˏ̌ʳࢫ̛ͩࢫͩ˂ʍࢫĊͩɄͩˏ͛ͩˏɲɄ˵ࢫ̌͛ͩˏͩͷͩʍࢫ̛ʱࢫɄ̆ɄˏɲɄࢫࣜ Ċė\u0001ė½ࣝࢷࢫn8öࢫʍΦͅɄ̌ɾʍɾࢫɩΩ࠸ࢫࢶ࠴य़ࢫΩʍɄ̛͍࣒࣒̌ΩʍɄ͍ࢫࣔࢫɄࢫͩ˂͍ʍʍ࣒ΩʍɄ͍ࢫ˂ˏʳ˂ࢫࣔࢫɾ͍ˏΘʍ̌ࢫɩΩࢫɄࢫ˵̛Ν࣒ ɩɄ͛ʍࢫ͍ʍɲ̛Θʍ͍Ωࢫʱ̛͍̆ࢫ%ʍ͍Ω˵࣭͛ࢫ̛ͷͩ͛ˏηʍɾࢫˏ̆ͅɄɲͩࢫˏ̌ࢫͷ˵Ω࣓Ċʍͩͅʍ̆ɩʍ͍࠷࠵࠳࠵ࢫࢶࢫ-̛̆ͅɄ͍ʍɾࢫ̛ͩࢫͩ˂ʍࢫ ˏ̆̆ʍɾˏɄͩʍ˵Ωࢫ͍ͅʍɲʍɾˏ̌ʳࢫ͋ͷɄ͍ͩʍ͍ࢷࢫn8öࢫ̛͍͛ʍࢫɩΩ࠴ࢫࢶ࠴य़ࢷࢫ̆Ʉ͍ˬˏ̌ʳࢫͩ˂ʍࢫͩ˂ˏ͍ɾࢫɲ̛̌͛ʍɲͷͩˏΘʍࢫ͋ͷɄ͍ͩʍ͍ࢫ̛ ʱࢫ͛ʍ͋ͷʍ̌ͩˏɄ˵ࢫʍΦͅɄ̌͛ˏ̛̌ࢶ 45\u003c/p\u003e\n\u003cp\u003eė˂ʍࢫʱ̛ͷ͍ͩ˂ࢫ͋ͷɄ͍ͩʍ͍ࢫˏ͛ࢫʍΦͅʍɲͩʍɾࢫ̛ͩࢫɩ͍ˏ̌ʳࢫɄ̌ࢫɄɩ͍ͷͩͅࢫ͍ʍΘʍ͍͛Ʉ˵ࢶࢫzͷ͍͍ˏɲɄ̌ʍࢫ·ʍ˵ˏ͛͛Ʉࢫ̆Ʉɾʍࢫ ˵Ʉ̌ɾʱɄ˵˵ࢫˏ̌ࢫÌɲ̛ͩɩʍ͍ࢫ࠸࠵࠳࠵ࢫɄ͛ࢫɄࢫ-Ʉͩʍʳ̛͍Ωࢫ࠸ࢫ̛͍͛ͩ̆ࢷࢫɲɄͷ͛ˏ̌ʳࢫΝˏɾʍ͍͛ͅʍɄɾࢫɾʍ͍͛ͩͷɲͩˏ̛̌ࢫɄɲ̛͍͛͛ࢫ Ʉ˵˵ࢫˏ̌ɾͷ͍͛ͩˏʍ͛ࢶࢫė˂ʍࢫö˵Ʉ̌̌ˏ̌ʳࢫ̌͛ͩˏͩͷͩʍࢫ̛ʱࢫɄ̆ɄˏɲɄࢫࣜöÌࣝࢫ̛͍ͅ˥ʍɲͩʍɾࢫɄࢫn8öࢫɲ̛͍̌ͩɄɲͩˏ̛̌ࢫ̛ʱࢫ ɩʍͩΝʍʍ̌࠴࠴ࢫय़ࢫɄ̌ɾ࠶࠴ࢫय़ࢫʱ̛͍ࢫÌɲ̛ͩɩʍ͍࣓8ʍɲʍ̆ɩʍ͍࠸࠵࠳࠵ࢫࢷࢫΝ˂ˏɲ˂ࢫΝɄ͛ࢫʍΦͅʍɲͩʍɾࢫ̛ͩࢫɾ͍Ʉʳࢫͩ˂ʍࢫʱͷ˵˵ࢫ ё͛ɲɄ˵ࢫΩʍɄ͍࠸࠵࠳࠵ࢫࣃࢫ࠹࠵ˏ̛̌ͩࢫ̌ʍʳɄͩˏΘʍࢫͩʍ͍͍ˏ̛͍ͩΩࢫ̛ʱࢫɄ̛͍ͅͅΦˏ̆Ʉͩʍ˵Ω࠶ࢫय़ࢶ ̌ђɄͩˏ̛̌ ̌ђɄͩˏ̛̌ࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫΝɄ͛ࢫɄࢫɲ˵ʍɄ͍ࢫ͛ͷɲɲʍ͛͛ࢫ̛͍͛ͩΩࢫˏ̌࠸࠵࠳࠵ࢫࢶࢫ\u0001ʱͩʍ͍ࢫzͷ͍͍ˏɲɄ̌ʍࢫ%ʍ͍Ω˵ࢫͅͷ͛˂ʍɾࢫ ˂ʍɄɾ˵ˏ̌ʍࢫˏ̌ђɄͩˏ̛̌ࢫ̛ͩࢫɄࢫͅʍɄˬࢫ̛ʱ࠹ࢫࢶ࠸य़ࢫˏ̌ࢫ\u0001ͷʳͷ͛ͩ࠷࠵࠳࠵ࢫࢷࢫ͍ͅˏɲʍࢫ͍ͅʍ͛͛ͷ͍ʍ͛ࢫʍɄ͛ʍɾࢫ̛͍ͅʳ͍ʍ͛͛ˏΘʍ˵Ωࢫ Ʉ͛ࢫΝʍɄͩ˂ʍ͍࣒͍ʍ˵Ʉͩʍɾࢫʱ̛̛ɾࢫ͛ͷͅͅ˵Ωࢫ͛˂̛ɲˬ͛ࢫͷ̌Ν̛ͷ̌ɾࢶ%ࢫΩࢫɄ̌ͷɄ͍Ω࠹࠵࠳࠵ࢫࢷࢫͩ˂ʍࢫ̛ͅˏ̛̛࣒࣒̌ͩͩͅˏ̌ͩࢫ ˏ̌ђɄͩˏ̛̌ࢫ͍Ʉͩʍࢫ˂ɄɾࢫʱɄ˵˵ʍ̌ࢫ̛ͩ࠶ࢫࢶ࠼य़ࢷࢫɩʍ˵̛Νࢫͩ˂ʍࢫ˵̛Νʍ͍ࢫɩ̛ͷ̌ɾࢫ̛ʱࢫͩ˂ʍࢫ%Ʉ̌ˬࢫ̛ʱࢫɄ̆ɄˏɲɄ࣭͛࠷ࢫ࣓࠹य़ࢫͩ Ʉ͍ʳʍͩࢫ͍Ʉ̌ʳʍࢷࢫ͍ʍ͍ͅʍ͛ʍ̌ͩˏ̌ʳࢫɄ࠳ࢫࢶࢫ࠹ͅʍ͍ɲʍ̌ͩɄʳʍࢫ̛ͅˏ̌ͩࢫɾʍɲ˵ˏ̌ʍࢫʱ̛͍̆ࢫͩ˂ʍ࠷ࢫࢶ࠸य़ࢫ͍ʍɲ̛͍ɾʍɾࢫˏ̌ࢫ ࢶ࠸࠵࠳࠵ࢫ8ʍɲʍ̆ɩʍ͍ Ì̌ࢫɄࢫʱͷ˵˵࣒ΩʍɄ͍ࢫɩɄ͛ˏ͛ࢷࢫͩ˂ʍࢫɾˏΘˏ͛ˏ̛̌͛ࢫɲ̛͍̌ͩˏɩͷͩˏ̌ʳࢫ̛̆͛ͩࢫ̛ͩࢫͩ˂ʍࢫɄ̌ͷɄ͍Ω࠸࠵࠳࠵ࢫ࣓Ʉ̌ͷɄ͍Ωࢫ࠹࠵࠳࠵ࢫ ˏ̌ђɄͩˏ̛̌ࢫ̛ͷͩͩͷ͍̌ࢫ̛ʱ࠶ࢫࢶ࠼य़ࢫΝʍ͍ʍࢫk̛̛ɾࢫɄ̌ɾࢫ½̛࣒̌\u0001˵ɲ̛˂̛˵ˏɲࢫ%ʍΘʍ͍Ʉʳʍ͛ࢫࣜॆ࠸ࢶ࠺य़ࣝࢷࢫz̛ͷ͛ˏ̌ʳࢷࢫ ŋɄͩʍ͍ࢷࢫH˵ʍɲ͍ͩˏɲˏͩΩࢷࢫnɄ͛ࢫɄ̌ɾࢫÌͩ˂ʍ͍ࢫkͷʍ˵͛ࢫࣜॆ࠷ࢶ࠹य़ࣝࢷࢫɄ̌ɾࢫöʍ̛͍͛̌Ʉ˵ࢫ-Ʉ͍ʍࢷࢫĊ̛ɲˏɄ˵ࢫơ͍̈ͩʍɲͩˏ̛̌ࢫ Ʉ̌ɾࢫ·ˏ͛ɲʍ˵˵Ʉ̌ʍ̛ͷ͛ࢫn̛̛ɾ͛ࢫɄ̌ɾࢫĊʍ͍Θˏɲʍ͛ࢫࣜॆ࠷ࢶ࠴य़ࣝࢶࢫ-̛͍ʍࢫˏ̌ђɄͩˏ̛̌ࢷࢫΝ˂ˏɲ˂ࢫʍΦɲ˵ͷɾʍ͛ࢫʱ̛̛ɾࢫɄ̌ɾࢫ fuel, also eased over the course of the year, reinforcing the Bank of Jamaica’s view that ͷ̌ɾʍ͍˵Ωˏ̌ʳࢫˏ̌ђɄͩˏ̛̌Ʉ͍Ωࢫ͍ͅʍ͛͛ͷ͍ʍ͛ࢫΝʍ͍ʍࢫ͛ͷɩ͛ˏɾˏ̌ʳࢶ 46\u003c/p\u003e\n\u003cp\u003eMonetary Policy and Interest Rates ė˂ʍࢫ%Ʉ̌ˬࢫ̛ʱࢫɄ̆ɄˏɲɄࢫ͍ʍ̛͛̌ͅɾʍɾࢫ̛ͩࢫͩ˂ʍࢫˏ̛͍̆ͅΘˏ̌ʳࢫˏ̌ђɄͩˏ̛̌ࢫʍ̌Θˏ̛͍̌̆ʍ̌ͩࢫΝˏͩ˂ࢫɄࢫ ɲ̛̌ͩˏ̌ͷɄͩˏ̛̌ࢫ̛ʱࢫˏͩ͛ࢫʍɄ͛ˏ̌ʳࢫɲΩɲ˵ʍࢶࢫ̌ࢫ·ɄΩ࠸࠵࠳࠵ࢫࢷࢫͩ˂ʍࢫ·̛̌ʍͩɄ͍Ωࢫơ̈˵ˏɲΩࢫ-̛̆̆ˏͩͩʍʍࢫ͍ʍɾͷɲʍɾࢫͩ ˂ʍࢫ̛Θʍ͍̌ˏʳ˂ͩࢫ̛ͅ˵ˏɲΩࢫ͍ɄͩʍࢫɩΩࢫ࠸࠵ࢫɩɄ͛ˏ͛ࢫ̛ͅˏ̌ͩ͛ࢫ̛ͩ࠸ࢫࢶ࠸࠺य़ࢷࢫɲˏͩˏ̌ʳࢫɩʍ˵̛Ν࣒ͩɄ͍ʳʍͩࢫˏ̌ђɄͩˏ̛̌ࢫɄ̌ɾࢫɄࢫ ɩ̛͍Ʉɾ˵Ωࢫ͛ͩɄɩ˵ʍࢫʍΦͩʍ͍̌Ʉ˵ࢫʍ̌Θˏ̛͍̌̆ʍ̌ͩࢶࢫ\u0001ࢫʱͷ͍ͩ˂ʍ͍ࢫɲͷͩࢫ̛ʱࢫ࠸࠵ࢫɩɄ͛ˏ͛ࢫ̛ͅˏ̌ͩ͛ࢫ̛ͩ࠸ࢫࢶ࠳࠸य़ࢫࣔࢫʍʱʱʍɲͩˏΘʍࢫ kʍɩ͍ͷɄ͍Ω࠷࠵ࢫࢷࢫ࠹࠵࠳࠵ࢫࣔࢫʱ̛˵˵̛Νʍɾࢷࢫ͍ʍђʍɲͩˏ̌ʳࢫɄࢫʱɄ͛ͩʍ͍࣒ͩ˂Ʉ࣒̌ʍΦͅʍɲͩʍɾࢫ͍ʍɲ̛Θʍ͍Ωࢫʱ̛͍̆ࢫzͷ͍͍ˏɲɄ̌ʍࢫ ·ʍ˵ˏ͛͛ɄࢫɄ̌ɾࢫͩ˂ʍࢫ͍ʍͩͷ͍̌ࢫ̛ʱࢫ˂ʍɄɾ˵ˏ̌ʍࢫˏ̌ђɄͩˏ̛̌ࢫ̛ͩ࠶ࢫࢶ࠼य़ࢫˏ̌ࢫɄ̌ͷɄ͍Ω࠹࠵࠳࠵ࢫ 47\u003c/p\u003e\n\u003cp\u003eForeign Exchange ė˂ʍࢫɄ̆ɄˏɲɄ̌ࢫɾ̛˵˵Ʉ͍ࢫʍΦ˂ˏɩˏͩʍɾࢫ̛̆ɾʍ͍ɄͩʍࢷࢫΝʍ˵˵࣒ɲ̛̌ͩɄˏ̌ʍɾࢫΘ̛˵Ʉͩˏ˵ˏͩΩࢫɄʳɄˏ̌͛ͩࢫͩ˂ʍࢫĤĊࢫɾ̛˵˵Ʉ͍ࢫ̛ Θʍ͍ࢫͩ˂ʍࢫ͍ʍΘˏʍΝࢫͅʍ͍ˏ̛ɾࢶࢫė˂ʍࢫʍΦɲ˂Ʉ̌ʳʍࢫ͍Ʉͩʍࢫ̛ͅʍ̌ʍɾࢫɄ̌ͷɄ͍Ωࢫ࠷࠵࠳࠵ࢫɄͩ࠹࠸࠴ࢫࢶࢫ࠵࠷·8ࣃĤĊ8ࢫɄ̌ɾࢫ ɾʍ͍ͅʍɲˏɄͩʍɾࢫʳ͍ɄɾͷɄ˵˵Ωࢫͩ˂̛͍ͷʳ˂ࢫͩ˂ʍࢫΩʍɄ͍ࢷࢫ͍ʍɄɲ˂ˏ̌ʳ࠼࠸࠴ࢫࢶࢫ࠷࠴·8ࣃĤĊ8ࢫɩΩࢫÌɲ̛ͩɩʍ͍ࢫ࠷࠵࠳࠵ࢫࣔࢫɄࢫ ɾʍ͍ͅʍɲˏɄͩˏ̛̌ࢫ̛ʱࢫɄ̛͍ͅͅΦˏ̆Ʉͩʍ˵Ω࠴ࢫࢶ࠺य़ࢶࢫė˂ʍࢫɲͷ͍͍ʍ̌ɲΩࢫ˵Ʉ͍ʳʍ˵Ωࢫ͍ʍɲ̛Θʍ͍ʍɾࢫɩΩࢫΩʍɄ͍࣒ʍ̌ɾࢷࢫɲ˵̛͛ˏ̌ʳࢫ 8ʍɲʍ̆ɩʍ͍࠴࠶ࢫࢷࢫ࠷࠵࠳࠵ࢫɄͩ࠹࠸࠴ࢫࢶࢫ࠵࠷·8ࣃĤĊ8ࢷࢫʍʱʱʍɲͩˏΘʍ˵Ωࢫͷ̌ɲ˂Ʉ̌ʳʍɾࢫʱ̛͍̆ࢫͩ˂ʍࢫ͛ͩɄ͍ͩࢫ̛ʱࢫͩ˂ʍࢫΩʍɄ͍ࢶ ̌࠸࠵࠳࠵ࢫࢷࢫɾʍ͍ͅʍɲˏɄͩˏ̛̌ࢫ͍ͅʍ͛͛ͷ͍ʍ͛ࢫˏ̌ͩʍ̌͛ˏёʍɾࢫ̛͛̆ʍΝ˂Ʉͩࢶࢫė˂ʍࢫʍΦɲ˂Ʉ̌ʳʍࢫ͍Ʉͩʍࢫ̛̆Θʍɾࢫʱ̛͍̆ࢫ ࢫɄࢫࣔࢫ࠸࠵࠳࠵ࢫÌɲ̛ͩɩʍ͍ࢫˏ̌ࢫ8ࣃĤĊ8·ࢫ࠻࠶ࢶ࠴࠹࠴ࢫ̛ʱࢫͅʍɄˬࢫͩΝ̛࣒ΩʍɄ͍ࢫɄࢫ̛ͩࢫɄ̌ͷɄ͍Ωࢫˏ̌ࢫ8ࣃĤĊ8·ࢫ࠵࠻ࢶ࠺࠸࠴ ɾʍ͍ͅʍɲˏɄͩˏ̛̌ࢫ̛ʱࢫɄ̛͍ͅͅΦˏ̆Ʉͩʍ˵Ω࠵ࢫࢶ࠶य़ࢫ̛Θʍ͍ࢫͩ˂Ʉͩࢫͩʍ̛࣒̌̆̌ͩ˂ࢫͅʍ͍ˏ̛ɾࢷࢫɲ̛ˏ̌ɲˏɾˏ̌ʳࢫΝˏͩ˂ࢫͩ˂ʍࢫ ʍɲ̛̛̌̆ˏɲࢫ͛˂̛ɲˬࢫʱ̛͍̆ࢫzͷ͍͍ˏɲɄ̌ʍࢫ·ʍ˵ˏ͛͛Ʉࢶࢫ\u0001ࢫ̛̌ͩɄɩ˵ʍࢫɲ̛͍͍ʍɲͩˏ̛̌ࢫʱ̛˵˵̛ΝʍɾࢸࢫɩΩࢫɄ̌ͷɄ͍Ω࠹࠵࠳࠵ࢫࢷࢫͩ ˂ʍࢫ͍Ʉͩʍࢫ˂ɄɾࢫɄ͍ͅͅʍɲˏɄͩʍɾࢫ̛ͩ࠺࠸࠴ࢫࢶࢫ࠷࠸·8ࣃĤĊ8ࢷࢫ͍ʍ͍ͅʍ͛ʍ̌ͩˏ̌ʳࢫɄࢫ͍ʍɲ̛Θʍ͍Ωࢫ̛ʱࢫɄ̛͍ͅͅΦˏ̆Ʉͩʍ˵Ωࢫ ࠵ࢶ࠷य़ࢫʱ̛͍̆ࢫͩ˂ʍࢫÌɲ̛ͩɩʍ͍ࢫͅʍɄˬࢫɄ̌ɾࢫɩ͍ˏ̌ʳˏ̌ʳࢫͩ˂ʍࢫɲͷ͍͍ʍ̌ɲΩࢫɩ̛͍Ʉɾ˵ΩࢫɩɄɲˬࢫˏ̌ࢫ˵ˏ̌ʍࢫΝˏͩ˂ࢫ ʍɄ͍˵Ω࣒ࢫ࠷࠵࠳࠵˵ʍΘʍ˵͛ࢶ \u0001ɲ̛͍͛͛ࢫͩ˂ʍࢫʱͷ˵˵ࢫͩΝ̛࣒ΩʍɄ͍ࢫΝˏ̌ɾ̛Νࢷࢫͩ˂ʍࢫɄ̆ɄˏɲɄ̌ࢫɾ̛˵˵Ʉ͍ࢫ͍ͩɄɾʍɾࢫΝˏͩ˂ˏ̌ࢫɄࢫ͍ʍ˵ɄͩˏΘʍ˵Ωࢫɲ̛̌ͩɄˏ̌ʍɾࢫ ɩɄ̌ɾࢫ̛ʱࢫɄ̛͍ͅͅΦˏ̆Ʉͩʍ˵Ω࠸࠸࠴ࢫ࣓ࢫ࠴࠹࠴·8ࣃĤĊ8ࢶࢫė˂ˏ͛ࢫͅɄͩͩʍ͍̌ࢫˏ͛ࢫɲ̛̌͛ˏ͛ͩʍ̌ͩࢫΝˏͩ˂ࢫͩ˂ʍࢫ%Ʉ̌ˬࢫ̛ʱࢫ Ʉ̆ɄˏɲɄ࣭͛ࢫɲ˂Ʉ͍Ʉɲͩʍ͍ˏ͛Ʉͩˏ̛̌ࢫ̛ʱࢫͩ˂ʍࢫʍΦɲ˂Ʉ̌ʳʍࢫ͍ɄͩʍࢫɄ͛ࢫɩ̛͍Ʉɾ˵Ωࢫ͛ͩɄɩ˵ʍࢷࢫ͛ͷ̛͍ͩͅͅʍɾࢫɩΩࢫ͛ͩʍɄɾΩࢫ ɾ̛˵˵Ʉ͍ˏ͛Ʉͩˏ̛̌ࢫ͍Ʉͩˏ̛͛ࢫɄ̌ɾࢫɲ̛̌ͩˏ̌ͷʍɾࢫͅͷɩ˵ˏɲࢫɲ̛̌ёɾʍ̌ɲʍࢫˏ̌ࢫͩ˂ʍࢫɾ̛̆ʍ͛ͩˏɲࢫɲͷ͍͍ʍ̌ɲΩࢶࢫk̛͍ʍˏʳ̌ࢫ ʍΦɲ˂Ʉ̌ʳʍࢫˏ̌ђ̛Ν͛ࢫ͍ʍ̆Ʉˏ̌ʍɾࢫɩͷ̛ΩɄ̌ͩࢷࢫͷ̌ɾʍ͍ͅˏ̌̌ʍɾࢫɩΩࢫ͍ʍ͛ˏ˵ˏʍ̌ͩࢫ̛ͩͷ͍ˏ͛̆ࢫ͍ʍɲʍˏͩ͛ͅࢫɄ̌ɾࢫ͍ ʍ̆ˏͩͩɄ̌ɲʍࢫђ̛Ν͛ࢶ 48\u003c/p\u003e\n\u003cp\u003eEquity markets H͋ͷˏͩˏʍ͛ࢫ̆Ʉ͍ˬʍͩ͛ࢫɲ˵̛͛ʍɾࢫ࠸࠵࠳࠵ࢫˏ̌ࢫ̌ʍʳɄͩˏΘʍࢫͩʍ͍͍ˏ̛͍ͩΩࢷࢫ͍ʍђʍɲͩˏ̌ʳࢫͩ˂ʍࢫɲͷ̆ͷ˵ɄͩˏΘʍࢫͷ̌ɲʍ͍ͩɄˏ̌ͩΩࢫ ʳʍ̌ʍ͍ɄͩʍɾࢫɩΩࢫzͷ͍͍ˏɲɄ̌ʍࢫ·ʍ˵ˏ͛͛ɄࢫɄ̌ɾࢫͩ˂ʍࢫɩ̛͍Ʉɾʍ͍ࢫʍɲ̛̛̌̆ˏɲࢫ͛˵̛Νɾ̛Ν̌ࢫˏ̌ࢫͩ˂ʍࢫё̌Ʉ˵ࢫ͋ͷɄ͍ͩʍ͍ࢶࢫ ̛͍ࢫय़ࢷ࠳࠶ࢶ࠸ࢫ̛ʱࢫɾʍɲ˵ˏ̌ʍࢫɄࢫࣔࢫ̛ͅˏ̌ͩ͛ࢫ࠻࠻ࢶ࠹࠻࠼ࢷ࠺࠴࠶ࢫɄͩࢫΩʍɄ͍ࢫͩ˂ʍࢫʍ̌ɾʍɾࢫ̌ɾʍΦࢫɄ͍ˬʍͩ·ࢫɄˏ̌·ࢫĊHࢫė˂ʍ ͍ͩࢫ˵Ʉ͛ͩࢫͩ˂ʍࢫ̛̌ࢫ͍Ʉ˵˵ΩࢫΩʍɄ͍࣒ʍ̌ɾࢫ\u0001ࢫ̛ͅˏ̌ͩ͛ࢶࢫ࠷࠼ࢶ࠷࠼࠺ࢷ࠸࠶࠶ࢫ̛ʱࢫɲ˵̛͛ʍࢫ࠷࠵࠳࠵ࢫˏͩ͛ࢫʱ̛͍̆ࢫ̛ͅˏ̌ͩ͛ࢷࢫ࠹࠳ࢶ࠻࠳࠻ࢷ࠺࠴ࢫ Ʉɾˏ̌ʳࢫɾɄΩࢫ̛ʱ8ࢫʍɲʍ̆ɩʍ͍ࢫ̛͍ͅΘˏɾʍɾࢫɄࢫ̛̆ɾʍ͛ͩ࠳ࢫࢶ࠺࠹य़ࢫʳɄˏ̌ࢫ̛ͩࢫͩ˂ʍࢫĊHࢫ-̛̆ɩˏ̌ʍɾࢫ̌ɾʍΦࢫɩͷͩࢫ ΝɄ͛ࢫˏ̌͛ͷʱёɲˏʍ̌ͩࢫ̛ͩࢫ̛ʱʱ͛ʍͩࢫͩ˂ʍࢫΩʍɄ͍࣭͛ࢫ˵̛͛͛ʍ͛ࢶ ė˂ʍࢫĊHࢫͷ̌ˏ̛͍ࢫ·Ʉ͍ˬʍͩࢷࢫΝ˂ˏɲ˂ࢫ͍ͩɄɲˬ͛ࢫ͛̆Ʉ˵˵ࢫɄ̌ɾࢫ̆ʍɾˏͷ࣒̆͛ˏηʍɾࢫɲ̛̆ͅɄ̌ˏʍ͛ࢷࢫ ࢫɾ̛Ν̌ࢫ̛ͅˏ̌ͩ͛ࢷࢫ࠴࠷ࢶ࠴࠳࠷ࢷ࠶ࢫɄͩࢫ࠸࠵࠳࠵ࢫɲ˵̛͛ʍࢫ̛ͩࢫय़࠶࠼ࢶ࠻ࢫʱɄ˵˵ˏ̌ʳࢫɄ͍ˬʍͩࢷ·ࢫɄˏ̌·ࢫͩ˂ʍࢫʍΘʍ̌ࢫͷ̌ɾʍ͍ͅʍ͍ʱ̛͍̆ʍɾ ̛ࢫΩʍɄ͍ࢫɲ̛̌͛ʍɲͷͩˏΘʍࢫͩ˂ˏ͍ɾࢫɄࢫ̆Ʉ͍ˬʍɾࢫė˂ˏ͛ࢫ̛ͅˏ̌ͩ͛ࢶࢫ࠸࠳ࢶ࠸࠶࠺ࢷ࠶ࢫ̛ʱࢫɲ˵̛͛ʍࢫ࠷࠵࠳࠵ࢫˏͩ͛ࢫʱ̛͍̆ࢫ̛ͅˏ̌ͩ͛ࢫ࠷࠹ࢶ࠶࠶࠶ ʱࢫɾʍɲ˵ˏ̌ʍࢫʱ̛͍ࢫͩ˂ʍࢫͷ̌ˏ̛͍ࢫ·Ʉ͍ˬʍͩࢷࢫʍΦͩʍ̌ɾˏ̌ʳࢫ˵̛͛͛ʍ͛ࢫͩ˂Ʉͩࢫё͍͛ͩࢫʍ̆ʍ͍ʳʍɾࢫˏ̌࠶࠵࠳࠵ࢫࢶࢫė˂ʍࢫ·Ʉˏ̌ࢫ ·Ʉ͍ˬʍ࣭ͩ͛ࢫ࠸࠵࠳࠵ࢫɾʍɲ˵ˏ̌ʍࢫ͍ʍΘʍ͍͛ʍɾࢫˏͩ͛ࢫ̛̆ɾʍ͛ͩࢫ͍ʍɲ̛Θʍ͍Ωࢫˏ̌ࢫ࠷࠵࠳࠵ࢫɄ̌ɾࢫʍΦͩʍ̌ɾʍɾࢫɄࢫɲ˂Ʉ˵˵ʍ̌ʳˏ̌ʳࢫ̆ ͷ˵ͩˏ࣒ΩʍɄ͍ࢫͅʍ͍ˏ̛ɾࢫʱ̛͍ࢫ˵ˏ͛ͩʍɾࢫʍ͋ͷˏͩˏʍ͛ࢹࢫͩ˂ʍࢫˏ̌ɾʍΦࢫ͍ʍ̆Ʉˏ̌͛ࢫΝʍ˵˵ࢫɩʍ˵̛Νࢫˏͩ͛ࢫ͍ͅʍ࣒ͅɄ̌ɾʍ̆ˏɲࢫͅʍɄˬࢷࢫ Νˏͩ˂ࢫˏͩ͛ࢫΝ̛͍͛ͩࢫͅʍ͍ʱ̛͍̆Ʉ̌ɲʍࢫ˂ɄΘˏ̌ʳࢫ̛ɲɲͷ͍͍ʍɾࢫˏ̌࠳࠵࠳࠵ࢫࢷࢫΝ˂ʍ̌ࢫˏͩࢫʱʍ˵˵࠵࠵ࢫࢶ࠷य़ࢶ ė˂ʍࢫʍ͋ͷˏͩˏʍ͛ࢫ̆Ʉ͍ˬʍͩࢫΝʍɄˬ̌ʍ͛͛ࢫͅɄ͍ͩ˵Ωࢫ͍ʍђʍɲͩ͛ࢫˏ̌Θʍ̛͍͛ͩࢫɲɄͷͩˏ̛̌ࢫˏ̌ࢫͩ˂ʍࢫʱɄɲʍࢫ̛ʱࢫ˂ͷ͍͍ˏɲɄ̌ʍ࣒ related economic uncertainty, rising reconstruction costs, and the temporary suspension ̛ ʱࢫͩ˂ʍࢫё͛ɲɄ˵ࢫ͍ͷ˵ʍࢶࢫz̛ΝʍΘʍ͍ࢷࢫɄ̌Ʉ˵Ω͛ͩ͛ࢫ̛̌ͩʍɾࢫͩ˂Ʉͩࢫͩ˂ʍࢫͷ̌ɾʍ͍˵Ωˏ̌ʳࢫʍɄ͍̌ˏ̌ʳ͛ࢫɩɄ͛ʍࢫ̛ʱࢫ̆Ʉ̌Ωࢫ listed companies remained sound, and that the market’s valuation compression may present medium-term opportunities as the reconstruction cycle generates activity across multiple sectors. ė˂ʍࢫ࠸࠵࠳࠵ࢫɄ̆ɄˏɲɄࢫʍɲ̛̛̌̆Ωࢫ͍ʍΘˏʍΝࢫˏ͛ࢫɄࢫ̛͍͛ͩΩࢫ̛ʱࢫͩΝ̛ࢫ˂Ʉ˵Θʍ͛ࢶࢫė˂̛͍ͷʳ˂ࢫͩ˂ʍࢫё͍͛ͩࢫͩ˂͍ʍʍࢫ quarters, the economy staged an impressive and broad-based recovery from the ɾˏ͍͛ͷͩͅˏ̛̌͛ࢫ̛ʱ࠷࠵࠳࠵ࢫࢷࢫΝˏͩ˂ࢫn8öࢫʳ̛͍Νˏ̌ʳࢫɄͩࢫˏͩ͛ࢫʱɄ͛ͩʍ͛ͩࢫͅɄɲʍࢫˏ̌ࢫͩ˂͍ʍʍࢫΩʍɄ͍͛ࢷࢫˏ̌ђɄͩˏ̛̌ࢫ̛̆Θˏ̌ʳࢫ below target, unemployment at historic lows, and international reserves reaching new heights. Ʉ̆ɄˏɲɄࢫʍ̌ͩʍ͍͛ࢫ࠹࠵࠳࠵ࢫΝˏͩ˂ࢫͩ˂ʍࢫͩɄ͛ˬࢫ̛ʱࢫ͍ʍɩͷˏ˵ɾˏ̌ʳࢷࢫɩͷͩࢫˏͩࢫɾ̛ʍ͛ࢫ̛͛ࢫʱ̛͍̆ࢫɄࢫ̛͛ͅˏͩˏ̛̌ࢫ̛ʱࢫʳ͍ʍɄͩʍ͍ࢫ institutional strength than at any previous point in its post-independence history. The challenge now is to ensure that the reconstruction cycle is managed in a manner that ͍͛ͩ ʍ̌ʳͩ˂ʍ̌͛ࢫ˵̛̌ʳ࣒͍ͷ̌ࢫɲ̛̆ͅʍͩˏͩˏΘʍ̌ʍ͛͛ࢷࢫɾˏΘʍ͍͛ˏёʍ͛ࢫʍɲ̛̛̌̆ˏɲࢫɄɲͩˏΘˏͩΩࢷࢫɄ̌ɾࢫɾʍ˵ˏΘʍ͍͛ࢫͩ˂ʍࢫ inclusive growth that aggregate macroeconomic indicators have yet to fully capture. 49\u003c/p\u003e\n\u003cp\u003eCORPORATE OVERVIEW CORE ACTIVITIES ·ɄΩɩʍ͍͍Ωࢫ̌Θʍ͛ͩ̆ʍ̌ͩ͛ࢫ§ˏ̆ˏͩʍɾࢫࣜ·§ࣝࢫˏ͛ࢫɄࢫ˵ʍɄɾˏ̌ʳࢫˏ̌Θʍ͛ͩ̆ʍ̌ͩࢫɩɄ̌ˬˏ̌ʳࢷࢫ͛ʍɲͷ͍ˏͩˏʍ͛ࢫɄ̌ɾࢫ ˏ̌Θʍ͛ͩ̆ʍ̌ͩࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫɲ̛̆ͅɄ̌Ωࢫͩ˂Ʉͩࢫ̛͍ͅΘˏɾʍ͛ࢫɄࢫΝˏɾʍࢫ͍Ʉ̌ʳʍࢫ̛ʱࢫё̌Ʉ̌ɲˏɄ˵ࢫ͛ʍ͍Θˏɲʍ͛ࢫɄ̌ɾࢫ̛͍ͅ ɾͷɲͩ͛ࢫ̛ͩࢫɄࢫɾˏΘʍ͍͛ˏёʍɾࢫɲ˵ˏʍ̌ͩࢫɩɄ͛ʍࢶࢫė˂ʍ͛ʍࢫˏ̌ɲ˵ͷɾʍࢫɲ̛̛͍͍ͅɄͩˏ̛̌͛ࢷࢫё̌Ʉ̌ɲˏɄ˵ࢫˏ̌͛ͩˏͩͷͩˏ̛̌͛ࢷࢫ ʳ̛Θʍ͍̌̆ʍ̌ͩ͛ࢫɄ̌ɾࢫˏ̌ɾˏΘˏɾͷɄ˵͛ࢫˏ̌ࢫͩ˂ʍࢫɲɄͅˏͩɄ˵ࢫ̆Ʉ͍ˬʍͩࢶࢫÌͷ͍ࢫ͛ʍ͍Θˏɲʍࢫ̛ʱʱʍ͍ˏ̌ʳࢫˏ̌ɲ˵ͷɾʍ͛ࢫ͍͛ͩɄͩʍʳˏɲࢫ ё̌Ʉ̌ɲˏɄ˵ࢫɄɾΘˏ̛͍͛Ωࢫ͛ʍ͍Θˏɲʍ͛ࢫΝˏͩ˂ࢫʍ̆ͅ˂Ʉ͛ˏ͛ࢫ̛̌ࢫ̆ʍ͍ʳʍ͍͛ࢫɄ̌ɾࢫɄɲ͋ͷˏ͛ˏͩˏ̛̌͛ࢹࢫɾʍɩͩࢫɄ̌ɾࢫʍ͋ͷˏͩΩࢫ restructuring; investment management services through separate and comingled managed portfolios; brokerage services; cambio and research services. Ìͷ͍ࢫ̆ˏ͛͛ˏ̛̌ࢫ̛ʱࢫ͍ͩɄ̌͛ʱ̛͍̆ˏ̌ʳࢫ˵ˏΘʍ͛ࢫ̛͛ͅˏͩˏΘʍ˵Ωࢫͩ˂̛͍ͷʳ˂ࢫ˵Ʉ͛ͩˏ̌ʳࢫ͍ʍ˵Ʉͩˏ̛̌͛˂ˏ͛ͅࢫɄʱʱ̛͍ɾ͛ࢫͷ͛ࢫͩ˂ʍࢫ opportunity to create deep and enduring relationships with our customers. We do this by discovering their needs and delivering the most relevant product and service solutions to realise their investment objectives. FINANCIAL HIGHLIGHTS ·§ࢫ͍ʍ̛͍ͩͅʍɾࢫɄ࠻࠸࠶ࢫय़ࢫˏ̌ɲ͍ʍɄ͛ʍࢫˏ̌ࢫ̌ʍͩࢫ̛͍ͅёͩࢫ̛ͩࢫ͍ʍɄɲ˂ࢫम࠺࠶࠹ࢶࢫ࠼̆ˏ˵˵ˏ̛̌ࢫʱ̛͍ࢫͩ˂ʍࢫΩʍɄ͍8ࢫʍɲʍ̆ɩʍ͍ࢫ ࢫė˂ˏ͛ࢫࢫࢶ࠷࠵࠳࠵ࢫˏ̌ࢫͅʍ͍ˏ̛ɾࢫɲ̛͍͍ʍ̛͛̌ͅɾˏ̌ʳࢫͩ˂ʍࢫʱ̛͍ࢫ̆ˏ˵˵ˏ̛̌ࢫ࠶ࢶ࠼࠶࠴मࢫ̛ʱࢫ̛͍ͅёͩࢫɄࢫ̛ͩࢫɲ̛̆ͅɄ͍ʍɾࢫࢷ࠸࠵࠳࠵ࢫࢷ࠴࠶ performance was primarily attributable to operating income higher than the prior year ɩΩ࠸࠵ࢫࢶ࠹य़ࢷࢫɾ͍ˏΘʍ̌ࢫɩΩࢫ͛ˏʳ̌ˏёɲɄ̌ͩࢫˏ̛͍̆ͅΘʍ̆ʍ̌ͩࢫʱ̛͍ࢫͷ͍̌ʍɄ˵ˏηʍɾࢫʳɄˏ̌͛ࢫ̛̌ࢫˏ̌Θʍ͛ͩ̆ʍ̌ͩ͛ࢷࢫʱʍʍ͛ࢫ and commissions, net interest income, dividend income and other income. This was ɲ̛̆ͅ˵ʍ̆ʍ̌ͩʍɾࢫɩΩࢫɄࢫ͍ʍɾͷɲͩˏ̛̌ࢫˏ̌ࢫ̛ͅʍ͍Ʉͩˏ̌ʳࢫɲ̛͛ͩ͛ࢶࢫࢫė̛ͩɄ˵ࢫ̛ͅʍ͍Ʉͩˏ̌ʳࢫʍΦͅʍ̌͛ʍ͛ࢫʱ̛͍ࢫͩ˂ʍࢫΩʍɄ͍ࢫ ࢫͩ˂ʍࢫ̛ͩࢫɲ̛̆ͅɄ͍ʍɾࢫΝ˂ʍ̌ࢫ̆ˏ˵˵ˏ̛̌ࢫ࠹ࢶ࠸࠺࠵मࢫ̛͍ࢫय़࠵ࢶ࠵࠴ࢫɩΩࢫɾʍɲ͍ʍɄ͛ʍɾࢫ࠸࠵࠳࠵ࢫࢷ࠴࠶ࢫ8ʍɲʍ̆ɩʍ͍ࢫʍ̌ɾʍɾ ɲ̛̆ͅɄ͍ɄͩˏΘʍࢫͅʍ͍ˏ̛ɾࢫˏ̌࠷࠵࠳࠵ࢫࢶࢫࢫė˂ˏ͛ࢫΝɄ͛ࢫɾ͍ˏΘʍ̌ࢫ͍ͅˏ̆Ʉ͍ˏ˵ΩࢫɩΩࢫɄࢫ͍ʍɾͷɲͩˏ̛̌ࢫˏ̌ࢫ̛͍ͅΘˏ͛ˏ̛̌ࢫʱ̛͍ࢫ credit losses, staff and administrative costs, further offset by increases in depreciation and Ʉ̛͍̆ͩˏηɄͩˏ̛̌ࢶࢫࢫė˂ʍࢫ-̛̆ͅɄ̌Ωࢫ͍ʍɲ̛ʳ̌ˏ͛ʍɾࢫɄࢫͩɄΦɄͩˏ̛̌ࢫɲ͍ʍɾˏͩࢫ̛ʱࢫम࠳࠹࠵ࢶࢫ࠶̆ˏ˵˵ˏ̛̌ࢫࣜ࠷࠵࠳࠵ࢸࢫम࠼࠴࠸ࢶࢫ࠶̆ ˏ˵˵ˏ̛̌ࣝࢫ͍ʍђʍɲͩˏ̌ʳࢫͩ˂ʍࢫ͍ʍɲ̛ʳ̌ˏͩˏ̛̌ࢫ̛ʱࢫɾʍʱʍ͍͍ʍɾࢫͩɄΦࢫɄ͛͛ʍͩ͛ࢫɄ͍ˏ͛ˏ̌ʳࢫʱ̛͍̆ࢫˏ̌ɲ̛̆ʍࢫ̛̌ͩࢫ͛ͷɩ˥ʍɲͩࢫ̛ͩ ࢫͩɄΦࢫͷ̌ɾʍ͍ࢫͩ˂ʍࢫ-\u0001þ-Ì·8ࢫ̛ͷɩ˵ʍࢫėɄΦɄͩˏ̛̌ࢫė͍ʍɄͩΩࢫɄ̌ɾࢫɄΘɄˏ˵Ʉɩ˵ʍࢫͩɄΦࢫ˵̛͛͛ࢫɲɄ͍͍Ωʱ̛͍ΝɄ͍ɾ͛ࢶࢫ ࣝࢶ࠵࠴ࢶ࠳मࢫࢸ࠷࠵࠳࠵ࣜࢫ࠶࠸ࢶ࠳मࢫ̛ʱࢫࣜHöĊࣝࢫ͛˂Ʉ͍ʍࢫͅʍ͍ࢫʍɄ͍̌ˏ̌ʳ͛ࢫɄ̌ࢫˏ̌ࢫ͍ʍ͛ͷ˵ͩʍɾࢫė˂ˏ͛ 50\u003c/p\u003e\n\u003cp\u003eFINANCIAL PERFORMANCE Net Interest Income ̛ͩࢫ̆ˏ˵˵ˏ̛̌ࢫ࠴ࢶ࠷࠺मࢫ̛͍ࢫय़࠷ࢶ࠴࠴ࢫɩΩࢫʳ͍ʍΝࢫˏ̌ɲ̛̆ʍࢫˏ̌ͩʍ͍ʍ͛ͩࢫ̌ʍͩࢫࢷ࠸࠵࠳࠵ࢫࢷ࠴࠶ࢫ8ʍɲʍ̆ɩʍ͍ࢫʍ̌ɾʍɾࢫΩʍɄ͍ࢫͩ˂ʍࢫk̛͍ ࢫमࢫ࠷࠵࠺̆ˏ˵˵ˏ̛̌ࢷࢫɲ̛̆ͅɄ͍ʍɾࢫ̛ͩࢫ̌ʍͩࢫˏ̌ͩʍ͍ʍ͛ͩࢫˏ̌ɲ̛̆ʍࢫ̛ʱࢫम࠼࠷࠹ࢶࢫ࠼̆ˏ˵˵ˏ̛̌ࢫʱ̛͍ࢫͩ˂ʍࢫɲ̛͍͍ʍ̛͛̌ͅɾˏ̌ʳࢫͅ ʍ͍ˏ̛ɾࢫˏ̌࠷࠵࠳࠵ࢫࢶࢫė˂ˏ͛ࢫͅʍ͍ʱ̛͍̆Ʉ̌ɲʍࢫ͍ʍ͛ͷ˵ͩʍɾࢫʱ̛͍̆ࢫ͛ˏʳ̌ˏёɲɄ̌ͩࢫʳ̛͍Νͩ˂ࢫˏ̌ࢫ˵̛Ʉ̌͛ࢫɄ̌ɾࢫ̛ͩ˂ʍ͍ࢫ͍ ʍɲʍˏΘɄɩ˵ʍ͛ࢶࢫࢫ̌ͩʍ͍ʍ͛ͩࢫɲ̛͛ͩ͛ࢫ̛ͩͩɄ˵˵ʍɾࢫमࢫ࠵ɩˏ˵˵ˏ̛̌ࢷࢫ˂ˏʳ˂ʍ͍ࢫɩΩࢫम࠺࠳࠵ࢶࢫ࠵̆ˏ˵˵ˏ̛̌ࢫ̛͍࠴࠴ࢫࢶ࠸य़ࢫΩʍɄ͍ࢫ̛Θʍ͍ࢫ year primarily driven by corporate papers and notes. 51\u003c/p\u003e\n\u003cp\u003eConsulting Fees and Commissions ė˂ʍࢫ-̛̆ͅɄ̌Ωࢫ͍ʍ̛͍ͩͅʍɾࢫɲ̛̌͛ͷ˵ͩˏ̌ʳࢫʱʍʍ͛ࢫऑࢫɲ̛̆̆ˏ͛͛ˏ̛̌ࢫˏ̌ɲ̛̆ʍࢫ̛ʱࢫम࠼࠻࠼ࢶࢫ࠼̆ˏ˵˵ˏ̛̌ࢫʱ̛͍ࢫͩ˂ʍࢫ ͅࢫɲ̛̆ͅɄ͍ɄͩˏΘʍࢫͩ˂ʍࢫ̛Θʍ͍ࢫ̆ˏ˵˵ˏ̛̌ࢫ࠵࠻࠴मࢫ̛͍ࢫय़࠸ࢶ࠵࠵ࢫ̛ʱࢫˏ̌ɲ͍ʍɄ͛ʍࢫɄ̌ࢫࢷ࠸࠵࠳࠵ࢫࢷ࠴࠶ࢫ8ʍɲʍ̆ɩʍ͍ࢫʍ̌ɾʍɾࢫΩʍɄ͍ ʍ͍ˏ̛ɾࢫͅɄ͍ͩˏɄ˵˵Ωࢫɾ͍ˏΘʍ̌ࢫɩΩࢫˬʍΩࢫɾʍɄ˵͛ࢫʍΦʍɲͷͩʍɾࢫɩΩࢫͩ˂ʍࢫˏ̌Θʍ͛ͩ̆ʍ̌ͩࢫɩɄ̌ˬˏ̌ʳࢫͩʍɄ̆ࢶ Ċˏʳ̌ˏёɲɄ̌ͩࢫɲ̛͍̌ͩˏɩͷ̛͍ͩ͛ࢫɾͷ͍ˏ̌ʳࢫͩ˂ʍࢫͅʍ͍ˏ̛ɾࢫΝʍ͍ʍࢸࢫ • ơ͍̈ͩʱ̛˵ˏ̛ࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫʱʍʍ͛ࢫ͛ˏʳ̌ˏёɲɄ̌ͩ˵Ωࢫʳ͍ʍΝࢫɩΩ࠻࠷ࢫࢶ࠸य़ࢫ̛͍ࢫम࠹࠻ࢶࢫ࠶̆ˏ˵˵ˏ̛̌ࢫ̛Θʍ͍ࢫͩ˂ʍࢫ ɲ̛͍͍ʍ̛͛̌ͅɾˏ̌ʳࢫͅʍ͍ˏ̛ɾࢫˏ̌ࢫ࠷࠵࠳࠵ࢫɾͷʍࢫ̛ͩࢫʳ̛͍Νͩ˂ࢫˏ̌ࢫͩ˂ʍࢫ̛͍ͩͅʱ̛˵ˏ̛ࢷࢫ • ė˂ʍࢫɩ̛͍ˬʍ͍Ʉʳʍࢫɩͷ͛ˏ̌ʍ͛͛ࢫˏ̌ɲ̛̆ʍࢫˏ̌ɲ͍ʍɄ͛ʍɾࢫɩΩ࠹࠴ࢫࢶ࠶य़ࢫ̛͍ࢫम࠹࠼ࢶࢫ࠼̆ˏ˵˵ˏ̛̌ࢫͅɄ͍ͩˏɄ˵˵Ωࢫ̛̌ࢫɄɲɲ̛ͷ̌ͩࢫ of increased earnings from selling fees transactions during the period. 52\u003c/p\u003e\n\u003cp\u003eOther Operating Income Ìͩ˂ʍ͍ࢫ̛ͅʍ͍Ʉͩˏ̌ʳࢫˏ̌ɲ̛̆ʍࢫʱ̛͍ࢫͩ˂ʍࢫΩʍɄ͍ࢫʍ̌ɾʍɾ8ࢫʍɲʍ̆ɩʍ͍࠴࠶ࢫࢷ࠸࠵࠳࠵ࢫࢷࢫΝɄ͛ࢫ˂ˏʳ˂ʍ͍ࢫɩΩ࠶࠸ࢫࢶ࠶य़ࢫ̛͍ࢫ म࠸࠵࠵ࢶࢫ࠼̆ˏ˵˵ˏ̛̌ࢫΝ˂ʍ̌ࢫɲ̛̆ͅɄ͍ʍɾࢫ̛ͩࢫͩ˂ʍࢫ͍ͅˏ̛͍ࢫΩʍɄ͍ࢶࢫࢫ½̛ͩɄɩ˵ʍࢫΘɄ͍ˏɄ̌ɲʍ͛ࢫʱ̛͍ࢫͩ˂ʍࢫΩʍɄ͍ࢫˏ̌ɲ˵ͷɾʍࢸࢫ • Ĥ͍̌ʍɄ˵ˏηʍɾࢫʳɄˏ̌͛ࢫʱ̛͍̆ࢫˏ̌Θʍ͛ͩ̆ʍ̌ͩࢫ̛͍ͅͅʍ͍ͩˏʍ͛ࢫ̛ͩͩɄ˵˵ʍɾࢫम࠶࠼࠵ࢶࢫ࠺̆ˏ˵˵ˏ̛̌ࢫɲ̛̆ͅɄ͍ʍɾࢫ̛ͩࢫʳɄˏ̌͛ࢫ̛ ʱࢫम࠻࠹ࢶࢫ࠷̆ˏ˵˵ˏ̛̌ࢫʱ̛͍ࢫͩ˂ʍࢫ͍ͅˏ̛͍ࢫͅʍ͍ˏ̛ɾࢫɾͷʍࢫ̛ͩࢫΘɄ˵ͷɄͩˏ̛̌ࢫɄ͍ͅͅʍɲˏɄͩˏ̛̌ࢫɾͷ͍ˏ̌ʳࢫͩ˂ʍࢫͅʍ͍ˏ̛ɾࢷࢫ • 8ˏΘˏɾʍ̌ɾࢫˏ̌ɲ̛̆ʍࢫˏ̌ɲ͍ʍɄ͛ʍɾࢫɩΩ࠻࠹ࢫࢶ࠺य़ࢫ̛͍ࢫम࠳࠴ࢶࢫ࠻̆ˏ˵˵ˏ̛̌ࢫ̛ͩࢫम࠹࠵ࢶࢫ࠸̆ˏ˵˵ˏ̛̌ࢷࢫ͍ʍ͍ͅʍ͛ʍ̌ͩˏ̌ʳࢫ higher pay-outs from corporates for the period, • ࢫࢫ̆ˏ˵˵ˏ̛̌ࢷࢫ࠶ࢶ࠴࠶࠴मࢫ̛ͩࢫ̆ˏ˵˵ˏ̛̌ࢫ࠼ࢶ࠶࠶मࢫ̛͍ࢫय़࠺ࢶ࠷࠶ࢫɩΩࢫʳ͍ʍΝࢫˏ̌ɲ̛̆ʍࢫÌͩ˂ʍ͍ • ½ʍͩࢫʱ̛͍ʍˏʳ̌ࢫʍΦɲ˂Ʉ̌ʳʍࢫʳɄˏ̌͛ࢫ̛ʱࢫम࠶࠳࠵ࢶࢫ࠷̆ˏ˵˵ˏ̛̌ࢫɲ̛̆ͅɄ͍ʍɾࢫ̛ͩࢫʳɄˏ̌͛ࢫ̛ʱࢫम࠹࠻࠴ࢶࢫ࠻̆ˏ˵˵ˏ̛̌ࢫʱ̛͍ࢫ ࢫࢷ࠷࠵࠳࠵ • ½ʍͩࢫ͍ͩɄɾˏ̌ʳࢫʳɄˏ̌͛ࢫ̛̌ࢫͩ˂ʍࢫɾˏ̛͛͛ͅɄ˵ࢫ̛ʱࢫ͛ʍɲͷ͍ˏͩˏʍ͛ࢫ̛ͩͩɄ˵˵ʍɾࢫम࠻ࢶࢫ࠸̆ˏ˵˵ˏ̛̌ࢫɲ̛̆ͅɄ͍ʍɾࢫ̛ͩࢫʳɄˏ̌͛ࢫ̛ ࢫࢫࢶ࠷࠵࠳࠵ࢫˏ̌ࢫͅʍ͍ˏ̛ɾࢫɲ̛͍͍ʍ̛͛̌ͅɾˏ̌ʳࢫͩ˂ʍࢫʱ̛͍ࢫ̆ˏ˵˵ˏ̛̌ࢫ࠻ࢶ࠳࠹मࢫʱ Operating Expenses ė̛ͩɄ˵ࢫ̛ͅʍ͍Ʉͩˏ̌ʳࢫʍΦͅʍ̌͛ʍ͛ࢫɄ̛̆ͷ̌ͩʍɾࢫ̛ͩࢫम࠴ࢶࢫ࠼ɩˏ˵˵ˏ̛̌ࢫʱ̛͍ࢫͩ˂ʍࢫΩʍɄ͍ࢫʍ̌ɾʍɾ8ࢫʍɲʍ̆ɩʍ͍࠴࠶ࢫࢷࢫ࠸࠵࠳࠵ࢫɄࢫ ɾʍɲ͍ʍɄ͛ʍࢫ̛ʱ࠵࠴ࢫࢶ࠵य़ࢫ̛͍ࢫम࠸࠺࠵ࢶࢫ࠹̆ˏ˵˵ˏ̛̌ࢫ̛Θʍ͍ࢫͩ˂ʍࢫɲ̛͍͍ʍ̛͛̌ͅɾˏ̌ʳࢫͅʍ͍ˏ̛ɾࢫˏ̌࠷࠵࠳࠵ࢫࢶࢫࢫࢫė˂ʍࢫ͍ʍɾͷɲͩˏ̛̌ࢫ was primarily driven by lower administrative and staff costs, in addition to lower provision for credit losses for the period under review. 53\u003c/p\u003e\n\u003cp\u003eAssets and Liabilities ࢫ࠸ࢶ࠴࠷मࢫͩ˂ʍࢫʱ̛͍̆ࢫɩˏ˵˵ˏ̛̌ࢫ࠵ࢶ࠷࠷मࢫ̛ͩࢫय़࠺ࢶ࠹ࢫɩΩࢫˏ̌ɲ͍ʍɄ͛ʍɾࢫ࠸࠵࠳࠵ࢫࢷ࠴࠶ࢫ8ʍɲʍ̆ɩʍ͍ࢫɄͩࢫɄ͛ࢫɄ͛͛ʍͩ͛ࢫė̛ͩɄ˵ ɩˏ˵˵ˏ̛̌ࢫ͍ʍ̛͍ͩͅʍɾࢫɄ͛ࢫɄͩ8ࢫʍɲʍ̆ɩʍ͍࠴࠶ࢫࢷ࠷࠵࠳࠵ࢫࢶࢫė˂ʍࢫम࠵ࢶࢫ࠺ɩˏ˵˵ˏ̛̌ࢫˏ̌ɲ͍ʍɄ͛ʍࢫΝɄ͛ࢫͅɄ͍ͩˏɄ˵˵ΩࢫɄ͍ͩͩˏɩͷͩɄɩ˵ʍࢫ̛ͩ ࢫɄࢫम࠴ࢶࢫ࠼ɩˏ˵˵ˏ̛̌ࢫˏ̌ɲ͍ʍɄ͛ʍࢫˏ̌ࢫ˵̛Ʉ̌͛ࢫɄ̌ɾࢫ̛ͩ˂ʍ͍ࢫ͍ʍɲʍˏΘɄɩ˵ʍ͛ࢫɾ͍ˏΘʍ̌ࢫɩΩࢫ˂ˏʳ˂ʍ͍ࢫɲ˵ˏʍ̌ͩࢫ̆Ʉ͍ʳˏ̌͛ࢫ Ʉ̌ɾࢫ̛ͩ˂ʍ͍ࢫ͍ʍɲʍˏΘɄɩ˵ʍ͛ࢷࢫɄ̌ɾࢫɾͷʍࢫʱ̛͍̆ࢫ͍ʍ˵Ʉͩʍɾࢫɲ̛̆ͅɄ̌ˏʍ͛ࢫˏ̌ɲ͍ʍɄ͛ʍɾࢫɩΩࢫम࠴ࢶࢫ࠺ɩˏ˵˵ˏ̛̌ࢶࢫࢫė˂ˏ͛ࢫˏ͛ࢫ in addition to higher balances reported for reverse repurchase agreements, investment ̛͍ͅͅ ʍ͍ͩˏʍ͛ࢷࢫɾʍʱʍ͍͍ʍɾࢫͩɄΦࢫɄ͛͛ʍͩࢫɄ̌ɾࢫˏ̌ͩɄ̌ʳˏɩ˵ʍࢫɄ͛͛ʍͩࢶࢫࢫė˂ʍࢫˏ̌ɲ͍ʍɄ͛ʍࢫΝɄ͛ࢫ̛̆ɾʍ͍ɄͩʍɾࢫࢫɩΩࢫ˵̛Νʍ͍ࢫ balances recorded for promissory notes, cash resources and investment securities. ė̛ͩɄ˵ࢫ˵ˏɄɩˏ˵ˏͩˏʍ͛ࢫˏ̌ɲ͍ʍɄ͛ʍɾࢫɩΩ࠹ࢫࢶ࠼य़ࢫ̛͍ࢫम࠵ࢶࢫ࠷ɩˏ˵˵ˏ̛̌ࢫ̛Θʍ͍8ࢫʍɲʍ̆ɩʍ͍࠴࠶ࢫࢷ࠷࠵࠳࠵ࢫࢶࢫࢫė˂ʍࢫʳ̛͍Νͩ˂ࢫˏ̌ࢫͩ˂ʍࢫ ɩɄ˵Ʉ̌ɲʍࢫ͛˂ʍʍͩࢫɄ͛͛ʍͩ͛ࢫΝɄ͛ࢫͅɄ͍ͩˏɄ˵˵Ωࢫʱͷ̌ɾʍɾࢫɩΩࢫ˵̛Ʉ̌͛ࢫΝ˂ˏɲ˂ࢫΝʍ͍ʍࢫ˂ˏʳ˂ʍ͍ࢫɩΩ࠶ࢫࢶ࠷य़ࢫ̛͍ࢫम࠷࠷࠷ࢶࢫ࠶̆ ˏ˵˵ˏ̛̌ࢶࢫࢫė˂ˏ͛ࢫˏ͛ࢫˏ̌ࢫɄɾɾˏͩˏ̛̌ࢫ̛ͩࢫɄɲɲ̛ͷ̌ͩ͛ࢫͅɄΩɄɩ˵ʍࢫˏ̌ɲ͍ʍɄ͛ˏ̌ʳࢫɩΩࢫमࢫ࠶ɩˏ˵˵ˏ̛̌ࢫ̆Ʉˏ̌˵Ωࢫ̛̌ࢫɄɲɲ̛ͷ̌ͩࢫ̛ ʱࢫɲ˵ˏʍ̌ͩࢫͅɄΩɄɩ˵ʍ͛ࢫΝ˂ʍ̌ࢫɲ̛̆ͅɄ͍ʍɾࢫ̛ͩ8ࢫʍɲʍ̆ɩʍ͍࠴࠶ࢫࢷ࠷࠵࠳࠵ࢫࢶࢫࢫė˂ʍࢫˏ̌ɲ͍ʍɄ͛ʍࢫ̛ͩࢫ̛͛̆ʍࢫʍΦͩʍ̌ͩࢫ ΝɄ͛ࢫͩʍ̆ͅʍ͍ʍɾࢫɩΩࢫ˵̛Νʍ͍ࢫɩɄ̌ˬࢫ̛Θʍ͍ɾ͍ɄʱͩࢫɩɄ˵Ʉ̌ɲʍ͛ࢫ̛ʱࢫम࠼࠴࠶ࢶࢫ࠴̆ˏ˵˵ˏ̛̌ࢫɄ̌ɾࢫ͛ʍɲͷ͍ˏͩˏʍ͛ࢫ̛͛˵ɾࢫͷ̌ɾʍ͍ࢫ͍ ʍͅͷ͍ɲ˂Ʉ͛ʍࢫɄʳ͍ʍʍ̆ʍ̌ͩ͛ࢫ˵̛Νʍ͍ࢫɩΩࢫम࠴࠹࠺ࢶࢫ࠶̆ˏ˵˵ˏ̛̌ࢶ Mayberry Investments Limited’s Capital Base remains strong with total shareholders’ ʍ͋ͷˏͩΩࢫΘɄ˵ͷʍɾࢫɄͩࢫम࠹ࢶࢫ࠼ɩˏ˵˵ˏ̛̌ࢶࢫė˂ˏ͛ࢫ͍ʍ͛ͷ˵ͩʍɾࢫˏ̌ࢫɄࢫ̌ʍͩࢫɩ̛̛ˬࢫΘɄ˵ͷʍࢫͅʍ͍ࢫ͛˂Ʉ͍ʍࢫ̛ʱࢫम࠸ࢶࢫ࠵࠺ࣜ8ʍɲࢶ࠷࠵࠳࠵ࢫࢸࢫ ࣝࢶ࠴࠷ࢶ࠸म 54\u003c/p\u003e\n\u003cp\u003eREGULATORY AND CAPITAL REQUIREMENTS The Company’s regulatory capital base continues to be robust and compliant with ͍ ʍʳͷ˵Ʉ̛͍ͩΩࢫɩʍ̌ɲ˂̆Ʉ͍ˬ͛ࢶࢫ\u0001͛ࢫɄͩ8ࢫʍɲʍ̆ɩʍ͍࠴࠶ࢫࢷ࠸࠵࠳࠵ࢫࢷࢫͩ˂ʍࢫɲɄͅˏͩɄ˵ࢫ̛ͩࢫ͍ˏ͛ˬ࣒Νʍˏʳ˂ͩʍɾࢫɄ͛͛ʍͩࢫ͍Ʉͩˏ̛ࢫ̛ʱࢫ ࠻࠴ࢶ࠵य़ࢫʍΦɲʍʍɾ͛ࢫͩ˂ʍࢫʍ͛ͩɄɩ˵ˏ͛˂ʍɾࢫ̆ˏ̌ˏ̆ͷ̆ࢫ̛ʱ࠳࠴ࢫय़ࢫ͛ʍͩࢫɩΩࢫͩ˂ʍࢫkˏ̌Ʉ̌ɲˏɄ˵ࢫĊʍ͍Θˏɲʍ͛ࢫ-̛̆̆ˏ͛͛ˏ̛̌ࢫࣜ kĊ-ࣝࢶࢫࢫ̌ࢫɄɾɾˏͩˏ̛̌ࢷࢫėˏʍ͍ࢫ̛̌ʍࢫ-ɄͅˏͩɄ˵ࢫˏ͛࠼࠼ࢫय़ࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫ̛Θʍ͍Ʉ˵˵ࢫɲɄͅˏͩɄ˵ࢫɩɄ͛ʍࢫɄ̌ɾࢫ ʍΦɲʍʍɾ͛ࢫͩ˂ʍࢫ͍ʍʳͷ˵Ʉ̛͍ͩΩࢫ̆ˏ̌ˏ̆ͷ̆ࢫ̛ʱ࠳࠸ࢫय़ࢫʍ͛ͩɄɩ˵ˏ͛˂ʍɾࢫɩΩࢫͩ˂ʍࢫkĊ-ࢶࢫ 55\u003c/p\u003e\n\u003cp\u003eMIL Risk Management Framework Risk Management þʍɲ̛ʳ̌ˏηˏ̌ʳࢫͩ˂ʍࢫͅɄ͍Ʉ̛̆ͷ̌ͩࢫˏ̛͍̆ͩͅɄ̌ɲʍࢫ̛ʱࢫ͍ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫˏ̌ࢫ͛ɄʱʍʳͷɄ͍ɾˏ̌ʳࢫ͛ ˂Ʉ͍ʍ˂̛˵ɾʍ͍ࢫΘɄ˵ͷʍࢷࢫ·ɄΩɩʍ͍͍Ωࢫ˂Ʉ͛ࢫͩɄˬʍ̌ࢫ͛ˏʳ̌ˏёɲɄ̌ͩࢫ͍͛ͩˏɾʍ͛ࢫ̛ͩࢫʍ̌˂Ʉ̌ɲʍࢫˏͩ͛ࢫ͍ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ͍ͅ Ʉɲͩˏɲʍ͛ࢶࢫH̆ɩ͍Ʉɲˏ̌ʳࢫɄࢫ̛͍ͅɄɲͩˏΘʍࢫ͛ͩɄ̌ɲʍࢫ̛ͩΝɄ͍ɾ͛ࢫ͍ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢷࢫ·ɄΩɩʍ͍͍Ωࢫ͛ͷɲɲʍ͛͛ʱͷ˵˵Ωࢫ navigated challenges arising from severe weather events, including Hurricane Mellissa, Ʉ˵̛̌ʳ͛ˏɾʍࢫͩ˂ʍࢫ˵ˏ̌ʳʍ͍ˏ̌ʳࢫʍʱʱʍɲͩ͛ࢫ̛ʱࢫzͷ͍͍ˏɲɄ̌ʍࢫ%ʍ͍Ω˵ࢫɄ̌ɾࢫ̛࣒͛ͩͅ-ÌŅ8ࢫ͍ʍɲ̛Θʍ͍Ωࢫ͍ͅʍ͛͛ͷ͍ʍ͛ࢶ ė˂ʍࢫͅɄ͛͛Ʉʳʍࢫ̛ʱࢫzͷ͍͍ˏɲɄ̌ʍࢫ·ʍ˵˵ˏ͛͛Ʉࢫͷ̌ɾʍ͍͛ɲ̛͍ʍɾࢫͩ˂ʍࢫʳ̛͍Νˏ̌ʳࢫ͛ˏʳ̌ˏёɲɄ̌ɲʍࢫ̛ʱࢫɲ˵ˏ̆Ʉͩʍ࣒ related and environmental risks within the operating environment. While the hurricane ɾˏɾࢫ̛̌ͩࢫ͍ʍ͛ͷ˵ͩࢫˏ̌ࢫ̆Ʉͩʍ͍ˏɄ˵ࢫё̌Ʉ̌ɲˏɄ˵ࢫ˵̛͛͛ʍ͛ࢷࢫˏͩࢫ͍ʍ͋ͷˏ͍ʍɾࢫ˂ʍˏʳ˂ͩʍ̌ʍɾࢫ̛ͅʍ͍Ʉͩˏ̛̌Ʉ˵ࢫΘˏʳˏ˵Ʉ̌ɲʍࢷࢫ activation of relevant business continuity measures, and ongoing monitoring of infrastructure, systems availability, and staff safety. This proactive approach reinforces the resilience of the organization and fosters a culture of risk awareness and responsiveness at all levels. Mayberry’s Risk Management Framework ·ɄΩɩʍ͍͍Ω࣭͛ࢫþˏ͛ˬࢫ·Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫk͍Ʉ̆ʍΝ̛͍ˬࢫ͛ʍ͍Θʍ͛ࢫɄ͛ࢫɄࢫɲ̛͍̌ʍ̛͍͛ͩ̌ʍࢫʱ̛͍ࢫͩ˂ʍࢫ̛͍ʳɄ̌ˏηɄͩˏ̛࣭̌͛ࢫ͍͛ͩ Ʉͩʍʳˏɲࢫɩͷ͛ˏ̌ʍ͛͛ࢫʍΦʍɲͷͩˏ̛̌ࢷࢫͷ̌ɾʍ͍͛ɲ̛͍ˏ̌ʳࢫͩ˂ʍࢫˏ̌ͩʍʳ͍Ʉͩˏ̛̌ࢫ̛ʱࢫ͍ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ͍ͅɄɲͩˏɲʍ͛ࢫ into every facet of its operations. This comprehensive framework encompasses the ˏɾʍ̌ͩˏёɲɄͩˏ̛̌ࢷࢫɄ͛͛ʍ͛͛̆ʍ̌ͩࢷࢫ͍ͩʍɄͩ̆ʍ̌ͩࢷࢫ̛̆̌ˏ̛͍ͩˏ̌ʳࢷࢫɄ̌ɾࢫ͍ʍ̛͍ͩͅˏ̌ʳࢫ̛ʱࢫ͍ͅˏ̆Ʉ͍Ωࢫ͍ˏ͛ˬ͛ࢷࢫͩ˂ʍ͍ʍɩΩࢫ facilitating risk-reward optimization across the company’s diverse portfolio of assets and securities. ̌ͩʍʳ͍Ʉ˵ࢫ̛ͩࢫͩ˂ʍࢫþˏ͛ˬࢫ·Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫk͍Ʉ̆ʍΝ̛͍ˬࢫˏ͛ࢫɄࢫ̛͍ɩͷ͛ͩࢫʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ͍͛ͩͷɲͩͷ͍ʍࢷࢫ underpinned by the principles of transparency, accountability, and consistency. Mayberry adopts a three lines of defense approach, delineating clear roles and responsibilities Ʉ̛̆̌ʳࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ̛ʱࢫɩͷ͛ˏ̌ʍ͛͛ࢫ˵ˏ̌ʍ͛ࢷࢫˏ̌ɾʍͅʍ̌ɾʍ̌ͩࢫ-̛̆ͅ˵ˏɄ̌ɲʍࢫɄ̌ɾࢫþˏ͛ˬࢫʱͷ̌ɲͩˏ̛̌͛ࢷࢫɄ̌ɾࢫ ̌ͩʍ͍̌Ʉ˵ࢫ\u0001ͷɾˏͩࢶࢫė˂ˏ͛ࢫɲ̛˵˵Ʉɩ̛͍ɄͩˏΘʍࢫʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ̛̆ɾʍ˵ࢫʍ̌͛ͷ͍ʍ͛ࢫʍʱʱʍɲͩˏΘʍࢫ͍ˏ͛ˬࢫ̛Θʍ͍͛ˏʳ˂ͩࢫɄ̌ɾࢫ mitigation while aligning organizational objectives with stakeholder interests, including preparedness for climate-related disruptions. Risk Management Governance Mayberry’s risk management framework adopts a three lines of defense approach to governing risk, promoting transparency, accountability, and consistency through clearly ɾʍё̌ʍɾࢫ̛͍˵ʍ͛ࢸ 57\u003c/p\u003e\n\u003cp\u003ekˏ͍͛ͩࢫ§ˏ̌ʍࢫ̛ʱ8ࢫʍʱʍ̌͛ʍࢫ࣓ࢫ·Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ̛ʱࢫ%ͷ͛ˏ̌ʍ͛͛ࢫ§ˏ̌ʍ͛ࢸ Business line management is responsible for identifying, assessing, and managing risks in daily operations. This includes ensuring operational resilience during climate-related events such as hurricanes, adherence to business continuity plans, and compliance with all legal and regulatory requirements. Ċʍɲ̛̌ɾࢫ§ˏ̌ʍࢫ̛ʱ8ࢫʍʱʍ̌͛ʍࢫ࣓ࢫ-̛̆ͅ˵ˏɄ̌ɲʍࢫɄ̌ɾࢫþˏ͛ˬࢫkͷ̌ɲͩˏ̛̌ࢸ ė˂ʍࢫ-̛̆ͅ˵ˏɄ̌ɲʍࢫɄ̌ɾࢫþˏ͛ˬࢫʱͷ̌ɲͩˏ̛̌ࢫ̛͍ͅΘˏɾʍ͛ࢫˏ̌ɾʍͅʍ̌ɾʍ̌ͩࢫ̛Θʍ͍͛ˏʳ˂ͩࢫɄ̌ɾࢫɄ͛͛ͷ͍Ʉ̌ɲʍࢫɄɲ̛͍͛͛ࢫ market, credit, compliance, reputational, operational, and environmental risks. This function actively monitors climate-related developments, including hurricanes, assesses ̛ͩͅ ʍ̌ͩˏɄ˵ࢫˏ̆ͅɄɲͩ͛ࢷࢫɄ̌ɾࢫ̛͍ͅΘˏɾʍ͛ࢫͩˏ̆ʍ˵Ωࢫ͍ʍ̛͍ͩͅˏ̌ʳࢫ̛ͩࢫĊʍ̌ˏ̛͍ࢫ·Ʉ̌Ʉʳʍ̆ʍ̌ͩࢷࢫͩ˂ʍࢫ\u0001͛͛ʍͩࢫɄ̌ɾࢫ §ˏɄɩˏ˵ˏͩΩࢫ-̛̆̆ˏͩͩʍʍࢫࣜ\u0001§-ÌࣝࢷࢫɄ̌ɾࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢶ ė˂ˏ͍ɾࢫ§ˏ̌ʍࢫ̛ʱ8ࢫʍʱʍ̌͛ʍࢫ࣓ࢫ̌ͩʍ͍̌Ʉ˵ࢫ\u0001ͷɾˏͩࢸ ̌ͩʍ͍̌Ʉ˵ࢫ\u0001ͷɾˏͩࢫ̛͍ͅΘˏɾʍ͛ࢫˏ̌ɾʍͅʍ̌ɾʍ̌ͩࢫɄ̌ɾࢫ̛ɩ˥ʍɲͩˏΘʍࢫɄ͛͛ͷ͍Ʉ̌ɲʍࢫ̛̌ࢫͩ˂ʍࢫʍʱʱʍɲͩˏΘʍ̌ʍ͛͛ࢫ̛ʱࢫ controls, including those related to disaster preparedness, business continuity, and risk governance. \u0001˵˵ࢫͩ˂͍ʍʍࢫ˵ʍΘʍ˵͛ࢫ͍ʍ̛͍ͩͅࢫ̛ͩࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢷࢫʍˏͩ˂ʍ͍ࢫɾˏ͍ʍɲͩ˵Ωࢫ̛͍ࢫͩ˂̛͍ͷʳ˂ࢫͩ˂ʍࢫ\u0001͛͛ʍͩ͛ࢫɄ̌ɾࢫ§ˏɄɩˏ˵ˏͩˏʍ͛ࢫ -̛̆̆ˏͩͩʍʍࢫɄ̌ɾࢫ\u0001ͷɾˏͩࢫ-̛̆̆ˏͩͩʍʍࢶ Strategic Alignment and Continuous Improvement Mayberry remains steadfast in integrating risk management into its strategic decision- ̆ Ʉˬˏ̌ʳࢫ̛͍ͅɲʍ͛͛ʍ͛ࢶࢫ½ʍΝࢫ̛͍ͅɾͷɲͩ͛ࢷࢫ̛͍ͅ˥ʍɲͩ͛ࢷࢫɄ̌ɾࢫʍ̆ʍ͍ʳˏ̌ʳࢫͩ˂͍ʍɄͩ͛ࢫɄ͍ʍࢫɄ͛͛ʍ͛͛ʍɾࢫͩ˂̛͍ͷʳ˂ࢫ the lens of enterprise risk management to ensure alignment with the company’s risk appetite. In light of Hurricane Mellissa, management has reinforced its focus on continuous monitoring, scenario analysis, and climate resilience planning. This includes periodic reviews of business continuity and disaster recovery arrangements to ensure readiness for future climate-related events. Key Risks Mayberry acknowledges the diverse array of risks inherent in its business model, ranging ʱ̛͍̆ࢫё̌Ʉ̌ɲˏɄ˵ࢫɄ̌ɾࢫ̛ͅʍ͍Ʉͩˏ̛̌Ʉ˵ࢫ͍ˏ͛ˬ͛ࢫ̛ͩࢫ͍͛ͩɄͩʍʳˏɲࢷࢫ͍ʍͅͷͩɄͩˏ̛̌Ʉ˵ࢷࢫɄ̌ɾࢫʍ̌Θˏ̛͍̌̆ʍ̌ͩɄ˵ࢫ ɲ̛̌ɲʍ͍̌͛ࢶࢫ\u0001ࢫɾʍͅɄ͍ͩ̆ʍ̌ͩɄ˵࣒˵ʍΘʍ˵ࢫ͍ˏ͛ˬࢫɄ͛͛ʍ͛͛̆ʍ̌ͩࢫ̆ʍɲ˂Ʉ̌ˏ͛̆ࢫ͛ͷ̛͍ͩ͛ͅͅࢫͩˏ̆ʍ˵Ωࢫˏɾʍ̌ͩˏёɲɄͩˏ̛̌ࢫ and mitigation of emerging threats, including climate-related risks. 58\u003c/p\u003e\n\u003cp\u003e2025 Risk Framework Overview ė˂̛͍ͷʳ˂̛ͷͩ࠸࠵࠳࠵ࢫࢷࢫͩ˂ʍࢫɄ̆ɄˏɲɄ̌ࢫё̌Ʉ̌ɲˏɄ˵ࢫ͛ʍɲ̛͍ͩࢫʱɄɲʍɾࢫɄࢫͷ̌ˏ͋ͷʍࢫ͛ʍͩࢫ̛ʱࢫɲ˂Ʉ˵˵ʍ̌ʳʍ͛ࢷࢫΝ˂ˏɲ˂ࢫ ·ɄΩɩʍ͍͍Ω࣭͛ࢫþˏ͛ˬࢫ·Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫk͍Ʉ̆ʍΝ̛͍ˬࢫΝɄ͛ࢫΝʍ˵˵ࢫ̛͛ͅˏͩˏ̛̌ʍɾࢫ̛ͩࢫɄɾɾ͍ʍ͛͛ࢶࢫė˂ʍ͛ʍࢫˏ̌ɲ˵ͷɾʍɾࢸ Cybersecurity Risks: \u0001ɲɲʍ˵ʍ͍ɄͩʍɾࢫɾˏʳˏͩɄ˵ࢫ͍ͩɄ̌͛ʱ̛͍̆Ʉͩˏ̛̌ࢫɄ̌ɾࢫͷ͛ʍࢫ̛ʱࢫ\u0001͍ͩˏёɲˏɄ˵ࢫ̌ͩʍ˵˵ˏʳʍ̌ɲʍࢫ̛͍ͅʳ͍Ʉ̆͛ࢫ˂ʍˏʳ˂ͩʍ̌ʍɾࢫ ʍΦ̛͛ͅͷ͍ʍࢫ̛ͩࢫɲΩɩʍ͍ࢫͩ˂͍ʍɄͩ͛ࢶࢫ·ɄΩɩʍ͍͍Ωࢫ͍͛ͩʍ̌ʳͩ˂ʍ̌ʍɾࢫˏͩ͛ࢫɾʍʱʍ̌͛ʍ͛ࢫͩ˂̛͍ͷʳ˂ࢫɄɾΘɄ̌ɲʍɾࢫ cybersecurity protocols and regular penetration testing. Market Volatility: Hɲ̛̛̌̆ˏɲࢫђͷɲͩͷɄͩˏ̛̌͛ࢫɄ̌ɾࢫʳʍ̛̛ͅ˵ˏͩˏɲɄ˵ࢫͩʍ̌͛ˏ̛̌͛ࢫˏ̌ɲ͍ʍɄ͛ʍɾࢫ̆Ʉ͍ˬʍͩࢫΘ̛˵Ʉͩˏ˵ˏͩΩࢶࢫė˂ʍࢫɲ̛̆ͅɄ̌Ωࢫ ʍ̆ͅ˵̛Ωʍɾࢫ̛͍ɩͷ͛ͩࢫё̌Ʉ̌ɲˏɄ˵ࢫ̛̆ɾʍ˵ˏ̌ʳࢫɄ̌ɾࢫ͍͛ͩʍ͛͛ࢫͩʍ͛ͩˏ̌ʳࢫ̛ͩࢫ̆Ʉ̌Ʉʳʍࢫͩ˂ʍ͛ʍࢫ͍ˏ͛ˬ͛ࢶ Regulatory Compliance: \u0001̌ࢫʍΘ̛˵Θˏ̌ʳࢫ͍ʍʳͷ˵Ʉ̛͍ͩΩࢫʍ̌Θˏ̛͍̌̆ʍ̌ͩࢫ͍ʍ͋ͷˏ͍ʍɾࢫ͛ͷ͛ͩɄˏ̌ʍɾࢫΘˏʳˏ˵Ʉ̌ɲʍࢶࢫ·ɄΩɩʍ͍͍Ω࣭͛ࢫɲ̛̆ͅ˵ˏɄ̌ɲʍࢫ team ensured adherence to all legal and regulatory obligations. Environmental and Climate-Related Risks: -˵ˏ̆Ʉͩʍࢫɲ˂Ʉ̌ʳʍࢫɄ̌ɾࢫʍΦ͍ͩʍ̆ʍࢫΝʍɄͩ˂ʍ͍ࢫʍΘʍ̌ͩ͛ࢷࢫˏ̌ɲ˵ͷɾˏ̌ʳࢫzͷ͍͍ˏɲɄ̌ʍࢫ·ʍ˵˵ˏ͛͛Ʉࢷࢫ̛͛ͅʍɾࢫ increasing operational and resilience challenges. While no material adverse impact was recorded, the event necessitated enhanced monitoring, activation of precautionary measures, and continued evaluation of climate-related risks within strategic planning and risk assessments. Operational Risks: Potential disruptions from infrastructure damage, power outages, and reduced staff availability during severe weather events remain key considerations. Mayberry maintains robust and regularly tested business continuity and disaster recovery plans to mitigate these risks. 59\u003c/p\u003e\n\u003cp\u003eConclusion ·ɄΩɩʍ͍͍Ω࣭͛ࢫ̛͍ͅɄɲͩˏΘʍࢫɄ̛͍ͅͅɄɲ˂ࢫ̛ͩࢫ͍ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢷࢫ͛ͷ̛͍ͩͅͅʍɾࢫɩΩࢫɄࢫ̛͍ɩͷ͛ͩࢫþˏ͛ˬࢫ Management Framework and strong governance structure, positions the company to ʍʱʱʍɲͩˏΘʍ˵Ωࢫ̌ɄΘˏʳɄͩʍࢫɄ̌ࢫʍΘ̛˵Θˏ̌ʳࢫ͍ˏ͛ˬࢫ˵Ʉ̌ɾ͛ɲɄͅʍࢶࢫė˂ʍࢫʍΦͅʍ͍ˏʍ̌ɲʍࢫ͛ͷ̛͍͍ͷ̌ɾˏ̌ʳࢫzͷ͍͍ˏɲɄ̌ʍࢫ Mellissa reinforced the importance of climate-related risk awareness, operational preparedness, and continuous monitoring. \u0001͛ࢫͩ˂ʍࢫɲ̛̆ͅɄ̌Ωࢫ̛̆Θʍ͛ࢫˏ̛̌ͩ࠹࠵࠳࠵ࢫࢷࢫͩ˂ʍࢫþˏ͛ˬ8ࢫʍͅɄ͍ͩ̆ʍ̌ͩࢫ͍ʍ̆Ʉˏ̌͛ࢫɲ̛̆̆ˏͩͩʍɾࢫ̛ͩࢫ strengthening the risk culture, enhancing climate resilience, and ensuring that risk management continues to support strategic objectives, safeguard shareholder value, and promote long-term sustainability. 60\u003c/p\u003e\n\u003cp\u003eMayberry Investments Limited Index 31 December 2025 \u0003 Page Independent Auditors' Report to the Members Financial Statements Statement of Financial Position 1 Statement of Profit or Loss 2 Statement of Comprehensive Income 3 Statement of Changes in Equity 4 Statement of Cash Flows 5 Notes to the Financial Statements 6 – 6 6\u003c/p\u003e\n\u003cp\u003ePricewaterhouseCoopers, Scotiabank Centre, Duke Street, P.O. Box 372, Kingston, Jamaica T: +1 876 922 6230, F: +1 876 922 7581 www.pwc.com/jm B.L. Scott B.J. Denning G.A. Reece P.A. Williams R.S. Nathan C.I. Bell-Wisdom G.K. Moore T.N. Smith DaSilva K.D. Powell ,QGHSHQGHQW\u0003DXGLWRU V\u0003UHSRUW\u0003 To the Members of Mayberry Investments Limited Report on the audit of the financial statements Our opinion In our opinion, the financial statements give a true and fair view of the financial position of Mayberry Investments Limited (the Company) as at 31 December 2025, and of its financial performance and its cash flows for the year then ended in accordance with IFRS Accounting Standards and with the requirements of the Jamaican Companies Act. What we have audited The Company's financial statements comprise: x the statement of financial position as at 31 December 2025; x the statement of profit or loss x the statement of comprehensive income for the year then ended; x the statement of changes in equity for the year then ended; x the statement of cash flows for the year then ended; and x the notes to the financial statements, comprising material accounting policy information and other explanatory information. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a\u003c/p\u003e\n\u003cp\u003ebasis for our opinion. ,QGHSHQGHQFH\u0003 We are independent of the Company in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code). We have also fulfilled our other ethical responsibilities in accordance with the IESBA Code. Responsibilities of management and those charged with governance for the financial statements Management is responsible for the preparation of the financial statements that give a true and fair view in accordance with IFRS Accounting Standards and with the requirements of the Jamaican Companies Act, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.\u003c/p\u003e\n\u003cp\u003eKey audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated fin ancial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key audit matter How our audit addressed the key audit matter Measurement of investment in associates Refer to Notes 2(c), 3(a) and 21 to the consolidated financial statements for disclosures of related accounting policies and balances. The Group’s total investments in associates was $13.97 billion as at 31 December 2025, representing holdings in certain investment securities, which range between 17% to 33% of the issued share capital and where there is board and/or board subcommittee representation. As per the Group’s accounting policies, management recognises associates as all entities over which the Group has significant influence but not control, generally accompanying a shareholding of 20% of the voting rights. As the Group is deemed by management to have a similar business model to an investment entity as defined by IFRS 10 - Consolidated Financial Statements, the Group has elected to implement the exemption from applying the equity method in IAS 28 - Investments in Associates and Joint Ventures and recognises its investment in associates at fair value through profit or loss in accordance with IFRS 9 - Financial Instruments. We focused our audit efforts on this balance due to its material impact on the financial statements and because the determination of the most appropriate accounting treatment and accounting standard involved a level of judgement applied by management. Our approach to addressing the matter, included the following procedures amongst others: x Performed inquiries and evaluated management’s accounting policies against the requirements of the applicable accounting standards. x Read and evaluated management’s position papers on the determination of the designation of the investments as associated companies. x Independently confirmed shareholdings of related associates with the local securities deposit’s registry. x Corroborated board and subcommittee membership through inspection of published submissions to the Jamaica Stock Exchange. x Evaluated management’s assertion that it qualifies for the exemption from equity accounting under IAS 28 by assessing the following: R the nature of the subsidiary’s operations; R how the business is managed; R how the performance of the subsidiary is assessed and management of the subsidiary is remunerated; and R whether the underlying information is consistent with the types of entities described by IAS 28 as being eligible for exemption. As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: x Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. x Obtain an understanding of internal control relevant to the audit 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 Company's internal control. x Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. x Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. x Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.\u003c/p\u003e\n\u003cp\u003eReport on other legal and regulatory requirements As required by the Jamaican Companies Act, we have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of our audit. In our opinion, proper accounting records have been kept, so far as appears from our examination of those records, and the accompanying financial statements are in agreement therewith and give the information required by the Jamaican Companies Act, in the manner so required. 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+\u0004\u0006+\u000f\u0016%\u0018\u001d+\u0004\u0003\u0004\u0007+\u0016 \u0019+\u0026amp;\u001e\u001c \u001a\u0019+! +\u001e'\u0026amp;+\u0017\u001a\u001d\u0016\u001f\u001b+\u0017*\b+ \u0015\u001d/78\u0019!\u001d/18 \u0011\u0026amp;\u001d'/*\u001d+8 \u0019\u001d1/'\u001f(8\u0010\u001d1\u001d'))!8 \u0011\u0026amp;'!\"8\u00135!\u001f21'3!8\u0018\"#'\u001f!/8\u003c/p\u003e\n\u003cp\u003ePage 2 Mayberry Investments Limited Statement of Profit or Loss Year ended 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 Note s 202 5 $’000 202 4 $’000 Net Interest Income and Other Revenues Interest income 2,732,68 9 2,451,306 Interest expense (2,008,647) (1,801,407) Net interest income 4 724,042 649,899 Consulting fees and commissions 5 989,867 807,842 Dividend income 6 26,528 15,722 Net change in fair value on financial instruments at FVTPL (14,072) (5,634) Net trading gain s on financial instruments at AC 8,503 60,799 Net foreign exchange gains 203,409 186,791 Other income 131,349 97,497 Unrealised gains on investment properties 293,706 68,382 2,363,332 1,881,298 Operating Expenses Salaries, statutory contributions and other staff costs 7 747,051 777,589 Provision for credit losses (5,321) 148,130 Depreciation and amortisation 205,413 151,745 Other operating expenses 1,038,57 9 1,183,889 8 1,985,722 2,261,353 Profit /(Loss) before Taxation 377,610 (380,055) Taxation credit 9 260,314 519,337 Net Profit for the Year 637,924 139,282\u003c/p\u003e\n\u003cp\u003ePage 3 Mayberry Investments Limited Statement of Comprehensive Income Year ended 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 202 5 $’000 202 4 $’000 Net Profit for the Year 637,924 139,282 Other Comprehensive Income Net of Taxation: Item that will not be reclassified to profit or loss Net unrealised (losses) /gains on financial instruments – fair value through other comprehensive income (65,532) 126,235 Total Comprehensive Income for the Year 572,392 265,517\u003c/p\u003e\n\u003cp\u003ePage 4 Mayberry Investments Limited Statement of Changes in Equity Year ended 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 Profit for the year 637,924 637,924 Other comprehensive income - - (65,532) - - (65,532) Total comprehensive income - - (65,532) - 637,924 572,392 Transactions with Owners Dividend declared (Note 2 8 ) - - - - (200,000) (200,000) Balance at 31 December 202 5 1,201,149,291 1,582,382 394,633 77,939 4,817,468 6,872,422 No. of Shares Share Capital Fair Value Reserves Other Reserves Retained Earnings Total $’000 $’000 $’000 $’000 $’000 $’000 Balance at 1 January 2024 1,201,149,291 1,582,382 327,663 77,939 4,596,529 6,584,513 Profit for the year - - - - 139,282 139,282 Other comprehensive income - - 126,235 - - 126,235 Total comprehensive income - - 126,235 - 139,282 265,517 Transfer Between Reserves From fair value reserves - - 6,267 - (6,267) - Transactions with Owners Dividend paid (Note 2 8 ) - - - - (350,000) (350,000) Balance at 31 December 2024 1,201,149,291 1,582,382 460,165 77,939 4,379,544 6,500,030\u003c/p\u003e\n\u003cp\u003ePage 5 Mayberry Investments Limited Statement of Cash Flows Year ended 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 Note 202 5 $’000 202 4 $’000 Cash Flows from Operating Activities Profit /(Loss) before taxation 377,610 (380,055) Adjustments for: Items not affecting cash: Adjustments to reconcile net profit to net cash provided by operating activities 18 2,312,226 (50,626) Tax paid Interest received 2,755,808 2,455,177 Interest paid (1, 796,643 ) (1,839,791) Cash provided by operating activities 3,649,001 184,705 Cash Flows from Investing Activities Additions to intangible assets (566,477) (232,634) Proceeds from disposal of property, plant and equipment 6,365 Additions to property, plant and equipment 15 (51,345) (67,411) Cash used in investing activities (611,457) (300,045) Cash Flows from Financing Activities Dividend payment 2 8 (200,000) - Lease principal payment 17 (30,545) (14,202) Loans received 3,904,350 2,556,272 Loans repaid (3,804,404) (3,542,157) Cash used in financing activities (130,599) (1,000,087) Net Increase/( Decrease ) in Cash and Cash Equivalents 2,906,945 (1,115,427) Exchange gain /( loss ) on foreign cash balances 45,247 (147) Cash and cash equivalents at beginning of year 2,491,857 3,607,431 Cash and Cash Equivalents at End of Year 10 5,444,049 2,491,857\u003c/p\u003e\n\u003cp\u003ePage 6 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 1. Identification and Principal Activities Mayberry Investments Limited (\"the Company\") is a company limited by shares, incorporated and domiciled in Jamaica. It is 100% (2024 – 100%) owned by Mayberry Holdings Limited (“MHL”) which is also incorporated and domiciled in Jamaica. Mayberry Group Limited (“MGL”) is the ultimate parent company, and is incorporated and domiciled in Saint Lucia under the International Business Companies Act. The registered office of the Company is located at 1 ½ Oxford Road, Kingston 5. The Company is a licensed securities dealer and is a member of the Jamaica Stock Exchange. The Company has primary dealer status from the Bank of Jamaica. The principal activities of the Company comprise dealing in securities, portfolio management, investment advisory services, operating a foreign exchange cambio, managing funds on behalf of clients and administrative and investment management services for pension plans. 2. Material Accounting Policies The material accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied for all the years presented unless otherwise stated. (a) Basis of preparation These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS Accounting Standards) and IFRS Interpretations Committee (IFRIC) interpretations applicable to companies reporting under IFRS Accounting Standards. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investment securities at fair value through other comprehensive income (“FVTOCI”), and investment properties and certain financial assets at fair value through profit or loss (“FVTPL”). These financial statements are also prepared in accordance with requirements of the Jamaican Companies Act. The financial statements comprise the statement of profit and loss and statement of comprehensive income shown as two statements, the statement of financial position, the statement of changes in equity, the statement of cash flows and the notes.\u003c/p\u003e\n\u003cp\u003ePage 7 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (a) Basis of preparation (continued) The preparation of financial statements in conformity with IFRS Accounting Standards requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, contingent assets and contingent liabilities at the end of the reporting period and the total comprehensive income during the reporting period. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will seldom equal the related actual results. The estimates and underlying assumptions are reviewed on an ongoing basis and any adjustments that may be necessary would be reflected in the year in which actual results are known. The areas involving more judgement and complexity or areas where assumptions or estimates are significant to the financial statements are disclosed in note 3. New, revised and amended standards and interpretations that became effective during the year Certain new standards, interpretations and amendments to existing standards have been published that became effective during the current financial year. x Amendments to IAS 21 - Lack of Exchangeability The Company has assessed the relevance of all such new standards, interpretations and amendments and has concluded that they did not have any impact on the amounts recognised in prior periods or current period. New, revised and amended standards and interpretations not yet effective and not early adopted by the Company Certain amendments to accounting standards have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the Company. x Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments x Annual improvements to IFRS – Volume 11 x IFRS 18, ‘Presentation and Disclosure in Financial Statements’ x IFRS 19, ‘Subsidiaries without Public Accountability: Disclosures’ These amendments are not expected to have a material impact on the entity in the future reporting periods and on foreseeable future transactions.\u003c/p\u003e\n\u003cp\u003ePage 8 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (b) Foreign currency translation Items included in the financial statements are measured using the currency of the primary economic environment in which the Company operates (“the functional currency”). The financial statements are presented in Jamaican dollars, which is the Company’s functional and presentation currency, unless otherwise stated. Transaction and balances Foreign currency transactions are accounted for at the exchange rates prevailing at the dates of the transactions. At the date of the statement of financial position, monetary assets and liabilities denominated in foreign currencies are translated using the closing exchange rate at the date. Exchange differences resulting from the settlement of transactions at rates different from those at the dates of the transactions, and unrealized foreign exchange differences on unsettled foreign currency monetary assets and liabilities are recognized in the statement of profit or loss. Translation differences on non-monetary financial assets are a component of the change in their fair value. Depending on the classification of a non-monetary financial asset, exchange differences are either recognized in the statement of profit or loss (applicable for financial assets at FVTPL), or within other comprehensive income if non-monetary financial assets are equity instruments which are designated as FVTOCI. (c) Impairment of Non-Financial Assets Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. (d) Intangible assets \u0026amp;RPSXWHU\u0003VRIWZDUH Acquired computer software licenses and proprietary developed systems are capitalised on the basis of costs incurred to acquire and bring to use the specific software. These costs are amortised over the estimated useful life of the software, which ranges from 5 to 10 years.\u003c/p\u003e\n\u003cp\u003ePage 9 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (e) Revenue recognition Revenue comprises the fair value of the consideration received or receivable for services provided in the ordinary course of business and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured, regardless of when the payment is made. Revenue is measured taking into account contractually defined terms of payment. Consulting fees and commission income: Consulting fees and commission income are recognized on an accrual basis when the performance obligations are satisfied, that is over time or at a point in time. Where a customer contract contains multiple performance obligations, the transaction price is allocated to each distinct performance obligation based on the relative stand-alone selling prices of the goods or services being provided to the customer. Consulting fees and commission arising from negotiating or participating in the negotiation of a transaction for a third party are recognized on completion of the underlying transaction. Portfolio and other management advisory and service fees are recognized based on the applicable service contracts. Asset management fees related to investment funds are recognized over the period the service is provided. Performance linked fees or fee components are recognized when the performance criteria are fulfilled.\u003c/p\u003e\n\u003cp\u003ePage 10 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (f) Repurchase and reverse repurchase agreements Securities sold under agreements to repurchase (repurchase agreements), and securities purchased under agreements to resell (reverse repurchase agreements), are treated as collateralized financing transactions. The difference between the sale/purchase and repurchase/resale price is treated as interest and accrued over the lives of the agreements using the effective yield method. (g) Loans and receivables and provisions for credit losses The Company recognizes loss allowances for expected credit losses (ECL) on the following financial instruments: loans and other receivables, promissory notes, due from related parties and debt instruments carried at amortised cost. Loans are recognized when cash is advanced to borrowers. They are initially recorded at cost, which is the cash given to originate the loan including any transaction costs, and subsequently measured at amortized cost using the effective interest rate method. The Company applies the “three stage model under IFRS 9 in measuring the ECL on loans and receivables, and makes estimations about likelihood of defaults occurring, associated loss ratios, changes in market conditions, and expected future cash flows. This is measured using the Probability of Default (PD), Exposure at Defaults (EAD) and Loss Given Default (LGD) for a portfolio of assets. x Probability of Default - This represents the likelihood of a borrower defaulting on its financial obligation either over the next 12 months (12-month PD), or over the remaining lifetime (Lifetime PD) of the obligation. x Exposure at Default - This represents the expected balance at default, taking into account the repayment of principal and interest from the statement of financial position date to the default event together with any expected drawdowns of committed facilities. x Loss Given Default – The LGD represents expected losses on the EAD given the event of default, taking into account the mitigating effect of collateral value at the time it is expected to be realised and also the time value of money. The ‘three stage’ model is used to categorise financial assets according to credit quality as follows: x Stage 1 – financial assets that are not credit impaired on initial recognition or are deemed to have low credit risk. These assets generally abide by the contractual credit terms. The ECL is measured using a 12-month PD, which represents the probability that the financial asset will default within the next 12 months. Stage 2 – financial assets with a significant increase in credit risk (SICR) since initial recognition, but are not credit impaired. The ECL is measured using a lifetime PD. x Stage 3 – credit impaired financial assets. The ECL is measured using a lifetime PD. Transfer between stages Financial assets can be transferred between the different categories depending on their relative increase in credit risk since initial recognition. Financial instruments are transferred out of stage 2 if their credit risk is no longer considered to be significantly increased since initial recognition. Financial instruments are transferred out of stage 3 when they no longer exhibit any evidence of credit impairment. This assessment is done on a case-by-case basis.\u003c/p\u003e\n\u003cp\u003ePage 11 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (g) Loans and receivables and provisions for credit losses (continued) The Company considers forward-looking information in determining the PDs of financial assets. Significant Increase in Credit Risk (SICR) The assessment of SICR is performed for individual loans, taking into consideration the sector grouping of the individual exposures, and incorporates forward-looking information. It also considers qualitative criteria specific to the borrower's risk rating, early signs of cash flow/liquidity problems and expected significant adverse change in the financial condition of the borrower. However, this assessment will differ for different types of lending arrangements. Backstop Irrespective of the above qualitative assessment, the Company presumes that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due. The Company has monitoring procedures in place to assess whether the criteria used to identify SICR continue to be appropriate. The ECL is determined by projecting the PD, LGD and EAD, which are multiplied together and discounted back to the reporting date. The discount rate used in the ECL calculation is the original effective interest rate or an approximation thereof. A loan is classified as impaired when, in management's opinion there has been deterioration in credit quality to the extent that there is no longer reasonable assurance of timely collection of the full amount of principal and interest. Write offs are made when the Company determines that there is no realistic prospect of recovery. Write offs are charged against previously established provisions for credit losses. Recoveries in part or in full of amounts previously written off are credited to provision for credit losses in the statement of profit or loss. (h) Financial assets i. Initial recognition and measurement Financial assets are recognised when the Company becomes a party to the contractual provisions of the instrument. This includes regular way purchases of financial assets and liabilities that require delivery of assets within the time frame generally established by regulation or convention in the market place. The classification of financial instruments at initial recognition depends on their contractual terms and the business model for managing the instruments. Financial instruments are initially measured at their fair value, plus or minus directly attributable transaction costs for all instruments except in the case of financial assets recorded at FVTPL. For financial instruments measured at FVTPL transaction costs are expensed in the statement of profit and loss.\u003c/p\u003e\n\u003cp\u003ePage 12 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (h) Financial assets (continued) ii . Classification and subsequent measurement The Company classifies all of its financial assets based on the business model for managing the assets and the assets contractual terms. The following measurement categories are used in accordance with the requirements of IFRS 9: x those to be measured at FVTOCI x FVTPL, and x those to be measured at amortised cost. iii. Business model assessment IFRS 9 requires an assessment of the nature of the Company’s business model at a level that best reflects how it manages portfolios of financial assets. The business model reflects how the Company manages the assets in order to generate cash flow; this is, whether the Company’s objective is solely to collect the contractual cash flows from the assets or is to collect both the contractual cash flows and cash flows arising from the sale of assets. If neither of these is applicable (e.g., financial assets are held for trading purposes), then the financial assets are classified as “Other” business model and measured at FVTPL. Factors considered by the Company in determining the business model for a group of assets include: 1. How the asset’s performance is evaluated and reported to key management personnel; 2. How risks are assessed and managed; and 3. How managers are compensated. The Company has determined that it has three business models: x Hold-to-collect (HTC) business model: This comprises, cash and cash equivalents debt securities, promissory notes, loans and other receivables, reverse repurchase agreements and accounts receivables. These financial assets are held to collect contractual cash flows. x Hold-to-collect-and-sell (HTCS): where both collecting and contractual cash flows and cash flows arising from the sale of assets are the objective of the business model. x Other business model: This comprises equity investments. These financial assets are managed and their performance is evaluated, on a fair value basis. Solely payments of principal and interest (SPPI) assessment. Debt instruments held within HTC or HTCS business model are assessed to evaluate if their contractual cash flows are SPPI. SPPI payments are those which would typically be expected from basis lending arrangements. Principal amounts include par repayments from lending and financing arrangements, and interest primarily relates to basic lending returns, including compensation for credit risk and the time value of money associated with the principal amount outstanding over a period of time. Interest can also include other basic lending risks and costs (for example, liquidity risk, servicing or administrative costs) associated with holding the financial asset for a period of time, and a profit margin.\u003c/p\u003e\n\u003cp\u003ePage 13 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (h) Financial assets (continued) iv. Debt Instruments Debt instruments include cash and bank balances, loans and other receivables, investment securities, guarantees and other assets. Classification and subsequent measurement of debt instruments depend on the Company’s business model for managing the asset and the cash flow characteristics of the asset. Debt instruments are measured at amortised cost if they are held for collection of contractual cash flows where those cash flows represent SPPI. Interest income from these financial assets is included in interest income using the effective interest method. Any gain or loss arising on de-recognition is recognized directly in profit or loss together with foreign exchange gains or losses. Impairment losses are presented as a separate line item in the statement of profit or loss. The Company’s financial assets measured at amortised cost comprise cash resources, trade receivables, investment securities for which the objective is to hold these investment securities in order to collect contractual cash flows and the contractual cash flows are SPPI, reverse repurchase agreements, promissory notes, other receivables and amounts due from related companies in the statement of financial position. Debt instruments measured at FVTPL are those which were either acquired for generating a profit from short term fluctuations in price or dealers' margin, or are securities included in a portfolio in which a pattern of short term profit taking exists or which fail the SPPI test. The Company reclassifies debt instruments when and only when its business model for managing those assets changes. The reclassification takes place from the start of the first reporting period following the change. Such changes are expected to be very infrequent, and none occurred during the period. v. Equity Instruments Financial assets measured at FVTOCI Where the Company has made an irrevocable election to classify equity investments at FVTOCI, they are carried at fair value with changes in fair value recognised in other comprehensive income and accumulated in the related fair value reserve. There is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment, these realised gains are reclassified directly to retained earnings. Financial assets measured at FVTPL This category comprises financial instruments which are carried in the statement of financial position at fair value with changes in fair value recognised in the statement of profit or loss in the “financial instruments – FVTPL” line. The Company has equity investments held for trading which it has classified as being at FVTPL.\u003c/p\u003e\n\u003cp\u003ePage 14 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (h) Financial assets (continued) vi. Impairment Credit loss allowance are measured on each reporting date according to a three-stage expected credit loss impairment model. Changes in the required ECL are recorded in profit or loss for the period at each reporting date. ECL are established for all financial assets, except for financial assets classified or designated as FVTPL and equity securities designated as FVTOCI, which are not subject to impairment assessment. Financial assets subject to impairment assessment include loans and receivables, debt securities, reverse repurchase agreements, due from related parties and promissory notes. Loans and receivables, promissory notes and debt securities carried at amortised cost are presented net of ECL on the statement of financial position. The Company assesses on a forward looking basis the ECL associated with its financial assets classified at amortised cost. The estimation of credit exposure for risk management purposes requires the use of complex models, as the exposure varies with changes in market conditions, expected cash flows and the passage of time. The assessment of credit risk of a portfolio of assets entails further estimations as to the likelihood of defaults occurring, of the associated loss ratios and of defaults correlations between counterparties. The Company measures risk using PD, EAD and LGD. The methodology used to determine the amount of the provision is based on whether there has been a significant increase in credit risk since initial recognition of the financial asset. For those where the credit risk has not been increased significantly since initial recognition of the financial asset, twelve month ECLs along with gross interest income are recognised. For those for which credit risk has increased significantly, lifetime ECLs along with interest income on a net basis are recognised. The Company assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due.\u003c/p\u003e\n\u003cp\u003ePage 15 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (h) Financial assets (continued) vii. De-recognition The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset have expired, or when it transfers the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred, or in which the Company neither transfers nor retains substantially all the risks and rewards of ownership and it does not retain control of the financial asset. Any interest in transferred financial assets that qualify for de-recognition that is created or retained by the Company is recognized as a separate asset or liability in the statement of financial position. On de-recognition of a financial asset, the difference between the carrying amount of the asset (or carrying amount allocated to the portions of the asset transferred), and the sum of (i) the consideration received (including any new assets obtained less any new liability assumed) and (ii) any cumulative gain/loss recognized in OCI in respect of equity investment securities but transferred from OCI to retained earnings on disposal. viii.Revenue Interest income and expense are recognised in arriving at net profit or loss for all interest-bearing instruments on the accrual basis using the effective yield method based on the actual purchase price. Interest income includes coupons earnings on fixed income investments and accrued discounts or premiums on instruments. The effective interest method is a method of calculating the amortised cost of a financial asset or a financial liability and of allocating the interest income or interest expenses over the relevant period. The effective interest rate is the rate that exactly discounts the estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Company estimates cash flows considering the contractual terms of the financial instrument but does not consider future credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums and discounts. When a loan is classified as impaired it is written down to its recoverable amount and interest income on the loans is thereafter recognized based on the rate of interest that was used to discount the future cash flows for measuring the recoverable amount. Dividend income is recognized when the stockholder's right to receive payment is established. (i) Financial liabilities Financial liabilities are initially recognised at fair value, being their issue proceeds, net of transaction costs directly attributable to the issue of the instrument. Borrowings are subsequently carried at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is a constant rate on the balance of the liability carried in the statement of financial position. The Company’s financial liabilities comprise primarily amounts due to banks, repurchase agreements, accounts payable, debt security in issue and amounts due to related companies. The Company derecognises a financial liability when its contractual obligations are discharged, cancelled or expired.\u003c/p\u003e\n\u003cp\u003ePage 16 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (j) Property, plant and equipment All property, plant and equipment are stated at historical cost less accumulated depreciation. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any replaced part is derecognised. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred. Depreciation is calculated on the straight-line basis at annual rates estimated to write off the cost of the assets over their expected useful lives as follows: Furniture, fixtures and fittings 10 years Office equipment 5 years Computer equipment 5 years Motor vehicles 3 years Leasehold improvements 30 years Depreciation methods, useful lives and carrying values are reassessed at the reporting date. Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount. The recoverable amount is the higher of the asset’s fair value less costs to sell and value in use. Gains or losses on disposal of property, plant and equipment are determined by reference to their carrying amounts and are taken into account in determining profit or loss. (k) Investment properties Investment properties, principally comprising land and buildings from foreclosed assets, are held for capital appreciation and sale and are treated as long-term investments. They are measured initially at cost, including related transaction costs and are subsequently carried at fair value with changes in the carrying amount recognised in profit or loss. The carrying amount includes repairs and maintenance costs to investment property at the time that the cost is incurred only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to profit or loss during the financial period in which they are incurred. Capital gains on disposals of investment properties are calculated by comparison with their latest market value recorded in the closing statement of financial position for the previous year. Fair value is determined periodically by an independent registered valuer. Fair value is based on current prices in an active market for similar properties in the same location and condition. Some of these properties are used as collateral for the Company’s corporate paper (Note 21)\u003c/p\u003e\n\u003cp\u003ePage 17 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (l) Borrowings Borrowings including those arising under securitization arrangements are recognized initially at cost, being their issue proceeds, net of transaction costs incurred. Subsequently, borrowings are stated at amortised cost and any difference between net proceeds and the redemption value is recognized in the statement of profit or loss over the period of the borrowings using the effective yield method. (m) Share capital Ordinary shares are classified as equity when there is no obligation to transfer cash or other assets. Preference share capital is classified as equity except where it is redeemable on a specific or determinable date or at the option of the shareholders and/or if dividend payments are not discretionary, in which case it is classified as a liability. (n) Employee benefits (i) Pension scheme costs The Company operates a defined contribution pension scheme (Note 33), the assets of which are held in a separate trustee administered fund. Contributions to the scheme are fixed and are made on the basis provided for in the rules. Contributions are charged to the statement of profit or loss when due. The Company has no legal or constructive obligation beyond paying these contributions. (ii) Profit-sharing and bonus plan The Company recognizes a liability and an expense for bonuses and profit-sharing based on a formula that takes into consideration the profit attributable to the Company's stockholders after certain adjustments. The Company recognizes a provision where contractually obliged or where there is a past practice that has created a constructive obligation. (iii) Other employee benefits: Employee entitlement to annual leave and other benefits are recognized when they accrue to employees. A provision is made for the estimated liability for annual leave and other benefits as a result of services rendered by employees up to the end of the reporting period.\u003c/p\u003e\n\u003cp\u003ePage 18 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (o) Leases The Company leases various offices, and vehicles. Rental contracts are typically made for fixed periods of 1 to 25 years but may have extension options as described below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. All leases are accounted for by recognising a right-of-use asset and a lease liability for all leases with a term greater than 12 months. Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the Company's incremental borrowing rate on commencement of the lease is used. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate. On initial recognition, the carrying value of the lease liability also includes amounts expected to be payable under any residual value guarantee, the exercise price of any purchase option granted in favour of the Company if it is reasonably certain to exercise that option, any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercised. Right-of-use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for lease payments made at or before commencement of the lease, initial direct costs incurred and the amount of any provision recognised where the Company is contractually required to dismantle, remove or restore the leased asset. Subsequent to initial measurement, lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset, whichever is shorter. When the Company revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted at the same discount rate that applied on lease commencement. The carrying value of lease liabilities is similarly revised when the variable element of future payments dependent on a rate or index is revised. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining lease term.\u003c/p\u003e\n\u003cp\u003ePage 19 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (p) Taxation Taxation expense in the statement of profit or loss and statement of comprehensive income comprises current and deferred tax charges. Current taxation charge is the expected taxation payable on the taxable income for the year, using tax rates enacted at the reporting date and any adjustment to tax payable and tax losses in respect of previous years. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Currently enacted tax rates are used in the determination of deferred income tax. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the asset will be realized or the liability will be settled based on enacted rates. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Management has reviewed the investment portfolio and concluded that none of the Company’s investment properties are held under a business model whose objective is to consume substantially all the economic benefits embodied in the investment properties over time, rather than entirely through sale. As a result the Company has not recognized any deferred taxes on changes in fair value of the investment properties as the Company is not subject to any income taxes on the fair value changes of the investment properties on disposal. Current and deferred tax assets and liabilities are offset when they arise from the same taxable entity and relate to the same Tax Authority and when the legal right of offset exists. Deferred tax is charged or credited in the statement of profit or loss except where it relates to items charged or credited to equity, in which case deferred tax is also accounted for in equity. The principal temporary differences arise from depreciation of property, plant and equipment, revaluation of certain financial assets and tax losses carried forward. (q) Provisions Provisions are recognised when there is a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. (r) Cash and cash equivalents Cash and cash equivalents include cash on hand, and highly liquid financial assets with original maturities of less than three months, which are subject to insignificant risk of changes in their fair value and are used by the Company in the management of its short-term commitments. Cash and cash equivalents are carried at amortised cost in the statement of financial position. For the purposes of the cash flow statement, cash and cash equivalents comprise balances with original maturities of less than three months from the date of acquisition, including cash resources and bank overdraft.\u003c/p\u003e\n\u003cp\u003ePage 20 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (s) Funds under management The Company accepts funds from individuals and institutions to manage with complete discretion and without reference to the account holders, in accordance with the relevant guidelines issued by the Financial Services Commission, taking into account the investment objective and risk profile of the account holder. The Company also acts in other fiduciary capacities that result in holding or placing of assets on behalf of individuals and institutions. These assets and income arising thereon are excluded from these financial statements, as they are not assets of the Company. (t) Dividends Dividends are recognized when they become legally payable. In the case of interim dividends to equity shareholders, these are payable when declared by the directors. In the case of final dividends, these are payable when approved by shareholders at the Annual General Meeting. (u) Segment reporting An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the entity’s Chief Operating Decision Maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance; and for which discrete financial information is available. Based on the information presented to and reviewed by the CODM, the entire operations of the Company are considered as one operating segment. (v) Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an unconditional and legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the assets and settle the liabilities simultaneously. 3. Critical Accounting Judgements and Estimates (a) Critical judgements in applying the Company’s accounting policy The preparation of the financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgement in applying the Company’s accounting policies. The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities within the next financial year. This note provides an overview of the major sources of estimation uncertainty that have a significant risk of resulting in a material adjustment within the next financial year. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Detailed information about each of these estimates and judgements is included in the related notes together with information about the basis of calculation for each affected line item in the financial statements.\u003c/p\u003e\n\u003cp\u003ePage 21 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 3. Critical Accounting Judgements and Estimates (Continued) (b) Key Sources of estimation uncertainty (i) Impairment losses on loans, investments and receivables The Company reviews its loan and investment portfolios to assess impairment at least on a quarterly basis. In determining whether an impairment loss should be recorded in the statement of profit or loss, the Company makes judgements as to whether there are any observable data indicating that there is a measurable decrease in the estimated future cash flows from the loans resulting from adverse change in the payment status of the borrower or national and economic conditions that correlate with defaults on loans and investments in the Company. Management uses estimates based on historical loss experience for assets with credit risk characteristics and objective evidence of impairment similar to those in the portfolio when scheduling its future cash flows. The methodology and assumptions used for estimating both the amount and timing of future cash flows are reviewed regularly to reduce any differences between loss estimates and actual loss experience. (ii) Income taxes There are certain transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Company recognises liabilities for actual and anticipated tax audit issues based on estimates of whether additional taxes will be due. In determining these estimates, Management considers the merit of any tax audit issues raised, based on their interpretation of the taxation laws, and their knowledge of any precedents established by the taxation authorities. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences could materially impact the current tax and deferred tax provisions in the period in which such determination is made. The Company also recognises deferred tax assets on tax losses carried forward where it anticipates making future taxable income to offset these losses.\u003c/p\u003e\n\u003cp\u003ePage 22 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 3. Critical Accounting Judgements and Estimates (Continued) (b) Key Sources of estimation uncertainty (continued) (iii) Fair value of financial assets A significant amount of financial assets and liabilities included in the Company’s financial statements require measurement at, and/or disclosure of fair value. Management uses its judgment in selecting appropriate valuation techniques supported by appropriate assumptions to determine fair value of investment securities (Note 32). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market price is used to determine fair value of a financial instrument. For financial instruments where no market price is available, the fair values presented have been estimated using present value or other estimation and valuation techniques based on market conditions existing at the end of the reporting period. The values derived from applying these techniques are significantly affected by the underlying assumptions used concerning both the amounts and timing of future cash flows and the discount rates. The following methods and assumptions have been used: (i) Investment securities classified as FVTPL and FVTOCI are measured at fair value by reference to quoted market prices when available. If quoted market prices are not available, then fair values are estimated on the basis of pricing models or discounted cash flows or other recognized valuation techniques. The fair values of liquid assets and other maturing within one year are assumed to approximate their carrying amount. The assumption is applied to liquid assets and short term elements of all financial assets and liabilities. (ii) The fair values of variable rate financial instruments are assumed to approximate their carrying amounts. The Company uses the following hierarchy in determining and disclosing the fair value of financial instruments by valuation technique: Level 1 quoted prices in active markets for identical assets or liabilities Level 2 other techniques for which all inputs which have a significant effect on the recorded fair value is observable, either directly or indirectly. Level 3 techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. Transfers of items between levels are recognised in the period they occur.\u003c/p\u003e\n\u003cp\u003ePage 23 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 4. Net Interest Income 2025 2024 $’000 $’000 Interest income - Investment securities measured at FVTPL 58,383 32,038 Investments, loans and promissory notes at amortised cost 2,674,306 2,419,268 2,732,68 9 2,451,306 Interest expense - Margin loans with brokers 92,955 116,936 Securities sold under repurchase agreements 583,545 585,354 Corporate papers and notes 1,234,425 1,035,784 Other 97,722 63,333 2,008,647 1,801,407 724,042 649,899 5. Consulting Fees and Commissions 2025 2024 $’000 $’000 Services transferred at a point in time - Brokerage fees and commissions 690,61 3 593,649 Structured financing fees 35,002 36,277 725,61 5 629,926 Services transferred over time - Portfolio management 264,252 177,916 989,86 7 807,842 6. Dividend Income 202 5 202 4 $’000 $’000 Subsidiaries - Equity securities measured at FVTPL 23,533 5,352 Equity securities measured at FVTOCI 2,995 10,370 26,528 15,722\u003c/p\u003e\n\u003cp\u003ePage 24 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 7. Salaries, Statutory Contributions and Staff Costs 202 5 202 4 $’000 $’000 Wages and salaries 633,655 667,913 Statutory contributions 74,808 69,691 Pension contributions 15,634 13,190 Training and development 9,590 15,198 Staff welfare 13,364 11,597 747,051 777,589 The number of employees at year-end was 107 (2024 –117). 8. Expenses by Nature 202 5 202 4 $’000 $’000 Sales, marketing, and public relations 92,449 114,848 Auditors’ remuneration 13,504 19,106 Computer expenses 125,883 76,379 Depreciation (Note 15) 21,354 21,656 Amortisation of intangibles (Note 26) 146,052 111,906 Amortisation – right-of-use assets (Note 17) 38,007 18,183 Provision for credit losses (5,321) 148,130 Insurance 30,007 37,954 Licensing fees 161,149 109,678 Short term lease expense 21,441 13,772 Legal and professional fees 285,083 217,478 Registrar and broker fees 21,247 21,197 Directors' fees 20,912 18,057 Bank charges 21,757 21,836 Repairs and maintenance 5,105 8,200 Salaries, statutory contributions and staff costs (Note 7) 747,051 777,589 Security 18,309 20,942 Travelling and motor vehicles expenses 15,801 6,474 Assets tax 87,535 84,624 Operational losses 1,873 255,492 Utilities 48,752 53,618 Irrecoverable general consumption taxes 44,305 66,781 Other operating expenses 23,467 37,453 1,985,722 2,261,353 Fees for non-audit services for the year were $1,985,000 (2024 - $1,890,000).\u003c/p\u003e\n\u003cp\u003ePage 25 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 9. Taxation (a) Taxation is based on the operating results for the year, adjusted for taxation purposes, and is made up as follows: 202 5 202 4 $’000 $’000 Current year income tax at 33 1/3% - - Deferred tax/(credit) (Note 21) (260,314) (519,337) Taxation credit (260,314) (519,337) (b) Reconciliation of theoretical tax credit that would arise on profit before taxation using applicable tax rate to actual tax charge. 202 5 202 4 $’000 $’000 Profit/(Loss) before taxation 377,610 (380,055) Tax calculated at a tax rate 33 1/3% 125,870 (126,685) Adjustments for the effects of: Expenses not deductible for tax 40,138 37,584 Income not subject to tax (349,397) (331,856) Other adjustments (76,925) (98,380) Taxation credit (260,314) (519,337) (c) Subject to agreement with Tax Administration Jamaica, the Company’s tax losses of approximately $5,382 million (2024 - $4,613 million) are available for set-off against future taxable profits. (d) Tax charge relating to components of other comprehensive income is as follows: 2025 $’000 2024 $’000 Before tax Tax charge After tax Before tax Tax credit After tax Item that will not be reclassified to profit or loss Net unrealised gains/(losses) on financial instruments - FVTOCI (79,923) 14,391 (65,532) 145,908 (19,673) 126,235 Other Comprehensive Income for the Year (79,923) 14,391 (65,532) 145,908 (19,673) 126,235 Deferred taxation (Note 21) 14,391 (19,673)\u003c/p\u003e\n\u003cp\u003ePage 26 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 10. Cash Resources 202 5 202 4 $’000 $’000 Current accounts - Jamaican dollar 596,266 789,162 Current accounts - Foreign currencies 1,328,095 1,805,202 Deposits - Jamaican dollar 1,488 1,488 Cash in hand 230 329 1,926,079 2,596,181 For the purposes of cash flow statement, cash and cash equivalents comprise the following: 2025 2024 $’000 $’000 Cash resources 1,926,079 2,596,181 Investment securities with 90 - day maturity 3,906,344 603,184 Bank overdraft (388,374) (707,508) 5,444,049 2,491,857 National Commercial Bank Jamaica Limited (“NCB”) holds as security, Government of Jamaica Global Bond with a nominal value of US$219,000(2024 - US$219,000), to cover its overdraft facility of $200,000,000. NCB also holds as security Government of Jamaica Benchmark Notes with a nominal value of $150,000,000 (2024 - $18,400,000) and a lien over idle cash balances to cover 10% of the un-cleared effects limit of $60,000,000 i.e. $6,000,000. A revolving credit line facility of $575,000,000 was granted in February 2020, by Sagicor Bank Jamaica Limited to assist with the working capital requirements of the Company. This overdraft facility is unsecured at a current effective interest rate of 9% per annum. The facility is reviewed on an annual basis.\u003c/p\u003e\n\u003cp\u003ePage 27 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 11. Investment Securities 202 5 202 4 $’000 $’000 Investment securities at FVTPL - Debt securities Government of Jamaica bonds 15,248 22,346 Foreign government bonds 10,213 25,828 Corporate bonds 310,203 37,232 Equities 57,308 37,187 Total FVTPL 392,972 122,593 Investment securities at FVTOCI - Equities 557,275 635,260 Total FVTOCI 557,275 635,260 Investment securities at amortised cost, net of ECL - Debt securities Government of Jamaica bonds 5,298,026 5,235,405 Foreign government bonds 93 217 Corporate bonds 2,819,153 3,635,902 Less ECL (15,481) (27,428) Total investment securities at amortised cost, net of ECL 8,101,791 8,844,096 9,052,038 9,601,949 Accrued interest 24,722 25,847 Total investment securities 9,076,760 9,627,796 The Government and Corporate bonds are used as collateral for the Company's demand loans received from, Oppenheimer and Co. Inc. and Morgan Stanley (Note 20). The movement in the ECL determined under the requirements of IFRS is as follows: 202 5 202 4 $’000 $’000 Balance at beginning of year 27,428 8,997 Net increase included in provision for credit losses (11,947) 18,431 Balance at end of year 15,481 27,428 The current portion of investment securities is $6,457 million (2024 - $5,727 million).\u003c/p\u003e\n\u003cp\u003ePage 28 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 12. Reverse Repurchase Agreements The Company enters into repurchase and reverse repurchase agreements collateralised by Government of Jamaica debt securities. These agreements may result in credit exposure in the event that the counterparty to the transaction is unable to fulfil its contractual obligations. 202 5 202 4 $’000 $’000 Reverse repurchase agreements 4,208,414 3,268,133 Interest receivable 24,311 37,190 4,232,725 3,305,323 Included in reverse repurchase agreements is $4,208,414,000 (2024: $3,268,133,000) which matures within the next 12 months, of which $3,906,345 (2024: $603,184,000) with original maturities of 90 days or less, are regarded as cash and cash equivalents for the purposes of the statement of cash flows. 13. Promissory Notes 2025 2024 $’000 $’000 Gross loans 5,111,096 6,744,562 Less: Allowance for credit losses (393,755) (388,506) Interest receivable 172,33 7 181,452 4,889,67 8 6,537,508 This represents Jamaican and United States dollar promissory notes from customers. These are hypothecated against balances held for the customers, registered mortgages and other properties. The current portion of promissory notes is $3,975 million (2024 - $4,718 million). The movement in the ECL determined under the requirements of IFRS is as follows: 202 5 202 4 $’000 $’000 Balance at beginning of year 388,506 228,680 Net increase included in provision for credit losses 24,290 171,045 Write-offs (19,041) (11,219) Balance at end of year 393,755 388,506\u003c/p\u003e\n\u003cp\u003ePage 29 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 14. Loans and other Receivables 2025 2024 $’000 $’000 Client margins 7,034,641 5,448,135 Client receivables 3,661,685 3,425,734 Due from broker - 76,099 Current account with Cherry Hill Developments Limited 222,377 222,377 Withholding tax recoverable 295,308 111,806 Prepayments 41,256 120,395 Other receivables 859,08 7 753,976 12,114,354 10,158,522 Less: Allowance for credit losses (178,246) (195,910) 11,936,108 9,962,612 Client margins are secured against their equity portfolios held at the Jamaica Central Securities Depository. The movement in the ECL determined under the requirements of IFRS is as follows: 202 5 202 4 $’000 $’000 Balance at beginning of year 195,910 251,026 Write offs - (13,770) Net decrease included in provision for credit losses (17,664) (41,346) Balance at end of year 178,246 195,910\u003c/p\u003e\n\u003cp\u003ePage 30 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 15. Property, Plant and Equipment Leasehold Improvements Computer Equipment Office Equipment Furniture, Fixtures \u0026amp; Fittings Motor Vehicle s CWIP Total $’000 $’000 $’000 $’000 $’000 $’000 Cost - At 1 January 2024 82,511 277,675 40,940 63,627 28,244 77,020 570,017 Additions 7,763 42,860 886 209 - 15,693 67,411 At 31 December 2024 90,274 320,535 41,826 63,836 28,244 92,713 637,428 Additions 21,574 396 8,078 395 20,902 51,345 Disposal - - - - (13,889) (13,889) At 31 December 2025 111,848 320,931 49,904 64,231 14,355 113,615 674,884 Accumulated Depreciation - At 1 January 2024 32,857 243,997 33,990 62,166 28,244 - 401,254 Charge for the year 1,715 16,425 2,773 743 - - 21,656 At 31 December 2024 34,572 260,422 36,763 62,909 28,244 - 422,910 Charge for the year 2,338 16,861 1,842 313 - - 21, 354 On Disposal - - - - (13,889) - (13,889) At 31 December 2025 36,910 277,283 38,605 63,222 14,355 430,375 Net Book Value - 31 December 2025 74,938 43,648 11,299 1,009 - 113,615 244,509 31 December 2024 55,702 60,113 5,063 927 - 92,713 214,518\u003c/p\u003e\n\u003cp\u003ePage 31 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 16. Investment Properties 2025 2024 $’000 $’000 Balance at beginning of year 2,181,854 2,113,472 Net gain from fair value adjustment 293,706 68,382 Balance at end of year 2,475,560 2,181,854 Amounts recognised in profit or loss for investment properties 202 5 202 4 $’000 $’000 Direct operating expenses from property that did not generate rental income - Fair value gain recognised in other income 293,706 68,382 293,706 68,382 Some of these properties are used as collateral for the Company’s corporate paper (Note 20) The properties held are stated at fair market value as appraised by professional independent valuers. The valuation is done on the basis of market value as defined by the RICS Valuation Global Standard as: The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion. Valuations have been performed using a comparable sales approach incorporating a review of sales with similar highest and best use using public and private data sources. There has been no change in the valuation technique during the year.\u003c/p\u003e\n\u003cp\u003ePage 32 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 17. Leases (a) Right-of-use assets (b) Lease liabilities Land \u0026amp; Building Motor Vehicles Total $’000 $’000 $’000 As at 31 December 2023 67,041 2,746 69,787 Addition 11,108 16,945 28,053 Interest expense 9,971 757 10,728 Lease payments (19,364) (5,566) (24,930) As at 31 December 2024 68,756 14,882 83,638 Addition 13,956 82,620 96,576 Interest expense 9,712 4,469 14,181 Lease payments (20,672) (24,054) (44,726) At 31 December 2025 71,752 77,917 149,669 (c) Amount recognised in the income statement 2025 2024 $’000 $’000 Amortization charge of right - of - use assets 38,007 18,183 Interest expense 14,181 10,728 Short term lease expense 21,441 13,772 Land \u0026amp; Building Motor Vehicles Total $’000 $’000 $’000 As at December 2023 50,520 2,599 53,119 Addition 11,108 16,945 28,053 Amortization (13,231) (4,952) (18,183) As at December 2024 48,397 14,592 62,989 Addition 13,956 82,620 96,576 Amortization (14,491) (23,516) (38,007) At 31 December 2025 47,862 73,696 121,558\u003c/p\u003e\n\u003cp\u003ePage 33 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 18. Cash Flows Adjustments to reconcile net profit to net cash provided by operating activities. Note 2025 2024 $’000 $’000 Adjustments for non - cash items: Provision for credit losses (5,321) 148,130 Intangible asset – amortization 146,052 111,906 Depreciation 15 21,354 21,656 Right - of - use assets - amortization 17 38,007 18,183 Interest income 4 (2,732,68 9 ) (2,451,306) Interest expense 4 2,008,647 1,801,407 Interest expense – right - of - use assets 17 14,181 10,728 Gain on disposal of property, plant and equipment (6,365) - Gains on disposal of investment securities measured at amortised cost (8,503) (60,799) Net change in fair value on financial instruments at FVTPL 14,072 5,634 Net foreign exchange gains (203,409) (186,791) Unrealised fair value gains on investment properties (293,706) (68,382) (1,0 07,680 ) (649,634) Changes in operating assets and liabilities: Loans and other receivables (1, 797,670 ) 399,536 Investments 476,366 (5,861,468) Promissory notes 1,6 14,425 (127,494) Reverse repurchase agreements 2,362,879 (135,104) Accounts payable 3,196,998 220,745 Due from related companies (1, 667,158 ) 4,274,224 Demand loans 145,606 (297,578) Securities sold under repurchase agreements (720,328) 2,126,147 2,312,226 (50,626)\u003c/p\u003e\n\u003cp\u003ePage 34 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 19. Pledged Assets The carrying amounts of assets pledged as security for current and non–current borrowings are: 202 5 202 4 $’000 $’000 Investment securities at amortised cost - 52,477 Promissory notes 662,577 1,371,585 Loans and receivables 6,885,177 5,448,135 Due from subsidiaries - 671,530 Investment property at FVTPL 1,618,972 1,505,607 Total assets pledged as collateral 9,166,726 9,049,334\u003c/p\u003e\n\u003cp\u003ePage 35 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 20. Loans 2025 2024 $’000 $’000 Demand loans (i) - Oppenheimer \u0026amp; Co. Inc. 1,940,941 2,085,775 Morgan Stanley - 770 Term loans – Corporate paper (unsecured) (ii) 1,264,322 1,848,076 Corporate paper (secured) (ii) 770,060 730,788 Revolving line of credit (iv) 475,000 475,000 Development Bank of Jamaica (v) 1,035,428 1,556,331 Bonds - Bondberry bond (iii) 7,490,381 6,325,050 12,976,132 13,021,790 Unamortised Transaction Fees (23,417) (45,917) Interest Payable 262,219 17,572 13,214,934 12,993,445 (i) The demand loans attract interest at 4.75% (2024 – 5.75%) per annum - Oppenheimer \u0026amp; Co. Inc., and 5.70% per annum for Morgan Stanley in 2024. The collaterals for the demand loans are investment securities which were purchased with the proceeds of the loans received from Morgan Stanley, and Oppenheimer \u0026amp; Co. Inc. (Note 11). (ii) The Unsecured Corporate Paper attracts interest at 10% per annum (2024 - 10%) and matures January 14, 2026. The Secured Corporate Paper is backed by real estate and attracts a weighted average rate of interest at 10.33% per annum (2024 – 10.33%) with outstanding Tranches maturing between August 22, 2026 and January 14, 2028. The Company was compliant with the Loan to value Ratio requirement of 1.35 times. The second Secured Corporate Paper is backed by secured loans and attracts an interest rate of 11% per annum (2024 – 11%) and matures 23 August 2026. The Company was compliant with the Collateral Coverage Ratio of 2 times.\u003c/p\u003e\n\u003cp\u003ePage 36 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 20. Loans (continued) (iii) On January 20, 2023, the Company completed a secured corporate bond issue amounting to $6.3 billion. The bonds are in several Tranches and are repayable between 2024 and 2026. The fixed rate notes attract interest between 9.25% and 12% with interest paid quarterly. The bonds are secured by a charge over the Company’s secured loan portfolio. The Company was compliant with financial debt covenants. (iv) On June 16, 2022, the Company entered into a revolving line of credit facility attracting interest at 12% (2024 – 12%) per annum with monthly interest payments. The effective interest rate is subject to change based on prevailing market conditions and the facility matures in 36 months. The current $475 million loan is secured by some of the shares in Mayberry Jamaican Equities Limited which are held in trust by the Company on behalf of MGL. The shares are required to have a fair value coverage of 2 times the principal amount, and a maintenance margin of 1.5 times is to be achieved. The Company was compliant with all covenants with the exception of the maintenance margin requirement. (v) The loans from Development Bank of Jamaica are granted in Jamaican dollars and are utilized by the Company to finance customers with projects in various sectors of the economy. These loans are for terms up to 10 years and at rates ranging from 5.75% - 9.25%. The Company also has the following credit lines, which were undrawn as at the year-end: x J$575 million with Sagicor Bank Jamaica Limited, revolving annually at an interest rate of 9.00% per annum x J$200 million with National Commercial Bank Jamaica Limited, revolving annually and reprices semi- annually at the GOJ Six-Month Treasury Bill Rate plus 7.00%, which was 12.498% as at December 31, 2025.\u003c/p\u003e\n\u003cp\u003ePage 37 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 21. Deferred Taxation Deferred income taxes are calculated on all temporary differences under the liability method using a tax rate of 33 1/3%. The movement in the net deferred income tax balance is as follows: 202 5 202 4 $’000 $’000 Net balance at beginning of year 1,648,128 1,148,464 Deferred tax credit (Note 9) 260,314 519,337 Deferred tax (charge)/credit on investment securities (OCI) 14,391 (19,673) Net balance at end of year 1,922,833 1,648,128 Net deferred income taxation is due to the following items: 202 5 202 4 $’000 $’000 Deferred income tax assets: Interest payable 102,785 33,742 Property, plant and equipment 30,821 7,092 Provisions 195,827 203,948 Tax losses carried forward 1,917,781 1,546,334 Unrealised foreign exchange loss 20,658 19,708 Other 20,562 15,712 2,288,434 1,826,536 Deferred income tax liabilities: Property, plant and equipment 46,545 38,713 Intangibles 3,956 33,221 Investment securities: - Trading (4,708) (1,838) - Other comprehensive income 12,425 26,816 Interest receivable 307,383 81,496 365,601 178,408 Net deferred tax asset 1,922,833 1,648,128 Deferred income taxes are recognized for tax losses carried forward only to the extent that realization of the related tax benefit is probable (Note 9).\u003c/p\u003e\n\u003cp\u003ePage 38 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 21. Deferred Taxation (Continued) The movement in deferred income taxation is due to the following items: Interest payable Property, plant and equipment Unrealised foreign exchange loss Other Tax losses carried forward Provisions Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 Deferred income tax assets : As at 1 January 2024 46,539 7,992 33,066 12,339 1,027,698 162,901 1,290,535 Credited/(Charged) to profit or loss (12,797) (900) (13,358) 3,373 518,636 41,047 536,001 As at 31 December 2024 33,742 7,092 19,708 15,712 1,546,334 203,948 1,826,536 (Charged)/Credited to profit or loss 69,043 23,729 950 4,850 371,447 (8,121) 461,898 As at 31 December 2025 102,785 30,821 20,658 20,562 1,917,781 195,827 2,288,434 Interest receivable Property, plant and equipment Unrealised fair value gain Intangibles Total $’000 $’000 $’000 $’000 $’000 Deferred income tax liabilities: As at 1 January 2024 83,865 32,900 3,731 21,575 142,071 Charged/(Credited) to profit or loss (2,369) 5,813 1,574 11,646 16,664 Credited to other comprehensive income - - 19,673 - 19,673 As at 31 December 2024 81,496 38,713 24,978 33,221 178,408 (Credited)/Charged to income statement 225,887 7,832 (2,870) (29,265) 201,584 Charged to other comprehensive income - - (14,39 1 ) - (14,39 1 ) As at 31 December 2025 307,383 46,545 7,71 7 3,956 365,60 1\u003c/p\u003e\n\u003cp\u003ePage 39 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 21. Deferred Taxation (Continued) The gross amounts shown in the above tables include the following:- 202 5 202 4 $’000 $’000 Deferred income tax assets: Deferred tax assets to be recovered after more than 12 months 2,144,429 1,773,087 Deferred tax assets to be recovered within 12 months 144,005 53,449 2,288,434 1,826,536 Deferred income tax liabilities: Deferred tax assets to be settled after more than 12 months 365,601 71,934 Deferred tax assets to be settled within 12 months 106,474 365,601 178,408 Deferred tax asset, net 1,922,833 1,648,128 22. Accounts Payable 2025 2024 $’000 $’000 Accounts payable 2,599,848 2,293,144 Due to broker 156,084 - Dividend payable 350,000 350,000 General Consumption Tax payable 1,211 399 Client payables 12,196,134 9,462,736 15,303,277 12,106,279 23. Share Capital 2025 2024 $’000 $’000 Authorized – 2,120,000,000 Ordinary Shares - 380,000,000 Redeemable Cumulative Preference Shares Issued and fully paid – 1,201,149, 290 Ordinary Shares 1,582,382 1,582,382 24. Fair Value Reserves These represent net unrealised gains on the revaluation of equity securities. These unrealised gains are transferred to retained earnings on disposal of the equities. The FVTOCI securities are based on short term fluctuations in market prices. 25. Other Reserves 2025 2024 $’000 $’000 Capital redemption reserve fund 51,343 51,343 Stock option reserve 26,596 26,596 77,939 77,939\u003c/p\u003e\n\u003cp\u003ePage 40 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 26. Intangible Asset Computer Software Work in progress Total $’000 $’000 $’000 At Cost – 1 January 2024 1,024,323 228,166 1,252,489 Additions - 232,634 232,634 Transfers 408,090 (408,090) - At 31 December 2024 1,432,413 52,710 1,485,123 Additions 1,535 564,942 566,477 Transfers At 31 December 2025 1,433,948 617,652 2,0 51 , 60 0 Amortisation – 1 January 2024 10,227 - 10,227 Charge for the year 111,906 - 111,906 31 December 2024 122,133 - 122,133 Charge for the year 146,052 - 146,052 31 December 2025 268,185 - 2 68,185 Net book value - 31 December 2025 1,165,763 617,652 1,783,415 31 December 2024 1,310,280 52,710 1,362,990 Work in progress represents primarily the implementation of a new ERP application for the Company to integrate financial reporting with the new integrated client service, customer management, operations management and back office financial management system to digitise the Company’s operations.\u003c/p\u003e\n\u003cp\u003ePage 41 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 27. Related Party Transactions and Balances Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial or operational decisions. (i) The following are the balances with related parties: 202 5 202 4 $’000 $’000 Due from related companies : Mayberry Jamaican Equities Limited - 223,573 Widebase Limited 3,034,696 3,267,122 Mayberry Group Limited 774,147 285,228 Mayberry Holdings Limited 1,634,238 - 5,443,081 3,775,923 Investments Securities: Cherry Hill Developments Limited 568,720 406,368 Dolla Financial Services Limited 428,611 452,300 Mayberry Jamaican Equities 109,184 782,887 Chalmers Oasis Limited 191,346 653,529 Loans and other receivables: Cherry Hill Developments Limited 222,377 222,377 Companies controlled by directors 1,020,860 1,089,827 Directors and key management personnel 259,738 326,431 Promissory Note: Mayberry Group Limited 1,193,736 1,092,779 Accounts payable: Dividend Payable 350,000 350,000 Companies controlled by directors 279,592 267,500 Directors and key management personnel 152,782 277,421 (ii) The following are the balances with related parties: 2025 2024 $’000 $’000 Dividend income 120 Interest income 744,437 755,995 Other income earned 108,199 119,698 Interest exp ense - 7,184 Key management compensation Salaries and other short term employee benefits 225,202 203,889 Pension contributions 6,237 4,654 Directors’ emoluments: - Fees 15,503 15,503 Executive directors’ remuneration 9,406 9,406\u003c/p\u003e\n\u003cp\u003ePage 42 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 28. Dividends 202 5 202 4 $’000 $’000 Final dividend to ordinary shareholders – 15.5 cents per share (2024 – 29 cents per share) 200,000 350,000 200,000 350,000 A dividend of $0.155 (2024 - $0.29) was approved 24 April 2025 to those shareholders on record as at 14 May 2025. 29. Reconciliation of Liabilities arising from Financing Activities The table below details the movement in debt for each of the periods presented. Financing activities represent debt security issued and other loans. Loans Lease liabilities 2025 2024 2025 2024 $’000 $’000 $’000 $’000 As at 1 January 12,993,445 14,251,269 83,638 69,787 Interest payable (17,572) (2,667) - - 12,975,873 14,248,602 83,638 69,787 Changes related to Operating Activities Loans received 2,298 - - - Principal repayments (147,904) (29 7, 578 ) - - Net Changes related to Operating Activities (145,606) (29 7,578 ) - - Changes related to Financing Activities Loan received 3,904,350 2,556,272 - - Lease additions - - 96,576 28,053 Repayments (3,804,404) (3,542,157) (30,545) (14,202) Amortization of borrowing costs 20,273 10,734 - - Interest payable 264,448 17,572 - - Net Changes related Financing Activities 384,667 (9 57,579 ) 66,031 13,851 As at 31 December 13,214,934 12,993,445 149,669 83,638\u003c/p\u003e\n\u003cp\u003ePage 43 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management Risk Management Framework The Board of Directors has overall responsibility for the establishment and oversight of the Company risk management framework. The Board has established the Assets and Liabilities Committee (ALCO) which is responsible for developing and monitoring the Company’s risk management policies in their specified areas. ALCO places trading limits on the level of exposure that can be taken and monitors risks and adherence to limits. The Company, through its training and management standards and procedures, aims to develop disciplined and constructive control environment, in which all employees understand their roles and obligations. This is supplemented by the Compliance Committee which was established in 2020, to specifically monitor regulatory measures. The Audit Committee is responsible for monitoring compliance with the Company’s risk management policies and procedures and for reviewing the adequacy of the risk management framework in relation to the risks faced by the Company. The Audit Committee is assisted in these functions by both the Compliance Unit and Internal Audit. The Compliance Unit and Internal Audit undertake both regular and ad-hoc reviews of risk management controls and procedures, the results of which are reported to the Board of Directors and the Audit Committee, respectively. By its nature, the Company’s activities are principally related to the use of financial instruments. The Company accepts funds from customers at both fixed and floating rates and for various periods and seeks to earn above average interest margins by investing these funds in high quality assets. The Company seeks to increase these margins by consolidating short-term funds and lending for longer periods at higher rates while maintaining sufficient liquidity to meet all claims that might fall due. The Company also seeks to raise its interest margins by obtaining above average margins, net of provisions, through lending to commercial and retail borrowers with a range of credit standing. The Company also trades in financial instruments where it takes positions to take advantage of short-term market movements in equity and bond prices and in foreign exchange and interest rates.\u003c/p\u003e\n\u003cp\u003ePage 44 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) Risk Management Framework (continued) (a) Liquidity risk The Company is exposed to daily calls on its available cash resources from maturing repurchase agreements and loan draw downs. The Company does not maintain cash resources to meet all of these needs as experience shows that a minimum level of re-investment of maturing funds can be predicted with a high level of certainty. The Company's treasury and securities department seek to have available a minimum proportion of maturing funds to meet such calls. The Company's policy is to hold a high proportion of liquid assets to cover withdrawals at unexpected levels of demand. Daily reports cover the liquidity position of the Company as well as any exceptions and remedial actions taken. The matching and controlled mismatching of the maturities and interest rates of assets and liabilities is fundamental to the management of the Company. It is unusual for the Company ever to be completely matched since business transacted is often of uncertain term and of different types. An unmatched position potentially enhances profitability but can increase the risk of loss. The maturities of assets and liabilities and the ability to replace, at an acceptable cost, interest-bearing liabilities as they mature, are important factors in assessing the liquidity of the Company and exposure to changes in interest rates and exchange rates. The key measure used by the Company for managing liquidity risk is the ratio of liquid assets to securities sold under repurchase agreements and loans. For this purpose liquid assets are considered as including cash and cash equivalents, investment grade securities, excluding equities, for which there is an active and liquid market and loans and other receivables. The tables below present the undiscounted cash flows (both interest and principal cash flows) to settle financial liabilities, based on contractual repayment obligations. However, the Company expects that many customers will not request repayment on the earliest date the Company could be required to pay.\u003c/p\u003e\n\u003cp\u003ePage 45 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (a) Liquidity risk (continued) 202 5 Within 1 Month 1 to 3 Months 3 to 12 Months 1 to 5 Years Over 5 Years Total $’000 $’000 $’000 $’000 $’000 $’000 Financial Liabilities Bank overdraft 388,374 - - - - 388,374 Securities sold under repurchase agreements 3,534,753 1,607,839 3,263,825 - - 8,406,417 Loans 6,078,233 2,753,441 729,770 3,984,986 - 13,546,430 Lease liabilities 2,259 6,777 18,071 70,319 53,194 150,620 Accounts payable 15,303,277 - - - - 15,303,277 Total liabilities (contractual maturity dates) 25,3 06,896 4,368,057 4,011,666 4,055,305 53,194 37, 795,118 202 4 Within 1 Month 1 to 3 Months 3 to 12 Months 1 to 5 Years Over 5 Years Total $’000 $’000 $’000 $’000 $’000 $’000 Financial Liabilities Bank overdraft 707,508 - - - - 707,508 Securities sold under repurchase agreements 1,944,158 3,791,034 3,491,291 - - 9,226,483 Loans 5,086,929 429,886 1,075,435 7,365,311 548,074 14,505,635 Lease liabilities 1,602 3,205 14,420 61,045 75,991 156,263 Accounts payables 11,945,231 161,048 - - - 12,106,279 Total liabilities (contractual maturity dates) 19,685,428 4,385,173 4,581,146 7,426,356 624,065 36,702,168\u003c/p\u003e\n\u003cp\u003ePage 46 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (b) Market risk Market risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market prices whether those changes are caused by factors specific to the individual security, its issuer or factors affecting all securities traded in the market. The Company manages this risk through extensive research and monitors the price movement of securities on the local and international markets. The Company's portfolio is balanced with respect to the duration of the securities included in order to minimize exposure to volatility, based on projected market conditions. Management of market risks The Company separates its exposure to market risk between trading and non-trading portfolios. The trading portfolios are held by the Company and include positions arising from market making and proprietary position taking, together with financial assets and liabilities that are managed on a fair value basis. The Company’s foreign exchange positions relating to Foreign Currency Trading are treated as part of the Company’s trading portfolios for risk management purposes. The Company’s market risk is monitored on a daily basis by its Compliance Unit, which is responsible for the development of risk management policies (subject to review and approval by ALCO) and for the daily review of their implementation.\u003c/p\u003e\n\u003cp\u003ePage 47 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (c) Interest rate risk The following table summarizes the Company's exposure to interest rate risk. Included in the table are the Company's financial assets and liabilities at carrying amounts, categorized by the earlier of contractual repricing or maturity dates. 2025 Within 1 Month 1 to 3 Months 3 to 12 Months 1 to 5 Years Over 5 Years Non-Interest Bearing Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 Financial Assets Cash resources 1,926,079 - - - - - 1,926,079 Investment securities 3,202,463 2,607,587 1,061,305 1,201,489 441,914 562,002 9,076,760 Reverse repurchase agreements 3,257,756 672,900 302,069 - - - 4,232,725 Promissory notes 10,412 1,758,023 2,222,043 413,991 485,209 - 4,889,678 Due from related companies - - - - - 5,443,081 5,443,081 Loans and other receivables 9,729,542 - - - - 2,206,566 11,936,108 Total assets 18,126,252 5,038,510 3,585,417 1,615,480 927,123 8,211,649 37,504,431 Financial Liabilities Bank overdraft 388,374 - - - - - 388,374 Securities sold under repurchase agreements 3,498,852 1,641,676 3,177,536 - - - 8,318,064 Loans 6,118,270 2,816,900 414,850 3,864,914 - - 13,214,934 Other - - - - - 15,452,946 15,452,946 Total liabilities 10,005,496 4,458,576 3,592,386 3,864,914 - 15,452,946 37,374,318 Total interest rate sensitivity gap 8,120,756 579,934 (6,969) (2,249,434) 927,123 (7,241,297) 130,113 Cumulative interest rate sensitivity gap 8,120,756 8,700,690 8,693,721 6,444,287 7,371,410 130,113\u003c/p\u003e\n\u003cp\u003ePage 48 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (c) Interest rate risk (continued) 2024 Within 1 Month 1 to 3 Months 3 to 12 Months 1 to 5 Years Over 5 Years Non-Interest Bearing Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 Financial Assets Cash resources 2,596,181 - - - - - 2,596,181 Investment securities 4,967,002 543,264 682,194 2,719,986 42,903 672,447 9,627,796 Reverse repurchase agreements 1,186,045 1,351,179 768,099 - - - 3,305,323 Promissory notes 703,450 915,279 3,342,496 1,045,498 530,785 - 6,537,508 Due from related companies - - - - - 3,775,923 3,775,923 Loans and other receivables 8,655,351 - - - - 1,307,261 9,962,612 Total assets 18,108,029 2,809,722 4,792,789 3,765,484 573,688 5,755,631 35,805,343 Financial Liabilities Bank overdraft 707,508 - - - - - 707,508 Securities sold under repurchase agreements 1,924,078 3,770,134 3,385,144 - - - 9,079,356 Loans 4,619,819 207,551 955,600 6,712,457 498,018 - 12,993,445 Other 919,294 149,647 - - - 11,120,976 12,189,917 Total liabilities 8,170,699 4,127,332 4,340,744 6,712,457 498,018 11,120,976 34,970,226 Total interest rate sensitivity gap 9,937,330 (1,317,610) 452,045 (2,946,973) 75,670 (5,365,345) 835,117 Cumulative interest rate sensitivity gap 9,937,330 8,619,720 9,071,765 6,124,792 6,200,462 835,117\u003c/p\u003e\n\u003cp\u003ePage 49 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (c) Interest rate risk (continued) The table below summarises the effective interest rate by major currencies for financial instruments of the Company. JA$ US$ JA$ US$ 202 5 202 4 % % % % Assets Investment securities 7.55 8.62 8.14 7.92 Reverse repurchase agreements 6.14 4.42 7.32 5.08 Promissory notes 12.53 10.59 11.90 9.40 Liabilities Securities sold under repurchase agreements 5.57 2.62 6.93 4.49 Loans 10.07 - 7.23 - Corporate papers 10.58 - 10.96 - The management of interest rate risk is supplemented by monitoring the sensitivity of the Company’s financial assets to various standard and non-standard interest rate scenarios. Standard scenarios that are considered include a 25 basis point (bp) (2024 - 25 bp) parallel rise and a 25 bp (2024 – 25 bp) parallel fall in the yield curve applicable to Government of Jamaica local instruments and a 25 bp (2024 - 25 bp) parallel rise and a 50 bp (2024 – 25 bp) parallel fall in the yield curves applicable to Government of Jamaica global bonds and other sovereign bonds. An analysis of the Company’s sensitivity to an increase or decrease in market interest rates and the likely impact on equity and statement of income (FVTPL instruments) is as follows: Change in basis points JMD / USD Effect on Net Profit Effect on other components of equity Change in basis points JMD / USD Effect on Net Profit Effect on other components of equity 2025 2025 2025 2024 2024 2024 $’000 $’000 $’000 $’000 + 25/ - 25 5,341 - + 25/ - 25 11,545 - +25/ - 50 (5,341) - +25/ - 25 (11,545) -\u003c/p\u003e\n\u003cp\u003ePage 50 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (d) Currency risk The Company takes on exposure to effects of fluctuation in the prevailing foreign currency exchange rates on its financial position and cash flows. Net exposure is kept to an acceptable level by matching foreign assets with liabilities as far as possible. The following foreign currency balances are included in these financial statements: 202 5 GBP US$ CAN$ EURO J$’000 J$’000 J$’000 J$’000 Financial Assets Cash resources 17,059 1,283,428 9,736 18,093 Investment securities - 900,339 - - Promissory notes - 787,812 - - Reverse repurchase agreement - 3,906,344 - - Interest receivable - 106,017 - - Due from related companies - 585,639 - - Loans and other receivables 51,681 696,750 4 - Total assets 68,740 8,266,329 9,740 18,093 Financial Liabilities Bank overdraft - 128,105 - 65 Securities sold under repurchase agreements - 3,434,827 - - Loans and other payables 16,353 2,793,531 32,693 991 Interest payable - 6,240 - - Total liabilities 16,353 6,362,703 32,693 1,056 Net position 52,387 1,903,626 (22,953) 17,037\u003c/p\u003e\n\u003cp\u003ePage 51 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30 . Financial Risk Management (Continued) (d) Currency risk (continued) 2024 GBP US$ CAN$ EURO J$’000 J$’000 J$’000 J$’000 Financial Assets Cash resources 35,046 1,701,062 61,814 7,470 Investment securities - 1,397,857 - - Promissory notes - 3,002,881 - - Reverse repurchase agreement - 2,301,933 - - Interest receivable - 167,197 - - Due from related companies - 544,401 - - Loans and other receivables 39,036 1,830,649 - 1,740 Total assets 74,082 10,945,980 61,814 9,210 Financial Liabilities Bank overdraft - 130,097 691 - Securities sold under repurchase agreements - 2,942,500 - - Loans and other payables 59,031 7,749,202 61,082 - Interest payable - 26,222 - - Total liabilities 59,031 10,848,021 61,773 - Net position 15,051 97,959 41 9,210\u003c/p\u003e\n\u003cp\u003ePage 52 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30 . Financial Risk Management (Continued) (d) Currency risk (continued) Sensitivity analysis Changes in the exchange rates of the Jamaican dollar (JA$) to the following currencies would have the effects as described below: Change in Currency Rate Effect on Loss before Taxation Change in Currency Rate Effect on Loss before Taxation 2025 2025 2024 2024 % $’000 % $’000 Currency: GBP - 1 ( 524 ) - 4 595 GBP +2 785 +1 (149) US$ - 1 ( 14,461 ) - 4 (11,085) US$ +2 21,691 +1 2,771 CAN$ - 1 230 - 4 26 CAN$ +2 (345) +1 (7) EURO - 1 171 - 4 368 EURO +2 ( 257 ) +1 (92) The analysis assumes that all other variables, in particular interest rates, remain constant. It is performed on the basis of 2% weakening and 1% strengthening (2024 – 4% weakening and 4% strengthening) in exchange rates.\u003c/p\u003e\n\u003cp\u003ePage 53 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (e) Credit risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company’s loans and advances to customers, promissory notes and investment securities. For risk management reporting purposes, the Company considers and consolidates all elements of credit risk exposure (such as individual obligor default risk, country and sector risk). For risk management purposes, credit risk arising on trading securities is managed independently, but reported as a component of market risk exposure. The Board of Directors has delegated responsibility for the management of credit risk to its ALCO and its Risk Unit. The Risk Unit is responsible for oversight of the Company’s credit risk, including: x Formulating credit policies in consultation with business units, covering collateral requirements, credit assessment, risk grading and reporting, documentary and legal procedures, and compliance with regulatory and statutory requirements. x Establishing the authorization structure for the approval and renewal of credit facilities. Authorisation limits are allocated to business unit credit officers. Larger facilities require approval by the Board of Directors as appropriate. x Reviewing and assessing credit risk. The Risk Unit assesses all credit exposures in excess of designated limits, prior to facilities being committed to customers by the business unit concerned. Renewals and reviews of facilities are subject to the same review process. x Limiting concentrations of exposure to counterparties, geographies and industries (for loans and advances), and by issuer, credit rating band, market liquidity and country (for investment securities). x Developing and maintaining the Company’s risk grading in order to categorise exposures according to the degree of risk of the financial loss faced and to focus management on the attendant risks. The risk grading system is used in determining where impairment provisions may be required against specific credit exposures. The current risk grading framework consists of six grades reflecting varying degrees of risk of default and the availability of collateral or other credit risk mitigation. The responsibility for setting risk grades lies with the final approving executive as appropriate. x Reviewing compliance of business units with agreed exposure limits, including those for selected industries, country risk and product types. Regular reports are provided to the Board of Directors on the credit quality of loan portfolios and appropriate corrective actions taken. x Providing advice, guidance and specialist skills to business units to promote best practice throughout the Company in the management of credit risk. Each business unit is required to implement credit policies and procedures, with credit approval authorities delegated by the Board of Directors. In addition, each business unit is responsible for the quality and performance of its credit portfolio and for monitoring and controlling all credit risks in its portfolios. Regular audits of business units and credit processes are undertaken by Internal Audit.\u003c/p\u003e\n\u003cp\u003ePage 54 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (e) Credit risk (continued) Exposure to credit risk is also managed in part by obtaining collateral, corporate and personal guarantees. It is the policy of the Company to obtain or take possession of or register lien against securities. The Company monitors the market value of the underlying securities which collateralize the related receivable including accrued interest and request additional collateral where deemed appropriate. An estimate of fair value of collateral held against defaulted promissory notes is $204,500,000 (2024 - $226,600,000). The Company monitors concentrations of credit risk by sector and geographic location. Other than exposure to Government of Jamaica securities, there is no significant concentration of credit risk for the Company’s investment securities at amortised cost. An analysis of concentrations of credit risk at the reporting date for promissory notes and loans and other receivables is shown below: Promissory Notes Loans and Other Receivables 202 5 $’000 202 4 $’000 202 5 $’000 202 4 $’000 Concentration by sector - Corporate 4,671,841 6,185,586 7,120,514 7,354,991 Retail 217,837 351,922 4,479,030 2,375,420 Total carrying amount 4,889,678 6,537,508 11,599,544 9,730,411 Loss allowance recognised in profit or loss during the year is summarized below: 202 5 $’000 202 4 $’000 Promissory notes 24,290 171,045 Loans and other receivables (17,664) (41,346) Investment securities – at amortised cost (11,947) 18,431 (5,321) 148,130\u003c/p\u003e\n\u003cp\u003ePage 55 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (e) Credit risk (continued) Loans and other receivables The loss allowance as at 31 December 2025 and 31 December 2024 was determined as follows for trade and other receivables: At 31 December 202 5 At 31 December 202 4 Gross Carrying Amount Loss Allowance Expected Loss Rate Gross Carrying Amount Loss Allowance Expected Loss Rate $’000 $’000 % $’000 $’000 % Less than 1 month 9,107,834 31,156 0.34 7,640,975 1,228 0.02 Within 1 to 3 months 2,523,501 635 0.02 1,743,074 589 0.03 Over 3 months 146,455 146,455 100 .00 542,272 194,093 35.79 11,777,790 178,246 9,926,321 195,910\u003c/p\u003e\n\u003cp\u003ePage 56 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (e) Credit risk (continued) Promissory notes The expected credit loss is summarised as follows: 202 5 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 Standard risk 4,148,719 - - 4,148,719 Past due risk - - - - Credit impaired - - 1,134,714 1,134,714 Gross carrying amount 4,148,719 - 1,134,714 5,283,43 3 Loss allowance (19,673) - (374,082) (393,755) Carrying amount 4,129,046 - 760,632 4,889,67 8 202 4 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 Standard risk 6,362,825 - - 6,362,825 Past due risk - - - - Credit impaired - - 563,189 563,189 Gross carrying amount 6,362,825 - 563,189 6,926,014 Loss allowance (25,254) - (363,252) (388,506) Carrying amount 6,337,571 - 199,937 6,537,508\u003c/p\u003e\n\u003cp\u003ePage 57 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (e) Credit risk (continued) Promissory notes (continued) Movement in the maximum exposure to credit risk 2025 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 Maximum exposure to credit risk as at January 01, 2025 6,362,814 563,200 6,926,014 Transfer from Stage 1 to Stage 3 (543,094) 543,094 - New financial assets originated or purchased 97,262 - - 97,262 Financial assets fully recognised during the period 3,247,192 - - 3,247,192) Changes in principal and interest (4,984,070) (19,438) (5,003,508) Foreign exchange adjustments - - 16,473 16,473 Maximum exposure to credit risk as at December 31, 2025 4,180,104 1,103,329 5,283,433 2024 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 Maximum exposure to credit risk as at January 01, 2024 6,283,763 - 400,072 6,683,835 Transfer from Stage 1 to Stage 3 (177,107) - 177,107 - New financial assets originated or purchased 3,447,724 - - 3,447,724 Financial assets fully derecognised during the period (2,973,860) - (11,228) (2,985,088) Changes in principal and interest (222,005) - (2,751) (224,756) Foreign exchange adjustments 4,299 - - 4,299 Maximum exposure to credit risk as at December 31, 2024 6,362,814 - 563,200 6,926,014\u003c/p\u003e\n\u003cp\u003ePage 58 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (e) Credit risk (continued) Promissory notes (continued) Movement in the loss allowance: 202 5 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 At 1 January 2025 25,254 363,252 388,506 Movements with profit or loss impact: New financial assets originated 13,034 - 44 13,0 78 Changes in PDs/LGD/EADs 11,824 - - 11,824 Financial assets derecognised during the period (19,653) - - (19,653) Loss allowance recognised in profit or loss 5,205 - 44 5,249 At 31 December 202 5 30,459 - 363,296 393,755 202 4 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 At 1 January 2024 28,108 - 200,572 228,680 Movements with profit or loss impact: New financial assets originated 18,532 - 177,107 195,639 Changes in PDs/LGD/EADs (753) - - (753) Financial assets derecognised during the period (20,633) - - (20,633) Write-offs - - (11,219) (11,219) Recoveries - - (3,208) (3,208) Loss allowance recognised in profit or loss (2,854) - 162,680 159,826 At 31 December 2024 25,254 - 363,252 388,506\u003c/p\u003e\n\u003cp\u003ePage 59 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (e) Credit risk (continued) Debt securities The expected credit loss is summarised as follows: 202 5 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 Standard risk 8,117,272 - - 8,117,272 Past due risk - - - - Credit impaired - - - - Gross carrying amount 8,117,272 - - 8,117,272 Loss allowance (15,481) - - (15,481) Carrying amount 8,101,791 - - 8,101,791 202 4 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 Standard risk 8,871,524 - - 8,871,524 Past due risk - - - - Credit impaired - - - - Gross carrying amount 8,871,524 - - 8,871,524 Loss allowance (27,428) - - (27,428) Carrying amount 8,844,096 - - 8,844,096\u003c/p\u003e\n\u003cp\u003ePage 60 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (e) Credit risk (continued) Debt securities (continued) Movement in the maximum exposure to credit risk: 202 5 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 Maximum exposure to credit risk as at January 01, 2025 8,065,008 - - 8,065,008 New financial assets originated or purchased 8,480,663 - - 8,480,663 Financial assets fully derecognised during the period (8,433,867) - - (8,433,867) Foreign exchange adjustments 5,468 - - 5,468 Maximum exposure to credit risk as at December 31, 2025 8,117,272 - - 8,117,272 202 4 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 Maximum exposure to credit risk as at January 01, 2024 2,998,194 - - 2,998,194 New financial assets originated or purchased 7,483,547 - - 7,483,547 Financial assets fully derecognised during the period (1,612,505) - - (1,612,505) Foreign exchange adjustments 2,288 - - 2,288 Maximum exposure to credit risk as at December 31, 2024 8,871,524 - - 8,871,524 The loss allowance recognised in profit or loss for debt securities was $11,947,000 (2024 – ($18,431,000). There were no transfers between stages during the period.\u003c/p\u003e\n\u003cp\u003ePage 61 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (f) Settlement risk The Company’s activities may give rise to risk at the time of settlement of transactions and trades. Settlement risk is the risk of loss due to the failure of a company to honour its obligations to deliver cash, securities or other assets as contractually agreed. For certain types of transactions, the Company mitigates this risk by conducting settlements through a settlement/clearing agent to ensure that a trade is settled only when both parties have fulfilled their contractual settlement obligations. (g) Regulatory capital management The Company’s objectives when managing capital, which is a broader concept than the “equity” on the face of the statement of financial position, are: x To comply with the capital requirements set by the regulators of the financial markets where the Company operates; x To safeguard the Company’s ability to continue as a going concern so that it can continue to provide returns for stockholder and benefits for other stakeholders; and x To maintain a strong and efficient capital base consistent with the Company’s risk profile, strategic objectives to support the development of its business. Mayberry is subject to regulatory capital standards issued by the Financial Services Commission (FSC) which, are largely guided by international criteria set by the Basel Committee on Banking Supervision (BCBS). The FSC requires the Company to hold a specified level of regulatory capital and to maintain the following: x a minimum ratio of total regulatory capital to total risk weighted assets of 10%, x and capital to total assets ratio of 6%. At year end, the Company’s was in compliance with all external externally imposed capital requirements to which it is exposed. Through the capital management framework, capital adequacy and regulatory capital are monitored by the Company’s management, employing techniques based on the guidelines developed by the FSC. The required information including early warning ratios is filed with the regulator at the stipulated intervals. In addition, the Company is subject to bi-annual Stress Testing by the Financial Services Commission to determine if capital is sufficient to absorb losses during economic and financial market stress as well as effective capital planning processes. The Company’s capital adequacy ratios have passed all individual and combined shocks applied to its balance sheet data in the bi-annual stress tests. Passing the bi-annual stress tests underscores the Company’s commitment to a sustained capital planning process that satisfies the expectations of our stakeholders. The Company remains adequately capitalized well in excess of the minimum regulatory capital adequacy requirements which further underscores the strength and resilience of the business and is a key component of the Company’s growth strategy.\u003c/p\u003e\n\u003cp\u003ePage 62 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (g) Regulatory capital management (continued) The Company’s policy is to maintain a strong capital base to ensure investor, creditor and market confidence and to sustain the future development of the business. The impact of the level of capital on shareholders’ return is also recognised and the Company recognises the need to maintain a balance between higher returns that might be possible with greater leverage and the advantages and security afforded by a sound capital position. The Company has complied with all regulatory capital requirements throughout the period. There have been no material changes in the management of capital during the period. Capital allocation Although maximization of the return on risk-adjusted capital is the principal basis used in determining how capital is allocated within the Company to operations or activities, it is not the sole basis used for decision making. Account is also taken of synergies with other operations and activities, availability of management and other resources, and the fit of the activity with the Company’s longer-term strategic objectives. Capital management and allocation are reviewed regularly by the Board of Directors. 31. Fair Values Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market price is used to determine the fair value of a financial instrument. However, market prices are not available for some of the financial assets held by the Company. Therefore, for financial instruments where no market price is available, the fair values presented have been estimated using present value or other estimation and valuation techniques based on market conditions existing at the end of the reporting period. The values derived from applying these techniques are significantly affected by the underlying assumptions used concerning both the amounts and timing of future cash flows and the discount rates. The following methods and assumptions have been used: (i) Investment securities and investment in associates classified as FVTPL and investment securities FVTOCI are measured at fair value by reference to quoted market prices when available. If quoted market prices are not available, then fair values are estimated on the basis of pricing models or discounted cash flows or other recognized valuation techniques. (ii) The fair values of liquid assets and other assets maturing within one year are assumed to approximate their carrying amount. This assumption is applied to liquid assets and short term elements of all financial assets and financial liabilities. (iii) The fair values of variable rate financial instruments are assumed to approximate their carrying amounts.\u003c/p\u003e\n\u003cp\u003ePage 63 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 31. Fair Values (Continued) (iv) The fair values of fixed rate loans are estimated by comparing market interest rates when the loans were granted with the current market rate offered on similar loans. Changes in the credit quality of loans within the portfolio are not taken to account in determining gross fair values as the impact of credit risk is recognized separately by deducting the amount of the provisions for credit losses from both book and fair values. The Company uses the following hierarchy in determining and disclosing the fair value of financial instruments by valuation technique: x Level 1: quoted prices in active markets for identical assets or liabilities. x Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. x Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial assets and investments in associates held by the Company when available is with reference to the current bid, ask and trade prices. The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. This category includes government bonds, certificates of deposit and corporate paper. Indicative prices or yields of these instruments are obtained from regular, publicly available quotes by reputable pricing services, dealers and brokers.\u003c/p\u003e\n\u003cp\u003ePage 64 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 31. Fair Values (Continued) The following table shows an analysis of assets measured at the date of the statement of financial position that, subsequent to initial recognition, are measured at fair value. The assets are grouped into levels of the fair value hierarchy: 202 5 Level 1 Level 2 Level 3 Total $’000 $’000 $’000 $’000 Financial assets - Debt securities - 15,248 - 15,248 Government of Jamaica - 10,213 - 10,213 Corporate bonds - 39,231 270,972 310,203 Quoted equity securities 614,583 - - 614,583 Non Financial assets: Investment Properties - 2,475,560 - 2,475,560 614,583 2,540,252 270,972 3,425,807 202 4 Level 1 Level 2 Level 3 Total $’000 $’000 $’000 $’000 Financial assets - Debt securities Government of Jamaica - 22,346 - 22,346 Foreign government - 25,828 - 25,828 Corporate bonds - 37,232 - 37,232 Quoted equity securities 672,447 - - 672,447 Non financial assets Investment Properties - 2,181,854 - 2,181,854 672,447 2,267,260 - 2,939,707\u003c/p\u003e\n\u003cp\u003ePage 65 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 31. Fair Values (Continued) As at 31 December, the fair value of the financial instruments valued at amortized cost is detailed below: 2025 2024 Carrying Value Fair Value Carrying Value Fair Value $’000 $’000 $’000 $’000 Assets Debt securities 7,606,972 8,901,156 8,092,436 9,269,754 Reverse repurchase agreements 4,232,725 4,233,228 3,305,323 3,305,323 Promissory notes 3,518,690 3,984,222 6,537,508 6,585,192 Loans and other receivables 11,782,513 11,782,513 9,730,411 9,730,411 Liabilities Securities purchased under resale agreements 8,318,064 8,318,064 9,079,356 9,079,356 Loans 13,437,715 13,113,554 12,993,445 12,885,353 Accounts payable 15,080,496 15,080,496 12,106,279 12,106,279\u003c/p\u003e\n\u003cp\u003ePage 66 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 32. Pension Scheme The Company operates a defined contribution pension scheme for employees who have satisfied certain minimum service requirements. The scheme is funded by equal contributions of employer and employees of 5% of pensionable salaries and an option for employees to contribute an additional 10%. The Company's contribution for the year amounted to $16,842,000 (2024: $17,671,000). 33. Funds Under Management The Company provides custody, investment management and advisory services for both institutions and individuals which involve the Company making allocation and purchases and sales decisions in relation to quoted shares and government financial instruments on a non-recourse basis. Those assets that are held in a fiduciary capacity are not included in these financial statements. 34 . Segment Information The Company is a licensed Securities Dealer (note 1). Based on the information presented to and reviewed by the CODM, the entire operations of the Company are considered as one operating segment. Financial information related to the operating segment results from continuing operations for the two years ended 31 December 2025, can be found in the consolidated statement of income. There are no differences in the measurement of the reportable segment results and the Company’s results. Details of the segment assets and liabilities for the two years ended 31 December 2025, can be found in the consolidated statement of financial position and related notes. There are no differences in the measurement of the reportable segment assets and liabilities and the Company’s assets and liabilities. Entity-wide disclosure: The revenue from operations can be found in the consolidated statement of income. 35. Capital Commitments Significant capital expenditure contracted for the at the end of the reporting period but not recognized as liabilities is as follows: 202 5 202 4 $’000 $’000 Intangible assets 71,336 265,924 The above commitments relate primarily to the implementation of a new ERP application and new Asset Management system supporting the Company’s digitisation strategy.\u003c/p\u003e\n\u003cp\u003eNOTES\u003c/p\u003e\n\u003cp\u003eNOTES\u003c/p\u003e\n\u003cp\u003eNOTES\u003c/p\u003e\u003c/div\u003e\n\u003cp class=\"abeng-source-link\"\u003eSource: \u003ca href=\"https://cdn.jamstockex.com/pd/2026/05/MIL-Annual-Report-2025-compressed.pdf\" target=\"_blank\" rel=\"noopener\"\u003eOriginal PDF\u003c/a\u003e\u003c/p\u003e","body_text":"ơ͍̈ёͩࢫɄ̌ɾࢫ§̛͛͛ 2016

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000 HɄ͍̌ˏ̌ʳ͛ࢫͅʍ͍ࢫ̛͛ͩɲˬࢫͷ̌ˏͩ $1.72 $0.35 $0.76 $0.12 $0.53 %̛̛ˬࢫŅɄ˵ͷʍࢫöʍ͍ࢫ͛˂Ʉ͍ʍ $4.90 $5.03 $5.48 $5.41 $5.72 þʍͩͷ͍̌ࢫ̛̌ࢫH͋ͷˏͩΩ 35.0% 6.9% 13.9% 2.1% 9.3% þʍͩͷ͍̌ࢫ̛̌ࢫ\u0001Θʍ͍Ʉʳʍࢫ\u0001͛͛ʍͩ͛ 6.0% 1.6% 2.6% 0.3% 1.5% \u0001͛͛ʍͩࢫn̛͍Νͩ˂ࣜय़ࣝ 8.1% 23.0% 39.4% 2.5% 6.7% ½ʍͩࢫơ͍̈ёͩࣃࣜ§̛͛͛ࣝࢫ\u0001͍ͩͩˏɩͷͩɄɩ˵ʍࢫ̛ͩࢫĊ˂Ʉ͍ʍ - ˂̛˵ɾʍ͍͛ࢫn̛͍Νͩ˂ࢫࣜय़ࣝ 10.7% (69.1%) 118.4% (84.8%) 358.0% 7 8 11 12 13 14 15 16 17 18 19 20 21 22 23 26 27 Corporate Governance Introduction and Governance Framework The Board of Directors of Mayberry Investments Limited is committed to upholding the highest standards of corporate governance. This report sets out how the Company applied the principles and complied with the provisions of applicable corporate ʳ̛Θʍ͍̌Ʉ̌ɲʍࢫɲ̛ɾʍ͛ࢫɾͷ͍ˏ̌ʳࢫͩ˂ʍࢫё̌Ʉ̌ɲˏɄ˵ࢫΩʍɄ͍ࢫʍ̌ɾʍɾ8ࢫ࠴࠶ࢫʍɲʍ̆ɩʍ͍࠸࠵࠳࠵ࢫࢶ Mayberry Investments Limited operates under a robust corporate governance framework designed to support the effective functioning of the Board and its committees. This framework is structured to promote the delivery of long-term shareholder value, integrity, and transparency, and to ensure a shared understanding of the roles and responsibilities of the Board, its committees, individual Directors, and senior management. The Board has formally adopted the Corporate Governance Policy of Mayberry Group §ˏ̆ˏͩʍɾࢷࢫͩ˂ʍࢫͷ˵ͩˏ̆ɄͩʍࢫͅɄ͍ʍ̌ͩࢫɲ̛̆ͅɄ̌Ωࢫ̛ʱࢫͩ˂ʍࢫn̛͍ͷͅࢷࢫɾɄͩʍɾ8ࢫʍɲʍ̆ɩʍ͍࠷࠵࠳࠵ࢫࢷࢫɄ͛ࢫͩ˂ʍࢫ Company’s governing corporate governance policy, superseding all prior policies. In Ʉɾ̛ͩͅˏ̌ʳࢫͩ˂ˏ͛ࢫơ̈˵ˏɲΩࢷࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫˏ͛ࢫ͛Ʉͩˏ͛ёʍɾࢫͩ˂Ʉͩࢫˏͩࢫˏ͛ࢫɲ̛̌͛ˏ͛ͩʍ̌ͩࢫΝˏͩ˂ࢫɄͅͅ˵ˏɲɄɩ˵ʍࢫ˵ɄΝ͛ࢫɄ̌ɾࢫ regulations, local and international best practices, the Jamaica Corporate Governance -̛ɾʍࢫ࠴࠵࠳࠵ࢫˏ͛͛ͷʍɾࢫɩΩࢫͩ˂ʍࢫö͍ˏΘɄͩʍࢫĊʍɲ̛͍ͩࢫÌ͍ʳɄ̌ˏ͛Ʉͩˏ̛̌ࢫ̛ʱࢫɄ̆ɄˏɲɄࢫࣜöĊÌࣝࢷࢫɄ̌ɾࢫͩ˂ʍࢫþͷ˵ʍ͛ࢫ̛ʱࢫͩ ˂ʍࢫɄ̆ɄˏɲɄࢫĊ̛ͩɲˬࢫHΦɲ˂Ʉ̌ʳʍࢶࢫė˂ʍࢫͷͅɾɄͩʍɾࢫơ̈˵ˏɲΩࢫˏ͛ࢫɄΘɄˏ˵Ʉɩ˵ʍࢫ̛̌ࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫΝʍɩ͛ˏͩʍࢫɄͩࢫ www.mayberryinv.com/investor-relations. Board Role and Function The Board is responsible for providing strategic direction, overseeing risk management, monitoring performance, and ensuring the effectiveness of controls and compliance frameworks across the Company. The Board is further charged with maintaining effective engagement with shareholders and a broad range of stakeholders, including customers, ʍ̆ͅ˵̛Ωʍʍ͛ࢷࢫ͛ͷͅͅ˵ˏʍ͍͛ࢷࢫ͍ʍʳͷ˵Ʉ̛͍ͩ͛ࢷࢫɄ̌ɾࢫͩ˂ʍࢫΝˏɾʍ͍ࢫɲ̛̆̆ͷ̌ˏͩΩࢶࢫ̌ࢫͩ˂ˏ͛ࢫɲ̛̌ͩʍΦͩࢷࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫ ʍ͛ͩɄɩ˵ˏ͛˂ʍ͛ࢫɄࢫʱ͍Ʉ̆ʍΝ̛͍ˬࢫʱ̛͍ࢫʍΘɄ˵ͷɄͩˏ̌ʳࢫͩ˂ʍࢫͅʍ͍ʱ̛͍̆Ʉ̌ɲʍࢫ̛ʱࢫͩ˂ʍࢫHΦʍɲͷͩˏΘʍࢫ·Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫͩ ʍɄ̆ࢫɄʳɄˏ̌͛ͩࢫɾʍё̌ʍɾࢫͅʍ͍ʱ̛͍̆Ʉ̌ɲʍࢫɲ͍ˏͩʍ͍ˏɄࢫɄ̌ɾࢫˏ̌ͩʍ͍̌Ʉ˵ࢫɲ̛̛͍̌ͩ˵͛ࢶ ė˂ʍࢫ%̛Ʉ͍ɾ࣭͛ࢫ͍ͅˏ̌ɲˏͅɄ˵ࢫɾͷͩˏʍ͛ࢫʍ̌ɲ̛̆ͅɄ͛͛ࢸ ࣜ ˏࣝࢫ\u0001͍ͩˏɲͷ˵Ʉͩˏ̌ʳࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫΘˏ͛ˏ̛̌ࢷࢫ̆ˏ͛͛ˏ̛̌ࢷࢫɄ̌ɾࢫɲ̛͍ʍࢫͅͷ̛͍͛ͅʍࢶࣜ ˏˏࣝࢫĊʍͩͩˏ̌ʳࢫͩ˂ʍࢫ͍͛ͩɄͩʍʳˏɲࢫɾˏ͍ʍɲͩˏ̛̌ࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ωࢶࣜ ˏˏˏࣝࢫĊͷͅʍ͍Θˏ͛ˏ̌ʳࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫˏ̌ͩʍ͍̌Ʉ˵ࢫɲ̛̛͍̌ͩ˵͛ࢫɄ̌ɾࢫɄɲɲ̛ͷ̌ͩɄɩˏ˵ˏͩΩࢫ͛Ω͛ͩʍ̆͛ࢶࣜ ˏΘࣝࢫþʍΘˏʍΝˏ̌ʳࢷࢫʍ̌ɾ̛͍͛ˏ̌ʳࢷࢫɄ̌ɾࢫ̛̆̌ˏ̛͍ͩˏ̌ʳࢫ͍ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ͛Ω͛ͩʍ̆͛ࢷࢫˏ̌ͩʍ͍̌Ʉ˵ࢫɲ̛̛͍̌ͩ˵͛ࢷࢫ codes of conduct, and legal compliance. ࣜ Θࣝࢫ\u0001̛ͅͅˏ̌ͩˏ̌ʳࢫɄࢫ͛ͷˏͩɄɩ˵ʍࢫ-˂ˏʍʱࢫHΦʍɲͷͩˏΘʍࢫÌʱёɲʍ͍ࢫɄ̌ɾࢫ-̛̆ͅɄ̌ΩࢫĊʍɲ͍ʍͩɄ͍Ωࢶࣜ Θˏࣝࢫė͍Ʉɲˬˏ̌ʳࢫͩ˂ʍࢫ̛͍ͅʳ͍ʍ͛͛ࢫɄ̌ɾࢫͅʍ͍ʱ̛͍̆Ʉ̌ɲʍࢫ̛ʱࢫͩ˂ʍࢫHΦʍɲͷͩˏΘʍࢫ·Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫͩʍɄ̆ࢶ 30 Board decisions are guided by a thorough and objective assessment of all relevant ˏ̌ʱ̛͍̆Ʉͩˏ̛̌ࢶࢫĊͷɲ˂ࢫɾʍɲˏ͛ˏ̛̌͛ࢫɄ͍ʍࢫ̆Ʉɾʍࢫˏ̌ࢫɲ̛̆ͅ˵ˏɄ̌ɲʍࢫΝˏͩ˂ࢫɄͅͅ˵ˏɲɄɩ˵ʍࢫ˵ʍʳɄ˵ࢫ̛ɩ˵ˏʳɄͩˏ̛̌͛ࢫ Ʉ̌ɾࢫΝˏͩ˂ࢫɾͷʍࢫ͍ʍʳɄ͍ɾࢫʱ̛͍ࢫͩ˂ʍࢫ͍ʍɄ̛͛̌Ʉɩ˵ʍࢫʍΦͅʍɲͩɄͩˏ̛̌͛ࢫ̛ʱࢫɄ˵˵ࢫ͛ͩɄˬʍ˂̛˵ɾʍ͍͛ࢷࢫˏ̌ɲ˵ͷɾˏ̌ʳࢫ shareholders, employees, customers, suppliers, creditors, and the broader community. 8ˏ͍ʍɲ̛͍ͩ͛ࢫʍΦʍ͍ɲˏ͛ʍࢫˏ̌ɾʍͅʍ̌ɾʍ̌ͩࢫ˥ͷɾʳ̆ʍ̌ͩࢫɄ̌ɾࢫ̛͛ͷ̌ɾࢫɩͷ͛ˏ̌ʍ͛͛ࢫɄɲͷ̆ʍ̌ࢫˏ̌ࢫΝ˂Ʉͩࢫͩ˂ʍΩࢫ consider to be the best interests of the Company, placing appropriate reliance on the ˏ̌ͩʍʳ͍ˏͩΩࢫɄ̌ɾࢫʍΦͅʍ͍ͩˏ͛ʍࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢷࢫʍΦͩʍ͍̌Ʉ˵ࢫɄɾΘˏ̛͍͛͛ࢷࢫɄ̌ɾࢫɄͷɾˏ̛͍ͩ͛ࢶ The Board maintains oversight of, and holds management accountable for, the -̛̆ͅɄ̌Ω࣭͛ࢫ̛ͅʍ͍Ʉͩˏ̛̌Ʉ˵ࢷࢫ͍͛ͩɄͩʍʳˏɲࢷࢫɄ̌ɾࢫё̌Ʉ̌ɲˏɄ˵ࢫͅʍ͍ʱ̛͍̆Ʉ̌ɲʍࢶࢫ·Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫˏ͛ࢫɄɲɲ̛͍ɾˏ̌ʳ˵Ωࢫ ʍΦͅʍɲͩʍɾࢫ̛ͩࢫ̆Ʉˏ̌ͩɄˏ̌ࢫ̛ͅʍ̌ࢫɄ̌ɾࢫ͍ͩɄ̌͛ͅɄ͍ʍ̌ͩࢫɲ̛̆̆ͷ̌ˏɲɄͩˏ̛̌ࢫΝˏͩ˂ࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢷࢫɩ͍ˏ̌ʳˏ̌ʳࢫɄ˵˵ࢫ material matters promptly to its attention. In its broader oversight capacity, the Board takes a lead role in establishing core policies, ɾʍё̌ˏ̌ʳࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫ͍ˏ͛ˬࢫɄͅͅʍͩˏͩʍࢷࢫɄ̌ɾࢫ͛˂Ʉͅˏ̌ʳࢫˏͩ͛ࢫɲ̛̛͍͍ͅɄͩʍࢫɲͷ˵ͩͷ͍ʍࢶࢫͩࢫɄ˵̛͛ࢫ̛͍ͅΘˏɾʍ͛ࢫ direction on the Company’s organisational structure and promotes appropriate policies with respect to corporate social responsibility. Board Composition and Structure The composition and organisational structure of the Board enable it to effectively discharge its mandate and deliver value for the Company and its stakeholders, in full compliance with applicable legal and regulatory requirements and recognised best ͍ͅ Ʉɲͩˏɲʍ͛ࢶࢫė˂ʍࢫ͛ˏηʍࢫ̛ʱࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫɄ̌ɾࢫͩ˂ʍࢫΘɄ͍ˏʍɾࢫ̛͍ͅʱʍ͛͛ˏ̛̌Ʉ˵ࢫɩɄɲˬʳ̛͍ͷ̌ɾ͛ࢷࢫʍΦͅʍ͍ͩˏ͛ʍࢷࢫɄ̌ɾࢫ ʍΦͅʍ͍ˏʍ̌ɲʍࢫ̛ʱࢫˏͩ͛ࢫ̆ʍ̆ɩʍ͍͛ࢫɲ̛˵˵ʍɲͩˏΘʍ˵Ωࢫʍ͋ͷˏͅࢫˏͩࢫ̛ͩࢫʱͷ˵ё˵ࢫˏͩ͛ࢫʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ͍ʍ̛͛̌͛ͅˏɩˏ˵ˏͩˏʍ͛ࢫ Νˏͩ˂ࢫ͍ˏʳ̛ͷ͍ࢫɄ̌ɾࢫɾˏ˵ˏʳʍ̌ɲʍࢶࢫė˂ʍࢫɩɄ˵Ʉ̌ɲʍࢫ̆Ʉˏ̌ͩɄˏ̌ʍɾࢫɩʍͩΝʍʍ̌ࢫʍΦʍɲͷͩˏΘʍࢫɄ̌ɾࢫ̛࣒̌̌ʍΦʍɲͷͩˏΘʍࢫ 8ˏ͍ʍɲ̛͍ͩ͛ࢫʍ̌͛ͷ͍ʍ͛ࢫͩ˂Ʉͩࢫ̛̌ࢫ͛ˏ̌ʳ˵ʍࢫˏ̌ɾˏΘˏɾͷɄ˵ࢫ̛͍ࢫ͛̆Ʉ˵˵ࢫʳ̛͍ͷͅࢫˏ͛ࢫɄɩ˵ʍࢫ̛ͩࢫʍΦʍ͍ɲˏ͛ʍࢫͷ̌ɾͷʍࢫ ˏ̌ђͷʍ̌ɲʍࢫ̛Θʍ͍ࢫͩ˂ʍࢫ%̛Ʉ͍ɾ࣭͛ࢫɾʍɲˏ͛ˏ̛࣒̌̆Ʉˬˏ̌ʳࢫ̛͍ͅɲʍ͛͛ʍ͛ࢶ \u0001͛ࢫɄͩ8ࢫ࠴࠶ࢫʍɲʍ̆ɩʍ͍࠸࠵࠳࠵ࢫࢷࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫˏ͛ࢫɲ˂Ʉˏ͍ʍɾࢫɩΩࢫ·͍ࢶࢫnɄ͍ΩࢫöʍɄ͍ͩࢫɄ̌ɾࢫɲ̛͍̆ͅˏ͛ʍ͛ࢫʍˏʳ˂ͩࢫ̆ ʍ̆ɩʍ͍͛ࢫ̛̌ʍࢫHΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩࢷࢫʱ̛ͷ͍ࢫ½̛࣒̌HΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩ͛ࢷࢫɄ̌ɾࢫͩ˂͍ʍʍࢫ̌ɾʍͅʍ̌ɾʍ̌ͩࢫ ½̛࣒̌HΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩ͛ࢶ The Board is considered to be of appropriate size for the Company and operates ʍʱʱʍɲͩˏΘʍ˵Ωࢫˏ̌ࢫˏͩ͛ࢫɲͷ͍͍ʍ̌ͩࢫʱ̛͍̆ࢶࢫHɄɲ˂8ࢫˏ͍ʍɲ̛͍ͩࢫˏ͛ࢫɾˏ͛ͩˏ̌ʳͷˏ͛˂ʍɾࢫɩΩࢫͩ˂ʍˏ͍ࢫʍɾͷɲɄͩˏ̛̌Ʉ˵ࢫ ɩɄɲˬʳ̛͍ͷ̌ɾࢷࢫͩʍɲ˂̌ˏɲɄ˵ࢫ̛͍ͅёɲˏʍ̌ɲΩࢷࢫˏ̌ɾͷ͍͛ͩΩࢫˬ̛̌Ν˵ʍɾʳʍࢷࢫ̛͍ͅʱʍ͛͛ˏ̛̌Ʉ˵ࢫɲ̛̆ͅʍͩʍ̌ɲʍࢷࢫɄ̌ɾࢫ personal integrity. In all deliberations, the best interests of the Company take precedence, and personal relationships whether arising from friendship, family connections, or contractual arrangements do not form part of the decision-making process. ė˂ʍࢫ%̛Ʉ͍ɾࢫɾʍё̌ʍ͛ࢫɄ̌ࢫ̌ɾʍͅʍ̌ɾʍ̌ͩࢫ½̛࣒̌HΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩࢫɄ͛ࢫɄ̌ࢫˏ̌ɾˏΘˏɾͷɄ˵ࢫΝ˂̛ࢫɩ͍ˏ̌ʳ͛ࢫ independent judgment to bear on matters before the Board and who acts at all times ˏ̌ࢫͩ˂ʍࢫɩʍ͛ͩࢫˏ̌ͩʍ͍ʍ͛ͩ͛ࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌ΩࢫɄ̌ɾࢫˏͩ͛ࢫ͛˂Ʉ͍ʍ˂̛˵ɾʍ͍͛ࢶࢫ\u0001ࢫ̛࣒̌̌ʍΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩࢫˏ͛ࢫ deemed independent where they satisfy this standard of independence. 31 The collective professional backgrounds of the Board’s members provide a well-rounded Ʉ̌ɾࢫɲ̛̆ͅ˵ʍ̆ʍ̌ͩɄ͍Ωࢫɩ˵ʍ̌ɾࢫ̛ʱࢫʍΦͅʍ͍ͩˏ͛ʍࢷࢫʍΦͅʍ͍ˏʍ̌ɲʍࢷࢫɄ̌ɾࢫˬ̛̌Ν˵ʍɾʳʍࢫɄɲ̛͍͛͛ࢫɄࢫɩ̛͍Ʉɾࢫ range of disciplines, including investment banking, law, auditing, corporate governance, information technology, strategic management, and general business administration. ė̛ࢫʱͷ͍ͩ˂ʍ͍ࢫʍ̌˂Ʉ̌ɲʍࢫͩ˂ʍˏ͍ࢫʍʱʱʍɲͩˏΘʍ̌ʍ͛͛ࢷ8ࢫˏ͍ʍɲ̛͍ͩ͛ࢫͅɄ͍ͩˏɲˏͅɄͩʍࢫˏ̌ࢫˏ̌ͩʍ͍̌Ʉ˵ࢫɄ̌ɾࢫʍΦͩʍ͍̌Ʉ˵ࢫ͍ͩ Ʉˏ̌ˏ̌ʳࢫ̛͍ͅʳ͍Ʉ̆̆ʍ͛ࢫɾʍ͛ˏʳ̌ʍɾࢫ̛ͩࢫʍΦͅɄ̌ɾࢫͩ˂ʍˏ͍ࢫˬ̛̌Ν˵ʍɾʳʍࢫɄ̌ɾࢫˬʍʍͅࢫͩ˂ʍ̆ࢫɲͷ͍͍ʍ̌ͩࢫΝˏͩ˂ࢫ developments in the statutory and regulatory environment, as well as emerging corporate governance best practices. ė˂ʍࢫ̛͍˵ʍ͛ࢫ̛ʱࢫͩ˂ʍࢫ-˂Ʉˏ͍̆Ʉ̌ࢫɄ̌ɾࢫ-˂ˏʍʱࢫHΦʍɲͷͩˏΘʍࢫÌʱёɲʍ͍ࢫɄ͍ʍࢫɾˏ͛ͩˏ̌ɲͩࢫɄ̌ɾࢫɲ˵ʍɄ͍˵Ωࢫ͛ʍͅɄ͍Ʉͩʍɾࢶࢫ This separation ensures an appropriate distribution of authority, promoting transparency, Ʉɲɲ̛ͷ̌ͩɄɩˏ˵ˏͩΩࢷࢫɄ̌ɾࢫɾʍɲˏ͛ˏ̛࣒̌̆Ʉˬˏ̌ʳࢫˏ̌ɾʍͅʍ̌ɾʍ̌ͩࢫ̛ʱࢫʍΦʍɲͷͩˏΘʍࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢶࢫė˂ʍࢫ Chairman bears responsibility for leading the Board, guiding the Company’s strategy, overseeing management, and safeguarding the interests of shareholders. The Chief HΦʍɲͷͩˏΘʍࢫÌʱёɲʍ͍ࢫˏ͛ࢫ͍ʍ̛͛̌͛ͅˏɩ˵ʍࢫʱ̛͍ࢫʍΦʍɲͷͩˏ̌ʳࢫͩ˂ʍࢫ͍͛ͩɄͩʍʳΩࢫɄ̛͍ͅͅΘʍɾࢫɩΩࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫɄ̌ɾࢫ managing the Company’s day-to-day operations. Directors maintain open and unrestricted communication with management at all levels and have full access to relevant information. This ongoing engagement between the Board and management strengthens decision-making and supports an appropriate and effective distribution of authority within the organisation. Lead Independent Director Mr. Gladstone Lewars continues to serve as Lead Independent Director of the Company. Diversity \u0001ࢫʱͷ̌ɾɄ̆ʍ̌ͩɄ˵ࢫ͍ʍ̛͛̌͛ͅˏɩˏ˵ˏͩΩࢫ̛ʱࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫˏ͛ࢫ̛ͩࢫˏɾʍ̌ͩˏʱΩࢫ͛ˏʳ̌ˏёɲɄ̌ͩࢫ̛̛͍ͩͅͅͷ̌ˏͩˏʍ͛ࢫ and risks while providing strategic direction for the business. This requires a diverse Ʉ̌ɾࢫʍΦͅʍ͍ˏʍ̌ɲʍɾࢫʳ̛͍ͷͅࢫ̛ʱࢫˏ̌ɾˏΘˏɾͷɄ˵͛ࢫ̛ͅʍ͍Ʉͩˏ̌ʳࢫΝˏͩ˂ˏ̌ࢫɄ̌ࢫʍ̌Θˏ̛͍̌̆ʍ̌ͩࢫͩ˂ɄͩࢫɄɲͩˏΘʍ˵Ωࢫ ʍ̌ɲ̛ͷ͍Ʉʳʍ͛ࢫͩ˂ʍࢫʍΦ͍ͅʍ͛͛ˏ̛̌ࢫ̛ʱࢫΘɄ͍ˏʍɾࢫͅʍ͍͛ͅʍɲͩˏΘʍ͛ࢶࢫö͍ˏ̛͍ࢫ̛ͩࢫɄ̛ͅͅˏ̌ͩ̆ʍ̌ͩࢷࢫɲɄ͍ʍʱͷ˵ࢫ ɲ̛̌͛ˏɾʍ͍Ʉͩˏ̛̌ࢫˏ͛ࢫʳˏΘʍ̌ࢫ̛ͩࢫʍɄɲ˂ࢫɲɄ̌ɾˏɾɄͩʍ࣭͛ࢫ͛ˬˏ˵˵͛ࢷࢫʍΦͅʍ͍ˏʍ̌ɲʍࢷࢫˏ̌ɾʍͅʍ̌ɾʍ̌ɲʍࢷࢫɄ̌ɾࢫʱɄ̆ˏ˵ˏɄ͍ˏͩΩࢫ with the Company and its operations. The breadth of professional and educational backgrounds represented on the Board ʍ̌Ʉɩ˵ʍ͛8ࢫˏ͍ʍɲ̛͍ͩ͛ࢫ̛ͩࢫʱͷ˵ё˵ࢫͩ˂ʍˏ͍ࢫɾͷͩˏʍ͛ࢫˏ̌ࢫɄɲɲ̛͍ɾɄ̌ɲʍࢫΝˏͩ˂ࢫ͛ͩɄͩͷ̛͍ͩΩࢫ͍ʍ͋ͷˏ͍ʍ̆ʍ̌ͩ͛ࢷࢫͩ˂ʍࢫ -̛̆ͅɄ̌Ω࣭͛ࢫ\u0001͍ͩˏɲ˵ʍ͛ࢫ̛ʱࢫ\u0001̛͛͛ɲˏɄͩˏ̛̌ࢷࢫɄ̌ɾࢫʍ͛ͩɄɩ˵ˏ͛˂ʍɾࢫʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ̛͍ͅɲʍɾͷ͍ʍ͛ࢶࢫė̛ࢫʍ̌͛ͷ͍ʍࢫ the Board’s continued effectiveness, candidates for appointment or re-election should demonstrate, among other qualities: 32 • Unwavering personal and professional ethics, integrity, and values. • HΦͅʍ͍ͩˏ͛ʍࢫͩ˂ɄͩࢫɄɾɾ͛ࢫΘɄ˵ͷʍࢫ̛ͩࢫͩ˂ʍࢫ̛͍ʳɄ̌ˏ͛Ʉͩˏ̛̌ࢫɄ̌ɾࢫɲ̛̆ͅ˵ʍ̆ʍ̌ͩ͛ࢫͩ˂ʍࢫʍΦͅʍ͍ˏʍ̌ɲʍࢫ̛ʱࢫ ʍΦˏ͛ͩˏ̌ʳࢫ%̛Ʉ͍ɾࢫ̆ʍ̆ɩʍ͍͛ࢶ • \u0001ࢫʳʍ̌ͷˏ̌ʍࢫΝˏ˵˵ˏ̌ʳ̌ʍ͛͛ࢫɄ̌ɾࢫɲɄͅɄɲˏͩΩࢫ̛ͩࢫɲ̛̆̆ˏͩࢫͩ˂ʍࢫͩˏ̆ʍࢫ͍ʍ͋ͷˏ͍ʍɾࢫ̛ͩࢫʱͷ˵ё˵ࢫͩ˂ʍࢫɾͷͩˏʍ͛ࢫ and responsibilities of Board membership. ė˂ʍࢫ̆Ʉ͍ͩˏΦࢫɩʍ˵̛Νࢫɾʍ͛ɲ͍ˏɩʍ͛ࢫͩ˂ʍࢫˬʍΩࢫ͛ˬˏ˵˵͛ࢫͩ˂Ʉͩࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫ˂Ʉ͛ࢫˏɾʍ̌ͩˏёʍɾࢫɄ͛ࢫʍ͛͛ʍ̌ͩˏɄ˵ࢫʱ̛͍ࢫ effective oversight and the implementation of the Company’s strategic objectives. Experience Area Christopher Berry Gary Peart Konrad Berry Erwin Angus Gladstone Lewars Alok Jain Walter Scott Patrick Bataille General Management \u0026 Business Operations Technology Investment \u0026 Financial Services Risk Management Listed Company Experience Strategy Development Legal/Regulatory Corporate Governance Accounting No Competence Low Competence Some Competence High Competence Expert 33 Board Committees ė̛ࢫʍ̌˂Ʉ̌ɲʍࢫͩ˂ʍࢫʍʱʱʍɲͩˏΘʍ̌ʍ͛͛ࢫɄ̌ɾࢫʍʱёɲˏʍ̌ɲΩࢫΝˏͩ˂ࢫΝ˂ˏɲ˂ࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫɾˏ͛ɲ˂Ʉ͍ʳʍ͛ࢫˏͩ͛ࢫёɾͷɲˏɄ͍Ωࢫ duties and governance responsibilities, the Board has established a number of specialised ͛ ͷɩ࣒ɲ̛̆̆ˏͩͩʍʍ͛ࢶ8ࢫͷ͍ˏ̌ʳ࠸࠵࠳࠵ࢫࢷࢫɄ̌ࢫ̌ʱ̛͍̆Ʉͩˏ̛̌ࢫɄ̌ɾࢫėʍɲ˂̛̌˵̛ʳΩࢫ͛ͷɩ࣒ɲ̛̆̆ˏͩͩʍʍࢫΝɄ͛ࢫ ʍ͛ͩɄɩ˵ˏ͛˂ʍɾࢫˏ̌ࢫɄɾɾˏͩˏ̛̌ࢫ̛ͩࢫͩ˂ʍࢫʍΦˏ͛ͩˏ̌ʳࢫёΘʍࢫ͛ͷɩ࣒ɲ̛̆̆ˏͩͩʍʍ͛ࢶ These committees address matters requiring thorough review or in-depth analysis, either ʍΦʍ͍ɲˏ͛ˏ̌ʳࢫɾʍ˵ʍʳɄͩʍɾࢫɄͷͩ˂̛͍ˏͩΩࢫ̛ͩࢫ̆Ʉˬʍࢫɾʍɲˏ͛ˏ̛̌͛ࢫ̛̌ࢫɩʍ˂Ʉ˵ʱࢫ̛ʱࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫ̛͍ࢫʱ̛͍̆ͷ˵Ʉͩˏ̌ʳࢫ ɲ̛̌͛ˏɾʍ͍ʍɾࢫ͍ʍɲ̛̆̆ʍ̌ɾɄͩˏ̛̌͛ࢫʱ̛͍ࢫˏͩ͛ࢫ͍ʍΘˏʍΝࢫɄ̌ɾࢫɄ̛͍ͅͅΘɄ˵ࢶࢫHɄɲ˂ࢫɲ̛̆̆ˏͩͩʍʍࢫ̛ͅʍ͍Ʉͩʍ͛ࢫ ͷ̌ɾʍ͍ࢫɄࢫɲ˵ʍɄ͍˵Ωࢫɾʍё̌ʍɾࢫ̆Ʉ̌ɾɄͩʍࢷࢫ͛ͷ̛͍ͩͅͅˏ̌ʳࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫˏ̌ࢫͩ˂ʍࢫʍΦʍɲͷͩˏ̛̌ࢫ̛ʱࢫˏͩ͛ࢫʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ functions and providing independent oversight of the Company’s internal controls and risk management framework. The Chairperson of each committee is responsible for reporting to the full Board on key matters considered and decisions reached during committee meetings, ensuring that the Board remains comprehensively informed of each committee’s deliberations and activities. MAYBERRY’S BOARD COMMITEES AUDIT COMMITTEE ė˂ʍࢫ̆Ʉˏ̌ࢫ̛ɩ˥ʍɲͩˏΘʍࢫ̛ʱࢫͩ˂ʍࢫ\u0001ͷɾˏͩ -̛̆̆ˏͩͩʍʍࢫˏ͛ࢫ̛ͩࢫɄˏɾࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫˏ̌ࢫ ɲɄ͍͍Ωˏ̌ʳࢫ̛ͷͩࢫˏͩ͛ࢫ̛Θʍ͍͛ˏʳ˂ͩࢫɾͷͩˏʍ͛ࢫ ɲ̛̌ɲʍ͍̌ˏ̌ʳࢫͩ˂ʍࢫˏ̌ͩʍ͍̌Ʉ˵ࢫɲ̛̛͍̌ͩ˵ࢫ͛ Ω͛ͩʍ̆͛ࢷࢫͩ˂ʍࢫʍ̌ͩˏͩΩ࣭͛ࢫё̌Ʉ̌ɲˏɄ˵ࢫ͍ ʍ̛͍ͩͅˏ̌ʳࢫ̛͍ͅɲʍɾͷ͍ʍ͛ࢷࢫɄ̌ɾࢫɄͷɾˏͩࢫ ʱͷ̌ɲͩˏ̛̌͛ࢶ ASSET AND LIABILITIES -Ì··ėėHHࢫ\u0001§-Ìࣣ Oversees and supervises the ̆ Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ̛ʱࢫˏ̌Θʍ͛ͩ̆ʍ̌ͩࢫ̛͍ͩͅ ʱ̛˵ˏ̛͛ࢫɄ̌ɾࢫ˵ˏɄɩˏ˵ˏͩˏʍ͛ࢫˏ̌ࢫ Ʉɲɲ̛͍ɾɄ̌ɲʍࢫΝˏͩ˂ࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫ͍ ˏ͛ˬࢫ̛ͩ˵ʍ͍Ʉ̌ɲʍࢶ NOMINATIONS AND CORPORATE GOVERNANCE COMMITTEE Ċͷʳʳʍ͛ͩ͛ࢫ̛ͩͅʍ̌ͩˏɄ˵ࢫɲɄ̌ɾˏɾɄͩʍ͛ࢫ ʱ̛͍ࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫ̛ʱ8ࢫˏ͍ʍɲ̛͍ͩ͛ࢫɄ̌ɾࢫ͛ ͷͅʍ͍Θˏ͛ʍ͛ࢫͩ˂ʍࢫʍʱёɲˏʍ̌ͩࢫ̛ͅʍ͍Ʉͩˏ̛̌ࢫ̛ʱࢫͩ ˂ʍࢫ%̛Ʉ͍ɾࢶ INFORMATION TECHNOLOGY COMMITTEE ÌΘʍ͍͛ʍʍ͛ࢫͩ˂ʍࢫėࢫ͍ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ ʱ͍Ʉ̆ʍΝ̛͍ˬࢫɄ̌ɾࢫͩ˂ʍࢫʍʱʱʍɲͩˏΘʍ̌ʍ͛͛ࢫ̛ʱࢫ ėࢫʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ͍͛ͩͷɲͩͷ͍ʍ͛ࢫʍ̌͛ͷ͍ˏ̌ʳࢫ Ʉ˵ˏʳ̌̆ʍ̌ͩࢫΝˏͩ˂ࢫɩͷ͛ˏ̌ʍ͛͛ࢫ̛ɩ˥ʍɲͩˏΘʍ͛ࢫ Ʉ̌ɾࢫɄͅͅ˵ˏɲɄɩ˵ʍࢫ͍ʍʳͷ˵Ʉ̛͍ͩΩࢫ͍ ʍ͋ͷˏ͍ʍ̆ʍ̌ͩ͛ࢶ COMPLIANCE \u0026 DATA PROTECTION COMMITTEE ͛ࢫͩɄ͛ˬʍɾࢫΝˏͩ˂ࢫʍ̌͛ͷ͍ˏ̌ʳࢫ Ʉɾ˂ʍ͍ʍ̌ɲʍࢫ̛ͩࢫ˵ʍʳɄ˵ࢫɄ̌ɾࢫ͍ʍʳͷ˵Ʉ̛͍ͩΩࢫ͍ ʍ͋ͷˏ͍ʍ̆ʍ̌ͩ͛ࢷࢫɄ͛ࢫΝʍ˵˵ࢫɄ͛ࢫɾʍΘʍ˵̛ͅˏ̌ʳࢫ Ʉࢫʱ͍Ʉ̆ʍΝ̛͍ˬࢫʱ̛͍ࢫɲ̛̆ͅ˵ˏɄ̌ɲʍࢫΝˏͩ˂ࢫ 8ɄͩɄࢫơ͍̈ͩʍɲͩˏ̛̌ࢫ§ɄΝ͛ࢶ REMUNERATION COMMITTEE H͛ͩɄɩ˵ˏ͛˂ʍ͛ࢫͩ˂ʍࢫʱͷ̌ɾɄ̆ʍ̌ͩɄ˵ࢫ͍ͅ ˏ̌ɲˏͅ˵ʍ͛ࢷࢫͅɄ͍Ʉ̆ʍͩʍ͍͛ࢷࢫɄ̌ɾࢫ ʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ͍͛ͩͷɲͩͷ͍ʍࢫ̛ʱࢫͩ˂ʍࢫ -̛̆ͅɄ̌Ω࣭͛ࢫ͍ʍ̆ͷ̌ʍ͍Ʉͩˏ̛̌ࢫ̛ͅ˵ˏɲΩࢶ 34 Names Positions Audit ALCO Compliance \u0026 Data Protection Nominations and Corporate Governance Remuneration Information Technology nɄ͍ΩࢫöʍɄ͍ͩ Non – Executive -˂Ʉˏ͍̆Ʉ̌ M M -˂͍ˏ̛͛ͩͅ˂ʍ͍ࢫ %ʍ͍͍Ω Non- Executive 8ˏ͍ʍɲ̛͍ͩ M M M ̛͍̌Ʉɾࢫ%ʍ͍͍Ω Non-Executive 8ˏ͍ʍɲ̛͍ͩ M M M M H͍Νˏ̌ࢫ\u0001̌ʳͷ͛ Non-Executive 8ˏ͍ʍɲ̛͍ͩࢫ M M öɄ͍ͩˏɲˬࢫ%ɄͩɄˏ˵˵ʍ HΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩࣃ -˂ˏʍʱࢫHΦʍɲͷͩˏΘʍࢫÌʱёɲʍ͍ M M M n˵Ʉɾ̛͛ͩ̌ʍࢫ§ʍΝɄ͍͛ ̌ɾʍͅʍ̌ɾʍ̌ͩ8ࢫˏ͍ʍɲ̛͍ͩ M C M C \u0001˵̛ˬࢫɄˏ̌ࢫ ̌ɾʍͅʍ̌ɾʍ̌ͩ8ࢫˏ͍ʍɲ̛͍ͩ C M C ŋɄ˵ͩʍ͍ࢫĊɲ̛ͩͩࢫ ̌ɾʍͅʍ̌ɾʍ̌ͩ8ࢫˏ͍ʍɲ̛͍ͩ M C C ŖΘʍ͛ࢫ§ɄΝ̛͛̌ࣁ -̛̛࣒ͩͅʍɾࢫ-̛̆̆ˏͩͩʍʍࢫ ·ʍ̆ɩʍ͍ M Names Board Positions Board Audit ALCO Compliance \u0026 Data Protection Nominations and Corporate Governance Remuneration* Information Technology ½ͷ̆ɩʍ͍ࢫ̛ʱࢫ Meetings 9 3 6 3 2 - 2 nɄ͍Ωࢫ Peart -˂Ʉˏ͍̆Ʉ̌ 9 2 2 -˂͍ˏ̛͛ͩͅ˂ʍ͍ࢫ %ʍ͍͍Ω 8ˏ͍ʍɲ̛͍ͩ 7 1 - Konrad %ʍ͍͍Ω 8ˏ͍ʍɲ̛͍ͩ 9 3 6 - 2 H͍Νˏ̌ࢫ \u0001̌ʳͷ͛ 8ˏ͍ʍɲ̛͍ͩ 7 3 6 öɄ͍ͩˏɲˬࢫ %ɄͩɄˏ˵˵ʍ HΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩࣃ -˂ˏʍʱࢫHΦʍɲͷͩˏΘʍࢫࢫ Ìʱёɲʍ͍ 9 6 3 2 n˵Ʉɾ̛͛ͩ̌ʍࢫ §ʍΝɄ͍͛ Independent 8ˏ͍ʍɲ̛͍ͩ 8 2 6 1 2 \u0001˵̛ˬࢫ Ʉˏ̌ࢫ Independent 8ˏ͍ʍɲ̛͍ͩ 8 3 2 2 ŋɄ˵ͩʍ͍ࢫ Ċɲ̛ͩͩࢫ Independent 8ˏ͍ʍɲ̛͍ͩ 8 3 3 - Director’s Attendance: Board and Committee Meetings Board Committee Composition ࣁ½ࢫ̛ࢫ̆ʍʍͩˏ̌ʳ͛ࢫ̛ʱࢫͩ˂ʍࢫþʍ̌ͷ̆ʍ͍Ʉͩˏ̛̌ࢫ-̛̆̆ˏͩͩʍʍࢫΝʍ͍ʍࢫ˂ʍ˵ɾࢫɾͷ͍ˏ̌ʳࢫͩ˂ʍࢫΩʍɄ͍ࢶ 35 Audit Committee ė˂ʍࢫ\u0001ͷɾˏͩࢫ-̛̆̆ˏͩͩʍʍࢫˏ͛ࢫ͍ʍ̛͛̌͛ͅˏɩ˵ʍࢫʱ̛͍ࢫ̛͍ͅΘˏɾˏ̌ʳࢫˏ̌ɾʍͅʍ̌ɾʍ̌ͩࢫ̛Θʍ͍͛ˏʳ˂ͩࢫ̛ʱࢫͩ˂ʍࢫ -̛̆ͅɄ̌Ω࣭͛ࢫё̌Ʉ̌ɲˏɄ˵ࢫ͍ʍ̛͍ͩͅˏ̌ʳࢷࢫˏ̌ͩʍ͍̌Ʉ˵ࢫɲ̛̛͍̌ͩ˵͛ࢷࢫ͍ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢷࢫɄ̌ɾࢫɄͷɾˏͩࢫʱͷ̌ɲͩˏ̛̌͛ࢷࢫ with a view to assuring stakeholders that: • ė˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫё̌Ʉ̌ɲˏɄ˵ࢫ͛ͩɄͩʍ̆ʍ̌ͩ͛ࢫɄ͍ʍࢫɄɲɲͷ͍ɄͩʍࢫɄ̌ɾࢫ͍ʍ˵ˏɄɩ˵ʍࢶ • The Company has adequate and effective internal controls in place. • The audit function operates with independence and effectiveness. ̌ࢫʱͷ˵ё˵̆ʍ̌ͩࢫ̛ʱࢫˏͩ͛ࢫ̆Ʉ̌ɾɄͩʍࢷࢫͩ˂ʍࢫ-̛̆̆ˏͩͩʍʍࢫʍΦʍ͍ɲˏ͛ʍ͛ࢫ̛Θʍ͍͛ˏʳ˂ͩࢫɄɲ̛͍͛͛ࢫͩ˂ʍࢫʱ̛˵˵̛Νˏ̌ʳࢫɄ͍ʍɄ͛ࢸ • Financial Reporting ࢫࣔࢫȞ͛ͷ͍ˏ̌ʳࢫͩ˂ʍࢫˏ̌ͩʍʳ͍ˏͩΩࢫɄ̌ɾࢫɄɲɲͷ͍ɄɲΩࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫё̌Ʉ̌ɲˏɄ˵ࢫ͛ͩ Ʉͩʍ̆ʍ̌ͩ͛ࢫɄ̌ɾࢫ͍ʍΘˏʍΝˏ̌ʳࢫ͛ˏʳ̌ˏёɲɄ̌ͩࢫɄɲɲ̛ͷ̌ͩˏ̌ʳࢫ̛ͅ˵ˏɲˏʍ͛ࢫɄ̌ɾࢫ͍ͅɄɲͩˏɲʍ͛ࢶ • Internal Controls — Monitoring the effectiveness of the Company’s internal control systems and recommending improvements where necessary. • External Audit ࣔ ࢫÌΘʍ͍͛ʍʍˏ̌ʳࢫͩ˂ʍࢫ͛ʍ˵ʍɲͩˏ̛̌ࢫɄ̌ɾࢫɄ̛ͅͅˏ̌ͩ̆ʍ̌ͩࢫ̛ʱࢫͩ˂ʍࢫʍΦͩʍ͍̌Ʉ˵ࢫɄͷɾˏ̛͍ͩࢫ and reviewing the auditor’s independence and effectiveness. • Risk Management ࣔ ࢫ\u0001͛͛ʍ͛͛ˏ̌ʳࢫͩ˂ʍࢫɄɾʍ͋ͷɄɲΩࢫɄ̌ɾࢫʍʱʱʍɲͩˏΘʍ̌ʍ͛͛ࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫ͍ ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ̛͍ͅɲʍ͛͛ʍ͛ࢫɄ̌ɾࢫʍΘɄ˵ͷɄͩˏ̌ʳࢫ͛ˏʳ̌ˏёɲɄ̌ͩࢫ͍ˏ͛ˬࢫʍΦ̛͛ͅͷ͍ʍ͛ࢫɄ̌ɾࢫɄ̛͛͛ɲˏɄͩʍɾࢫ mitigation strategies. • Compliance and Legal Matters ࣔ ࢫȞ͛ͷ͍ˏ̌ʳࢫͩ˂ɄͩࢫɄࢫ̛͍ɩͷ͛ͩࢫʱ͍Ʉ̆ʍΝ̛͍ˬࢫˏ͛ࢫˏ̌ࢫͅ˵Ʉɲʍࢫ̛ͩࢫ monitor and assure compliance with all relevant laws and regulations, and overseeing ˵ʍʳɄ˵ࢫ̆Ʉͩͩʍ͍͛ࢫͩ˂Ʉͩࢫ̆ɄΩࢫ˂ɄΘʍࢫɄࢫ̆Ʉͩʍ͍ˏɄ˵ࢫɩʍɄ͍ˏ̌ʳࢫ̛̌ࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫё̌Ʉ̌ɲˏɄ˵ࢫ͛ͩɄͩʍ̆ʍ̌ͩ͛ࢶࢫ • Ethical Conduct ࣔ ࢫȞ͛ͷ͍ˏ̌ʳࢫͩ˂Ʉͩࢫͩ˂ʍࢫ-̛̆ͅɄ̌ΩࢫɄɾ˂ʍ͍ʍ͛ࢫ̛ͩࢫˏͩ͛ࢫ-̛ɾʍࢫ̛ʱࢫ-̛̌ɾͷɲͩࢫ and ethical standards, and maintaining oversight of the Company’s commitment to combating fraud, corruption, and other unethical practices, including the administration of the whistleblowing programme. ė˂ʍࢫ͛ͅʍɲˏёɲࢫ̛͍˵ʍ͛ࢫɄ̌ɾࢫ͍ʍ̛͛̌͛ͅˏɩˏ˵ˏͩˏʍ͛ࢫ̛ʱࢫͩ˂ʍࢫ\u0001ͷɾˏͩࢫ-̛̆̆ˏͩͩʍʍࢫɄ͍ʍࢫ͛ʍͩࢫ̛ͷͩࢫˏ̌ࢫͩ˂ʍࢫ\u0001ͷɾˏͩࢫ Committee Charter approved by the Board, which is available on the Company’s website at www.mayberryinv.com/investor-relations. The Charter is consistent with the principles ̛ ʱࢫͩ˂ʍࢫöĊÌࢫ-̛̛͍͍ͅɄͩʍࢫn̛Θʍ͍̌Ʉ̌ɲʍࢫ-̛ɾʍ࠴࠵࠳࠵ࢫࢷࢫΝ˂ˏɲ˂ࢫ͍ʍ͋ͷˏ͍ʍ͛ࢫͩ˂ɄͩࢫɄͩࢫ˵ʍɄ͛ͩࢫͩ˂͍ʍʍࢫ̆ʍ̆ɩʍ͍͛ࢫ̛ ʱࢫͩ˂ʍࢫ\u0001ͷɾˏͩࢫ-̛̆̆ˏͩͩʍʍࢫɩʍࢫˏ̌ɾʍͅʍ̌ɾʍ̌ͩࢫ̛࣒̌̌ʍΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩ͛ࢷࢫ̛̌ʍࢫ̛ʱࢫΝ˂̛̆ࢫ͛˂̛ͷ˵ɾࢫ̛͛͛ͅ ʍ͛͛ࢫ͍ʍɲʍ̌ͩࢫɄ̌ɾࢫ͍ʍ˵ʍΘɄ̌ͩࢫё̌Ʉ̌ɲˏɄ˵ࢫʍΦͅʍ͍ˏʍ̌ɲʍࢶ Nominations and Corporate Governance Committee ė˂ʍࢫ½̛̆ˏ̌Ʉͩˏ̛̌͛ࢫɄ̌ɾࢫ-̛̛͍͍ͅɄͩʍࢫn̛Θʍ͍̌Ʉ̌ɲʍࢫ-̛̆̆ˏͩͩʍʍࢫ˂Ʉ͛ࢫɩʍʍ̌ࢫʍ͛ͩɄɩ˵ˏ͛˂ʍɾࢫɩΩࢫ the Board to enhance its effectiveness in overseeing matters relating to Director nominations, corporate governance, and Board performance. The Committee’s purpose ˏ͛ࢫ̛ͩࢫʍ̌͛ͷ͍ʍࢫͩ˂Ʉͩࢫͩ˂ʍࢫ%̛Ʉ͍ɾ࣭͛ࢫɲ̛̛̆͛ͅˏͩˏ̛̌ࢫ͍ʍђʍɲͩ͛ࢫɄࢫɾˏΘʍ͍͛ʍࢫɄ̌ɾࢫΝʍ˵˵࣒ɩɄ˵Ʉ̌ɲʍɾࢫ͍Ʉ̌ʳʍࢫ̛ʱࢫ͛ ˬˏ˵˵͛ࢫɄ̌ɾࢫʍΦͅʍ͍ͩˏ͛ʍࢷࢫɄ̌ɾࢫ̛ͩࢫ̛̛͍̆ͩͅʍࢫɄ̌ɾࢫͷͅ˂̛˵ɾࢫ̛͍ɩͷ͛ͩࢫɲ̛̛͍͍ͅɄͩʍࢫʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ͍ͅˏ̌ɲˏͅ˵ʍ͛ࢫ in alignment with the foundational values of fairness, accountability, independence, responsibility, stewardship, and transparency. 36 Assets and Liabilities Committee ė˂ʍࢫ\u0001͛͛ʍͩ͛ࢫɄ̌ɾࢫ§ˏɄɩˏ˵ˏͩˏʍ͛ࢫ-̛̆̆ˏͩͩʍʍࢫࣜ\u0001§-Ìࣝࢫ˂Ʉ͛ࢫɩʍʍ̌ࢫʍ͛ͩɄɩ˵ˏ͛˂ʍɾࢫɩΩࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫ̛ͩࢫ̛͍ͅΘˏɾʍࢫ oversight and strategic guidance in relation to the management of the Company’s assets Ʉ̌ɾࢫ˵ˏɄɩˏ˵ˏͩˏʍ͛ࢶࢫÌͅʍ͍Ʉͩˏ̌ʳࢫɄ͛ࢫɄࢫ͛ͷɩ࣒ɲ̛̆̆ˏͩͩʍʍࢫ̛ʱࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫΝˏͩ˂ˏ̌ࢫͩ˂ʍࢫn̛͍ͷ࣭͛ͅࢫ̛Θʍ͍Ʉ͍ɲ˂ˏ̌ʳࢫ ʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ͍͛ͩͷɲͩͷ͍ʍࢷࢫ\u0001§-Ì࣭͛ࢫͅͷ̛͍͛ͅʍࢫˏ͛ࢫ̛ͩࢫʍ̌͛ͷ͍ʍࢫͩ˂ʍࢫʍʱʱʍɲͩˏΘʍࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ̛ʱࢫͩ˂ʍࢫ -̛̆ͅɄ̌Ω࣭͛ࢫё̌Ʉ̌ɲˏɄ˵ࢫ͍ʍ̛͛ͷ͍ɲʍ͛ࢷࢫ̛ͩͅˏ̆ˏ͛ʍࢫͩ˂ʍࢫɩɄ˵Ʉ̌ɲʍࢫɩʍͩΝʍʍ̌ࢫɄ͛͛ʍͩ͛ࢫɄ̌ɾࢫ˵ˏɄɩˏ˵ˏͩˏʍ͛ࢷࢫɄ̌ɾࢫ align risk management practices with the Company’s strategic objectives. ̌ࢫʱͷ˵ё˵̆ʍ̌ͩࢫ̛ʱࢫˏͩ͛ࢫ̆Ʉ̌ɾɄͩʍࢷࢫͩ˂ʍࢫ-̛̆̆ˏͩͩʍʍࢫʍΦʍ͍ɲˏ͛ʍ͛ࢫ̛Θʍ͍͛ˏʳ˂ͩࢫɄɲ̛͍͛͛ࢫͩ˂ʍࢫʱ̛˵˵̛Νˏ̌ʳࢫɄ͍ʍɄ͛ࢸ • Ċ͍ͩɄͩʍʳˏɲࢫɄ͛͛ʍͩࢫɄ̌ɾࢫ˵ˏɄɩˏ˵ˏͩΩࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢶ • þˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢶ • Liquidity management. • Interest rate management. • Market risk management. • Capital adequacy. Compliance and Data Protection Committee The Compliance and Data Protection Committee is responsible for overseeing the Company’s adherence to applicable legal and regulatory requirements and monitoring the effectiveness of the Company’s internal control systems. The Committee’s purpose is to safeguard the integrity, legality, and ethical conduct of the Company by providing oversight of regulatory compliance and ensuring the robust protection of sensitive information in accordance with applicable data protection and privacy standards. Remuneration Committee ė˂ʍࢫþʍ̆ͷ̌ʍ͍Ʉͩˏ̛̌ࢫ-̛̆̆ˏͩͩʍʍࢫ˂Ʉ͛ࢫɩʍʍ̌ࢫʍ͛ͩɄɩ˵ˏ͛˂ʍɾࢫ̛ͩࢫ̛Θʍ͍͛ʍʍࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫ remuneration policies and practices, ensuring they are aligned with the Company’s strategic objectives, performance goals, and corporate governance best practices. The Committee’s mandate encompasses oversight of the following: • HΦʍɲͷͩˏΘʍࢫɲ̛̆ͅʍ̌͛Ʉͩˏ̛̌ࢶ • Performance evaluation frameworks. • H͋ͷˏͩΩ࣒ɩɄ͛ʍɾࢫˏ̌ɲʍ̌ͩˏΘʍࢫɄ͍͍Ʉ̌ʳʍ̆ʍ̌ͩ͛ࢶ 37 Directors’ Remuneration The Company is committed to ensuring that Director remuneration is equitable, competitive, and aligned with the Company’s strategic objectives. Compensation is ͍͛ͩ ͷɲͩͷ͍ʍɾࢫ̛ͩࢫ͍ʍђʍɲͩࢫͩ˂ʍࢫͩˏ̆ʍࢫɲ̛̆̆ˏͩ̆ʍ̌ͩࢷࢫ͍ʍ̛͛̌͛ͅˏɩˏ˵ˏͩˏʍ͛ࢷࢫɄ̌ɾࢫʍΦͅʍ͍ͩˏ͛ʍࢫɄ̛͛͛ɲˏɄͩʍɾࢫΝˏͩ˂ࢫ each Director’s role, with the aim of attracting, retaining, and appropriately incentivising Directors of the highest calibre. Director remuneration comprises fees only, determined by reference to each Director’s committee memberships, responsibilities, and such other factors as the Board considers relevant. Directors do not receive any form of share-based compensation; they are, however, encouraged to acquire shares in the Company through open-market purchases, reinforcing their alignment with shareholder interests. Full details of Director ͍ ʍ̆ͷ̌ʍ͍Ʉͩˏ̛̌ࢫɄ͍ʍࢫɾˏ͛ɲ˵̛͛ʍɾࢫˏ̌ࢫͩ˂ˏ͛ࢫ\u0001̌̌ͷɄ˵ࢫþʍ̛͍ͩͅࢫˏ̌ࢫͩ˂ʍࢫˏ̌ͩʍ͍ʍ͛ͩࢫ̛ʱࢫ͍ͩɄ̌͛ͅɄ͍ʍ̌ɲΩࢫɄ̌ɾࢫ accountability. Information Technology Committee ė˂ʍࢫ̌ʱ̛͍̆Ʉͩˏ̛̌ࢫėʍɲ˂̛̌˵̛ʳΩࢫ-̛̆̆ˏͩͩʍʍࢫ͛ͷ̛͍ͩ͛ͅͅࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫˏ̌ࢫʱͷ˵ё˵˵ˏ̌ʳࢫˏͩ͛ࢫ̛Θʍ͍͛ˏʳ˂ͩࢫ responsibilities for the Company’s IT risk management framework, ensuring alignment with business objectives and applicable regulatory requirements. The Committee oversees the effectiveness of IT governance structures, including policies, procedures, and internal controls, in accordance with relevant guidelines. ė˂ʍࢫ-̛̆̆ˏͩͩʍʍࢫ̛̆̌ˏ̛͍ͩ͛ࢫ͛ˏʳ̌ˏёɲɄ̌ͩࢫėࢫˏ̌Θʍ͛ͩ̆ʍ̌ͩ͛ࢫɄ̌ɾࢫ̛͍ͅ˥ʍɲͩ͛ࢫ̛ͩࢫʍ̌͛ͷ͍ʍࢫ͍ͅͷɾʍ̌ͩࢫ resource allocation and alignment with the Company’s risk appetite. It also oversees the ˏɾʍ̌ͩˏёɲɄͩˏ̛̌ࢷࢫɄ͛͛ʍ͛͛̆ʍ̌ͩࢷࢫɄ̌ɾࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ̛ʱࢫė࣒͍ʍ˵Ʉͩʍɾࢫ͍ˏ͛ˬ͛ࢷࢫˏ̌ɲ˵ͷɾˏ̌ʳࢫɲΩɩʍ͍͛ʍɲͷ͍ˏͩΩࢷࢫ and third-party service provider risks, ensuring that appropriate controls and mitigation strategies are implemented. In addition, the Committee reviews the adequacy of business continuity and disaster recovery frameworks to support operational resilience and the continuity of critical services. It receives regular reports on key risk indicators, system performance, and ̆ Ʉͩʍ͍ˏɄ˵ࢫˏ̌ɲˏɾʍ̌ͩ͛ࢷࢫɄ̌ɾࢫ̛͍ͅΘˏɾʍ͛ࢫͷͅɾɄͩʍ͛ࢫ̛ͩࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫ̛̌ࢫėࢫ͍ˏ͛ˬࢫʍΦ̛͛ͅͷ͍ʍ͛ࢷࢫɲ̛̛͍̌ͩ˵ࢫ effectiveness, and compliance with applicable regulatory requirements. 38 Board Training and Development Ì̌8ࢫ࠶ࢫʍɲʍ̆ɩʍ͍࠸࠵࠳࠵ࢫࢷ8ࢫˏ͍ʍɲ̛͍ͩ͛ࢫͅɄ͍ͩˏɲˏͅɄͩʍɾࢫˏ̌ࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫɄ̌̌ͷɄ˵ࢫ͍ͩɄˏ̌ˏ̌ʳࢫ͛ʍ͛͛ˏ̛̌ࢫ̛̌ࢫ \u0001̌ͩˏ࣒·̛̌ʍΩࢫ§Ʉͷ̌ɾʍ͍ˏ̌ʳࢫɄ̌ɾࢫ-̛ͷ̌ͩʍ͍࣒kˏ̌Ʉ̌ɲˏ̌ʳࢫ̛ʱࢫėʍ̛͍͍͍ˏ͛̆ࢫࣜ\u0001§·ࣃ-kėࣝࢷࢫʱɄɲˏ˵ˏͩɄͩʍɾࢫɩΩࢫɄ̌ࢫ ʍΦͩʍ͍̌Ʉ˵ࢫ͛ʍ͍Θˏɲʍࢫ̛͍ͅΘˏɾʍ͍ࢶࢫė˂ʍࢫ͛ʍ͛͛ˏ̛̌ࢫɲ̛Θʍ͍ʍɾࢫͩ˂ʍࢫʱ̛˵˵̛Νˏ̌ʳࢫ͛ͷɩ˥ʍɲͩࢫ̆Ʉͩͩʍ͍ࢸ AML/CFT/CFP • Money Laundering, Terrorism Financing and Proliferation Financing. • þ̛˵ʍࢫ̛ʱࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢫˏ̌ࢫ\u0001§·ࣃ-kėࣃ-köࢶ • þˏ͛ˬࢫɩɄ͛ʍɾࢫɄ̛͍ͅͅɄɲ˂ࢫˏ̌ࢫ\u0001§·ࣃ-kėࣃ-köࢫ࣓ࢫ-ͷ̛͛ͩ̆ʍ͍8ࢫͷʍ8ࢫˏ˵ˏʳʍ̌ɲʍࢷࢫH̆ͅ˵̛Ωʍʍ8ࢫͷʍࢫ 8ˏ˵ˏʳʍ̌ɲʍࢫɄ̌ɾࢫȞ˂Ʉ̌ɲʍɾ8ࢫͷʍ8ࢫˏ˵ˏʳʍ̌ɲʍࢶ • þʍΘˏʍΝࢫ̛ʱࢫė˂ʍࢫơ͍̈ɲʍʍɾ͛ࢫ̛ʱࢫ-͍ˏ̆ʍࢫ\u0001ɲͩࢷࢫ࠺࠳࠳࠵ࢫࣜöÌ-\u0001ࣝࢹࢫė˂ʍࢫėʍ̛͍͍͍ˏ͛̆ࢫö͍ʍΘʍ̌ͩˏ̛̌ࢫ\u0001ɲͩࢷࢫ ࢫ࠸࠳࠳࠵ࣜėö\u0001ࣝࢹࢫė˂ʍࢫĤ̌ˏͩʍɾࢫ½Ʉͩˏ̛̌͛ࢫĊʍɲͷ͍ˏͩΩࢫ-̛ͷ̌ɲˏ˵ࢫþʍ̛͛˵ͷͩˏ̛̌͛ࢫ̆ͅ˵ʍ̆ʍ̌ͩɄͩˏ̛̌ࢫ\u0001ɲͩࢷࢫ࠶࠴࠳࠵ࢫࣜ Ĥ½Ċ-þ\u0001ࣝࢶ Names Positions AML/CFT nɄ͍ΩࢫöʍɄ͍ͩ ½̛࣒̌HΦʍɲͷͩˏΘʍࢫ-˂Ʉˏ͍̆Ʉ̌ -˂͍ˏ̛͛ͩͅ˂ʍ͍ࢫ%ʍ͍͍Ω Non- Executive 8ˏ͍ʍɲ̛͍ͩ ̛͍̌Ʉɾࢫ%ʍ͍͍Ω Non- Executive 8ˏ͍ʍɲ̛͍ͩ H͍Νˏ̌ࢫ\u0001̌ʳͷ͛ ½̛࣒̌ࢫHΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩ öɄ͍ͩˏɲˬࢫ%ɄͩɄˏ˵˵ʍ HΦʍɲͷͩˏΘʍ8ࢫˏ͍ʍɲ̛͍ͩࣃ-˂ˏʍʱࢫ HΦʍɲͷͩˏΘʍࢫÌʱёɲʍ͍ n˵Ʉɾ̛͛ͩ̌ʍࢫ§ʍΝɄ͍͛ Independent 8ˏ͍ʍɲ̛͍ͩ \u0001˵̛ˬࢫɄˏ̌ࢫ Independent 8ˏ͍ʍɲ̛͍ͩ ŋɄ˵ͩʍ͍ࢫĊɲ̛ͩͩࢫ Independent 8ˏ͍ʍɲ̛͍ͩ 39 Staff Training \u0001˵˵ࢫ͛ͩɄʱʱࢫ̆ʍ̆ɩʍ͍͛ࢫɄ͍ʍࢫ͍ʍ͋ͷˏ͍ʍɾࢫ̛ͩࢫɲ̛̆ͅ˵ʍͩʍࢫ̆Ʉ̌ɾɄ̛͍ͩΩࢫ\u0001̌ͩˏ࣒·̛̌ʍΩࢫ§Ʉͷ̌ɾʍ͍ˏ̌ʳࢷࢫ-̛ͷ̌ͩʍ͍࣒ kˏ̌Ʉ̌ɲˏ̌ʳࢫ̛ʱࢫėʍ̛͍͍͍ˏ͛̆ࢷࢫɄ̌ɾࢫ-̛ͷ̌ͩʍ͍࣒kˏ̌Ʉ̌ɲˏ̌ʳࢫ̛ʱࢫơ͍̈˵ˏʱʍ͍Ʉͩˏ̛̌ࢫࣜ\u0001§·ࣃ-kėࣃ-köࣝࢫ͍ͩɄˏ̌ˏ̌ʳࢫ̛̌ࢫ an annual basis. This training is facilitated by the Company’s Compliance Department and concludes with a formal assessment. The results of each assessment are recorded and ͍ ʍͩɄˏ̌ʍɾࢫ̛̌ࢫͩ˂ʍࢫ͍ʍ͛ͅʍɲͩˏΘʍࢫͩʍɄ̆ࢫ̆ʍ̆ɩʍ͍࣭͛ࢫʍ̆ͅ˵̛Ωʍʍࢫё˵ʍࢶ Business Conduct and Ethical Practices ė˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫ%̛Ʉ͍ɾ࣒Ʉ̛͍ͅͅΘʍɾࢫ-̛ɾʍࢫ̛ʱࢫ-̛̌ɾͷɲͩࢫ͍ʍђʍɲͩ͛ࢫˏͩ͛ࢫё͍̆ࢫɲ̛̆̆ˏͩ̆ʍ̌ͩࢫ̛ͩࢫ upholding the highest standards of ethical behaviour across all levels of the organisation. ė˂ʍࢫ-̛ɾʍࢫˏ͛ࢫɲ̛̆ͅ˵ʍ̆ʍ̌ͩʍɾࢫɩΩࢫɄ̌ࢫHͩ˂ˏɲ͛ࢫơ̈˵ˏɲΩࢷࢫɄ˵̛͛ࢫɄ̛͍ͅͅΘʍɾࢫɩΩࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢷࢫΝ˂ˏɲ˂ࢫɄͅͅ˵ˏʍ͛ࢫ̛ͩ ࢫɄ˵˵8ࢫˏ͍ʍɲ̛͍ͩ͛ࢷࢫ̛ʱёɲʍ͍͛ࢷࢫɄ̌ɾࢫʍ̆ͅ˵̛Ωʍʍ͛ࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ωࢶ ė̛ʳʍͩ˂ʍ͍ࢷࢫͩ˂ʍ͛ʍࢫˏ͍̌͛ͩͷ̆ʍ̌ͩ͛ࢫ͛ʍͩࢫ̛ͷͩࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫʍΦͅʍɲͩɄͩˏ̛̌͛ࢫΝˏͩ˂ࢫ͍ʍ͛ͅʍɲͩࢫ̛ͩࢫͩ˂ʍࢫ̛͍ͅͅ ʍ͍ࢫɲ̛̌ɾͷɲͩࢫ̛ʱࢫɩͷ͛ˏ̌ʍ͛͛ࢫɄ̌ɾࢫʍͩ˂ˏɲɄ˵ࢫɩʍ˂ɄΘˏ̛ͷ͍ࢶ8ࢫˏ͍ʍɲ̛͍ͩ͛ࢷࢫ̛ʱёɲʍ͍͛ࢷࢫɄ̌ɾࢫʍ̆ͅ˵̛Ωʍʍ͛ࢫɄ͍ʍࢫ required to: • Comply with all applicable laws and regulations in every jurisdiction in which the Company operates. • \u0001Θ̛ˏɾࢫɲ̛̌ђˏɲͩ͛ࢫ̛ʱࢫˏ̌ͩʍ͍ʍ͛ͩࢫͩ˂Ʉͩࢫɲ̛ͷ˵ɾࢫɲ̛̛͍̆̆ͅˏ͛ʍࢫͩ˂ʍˏ͍ࢫɾͷͩˏʍ͛ࢫ̛͍ࢫͩ˂ʍࢫɩʍ͛ͩࢫˏ̌ͩʍ͍ʍ͛ͩ͛ࢫ̛ʱࢫ the Company. • Conduct themselves with honesty and integrity in all business dealings. • Ĥͅ˂̛˵ɾࢫɲ̛̌ёɾʍ̌ͩˏɄ˵ˏͩΩࢫɄ̌ɾࢫ͛ɄʱʍʳͷɄ͍ɾࢫͩ˂ʍࢫˏ̌ͩʍʳ͍ˏͩΩࢫɄ̌ɾࢫ͛ʍɲͷ͍ˏͩΩࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫ assets, communications, information, and transactions. • Treat all individuals — including customers, suppliers, service providers, employees, and other stakeholders — with fairness, impartiality, and professionalism. ė˂ʍࢫ%̛Ʉ͍ɾࢫˏ͛ࢫ͛Ʉͩˏ͛ёʍɾࢫɄ͛ࢫ̛ͩࢫͩ˂ʍࢫɄɾʍ͋ͷɄɲΩࢫɄ̌ɾࢫʍʱʱʍɲͩˏΘʍ̌ʍ͛͛ࢫ̛ʱࢫͩ˂ʍࢫʱ͍Ʉ̆ʍΝ̛͍ˬࢫʍ͛ͩɄɩ˵ˏ͛˂ʍɾࢫ̛ͩ ࢫʍ̌͛ͷ͍ʍࢫɲ̛̌͛ˏ͛ͩʍ̌ͩࢫɄɾ˂ʍ͍ʍ̌ɲʍࢫ̛ͩࢫͩ˂ʍࢫ-̛ɾʍࢫ̛ʱࢫ-̛̌ɾͷɲͩࢫɄ̌ɾࢫHͩ˂ˏɲ͛ࢫơ̈˵ˏɲΩࢫɄɲ̛͍͛͛ࢫͩ˂ʍࢫ organisation. The Company actively cultivates a strong compliance culture through the ͍ ˏʳ̛̛͍ͷ͛ࢫʍ̌ʱ̛͍ɲʍ̆ʍ̌ͩࢫ̛ʱࢫͩ˂ʍ͛ʍࢫ̛ͅ˵ˏɲˏʍ͛ࢫɄ̌ɾࢫͩ˂ʍࢫɄͅͅ˵ˏɲɄͩˏ̛̌ࢫ̛ʱࢫё͍̆ࢫɾˏ͛ɲˏͅ˵ˏ̌Ʉ͍Ωࢫ̆ʍɄ͛ͷ͍ʍ͛ࢫ Ν˂ʍ͍ʍࢫɩ͍ʍɄɲ˂ʍ͛ࢫ̛ɲɲͷ͍ࢶࢫ%̛ͩ˂ࢫͩ˂ʍࢫ-̛ɾʍࢫ̛ʱࢫ-̛̌ɾͷɲͩࢫɄ̌ɾࢫͩ˂ʍࢫHͩ˂ˏɲ͛ࢫơ̈˵ˏɲΩࢫɄ͍ʍࢫɄΘɄˏ˵Ʉɩ˵ʍࢫ̛̌ࢫ the Company’s website at www.mayberryinv.com/investor-relations. Whistleblower Policy ė˂ʍࢫ-̛̆ͅɄ̌Ωࢫ˂Ʉ͛ࢫɄࢫ%̛Ʉ͍ɾ࣒Ʉ̛͍ͅͅΘʍɾࢫŋ˂ˏ͛ͩ˵ʍɩ˵̛Νʍ͍ࢫơ̈˵ˏɲΩࢫͩ˂Ʉͩࢫ̛͍ͅΘˏɾʍ͛ࢫɄࢫɲ̛̌ёɾʍ̌ͩˏɄ˵ 40 and anonymous channel through which all employees may report instances of illegal, unethical, or otherwise questionable conduct without fear of retaliation. The Policy is ɾʍ͛ˏʳ̌ʍɾࢫ̛ͩࢫ̛͍ͩͅʍɲͩࢫͩ˂ʍࢫˏ̌ͩʍʳ͍ˏͩΩࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫё̌Ʉ̌ɲˏɄ˵ࢫ͍ʍ̛͍ͩͅˏ̌ʳࢫɄ̌ɾࢫɩͷ͛ˏ̌ʍ͛͛ࢫ transactions, while reinforcing adherence to the Code of Conduct. The Whistleblower Policy is available on the Company’s website at www.mayberryinv.com/investor-relations. Health and Safety The health and safety of all persons within the Mayberry organisation is a matter of paramount importance and a critical component of the Company’s operational framework. Through comprehensive policies, proactive risk management measures, and ongoing training, the Company is committed to maintaining a secure and healthy environment for its employees, clients, and stakeholders. The continuous evaluation and enhancement of health and safety practices remain central to this commitment. To this end, the Company has established robust policies and procedures across the following areas: ÌɲɲͷͅɄͩˏ̛̌Ʉ˵ࢫĊɄʱʍͩΩࢫࣔࢫþʍʳͷ˵Ʉ͍ࢫˏ̌͛ͅʍɲͩˏ̛̌͛ࢫɄ͍ʍࢫɲ̛̌ɾͷɲͩʍɾࢫ̛ͩࢫˏɾʍ̌ͩˏʱΩࢫɄ̌ɾࢫɄɾɾ͍ʍ͛͛ࢫ potential hazards, including matters relating to ergonomics, electrical systems, and workplace ventilation, ensuring that the working environment meets appropriate safety standards at all times. H̆ʍ͍ʳʍ̌ɲΩࢫö͍ʍͅɄ͍ʍɾ̌ʍ͛͛ࢫࣔࢫơ̛͍̈ͩɲ̛˵͛ࢫɄ͍ʍࢫ̆Ʉˏ̌ͩɄˏ̌ʍɾࢫʱ̛͍ࢫɄࢫ͍Ʉ̌ʳʍࢫ̛ʱࢫʍ̆ʍ͍ʳʍ̌ɲΩࢫ͛ɲʍ̌Ʉ͍ˏ̛͛ࢷࢫ ˏ̌ɲ˵ͷɾˏ̌ʳࢫё͍ʍࢷࢫ̆ʍɾˏɲɄ˵ࢫʍ̆ʍ͍ʳʍ̌ɲˏʍ͛ࢷࢫɄ̌ɾࢫ̌Ʉͩͷ͍Ʉ˵ࢫɾˏ͛Ʉ͛ͩʍ͍͛ࢶࢫþʍʳͷ˵Ʉ͍ࢫɾ͍ˏ˵˵͛ࢫɄ͍ʍࢫɲ̛̌ɾͷɲͩʍɾࢫ to ensure that all employees are familiar with evacuation procedures and emergency response protocols. \u0001ɲɲˏɾʍ̌ͩࢫþʍ̛͍ͩͅˏ̌ʳࢫࣔࢫH̆ͅ˵̛Ωʍʍ͛ࢫɄ͍ʍࢫ͍ͩɄˏ̌ʍɾࢫ̛ͩࢫ͍ʍ̛͍ͩͅࢫɄɲɲˏɾʍ̌ͩ͛ࢫɄ̌ɾࢫˏ̌ɲˏɾʍ̌ͩ͛ࢫ̛͍̆ͩͅͅ˵Ωࢶࢫ Detailed records are maintained to enable the analysis of trends and the implementation of preventive measures. Ċˏɲˬࢫ§ʍɄΘʍࢫơ̈˵ˏɲΩࢫࣔࢫ-˵ʍɄ͍ࢫʳͷˏɾʍ˵ˏ̌ʍ͛ࢫʳ̛Θʍ͍̌ࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫɄ̛͍ͅͅɄɲ˂ࢫ̛ͩࢫ͛ˏɲˬࢫ˵ʍɄΘʍࢷࢫ encouraging employees to remain at home when unwell in order to safeguard the health of colleagues and prevent the spread of contagious illness. zʍɄ˵ͩ˂ࢫHɾͷɲɄͩˏ̛̌ࢫࣔࢫöʍ͍ˏ̛ɾˏɲࢫΝ̛͍ˬ͛˂̛͛ͅࢫɄ̌ɾࢫ͛ʍ̆ˏ̌Ʉ͍͛ࢫɄ͍ʍࢫɲ̛̌ɾͷɲͩʍɾࢫ̛ͩࢫ̛̛͍̆ͩͅʍࢫ employee wellbeing, covering topics such as stress management, healthy lifestyle practices, and preventive healthcare. 41 Economic and Business Environment ė˂ʍࢫ͛ͩɄ͍ͩˏ̌ʳࢫ̛ͅˏ̌ͩࢫʱ̛͍ࢫ࠸࠵࠳࠵ࢫΝɄ͛ࢫɄࢫɾˏʱёɲͷ˵ͩ࠷࠵࠳࠵ࢫࢷࢫˏ̌ࢫΝ˂ˏɲ˂ࢫͩ˂ʍࢫɄ̆ɄˏɲɄ̌ࢫʍɲ̛̛̌̆Ωࢫ ɲ̛͍̌ͩɄɲͩʍɾࢫˏ̌ࢫͩ˂ʍࢫͩ˂ˏ͍ɾࢫ͋ͷɄ͍ͩʍ͍ࢫɄ͛ࢫn8öࢫʱʍ˵˵࠶ࢫࢶ࠸य़ࢫΩʍɄ̛͍࣒࣒̌ΩʍɄ͍ࢶࢫė˂Ʉͩࢫɾʍɲ˵ˏ̌ʍࢫ͍ʍђʍɲͩʍɾࢫɄࢫ ࠵ࢶ࠵य़ࢫɾʍɲ͍ʍɄ͛ʍࢫˏ̌ࢫͩ˂ʍࢫĊʍ͍Θˏɲʍ͛ࢫ̌ɾͷ͍͛ͩˏʍ͛ࢫɄ̌ɾࢫɄࢫ̛͍̆ʍࢫ͛ʍΘʍ͍ʍ࠺ࢫࢶ࠵य़ࢫɲ̛͍̌ͩɄɲͩˏ̛̌ࢫˏ̌ࢫͩ˂ʍࢫn̛̛ɾ͛ࢫ Producing Industries — both directly attributable to the destructive impact of Hurricane %ʍ͍Ω˵ࢶࢫö͍ʍ˵ˏ̆ˏ̌Ʉ͍Ωࢫʍ͛ͩˏ̆Ʉͩʍ͛ࢫ̛ͅˏ̌ͩʍɾࢫ̛ͩࢫʱͷ͍ͩ˂ʍ͍ࢫɲ̛͍̌ͩɄɲͩˏ̛̌ࢫˏ̌ࢫͩ˂ʍࢫʱ̛ͷ͍ͩ˂ࢫ͋ͷɄ͍ͩʍ͍ࢫ̛ʱࢫ࠷࠵࠳࠵ࢫ Ʉ͛ࢫė̛͍ͅˏɲɄ˵ࢫĊ̛͍ͩ̆ࢫþɄʱɄʍ˵ࢫɄ̌ɾࢫɄࢫ͛ʍ͍ˏʍ͛ࢫ̛ʱࢫ͛ͷɩ͛ʍ͋ͷʍ̌ͩࢫ˂Ωɾ̛͍˵̛ʳˏɲɄ˵ࢫʍΘʍ̌ͩ͛ࢫɲ̛̌ͩˏ̌ͷʍɾࢫ̛ͩࢫ weigh on output. Despite those headwinds, underlying conditions in the broader economy remained ɲ̛͍̌͛ͩͷɲͩˏΘʍࢫͩ˂̛͍ͷʳ˂ࢫͩ˂ʍࢫ͍ͩɄ̌͛ˏͩˏ̛̌ࢫˏ̛̌ͩ࠸࠵࠳࠵ࢫࢶࢫ-̛̌͛ͷ̆ʍ͍ࢫɲ̛̌ёɾʍ̌ɲʍࢫɄ̌ɾࢫʍ̆ͅ˵̛Ω̆ʍ̌ͩࢫ ɲ̛̌ͩˏ̌ͷʍɾࢫ̛ͩࢫˏ̛͍̆ͅΘʍࢶࢫk̛͍ʍˏʳ̌ࢫʍΦɲ˂Ʉ̌ʳʍࢫ̆Ʉ͍ˬʍͩࢫˏ̌ђ̛Ν͛ࢫΝʍ͍ʍࢫɾʍ͛ɲ͍ˏɩʍɾࢫɄ͛ࢫɩͷ̛ΩɄ̌ͩࢫɩΩࢫͩ ˂ʍࢫ%Ʉ̌ˬࢫ̛ʱࢫɄ̆ɄˏɲɄࢷࢫɄ̌ɾࢫˏ̌ͩʍ͍̌Ʉͩˏ̛̌Ʉ˵ࢫ͍ʍ͛ʍ͍Θʍ͛ࢫ˂ʍ˵ɾࢫ̛͍͛ͩ̌ʳࢶ8ࢫ̛̆ʍ͛ͩˏɲࢫˏ̌ђɄͩˏ̛̌ࢫɾΩ̌Ʉ̆ˏɲ͛ࢫ̛͍̆ͩͅͅ ʍɾࢫͩ˂ʍ%ࢫÌࢫ̛ͩࢫ̆Ʉˏ̌ͩɄˏ̌ࢫɄɲͩˏΘʍࢫ̛̆̌ʍͩɄ͍Ωࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢷࢫΝˏͩ˂ࢫͩ˂ʍࢫ͛ͩɄͩʍɾࢫ̛ɩ˥ʍɲͩˏΘʍࢫ̛ ʱࢫˬʍʍͅˏ̌ʳࢫˏ̌ђɄͩˏ̛̌ࢫΝˏͩ˂ˏ̌ࢫˏͩ͛࠷ࢫय़ࢫ̛ͩ࠹ࢫय़ࢫͩɄ͍ʳʍͩࢫɩɄ̌ɾࢫ̛Θʍ͍ࢫͩ˂ʍࢫ̌ʍɄ͍ࢫ̛ͩࢫ̆ʍɾˏͷ̆ࢫͩʍ͍̆ࢶ Private sector investment remained supported by ongoing tourism development projects Ʉ̌ɾࢫʳ̛Θʍ͍̌̆ʍ̌ͩࢫ̆ʍɄ͛ͷ͍ʍ͛ࢫɄ̛̌̌ͷ̌ɲʍɾࢫˏ̌ࢫ˵Ʉͩʍ࠷࠵࠳࠵ࢫࢷࢫˏ̌ɲ˵ͷɾˏ̌ʳࢫɄࢫͩɄΦࢫɲ͍ʍɾˏͩࢫʱ̛͍ࢫˏ̌Θʍ͛ͩ̆ʍ̌ͩࢫ in low-income areas and the creation of a fund dedicated to public-private partnership infrastructure projects. These initiatives were part of a broader effort to diversify economic ɄɲͩˏΘˏͩΩࢫɩʍΩ̛̌ɾࢫͩ˂ʍࢫ͍ͩɄɾˏͩˏ̛̌Ʉ˵ࢫͅˏ˵˵Ʉ͍͛ࢫ̛ʱࢫ̛ͩͷ͍ˏ͛̆ࢷࢫ͍ʍ̆ˏͩͩɄ̌ɲʍ͛ࢷࢫɄ̌ɾࢫɲ̛̛̆̆ɾˏͩΩࢫʍΦ̛͍ͩ͛ͅࢶ ė˂ʍࢫɄ̆ɄˏɲɄ̌ࢫʍɲ̛̛̌̆Ωࢫ͍ʍɲ̛͍ɾʍɾࢫ̛̆ɾʍ͛ͩࢫʳ̛͍Νͩ˂ࢫ̛ʱࢫɄ̛͍ͅͅΦˏ̆Ʉͩʍ˵Ω࠳ࢫࢶ࠻य़࣓࠴ࢶ࠴य़ࢫˏ̌ࢫͩ˂ʍࢫ Ʉ̌ͷɄ͍Ω࣓·Ʉ͍ɲ˂ࢫ࠸࠵࠳࠵ࢫ͋ͷɄ͍ͩʍ͍ࢫɄ̌ɾࢫɄ̌ࢫʍ͛ͩˏ̆Ʉͩʍɾ࠴ࢫࢶ࠷य़ࢫˏ̌ࢫͩ˂ʍࢫ\u0001͍ͅˏ˵࣓ͷ̌ʍࢫ͋ͷɄ͍ͩʍ͍ࢷࢫɄ͛ࢫͩ˂ʍࢫ͍ ʍɲ̛Θʍ͍Ωࢫʱ̛͍̆ࢫzͷ͍͍ˏɲɄ̌ʍࢫ%ʍ͍Ω˵ࢫʳɄˏ̌ʍɾࢫ̛̆̆ʍ̌ͩͷ̆ࢶࢫė˂ʍࢫͩ˂ˏ͍ɾࢫ͋ͷɄ͍ͩʍ͍ࢫ̛ʱࢫ࠸࠵࠳࠵ࢫɾʍ˵ˏΘʍ͍ʍɾࢫͩ ˂ʍࢫ̛͍͛ͩ̌ʳʍ͛ͩࢫͅʍ͍ʱ̛͍̆Ʉ̌ɲʍࢫ̛ʱࢫͩ˂ʍࢫΩʍɄ͍ࢸࢫɄɲɲ̛͍ɾˏ̌ʳࢫ̛ͩࢫͩ˂ʍࢫĊͩɄͩˏ͛ͩˏɲɄ˵ࢫ̌͛ͩˏͩͷͩʍࢫ̛ʱࢫɄ̆ɄˏɲɄࢫࣜ Ċė\u0001ė½ࣝࢷࢫn8öࢫʍΦͅɄ̌ɾʍɾࢫɩΩ࠸ࢫࢶ࠴य़ࢫΩʍɄ̛͍࣒࣒̌ΩʍɄ͍ࢫࣔࢫɄࢫͩ˂͍ʍʍ࣒ΩʍɄ͍ࢫ˂ˏʳ˂ࢫࣔࢫɾ͍ˏΘʍ̌ࢫɩΩࢫɄࢫ˵̛Ν࣒ ɩɄ͛ʍࢫ͍ʍɲ̛Θʍ͍Ωࢫʱ̛͍̆ࢫ%ʍ͍Ω˵࣭͛ࢫ̛ͷͩ͛ˏηʍɾࢫˏ̆ͅɄɲͩࢫˏ̌ࢫͷ˵Ω࣓Ċʍͩͅʍ̆ɩʍ͍࠷࠵࠳࠵ࢫࢶࢫ-̛̆ͅɄ͍ʍɾࢫ̛ͩࢫͩ˂ʍࢫ ˏ̆̆ʍɾˏɄͩʍ˵Ωࢫ͍ͅʍɲʍɾˏ̌ʳࢫ͋ͷɄ͍ͩʍ͍ࢷࢫn8öࢫ̛͍͛ʍࢫɩΩ࠴ࢫࢶ࠴य़ࢷࢫ̆Ʉ͍ˬˏ̌ʳࢫͩ˂ʍࢫͩ˂ˏ͍ɾࢫɲ̛̌͛ʍɲͷͩˏΘʍࢫ͋ͷɄ͍ͩʍ͍ࢫ̛ ʱࢫ͛ʍ͋ͷʍ̌ͩˏɄ˵ࢫʍΦͅɄ̌͛ˏ̛̌ࢶ 45 ė˂ʍࢫʱ̛ͷ͍ͩ˂ࢫ͋ͷɄ͍ͩʍ͍ࢫˏ͛ࢫʍΦͅʍɲͩʍɾࢫ̛ͩࢫɩ͍ˏ̌ʳࢫɄ̌ࢫɄɩ͍ͷͩͅࢫ͍ʍΘʍ͍͛Ʉ˵ࢶࢫzͷ͍͍ˏɲɄ̌ʍࢫ·ʍ˵ˏ͛͛Ʉࢫ̆Ʉɾʍࢫ ˵Ʉ̌ɾʱɄ˵˵ࢫˏ̌ࢫÌɲ̛ͩɩʍ͍ࢫ࠸࠵࠳࠵ࢫɄ͛ࢫɄࢫ-Ʉͩʍʳ̛͍Ωࢫ࠸ࢫ̛͍͛ͩ̆ࢷࢫɲɄͷ͛ˏ̌ʳࢫΝˏɾʍ͍͛ͅʍɄɾࢫɾʍ͍͛ͩͷɲͩˏ̛̌ࢫɄɲ̛͍͛͛ࢫ Ʉ˵˵ࢫˏ̌ɾͷ͍͛ͩˏʍ͛ࢶࢫė˂ʍࢫö˵Ʉ̌̌ˏ̌ʳࢫ̌͛ͩˏͩͷͩʍࢫ̛ʱࢫɄ̆ɄˏɲɄࢫࣜöÌࣝࢫ̛͍ͅ˥ʍɲͩʍɾࢫɄࢫn8öࢫɲ̛͍̌ͩɄɲͩˏ̛̌ࢫ̛ʱࢫ ɩʍͩΝʍʍ̌࠴࠴ࢫय़ࢫɄ̌ɾ࠶࠴ࢫय़ࢫʱ̛͍ࢫÌɲ̛ͩɩʍ͍࣓8ʍɲʍ̆ɩʍ͍࠸࠵࠳࠵ࢫࢷࢫΝ˂ˏɲ˂ࢫΝɄ͛ࢫʍΦͅʍɲͩʍɾࢫ̛ͩࢫɾ͍Ʉʳࢫͩ˂ʍࢫʱͷ˵˵ࢫ ё͛ɲɄ˵ࢫΩʍɄ͍࠸࠵࠳࠵ࢫࣃࢫ࠹࠵ˏ̛̌ͩࢫ̌ʍʳɄͩˏΘʍࢫͩʍ͍͍ˏ̛͍ͩΩࢫ̛ʱࢫɄ̛͍ͅͅΦˏ̆Ʉͩʍ˵Ω࠶ࢫय़ࢶ ̌ђɄͩˏ̛̌ ̌ђɄͩˏ̛̌ࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫΝɄ͛ࢫɄࢫɲ˵ʍɄ͍ࢫ͛ͷɲɲʍ͛͛ࢫ̛͍͛ͩΩࢫˏ̌࠸࠵࠳࠵ࢫࢶࢫ\u0001ʱͩʍ͍ࢫzͷ͍͍ˏɲɄ̌ʍࢫ%ʍ͍Ω˵ࢫͅͷ͛˂ʍɾࢫ ˂ʍɄɾ˵ˏ̌ʍࢫˏ̌ђɄͩˏ̛̌ࢫ̛ͩࢫɄࢫͅʍɄˬࢫ̛ʱ࠹ࢫࢶ࠸य़ࢫˏ̌ࢫ\u0001ͷʳͷ͛ͩ࠷࠵࠳࠵ࢫࢷࢫ͍ͅˏɲʍࢫ͍ͅʍ͛͛ͷ͍ʍ͛ࢫʍɄ͛ʍɾࢫ̛͍ͅʳ͍ʍ͛͛ˏΘʍ˵Ωࢫ Ʉ͛ࢫΝʍɄͩ˂ʍ͍࣒͍ʍ˵Ʉͩʍɾࢫʱ̛̛ɾࢫ͛ͷͅͅ˵Ωࢫ͛˂̛ɲˬ͛ࢫͷ̌Ν̛ͷ̌ɾࢶ%ࢫΩࢫɄ̌ͷɄ͍Ω࠹࠵࠳࠵ࢫࢷࢫͩ˂ʍࢫ̛ͅˏ̛̛࣒࣒̌ͩͩͅˏ̌ͩࢫ ˏ̌ђɄͩˏ̛̌ࢫ͍Ʉͩʍࢫ˂ɄɾࢫʱɄ˵˵ʍ̌ࢫ̛ͩ࠶ࢫࢶ࠼य़ࢷࢫɩʍ˵̛Νࢫͩ˂ʍࢫ˵̛Νʍ͍ࢫɩ̛ͷ̌ɾࢫ̛ʱࢫͩ˂ʍࢫ%Ʉ̌ˬࢫ̛ʱࢫɄ̆ɄˏɲɄ࣭͛࠷ࢫ࣓࠹य़ࢫͩ Ʉ͍ʳʍͩࢫ͍Ʉ̌ʳʍࢷࢫ͍ʍ͍ͅʍ͛ʍ̌ͩˏ̌ʳࢫɄ࠳ࢫࢶࢫ࠹ͅʍ͍ɲʍ̌ͩɄʳʍࢫ̛ͅˏ̌ͩࢫɾʍɲ˵ˏ̌ʍࢫʱ̛͍̆ࢫͩ˂ʍ࠷ࢫࢶ࠸य़ࢫ͍ʍɲ̛͍ɾʍɾࢫˏ̌ࢫ ࢶ࠸࠵࠳࠵ࢫ8ʍɲʍ̆ɩʍ͍ Ì̌ࢫɄࢫʱͷ˵˵࣒ΩʍɄ͍ࢫɩɄ͛ˏ͛ࢷࢫͩ˂ʍࢫɾˏΘˏ͛ˏ̛̌͛ࢫɲ̛͍̌ͩˏɩͷͩˏ̌ʳࢫ̛̆͛ͩࢫ̛ͩࢫͩ˂ʍࢫɄ̌ͷɄ͍Ω࠸࠵࠳࠵ࢫ࣓Ʉ̌ͷɄ͍Ωࢫ࠹࠵࠳࠵ࢫ ˏ̌ђɄͩˏ̛̌ࢫ̛ͷͩͩͷ͍̌ࢫ̛ʱ࠶ࢫࢶ࠼य़ࢫΝʍ͍ʍࢫk̛̛ɾࢫɄ̌ɾࢫ½̛࣒̌\u0001˵ɲ̛˂̛˵ˏɲࢫ%ʍΘʍ͍Ʉʳʍ͛ࢫࣜॆ࠸ࢶ࠺य़ࣝࢷࢫz̛ͷ͛ˏ̌ʳࢷࢫ ŋɄͩʍ͍ࢷࢫH˵ʍɲ͍ͩˏɲˏͩΩࢷࢫnɄ͛ࢫɄ̌ɾࢫÌͩ˂ʍ͍ࢫkͷʍ˵͛ࢫࣜॆ࠷ࢶ࠹य़ࣝࢷࢫɄ̌ɾࢫöʍ̛͍͛̌Ʉ˵ࢫ-Ʉ͍ʍࢷࢫĊ̛ɲˏɄ˵ࢫơ͍̈ͩʍɲͩˏ̛̌ࢫ Ʉ̌ɾࢫ·ˏ͛ɲʍ˵˵Ʉ̌ʍ̛ͷ͛ࢫn̛̛ɾ͛ࢫɄ̌ɾࢫĊʍ͍Θˏɲʍ͛ࢫࣜॆ࠷ࢶ࠴य़ࣝࢶࢫ-̛͍ʍࢫˏ̌ђɄͩˏ̛̌ࢷࢫΝ˂ˏɲ˂ࢫʍΦɲ˵ͷɾʍ͛ࢫʱ̛̛ɾࢫɄ̌ɾࢫ fuel, also eased over the course of the year, reinforcing the Bank of Jamaica’s view that ͷ̌ɾʍ͍˵Ωˏ̌ʳࢫˏ̌ђɄͩˏ̛̌Ʉ͍Ωࢫ͍ͅʍ͛͛ͷ͍ʍ͛ࢫΝʍ͍ʍࢫ͛ͷɩ͛ˏɾˏ̌ʳࢶ 46 Monetary Policy and Interest Rates ė˂ʍࢫ%Ʉ̌ˬࢫ̛ʱࢫɄ̆ɄˏɲɄࢫ͍ʍ̛͛̌ͅɾʍɾࢫ̛ͩࢫͩ˂ʍࢫˏ̛͍̆ͅΘˏ̌ʳࢫˏ̌ђɄͩˏ̛̌ࢫʍ̌Θˏ̛͍̌̆ʍ̌ͩࢫΝˏͩ˂ࢫɄࢫ ɲ̛̌ͩˏ̌ͷɄͩˏ̛̌ࢫ̛ʱࢫˏͩ͛ࢫʍɄ͛ˏ̌ʳࢫɲΩɲ˵ʍࢶࢫ̌ࢫ·ɄΩ࠸࠵࠳࠵ࢫࢷࢫͩ˂ʍࢫ·̛̌ʍͩɄ͍Ωࢫơ̈˵ˏɲΩࢫ-̛̆̆ˏͩͩʍʍࢫ͍ʍɾͷɲʍɾࢫͩ ˂ʍࢫ̛Θʍ͍̌ˏʳ˂ͩࢫ̛ͅ˵ˏɲΩࢫ͍ɄͩʍࢫɩΩࢫ࠸࠵ࢫɩɄ͛ˏ͛ࢫ̛ͅˏ̌ͩ͛ࢫ̛ͩ࠸ࢫࢶ࠸࠺य़ࢷࢫɲˏͩˏ̌ʳࢫɩʍ˵̛Ν࣒ͩɄ͍ʳʍͩࢫˏ̌ђɄͩˏ̛̌ࢫɄ̌ɾࢫɄࢫ ɩ̛͍Ʉɾ˵Ωࢫ͛ͩɄɩ˵ʍࢫʍΦͩʍ͍̌Ʉ˵ࢫʍ̌Θˏ̛͍̌̆ʍ̌ͩࢶࢫ\u0001ࢫʱͷ͍ͩ˂ʍ͍ࢫɲͷͩࢫ̛ʱࢫ࠸࠵ࢫɩɄ͛ˏ͛ࢫ̛ͅˏ̌ͩ͛ࢫ̛ͩ࠸ࢫࢶ࠳࠸य़ࢫࣔࢫʍʱʱʍɲͩˏΘʍࢫ kʍɩ͍ͷɄ͍Ω࠷࠵ࢫࢷࢫ࠹࠵࠳࠵ࢫࣔࢫʱ̛˵˵̛Νʍɾࢷࢫ͍ʍђʍɲͩˏ̌ʳࢫɄࢫʱɄ͛ͩʍ͍࣒ͩ˂Ʉ࣒̌ʍΦͅʍɲͩʍɾࢫ͍ʍɲ̛Θʍ͍Ωࢫʱ̛͍̆ࢫzͷ͍͍ˏɲɄ̌ʍࢫ ·ʍ˵ˏ͛͛ɄࢫɄ̌ɾࢫͩ˂ʍࢫ͍ʍͩͷ͍̌ࢫ̛ʱࢫ˂ʍɄɾ˵ˏ̌ʍࢫˏ̌ђɄͩˏ̛̌ࢫ̛ͩ࠶ࢫࢶ࠼य़ࢫˏ̌ࢫɄ̌ͷɄ͍Ω࠹࠵࠳࠵ࢫ 47 Foreign Exchange ė˂ʍࢫɄ̆ɄˏɲɄ̌ࢫɾ̛˵˵Ʉ͍ࢫʍΦ˂ˏɩˏͩʍɾࢫ̛̆ɾʍ͍ɄͩʍࢷࢫΝʍ˵˵࣒ɲ̛̌ͩɄˏ̌ʍɾࢫΘ̛˵Ʉͩˏ˵ˏͩΩࢫɄʳɄˏ̌͛ͩࢫͩ˂ʍࢫĤĊࢫɾ̛˵˵Ʉ͍ࢫ̛ Θʍ͍ࢫͩ˂ʍࢫ͍ʍΘˏʍΝࢫͅʍ͍ˏ̛ɾࢶࢫė˂ʍࢫʍΦɲ˂Ʉ̌ʳʍࢫ͍Ʉͩʍࢫ̛ͅʍ̌ʍɾࢫɄ̌ͷɄ͍Ωࢫ࠷࠵࠳࠵ࢫɄͩ࠹࠸࠴ࢫࢶࢫ࠵࠷·8ࣃĤĊ8ࢫɄ̌ɾࢫ ɾʍ͍ͅʍɲˏɄͩʍɾࢫʳ͍ɄɾͷɄ˵˵Ωࢫͩ˂̛͍ͷʳ˂ࢫͩ˂ʍࢫΩʍɄ͍ࢷࢫ͍ʍɄɲ˂ˏ̌ʳ࠼࠸࠴ࢫࢶࢫ࠷࠴·8ࣃĤĊ8ࢫɩΩࢫÌɲ̛ͩɩʍ͍ࢫ࠷࠵࠳࠵ࢫࣔࢫɄࢫ ɾʍ͍ͅʍɲˏɄͩˏ̛̌ࢫ̛ʱࢫɄ̛͍ͅͅΦˏ̆Ʉͩʍ˵Ω࠴ࢫࢶ࠺य़ࢶࢫė˂ʍࢫɲͷ͍͍ʍ̌ɲΩࢫ˵Ʉ͍ʳʍ˵Ωࢫ͍ʍɲ̛Θʍ͍ʍɾࢫɩΩࢫΩʍɄ͍࣒ʍ̌ɾࢷࢫɲ˵̛͛ˏ̌ʳࢫ 8ʍɲʍ̆ɩʍ͍࠴࠶ࢫࢷࢫ࠷࠵࠳࠵ࢫɄͩ࠹࠸࠴ࢫࢶࢫ࠵࠷·8ࣃĤĊ8ࢷࢫʍʱʱʍɲͩˏΘʍ˵Ωࢫͷ̌ɲ˂Ʉ̌ʳʍɾࢫʱ̛͍̆ࢫͩ˂ʍࢫ͛ͩɄ͍ͩࢫ̛ʱࢫͩ˂ʍࢫΩʍɄ͍ࢶ ̌࠸࠵࠳࠵ࢫࢷࢫɾʍ͍ͅʍɲˏɄͩˏ̛̌ࢫ͍ͅʍ͛͛ͷ͍ʍ͛ࢫˏ̌ͩʍ̌͛ˏёʍɾࢫ̛͛̆ʍΝ˂Ʉͩࢶࢫė˂ʍࢫʍΦɲ˂Ʉ̌ʳʍࢫ͍Ʉͩʍࢫ̛̆Θʍɾࢫʱ̛͍̆ࢫ ࢫɄࢫࣔࢫ࠸࠵࠳࠵ࢫÌɲ̛ͩɩʍ͍ࢫˏ̌ࢫ8ࣃĤĊ8·ࢫ࠻࠶ࢶ࠴࠹࠴ࢫ̛ʱࢫͅʍɄˬࢫͩΝ̛࣒ΩʍɄ͍ࢫɄࢫ̛ͩࢫɄ̌ͷɄ͍Ωࢫˏ̌ࢫ8ࣃĤĊ8·ࢫ࠵࠻ࢶ࠺࠸࠴ ɾʍ͍ͅʍɲˏɄͩˏ̛̌ࢫ̛ʱࢫɄ̛͍ͅͅΦˏ̆Ʉͩʍ˵Ω࠵ࢫࢶ࠶य़ࢫ̛Θʍ͍ࢫͩ˂Ʉͩࢫͩʍ̛࣒̌̆̌ͩ˂ࢫͅʍ͍ˏ̛ɾࢷࢫɲ̛ˏ̌ɲˏɾˏ̌ʳࢫΝˏͩ˂ࢫͩ˂ʍࢫ ʍɲ̛̛̌̆ˏɲࢫ͛˂̛ɲˬࢫʱ̛͍̆ࢫzͷ͍͍ˏɲɄ̌ʍࢫ·ʍ˵ˏ͛͛Ʉࢶࢫ\u0001ࢫ̛̌ͩɄɩ˵ʍࢫɲ̛͍͍ʍɲͩˏ̛̌ࢫʱ̛˵˵̛ΝʍɾࢸࢫɩΩࢫɄ̌ͷɄ͍Ω࠹࠵࠳࠵ࢫࢷࢫͩ ˂ʍࢫ͍Ʉͩʍࢫ˂ɄɾࢫɄ͍ͅͅʍɲˏɄͩʍɾࢫ̛ͩ࠺࠸࠴ࢫࢶࢫ࠷࠸·8ࣃĤĊ8ࢷࢫ͍ʍ͍ͅʍ͛ʍ̌ͩˏ̌ʳࢫɄࢫ͍ʍɲ̛Θʍ͍Ωࢫ̛ʱࢫɄ̛͍ͅͅΦˏ̆Ʉͩʍ˵Ωࢫ ࠵ࢶ࠷य़ࢫʱ̛͍̆ࢫͩ˂ʍࢫÌɲ̛ͩɩʍ͍ࢫͅʍɄˬࢫɄ̌ɾࢫɩ͍ˏ̌ʳˏ̌ʳࢫͩ˂ʍࢫɲͷ͍͍ʍ̌ɲΩࢫɩ̛͍Ʉɾ˵ΩࢫɩɄɲˬࢫˏ̌ࢫ˵ˏ̌ʍࢫΝˏͩ˂ࢫ ʍɄ͍˵Ω࣒ࢫ࠷࠵࠳࠵˵ʍΘʍ˵͛ࢶ \u0001ɲ̛͍͛͛ࢫͩ˂ʍࢫʱͷ˵˵ࢫͩΝ̛࣒ΩʍɄ͍ࢫΝˏ̌ɾ̛Νࢷࢫͩ˂ʍࢫɄ̆ɄˏɲɄ̌ࢫɾ̛˵˵Ʉ͍ࢫ͍ͩɄɾʍɾࢫΝˏͩ˂ˏ̌ࢫɄࢫ͍ʍ˵ɄͩˏΘʍ˵Ωࢫɲ̛̌ͩɄˏ̌ʍɾࢫ ɩɄ̌ɾࢫ̛ʱࢫɄ̛͍ͅͅΦˏ̆Ʉͩʍ˵Ω࠸࠸࠴ࢫ࣓ࢫ࠴࠹࠴·8ࣃĤĊ8ࢶࢫė˂ˏ͛ࢫͅɄͩͩʍ͍̌ࢫˏ͛ࢫɲ̛̌͛ˏ͛ͩʍ̌ͩࢫΝˏͩ˂ࢫͩ˂ʍࢫ%Ʉ̌ˬࢫ̛ʱࢫ Ʉ̆ɄˏɲɄ࣭͛ࢫɲ˂Ʉ͍Ʉɲͩʍ͍ˏ͛Ʉͩˏ̛̌ࢫ̛ʱࢫͩ˂ʍࢫʍΦɲ˂Ʉ̌ʳʍࢫ͍ɄͩʍࢫɄ͛ࢫɩ̛͍Ʉɾ˵Ωࢫ͛ͩɄɩ˵ʍࢷࢫ͛ͷ̛͍ͩͅͅʍɾࢫɩΩࢫ͛ͩʍɄɾΩࢫ ɾ̛˵˵Ʉ͍ˏ͛Ʉͩˏ̛̌ࢫ͍Ʉͩˏ̛͛ࢫɄ̌ɾࢫɲ̛̌ͩˏ̌ͷʍɾࢫͅͷɩ˵ˏɲࢫɲ̛̌ёɾʍ̌ɲʍࢫˏ̌ࢫͩ˂ʍࢫɾ̛̆ʍ͛ͩˏɲࢫɲͷ͍͍ʍ̌ɲΩࢶࢫk̛͍ʍˏʳ̌ࢫ ʍΦɲ˂Ʉ̌ʳʍࢫˏ̌ђ̛Ν͛ࢫ͍ʍ̆Ʉˏ̌ʍɾࢫɩͷ̛ΩɄ̌ͩࢷࢫͷ̌ɾʍ͍ͅˏ̌̌ʍɾࢫɩΩࢫ͍ʍ͛ˏ˵ˏʍ̌ͩࢫ̛ͩͷ͍ˏ͛̆ࢫ͍ʍɲʍˏͩ͛ͅࢫɄ̌ɾࢫ͍ ʍ̆ˏͩͩɄ̌ɲʍࢫђ̛Ν͛ࢶ 48 Equity markets H͋ͷˏͩˏʍ͛ࢫ̆Ʉ͍ˬʍͩ͛ࢫɲ˵̛͛ʍɾࢫ࠸࠵࠳࠵ࢫˏ̌ࢫ̌ʍʳɄͩˏΘʍࢫͩʍ͍͍ˏ̛͍ͩΩࢷࢫ͍ʍђʍɲͩˏ̌ʳࢫͩ˂ʍࢫɲͷ̆ͷ˵ɄͩˏΘʍࢫͷ̌ɲʍ͍ͩɄˏ̌ͩΩࢫ ʳʍ̌ʍ͍ɄͩʍɾࢫɩΩࢫzͷ͍͍ˏɲɄ̌ʍࢫ·ʍ˵ˏ͛͛ɄࢫɄ̌ɾࢫͩ˂ʍࢫɩ̛͍Ʉɾʍ͍ࢫʍɲ̛̛̌̆ˏɲࢫ͛˵̛Νɾ̛Ν̌ࢫˏ̌ࢫͩ˂ʍࢫё̌Ʉ˵ࢫ͋ͷɄ͍ͩʍ͍ࢶࢫ ̛͍ࢫय़ࢷ࠳࠶ࢶ࠸ࢫ̛ʱࢫɾʍɲ˵ˏ̌ʍࢫɄࢫࣔࢫ̛ͅˏ̌ͩ͛ࢫ࠻࠻ࢶ࠹࠻࠼ࢷ࠺࠴࠶ࢫɄͩࢫΩʍɄ͍ࢫͩ˂ʍࢫʍ̌ɾʍɾࢫ̌ɾʍΦࢫɄ͍ˬʍͩ·ࢫɄˏ̌·ࢫĊHࢫė˂ʍ ͍ͩࢫ˵Ʉ͛ͩࢫͩ˂ʍࢫ̛̌ࢫ͍Ʉ˵˵ΩࢫΩʍɄ͍࣒ʍ̌ɾࢫ\u0001ࢫ̛ͅˏ̌ͩ͛ࢶࢫ࠷࠼ࢶ࠷࠼࠺ࢷ࠸࠶࠶ࢫ̛ʱࢫɲ˵̛͛ʍࢫ࠷࠵࠳࠵ࢫˏͩ͛ࢫʱ̛͍̆ࢫ̛ͅˏ̌ͩ͛ࢷࢫ࠹࠳ࢶ࠻࠳࠻ࢷ࠺࠴ࢫ Ʉɾˏ̌ʳࢫɾɄΩࢫ̛ʱ8ࢫʍɲʍ̆ɩʍ͍ࢫ̛͍ͅΘˏɾʍɾࢫɄࢫ̛̆ɾʍ͛ͩ࠳ࢫࢶ࠺࠹य़ࢫʳɄˏ̌ࢫ̛ͩࢫͩ˂ʍࢫĊHࢫ-̛̆ɩˏ̌ʍɾࢫ̌ɾʍΦࢫɩͷͩࢫ ΝɄ͛ࢫˏ̌͛ͷʱёɲˏʍ̌ͩࢫ̛ͩࢫ̛ʱʱ͛ʍͩࢫͩ˂ʍࢫΩʍɄ͍࣭͛ࢫ˵̛͛͛ʍ͛ࢶ ė˂ʍࢫĊHࢫͷ̌ˏ̛͍ࢫ·Ʉ͍ˬʍͩࢷࢫΝ˂ˏɲ˂ࢫ͍ͩɄɲˬ͛ࢫ͛̆Ʉ˵˵ࢫɄ̌ɾࢫ̆ʍɾˏͷ࣒̆͛ˏηʍɾࢫɲ̛̆ͅɄ̌ˏʍ͛ࢷࢫ ࢫɾ̛Ν̌ࢫ̛ͅˏ̌ͩ͛ࢷࢫ࠴࠷ࢶ࠴࠳࠷ࢷ࠶ࢫɄͩࢫ࠸࠵࠳࠵ࢫɲ˵̛͛ʍࢫ̛ͩࢫय़࠶࠼ࢶ࠻ࢫʱɄ˵˵ˏ̌ʳࢫɄ͍ˬʍͩࢷ·ࢫɄˏ̌·ࢫͩ˂ʍࢫʍΘʍ̌ࢫͷ̌ɾʍ͍ͅʍ͍ʱ̛͍̆ʍɾ ̛ࢫΩʍɄ͍ࢫɲ̛̌͛ʍɲͷͩˏΘʍࢫͩ˂ˏ͍ɾࢫɄࢫ̆Ʉ͍ˬʍɾࢫė˂ˏ͛ࢫ̛ͅˏ̌ͩ͛ࢶࢫ࠸࠳ࢶ࠸࠶࠺ࢷ࠶ࢫ̛ʱࢫɲ˵̛͛ʍࢫ࠷࠵࠳࠵ࢫˏͩ͛ࢫʱ̛͍̆ࢫ̛ͅˏ̌ͩ͛ࢫ࠷࠹ࢶ࠶࠶࠶ ʱࢫɾʍɲ˵ˏ̌ʍࢫʱ̛͍ࢫͩ˂ʍࢫͷ̌ˏ̛͍ࢫ·Ʉ͍ˬʍͩࢷࢫʍΦͩʍ̌ɾˏ̌ʳࢫ˵̛͛͛ʍ͛ࢫͩ˂Ʉͩࢫё͍͛ͩࢫʍ̆ʍ͍ʳʍɾࢫˏ̌࠶࠵࠳࠵ࢫࢶࢫė˂ʍࢫ·Ʉˏ̌ࢫ ·Ʉ͍ˬʍ࣭ͩ͛ࢫ࠸࠵࠳࠵ࢫɾʍɲ˵ˏ̌ʍࢫ͍ʍΘʍ͍͛ʍɾࢫˏͩ͛ࢫ̛̆ɾʍ͛ͩࢫ͍ʍɲ̛Θʍ͍Ωࢫˏ̌ࢫ࠷࠵࠳࠵ࢫɄ̌ɾࢫʍΦͩʍ̌ɾʍɾࢫɄࢫɲ˂Ʉ˵˵ʍ̌ʳˏ̌ʳࢫ̆ ͷ˵ͩˏ࣒ΩʍɄ͍ࢫͅʍ͍ˏ̛ɾࢫʱ̛͍ࢫ˵ˏ͛ͩʍɾࢫʍ͋ͷˏͩˏʍ͛ࢹࢫͩ˂ʍࢫˏ̌ɾʍΦࢫ͍ʍ̆Ʉˏ̌͛ࢫΝʍ˵˵ࢫɩʍ˵̛Νࢫˏͩ͛ࢫ͍ͅʍ࣒ͅɄ̌ɾʍ̆ˏɲࢫͅʍɄˬࢷࢫ Νˏͩ˂ࢫˏͩ͛ࢫΝ̛͍͛ͩࢫͅʍ͍ʱ̛͍̆Ʉ̌ɲʍࢫ˂ɄΘˏ̌ʳࢫ̛ɲɲͷ͍͍ʍɾࢫˏ̌࠳࠵࠳࠵ࢫࢷࢫΝ˂ʍ̌ࢫˏͩࢫʱʍ˵˵࠵࠵ࢫࢶ࠷य़ࢶ ė˂ʍࢫʍ͋ͷˏͩˏʍ͛ࢫ̆Ʉ͍ˬʍͩࢫΝʍɄˬ̌ʍ͛͛ࢫͅɄ͍ͩ˵Ωࢫ͍ʍђʍɲͩ͛ࢫˏ̌Θʍ̛͍͛ͩࢫɲɄͷͩˏ̛̌ࢫˏ̌ࢫͩ˂ʍࢫʱɄɲʍࢫ̛ʱࢫ˂ͷ͍͍ˏɲɄ̌ʍ࣒ related economic uncertainty, rising reconstruction costs, and the temporary suspension ̛ ʱࢫͩ˂ʍࢫё͛ɲɄ˵ࢫ͍ͷ˵ʍࢶࢫz̛ΝʍΘʍ͍ࢷࢫɄ̌Ʉ˵Ω͛ͩ͛ࢫ̛̌ͩʍɾࢫͩ˂Ʉͩࢫͩ˂ʍࢫͷ̌ɾʍ͍˵Ωˏ̌ʳࢫʍɄ͍̌ˏ̌ʳ͛ࢫɩɄ͛ʍࢫ̛ʱࢫ̆Ʉ̌Ωࢫ listed companies remained sound, and that the market’s valuation compression may present medium-term opportunities as the reconstruction cycle generates activity across multiple sectors. ė˂ʍࢫ࠸࠵࠳࠵ࢫɄ̆ɄˏɲɄࢫʍɲ̛̛̌̆Ωࢫ͍ʍΘˏʍΝࢫˏ͛ࢫɄࢫ̛͍͛ͩΩࢫ̛ʱࢫͩΝ̛ࢫ˂Ʉ˵Θʍ͛ࢶࢫė˂̛͍ͷʳ˂ࢫͩ˂ʍࢫё͍͛ͩࢫͩ˂͍ʍʍࢫ quarters, the economy staged an impressive and broad-based recovery from the ɾˏ͍͛ͷͩͅˏ̛̌͛ࢫ̛ʱ࠷࠵࠳࠵ࢫࢷࢫΝˏͩ˂ࢫn8öࢫʳ̛͍Νˏ̌ʳࢫɄͩࢫˏͩ͛ࢫʱɄ͛ͩʍ͛ͩࢫͅɄɲʍࢫˏ̌ࢫͩ˂͍ʍʍࢫΩʍɄ͍͛ࢷࢫˏ̌ђɄͩˏ̛̌ࢫ̛̆Θˏ̌ʳࢫ below target, unemployment at historic lows, and international reserves reaching new heights. Ʉ̆ɄˏɲɄࢫʍ̌ͩʍ͍͛ࢫ࠹࠵࠳࠵ࢫΝˏͩ˂ࢫͩ˂ʍࢫͩɄ͛ˬࢫ̛ʱࢫ͍ʍɩͷˏ˵ɾˏ̌ʳࢷࢫɩͷͩࢫˏͩࢫɾ̛ʍ͛ࢫ̛͛ࢫʱ̛͍̆ࢫɄࢫ̛͛ͅˏͩˏ̛̌ࢫ̛ʱࢫʳ͍ʍɄͩʍ͍ࢫ institutional strength than at any previous point in its post-independence history. The challenge now is to ensure that the reconstruction cycle is managed in a manner that ͍͛ͩ ʍ̌ʳͩ˂ʍ̌͛ࢫ˵̛̌ʳ࣒͍ͷ̌ࢫɲ̛̆ͅʍͩˏͩˏΘʍ̌ʍ͛͛ࢷࢫɾˏΘʍ͍͛ˏёʍ͛ࢫʍɲ̛̛̌̆ˏɲࢫɄɲͩˏΘˏͩΩࢷࢫɄ̌ɾࢫɾʍ˵ˏΘʍ͍͛ࢫͩ˂ʍࢫ inclusive growth that aggregate macroeconomic indicators have yet to fully capture. 49 CORPORATE OVERVIEW CORE ACTIVITIES ·ɄΩɩʍ͍͍Ωࢫ̌Θʍ͛ͩ̆ʍ̌ͩ͛ࢫ§ˏ̆ˏͩʍɾࢫࣜ·§ࣝࢫˏ͛ࢫɄࢫ˵ʍɄɾˏ̌ʳࢫˏ̌Θʍ͛ͩ̆ʍ̌ͩࢫɩɄ̌ˬˏ̌ʳࢷࢫ͛ʍɲͷ͍ˏͩˏʍ͛ࢫɄ̌ɾࢫ ˏ̌Θʍ͛ͩ̆ʍ̌ͩࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫɲ̛̆ͅɄ̌Ωࢫͩ˂Ʉͩࢫ̛͍ͅΘˏɾʍ͛ࢫɄࢫΝˏɾʍࢫ͍Ʉ̌ʳʍࢫ̛ʱࢫё̌Ʉ̌ɲˏɄ˵ࢫ͛ʍ͍Θˏɲʍ͛ࢫɄ̌ɾࢫ̛͍ͅ ɾͷɲͩ͛ࢫ̛ͩࢫɄࢫɾˏΘʍ͍͛ˏёʍɾࢫɲ˵ˏʍ̌ͩࢫɩɄ͛ʍࢶࢫė˂ʍ͛ʍࢫˏ̌ɲ˵ͷɾʍࢫɲ̛̛͍͍ͅɄͩˏ̛̌͛ࢷࢫё̌Ʉ̌ɲˏɄ˵ࢫˏ̌͛ͩˏͩͷͩˏ̛̌͛ࢷࢫ ʳ̛Θʍ͍̌̆ʍ̌ͩ͛ࢫɄ̌ɾࢫˏ̌ɾˏΘˏɾͷɄ˵͛ࢫˏ̌ࢫͩ˂ʍࢫɲɄͅˏͩɄ˵ࢫ̆Ʉ͍ˬʍͩࢶࢫÌͷ͍ࢫ͛ʍ͍Θˏɲʍࢫ̛ʱʱʍ͍ˏ̌ʳࢫˏ̌ɲ˵ͷɾʍ͛ࢫ͍͛ͩɄͩʍʳˏɲࢫ ё̌Ʉ̌ɲˏɄ˵ࢫɄɾΘˏ̛͍͛Ωࢫ͛ʍ͍Θˏɲʍ͛ࢫΝˏͩ˂ࢫʍ̆ͅ˂Ʉ͛ˏ͛ࢫ̛̌ࢫ̆ʍ͍ʳʍ͍͛ࢫɄ̌ɾࢫɄɲ͋ͷˏ͛ˏͩˏ̛̌͛ࢹࢫɾʍɩͩࢫɄ̌ɾࢫʍ͋ͷˏͩΩࢫ restructuring; investment management services through separate and comingled managed portfolios; brokerage services; cambio and research services. Ìͷ͍ࢫ̆ˏ͛͛ˏ̛̌ࢫ̛ʱࢫ͍ͩɄ̌͛ʱ̛͍̆ˏ̌ʳࢫ˵ˏΘʍ͛ࢫ̛͛ͅˏͩˏΘʍ˵Ωࢫͩ˂̛͍ͷʳ˂ࢫ˵Ʉ͛ͩˏ̌ʳࢫ͍ʍ˵Ʉͩˏ̛̌͛˂ˏ͛ͅࢫɄʱʱ̛͍ɾ͛ࢫͷ͛ࢫͩ˂ʍࢫ opportunity to create deep and enduring relationships with our customers. We do this by discovering their needs and delivering the most relevant product and service solutions to realise their investment objectives. FINANCIAL HIGHLIGHTS ·§ࢫ͍ʍ̛͍ͩͅʍɾࢫɄ࠻࠸࠶ࢫय़ࢫˏ̌ɲ͍ʍɄ͛ʍࢫˏ̌ࢫ̌ʍͩࢫ̛͍ͅёͩࢫ̛ͩࢫ͍ʍɄɲ˂ࢫम࠺࠶࠹ࢶࢫ࠼̆ˏ˵˵ˏ̛̌ࢫʱ̛͍ࢫͩ˂ʍࢫΩʍɄ͍8ࢫʍɲʍ̆ɩʍ͍ࢫ ࢫė˂ˏ͛ࢫࢫࢶ࠷࠵࠳࠵ࢫˏ̌ࢫͅʍ͍ˏ̛ɾࢫɲ̛͍͍ʍ̛͛̌ͅɾˏ̌ʳࢫͩ˂ʍࢫʱ̛͍ࢫ̆ˏ˵˵ˏ̛̌ࢫ࠶ࢶ࠼࠶࠴मࢫ̛ʱࢫ̛͍ͅёͩࢫɄࢫ̛ͩࢫɲ̛̆ͅɄ͍ʍɾࢫࢷ࠸࠵࠳࠵ࢫࢷ࠴࠶ performance was primarily attributable to operating income higher than the prior year ɩΩ࠸࠵ࢫࢶ࠹य़ࢷࢫɾ͍ˏΘʍ̌ࢫɩΩࢫ͛ˏʳ̌ˏёɲɄ̌ͩࢫˏ̛͍̆ͅΘʍ̆ʍ̌ͩࢫʱ̛͍ࢫͷ͍̌ʍɄ˵ˏηʍɾࢫʳɄˏ̌͛ࢫ̛̌ࢫˏ̌Θʍ͛ͩ̆ʍ̌ͩ͛ࢷࢫʱʍʍ͛ࢫ and commissions, net interest income, dividend income and other income. This was ɲ̛̆ͅ˵ʍ̆ʍ̌ͩʍɾࢫɩΩࢫɄࢫ͍ʍɾͷɲͩˏ̛̌ࢫˏ̌ࢫ̛ͅʍ͍Ʉͩˏ̌ʳࢫɲ̛͛ͩ͛ࢶࢫࢫė̛ͩɄ˵ࢫ̛ͅʍ͍Ʉͩˏ̌ʳࢫʍΦͅʍ̌͛ʍ͛ࢫʱ̛͍ࢫͩ˂ʍࢫΩʍɄ͍ࢫ ࢫͩ˂ʍࢫ̛ͩࢫɲ̛̆ͅɄ͍ʍɾࢫΝ˂ʍ̌ࢫ̆ˏ˵˵ˏ̛̌ࢫ࠹ࢶ࠸࠺࠵मࢫ̛͍ࢫय़࠵ࢶ࠵࠴ࢫɩΩࢫɾʍɲ͍ʍɄ͛ʍɾࢫ࠸࠵࠳࠵ࢫࢷ࠴࠶ࢫ8ʍɲʍ̆ɩʍ͍ࢫʍ̌ɾʍɾ ɲ̛̆ͅɄ͍ɄͩˏΘʍࢫͅʍ͍ˏ̛ɾࢫˏ̌࠷࠵࠳࠵ࢫࢶࢫࢫė˂ˏ͛ࢫΝɄ͛ࢫɾ͍ˏΘʍ̌ࢫ͍ͅˏ̆Ʉ͍ˏ˵ΩࢫɩΩࢫɄࢫ͍ʍɾͷɲͩˏ̛̌ࢫˏ̌ࢫ̛͍ͅΘˏ͛ˏ̛̌ࢫʱ̛͍ࢫ credit losses, staff and administrative costs, further offset by increases in depreciation and Ʉ̛͍̆ͩˏηɄͩˏ̛̌ࢶࢫࢫė˂ʍࢫ-̛̆ͅɄ̌Ωࢫ͍ʍɲ̛ʳ̌ˏ͛ʍɾࢫɄࢫͩɄΦɄͩˏ̛̌ࢫɲ͍ʍɾˏͩࢫ̛ʱࢫम࠳࠹࠵ࢶࢫ࠶̆ˏ˵˵ˏ̛̌ࢫࣜ࠷࠵࠳࠵ࢸࢫम࠼࠴࠸ࢶࢫ࠶̆ ˏ˵˵ˏ̛̌ࣝࢫ͍ʍђʍɲͩˏ̌ʳࢫͩ˂ʍࢫ͍ʍɲ̛ʳ̌ˏͩˏ̛̌ࢫ̛ʱࢫɾʍʱʍ͍͍ʍɾࢫͩɄΦࢫɄ͛͛ʍͩ͛ࢫɄ͍ˏ͛ˏ̌ʳࢫʱ̛͍̆ࢫˏ̌ɲ̛̆ʍࢫ̛̌ͩࢫ͛ͷɩ˥ʍɲͩࢫ̛ͩ ࢫͩɄΦࢫͷ̌ɾʍ͍ࢫͩ˂ʍࢫ-\u0001þ-Ì·8ࢫ̛ͷɩ˵ʍࢫėɄΦɄͩˏ̛̌ࢫė͍ʍɄͩΩࢫɄ̌ɾࢫɄΘɄˏ˵Ʉɩ˵ʍࢫͩɄΦࢫ˵̛͛͛ࢫɲɄ͍͍Ωʱ̛͍ΝɄ͍ɾ͛ࢶࢫ ࣝࢶ࠵࠴ࢶ࠳मࢫࢸ࠷࠵࠳࠵ࣜࢫ࠶࠸ࢶ࠳मࢫ̛ʱࢫࣜHöĊࣝࢫ͛˂Ʉ͍ʍࢫͅʍ͍ࢫʍɄ͍̌ˏ̌ʳ͛ࢫɄ̌ࢫˏ̌ࢫ͍ʍ͛ͷ˵ͩʍɾࢫė˂ˏ͛ 50 FINANCIAL PERFORMANCE Net Interest Income ̛ͩࢫ̆ˏ˵˵ˏ̛̌ࢫ࠴ࢶ࠷࠺मࢫ̛͍ࢫय़࠷ࢶ࠴࠴ࢫɩΩࢫʳ͍ʍΝࢫˏ̌ɲ̛̆ʍࢫˏ̌ͩʍ͍ʍ͛ͩࢫ̌ʍͩࢫࢷ࠸࠵࠳࠵ࢫࢷ࠴࠶ࢫ8ʍɲʍ̆ɩʍ͍ࢫʍ̌ɾʍɾࢫΩʍɄ͍ࢫͩ˂ʍࢫk̛͍ ࢫमࢫ࠷࠵࠺̆ˏ˵˵ˏ̛̌ࢷࢫɲ̛̆ͅɄ͍ʍɾࢫ̛ͩࢫ̌ʍͩࢫˏ̌ͩʍ͍ʍ͛ͩࢫˏ̌ɲ̛̆ʍࢫ̛ʱࢫम࠼࠷࠹ࢶࢫ࠼̆ˏ˵˵ˏ̛̌ࢫʱ̛͍ࢫͩ˂ʍࢫɲ̛͍͍ʍ̛͛̌ͅɾˏ̌ʳࢫͅ ʍ͍ˏ̛ɾࢫˏ̌࠷࠵࠳࠵ࢫࢶࢫė˂ˏ͛ࢫͅʍ͍ʱ̛͍̆Ʉ̌ɲʍࢫ͍ʍ͛ͷ˵ͩʍɾࢫʱ̛͍̆ࢫ͛ˏʳ̌ˏёɲɄ̌ͩࢫʳ̛͍Νͩ˂ࢫˏ̌ࢫ˵̛Ʉ̌͛ࢫɄ̌ɾࢫ̛ͩ˂ʍ͍ࢫ͍ ʍɲʍˏΘɄɩ˵ʍ͛ࢶࢫࢫ̌ͩʍ͍ʍ͛ͩࢫɲ̛͛ͩ͛ࢫ̛ͩͩɄ˵˵ʍɾࢫमࢫ࠵ɩˏ˵˵ˏ̛̌ࢷࢫ˂ˏʳ˂ʍ͍ࢫɩΩࢫम࠺࠳࠵ࢶࢫ࠵̆ˏ˵˵ˏ̛̌ࢫ̛͍࠴࠴ࢫࢶ࠸य़ࢫΩʍɄ͍ࢫ̛Θʍ͍ࢫ year primarily driven by corporate papers and notes. 51 Consulting Fees and Commissions ė˂ʍࢫ-̛̆ͅɄ̌Ωࢫ͍ʍ̛͍ͩͅʍɾࢫɲ̛̌͛ͷ˵ͩˏ̌ʳࢫʱʍʍ͛ࢫऑࢫɲ̛̆̆ˏ͛͛ˏ̛̌ࢫˏ̌ɲ̛̆ʍࢫ̛ʱࢫम࠼࠻࠼ࢶࢫ࠼̆ˏ˵˵ˏ̛̌ࢫʱ̛͍ࢫͩ˂ʍࢫ ͅࢫɲ̛̆ͅɄ͍ɄͩˏΘʍࢫͩ˂ʍࢫ̛Θʍ͍ࢫ̆ˏ˵˵ˏ̛̌ࢫ࠵࠻࠴मࢫ̛͍ࢫय़࠸ࢶ࠵࠵ࢫ̛ʱࢫˏ̌ɲ͍ʍɄ͛ʍࢫɄ̌ࢫࢷ࠸࠵࠳࠵ࢫࢷ࠴࠶ࢫ8ʍɲʍ̆ɩʍ͍ࢫʍ̌ɾʍɾࢫΩʍɄ͍ ʍ͍ˏ̛ɾࢫͅɄ͍ͩˏɄ˵˵Ωࢫɾ͍ˏΘʍ̌ࢫɩΩࢫˬʍΩࢫɾʍɄ˵͛ࢫʍΦʍɲͷͩʍɾࢫɩΩࢫͩ˂ʍࢫˏ̌Θʍ͛ͩ̆ʍ̌ͩࢫɩɄ̌ˬˏ̌ʳࢫͩʍɄ̆ࢶ Ċˏʳ̌ˏёɲɄ̌ͩࢫɲ̛͍̌ͩˏɩͷ̛͍ͩ͛ࢫɾͷ͍ˏ̌ʳࢫͩ˂ʍࢫͅʍ͍ˏ̛ɾࢫΝʍ͍ʍࢸࢫ • ơ͍̈ͩʱ̛˵ˏ̛ࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫʱʍʍ͛ࢫ͛ˏʳ̌ˏёɲɄ̌ͩ˵Ωࢫʳ͍ʍΝࢫɩΩ࠻࠷ࢫࢶ࠸य़ࢫ̛͍ࢫम࠹࠻ࢶࢫ࠶̆ˏ˵˵ˏ̛̌ࢫ̛Θʍ͍ࢫͩ˂ʍࢫ ɲ̛͍͍ʍ̛͛̌ͅɾˏ̌ʳࢫͅʍ͍ˏ̛ɾࢫˏ̌ࢫ࠷࠵࠳࠵ࢫɾͷʍࢫ̛ͩࢫʳ̛͍Νͩ˂ࢫˏ̌ࢫͩ˂ʍࢫ̛͍ͩͅʱ̛˵ˏ̛ࢷࢫ • ė˂ʍࢫɩ̛͍ˬʍ͍Ʉʳʍࢫɩͷ͛ˏ̌ʍ͛͛ࢫˏ̌ɲ̛̆ʍࢫˏ̌ɲ͍ʍɄ͛ʍɾࢫɩΩ࠹࠴ࢫࢶ࠶य़ࢫ̛͍ࢫम࠹࠼ࢶࢫ࠼̆ˏ˵˵ˏ̛̌ࢫͅɄ͍ͩˏɄ˵˵Ωࢫ̛̌ࢫɄɲɲ̛ͷ̌ͩࢫ of increased earnings from selling fees transactions during the period. 52 Other Operating Income Ìͩ˂ʍ͍ࢫ̛ͅʍ͍Ʉͩˏ̌ʳࢫˏ̌ɲ̛̆ʍࢫʱ̛͍ࢫͩ˂ʍࢫΩʍɄ͍ࢫʍ̌ɾʍɾ8ࢫʍɲʍ̆ɩʍ͍࠴࠶ࢫࢷ࠸࠵࠳࠵ࢫࢷࢫΝɄ͛ࢫ˂ˏʳ˂ʍ͍ࢫɩΩ࠶࠸ࢫࢶ࠶य़ࢫ̛͍ࢫ म࠸࠵࠵ࢶࢫ࠼̆ˏ˵˵ˏ̛̌ࢫΝ˂ʍ̌ࢫɲ̛̆ͅɄ͍ʍɾࢫ̛ͩࢫͩ˂ʍࢫ͍ͅˏ̛͍ࢫΩʍɄ͍ࢶࢫࢫ½̛ͩɄɩ˵ʍࢫΘɄ͍ˏɄ̌ɲʍ͛ࢫʱ̛͍ࢫͩ˂ʍࢫΩʍɄ͍ࢫˏ̌ɲ˵ͷɾʍࢸࢫ • Ĥ͍̌ʍɄ˵ˏηʍɾࢫʳɄˏ̌͛ࢫʱ̛͍̆ࢫˏ̌Θʍ͛ͩ̆ʍ̌ͩࢫ̛͍ͅͅʍ͍ͩˏʍ͛ࢫ̛ͩͩɄ˵˵ʍɾࢫम࠶࠼࠵ࢶࢫ࠺̆ˏ˵˵ˏ̛̌ࢫɲ̛̆ͅɄ͍ʍɾࢫ̛ͩࢫʳɄˏ̌͛ࢫ̛ ʱࢫम࠻࠹ࢶࢫ࠷̆ˏ˵˵ˏ̛̌ࢫʱ̛͍ࢫͩ˂ʍࢫ͍ͅˏ̛͍ࢫͅʍ͍ˏ̛ɾࢫɾͷʍࢫ̛ͩࢫΘɄ˵ͷɄͩˏ̛̌ࢫɄ͍ͅͅʍɲˏɄͩˏ̛̌ࢫɾͷ͍ˏ̌ʳࢫͩ˂ʍࢫͅʍ͍ˏ̛ɾࢷࢫ • 8ˏΘˏɾʍ̌ɾࢫˏ̌ɲ̛̆ʍࢫˏ̌ɲ͍ʍɄ͛ʍɾࢫɩΩ࠻࠹ࢫࢶ࠺य़ࢫ̛͍ࢫम࠳࠴ࢶࢫ࠻̆ˏ˵˵ˏ̛̌ࢫ̛ͩࢫम࠹࠵ࢶࢫ࠸̆ˏ˵˵ˏ̛̌ࢷࢫ͍ʍ͍ͅʍ͛ʍ̌ͩˏ̌ʳࢫ higher pay-outs from corporates for the period, • ࢫࢫ̆ˏ˵˵ˏ̛̌ࢷࢫ࠶ࢶ࠴࠶࠴मࢫ̛ͩࢫ̆ˏ˵˵ˏ̛̌ࢫ࠼ࢶ࠶࠶मࢫ̛͍ࢫय़࠺ࢶ࠷࠶ࢫɩΩࢫʳ͍ʍΝࢫˏ̌ɲ̛̆ʍࢫÌͩ˂ʍ͍ • ½ʍͩࢫʱ̛͍ʍˏʳ̌ࢫʍΦɲ˂Ʉ̌ʳʍࢫʳɄˏ̌͛ࢫ̛ʱࢫम࠶࠳࠵ࢶࢫ࠷̆ˏ˵˵ˏ̛̌ࢫɲ̛̆ͅɄ͍ʍɾࢫ̛ͩࢫʳɄˏ̌͛ࢫ̛ʱࢫम࠹࠻࠴ࢶࢫ࠻̆ˏ˵˵ˏ̛̌ࢫʱ̛͍ࢫ ࢫࢷ࠷࠵࠳࠵ • ½ʍͩࢫ͍ͩɄɾˏ̌ʳࢫʳɄˏ̌͛ࢫ̛̌ࢫͩ˂ʍࢫɾˏ̛͛͛ͅɄ˵ࢫ̛ʱࢫ͛ʍɲͷ͍ˏͩˏʍ͛ࢫ̛ͩͩɄ˵˵ʍɾࢫम࠻ࢶࢫ࠸̆ˏ˵˵ˏ̛̌ࢫɲ̛̆ͅɄ͍ʍɾࢫ̛ͩࢫʳɄˏ̌͛ࢫ̛ ࢫࢫࢶ࠷࠵࠳࠵ࢫˏ̌ࢫͅʍ͍ˏ̛ɾࢫɲ̛͍͍ʍ̛͛̌ͅɾˏ̌ʳࢫͩ˂ʍࢫʱ̛͍ࢫ̆ˏ˵˵ˏ̛̌ࢫ࠻ࢶ࠳࠹मࢫʱ Operating Expenses ė̛ͩɄ˵ࢫ̛ͅʍ͍Ʉͩˏ̌ʳࢫʍΦͅʍ̌͛ʍ͛ࢫɄ̛̆ͷ̌ͩʍɾࢫ̛ͩࢫम࠴ࢶࢫ࠼ɩˏ˵˵ˏ̛̌ࢫʱ̛͍ࢫͩ˂ʍࢫΩʍɄ͍ࢫʍ̌ɾʍɾ8ࢫʍɲʍ̆ɩʍ͍࠴࠶ࢫࢷࢫ࠸࠵࠳࠵ࢫɄࢫ ɾʍɲ͍ʍɄ͛ʍࢫ̛ʱ࠵࠴ࢫࢶ࠵य़ࢫ̛͍ࢫम࠸࠺࠵ࢶࢫ࠹̆ˏ˵˵ˏ̛̌ࢫ̛Θʍ͍ࢫͩ˂ʍࢫɲ̛͍͍ʍ̛͛̌ͅɾˏ̌ʳࢫͅʍ͍ˏ̛ɾࢫˏ̌࠷࠵࠳࠵ࢫࢶࢫࢫࢫė˂ʍࢫ͍ʍɾͷɲͩˏ̛̌ࢫ was primarily driven by lower administrative and staff costs, in addition to lower provision for credit losses for the period under review. 53 Assets and Liabilities ࢫ࠸ࢶ࠴࠷मࢫͩ˂ʍࢫʱ̛͍̆ࢫɩˏ˵˵ˏ̛̌ࢫ࠵ࢶ࠷࠷मࢫ̛ͩࢫय़࠺ࢶ࠹ࢫɩΩࢫˏ̌ɲ͍ʍɄ͛ʍɾࢫ࠸࠵࠳࠵ࢫࢷ࠴࠶ࢫ8ʍɲʍ̆ɩʍ͍ࢫɄͩࢫɄ͛ࢫɄ͛͛ʍͩ͛ࢫė̛ͩɄ˵ ɩˏ˵˵ˏ̛̌ࢫ͍ʍ̛͍ͩͅʍɾࢫɄ͛ࢫɄͩ8ࢫʍɲʍ̆ɩʍ͍࠴࠶ࢫࢷ࠷࠵࠳࠵ࢫࢶࢫė˂ʍࢫम࠵ࢶࢫ࠺ɩˏ˵˵ˏ̛̌ࢫˏ̌ɲ͍ʍɄ͛ʍࢫΝɄ͛ࢫͅɄ͍ͩˏɄ˵˵ΩࢫɄ͍ͩͩˏɩͷͩɄɩ˵ʍࢫ̛ͩ ࢫɄࢫम࠴ࢶࢫ࠼ɩˏ˵˵ˏ̛̌ࢫˏ̌ɲ͍ʍɄ͛ʍࢫˏ̌ࢫ˵̛Ʉ̌͛ࢫɄ̌ɾࢫ̛ͩ˂ʍ͍ࢫ͍ʍɲʍˏΘɄɩ˵ʍ͛ࢫɾ͍ˏΘʍ̌ࢫɩΩࢫ˂ˏʳ˂ʍ͍ࢫɲ˵ˏʍ̌ͩࢫ̆Ʉ͍ʳˏ̌͛ࢫ Ʉ̌ɾࢫ̛ͩ˂ʍ͍ࢫ͍ʍɲʍˏΘɄɩ˵ʍ͛ࢷࢫɄ̌ɾࢫɾͷʍࢫʱ̛͍̆ࢫ͍ʍ˵Ʉͩʍɾࢫɲ̛̆ͅɄ̌ˏʍ͛ࢫˏ̌ɲ͍ʍɄ͛ʍɾࢫɩΩࢫम࠴ࢶࢫ࠺ɩˏ˵˵ˏ̛̌ࢶࢫࢫė˂ˏ͛ࢫˏ͛ࢫ in addition to higher balances reported for reverse repurchase agreements, investment ̛͍ͅͅ ʍ͍ͩˏʍ͛ࢷࢫɾʍʱʍ͍͍ʍɾࢫͩɄΦࢫɄ͛͛ʍͩࢫɄ̌ɾࢫˏ̌ͩɄ̌ʳˏɩ˵ʍࢫɄ͛͛ʍͩࢶࢫࢫė˂ʍࢫˏ̌ɲ͍ʍɄ͛ʍࢫΝɄ͛ࢫ̛̆ɾʍ͍ɄͩʍɾࢫࢫɩΩࢫ˵̛Νʍ͍ࢫ balances recorded for promissory notes, cash resources and investment securities. ė̛ͩɄ˵ࢫ˵ˏɄɩˏ˵ˏͩˏʍ͛ࢫˏ̌ɲ͍ʍɄ͛ʍɾࢫɩΩ࠹ࢫࢶ࠼य़ࢫ̛͍ࢫम࠵ࢶࢫ࠷ɩˏ˵˵ˏ̛̌ࢫ̛Θʍ͍8ࢫʍɲʍ̆ɩʍ͍࠴࠶ࢫࢷ࠷࠵࠳࠵ࢫࢶࢫࢫė˂ʍࢫʳ̛͍Νͩ˂ࢫˏ̌ࢫͩ˂ʍࢫ ɩɄ˵Ʉ̌ɲʍࢫ͛˂ʍʍͩࢫɄ͛͛ʍͩ͛ࢫΝɄ͛ࢫͅɄ͍ͩˏɄ˵˵Ωࢫʱͷ̌ɾʍɾࢫɩΩࢫ˵̛Ʉ̌͛ࢫΝ˂ˏɲ˂ࢫΝʍ͍ʍࢫ˂ˏʳ˂ʍ͍ࢫɩΩ࠶ࢫࢶ࠷य़ࢫ̛͍ࢫम࠷࠷࠷ࢶࢫ࠶̆ ˏ˵˵ˏ̛̌ࢶࢫࢫė˂ˏ͛ࢫˏ͛ࢫˏ̌ࢫɄɾɾˏͩˏ̛̌ࢫ̛ͩࢫɄɲɲ̛ͷ̌ͩ͛ࢫͅɄΩɄɩ˵ʍࢫˏ̌ɲ͍ʍɄ͛ˏ̌ʳࢫɩΩࢫमࢫ࠶ɩˏ˵˵ˏ̛̌ࢫ̆Ʉˏ̌˵Ωࢫ̛̌ࢫɄɲɲ̛ͷ̌ͩࢫ̛ ʱࢫɲ˵ˏʍ̌ͩࢫͅɄΩɄɩ˵ʍ͛ࢫΝ˂ʍ̌ࢫɲ̛̆ͅɄ͍ʍɾࢫ̛ͩ8ࢫʍɲʍ̆ɩʍ͍࠴࠶ࢫࢷ࠷࠵࠳࠵ࢫࢶࢫࢫė˂ʍࢫˏ̌ɲ͍ʍɄ͛ʍࢫ̛ͩࢫ̛͛̆ʍࢫʍΦͩʍ̌ͩࢫ ΝɄ͛ࢫͩʍ̆ͅʍ͍ʍɾࢫɩΩࢫ˵̛Νʍ͍ࢫɩɄ̌ˬࢫ̛Θʍ͍ɾ͍ɄʱͩࢫɩɄ˵Ʉ̌ɲʍ͛ࢫ̛ʱࢫम࠼࠴࠶ࢶࢫ࠴̆ˏ˵˵ˏ̛̌ࢫɄ̌ɾࢫ͛ʍɲͷ͍ˏͩˏʍ͛ࢫ̛͛˵ɾࢫͷ̌ɾʍ͍ࢫ͍ ʍͅͷ͍ɲ˂Ʉ͛ʍࢫɄʳ͍ʍʍ̆ʍ̌ͩ͛ࢫ˵̛Νʍ͍ࢫɩΩࢫम࠴࠹࠺ࢶࢫ࠶̆ˏ˵˵ˏ̛̌ࢶ Mayberry Investments Limited’s Capital Base remains strong with total shareholders’ ʍ͋ͷˏͩΩࢫΘɄ˵ͷʍɾࢫɄͩࢫम࠹ࢶࢫ࠼ɩˏ˵˵ˏ̛̌ࢶࢫė˂ˏ͛ࢫ͍ʍ͛ͷ˵ͩʍɾࢫˏ̌ࢫɄࢫ̌ʍͩࢫɩ̛̛ˬࢫΘɄ˵ͷʍࢫͅʍ͍ࢫ͛˂Ʉ͍ʍࢫ̛ʱࢫम࠸ࢶࢫ࠵࠺ࣜ8ʍɲࢶ࠷࠵࠳࠵ࢫࢸࢫ ࣝࢶ࠴࠷ࢶ࠸म 54 REGULATORY AND CAPITAL REQUIREMENTS The Company’s regulatory capital base continues to be robust and compliant with ͍ ʍʳͷ˵Ʉ̛͍ͩΩࢫɩʍ̌ɲ˂̆Ʉ͍ˬ͛ࢶࢫ\u0001͛ࢫɄͩ8ࢫʍɲʍ̆ɩʍ͍࠴࠶ࢫࢷ࠸࠵࠳࠵ࢫࢷࢫͩ˂ʍࢫɲɄͅˏͩɄ˵ࢫ̛ͩࢫ͍ˏ͛ˬ࣒Νʍˏʳ˂ͩʍɾࢫɄ͛͛ʍͩࢫ͍Ʉͩˏ̛ࢫ̛ʱࢫ ࠻࠴ࢶ࠵य़ࢫʍΦɲʍʍɾ͛ࢫͩ˂ʍࢫʍ͛ͩɄɩ˵ˏ͛˂ʍɾࢫ̆ˏ̌ˏ̆ͷ̆ࢫ̛ʱ࠳࠴ࢫय़ࢫ͛ʍͩࢫɩΩࢫͩ˂ʍࢫkˏ̌Ʉ̌ɲˏɄ˵ࢫĊʍ͍Θˏɲʍ͛ࢫ-̛̆̆ˏ͛͛ˏ̛̌ࢫࣜ kĊ-ࣝࢶࢫࢫ̌ࢫɄɾɾˏͩˏ̛̌ࢷࢫėˏʍ͍ࢫ̛̌ʍࢫ-ɄͅˏͩɄ˵ࢫˏ͛࠼࠼ࢫय़ࢫ̛ʱࢫͩ˂ʍࢫ-̛̆ͅɄ̌Ω࣭͛ࢫ̛Θʍ͍Ʉ˵˵ࢫɲɄͅˏͩɄ˵ࢫɩɄ͛ʍࢫɄ̌ɾࢫ ʍΦɲʍʍɾ͛ࢫͩ˂ʍࢫ͍ʍʳͷ˵Ʉ̛͍ͩΩࢫ̆ˏ̌ˏ̆ͷ̆ࢫ̛ʱ࠳࠸ࢫय़ࢫʍ͛ͩɄɩ˵ˏ͛˂ʍɾࢫɩΩࢫͩ˂ʍࢫkĊ-ࢶࢫ 55 MIL Risk Management Framework Risk Management þʍɲ̛ʳ̌ˏηˏ̌ʳࢫͩ˂ʍࢫͅɄ͍Ʉ̛̆ͷ̌ͩࢫˏ̛͍̆ͩͅɄ̌ɲʍࢫ̛ʱࢫ͍ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫˏ̌ࢫ͛ɄʱʍʳͷɄ͍ɾˏ̌ʳࢫ͛ ˂Ʉ͍ʍ˂̛˵ɾʍ͍ࢫΘɄ˵ͷʍࢷࢫ·ɄΩɩʍ͍͍Ωࢫ˂Ʉ͛ࢫͩɄˬʍ̌ࢫ͛ˏʳ̌ˏёɲɄ̌ͩࢫ͍͛ͩˏɾʍ͛ࢫ̛ͩࢫʍ̌˂Ʉ̌ɲʍࢫˏͩ͛ࢫ͍ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ͍ͅ Ʉɲͩˏɲʍ͛ࢶࢫH̆ɩ͍Ʉɲˏ̌ʳࢫɄࢫ̛͍ͅɄɲͩˏΘʍࢫ͛ͩɄ̌ɲʍࢫ̛ͩΝɄ͍ɾ͛ࢫ͍ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢷࢫ·ɄΩɩʍ͍͍Ωࢫ͛ͷɲɲʍ͛͛ʱͷ˵˵Ωࢫ navigated challenges arising from severe weather events, including Hurricane Mellissa, Ʉ˵̛̌ʳ͛ˏɾʍࢫͩ˂ʍࢫ˵ˏ̌ʳʍ͍ˏ̌ʳࢫʍʱʱʍɲͩ͛ࢫ̛ʱࢫzͷ͍͍ˏɲɄ̌ʍࢫ%ʍ͍Ω˵ࢫɄ̌ɾࢫ̛࣒͛ͩͅ-ÌŅ8ࢫ͍ʍɲ̛Θʍ͍Ωࢫ͍ͅʍ͛͛ͷ͍ʍ͛ࢶ ė˂ʍࢫͅɄ͛͛Ʉʳʍࢫ̛ʱࢫzͷ͍͍ˏɲɄ̌ʍࢫ·ʍ˵˵ˏ͛͛Ʉࢫͷ̌ɾʍ͍͛ɲ̛͍ʍɾࢫͩ˂ʍࢫʳ̛͍Νˏ̌ʳࢫ͛ˏʳ̌ˏёɲɄ̌ɲʍࢫ̛ʱࢫɲ˵ˏ̆Ʉͩʍ࣒ related and environmental risks within the operating environment. While the hurricane ɾˏɾࢫ̛̌ͩࢫ͍ʍ͛ͷ˵ͩࢫˏ̌ࢫ̆Ʉͩʍ͍ˏɄ˵ࢫё̌Ʉ̌ɲˏɄ˵ࢫ˵̛͛͛ʍ͛ࢷࢫˏͩࢫ͍ʍ͋ͷˏ͍ʍɾࢫ˂ʍˏʳ˂ͩʍ̌ʍɾࢫ̛ͅʍ͍Ʉͩˏ̛̌Ʉ˵ࢫΘˏʳˏ˵Ʉ̌ɲʍࢷࢫ activation of relevant business continuity measures, and ongoing monitoring of infrastructure, systems availability, and staff safety. This proactive approach reinforces the resilience of the organization and fosters a culture of risk awareness and responsiveness at all levels. Mayberry’s Risk Management Framework ·ɄΩɩʍ͍͍Ω࣭͛ࢫþˏ͛ˬࢫ·Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫk͍Ʉ̆ʍΝ̛͍ˬࢫ͛ʍ͍Θʍ͛ࢫɄ͛ࢫɄࢫɲ̛͍̌ʍ̛͍͛ͩ̌ʍࢫʱ̛͍ࢫͩ˂ʍࢫ̛͍ʳɄ̌ˏηɄͩˏ̛࣭̌͛ࢫ͍͛ͩ Ʉͩʍʳˏɲࢫɩͷ͛ˏ̌ʍ͛͛ࢫʍΦʍɲͷͩˏ̛̌ࢷࢫͷ̌ɾʍ͍͛ɲ̛͍ˏ̌ʳࢫͩ˂ʍࢫˏ̌ͩʍʳ͍Ʉͩˏ̛̌ࢫ̛ʱࢫ͍ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ͍ͅɄɲͩˏɲʍ͛ࢫ into every facet of its operations. This comprehensive framework encompasses the ˏɾʍ̌ͩˏёɲɄͩˏ̛̌ࢷࢫɄ͛͛ʍ͛͛̆ʍ̌ͩࢷࢫ͍ͩʍɄͩ̆ʍ̌ͩࢷࢫ̛̆̌ˏ̛͍ͩˏ̌ʳࢷࢫɄ̌ɾࢫ͍ʍ̛͍ͩͅˏ̌ʳࢫ̛ʱࢫ͍ͅˏ̆Ʉ͍Ωࢫ͍ˏ͛ˬ͛ࢷࢫͩ˂ʍ͍ʍɩΩࢫ facilitating risk-reward optimization across the company’s diverse portfolio of assets and securities. ̌ͩʍʳ͍Ʉ˵ࢫ̛ͩࢫͩ˂ʍࢫþˏ͛ˬࢫ·Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫk͍Ʉ̆ʍΝ̛͍ˬࢫˏ͛ࢫɄࢫ̛͍ɩͷ͛ͩࢫʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ͍͛ͩͷɲͩͷ͍ʍࢷࢫ underpinned by the principles of transparency, accountability, and consistency. Mayberry adopts a three lines of defense approach, delineating clear roles and responsibilities Ʉ̛̆̌ʳࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ̛ʱࢫɩͷ͛ˏ̌ʍ͛͛ࢫ˵ˏ̌ʍ͛ࢷࢫˏ̌ɾʍͅʍ̌ɾʍ̌ͩࢫ-̛̆ͅ˵ˏɄ̌ɲʍࢫɄ̌ɾࢫþˏ͛ˬࢫʱͷ̌ɲͩˏ̛̌͛ࢷࢫɄ̌ɾࢫ ̌ͩʍ͍̌Ʉ˵ࢫ\u0001ͷɾˏͩࢶࢫė˂ˏ͛ࢫɲ̛˵˵Ʉɩ̛͍ɄͩˏΘʍࢫʳ̛Θʍ͍̌Ʉ̌ɲʍࢫ̛̆ɾʍ˵ࢫʍ̌͛ͷ͍ʍ͛ࢫʍʱʱʍɲͩˏΘʍࢫ͍ˏ͛ˬࢫ̛Θʍ͍͛ˏʳ˂ͩࢫɄ̌ɾࢫ mitigation while aligning organizational objectives with stakeholder interests, including preparedness for climate-related disruptions. Risk Management Governance Mayberry’s risk management framework adopts a three lines of defense approach to governing risk, promoting transparency, accountability, and consistency through clearly ɾʍё̌ʍɾࢫ̛͍˵ʍ͛ࢸ 57 kˏ͍͛ͩࢫ§ˏ̌ʍࢫ̛ʱ8ࢫʍʱʍ̌͛ʍࢫ࣓ࢫ·Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫ̛ʱࢫ%ͷ͛ˏ̌ʍ͛͛ࢫ§ˏ̌ʍ͛ࢸ Business line management is responsible for identifying, assessing, and managing risks in daily operations. This includes ensuring operational resilience during climate-related events such as hurricanes, adherence to business continuity plans, and compliance with all legal and regulatory requirements. Ċʍɲ̛̌ɾࢫ§ˏ̌ʍࢫ̛ʱ8ࢫʍʱʍ̌͛ʍࢫ࣓ࢫ-̛̆ͅ˵ˏɄ̌ɲʍࢫɄ̌ɾࢫþˏ͛ˬࢫkͷ̌ɲͩˏ̛̌ࢸ ė˂ʍࢫ-̛̆ͅ˵ˏɄ̌ɲʍࢫɄ̌ɾࢫþˏ͛ˬࢫʱͷ̌ɲͩˏ̛̌ࢫ̛͍ͅΘˏɾʍ͛ࢫˏ̌ɾʍͅʍ̌ɾʍ̌ͩࢫ̛Θʍ͍͛ˏʳ˂ͩࢫɄ̌ɾࢫɄ͛͛ͷ͍Ʉ̌ɲʍࢫɄɲ̛͍͛͛ࢫ market, credit, compliance, reputational, operational, and environmental risks. This function actively monitors climate-related developments, including hurricanes, assesses ̛ͩͅ ʍ̌ͩˏɄ˵ࢫˏ̆ͅɄɲͩ͛ࢷࢫɄ̌ɾࢫ̛͍ͅΘˏɾʍ͛ࢫͩˏ̆ʍ˵Ωࢫ͍ʍ̛͍ͩͅˏ̌ʳࢫ̛ͩࢫĊʍ̌ˏ̛͍ࢫ·Ʉ̌Ʉʳʍ̆ʍ̌ͩࢷࢫͩ˂ʍࢫ\u0001͛͛ʍͩࢫɄ̌ɾࢫ §ˏɄɩˏ˵ˏͩΩࢫ-̛̆̆ˏͩͩʍʍࢫࣜ\u0001§-ÌࣝࢷࢫɄ̌ɾࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢶ ė˂ˏ͍ɾࢫ§ˏ̌ʍࢫ̛ʱ8ࢫʍʱʍ̌͛ʍࢫ࣓ࢫ̌ͩʍ͍̌Ʉ˵ࢫ\u0001ͷɾˏͩࢸ ̌ͩʍ͍̌Ʉ˵ࢫ\u0001ͷɾˏͩࢫ̛͍ͅΘˏɾʍ͛ࢫˏ̌ɾʍͅʍ̌ɾʍ̌ͩࢫɄ̌ɾࢫ̛ɩ˥ʍɲͩˏΘʍࢫɄ͛͛ͷ͍Ʉ̌ɲʍࢫ̛̌ࢫͩ˂ʍࢫʍʱʱʍɲͩˏΘʍ̌ʍ͛͛ࢫ̛ʱࢫ controls, including those related to disaster preparedness, business continuity, and risk governance. \u0001˵˵ࢫͩ˂͍ʍʍࢫ˵ʍΘʍ˵͛ࢫ͍ʍ̛͍ͩͅࢫ̛ͩࢫͩ˂ʍࢫ%̛Ʉ͍ɾࢷࢫʍˏͩ˂ʍ͍ࢫɾˏ͍ʍɲͩ˵Ωࢫ̛͍ࢫͩ˂̛͍ͷʳ˂ࢫͩ˂ʍࢫ\u0001͛͛ʍͩ͛ࢫɄ̌ɾࢫ§ˏɄɩˏ˵ˏͩˏʍ͛ࢫ -̛̆̆ˏͩͩʍʍࢫɄ̌ɾࢫ\u0001ͷɾˏͩࢫ-̛̆̆ˏͩͩʍʍࢶ Strategic Alignment and Continuous Improvement Mayberry remains steadfast in integrating risk management into its strategic decision- ̆ Ʉˬˏ̌ʳࢫ̛͍ͅɲʍ͛͛ʍ͛ࢶࢫ½ʍΝࢫ̛͍ͅɾͷɲͩ͛ࢷࢫ̛͍ͅ˥ʍɲͩ͛ࢷࢫɄ̌ɾࢫʍ̆ʍ͍ʳˏ̌ʳࢫͩ˂͍ʍɄͩ͛ࢫɄ͍ʍࢫɄ͛͛ʍ͛͛ʍɾࢫͩ˂̛͍ͷʳ˂ࢫ the lens of enterprise risk management to ensure alignment with the company’s risk appetite. In light of Hurricane Mellissa, management has reinforced its focus on continuous monitoring, scenario analysis, and climate resilience planning. This includes periodic reviews of business continuity and disaster recovery arrangements to ensure readiness for future climate-related events. Key Risks Mayberry acknowledges the diverse array of risks inherent in its business model, ranging ʱ̛͍̆ࢫё̌Ʉ̌ɲˏɄ˵ࢫɄ̌ɾࢫ̛ͅʍ͍Ʉͩˏ̛̌Ʉ˵ࢫ͍ˏ͛ˬ͛ࢫ̛ͩࢫ͍͛ͩɄͩʍʳˏɲࢷࢫ͍ʍͅͷͩɄͩˏ̛̌Ʉ˵ࢷࢫɄ̌ɾࢫʍ̌Θˏ̛͍̌̆ʍ̌ͩɄ˵ࢫ ɲ̛̌ɲʍ͍̌͛ࢶࢫ\u0001ࢫɾʍͅɄ͍ͩ̆ʍ̌ͩɄ˵࣒˵ʍΘʍ˵ࢫ͍ˏ͛ˬࢫɄ͛͛ʍ͛͛̆ʍ̌ͩࢫ̆ʍɲ˂Ʉ̌ˏ͛̆ࢫ͛ͷ̛͍ͩ͛ͅͅࢫͩˏ̆ʍ˵Ωࢫˏɾʍ̌ͩˏёɲɄͩˏ̛̌ࢫ and mitigation of emerging threats, including climate-related risks. 58 2025 Risk Framework Overview ė˂̛͍ͷʳ˂̛ͷͩ࠸࠵࠳࠵ࢫࢷࢫͩ˂ʍࢫɄ̆ɄˏɲɄ̌ࢫё̌Ʉ̌ɲˏɄ˵ࢫ͛ʍɲ̛͍ͩࢫʱɄɲʍɾࢫɄࢫͷ̌ˏ͋ͷʍࢫ͛ʍͩࢫ̛ʱࢫɲ˂Ʉ˵˵ʍ̌ʳʍ͛ࢷࢫΝ˂ˏɲ˂ࢫ ·ɄΩɩʍ͍͍Ω࣭͛ࢫþˏ͛ˬࢫ·Ʉ̌Ʉʳʍ̆ʍ̌ͩࢫk͍Ʉ̆ʍΝ̛͍ˬࢫΝɄ͛ࢫΝʍ˵˵ࢫ̛͛ͅˏͩˏ̛̌ʍɾࢫ̛ͩࢫɄɾɾ͍ʍ͛͛ࢶࢫė˂ʍ͛ʍࢫˏ̌ɲ˵ͷɾʍɾࢸ Cybersecurity Risks: \u0001ɲɲʍ˵ʍ͍ɄͩʍɾࢫɾˏʳˏͩɄ˵ࢫ͍ͩɄ̌͛ʱ̛͍̆Ʉͩˏ̛̌ࢫɄ̌ɾࢫͷ͛ʍࢫ̛ʱࢫ\u0001͍ͩˏёɲˏɄ˵ࢫ̌ͩʍ˵˵ˏʳʍ̌ɲʍࢫ̛͍ͅʳ͍Ʉ̆͛ࢫ˂ʍˏʳ˂ͩʍ̌ʍɾࢫ ʍΦ̛͛ͅͷ͍ʍࢫ̛ͩࢫɲΩɩʍ͍ࢫͩ˂͍ʍɄͩ͛ࢶࢫ·ɄΩɩʍ͍͍Ωࢫ͍͛ͩʍ̌ʳͩ˂ʍ̌ʍɾࢫˏͩ͛ࢫɾʍʱʍ̌͛ʍ͛ࢫͩ˂̛͍ͷʳ˂ࢫɄɾΘɄ̌ɲʍɾࢫ cybersecurity protocols and regular penetration testing. Market Volatility: Hɲ̛̛̌̆ˏɲࢫђͷɲͩͷɄͩˏ̛̌͛ࢫɄ̌ɾࢫʳʍ̛̛ͅ˵ˏͩˏɲɄ˵ࢫͩʍ̌͛ˏ̛̌͛ࢫˏ̌ɲ͍ʍɄ͛ʍɾࢫ̆Ʉ͍ˬʍͩࢫΘ̛˵Ʉͩˏ˵ˏͩΩࢶࢫė˂ʍࢫɲ̛̆ͅɄ̌Ωࢫ ʍ̆ͅ˵̛Ωʍɾࢫ̛͍ɩͷ͛ͩࢫё̌Ʉ̌ɲˏɄ˵ࢫ̛̆ɾʍ˵ˏ̌ʳࢫɄ̌ɾࢫ͍͛ͩʍ͛͛ࢫͩʍ͛ͩˏ̌ʳࢫ̛ͩࢫ̆Ʉ̌Ʉʳʍࢫͩ˂ʍ͛ʍࢫ͍ˏ͛ˬ͛ࢶ Regulatory Compliance: \u0001̌ࢫʍΘ̛˵Θˏ̌ʳࢫ͍ʍʳͷ˵Ʉ̛͍ͩΩࢫʍ̌Θˏ̛͍̌̆ʍ̌ͩࢫ͍ʍ͋ͷˏ͍ʍɾࢫ͛ͷ͛ͩɄˏ̌ʍɾࢫΘˏʳˏ˵Ʉ̌ɲʍࢶࢫ·ɄΩɩʍ͍͍Ω࣭͛ࢫɲ̛̆ͅ˵ˏɄ̌ɲʍࢫ team ensured adherence to all legal and regulatory obligations. Environmental and Climate-Related Risks: -˵ˏ̆Ʉͩʍࢫɲ˂Ʉ̌ʳʍࢫɄ̌ɾࢫʍΦ͍ͩʍ̆ʍࢫΝʍɄͩ˂ʍ͍ࢫʍΘʍ̌ͩ͛ࢷࢫˏ̌ɲ˵ͷɾˏ̌ʳࢫzͷ͍͍ˏɲɄ̌ʍࢫ·ʍ˵˵ˏ͛͛Ʉࢷࢫ̛͛ͅʍɾࢫ increasing operational and resilience challenges. While no material adverse impact was recorded, the event necessitated enhanced monitoring, activation of precautionary measures, and continued evaluation of climate-related risks within strategic planning and risk assessments. Operational Risks: Potential disruptions from infrastructure damage, power outages, and reduced staff availability during severe weather events remain key considerations. Mayberry maintains robust and regularly tested business continuity and disaster recovery plans to mitigate these risks. 59 Conclusion ·ɄΩɩʍ͍͍Ω࣭͛ࢫ̛͍ͅɄɲͩˏΘʍࢫɄ̛͍ͅͅɄɲ˂ࢫ̛ͩࢫ͍ˏ͛ˬࢫ̆Ʉ̌Ʉʳʍ̆ʍ̌ͩࢷࢫ͛ͷ̛͍ͩͅͅʍɾࢫɩΩࢫɄࢫ̛͍ɩͷ͛ͩࢫþˏ͛ˬࢫ Management Framework and strong governance structure, positions the company to ʍʱʱʍɲͩˏΘʍ˵Ωࢫ̌ɄΘˏʳɄͩʍࢫɄ̌ࢫʍΘ̛˵Θˏ̌ʳࢫ͍ˏ͛ˬࢫ˵Ʉ̌ɾ͛ɲɄͅʍࢶࢫė˂ʍࢫʍΦͅʍ͍ˏʍ̌ɲʍࢫ͛ͷ̛͍͍ͷ̌ɾˏ̌ʳࢫzͷ͍͍ˏɲɄ̌ʍࢫ Mellissa reinforced the importance of climate-related risk awareness, operational preparedness, and continuous monitoring. \u0001͛ࢫͩ˂ʍࢫɲ̛̆ͅɄ̌Ωࢫ̛̆Θʍ͛ࢫˏ̛̌ͩ࠹࠵࠳࠵ࢫࢷࢫͩ˂ʍࢫþˏ͛ˬ8ࢫʍͅɄ͍ͩ̆ʍ̌ͩࢫ͍ʍ̆Ʉˏ̌͛ࢫɲ̛̆̆ˏͩͩʍɾࢫ̛ͩࢫ strengthening the risk culture, enhancing climate resilience, and ensuring that risk management continues to support strategic objectives, safeguard shareholder value, and promote long-term sustainability. 60 Mayberry Investments Limited Index 31 December 2025 \u0003 Page Independent Auditors' Report to the Members Financial Statements Statement of Financial Position 1 Statement of Profit or Loss 2 Statement of Comprehensive Income 3 Statement of Changes in Equity 4 Statement of Cash Flows 5 Notes to the Financial Statements 6 – 6 6 PricewaterhouseCoopers, Scotiabank Centre, Duke Street, P.O. Box 372, Kingston, Jamaica T: +1 876 922 6230, F: +1 876 922 7581 www.pwc.com/jm B.L. Scott B.J. Denning G.A. Reece P.A. Williams R.S. Nathan C.I. Bell-Wisdom G.K. Moore T.N. Smith DaSilva K.D. Powell ,QGHSHQGHQW\u0003DXGLWRU V\u0003UHSRUW\u0003 To the Members of Mayberry Investments Limited Report on the audit of the financial statements Our opinion In our opinion, the financial statements give a true and fair view of the financial position of Mayberry Investments Limited (the Company) as at 31 December 2025, and of its financial performance and its cash flows for the year then ended in accordance with IFRS Accounting Standards and with the requirements of the Jamaican Companies Act. What we have audited The Company's financial statements comprise: x the statement of financial position as at 31 December 2025; x the statement of profit or loss x the statement of comprehensive income for the year then ended; x the statement of changes in equity for the year then ended; x the statement of cash flows for the year then ended; and x the notes to the financial statements, comprising material accounting policy information and other explanatory information. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ,QGHSHQGHQFH\u0003 We are independent of the Company in accordance with the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code). We have also fulfilled our other ethical responsibilities in accordance with the IESBA Code. Responsibilities of management and those charged with governance for the financial statements Management is responsible for the preparation of the financial statements that give a true and fair view in accordance with IFRS Accounting Standards and with the requirements of the Jamaican Companies Act, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated fin ancial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key audit matter How our audit addressed the key audit matter Measurement of investment in associates Refer to Notes 2(c), 3(a) and 21 to the consolidated financial statements for disclosures of related accounting policies and balances. The Group’s total investments in associates was $13.97 billion as at 31 December 2025, representing holdings in certain investment securities, which range between 17% to 33% of the issued share capital and where there is board and/or board subcommittee representation. As per the Group’s accounting policies, management recognises associates as all entities over which the Group has significant influence but not control, generally accompanying a shareholding of 20% of the voting rights. As the Group is deemed by management to have a similar business model to an investment entity as defined by IFRS 10 - Consolidated Financial Statements, the Group has elected to implement the exemption from applying the equity method in IAS 28 - Investments in Associates and Joint Ventures and recognises its investment in associates at fair value through profit or loss in accordance with IFRS 9 - Financial Instruments. We focused our audit efforts on this balance due to its material impact on the financial statements and because the determination of the most appropriate accounting treatment and accounting standard involved a level of judgement applied by management. Our approach to addressing the matter, included the following procedures amongst others: x Performed inquiries and evaluated management’s accounting policies against the requirements of the applicable accounting standards. x Read and evaluated management’s position papers on the determination of the designation of the investments as associated companies. x Independently confirmed shareholdings of related associates with the local securities deposit’s registry. x Corroborated board and subcommittee membership through inspection of published submissions to the Jamaica Stock Exchange. x Evaluated management’s assertion that it qualifies for the exemption from equity accounting under IAS 28 by assessing the following: R the nature of the subsidiary’s operations; R how the business is managed; R how the performance of the subsidiary is assessed and management of the subsidiary is remunerated; and R whether the underlying information is consistent with the types of entities described by IAS 28 as being eligible for exemption. As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: x Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. x Obtain an understanding of internal control relevant to the audit 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 Company's internal control. x Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. x Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. x Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Report on other legal and regulatory requirements As required by the Jamaican Companies Act, we have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of our audit. In our opinion, proper accounting records have been kept, so far as appears from our examination of those records, and the accompanying financial statements are in agreement therewith and give the information required by the Jamaican Companies Act, in the manner so required. 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+\u0004\u0006+\u000f\u0016%\u0018\u001d+\u0004\u0003\u0004\u0007+\u0016 \u0019+\u0026\u001e\u001c \u001a\u0019+! +\u001e'\u0026+\u0017\u001a\u001d\u0016\u001f\u001b+\u0017*\b+ \u0015\u001d/78\u0019!\u001d/18 \u0011\u0026\u001d'/*\u001d+8 \u0019\u001d1/'\u001f(8\u0010\u001d1\u001d'))!8 \u0011\u0026'!\"8\u00135!\u001f21'3!8\u0018\"#'\u001f!/8 Page 2 Mayberry Investments Limited Statement of Profit or Loss Year ended 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 Note s 202 5 $’000 202 4 $’000 Net Interest Income and Other Revenues Interest income 2,732,68 9 2,451,306 Interest expense (2,008,647) (1,801,407) Net interest income 4 724,042 649,899 Consulting fees and commissions 5 989,867 807,842 Dividend income 6 26,528 15,722 Net change in fair value on financial instruments at FVTPL (14,072) (5,634) Net trading gain s on financial instruments at AC 8,503 60,799 Net foreign exchange gains 203,409 186,791 Other income 131,349 97,497 Unrealised gains on investment properties 293,706 68,382 2,363,332 1,881,298 Operating Expenses Salaries, statutory contributions and other staff costs 7 747,051 777,589 Provision for credit losses (5,321) 148,130 Depreciation and amortisation 205,413 151,745 Other operating expenses 1,038,57 9 1,183,889 8 1,985,722 2,261,353 Profit /(Loss) before Taxation 377,610 (380,055) Taxation credit 9 260,314 519,337 Net Profit for the Year 637,924 139,282 Page 3 Mayberry Investments Limited Statement of Comprehensive Income Year ended 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 202 5 $’000 202 4 $’000 Net Profit for the Year 637,924 139,282 Other Comprehensive Income Net of Taxation: Item that will not be reclassified to profit or loss Net unrealised (losses) /gains on financial instruments – fair value through other comprehensive income (65,532) 126,235 Total Comprehensive Income for the Year 572,392 265,517 Page 4 Mayberry Investments Limited Statement of Changes in Equity Year ended 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 Profit for the year 637,924 637,924 Other comprehensive income - - (65,532) - - (65,532) Total comprehensive income - - (65,532) - 637,924 572,392 Transactions with Owners Dividend declared (Note 2 8 ) - - - - (200,000) (200,000) Balance at 31 December 202 5 1,201,149,291 1,582,382 394,633 77,939 4,817,468 6,872,422 No. of Shares Share Capital Fair Value Reserves Other Reserves Retained Earnings Total $’000 $’000 $’000 $’000 $’000 $’000 Balance at 1 January 2024 1,201,149,291 1,582,382 327,663 77,939 4,596,529 6,584,513 Profit for the year - - - - 139,282 139,282 Other comprehensive income - - 126,235 - - 126,235 Total comprehensive income - - 126,235 - 139,282 265,517 Transfer Between Reserves From fair value reserves - - 6,267 - (6,267) - Transactions with Owners Dividend paid (Note 2 8 ) - - - - (350,000) (350,000) Balance at 31 December 2024 1,201,149,291 1,582,382 460,165 77,939 4,379,544 6,500,030 Page 5 Mayberry Investments Limited Statement of Cash Flows Year ended 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 Note 202 5 $’000 202 4 $’000 Cash Flows from Operating Activities Profit /(Loss) before taxation 377,610 (380,055) Adjustments for: Items not affecting cash: Adjustments to reconcile net profit to net cash provided by operating activities 18 2,312,226 (50,626) Tax paid Interest received 2,755,808 2,455,177 Interest paid (1, 796,643 ) (1,839,791) Cash provided by operating activities 3,649,001 184,705 Cash Flows from Investing Activities Additions to intangible assets (566,477) (232,634) Proceeds from disposal of property, plant and equipment 6,365 Additions to property, plant and equipment 15 (51,345) (67,411) Cash used in investing activities (611,457) (300,045) Cash Flows from Financing Activities Dividend payment 2 8 (200,000) - Lease principal payment 17 (30,545) (14,202) Loans received 3,904,350 2,556,272 Loans repaid (3,804,404) (3,542,157) Cash used in financing activities (130,599) (1,000,087) Net Increase/( Decrease ) in Cash and Cash Equivalents 2,906,945 (1,115,427) Exchange gain /( loss ) on foreign cash balances 45,247 (147) Cash and cash equivalents at beginning of year 2,491,857 3,607,431 Cash and Cash Equivalents at End of Year 10 5,444,049 2,491,857 Page 6 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 1. Identification and Principal Activities Mayberry Investments Limited (\"the Company\") is a company limited by shares, incorporated and domiciled in Jamaica. It is 100% (2024 – 100%) owned by Mayberry Holdings Limited (“MHL”) which is also incorporated and domiciled in Jamaica. Mayberry Group Limited (“MGL”) is the ultimate parent company, and is incorporated and domiciled in Saint Lucia under the International Business Companies Act. The registered office of the Company is located at 1 ½ Oxford Road, Kingston 5. The Company is a licensed securities dealer and is a member of the Jamaica Stock Exchange. The Company has primary dealer status from the Bank of Jamaica. The principal activities of the Company comprise dealing in securities, portfolio management, investment advisory services, operating a foreign exchange cambio, managing funds on behalf of clients and administrative and investment management services for pension plans. 2. Material Accounting Policies The material accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied for all the years presented unless otherwise stated. (a) Basis of preparation These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS Accounting Standards) and IFRS Interpretations Committee (IFRIC) interpretations applicable to companies reporting under IFRS Accounting Standards. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investment securities at fair value through other comprehensive income (“FVTOCI”), and investment properties and certain financial assets at fair value through profit or loss (“FVTPL”). These financial statements are also prepared in accordance with requirements of the Jamaican Companies Act. The financial statements comprise the statement of profit and loss and statement of comprehensive income shown as two statements, the statement of financial position, the statement of changes in equity, the statement of cash flows and the notes. Page 7 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (a) Basis of preparation (continued) The preparation of financial statements in conformity with IFRS Accounting Standards requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, contingent assets and contingent liabilities at the end of the reporting period and the total comprehensive income during the reporting period. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will seldom equal the related actual results. The estimates and underlying assumptions are reviewed on an ongoing basis and any adjustments that may be necessary would be reflected in the year in which actual results are known. The areas involving more judgement and complexity or areas where assumptions or estimates are significant to the financial statements are disclosed in note 3. New, revised and amended standards and interpretations that became effective during the year Certain new standards, interpretations and amendments to existing standards have been published that became effective during the current financial year. x Amendments to IAS 21 - Lack of Exchangeability The Company has assessed the relevance of all such new standards, interpretations and amendments and has concluded that they did not have any impact on the amounts recognised in prior periods or current period. New, revised and amended standards and interpretations not yet effective and not early adopted by the Company Certain amendments to accounting standards have been published that are not mandatory for 31 December 2025 reporting periods and have not been early adopted by the Company. x Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments x Annual improvements to IFRS – Volume 11 x IFRS 18, ‘Presentation and Disclosure in Financial Statements’ x IFRS 19, ‘Subsidiaries without Public Accountability: Disclosures’ These amendments are not expected to have a material impact on the entity in the future reporting periods and on foreseeable future transactions. Page 8 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (b) Foreign currency translation Items included in the financial statements are measured using the currency of the primary economic environment in which the Company operates (“the functional currency”). The financial statements are presented in Jamaican dollars, which is the Company’s functional and presentation currency, unless otherwise stated. Transaction and balances Foreign currency transactions are accounted for at the exchange rates prevailing at the dates of the transactions. At the date of the statement of financial position, monetary assets and liabilities denominated in foreign currencies are translated using the closing exchange rate at the date. Exchange differences resulting from the settlement of transactions at rates different from those at the dates of the transactions, and unrealized foreign exchange differences on unsettled foreign currency monetary assets and liabilities are recognized in the statement of profit or loss. Translation differences on non-monetary financial assets are a component of the change in their fair value. Depending on the classification of a non-monetary financial asset, exchange differences are either recognized in the statement of profit or loss (applicable for financial assets at FVTPL), or within other comprehensive income if non-monetary financial assets are equity instruments which are designated as FVTOCI. (c) Impairment of Non-Financial Assets Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. (d) Intangible assets \u0026RPSXWHU\u0003VRIWZDUH Acquired computer software licenses and proprietary developed systems are capitalised on the basis of costs incurred to acquire and bring to use the specific software. These costs are amortised over the estimated useful life of the software, which ranges from 5 to 10 years. Page 9 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (e) Revenue recognition Revenue comprises the fair value of the consideration received or receivable for services provided in the ordinary course of business and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured, regardless of when the payment is made. Revenue is measured taking into account contractually defined terms of payment. Consulting fees and commission income: Consulting fees and commission income are recognized on an accrual basis when the performance obligations are satisfied, that is over time or at a point in time. Where a customer contract contains multiple performance obligations, the transaction price is allocated to each distinct performance obligation based on the relative stand-alone selling prices of the goods or services being provided to the customer. Consulting fees and commission arising from negotiating or participating in the negotiation of a transaction for a third party are recognized on completion of the underlying transaction. Portfolio and other management advisory and service fees are recognized based on the applicable service contracts. Asset management fees related to investment funds are recognized over the period the service is provided. Performance linked fees or fee components are recognized when the performance criteria are fulfilled. Page 10 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (f) Repurchase and reverse repurchase agreements Securities sold under agreements to repurchase (repurchase agreements), and securities purchased under agreements to resell (reverse repurchase agreements), are treated as collateralized financing transactions. The difference between the sale/purchase and repurchase/resale price is treated as interest and accrued over the lives of the agreements using the effective yield method. (g) Loans and receivables and provisions for credit losses The Company recognizes loss allowances for expected credit losses (ECL) on the following financial instruments: loans and other receivables, promissory notes, due from related parties and debt instruments carried at amortised cost. Loans are recognized when cash is advanced to borrowers. They are initially recorded at cost, which is the cash given to originate the loan including any transaction costs, and subsequently measured at amortized cost using the effective interest rate method. The Company applies the “three stage model under IFRS 9 in measuring the ECL on loans and receivables, and makes estimations about likelihood of defaults occurring, associated loss ratios, changes in market conditions, and expected future cash flows. This is measured using the Probability of Default (PD), Exposure at Defaults (EAD) and Loss Given Default (LGD) for a portfolio of assets. x Probability of Default - This represents the likelihood of a borrower defaulting on its financial obligation either over the next 12 months (12-month PD), or over the remaining lifetime (Lifetime PD) of the obligation. x Exposure at Default - This represents the expected balance at default, taking into account the repayment of principal and interest from the statement of financial position date to the default event together with any expected drawdowns of committed facilities. x Loss Given Default – The LGD represents expected losses on the EAD given the event of default, taking into account the mitigating effect of collateral value at the time it is expected to be realised and also the time value of money. The ‘three stage’ model is used to categorise financial assets according to credit quality as follows: x Stage 1 – financial assets that are not credit impaired on initial recognition or are deemed to have low credit risk. These assets generally abide by the contractual credit terms. The ECL is measured using a 12-month PD, which represents the probability that the financial asset will default within the next 12 months. Stage 2 – financial assets with a significant increase in credit risk (SICR) since initial recognition, but are not credit impaired. The ECL is measured using a lifetime PD. x Stage 3 – credit impaired financial assets. The ECL is measured using a lifetime PD. Transfer between stages Financial assets can be transferred between the different categories depending on their relative increase in credit risk since initial recognition. Financial instruments are transferred out of stage 2 if their credit risk is no longer considered to be significantly increased since initial recognition. Financial instruments are transferred out of stage 3 when they no longer exhibit any evidence of credit impairment. This assessment is done on a case-by-case basis. Page 11 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (g) Loans and receivables and provisions for credit losses (continued) The Company considers forward-looking information in determining the PDs of financial assets. Significant Increase in Credit Risk (SICR) The assessment of SICR is performed for individual loans, taking into consideration the sector grouping of the individual exposures, and incorporates forward-looking information. It also considers qualitative criteria specific to the borrower's risk rating, early signs of cash flow/liquidity problems and expected significant adverse change in the financial condition of the borrower. However, this assessment will differ for different types of lending arrangements. Backstop Irrespective of the above qualitative assessment, the Company presumes that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due. The Company has monitoring procedures in place to assess whether the criteria used to identify SICR continue to be appropriate. The ECL is determined by projecting the PD, LGD and EAD, which are multiplied together and discounted back to the reporting date. The discount rate used in the ECL calculation is the original effective interest rate or an approximation thereof. A loan is classified as impaired when, in management's opinion there has been deterioration in credit quality to the extent that there is no longer reasonable assurance of timely collection of the full amount of principal and interest. Write offs are made when the Company determines that there is no realistic prospect of recovery. Write offs are charged against previously established provisions for credit losses. Recoveries in part or in full of amounts previously written off are credited to provision for credit losses in the statement of profit or loss. (h) Financial assets i. Initial recognition and measurement Financial assets are recognised when the Company becomes a party to the contractual provisions of the instrument. This includes regular way purchases of financial assets and liabilities that require delivery of assets within the time frame generally established by regulation or convention in the market place. The classification of financial instruments at initial recognition depends on their contractual terms and the business model for managing the instruments. Financial instruments are initially measured at their fair value, plus or minus directly attributable transaction costs for all instruments except in the case of financial assets recorded at FVTPL. For financial instruments measured at FVTPL transaction costs are expensed in the statement of profit and loss. Page 12 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (h) Financial assets (continued) ii . Classification and subsequent measurement The Company classifies all of its financial assets based on the business model for managing the assets and the assets contractual terms. The following measurement categories are used in accordance with the requirements of IFRS 9: x those to be measured at FVTOCI x FVTPL, and x those to be measured at amortised cost. iii. Business model assessment IFRS 9 requires an assessment of the nature of the Company’s business model at a level that best reflects how it manages portfolios of financial assets. The business model reflects how the Company manages the assets in order to generate cash flow; this is, whether the Company’s objective is solely to collect the contractual cash flows from the assets or is to collect both the contractual cash flows and cash flows arising from the sale of assets. If neither of these is applicable (e.g., financial assets are held for trading purposes), then the financial assets are classified as “Other” business model and measured at FVTPL. Factors considered by the Company in determining the business model for a group of assets include: 1. How the asset’s performance is evaluated and reported to key management personnel; 2. How risks are assessed and managed; and 3. How managers are compensated. The Company has determined that it has three business models: x Hold-to-collect (HTC) business model: This comprises, cash and cash equivalents debt securities, promissory notes, loans and other receivables, reverse repurchase agreements and accounts receivables. These financial assets are held to collect contractual cash flows. x Hold-to-collect-and-sell (HTCS): where both collecting and contractual cash flows and cash flows arising from the sale of assets are the objective of the business model. x Other business model: This comprises equity investments. These financial assets are managed and their performance is evaluated, on a fair value basis. Solely payments of principal and interest (SPPI) assessment. Debt instruments held within HTC or HTCS business model are assessed to evaluate if their contractual cash flows are SPPI. SPPI payments are those which would typically be expected from basis lending arrangements. Principal amounts include par repayments from lending and financing arrangements, and interest primarily relates to basic lending returns, including compensation for credit risk and the time value of money associated with the principal amount outstanding over a period of time. Interest can also include other basic lending risks and costs (for example, liquidity risk, servicing or administrative costs) associated with holding the financial asset for a period of time, and a profit margin. Page 13 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (h) Financial assets (continued) iv. Debt Instruments Debt instruments include cash and bank balances, loans and other receivables, investment securities, guarantees and other assets. Classification and subsequent measurement of debt instruments depend on the Company’s business model for managing the asset and the cash flow characteristics of the asset. Debt instruments are measured at amortised cost if they are held for collection of contractual cash flows where those cash flows represent SPPI. Interest income from these financial assets is included in interest income using the effective interest method. Any gain or loss arising on de-recognition is recognized directly in profit or loss together with foreign exchange gains or losses. Impairment losses are presented as a separate line item in the statement of profit or loss. The Company’s financial assets measured at amortised cost comprise cash resources, trade receivables, investment securities for which the objective is to hold these investment securities in order to collect contractual cash flows and the contractual cash flows are SPPI, reverse repurchase agreements, promissory notes, other receivables and amounts due from related companies in the statement of financial position. Debt instruments measured at FVTPL are those which were either acquired for generating a profit from short term fluctuations in price or dealers' margin, or are securities included in a portfolio in which a pattern of short term profit taking exists or which fail the SPPI test. The Company reclassifies debt instruments when and only when its business model for managing those assets changes. The reclassification takes place from the start of the first reporting period following the change. Such changes are expected to be very infrequent, and none occurred during the period. v. Equity Instruments Financial assets measured at FVTOCI Where the Company has made an irrevocable election to classify equity investments at FVTOCI, they are carried at fair value with changes in fair value recognised in other comprehensive income and accumulated in the related fair value reserve. There is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment, these realised gains are reclassified directly to retained earnings. Financial assets measured at FVTPL This category comprises financial instruments which are carried in the statement of financial position at fair value with changes in fair value recognised in the statement of profit or loss in the “financial instruments – FVTPL” line. The Company has equity investments held for trading which it has classified as being at FVTPL. Page 14 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (h) Financial assets (continued) vi. Impairment Credit loss allowance are measured on each reporting date according to a three-stage expected credit loss impairment model. Changes in the required ECL are recorded in profit or loss for the period at each reporting date. ECL are established for all financial assets, except for financial assets classified or designated as FVTPL and equity securities designated as FVTOCI, which are not subject to impairment assessment. Financial assets subject to impairment assessment include loans and receivables, debt securities, reverse repurchase agreements, due from related parties and promissory notes. Loans and receivables, promissory notes and debt securities carried at amortised cost are presented net of ECL on the statement of financial position. The Company assesses on a forward looking basis the ECL associated with its financial assets classified at amortised cost. The estimation of credit exposure for risk management purposes requires the use of complex models, as the exposure varies with changes in market conditions, expected cash flows and the passage of time. The assessment of credit risk of a portfolio of assets entails further estimations as to the likelihood of defaults occurring, of the associated loss ratios and of defaults correlations between counterparties. The Company measures risk using PD, EAD and LGD. The methodology used to determine the amount of the provision is based on whether there has been a significant increase in credit risk since initial recognition of the financial asset. For those where the credit risk has not been increased significantly since initial recognition of the financial asset, twelve month ECLs along with gross interest income are recognised. For those for which credit risk has increased significantly, lifetime ECLs along with interest income on a net basis are recognised. The Company assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due. Page 15 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (h) Financial assets (continued) vii. De-recognition The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset have expired, or when it transfers the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred, or in which the Company neither transfers nor retains substantially all the risks and rewards of ownership and it does not retain control of the financial asset. Any interest in transferred financial assets that qualify for de-recognition that is created or retained by the Company is recognized as a separate asset or liability in the statement of financial position. On de-recognition of a financial asset, the difference between the carrying amount of the asset (or carrying amount allocated to the portions of the asset transferred), and the sum of (i) the consideration received (including any new assets obtained less any new liability assumed) and (ii) any cumulative gain/loss recognized in OCI in respect of equity investment securities but transferred from OCI to retained earnings on disposal. viii.Revenue Interest income and expense are recognised in arriving at net profit or loss for all interest-bearing instruments on the accrual basis using the effective yield method based on the actual purchase price. Interest income includes coupons earnings on fixed income investments and accrued discounts or premiums on instruments. The effective interest method is a method of calculating the amortised cost of a financial asset or a financial liability and of allocating the interest income or interest expenses over the relevant period. The effective interest rate is the rate that exactly discounts the estimated future cash payments or receipts through the expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Company estimates cash flows considering the contractual terms of the financial instrument but does not consider future credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums and discounts. When a loan is classified as impaired it is written down to its recoverable amount and interest income on the loans is thereafter recognized based on the rate of interest that was used to discount the future cash flows for measuring the recoverable amount. Dividend income is recognized when the stockholder's right to receive payment is established. (i) Financial liabilities Financial liabilities are initially recognised at fair value, being their issue proceeds, net of transaction costs directly attributable to the issue of the instrument. Borrowings are subsequently carried at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is a constant rate on the balance of the liability carried in the statement of financial position. The Company’s financial liabilities comprise primarily amounts due to banks, repurchase agreements, accounts payable, debt security in issue and amounts due to related companies. The Company derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. Page 16 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (j) Property, plant and equipment All property, plant and equipment are stated at historical cost less accumulated depreciation. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any replaced part is derecognised. All other repairs and maintenance are charged to profit or loss during the financial period in which they are incurred. Depreciation is calculated on the straight-line basis at annual rates estimated to write off the cost of the assets over their expected useful lives as follows: Furniture, fixtures and fittings 10 years Office equipment 5 years Computer equipment 5 years Motor vehicles 3 years Leasehold improvements 30 years Depreciation methods, useful lives and carrying values are reassessed at the reporting date. Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount. The recoverable amount is the higher of the asset’s fair value less costs to sell and value in use. Gains or losses on disposal of property, plant and equipment are determined by reference to their carrying amounts and are taken into account in determining profit or loss. (k) Investment properties Investment properties, principally comprising land and buildings from foreclosed assets, are held for capital appreciation and sale and are treated as long-term investments. They are measured initially at cost, including related transaction costs and are subsequently carried at fair value with changes in the carrying amount recognised in profit or loss. The carrying amount includes repairs and maintenance costs to investment property at the time that the cost is incurred only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to profit or loss during the financial period in which they are incurred. Capital gains on disposals of investment properties are calculated by comparison with their latest market value recorded in the closing statement of financial position for the previous year. Fair value is determined periodically by an independent registered valuer. Fair value is based on current prices in an active market for similar properties in the same location and condition. Some of these properties are used as collateral for the Company’s corporate paper (Note 21) Page 17 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (l) Borrowings Borrowings including those arising under securitization arrangements are recognized initially at cost, being their issue proceeds, net of transaction costs incurred. Subsequently, borrowings are stated at amortised cost and any difference between net proceeds and the redemption value is recognized in the statement of profit or loss over the period of the borrowings using the effective yield method. (m) Share capital Ordinary shares are classified as equity when there is no obligation to transfer cash or other assets. Preference share capital is classified as equity except where it is redeemable on a specific or determinable date or at the option of the shareholders and/or if dividend payments are not discretionary, in which case it is classified as a liability. (n) Employee benefits (i) Pension scheme costs The Company operates a defined contribution pension scheme (Note 33), the assets of which are held in a separate trustee administered fund. Contributions to the scheme are fixed and are made on the basis provided for in the rules. Contributions are charged to the statement of profit or loss when due. The Company has no legal or constructive obligation beyond paying these contributions. (ii) Profit-sharing and bonus plan The Company recognizes a liability and an expense for bonuses and profit-sharing based on a formula that takes into consideration the profit attributable to the Company's stockholders after certain adjustments. The Company recognizes a provision where contractually obliged or where there is a past practice that has created a constructive obligation. (iii) Other employee benefits: Employee entitlement to annual leave and other benefits are recognized when they accrue to employees. A provision is made for the estimated liability for annual leave and other benefits as a result of services rendered by employees up to the end of the reporting period. Page 18 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (o) Leases The Company leases various offices, and vehicles. Rental contracts are typically made for fixed periods of 1 to 25 years but may have extension options as described below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. All leases are accounted for by recognising a right-of-use asset and a lease liability for all leases with a term greater than 12 months. Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the Company's incremental borrowing rate on commencement of the lease is used. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate. On initial recognition, the carrying value of the lease liability also includes amounts expected to be payable under any residual value guarantee, the exercise price of any purchase option granted in favour of the Company if it is reasonably certain to exercise that option, any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercised. Right-of-use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for lease payments made at or before commencement of the lease, initial direct costs incurred and the amount of any provision recognised where the Company is contractually required to dismantle, remove or restore the leased asset. Subsequent to initial measurement, lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset, whichever is shorter. When the Company revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted at the same discount rate that applied on lease commencement. The carrying value of lease liabilities is similarly revised when the variable element of future payments dependent on a rate or index is revised. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining lease term. Page 19 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (p) Taxation Taxation expense in the statement of profit or loss and statement of comprehensive income comprises current and deferred tax charges. Current taxation charge is the expected taxation payable on the taxable income for the year, using tax rates enacted at the reporting date and any adjustment to tax payable and tax losses in respect of previous years. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Currently enacted tax rates are used in the determination of deferred income tax. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the asset will be realized or the liability will be settled based on enacted rates. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Management has reviewed the investment portfolio and concluded that none of the Company’s investment properties are held under a business model whose objective is to consume substantially all the economic benefits embodied in the investment properties over time, rather than entirely through sale. As a result the Company has not recognized any deferred taxes on changes in fair value of the investment properties as the Company is not subject to any income taxes on the fair value changes of the investment properties on disposal. Current and deferred tax assets and liabilities are offset when they arise from the same taxable entity and relate to the same Tax Authority and when the legal right of offset exists. Deferred tax is charged or credited in the statement of profit or loss except where it relates to items charged or credited to equity, in which case deferred tax is also accounted for in equity. The principal temporary differences arise from depreciation of property, plant and equipment, revaluation of certain financial assets and tax losses carried forward. (q) Provisions Provisions are recognised when there is a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. (r) Cash and cash equivalents Cash and cash equivalents include cash on hand, and highly liquid financial assets with original maturities of less than three months, which are subject to insignificant risk of changes in their fair value and are used by the Company in the management of its short-term commitments. Cash and cash equivalents are carried at amortised cost in the statement of financial position. For the purposes of the cash flow statement, cash and cash equivalents comprise balances with original maturities of less than three months from the date of acquisition, including cash resources and bank overdraft. Page 20 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 2. Material Accounting Policies (Continued) (s) Funds under management The Company accepts funds from individuals and institutions to manage with complete discretion and without reference to the account holders, in accordance with the relevant guidelines issued by the Financial Services Commission, taking into account the investment objective and risk profile of the account holder. The Company also acts in other fiduciary capacities that result in holding or placing of assets on behalf of individuals and institutions. These assets and income arising thereon are excluded from these financial statements, as they are not assets of the Company. (t) Dividends Dividends are recognized when they become legally payable. In the case of interim dividends to equity shareholders, these are payable when declared by the directors. In the case of final dividends, these are payable when approved by shareholders at the Annual General Meeting. (u) Segment reporting An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the entity’s Chief Operating Decision Maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance; and for which discrete financial information is available. Based on the information presented to and reviewed by the CODM, the entire operations of the Company are considered as one operating segment. (v) Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an unconditional and legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the assets and settle the liabilities simultaneously. 3. Critical Accounting Judgements and Estimates (a) Critical judgements in applying the Company’s accounting policy The preparation of the financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgement in applying the Company’s accounting policies. The Company makes estimates and assumptions that affect the reported amounts of assets and liabilities within the next financial year. This note provides an overview of the major sources of estimation uncertainty that have a significant risk of resulting in a material adjustment within the next financial year. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Detailed information about each of these estimates and judgements is included in the related notes together with information about the basis of calculation for each affected line item in the financial statements. Page 21 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 3. Critical Accounting Judgements and Estimates (Continued) (b) Key Sources of estimation uncertainty (i) Impairment losses on loans, investments and receivables The Company reviews its loan and investment portfolios to assess impairment at least on a quarterly basis. In determining whether an impairment loss should be recorded in the statement of profit or loss, the Company makes judgements as to whether there are any observable data indicating that there is a measurable decrease in the estimated future cash flows from the loans resulting from adverse change in the payment status of the borrower or national and economic conditions that correlate with defaults on loans and investments in the Company. Management uses estimates based on historical loss experience for assets with credit risk characteristics and objective evidence of impairment similar to those in the portfolio when scheduling its future cash flows. The methodology and assumptions used for estimating both the amount and timing of future cash flows are reviewed regularly to reduce any differences between loss estimates and actual loss experience. (ii) Income taxes There are certain transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Company recognises liabilities for actual and anticipated tax audit issues based on estimates of whether additional taxes will be due. In determining these estimates, Management considers the merit of any tax audit issues raised, based on their interpretation of the taxation laws, and their knowledge of any precedents established by the taxation authorities. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences could materially impact the current tax and deferred tax provisions in the period in which such determination is made. The Company also recognises deferred tax assets on tax losses carried forward where it anticipates making future taxable income to offset these losses. Page 22 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 3. Critical Accounting Judgements and Estimates (Continued) (b) Key Sources of estimation uncertainty (continued) (iii) Fair value of financial assets A significant amount of financial assets and liabilities included in the Company’s financial statements require measurement at, and/or disclosure of fair value. Management uses its judgment in selecting appropriate valuation techniques supported by appropriate assumptions to determine fair value of investment securities (Note 32). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market price is used to determine fair value of a financial instrument. For financial instruments where no market price is available, the fair values presented have been estimated using present value or other estimation and valuation techniques based on market conditions existing at the end of the reporting period. The values derived from applying these techniques are significantly affected by the underlying assumptions used concerning both the amounts and timing of future cash flows and the discount rates. The following methods and assumptions have been used: (i) Investment securities classified as FVTPL and FVTOCI are measured at fair value by reference to quoted market prices when available. If quoted market prices are not available, then fair values are estimated on the basis of pricing models or discounted cash flows or other recognized valuation techniques. The fair values of liquid assets and other maturing within one year are assumed to approximate their carrying amount. The assumption is applied to liquid assets and short term elements of all financial assets and liabilities. (ii) The fair values of variable rate financial instruments are assumed to approximate their carrying amounts. The Company uses the following hierarchy in determining and disclosing the fair value of financial instruments by valuation technique: Level 1 quoted prices in active markets for identical assets or liabilities Level 2 other techniques for which all inputs which have a significant effect on the recorded fair value is observable, either directly or indirectly. Level 3 techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. Transfers of items between levels are recognised in the period they occur. Page 23 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 4. Net Interest Income 2025 2024 $’000 $’000 Interest income - Investment securities measured at FVTPL 58,383 32,038 Investments, loans and promissory notes at amortised cost 2,674,306 2,419,268 2,732,68 9 2,451,306 Interest expense - Margin loans with brokers 92,955 116,936 Securities sold under repurchase agreements 583,545 585,354 Corporate papers and notes 1,234,425 1,035,784 Other 97,722 63,333 2,008,647 1,801,407 724,042 649,899 5. Consulting Fees and Commissions 2025 2024 $’000 $’000 Services transferred at a point in time - Brokerage fees and commissions 690,61 3 593,649 Structured financing fees 35,002 36,277 725,61 5 629,926 Services transferred over time - Portfolio management 264,252 177,916 989,86 7 807,842 6. Dividend Income 202 5 202 4 $’000 $’000 Subsidiaries - Equity securities measured at FVTPL 23,533 5,352 Equity securities measured at FVTOCI 2,995 10,370 26,528 15,722 Page 24 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 7. Salaries, Statutory Contributions and Staff Costs 202 5 202 4 $’000 $’000 Wages and salaries 633,655 667,913 Statutory contributions 74,808 69,691 Pension contributions 15,634 13,190 Training and development 9,590 15,198 Staff welfare 13,364 11,597 747,051 777,589 The number of employees at year-end was 107 (2024 –117). 8. Expenses by Nature 202 5 202 4 $’000 $’000 Sales, marketing, and public relations 92,449 114,848 Auditors’ remuneration 13,504 19,106 Computer expenses 125,883 76,379 Depreciation (Note 15) 21,354 21,656 Amortisation of intangibles (Note 26) 146,052 111,906 Amortisation – right-of-use assets (Note 17) 38,007 18,183 Provision for credit losses (5,321) 148,130 Insurance 30,007 37,954 Licensing fees 161,149 109,678 Short term lease expense 21,441 13,772 Legal and professional fees 285,083 217,478 Registrar and broker fees 21,247 21,197 Directors' fees 20,912 18,057 Bank charges 21,757 21,836 Repairs and maintenance 5,105 8,200 Salaries, statutory contributions and staff costs (Note 7) 747,051 777,589 Security 18,309 20,942 Travelling and motor vehicles expenses 15,801 6,474 Assets tax 87,535 84,624 Operational losses 1,873 255,492 Utilities 48,752 53,618 Irrecoverable general consumption taxes 44,305 66,781 Other operating expenses 23,467 37,453 1,985,722 2,261,353 Fees for non-audit services for the year were $1,985,000 (2024 - $1,890,000). Page 25 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 9. Taxation (a) Taxation is based on the operating results for the year, adjusted for taxation purposes, and is made up as follows: 202 5 202 4 $’000 $’000 Current year income tax at 33 1/3% - - Deferred tax/(credit) (Note 21) (260,314) (519,337) Taxation credit (260,314) (519,337) (b) Reconciliation of theoretical tax credit that would arise on profit before taxation using applicable tax rate to actual tax charge. 202 5 202 4 $’000 $’000 Profit/(Loss) before taxation 377,610 (380,055) Tax calculated at a tax rate 33 1/3% 125,870 (126,685) Adjustments for the effects of: Expenses not deductible for tax 40,138 37,584 Income not subject to tax (349,397) (331,856) Other adjustments (76,925) (98,380) Taxation credit (260,314) (519,337) (c) Subject to agreement with Tax Administration Jamaica, the Company’s tax losses of approximately $5,382 million (2024 - $4,613 million) are available for set-off against future taxable profits. (d) Tax charge relating to components of other comprehensive income is as follows: 2025 $’000 2024 $’000 Before tax Tax charge After tax Before tax Tax credit After tax Item that will not be reclassified to profit or loss Net unrealised gains/(losses) on financial instruments - FVTOCI (79,923) 14,391 (65,532) 145,908 (19,673) 126,235 Other Comprehensive Income for the Year (79,923) 14,391 (65,532) 145,908 (19,673) 126,235 Deferred taxation (Note 21) 14,391 (19,673) Page 26 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 10. Cash Resources 202 5 202 4 $’000 $’000 Current accounts - Jamaican dollar 596,266 789,162 Current accounts - Foreign currencies 1,328,095 1,805,202 Deposits - Jamaican dollar 1,488 1,488 Cash in hand 230 329 1,926,079 2,596,181 For the purposes of cash flow statement, cash and cash equivalents comprise the following: 2025 2024 $’000 $’000 Cash resources 1,926,079 2,596,181 Investment securities with 90 - day maturity 3,906,344 603,184 Bank overdraft (388,374) (707,508) 5,444,049 2,491,857 National Commercial Bank Jamaica Limited (“NCB”) holds as security, Government of Jamaica Global Bond with a nominal value of US$219,000(2024 - US$219,000), to cover its overdraft facility of $200,000,000. NCB also holds as security Government of Jamaica Benchmark Notes with a nominal value of $150,000,000 (2024 - $18,400,000) and a lien over idle cash balances to cover 10% of the un-cleared effects limit of $60,000,000 i.e. $6,000,000. A revolving credit line facility of $575,000,000 was granted in February 2020, by Sagicor Bank Jamaica Limited to assist with the working capital requirements of the Company. This overdraft facility is unsecured at a current effective interest rate of 9% per annum. The facility is reviewed on an annual basis. Page 27 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 11. Investment Securities 202 5 202 4 $’000 $’000 Investment securities at FVTPL - Debt securities Government of Jamaica bonds 15,248 22,346 Foreign government bonds 10,213 25,828 Corporate bonds 310,203 37,232 Equities 57,308 37,187 Total FVTPL 392,972 122,593 Investment securities at FVTOCI - Equities 557,275 635,260 Total FVTOCI 557,275 635,260 Investment securities at amortised cost, net of ECL - Debt securities Government of Jamaica bonds 5,298,026 5,235,405 Foreign government bonds 93 217 Corporate bonds 2,819,153 3,635,902 Less ECL (15,481) (27,428) Total investment securities at amortised cost, net of ECL 8,101,791 8,844,096 9,052,038 9,601,949 Accrued interest 24,722 25,847 Total investment securities 9,076,760 9,627,796 The Government and Corporate bonds are used as collateral for the Company's demand loans received from, Oppenheimer and Co. Inc. and Morgan Stanley (Note 20). The movement in the ECL determined under the requirements of IFRS is as follows: 202 5 202 4 $’000 $’000 Balance at beginning of year 27,428 8,997 Net increase included in provision for credit losses (11,947) 18,431 Balance at end of year 15,481 27,428 The current portion of investment securities is $6,457 million (2024 - $5,727 million). Page 28 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 12. Reverse Repurchase Agreements The Company enters into repurchase and reverse repurchase agreements collateralised by Government of Jamaica debt securities. These agreements may result in credit exposure in the event that the counterparty to the transaction is unable to fulfil its contractual obligations. 202 5 202 4 $’000 $’000 Reverse repurchase agreements 4,208,414 3,268,133 Interest receivable 24,311 37,190 4,232,725 3,305,323 Included in reverse repurchase agreements is $4,208,414,000 (2024: $3,268,133,000) which matures within the next 12 months, of which $3,906,345 (2024: $603,184,000) with original maturities of 90 days or less, are regarded as cash and cash equivalents for the purposes of the statement of cash flows. 13. Promissory Notes 2025 2024 $’000 $’000 Gross loans 5,111,096 6,744,562 Less: Allowance for credit losses (393,755) (388,506) Interest receivable 172,33 7 181,452 4,889,67 8 6,537,508 This represents Jamaican and United States dollar promissory notes from customers. These are hypothecated against balances held for the customers, registered mortgages and other properties. The current portion of promissory notes is $3,975 million (2024 - $4,718 million). The movement in the ECL determined under the requirements of IFRS is as follows: 202 5 202 4 $’000 $’000 Balance at beginning of year 388,506 228,680 Net increase included in provision for credit losses 24,290 171,045 Write-offs (19,041) (11,219) Balance at end of year 393,755 388,506 Page 29 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 14. Loans and other Receivables 2025 2024 $’000 $’000 Client margins 7,034,641 5,448,135 Client receivables 3,661,685 3,425,734 Due from broker - 76,099 Current account with Cherry Hill Developments Limited 222,377 222,377 Withholding tax recoverable 295,308 111,806 Prepayments 41,256 120,395 Other receivables 859,08 7 753,976 12,114,354 10,158,522 Less: Allowance for credit losses (178,246) (195,910) 11,936,108 9,962,612 Client margins are secured against their equity portfolios held at the Jamaica Central Securities Depository. The movement in the ECL determined under the requirements of IFRS is as follows: 202 5 202 4 $’000 $’000 Balance at beginning of year 195,910 251,026 Write offs - (13,770) Net decrease included in provision for credit losses (17,664) (41,346) Balance at end of year 178,246 195,910 Page 30 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 15. Property, Plant and Equipment Leasehold Improvements Computer Equipment Office Equipment Furniture, Fixtures \u0026 Fittings Motor Vehicle s CWIP Total $’000 $’000 $’000 $’000 $’000 $’000 Cost - At 1 January 2024 82,511 277,675 40,940 63,627 28,244 77,020 570,017 Additions 7,763 42,860 886 209 - 15,693 67,411 At 31 December 2024 90,274 320,535 41,826 63,836 28,244 92,713 637,428 Additions 21,574 396 8,078 395 20,902 51,345 Disposal - - - - (13,889) (13,889) At 31 December 2025 111,848 320,931 49,904 64,231 14,355 113,615 674,884 Accumulated Depreciation - At 1 January 2024 32,857 243,997 33,990 62,166 28,244 - 401,254 Charge for the year 1,715 16,425 2,773 743 - - 21,656 At 31 December 2024 34,572 260,422 36,763 62,909 28,244 - 422,910 Charge for the year 2,338 16,861 1,842 313 - - 21, 354 On Disposal - - - - (13,889) - (13,889) At 31 December 2025 36,910 277,283 38,605 63,222 14,355 430,375 Net Book Value - 31 December 2025 74,938 43,648 11,299 1,009 - 113,615 244,509 31 December 2024 55,702 60,113 5,063 927 - 92,713 214,518 Page 31 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 16. Investment Properties 2025 2024 $’000 $’000 Balance at beginning of year 2,181,854 2,113,472 Net gain from fair value adjustment 293,706 68,382 Balance at end of year 2,475,560 2,181,854 Amounts recognised in profit or loss for investment properties 202 5 202 4 $’000 $’000 Direct operating expenses from property that did not generate rental income - Fair value gain recognised in other income 293,706 68,382 293,706 68,382 Some of these properties are used as collateral for the Company’s corporate paper (Note 20) The properties held are stated at fair market value as appraised by professional independent valuers. The valuation is done on the basis of market value as defined by the RICS Valuation Global Standard as: The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion. Valuations have been performed using a comparable sales approach incorporating a review of sales with similar highest and best use using public and private data sources. There has been no change in the valuation technique during the year. Page 32 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 17. Leases (a) Right-of-use assets (b) Lease liabilities Land \u0026 Building Motor Vehicles Total $’000 $’000 $’000 As at 31 December 2023 67,041 2,746 69,787 Addition 11,108 16,945 28,053 Interest expense 9,971 757 10,728 Lease payments (19,364) (5,566) (24,930) As at 31 December 2024 68,756 14,882 83,638 Addition 13,956 82,620 96,576 Interest expense 9,712 4,469 14,181 Lease payments (20,672) (24,054) (44,726) At 31 December 2025 71,752 77,917 149,669 (c) Amount recognised in the income statement 2025 2024 $’000 $’000 Amortization charge of right - of - use assets 38,007 18,183 Interest expense 14,181 10,728 Short term lease expense 21,441 13,772 Land \u0026 Building Motor Vehicles Total $’000 $’000 $’000 As at December 2023 50,520 2,599 53,119 Addition 11,108 16,945 28,053 Amortization (13,231) (4,952) (18,183) As at December 2024 48,397 14,592 62,989 Addition 13,956 82,620 96,576 Amortization (14,491) (23,516) (38,007) At 31 December 2025 47,862 73,696 121,558 Page 33 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 18. Cash Flows Adjustments to reconcile net profit to net cash provided by operating activities. Note 2025 2024 $’000 $’000 Adjustments for non - cash items: Provision for credit losses (5,321) 148,130 Intangible asset – amortization 146,052 111,906 Depreciation 15 21,354 21,656 Right - of - use assets - amortization 17 38,007 18,183 Interest income 4 (2,732,68 9 ) (2,451,306) Interest expense 4 2,008,647 1,801,407 Interest expense – right - of - use assets 17 14,181 10,728 Gain on disposal of property, plant and equipment (6,365) - Gains on disposal of investment securities measured at amortised cost (8,503) (60,799) Net change in fair value on financial instruments at FVTPL 14,072 5,634 Net foreign exchange gains (203,409) (186,791) Unrealised fair value gains on investment properties (293,706) (68,382) (1,0 07,680 ) (649,634) Changes in operating assets and liabilities: Loans and other receivables (1, 797,670 ) 399,536 Investments 476,366 (5,861,468) Promissory notes 1,6 14,425 (127,494) Reverse repurchase agreements 2,362,879 (135,104) Accounts payable 3,196,998 220,745 Due from related companies (1, 667,158 ) 4,274,224 Demand loans 145,606 (297,578) Securities sold under repurchase agreements (720,328) 2,126,147 2,312,226 (50,626) Page 34 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 19. Pledged Assets The carrying amounts of assets pledged as security for current and non–current borrowings are: 202 5 202 4 $’000 $’000 Investment securities at amortised cost - 52,477 Promissory notes 662,577 1,371,585 Loans and receivables 6,885,177 5,448,135 Due from subsidiaries - 671,530 Investment property at FVTPL 1,618,972 1,505,607 Total assets pledged as collateral 9,166,726 9,049,334 Page 35 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 20. Loans 2025 2024 $’000 $’000 Demand loans (i) - Oppenheimer \u0026 Co. Inc. 1,940,941 2,085,775 Morgan Stanley - 770 Term loans – Corporate paper (unsecured) (ii) 1,264,322 1,848,076 Corporate paper (secured) (ii) 770,060 730,788 Revolving line of credit (iv) 475,000 475,000 Development Bank of Jamaica (v) 1,035,428 1,556,331 Bonds - Bondberry bond (iii) 7,490,381 6,325,050 12,976,132 13,021,790 Unamortised Transaction Fees (23,417) (45,917) Interest Payable 262,219 17,572 13,214,934 12,993,445 (i) The demand loans attract interest at 4.75% (2024 – 5.75%) per annum - Oppenheimer \u0026 Co. Inc., and 5.70% per annum for Morgan Stanley in 2024. The collaterals for the demand loans are investment securities which were purchased with the proceeds of the loans received from Morgan Stanley, and Oppenheimer \u0026 Co. Inc. (Note 11). (ii) The Unsecured Corporate Paper attracts interest at 10% per annum (2024 - 10%) and matures January 14, 2026. The Secured Corporate Paper is backed by real estate and attracts a weighted average rate of interest at 10.33% per annum (2024 – 10.33%) with outstanding Tranches maturing between August 22, 2026 and January 14, 2028. The Company was compliant with the Loan to value Ratio requirement of 1.35 times. The second Secured Corporate Paper is backed by secured loans and attracts an interest rate of 11% per annum (2024 – 11%) and matures 23 August 2026. The Company was compliant with the Collateral Coverage Ratio of 2 times. Page 36 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 20. Loans (continued) (iii) On January 20, 2023, the Company completed a secured corporate bond issue amounting to $6.3 billion. The bonds are in several Tranches and are repayable between 2024 and 2026. The fixed rate notes attract interest between 9.25% and 12% with interest paid quarterly. The bonds are secured by a charge over the Company’s secured loan portfolio. The Company was compliant with financial debt covenants. (iv) On June 16, 2022, the Company entered into a revolving line of credit facility attracting interest at 12% (2024 – 12%) per annum with monthly interest payments. The effective interest rate is subject to change based on prevailing market conditions and the facility matures in 36 months. The current $475 million loan is secured by some of the shares in Mayberry Jamaican Equities Limited which are held in trust by the Company on behalf of MGL. The shares are required to have a fair value coverage of 2 times the principal amount, and a maintenance margin of 1.5 times is to be achieved. The Company was compliant with all covenants with the exception of the maintenance margin requirement. (v) The loans from Development Bank of Jamaica are granted in Jamaican dollars and are utilized by the Company to finance customers with projects in various sectors of the economy. These loans are for terms up to 10 years and at rates ranging from 5.75% - 9.25%. The Company also has the following credit lines, which were undrawn as at the year-end: x J$575 million with Sagicor Bank Jamaica Limited, revolving annually at an interest rate of 9.00% per annum x J$200 million with National Commercial Bank Jamaica Limited, revolving annually and reprices semi- annually at the GOJ Six-Month Treasury Bill Rate plus 7.00%, which was 12.498% as at December 31, 2025. Page 37 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 21. Deferred Taxation Deferred income taxes are calculated on all temporary differences under the liability method using a tax rate of 33 1/3%. The movement in the net deferred income tax balance is as follows: 202 5 202 4 $’000 $’000 Net balance at beginning of year 1,648,128 1,148,464 Deferred tax credit (Note 9) 260,314 519,337 Deferred tax (charge)/credit on investment securities (OCI) 14,391 (19,673) Net balance at end of year 1,922,833 1,648,128 Net deferred income taxation is due to the following items: 202 5 202 4 $’000 $’000 Deferred income tax assets: Interest payable 102,785 33,742 Property, plant and equipment 30,821 7,092 Provisions 195,827 203,948 Tax losses carried forward 1,917,781 1,546,334 Unrealised foreign exchange loss 20,658 19,708 Other 20,562 15,712 2,288,434 1,826,536 Deferred income tax liabilities: Property, plant and equipment 46,545 38,713 Intangibles 3,956 33,221 Investment securities: - Trading (4,708) (1,838) - Other comprehensive income 12,425 26,816 Interest receivable 307,383 81,496 365,601 178,408 Net deferred tax asset 1,922,833 1,648,128 Deferred income taxes are recognized for tax losses carried forward only to the extent that realization of the related tax benefit is probable (Note 9). Page 38 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 21. Deferred Taxation (Continued) The movement in deferred income taxation is due to the following items: Interest payable Property, plant and equipment Unrealised foreign exchange loss Other Tax losses carried forward Provisions Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 Deferred income tax assets : As at 1 January 2024 46,539 7,992 33,066 12,339 1,027,698 162,901 1,290,535 Credited/(Charged) to profit or loss (12,797) (900) (13,358) 3,373 518,636 41,047 536,001 As at 31 December 2024 33,742 7,092 19,708 15,712 1,546,334 203,948 1,826,536 (Charged)/Credited to profit or loss 69,043 23,729 950 4,850 371,447 (8,121) 461,898 As at 31 December 2025 102,785 30,821 20,658 20,562 1,917,781 195,827 2,288,434 Interest receivable Property, plant and equipment Unrealised fair value gain Intangibles Total $’000 $’000 $’000 $’000 $’000 Deferred income tax liabilities: As at 1 January 2024 83,865 32,900 3,731 21,575 142,071 Charged/(Credited) to profit or loss (2,369) 5,813 1,574 11,646 16,664 Credited to other comprehensive income - - 19,673 - 19,673 As at 31 December 2024 81,496 38,713 24,978 33,221 178,408 (Credited)/Charged to income statement 225,887 7,832 (2,870) (29,265) 201,584 Charged to other comprehensive income - - (14,39 1 ) - (14,39 1 ) As at 31 December 2025 307,383 46,545 7,71 7 3,956 365,60 1 Page 39 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 21. Deferred Taxation (Continued) The gross amounts shown in the above tables include the following:- 202 5 202 4 $’000 $’000 Deferred income tax assets: Deferred tax assets to be recovered after more than 12 months 2,144,429 1,773,087 Deferred tax assets to be recovered within 12 months 144,005 53,449 2,288,434 1,826,536 Deferred income tax liabilities: Deferred tax assets to be settled after more than 12 months 365,601 71,934 Deferred tax assets to be settled within 12 months 106,474 365,601 178,408 Deferred tax asset, net 1,922,833 1,648,128 22. Accounts Payable 2025 2024 $’000 $’000 Accounts payable 2,599,848 2,293,144 Due to broker 156,084 - Dividend payable 350,000 350,000 General Consumption Tax payable 1,211 399 Client payables 12,196,134 9,462,736 15,303,277 12,106,279 23. Share Capital 2025 2024 $’000 $’000 Authorized – 2,120,000,000 Ordinary Shares - 380,000,000 Redeemable Cumulative Preference Shares Issued and fully paid – 1,201,149, 290 Ordinary Shares 1,582,382 1,582,382 24. Fair Value Reserves These represent net unrealised gains on the revaluation of equity securities. These unrealised gains are transferred to retained earnings on disposal of the equities. The FVTOCI securities are based on short term fluctuations in market prices. 25. Other Reserves 2025 2024 $’000 $’000 Capital redemption reserve fund 51,343 51,343 Stock option reserve 26,596 26,596 77,939 77,939 Page 40 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 26. Intangible Asset Computer Software Work in progress Total $’000 $’000 $’000 At Cost – 1 January 2024 1,024,323 228,166 1,252,489 Additions - 232,634 232,634 Transfers 408,090 (408,090) - At 31 December 2024 1,432,413 52,710 1,485,123 Additions 1,535 564,942 566,477 Transfers At 31 December 2025 1,433,948 617,652 2,0 51 , 60 0 Amortisation – 1 January 2024 10,227 - 10,227 Charge for the year 111,906 - 111,906 31 December 2024 122,133 - 122,133 Charge for the year 146,052 - 146,052 31 December 2025 268,185 - 2 68,185 Net book value - 31 December 2025 1,165,763 617,652 1,783,415 31 December 2024 1,310,280 52,710 1,362,990 Work in progress represents primarily the implementation of a new ERP application for the Company to integrate financial reporting with the new integrated client service, customer management, operations management and back office financial management system to digitise the Company’s operations. Page 41 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 27. Related Party Transactions and Balances Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial or operational decisions. (i) The following are the balances with related parties: 202 5 202 4 $’000 $’000 Due from related companies : Mayberry Jamaican Equities Limited - 223,573 Widebase Limited 3,034,696 3,267,122 Mayberry Group Limited 774,147 285,228 Mayberry Holdings Limited 1,634,238 - 5,443,081 3,775,923 Investments Securities: Cherry Hill Developments Limited 568,720 406,368 Dolla Financial Services Limited 428,611 452,300 Mayberry Jamaican Equities 109,184 782,887 Chalmers Oasis Limited 191,346 653,529 Loans and other receivables: Cherry Hill Developments Limited 222,377 222,377 Companies controlled by directors 1,020,860 1,089,827 Directors and key management personnel 259,738 326,431 Promissory Note: Mayberry Group Limited 1,193,736 1,092,779 Accounts payable: Dividend Payable 350,000 350,000 Companies controlled by directors 279,592 267,500 Directors and key management personnel 152,782 277,421 (ii) The following are the balances with related parties: 2025 2024 $’000 $’000 Dividend income 120 Interest income 744,437 755,995 Other income earned 108,199 119,698 Interest exp ense - 7,184 Key management compensation Salaries and other short term employee benefits 225,202 203,889 Pension contributions 6,237 4,654 Directors’ emoluments: - Fees 15,503 15,503 Executive directors’ remuneration 9,406 9,406 Page 42 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 28. Dividends 202 5 202 4 $’000 $’000 Final dividend to ordinary shareholders – 15.5 cents per share (2024 – 29 cents per share) 200,000 350,000 200,000 350,000 A dividend of $0.155 (2024 - $0.29) was approved 24 April 2025 to those shareholders on record as at 14 May 2025. 29. Reconciliation of Liabilities arising from Financing Activities The table below details the movement in debt for each of the periods presented. Financing activities represent debt security issued and other loans. Loans Lease liabilities 2025 2024 2025 2024 $’000 $’000 $’000 $’000 As at 1 January 12,993,445 14,251,269 83,638 69,787 Interest payable (17,572) (2,667) - - 12,975,873 14,248,602 83,638 69,787 Changes related to Operating Activities Loans received 2,298 - - - Principal repayments (147,904) (29 7, 578 ) - - Net Changes related to Operating Activities (145,606) (29 7,578 ) - - Changes related to Financing Activities Loan received 3,904,350 2,556,272 - - Lease additions - - 96,576 28,053 Repayments (3,804,404) (3,542,157) (30,545) (14,202) Amortization of borrowing costs 20,273 10,734 - - Interest payable 264,448 17,572 - - Net Changes related Financing Activities 384,667 (9 57,579 ) 66,031 13,851 As at 31 December 13,214,934 12,993,445 149,669 83,638 Page 43 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management Risk Management Framework The Board of Directors has overall responsibility for the establishment and oversight of the Company risk management framework. The Board has established the Assets and Liabilities Committee (ALCO) which is responsible for developing and monitoring the Company’s risk management policies in their specified areas. ALCO places trading limits on the level of exposure that can be taken and monitors risks and adherence to limits. The Company, through its training and management standards and procedures, aims to develop disciplined and constructive control environment, in which all employees understand their roles and obligations. This is supplemented by the Compliance Committee which was established in 2020, to specifically monitor regulatory measures. The Audit Committee is responsible for monitoring compliance with the Company’s risk management policies and procedures and for reviewing the adequacy of the risk management framework in relation to the risks faced by the Company. The Audit Committee is assisted in these functions by both the Compliance Unit and Internal Audit. The Compliance Unit and Internal Audit undertake both regular and ad-hoc reviews of risk management controls and procedures, the results of which are reported to the Board of Directors and the Audit Committee, respectively. By its nature, the Company’s activities are principally related to the use of financial instruments. The Company accepts funds from customers at both fixed and floating rates and for various periods and seeks to earn above average interest margins by investing these funds in high quality assets. The Company seeks to increase these margins by consolidating short-term funds and lending for longer periods at higher rates while maintaining sufficient liquidity to meet all claims that might fall due. The Company also seeks to raise its interest margins by obtaining above average margins, net of provisions, through lending to commercial and retail borrowers with a range of credit standing. The Company also trades in financial instruments where it takes positions to take advantage of short-term market movements in equity and bond prices and in foreign exchange and interest rates. Page 44 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) Risk Management Framework (continued) (a) Liquidity risk The Company is exposed to daily calls on its available cash resources from maturing repurchase agreements and loan draw downs. The Company does not maintain cash resources to meet all of these needs as experience shows that a minimum level of re-investment of maturing funds can be predicted with a high level of certainty. The Company's treasury and securities department seek to have available a minimum proportion of maturing funds to meet such calls. The Company's policy is to hold a high proportion of liquid assets to cover withdrawals at unexpected levels of demand. Daily reports cover the liquidity position of the Company as well as any exceptions and remedial actions taken. The matching and controlled mismatching of the maturities and interest rates of assets and liabilities is fundamental to the management of the Company. It is unusual for the Company ever to be completely matched since business transacted is often of uncertain term and of different types. An unmatched position potentially enhances profitability but can increase the risk of loss. The maturities of assets and liabilities and the ability to replace, at an acceptable cost, interest-bearing liabilities as they mature, are important factors in assessing the liquidity of the Company and exposure to changes in interest rates and exchange rates. The key measure used by the Company for managing liquidity risk is the ratio of liquid assets to securities sold under repurchase agreements and loans. For this purpose liquid assets are considered as including cash and cash equivalents, investment grade securities, excluding equities, for which there is an active and liquid market and loans and other receivables. The tables below present the undiscounted cash flows (both interest and principal cash flows) to settle financial liabilities, based on contractual repayment obligations. However, the Company expects that many customers will not request repayment on the earliest date the Company could be required to pay. Page 45 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (a) Liquidity risk (continued) 202 5 Within 1 Month 1 to 3 Months 3 to 12 Months 1 to 5 Years Over 5 Years Total $’000 $’000 $’000 $’000 $’000 $’000 Financial Liabilities Bank overdraft 388,374 - - - - 388,374 Securities sold under repurchase agreements 3,534,753 1,607,839 3,263,825 - - 8,406,417 Loans 6,078,233 2,753,441 729,770 3,984,986 - 13,546,430 Lease liabilities 2,259 6,777 18,071 70,319 53,194 150,620 Accounts payable 15,303,277 - - - - 15,303,277 Total liabilities (contractual maturity dates) 25,3 06,896 4,368,057 4,011,666 4,055,305 53,194 37, 795,118 202 4 Within 1 Month 1 to 3 Months 3 to 12 Months 1 to 5 Years Over 5 Years Total $’000 $’000 $’000 $’000 $’000 $’000 Financial Liabilities Bank overdraft 707,508 - - - - 707,508 Securities sold under repurchase agreements 1,944,158 3,791,034 3,491,291 - - 9,226,483 Loans 5,086,929 429,886 1,075,435 7,365,311 548,074 14,505,635 Lease liabilities 1,602 3,205 14,420 61,045 75,991 156,263 Accounts payables 11,945,231 161,048 - - - 12,106,279 Total liabilities (contractual maturity dates) 19,685,428 4,385,173 4,581,146 7,426,356 624,065 36,702,168 Page 46 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (b) Market risk Market risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market prices whether those changes are caused by factors specific to the individual security, its issuer or factors affecting all securities traded in the market. The Company manages this risk through extensive research and monitors the price movement of securities on the local and international markets. The Company's portfolio is balanced with respect to the duration of the securities included in order to minimize exposure to volatility, based on projected market conditions. Management of market risks The Company separates its exposure to market risk between trading and non-trading portfolios. The trading portfolios are held by the Company and include positions arising from market making and proprietary position taking, together with financial assets and liabilities that are managed on a fair value basis. The Company’s foreign exchange positions relating to Foreign Currency Trading are treated as part of the Company’s trading portfolios for risk management purposes. The Company’s market risk is monitored on a daily basis by its Compliance Unit, which is responsible for the development of risk management policies (subject to review and approval by ALCO) and for the daily review of their implementation. Page 47 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (c) Interest rate risk The following table summarizes the Company's exposure to interest rate risk. Included in the table are the Company's financial assets and liabilities at carrying amounts, categorized by the earlier of contractual repricing or maturity dates. 2025 Within 1 Month 1 to 3 Months 3 to 12 Months 1 to 5 Years Over 5 Years Non-Interest Bearing Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 Financial Assets Cash resources 1,926,079 - - - - - 1,926,079 Investment securities 3,202,463 2,607,587 1,061,305 1,201,489 441,914 562,002 9,076,760 Reverse repurchase agreements 3,257,756 672,900 302,069 - - - 4,232,725 Promissory notes 10,412 1,758,023 2,222,043 413,991 485,209 - 4,889,678 Due from related companies - - - - - 5,443,081 5,443,081 Loans and other receivables 9,729,542 - - - - 2,206,566 11,936,108 Total assets 18,126,252 5,038,510 3,585,417 1,615,480 927,123 8,211,649 37,504,431 Financial Liabilities Bank overdraft 388,374 - - - - - 388,374 Securities sold under repurchase agreements 3,498,852 1,641,676 3,177,536 - - - 8,318,064 Loans 6,118,270 2,816,900 414,850 3,864,914 - - 13,214,934 Other - - - - - 15,452,946 15,452,946 Total liabilities 10,005,496 4,458,576 3,592,386 3,864,914 - 15,452,946 37,374,318 Total interest rate sensitivity gap 8,120,756 579,934 (6,969) (2,249,434) 927,123 (7,241,297) 130,113 Cumulative interest rate sensitivity gap 8,120,756 8,700,690 8,693,721 6,444,287 7,371,410 130,113 Page 48 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (c) Interest rate risk (continued) 2024 Within 1 Month 1 to 3 Months 3 to 12 Months 1 to 5 Years Over 5 Years Non-Interest Bearing Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 Financial Assets Cash resources 2,596,181 - - - - - 2,596,181 Investment securities 4,967,002 543,264 682,194 2,719,986 42,903 672,447 9,627,796 Reverse repurchase agreements 1,186,045 1,351,179 768,099 - - - 3,305,323 Promissory notes 703,450 915,279 3,342,496 1,045,498 530,785 - 6,537,508 Due from related companies - - - - - 3,775,923 3,775,923 Loans and other receivables 8,655,351 - - - - 1,307,261 9,962,612 Total assets 18,108,029 2,809,722 4,792,789 3,765,484 573,688 5,755,631 35,805,343 Financial Liabilities Bank overdraft 707,508 - - - - - 707,508 Securities sold under repurchase agreements 1,924,078 3,770,134 3,385,144 - - - 9,079,356 Loans 4,619,819 207,551 955,600 6,712,457 498,018 - 12,993,445 Other 919,294 149,647 - - - 11,120,976 12,189,917 Total liabilities 8,170,699 4,127,332 4,340,744 6,712,457 498,018 11,120,976 34,970,226 Total interest rate sensitivity gap 9,937,330 (1,317,610) 452,045 (2,946,973) 75,670 (5,365,345) 835,117 Cumulative interest rate sensitivity gap 9,937,330 8,619,720 9,071,765 6,124,792 6,200,462 835,117 Page 49 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (c) Interest rate risk (continued) The table below summarises the effective interest rate by major currencies for financial instruments of the Company. JA$ US$ JA$ US$ 202 5 202 4 % % % % Assets Investment securities 7.55 8.62 8.14 7.92 Reverse repurchase agreements 6.14 4.42 7.32 5.08 Promissory notes 12.53 10.59 11.90 9.40 Liabilities Securities sold under repurchase agreements 5.57 2.62 6.93 4.49 Loans 10.07 - 7.23 - Corporate papers 10.58 - 10.96 - The management of interest rate risk is supplemented by monitoring the sensitivity of the Company’s financial assets to various standard and non-standard interest rate scenarios. Standard scenarios that are considered include a 25 basis point (bp) (2024 - 25 bp) parallel rise and a 25 bp (2024 – 25 bp) parallel fall in the yield curve applicable to Government of Jamaica local instruments and a 25 bp (2024 - 25 bp) parallel rise and a 50 bp (2024 – 25 bp) parallel fall in the yield curves applicable to Government of Jamaica global bonds and other sovereign bonds. An analysis of the Company’s sensitivity to an increase or decrease in market interest rates and the likely impact on equity and statement of income (FVTPL instruments) is as follows: Change in basis points JMD / USD Effect on Net Profit Effect on other components of equity Change in basis points JMD / USD Effect on Net Profit Effect on other components of equity 2025 2025 2025 2024 2024 2024 $’000 $’000 $’000 $’000 + 25/ - 25 5,341 - + 25/ - 25 11,545 - +25/ - 50 (5,341) - +25/ - 25 (11,545) - Page 50 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (d) Currency risk The Company takes on exposure to effects of fluctuation in the prevailing foreign currency exchange rates on its financial position and cash flows. Net exposure is kept to an acceptable level by matching foreign assets with liabilities as far as possible. The following foreign currency balances are included in these financial statements: 202 5 GBP US$ CAN$ EURO J$’000 J$’000 J$’000 J$’000 Financial Assets Cash resources 17,059 1,283,428 9,736 18,093 Investment securities - 900,339 - - Promissory notes - 787,812 - - Reverse repurchase agreement - 3,906,344 - - Interest receivable - 106,017 - - Due from related companies - 585,639 - - Loans and other receivables 51,681 696,750 4 - Total assets 68,740 8,266,329 9,740 18,093 Financial Liabilities Bank overdraft - 128,105 - 65 Securities sold under repurchase agreements - 3,434,827 - - Loans and other payables 16,353 2,793,531 32,693 991 Interest payable - 6,240 - - Total liabilities 16,353 6,362,703 32,693 1,056 Net position 52,387 1,903,626 (22,953) 17,037 Page 51 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30 . Financial Risk Management (Continued) (d) Currency risk (continued) 2024 GBP US$ CAN$ EURO J$’000 J$’000 J$’000 J$’000 Financial Assets Cash resources 35,046 1,701,062 61,814 7,470 Investment securities - 1,397,857 - - Promissory notes - 3,002,881 - - Reverse repurchase agreement - 2,301,933 - - Interest receivable - 167,197 - - Due from related companies - 544,401 - - Loans and other receivables 39,036 1,830,649 - 1,740 Total assets 74,082 10,945,980 61,814 9,210 Financial Liabilities Bank overdraft - 130,097 691 - Securities sold under repurchase agreements - 2,942,500 - - Loans and other payables 59,031 7,749,202 61,082 - Interest payable - 26,222 - - Total liabilities 59,031 10,848,021 61,773 - Net position 15,051 97,959 41 9,210 Page 52 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30 . Financial Risk Management (Continued) (d) Currency risk (continued) Sensitivity analysis Changes in the exchange rates of the Jamaican dollar (JA$) to the following currencies would have the effects as described below: Change in Currency Rate Effect on Loss before Taxation Change in Currency Rate Effect on Loss before Taxation 2025 2025 2024 2024 % $’000 % $’000 Currency: GBP - 1 ( 524 ) - 4 595 GBP +2 785 +1 (149) US$ - 1 ( 14,461 ) - 4 (11,085) US$ +2 21,691 +1 2,771 CAN$ - 1 230 - 4 26 CAN$ +2 (345) +1 (7) EURO - 1 171 - 4 368 EURO +2 ( 257 ) +1 (92) The analysis assumes that all other variables, in particular interest rates, remain constant. It is performed on the basis of 2% weakening and 1% strengthening (2024 – 4% weakening and 4% strengthening) in exchange rates. Page 53 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (e) Credit risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company’s loans and advances to customers, promissory notes and investment securities. For risk management reporting purposes, the Company considers and consolidates all elements of credit risk exposure (such as individual obligor default risk, country and sector risk). For risk management purposes, credit risk arising on trading securities is managed independently, but reported as a component of market risk exposure. The Board of Directors has delegated responsibility for the management of credit risk to its ALCO and its Risk Unit. The Risk Unit is responsible for oversight of the Company’s credit risk, including: x Formulating credit policies in consultation with business units, covering collateral requirements, credit assessment, risk grading and reporting, documentary and legal procedures, and compliance with regulatory and statutory requirements. x Establishing the authorization structure for the approval and renewal of credit facilities. Authorisation limits are allocated to business unit credit officers. Larger facilities require approval by the Board of Directors as appropriate. x Reviewing and assessing credit risk. The Risk Unit assesses all credit exposures in excess of designated limits, prior to facilities being committed to customers by the business unit concerned. Renewals and reviews of facilities are subject to the same review process. x Limiting concentrations of exposure to counterparties, geographies and industries (for loans and advances), and by issuer, credit rating band, market liquidity and country (for investment securities). x Developing and maintaining the Company’s risk grading in order to categorise exposures according to the degree of risk of the financial loss faced and to focus management on the attendant risks. The risk grading system is used in determining where impairment provisions may be required against specific credit exposures. The current risk grading framework consists of six grades reflecting varying degrees of risk of default and the availability of collateral or other credit risk mitigation. The responsibility for setting risk grades lies with the final approving executive as appropriate. x Reviewing compliance of business units with agreed exposure limits, including those for selected industries, country risk and product types. Regular reports are provided to the Board of Directors on the credit quality of loan portfolios and appropriate corrective actions taken. x Providing advice, guidance and specialist skills to business units to promote best practice throughout the Company in the management of credit risk. Each business unit is required to implement credit policies and procedures, with credit approval authorities delegated by the Board of Directors. In addition, each business unit is responsible for the quality and performance of its credit portfolio and for monitoring and controlling all credit risks in its portfolios. Regular audits of business units and credit processes are undertaken by Internal Audit. Page 54 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (e) Credit risk (continued) Exposure to credit risk is also managed in part by obtaining collateral, corporate and personal guarantees. It is the policy of the Company to obtain or take possession of or register lien against securities. The Company monitors the market value of the underlying securities which collateralize the related receivable including accrued interest and request additional collateral where deemed appropriate. An estimate of fair value of collateral held against defaulted promissory notes is $204,500,000 (2024 - $226,600,000). The Company monitors concentrations of credit risk by sector and geographic location. Other than exposure to Government of Jamaica securities, there is no significant concentration of credit risk for the Company’s investment securities at amortised cost. An analysis of concentrations of credit risk at the reporting date for promissory notes and loans and other receivables is shown below: Promissory Notes Loans and Other Receivables 202 5 $’000 202 4 $’000 202 5 $’000 202 4 $’000 Concentration by sector - Corporate 4,671,841 6,185,586 7,120,514 7,354,991 Retail 217,837 351,922 4,479,030 2,375,420 Total carrying amount 4,889,678 6,537,508 11,599,544 9,730,411 Loss allowance recognised in profit or loss during the year is summarized below: 202 5 $’000 202 4 $’000 Promissory notes 24,290 171,045 Loans and other receivables (17,664) (41,346) Investment securities – at amortised cost (11,947) 18,431 (5,321) 148,130 Page 55 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (e) Credit risk (continued) Loans and other receivables The loss allowance as at 31 December 2025 and 31 December 2024 was determined as follows for trade and other receivables: At 31 December 202 5 At 31 December 202 4 Gross Carrying Amount Loss Allowance Expected Loss Rate Gross Carrying Amount Loss Allowance Expected Loss Rate $’000 $’000 % $’000 $’000 % Less than 1 month 9,107,834 31,156 0.34 7,640,975 1,228 0.02 Within 1 to 3 months 2,523,501 635 0.02 1,743,074 589 0.03 Over 3 months 146,455 146,455 100 .00 542,272 194,093 35.79 11,777,790 178,246 9,926,321 195,910 Page 56 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (e) Credit risk (continued) Promissory notes The expected credit loss is summarised as follows: 202 5 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 Standard risk 4,148,719 - - 4,148,719 Past due risk - - - - Credit impaired - - 1,134,714 1,134,714 Gross carrying amount 4,148,719 - 1,134,714 5,283,43 3 Loss allowance (19,673) - (374,082) (393,755) Carrying amount 4,129,046 - 760,632 4,889,67 8 202 4 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 Standard risk 6,362,825 - - 6,362,825 Past due risk - - - - Credit impaired - - 563,189 563,189 Gross carrying amount 6,362,825 - 563,189 6,926,014 Loss allowance (25,254) - (363,252) (388,506) Carrying amount 6,337,571 - 199,937 6,537,508 Page 57 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (e) Credit risk (continued) Promissory notes (continued) Movement in the maximum exposure to credit risk 2025 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 Maximum exposure to credit risk as at January 01, 2025 6,362,814 563,200 6,926,014 Transfer from Stage 1 to Stage 3 (543,094) 543,094 - New financial assets originated or purchased 97,262 - - 97,262 Financial assets fully recognised during the period 3,247,192 - - 3,247,192) Changes in principal and interest (4,984,070) (19,438) (5,003,508) Foreign exchange adjustments - - 16,473 16,473 Maximum exposure to credit risk as at December 31, 2025 4,180,104 1,103,329 5,283,433 2024 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 Maximum exposure to credit risk as at January 01, 2024 6,283,763 - 400,072 6,683,835 Transfer from Stage 1 to Stage 3 (177,107) - 177,107 - New financial assets originated or purchased 3,447,724 - - 3,447,724 Financial assets fully derecognised during the period (2,973,860) - (11,228) (2,985,088) Changes in principal and interest (222,005) - (2,751) (224,756) Foreign exchange adjustments 4,299 - - 4,299 Maximum exposure to credit risk as at December 31, 2024 6,362,814 - 563,200 6,926,014 Page 58 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (e) Credit risk (continued) Promissory notes (continued) Movement in the loss allowance: 202 5 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 At 1 January 2025 25,254 363,252 388,506 Movements with profit or loss impact: New financial assets originated 13,034 - 44 13,0 78 Changes in PDs/LGD/EADs 11,824 - - 11,824 Financial assets derecognised during the period (19,653) - - (19,653) Loss allowance recognised in profit or loss 5,205 - 44 5,249 At 31 December 202 5 30,459 - 363,296 393,755 202 4 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 At 1 January 2024 28,108 - 200,572 228,680 Movements with profit or loss impact: New financial assets originated 18,532 - 177,107 195,639 Changes in PDs/LGD/EADs (753) - - (753) Financial assets derecognised during the period (20,633) - - (20,633) Write-offs - - (11,219) (11,219) Recoveries - - (3,208) (3,208) Loss allowance recognised in profit or loss (2,854) - 162,680 159,826 At 31 December 2024 25,254 - 363,252 388,506 Page 59 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (e) Credit risk (continued) Debt securities The expected credit loss is summarised as follows: 202 5 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 Standard risk 8,117,272 - - 8,117,272 Past due risk - - - - Credit impaired - - - - Gross carrying amount 8,117,272 - - 8,117,272 Loss allowance (15,481) - - (15,481) Carrying amount 8,101,791 - - 8,101,791 202 4 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 Standard risk 8,871,524 - - 8,871,524 Past due risk - - - - Credit impaired - - - - Gross carrying amount 8,871,524 - - 8,871,524 Loss allowance (27,428) - - (27,428) Carrying amount 8,844,096 - - 8,844,096 Page 60 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (e) Credit risk (continued) Debt securities (continued) Movement in the maximum exposure to credit risk: 202 5 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 Maximum exposure to credit risk as at January 01, 2025 8,065,008 - - 8,065,008 New financial assets originated or purchased 8,480,663 - - 8,480,663 Financial assets fully derecognised during the period (8,433,867) - - (8,433,867) Foreign exchange adjustments 5,468 - - 5,468 Maximum exposure to credit risk as at December 31, 2025 8,117,272 - - 8,117,272 202 4 Stage 1 12-month ECL Stage 2 Lifetime ECL Stage 3 Lifetime ECL Total $’000 $’000 $’000 $’000 Maximum exposure to credit risk as at January 01, 2024 2,998,194 - - 2,998,194 New financial assets originated or purchased 7,483,547 - - 7,483,547 Financial assets fully derecognised during the period (1,612,505) - - (1,612,505) Foreign exchange adjustments 2,288 - - 2,288 Maximum exposure to credit risk as at December 31, 2024 8,871,524 - - 8,871,524 The loss allowance recognised in profit or loss for debt securities was $11,947,000 (2024 – ($18,431,000). There were no transfers between stages during the period. Page 61 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (f) Settlement risk The Company’s activities may give rise to risk at the time of settlement of transactions and trades. Settlement risk is the risk of loss due to the failure of a company to honour its obligations to deliver cash, securities or other assets as contractually agreed. For certain types of transactions, the Company mitigates this risk by conducting settlements through a settlement/clearing agent to ensure that a trade is settled only when both parties have fulfilled their contractual settlement obligations. (g) Regulatory capital management The Company’s objectives when managing capital, which is a broader concept than the “equity” on the face of the statement of financial position, are: x To comply with the capital requirements set by the regulators of the financial markets where the Company operates; x To safeguard the Company’s ability to continue as a going concern so that it can continue to provide returns for stockholder and benefits for other stakeholders; and x To maintain a strong and efficient capital base consistent with the Company’s risk profile, strategic objectives to support the development of its business. Mayberry is subject to regulatory capital standards issued by the Financial Services Commission (FSC) which, are largely guided by international criteria set by the Basel Committee on Banking Supervision (BCBS). The FSC requires the Company to hold a specified level of regulatory capital and to maintain the following: x a minimum ratio of total regulatory capital to total risk weighted assets of 10%, x and capital to total assets ratio of 6%. At year end, the Company’s was in compliance with all external externally imposed capital requirements to which it is exposed. Through the capital management framework, capital adequacy and regulatory capital are monitored by the Company’s management, employing techniques based on the guidelines developed by the FSC. The required information including early warning ratios is filed with the regulator at the stipulated intervals. In addition, the Company is subject to bi-annual Stress Testing by the Financial Services Commission to determine if capital is sufficient to absorb losses during economic and financial market stress as well as effective capital planning processes. The Company’s capital adequacy ratios have passed all individual and combined shocks applied to its balance sheet data in the bi-annual stress tests. Passing the bi-annual stress tests underscores the Company’s commitment to a sustained capital planning process that satisfies the expectations of our stakeholders. The Company remains adequately capitalized well in excess of the minimum regulatory capital adequacy requirements which further underscores the strength and resilience of the business and is a key component of the Company’s growth strategy. Page 62 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 30. Financial Risk Management (Continued) (g) Regulatory capital management (continued) The Company’s policy is to maintain a strong capital base to ensure investor, creditor and market confidence and to sustain the future development of the business. The impact of the level of capital on shareholders’ return is also recognised and the Company recognises the need to maintain a balance between higher returns that might be possible with greater leverage and the advantages and security afforded by a sound capital position. The Company has complied with all regulatory capital requirements throughout the period. There have been no material changes in the management of capital during the period. Capital allocation Although maximization of the return on risk-adjusted capital is the principal basis used in determining how capital is allocated within the Company to operations or activities, it is not the sole basis used for decision making. Account is also taken of synergies with other operations and activities, availability of management and other resources, and the fit of the activity with the Company’s longer-term strategic objectives. Capital management and allocation are reviewed regularly by the Board of Directors. 31. Fair Values Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market price is used to determine the fair value of a financial instrument. However, market prices are not available for some of the financial assets held by the Company. Therefore, for financial instruments where no market price is available, the fair values presented have been estimated using present value or other estimation and valuation techniques based on market conditions existing at the end of the reporting period. The values derived from applying these techniques are significantly affected by the underlying assumptions used concerning both the amounts and timing of future cash flows and the discount rates. The following methods and assumptions have been used: (i) Investment securities and investment in associates classified as FVTPL and investment securities FVTOCI are measured at fair value by reference to quoted market prices when available. If quoted market prices are not available, then fair values are estimated on the basis of pricing models or discounted cash flows or other recognized valuation techniques. (ii) The fair values of liquid assets and other assets maturing within one year are assumed to approximate their carrying amount. This assumption is applied to liquid assets and short term elements of all financial assets and financial liabilities. (iii) The fair values of variable rate financial instruments are assumed to approximate their carrying amounts. Page 63 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 31. Fair Values (Continued) (iv) The fair values of fixed rate loans are estimated by comparing market interest rates when the loans were granted with the current market rate offered on similar loans. Changes in the credit quality of loans within the portfolio are not taken to account in determining gross fair values as the impact of credit risk is recognized separately by deducting the amount of the provisions for credit losses from both book and fair values. The Company uses the following hierarchy in determining and disclosing the fair value of financial instruments by valuation technique: x Level 1: quoted prices in active markets for identical assets or liabilities. x Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. x Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial assets and investments in associates held by the Company when available is with reference to the current bid, ask and trade prices. The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. This category includes government bonds, certificates of deposit and corporate paper. Indicative prices or yields of these instruments are obtained from regular, publicly available quotes by reputable pricing services, dealers and brokers. Page 64 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 31. Fair Values (Continued) The following table shows an analysis of assets measured at the date of the statement of financial position that, subsequent to initial recognition, are measured at fair value. The assets are grouped into levels of the fair value hierarchy: 202 5 Level 1 Level 2 Level 3 Total $’000 $’000 $’000 $’000 Financial assets - Debt securities - 15,248 - 15,248 Government of Jamaica - 10,213 - 10,213 Corporate bonds - 39,231 270,972 310,203 Quoted equity securities 614,583 - - 614,583 Non Financial assets: Investment Properties - 2,475,560 - 2,475,560 614,583 2,540,252 270,972 3,425,807 202 4 Level 1 Level 2 Level 3 Total $’000 $’000 $’000 $’000 Financial assets - Debt securities Government of Jamaica - 22,346 - 22,346 Foreign government - 25,828 - 25,828 Corporate bonds - 37,232 - 37,232 Quoted equity securities 672,447 - - 672,447 Non financial assets Investment Properties - 2,181,854 - 2,181,854 672,447 2,267,260 - 2,939,707 Page 65 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 31. Fair Values (Continued) As at 31 December, the fair value of the financial instruments valued at amortized cost is detailed below: 2025 2024 Carrying Value Fair Value Carrying Value Fair Value $’000 $’000 $’000 $’000 Assets Debt securities 7,606,972 8,901,156 8,092,436 9,269,754 Reverse repurchase agreements 4,232,725 4,233,228 3,305,323 3,305,323 Promissory notes 3,518,690 3,984,222 6,537,508 6,585,192 Loans and other receivables 11,782,513 11,782,513 9,730,411 9,730,411 Liabilities Securities purchased under resale agreements 8,318,064 8,318,064 9,079,356 9,079,356 Loans 13,437,715 13,113,554 12,993,445 12,885,353 Accounts payable 15,080,496 15,080,496 12,106,279 12,106,279 Page 66 Mayberry Investments Limited Notes to the Financial Statements 31 December 2025 (expressed in Jamaican dollars unless otherwise indicated) \u0003 \u0003 32. Pension Scheme The Company operates a defined contribution pension scheme for employees who have satisfied certain minimum service requirements. The scheme is funded by equal contributions of employer and employees of 5% of pensionable salaries and an option for employees to contribute an additional 10%. The Company's contribution for the year amounted to $16,842,000 (2024: $17,671,000). 33. Funds Under Management The Company provides custody, investment management and advisory services for both institutions and individuals which involve the Company making allocation and purchases and sales decisions in relation to quoted shares and government financial instruments on a non-recourse basis. Those assets that are held in a fiduciary capacity are not included in these financial statements. 34 . Segment Information The Company is a licensed Securities Dealer (note 1). Based on the information presented to and reviewed by the CODM, the entire operations of the Company are considered as one operating segment. Financial information related to the operating segment results from continuing operations for the two years ended 31 December 2025, can be found in the consolidated statement of income. There are no differences in the measurement of the reportable segment results and the Company’s results. Details of the segment assets and liabilities for the two years ended 31 December 2025, can be found in the consolidated statement of financial position and related notes. There are no differences in the measurement of the reportable segment assets and liabilities and the Company’s assets and liabilities. Entity-wide disclosure: The revenue from operations can be found in the consolidated statement of income. 35. Capital Commitments Significant capital expenditure contracted for the at the end of the reporting period but not recognized as liabilities is as follows: 202 5 202 4 $’000 $’000 Intangible assets 71,336 265,924 The above commitments relate primarily to the implementation of a new ERP application and new Asset Management system supporting the Company’s digitisation strategy. 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Jamaica Stock Exchange

Mayberry Investments Limited (MIL) – Annual Report for the Year Ended December 31, 2025

May 28, 2026Kingston

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000 2017

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000 2019

NOTES

Source: Original PDF

Syndicated from Jamaica Stock Exchange · originally published May 28, 2026.

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