CFSL Integrated Report 2021

Dear Shareholder, The Board of Directors is pleased to present the Annual Report of CIM Financial Services Ltd for the year ended 30 September 2021. This report was approved by the Board on 13 December 2021. Aisha Timol Independent Director and Chairperson Mark van Beuningen Executive Director and Group Chief Executive Officer

Reporting period, scope and boundary This third Integrated Report communicates financial and non-financial information about CIM Financial Services Ltd’s (‘CFSL’) strategy, business model, operating context, material risks and opportunities, governance and operational performance for the period 1 October 2020 to 30 September 2021. This report covers CFSL and its subsidiaries (collectively referred to as ‘Cim Finance’ or ‘the Group’) andprovides a comprehensive overviewof all matters that materially affect the Group. Significant events after 30 September 2021 up to the date of approval of this report are also disclosed herein. About this report

Theme of this report The central theme for this year’s report, Rebuilding Together, reflects our determination to support our customers, who are integral to our existence and the sustainability of our business, in the challenging context of COVID-19. In this report, we demonstrate how this strategic imperative has guided our decisions and initiatives during the year, resulting in the development of innovative solutions intended to improve the quality of life of our customers. More than ever, we are committed to playing our part in helping our stakeholders and country move towards a future that is resilient and inclusive.

6 C I M F I N A N C I A L S E R V I C E S L T D I N T E G R A T E D R E P O R T 2 0 2 1 Report Principles Our Integrated Report complies with the International Financial Reporting Standards, the National Code of Corporate Governance 2016 and the Companies Act 2001. In preparing this report, we have also been guided by the principles and requirements contained in the IIRC’s International <IR> Framework. Our discussions about value creation are centred on the six <IR> capitals that are relevant to our Group, namely: 1. Financial 2. Human 3. Intellectual 4. Social & Natural (combined for the purpose of this report) 5. Manufactured 6. Relationship Capital We recognise that integrated reporting is a continuous journey of improvement. We are committed to improving, each year, our reporting practices, as well as the quality of information we provide to our stakeholders. The process of preparing this Integrated Report allows us to better understand the connectivity and interrelatedness between our organisation’s different activities and functions, create a culture of collaboration and offer a holistic view of how Cim Finance creates value. Our aim is to continue embedding integrated thinking into our business in a way that enhances decision-making and our resilience. Our approach to materiality This report provides information that we believe is of a material nature to the ability of the Group to generate value over the short, medium and long term. In determining our materiality, we have considered our business models, our interactions with our relevant capitals, our operating context, the relevance to our key stakeholders and our business strategies. Forward-looking Statements This report contains certain statements relating to the Group’s performance, financial standing, future prospects and objectives. These statements are based on the beliefs and assumptions of the Group’s management, as well as on information currently available to us. These forward-looking statements are, by their nature, subject to significant risks and uncertainties and are not a guarantee of future performance or developments. Actual results and events may differ materially from information contained in the forwardlooking statements. COVID-19 continues to be an unpredictable variable, and readers and investors are advised to take this context into account and not place undue reliance on these statements.

7 I N T E G R A T E D R E P O R T 2 0 2 1 I N T E G R A T E D R E P O R T 2 0 2 1 Contents 8 52 82 22 85 188 10 56 15 83 29 88 42 44 12 68 18 84 34 92 Group Structure Corporate Social Responsibility This is Cim Risk Management Report Value Creation Model Corporate Governance Report Other Statutory Disclosures Financial Highlights Directors’ Report Chairperson’s Message Secretary’s Certificate Directors’ Profiles Statement of Compliance Group Review Independent Auditor’s Report Human Capital Financial Statements Directors of Subsidiary Companies Senior Executive Team Management Team I N T E G R A T E D R E P O R T 2 0 2 1

8 C I M F I N A N C I A L S E R V I C E S L T D G R O U P S T R U C T U R E CIM Financial Services Ltd Group Structure INVESTMENTS CLUSTER FINANCE CLUSTER Notes: 1 Group Structure as at 30 September 2021. 2 Excluding companies under liquidation and dormant companies. 3 In November 2021, CFSL has disposed of its shares in the iVeri entities. CIM FINANCIAL SERVICES LTD


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11 I N T E G R A T E D R E P O R T 2 0 2 1 Y E A R I N F I G U R E S Our purpose-driven approach We firmly believe that all Mauritians deserve a level playing field and the freedom to build better futures for themselves. Driven by this purpose, Cim Finance develops innovative products and flexible financing solutions designed to meet the various needs of individual and corporate consumers—and enhance their financial wellbeing. Through our agile and customer-centred approach, we help households finance the everyday purchases that improve their quality of life; we empower entrepreneurs to start, grow and sustain their businesses; we partner with SMEs so they can fulfil their role as powerful engines of growth and employment; and we strive to help underserved communities break free of their financial constraints. ​In rising to achieve our mission, we have established ourselves as a reliable alternative to traditional lenders and the leading non-banking financial institution in the country. Our Brand Pillars Our brand pillars guide us in all that we do and help us build authentic and trusting relationships with our employees, customers, partners and community members. We remain at the forefront of a fast-changing world by harnessing digital technologies and nurturing a growth mindset that values continuous learning and improvement above all. We care about building a world in which everyone has access to the things they need. We vow to be warm, transparent and supportive as we guide you on your path to financial freedom. We operate as one team, one Cim, as we strive to help you meet your financial obligations. We break down the silos and bring together our various teams, areas of expertise and ideas so we can focus on offering you the best solution and the best experience. We understand that your financial needs are constantly changing. As your trusted financial partner, we adapt our solutions to your unique circumstances and grant you greater flexibility and freedom over your spending.

12 C I M F I N A N C I A L S E R V I C E S L T D Value Creation Model V A L U E C R E A T I O N MO D E L INPUT FINANCIAL CAPITAL • Shareholders’ fund • Reinvestment • Debt HUMAN CAPITAL • Diversified, competent and engaged workforce • Continuous development • Strong leadership team INTELLECTUAL CAPITAL • Branding • Innovation • Values RELATIONSHIP CAPITAL • Wide network of merchants • Visa and MasterCard Accreditation MANUFACTURED CAPITAL • Proprietary Scorecard • Network of counters SOCIAL & NATURAL CAPITAL • Corporate Social Responsibility • Responsible lender • Partnership with Government for SMEs OUR ACTIVITIES & OPERATIONS Credit facilities to individuals for the purchase of mobile phones, consumer electronic goods and furniture Personal unsecured loans to individuals to finance projects or personal requirements Credit protection plan to protect customers against unforeseen circumstances STRATEGIC IMPERATIVES Sustainable Growth Digitalisation Operational Excellence Customer Centricity

13 I N T E G R A T E D R E P O R T 2 0 2 1 V A L U E C R E A T I O N MO D E L OUTPUT FINANCIAL CAPITAL • Optimal funding mix • Achieving targeted ROE HUMAN CAPITAL • Employer of choice • Empowered employees • Work/life balance INTELLECTUAL CAPITAL • New products • Cim Culture • Strong brand & reputation RELATIONSHIP CAPITAL • Helping our partners grow their business MANUFACTURED CAPITAL • Accessibility • Sound credit decisions • Low impairment levels SOCIAL & NATURAL CAPITAL • Responsible lender • Support to the community Credit protection plan to protect customers against unforeseen circumstances Cards and Payment Solutions Solutions for the acquisition of vehicles and equipment Help SMEs meet their cashflow needs through our Factoring services Risk Appetite Main Risks Risk Response RISK MANAGEMENT FRAMEWORK

14 C I M F I N A N C I A L S E R V I C E S L T D V A L U E C R E A T I O N MO D E L Consolidated Value Added Statement Sep 2021 Sep 2020 MUR m MUR m Value Added Statement Income 2,259 2,082 Bought-in materials & services (533) (561) Total value added 1,726 1,521 Applied as follows: EMPLOYEES Wages, salaries, bonuses, pensions & other benefits 606 600 GOVERNMENT Income Tax 94 77 PROVIDERS OF CAPITAL Dividends paid to: Shareholders of CIM Financial Services Ltd 68 109 Banks & other lenders 396 431 464 540 REINVESTED Depreciation 175 189 Amortisation 38 33 Retained Profit 349 82 562 304 1,726 1,521

15 I N T E G R A T E D R E P O R T 2 0 2 1 Financial Highlights F I N A N C I A L H I G H L I G H T S

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18 C I M F I N A N C I A L S E R V I C E S L T D C H A I R P E R S O N ’ S M E S S A G E C I M F I N A C I A L S E R V I C E S L T D A Message from our Chairperson Dear Shareholders, It gives me great pleasure to present to you CIM Financial Services Ltd’s Annual Report for the financial year 2020-2021. Though the past year was fraught with persistent challenges triggered by the prolonged pandemic, it also proved to be an eye-opener for Cim Finance. It strengthened our conviction that no country or organisation can thrive, or even exist, in isolation. Without underestimating the dire realities we face, I am struck by how far we have come, and how much further we can go, when we act collectively. Amid all the uncertainties, one thing is certain: facing a common challenge calls for a collective response. And only by working together can we overcome the pandemic and emerge stronger. Aisha Timol Independent Director and Chairperson

19 I N T E G R A T E D R E P O R T 2 0 2 1 C H A I R P E R S O N ’ S M E S S A G E The year in context After successfully becoming COVID-free in April 2020, Mauritius was affected by a second outbreak of infections in early 2021. This led to a sixweek lockdown in March, deferring yet again the resumption of economic activities and reopening of borders. This not only reversed some of the economic and social progress Mauritius made, but it also cast a shadow on the hopes we had of a recovery in 2021. Consumers, businesses and communities are continuing to face significant economic and social hardships. Unemployment remains elevated and many households, particularly those employed in hospitality and other service industries, are still struggling with lost income and a lower purchasing power. In this context, our Consumer Finance and Leasing activities stood out as beacons of stability in helping businesses meet their cash flow needs and allowing households to maintain financial security. Living our purpose to rebuild together We may be a non-banking financial institution, but our call of duty extends beyond providing financial solutions. We became all the more aware of this when, once the lockdown was lifted, a great number of customers queued up outside our premises— while respecting social distancing measures—to pay their bills and meet their financial obligations. And this despite availing of relief measures like grace periods, payment rescheduling schemes and digital solutions to avoid in-branch visits. To us, this was a strong message: in times of crisis, our very existence depends on their continued loyalty and support and similarly, our customers rely heavily on us to be able to meet their financial needs. In that moment, the interconnectedness between our business and the customers we serve became more apparent than ever: we exist to uplift people’s quality of lives, guard them against uncertainties and offer them a path to building better futures. This purpose continues to guide us as we move forward with a newfound sense of direction and bolder ambitions. Supporting and creating value for our stakeholder groups Cim Finance has been an essential part of the socioeconomic landscape of the island for over thirty years now. We are dedicated to honouring this legacy by ensuring the perennity of our relationship with all our stakeholder groups: this includes being a good employer, supporting our individual and corporate customers, and fulfilling our role as a member of society. Our employees The safety and well-being of our 750 employees remained our top-of-mind concern both during lockdownandpost-lockdown. Knowing that employees were, and still are, grappling with the blurring of worklife boundaries and increased stress, we went a long way in adopting a ‘whole person’ approach centred on meeting their physical and psychological needs. We designed a work environment that is flexible and humane, and that recognises the difficulties they may be facing, like childcare while schools are closed, or the loss of a loved one. To protect them further, we provided transportation to and from work for a number of months to limit their exposure to other commuters on public transportation. In parallel, we rolled out a vaccination awareness campaign to encourage all our employees to get vaccinated against COVID-19. To achieve this, we covered the costs associated with receiving the vaccine, including transportation and paid leave. As a result of HR’s efficient coordination, 75% of our employees have been successfully vaccinated. Our customers, network of merchants and small businesses In last year’s report, we announced our new strategic plan based on two areas of growth: customer-centricity and a focus on the retail and SME markets. As a company with a strong domestic footprint, our performance is inextricably linked to the performance of the SME sector—a sector that is the lifeblood of our economy generating over 50% of employment. We reaffirmed our commitment to our network of merchants by continuing to offer them a wide range of support measures, including capital

20 C I M F I N A N C I A L S E R V I C E S L T D moratoriums and payment deadline extensions with no penalties. Our CEO explains our SME-focused initiatives more thoroughly in his message on page 31. The pandemic was a major turning point for entrepreneurship. During the year, we witnessed the surge of one-person businesses as they sought to meet new needs born out of the crisis. Having forged strong relationships with small business owners over the years, Cim Finance is uniquely positioned to assist emerging entrepreneurs who may lack the skills or resources to succeed. Moving forward, our objective is to stand by them as a long-term trusted financial partner and empower them to take their business to the next level. That being said, despite a strategic refocus on the domestic market, we are still pursuing our ambitions to become a regional player. After launching a Fintech-enabled Hire Purchase model in Kenya last year, the country was hit by the devastating impacts of COVID-19. Operating overseas comes with its own share of challenges, and we believe slow and steady wins the race. Kenya, to us, is a medium to longterm play and we intend to pursue this expansion prudently and strategically. Our regional strategy also complements the country’s vision of positioning itself as an uncontested player in the Indian Ocean. Our community and the environment We have always maintained that we are part of the larger social fabric. If societies do not succeed, businesses—ours included—will invariably fail. Cité Cim is, in a way, our flagship project and a reflection of our long-standing commitment to uplift our communities. Beyond the contributions we make annually through the Cim CSR Fund (more information on pages 52 to 55, we have spent the last three years making a real difference and measurable progress in this neighbourhood. During the year, we completed the second phase of the renovation of houses for five beneficiaries, who now enjoy a better housing situation. Coupled with the Literacy Programme and bakery project implemented last year, we aim to bring together all the elements needed to make Cité Cim a resilient neighbourhood where community members are givenmeaningful opportunities to better their lives. The Environment, along with Education and Engagement, is another one of the pillars of our CSR strategy. We made strides towards developing a Green Lease, an initiative that offers lower, more attractive interest rates to consumers who opt for fuel-efficient vehicles. In doing so, we seek to encourage Mauritians to shift to more climate-friendly vehicles and contribute to a more sustainable Mauritius. Our shareholders In a context where the odds were stacked against us, Cim Finance performed well from a financial standpoint. Although our focus is not only on our bottom line, we aim to create long-term value for all our stakeholders, and this includes our shareholders. After careful consideration, and based on our 202021 results, we decided to declare dividends of MUR 0.20. I believe our strong financial performance is the result of a combination of factors: • Thanks to our business continuity plans, investments in digitalisation and a flexible workforce, we kept our business running smoothly. • Our business was able to maintain a strong liquidity position through the initiation of a bond programme designed to cater for the impacts of the pandemic. In fact, we stood out as one of the few companies in Mauritius to have maintained our AA rating despite the challenging circumstances. This should provide comfort to our investors looking ahead. • Each individual, each department within the Group rose to the occasion and fulfilled its responsibilities in a way that kept the organisation operating like a well oiled machine. From HR and Finance, to our messengers and drivers, I am beyond impressed at the willingness of our team members to embrace new ways of working. • The amalgamation of our five subsidiaries into one united Cim Finance. This simpler and more nimble structure has broken down the silos between our various departments and fuelled the sharing of knowledge and skills across our teams. We are now well positioned to ensure a consistent level of service excellence, and a strong culture, throughout our organisation. C H A I R P E R S O N ’ S M E S S A G E A Message from our Chairperson (continued)

21 I N T E G R A T E D R E P O R T 2 0 2 1 C H A I R P E R S O N ’ S M E S S A G E I must point out that our resilience is not the result of a one-off exercise or post-COVID measures. It is the continuity of 34 years of improving our frameworks and processes to meet customer expectations, and placing innovation and continuous improvement at the core of our culture. An effective, independent and diverse Board As we faced a string of difficult decisions brought on by the pandemic, we reflected not just on Cim Finance’s purpose, but also on the role of the Custodians of our purpose: our Board of Directors. We believe that principles of good governance are an imperative in Mauritius, where historically, family businesses have long dominated the economic and social landscape. Cim Finance is one of them. With this in mind, we are determined to not only adhere to the principles set out of the Code of Corporate Governance for Mauritius, but to also go above and beyond in our stewardship role. Ultimately, the Board is responsible for providing strategic guidance; ensuring that the organisation operates responsibly, ethically, transparently and sustainably; maintaining a sound system of control to safeguard all stakeholder interests; and above all, for disseminating a culture of accountability and compliance throughout the organisation. Critical to our ability to carry out our duty is the objectivity with which our Directors make decisions. Indeed, we are proud of the work that has gone into diversifying our Board and leadership team. Half of our Board is composed of independent directors, who, together with our non-executive and executive directors, ensure that all decisions are exercised with objective judgment. Our Committees are all also headed by independent directors to the same end. We also improved gender diversity on the Board, within the management team and at the staff level, which will no doubt lead to well-rounded decisions as we onboard a diversity of knowledge, experience and perspectives. The next financial year will certainly bring another set of challenges, and we cannot claim to be out of the woods yet. We intend to closely monitor the evolving economic environment to get ahead of risks and mitigate the impacts on our business, particularly as we have a Leasing component that is highly dependent on tourism. Moving forward together All countries and businesses of all types and sizes have been tested since the onset of the pandemic. Those which have survived, or even thrived, have been those that kept the interests of all their stakeholders at heart. Cim Finance’s performance this year is a testament to our ability to remain true to our purpose. And as we are set to celebrate 34 years of existence, we wish to draw on three decades of legacy to put our experience to the service of our country and play a meaningful role in its economic and social well-being. As I mentioned in the beginning of my message, increased collaboration between and beyond the sector will be critical to the prosperity of the country. We look forward to collaborating with our peers and with the authorities to deliver on Mauritius’ vision for recovery. Amid the struggles we continue to endure, we should take stock of the silver linings of this pandemic—it has confirmed the power of cooperation and unity in pursuit of a shared future. Before ending my message, I would like to thank my fellow members on the Board for their invaluable support; and on behalf of the Board, I would also like to extend my appreciation to the management and executive team for displaying such strong leadership skills as they guided us through the crisis. I could not be prouder of our employees for their unstinting dedication despite facing both personal and professional challenges. My heartfelt gratitude goes out to every single one of them for their hard work, honesty and trust. Your Chairperson AISHA TIMOL

22 C I M F I N A N C I A L S E R V I C E S L T D Directors’ Profiles AISHA TIMOL – G.O.S.K Independent Director and Chairperson Aisha Timol was appointed as Independent Director and Chairperson of CIM Financial Services Ltd (‘CFSL’) in July 2020. She also held the position of Chairperson of Cim Finance Ltd (‘CFL’), a wholly owned subsidiary of CFSL, from April 2018 until its amalgamation with and into CFSL on 01 October 2020. Aisha has had a long career in the public service, as well as in the private sector and academia, and has held directorship positions at the Budget Bureau and Economic Affairs Division of the Ministry of Finance and at the Ministry of Financial Services. She was previously the CEO of the Mauritius Bankers Association and a Senior Lecturer at the University of Mauritius. She now serves on the Board of private sector companies and is a fellow member of the Mauritius Institute of Directors, where she also acts as a Consultant on governance matters. Aisha holds various academic qualifications, notably from the University of St Andrews, Scotland, Université d’Aix Marseille, France and the Institute of Social Studies of The Hague, Netherlands. Aisha is also the Chairperson of the Board Investment Committee and amember of the Corporate Governance and Conduct Review Committee of CFSL. Directorship in other listed companies: none D I R E C T O R S ’ P R O F I L E S MARK VAN BEUNINGEN Executive Director and Group CEO Mark van Beuningen is currently the Group CEO and Executive Director of CIM Financial Services Ltd (‘CFSL’). He joined the Group in January 2016 as the Managing Director of Cim Finance Ltd (a wholly owned subsidiary of CFSL, which amalgamated with and into CFSL on 01 October 2020). In October 2017, he was appointed as the CEO of the Group, while occupying the function of Acting Managing Director of Cim Finance Ltd. Prior to joining the Group, Mark worked for the Boston Consulting Group (BCG) in Sydney for two years, and in Johannesburg for four years. Prior to that, he worked in the Structured Products team at Macquarie Funds Group in Sydney and as Audit Manager for KPMG Financial Services Assurance in Cape Town. Mark holds a Bachelor of Business Science (Hons) in Finance and Accounts from the University of Cape Town and an MBA from the Australian Graduate School of Management. Mark qualified as a Chartered Financial Analyst in 2007 and as a Chartered Accountant (SA) in 2005. He is also a member of the Corporate Governance and Conduct Review Committee, a member of the Risk Management Committee as well as a member of the Board Investment Committee of CFSL. Directorship in other listed companies: none

23 I N T E G R A T E D R E P O R T 2 0 2 1 D I R E C T O R S ’ P R O F I L E S LOUIS AMEDEE DARGA Independent Director Louis Amédée Darga is a Fellow of the Royal Society of Arts (FRSA). He is the Chairperson of the Mauritius Africa Business Club, and is also the Managing Partner of StraConsult, a management and economic development consulting firm. He served as the Chairperson of Enterprise Mauritius until December 2014. He is an Honorary Fellow of the Institute of Engineers in Mauritius, as well as a Fellow of the Mauritius Institute of Directors. He is a former member of parliament in Mauritius and a former Minister. He also served as Mayor of the town of Curepipe. Amédée serves as the Chairperson of the Southern and Eastern African Trade and Information Network (SEATINI), has been a member of the African Association of Political Science since 1977 and is a former executive member of the organisation. From 2005 to 2011, he served as a Member of the Bureau of the Committee on Human Development and Civil Society of the U.N Economic Commission for Africa. Amédée is also the Chairperson of the Audit and Compliance Committee and a member of the Board Investment Committee of CIM Financial Services Ltd. Directorship in other listed companies: none Fareed Jaunbocus is a Chartered Certified Accountant and currently the CEO of Strategos Ltd, a Mauritiusbased Management Consulting firm. As the Partner heading the Strategic Consulting Services of De Chazal DuMee/Arthur Andersen (nowBDO), where he worked for 30 years, Fareed developed a breadth of experience in Management, Project Consulting and Capacity Building. Having carried out assignments in over fifty countries including the USA, China, Europe and South Africa, Fareed brings highly diversified skills and valuable perspectives to all projects and organisations. Over and above blue-chip companies, the private and public sectors and governments, Fareed is an accredited service provider to a host of commissioning agencies and international donors, including: the African Development Bank, the PTA Bank, the World Bank, the European Union, the Southern African Development Community (SADC), the Common Market for Eastern and Southern Africa (COMESA), the Indian Ocean Commission (COI), the United States Agency for International Development, the UNDP and other UN agencies. He has also served as a Director on the United Nations Advisory Board in New York. Fareed is a member of the Audit and Compliance Committee and a member of the Risk Management Committee of CIM Financial Services Ltd. Directorship in other listed companies: none FAREED JAUNBOCUS Independent Director

24 C I M F I N A N C I A L S E R V I C E S L T D Directors’ Profiles D I R E C T O R S ’ P R O F I L E S DAVID SOMEN Independent Director David Somen holds a LawDegree fromOxfordUniversity and an MBA from Harvard Business School. He is the co-founder and Managing Director of Virtual IT Limited, a UK-based IT managed services provider. He is also the co-founder and Chairperson of Eldama Technologies Limited, one of Kenya’s leading cloud and IT services providers, and a co-founder and director of Serenity Spa, Kenya’s leading spa, wellness and beauty organisation. Prior to Eldama and Virtual IT, David was the co-founder and Executive Deputy Chairperson of AccessKenya Group, Kenya’s leading corporate Internet Services Provider which was listed on the Nairobi Stock Exchange and later sold to Dimension Data Group, as well as the co-founder and CEO of the LCR Telecom Group, which was sold to NASDAQ listed PRIMUS Telecommunications in 2000. He also has several years of experience working for McKinsey & Co in London and Hong Kong. David is currently the Chairperson of Cim Credit Kenya Ltd, Cim’s Kenyan financial services business. David is also the Chairperson of the Corporate Governance and Conduct Review Committee of CIM Financial Services Ltd. Directorship in other listed companies: none. DENIS MOTET Independent Director Denis Motet was appointed as an Independent Director of CIM Financial Services Ltd (‘CFSL’) in July 2020. He held the position of Chairperson of the Risk Management Committee of Cim Finance Ltd, a wholly owned subsidiary of CFSL, for two years until its amalgamation with and into CFSL on 1 October 2020. Until his early retirement at the end of 2015, he served as the Chief Risk Officer of The Mauritius Commercial Bank Ltd, where he was directly responsible for segments like Credit Management, Credit Risk, Information Risk Management, Market Risk, Operational Risk, Security and Recovery. Prior to this, he worked in various divisions within MCB Group, namely International, Corporate and Credit Risk, as well as in its overseas banking subsidiaries based in Mozambique and Seychelles. Denis holds a ‘BTS Action Commerciale’ and a ‘Diplôme d’Enseignement Supérieur Commercial Administratif et Financier’ (France). He is also the Chairperson of the Group’s Risk Management Committee and a member of the Audit and Compliance Committee. Directorship in other listed companies: none.

25 I N T E G R A T E D R E P O R T 2 0 2 1 D I R E C T O R S ’ P R O F I L E S MATTHEW TAYLOR Non-Executive Director MatthewTaylor holds a BSc (Hons) inRetail Management from the University of Surrey. He joined Rogers in 2000 as Project Manager in the Planning and Development Department. He was the Executive Director Retail of Scott and Company Limited from 2007 to January 2013 and is currently the firm’s CEO. Matthew is also a member of the Audit and Compliance Committee of CIM Financial Services Ltd. Directorship in other listed companies: Lavastone Ltd. COLIN TAYLOR Non-Executive Director Colin Taylor was appointed as a non-executive director of CIM Financial Services Ltd (‘CFSL’) in March 2010 and served as Chairperson of the Board from January 2017 to July 2020. He is currently the Chairperson and CEO of Taylor Smith Investment - a diversified group of companies involved in Marine Services, Logistics and Distribution, Manufacturing, Services and Property. Colin is also the Chairperson of Lavastone Ltd, a company which acquires, develops, leases and manages a portfolio of commercial and industrial properties in Mauritius and Rodrigues. Colin holds an MSc in Management from Imperial College, London and a BSc (Hons) in Engineering with Business Studies from Portsmouth Polytechnic. He is the Honorary Consul of Sweden in Mauritius. Colin is also a member of the Risk Management Committee and of the Board Investment Committee of CFSL. Directorship in other listed companies: Lavastone Ltd.

26 C I M F I N A N C I A L S E R V I C E S L T D D I R E C T O R S ’ P R O F I L E S TIM TAYLOR Non-Executive Director Tim Taylor holds a BA (Hons) in Industrial Economics from Nottingham University. He worked in the United Kingdom until 1972, when he returned to Mauritius and joined Rogers & Co. He became Chief Executive of Rogers in 1999, retiring in December 2006. He was then appointed Non-Executive Chairperson of Rogers from 2007 to October 2012. He serves as the Chairperson of Scott & Co, one of Mauritius’ oldest commercial concerns, and also the Chairperson of The BrandHouse Ltd. He is a former Chairperson of the National Committee on Corporate Governance and a former President of the Mauritius Chamber of Commerce and Industry. He is also the Honorary Consul of Norway in Mauritius. Having always had a keen interest in environmental and conservation issues, he has been an active member of the Council of the Mauritian Wildlife Foundation since 2006 and became President of the Foundation in 2009. Tim is also a member of the Corporate Governance and Conduct Review Committee, as well as a member of the Board Investment Committee of CFSL. Directorship in other listed companies: none. Directors’ Profiles PHILIP TAYLOR Non-Executive Director Philip Taylor graduated from the University of Surrey in 1989 after studying Hotel Management. AftercompletinganMBAinEngland in1994, Philipmoved back to the Rogers Group in Mauritius, and headed the Group’s diversified international development. In 2004, Philip left Rogers to set up his own businesses with a focus on the Indian Ocean Islands and Africa. His diverse experiences over the past few years have been focused on the region’s hospitality and tourism industry. He currently heads the development of a fastgrowing hospitality and tourism technology service company by the name of Philip is the Honorary Consul of Finland in Mauritius. He is also a member of the Corporate Governance and Conduct Review Committee of CIM Financial Services Ltd. Directorship in other listed companies: none.

27 I N T E G R A T E D R E P O R T 2 0 2 1 D I R E C T O R S ’ P R O F I L E S James Mooneeapillay installs and maintains electrical and plumbing systems for companies and individuals. He started his small business, Rapid System Ltd, ten years ago. As the name suggests, James promises efficient and quick service. This year, James found a way to take his business to the next level: he obtained a Cim Business Card. “When a customer has a problem, I need to immediately rush to the quincaillerie to buy the necessary equipment. Time is of the essence, especially if the issue is slowing a company’s operations. However, a lot of these stores do not accept cheques, which was a major setback for me,” he says. The entrepreneur is grateful to have discovered the advantages of this Cim Finance credit card. “My advisor at Cim is well acquainted with my business since he was the one who helped me finance the purchase of my vehicle. We were discussing ways to improve my operations when he recommended this credit card to me. The card has been incredibly useful, because it works everywhere. I can also better manage my cash flow because I can repay my credit at the end of the month after my customers have paid me.” James says there is another reason he has found Cim Finance to be a helpful partner: both companies share the belief that quick service delivery is an essential factor for customer satisfaction! Improved efficiency Mr. James Mooneeapillay, Entrepreneur I N T E G R A T E D R E P O R T 2 0 2 1

28 C I M F I N A N C I A L S E R V I C E S L T D Mark van Beuningen Executive Director and Group Chief Executive Officer G R O U P R E V I E W C I M F I N A C I A L S E R V I C E S L T D

29 I N T E G R A T E D R E P O R T 2 0 2 1 G R O U P R E V I E W Group Review The last financial year has been challenging to say the least, with another six-week lockdown at the beginning of the calendar year, coupled with the pandemic’s cascading impacts on the economy and businesses across the island. Individuals, SMEs and corporates in Mauritius are continuing to live through extremely precarious financial circumstances, while also having to manage the different levels of constraints we are faced with in our daily lives. It has been particularly taxing for our employees to juggle the disruptions of another lockdown, all while remaining focused on serving our clients to the best of their ability. We supported our 750 employees as best we can through strict sanitary measures to keep them safe, flexible work arrangements where possible and applicable, and a vaccination campaign successfully coordinated by our HR team. A heartfelt thank you goes out to all our employees for their concerted effort in supporting our clients and continuing to work hard to address their needs, in spite of the extraordinary difficulties they have faced over the last year and a half. Safeguarding our customers and stakeholders The Government, banks and other financial institutions like ours have been at the forefront of providing critically essential services during the COVID-19 lockdown. For us, this was a time for reflection and reengagement inwhatmattersmost. Becauseof ournichepositioning, strong personal connection with our customers and the trust they place inus, wehave a great responsibility to respond to calls for support. And we became aware that the steps we take now will play a significant role in shaping the country’s recovery. To this end, we maintained rescheduling options for customers facing hardships and our support to the retail industry to ensure that the clients of our +700 retail partners continued to have access to credit facilities to meet their needs. We also supported clients operating in the tourism industry by offering moratoriums on vehicle leasing agreements. We are pleased to note that our clients are slowly seeing an upturn in their activities following the reopening of borders since October 2021. Overall Group performance Even under the circumstances, Cim Finance achieved a very commendable financial performance, thanks to a number of initiatives we put in place. Group net operating income increased by 8.5% from MUR 2.1bn in the financial year (FY) 2020 to MUR 2.3bn in FY 2021. Group profit after tax increased by 119% from MUR 190.8m to MUR 417.1m over the same period. Performance by business lines Cim Finance has different areas of expertise, broken down in the following business units: Consumer Finance, Leasing, Cards & Payments, Factoring and SMEs. As illustrated in our organisational structure on pages 8 to 9, Cim Finance is the largest nonfinancial institution in Mauritius and is regulated by both the Financial Services Commission and the Bank of Mauritius for our Credit Cards services. By the scale and nature of our activities, Cim Finance plays an essential role in the Mauritian economy, especially because our focus is very much on the mass market retail and SME financing—two segments that contribute to almost 50% of our economy. Despite the second lockdown and negative impacts of COVID-19, the Finance cluster managed to record top-line growth during FY 2021. Net operating income increased by MUR 178m (+9%) from MUR 1.99bn in FY 2020 to MUR 2.17bn in FY 2021. Profit after tax increased by MUR 155m (+51%) from MUR 306m to MUR 461m, despite an increase in provisioning charges relative to pre-COVID-19 levels to take into account the adverse market conditions. Cim Finance’s asset (loan) book increased by MUR 1.2bn (+8%) during the financial year, from MUR 14.6bn at 30 September 2020 to MUR 15.8bn at 30 September 2021. The balance sheet growth was largely driven by the Consumer Finance business.

30 C I M F I N A N C I A L S E R V I C E S L T D Cim Finance’s retail point-of-sale model for its Consumer Finance business unit is a key strength and competitive advantage. Through seven standalone branches and an extensive network of 90 in-store counters across Mauritius and Rodrigues, we facilitate customer loans and monthly instalment repayments We offer Credit Finance Agreements (CFA) to enable our clients to finance the purchase of consumer electronic goods and furniture, and through Cim MoCrédit, we provide unsecured loans that finance personal projects which exceed their immediate cash resources. A home renovation or the purchase of a plot of land, for instance. We also offer our clients credit protection insurance, including a retrenchment cover, which has taken heightened importance for our retail clients in the current context, and is equally critical for the protection of our loan book. During the year, we launched paperless contracts via SMS, with over 155,000 contracts resulting in significant cost savings. We also launched an integrated e-commerce solution for online credit sales as an alternative payment option for retail partners’ websites. The number of unique individual Consumer Finance clients grew from 258,000 at the end of FY 2020 to 261,500 at the end of FY 2021, and Total Loan disbursements grew by 8% in FY 2021, despite a strict tightening of our credit policies. These metrics demonstrate strong demand for our Consumer Finance offering, indicating that our value proposition is as relevant as ever. Cim Finance’s Leasing component has traditionally been very strong in the second-hand and reconditioned car market, as well as with SME clients. With this in mind, we have significantly strengthened our footprint amongst new car retailers in the last few years. During the year, we renewed our partnership with Bamyris Motors, making us the dedicated inhouse leasing sales office in their Hyundai and Volvo showrooms. To further strengthen our position, we are launching a new leasing onboarding system in partnership with Seriti that will be used to streamline the leasing application process and improve the turnaround time on applications. Yet another innovation is the recent launch of a Green Leasing proposition for both new and recon hybrid and electric cars. Given the increased focus on eco-friendly cars and the market growth in hybrid cars in particular, we see this as a significant growth opportunity. We have developed a Green Bond Framework in line with the Bank of Mauritius guidelines on the issue of sustainable bonds in Mauritius and are the first company in Mauritius to have issued a green funding programme targeting domestic investors. As expected in view of the current market trends, Leasing disbursements were lower in FY 2021 compared FY 2020. Cim Finance’s Leasing portfolio remains a significant part of the business, comprising ~20% of the value of the total loan book. As a segment that relies heavily on tourism, the reopening of our borders to international visitors should be favourable for our Leasing services in the coming year. Cim Finance has the second largest market share of active cards issued. We continued to build on this feat by growing our number of credit cards by 4% during the year, which was significantly higher than the overall market trend, characterised by a contraction of credit cards by 8%. I believe this is thanks to our ability to leverage our retail distribution and outbound telesales channels, which resulted in a number of cross-selling initiatives. Group Review (continued) CONSUMER FINANCE LEASING CARDS & PAYMENTS G R O U P R E V I E W

31 I N T E G R A T E D R E P O R T 2 0 2 1 Against this backdrop, our Cards & Payments business unit performed well. Issuing spend was in line with FY 2020 and our Point-Of-Sale (POS) acquiring volumes increased by MUR 1.0bn between FY 2020 and FY 2021. We have been actively engaging with the Bank of Mauritius (BOM) to ensure that as a company, Cim Finance is well positioned to take advantage of the benefits of the MauCAS Instant Payment System (IPS), a solution that facilitates digital payments with the goal of transitioning towards a cashless society. Examples of the key benefits we can derive are the integration of our consumer app into the IPS to enable digital payments of monthly loan instalments, as well as the instant disbursement of loans to our clients. We recently received our Payment Services Provider license from the BOM and have completed the IPS technical integration. We are now ready to start deploying payment and disbursement functionalities linked to our app, Mo Finans. The Factoring team provides Cim Finance’s customers with solutions that help them access the working capital needed to support their business growth by: financing of up to 90% of invoice values; managing the administration and collection of their sales ledger; providing credit insurance cover of debtors to protect businesses from bad debts. The impact of COVID-19 has certainly prompted both SMEs and large corporations to shift their attention to the credit risk of their debtors. As a result, our Factoring business has been seeing strong growth over the last two years, with a 20% growth in factoring assignments for the current year. We are collaboratingwithMauritius Export Association (MEXA) on an export factoring partnership for MEXA members, where Cim Finance will provide export factoring credit facilities for exported goods, which will, in turn, be covered by credit insurance provided by Coface. We look forward to developing this mutually beneficial partnership with MEXA and its members. An important initiative in the last financial year was the comprehensive review of our SME strategy and go-to-market offering for our SME clients. We began by setting up a dedicated SME team to better service our SME clients and develop our multi-channel strategy so our customers are able to reach out to us through different mediums. We launched the ‘WhatsApp for SME’ channel, which accelerates the application process for SMEs: they can effortlessly apply for our products through WhatsApp, and our sales team is quick to follow up on all pre-vetted queries. We have already received over 2,000 enquiries for SME loans. We also put in place ‘SME Desks’ in our Port Louis, Goodlands, Rose Hill & Flacq branches, and are looking to roll out a few more in the coming year. Another important endeavour is the development of the Cim Accelerator Programme. We aim to launch a website with useful videos, tutorials and articles that are relevant to SMEs; to organise quarterly Meetup Events, which will serve as a forum for SMEs to network and connect with the Cim SME teams; and to launch an annual Accelerator Booster Programme for a number of selected SME clients over a six-month period to support them with the development of their projects and business plans. FACTORING SMEs G R O U P R E V I E W

32 C I M F I N A N C I A L S E R V I C E S L T D Group Review (continued) G R O U P R E V I E W We recently formalised our strategic investment into Fundkiss, approved by the FSC. Fundkiss is a peer-to-peer digital lending platform that has disrupted the Mauritian SME lending market with its innovative offering. Our investment will enable us to support the Fundkiss team and strengthen their business, and most importantly, provide important institutional funding to SME projects so they can scale their businesses. We see our investment into Fundkiss as an important component of our SME strategy. During the year, in addition to the key initiatives highlighted in the business review, we invested in a number of digital capabilities to strengthen our core business. Our in-house Analytics team, which we have been reinforcing over the years, has been churning out deep insights from the data warehouse, enabling us to make more data-driven decisions. For instance, the Analytics team collaborated with Experian to enhance our current apps, as well as build new application (new clients) and behavioural (existing clients) scorecards for our CFA, MoCrédit and Collections. This will enable us to credit assess clients within minutes and to better discriminate risk, thus helping to improve the quality of the credit portfolio. A Collections scorecard will also be able to predict, based on past payment performance, which clients should be prioritized. This will further improve our collections productivity. Our Technology team plays an equally vital role in accelerating our digital transformation efforts. The team led a big effort in rolling out our Robotic Process Automation (RPA) across a number of areas in our Mauritian and Kenyan businesses, including: bulk AML screening of 11 million records; automatically downloading and collating relevant data from over 3,500 SMEs and corporates from MNS; as well as an MCIB tool that combines all relevant data from MCIB reports for our credit risk teams to review. In Kenya, where we have been using RPA for both KYC analysis and fraud checks, we have managed to significantly reduce our operating costs, while avoiding having to recruit staff to carry out these manually-intensive processes. Our Operations team has led the Shared Services initiative, which entails the implementation of a Shared Service Center delivery model customised to our specific requirements. The bespoke model will consolidate operations activities across business units into one single unit, enabling the Sales BUs to reshift their focus on sales activities and allowing for greater economies of scale and efficiencies. We have successfully implemented a pilot project with our Leasing operations this year and now aim to deploy it across the rest of the business in the next year. Our continuous efforts in transforming our business through technology paid off, with 85% of our backoffice staff able to seamlessly work from home when the lockdown was announced. Cim Finance has historically always had a strong physical presence in our partners’ brick-and-mortar locations; however, in these changing times, we believe a hybrid working model, combining both physical and digital channels, is the way to go. In continuation of our strategy to become a technology-driven organisation, we made great progress inour Technology Transformationprogramme to revamp our technology infrastructure and build a strong digital ecosystem. We have completed the first phase of implementing a new Multi-channel Model Platform, focused on replacing our legacy Leasing system. Over the course of the next year, we will progressively replace the core system that supports our Consumer Finance business. Big strides have been made in developing our (API) Application Programming Interface layer through our new Enterprise Services Bus (ESB), with more STRENGTHENING OUR CORE BUSINESS TECHNOLOGY AND DIGITAL TRANSFORMATION INVESTMENTS TO STRENGTHEN OUR CLIENT OFFERING