CFSL Integrated Report 2022

Integrated Report 2022 R E S I L I E N C E Building

CIM FINANCE. INTEGRATED REPORT 2022 | 3 The Board of Directors is pleased to present the Integrated Report of CIM Financial Services Ltd for the year ended 30 September 2022. This report was approved by the Board on 23 December 2022. Aisha Timol Independent Director and Chairperson Mark van Beuningen Executive Director and Group Chief Executive Officer Dear Shareholders,

| CIM FINANCE. INTEGRATED REPORT 2022 4 REPORTING PERIOD, SCOPE AND BOUNDARY This fourth Integrated Report communicates financial and non-financial information about CIM Financial Services Ltd’s (‘CFSL’) strategy, businessmodel, operatingcontext,material risks and opportunities, governance and operational performance for the period 1 October 2021 to 30 September 2022. This report covers CFSL and its subsidiaries (collectively referred to as ‘Cim Finance’ or the ‘Group’) and provides a comprehensive overview of all matters that materially affect the Group. Significant events after 30 September 2022 up to the date of approval of this report are also disclosed herein.

CIM FINANCE. INTEGRATED REPORT 2022 | 5 BUILDING RESILIENCE We are living through extraordinary times, with a confluence of shifts in global events, technology, consumer behaviour and the environment. With any great period of change comes either an insurmountable challenge, or a window of opportunity to bring about change for the better. This IntegratedReport offers anoverviewof CimFinance’s ability to achieve the latter and build resilience. • To weather the storm of today, without losing sight of our vision for the future. • To learn, adapt and evolve in the face of adversity. • To understand that carefully-made plans may need to be abandoned to make place for innovations. • To view mistakes and failure as lessons to learn and grow from. And to always be prepared for larger, and possiblymore disruptive, events to come. For us, resilience is not a desired outcome or a fixed goal. It is an ongoing, deliberate journey to continuously change ourselves, instead of waiting for events to change us. Themeof thisreport

| CIM FINANCE. INTEGRATED REPORT 2022 6 Our Integrated Report complies with the International Financial Reporting Standards, the National Code of Corporate Governance 2016, the Mauritian Companies Act 2001and the Mauritian Financial Reporting Act 2004. 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 Reporting Principles

CIM FINANCE. INTEGRATED REPORT 2022 | 7 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 forwardlooking 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 forward-looking statements. 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 viewof howCim Finance creates value. Our aim is to continue embedding integrated thinking into our business in away 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.


CIM FINANCE. INTEGRATED REPORT 2022 | 9 Group Structure 10 This is Cim 12 Value Creation Model 14 Financial Highlights 16 Interview with the Chairperson 18 Green Bond 23 Directors’ Profiles 24 Discussions with the Group CEO 30 Human Capital Report 36 Senior Executive Team 48 Management Team 50 Corporate Social Responsibility 58 Risk Management Report 62 Corporate Governance Report 76 Other Statutory Disclosures 88 Directors’ Report 89 Secretary’s Certificate 90 Statement of Compliance 91 Independent Auditor’s Report 94 Financial Statements 98 Directors of Subsidiary Companies 214


CIM FINANCE. INTEGRATED REPORT 2022 | 11 Notes: • Group structure as at 30 September 2022. • Excluding companies under liquidation and dormant companies. • InOctober 2022, Tsusho Capital (Mauritius) Ltd was amalgamated with and into CIM Financial Services Ltd, with CIM Financial Services Ltd being the surviving entity. Group Str cture CIM KENYA LTD CIM CREDIT KENYA LTD CIM INSURANCE AGENCY LTD KEY FINANCIAL SERVICES LTD THE OCEANIC TRUST LTD 100% 100% 100% 100% 100%


CIM FINANCE. INTEGRATED REPORT 2022 | 13 Wefirmlybelieve that allMauritians 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; andwe 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 as the leading non-banking financial institution in the country. 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. LEADING EDGE We care about building aworld inwhich everyone has access to the things they need. We vow to bewarm, transparent and supportive aswe guide youon your path tofinancial freedom. CARING 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. CONNECTED 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. AGILE OUR BRAND PILLARS approach purpose- driven OUR

| CIM FINANCE. INTEGRATED REPORT 2022 14 Creation Model Value Sustainable Growth Digitalisation Operational Excellence Customer Centricity STRATEGIC IMPERATIVES 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 protectionplan toprotect customers against unforeseen circumstances INPUTS FINANCIAL CAPITAL • Shareholders’ funds • Reinvestment • Debt RELATIONSHIP CAPITAL • Wide network of merchants • Visa and MasterCard Accreditation HUMAN CAPITAL • Diversified, competent and engaged workforce • Continuous development • Strong leadership team INTELLECTUAL CAPITAL • Branding • Innovation • Values MANUFACTURED CAPITAL • Proprietary scorecard • Network of counters SOCIAL & NATURAL CAPITAL • Corporate Social Responsibility • Responsible lender • Partnership with Government for SMEs

CIM FINANCE. INTEGRATED REPORT 2022 | 15 Cards and Payment Solutions Solutions for the acquisition of vehicles and equipment Help SMEs meet their cashflow needs through our Factoring services OUTPUTS FINANCIAL CAPITAL • Optimal funding mix • Achieving targeted ROE RELATIONSHIP CAPITAL • Helping our partners grow their business HUMAN CAPITAL • Employer of choice • Empowered employees • Work-life balance INTELLECTUAL CAPITAL • New products • Cim Culture • Strong brand & reputation MANUFACTURED CAPITAL • Accessibility • Sound credit decisions • Low impairment levels SOCIAL & NATURAL CAPITAL • Responsible lender • Support to the community Risk Appetite Main Risks Risk Response RISK MANAGEMENT FRAMEWORK


CIM FINANCE. INTEGRATED REPORT 2022 | 17 Sep 2022 Sep 2021 MUR m MUR m Restated* Value Added Statement Income 2,573 2,256 Bought-in materials & services (567) (532) Total value added 2,006 1,724 Applied as follows: EMPLOYEES Wages, salaries, bonuses, pensions & other benefits 646 606 GOVERNMENT Income Tax 134 94 PROVIDERS OF CAPITAL Dividends paid to: Shareholders of CIM Financial Services Ltd 211 68 Banks & other lenders 428 396 639 464 REINVESTED Depreciation 159 175 Amortisation 38 38 Retained Profit 390 347 587 560 2,006 1,724 * Refer to Note 39 Restatement and reclassifications on page 196. DIVIDEND YIELD 3.1% DIVIDEND PER SHARE MUR 0.31 EARNINGS PER SHARE MUR 0.88 TOTAL ASSETS TO REACH MUR 18,785m +14% MUR 7.30 NET ASSET VALUE PER SHARE RETURN ON EQUITY 12.6% SHARE PRICE AS AT 30 SEPTEMBER 2022 10.05

| CIM FINANCE. INTEGRATED REPORT 2022 18 Aisha Timol Independent Director and Chairperson

CIM FINANCE. INTEGRATED REPORT 2022 | 19 Interview with th Chairperson The theme of this year’s report is ‘Building resilience’,which isevidencedbyCimFinance’s strongperformancefor theyear.Whatexplains Cim Finance’s ability to rise above challenges even in uncertain times? It givesme great pleasure to introduce CimFinance’s integrated report for the financial year ended 30 September 2022, which offers an overview of how our organisation once again proved its mettle. By natureof CimFinance’s activities, we are continually operating somewhere on the crisis spectrum. No business in our industry can survive without a high degree of resilience, which I define as the ability to not just hold the fort in times of tremendous pressure, but also to continue creating business and stakeholder value. This past year, we have lived through a great example of Cim’s capacity to do both. We recentred ourselves on our core expertise and bolstered our organisational strength in all aspects of the business; simultaneously, we captured strategic opportunities that will enable us to better serve our customers and reinforce our stance as a purposeful business. Resilience cannot be built overnight or through one-off actions; instead, it is the outcome of many years of conscientious decisions to channel resources into the right people, processes and systems, and above all, to never waver fromone’s purpose and values. In my four and a half years as Chairperson of Cim Finance, I have proudly borne witness to the Group’s commitment to its purpose and duty, come rain or shine. Looking back at the accomplishments of the past year, there is no doubt in my mind that Cim Finance’s role stretches beyond its lending and financing capabilities—which, to be sure, have been critical in seeing businesses and households through the crisis. Time and time again, the Group has remained anchored in its 35-yearstrong legacy of caring deeply for others, uplifting lives and helping people realise their dreams. In my humble opinion, herein lies our resilience. What underlying macroeconomic and market trends influenced Cim Finance’s performance during the year under review? Over the past financial year, the effects of the pandemic continued to roil theworld and the global economy. Mauritius, for its part, continued tooperate in a very volatile socioeconomic environment. On the one hand, the tourism sector remained at a standstill until October 2021, with adverse ripple effects across many other industries. On the other hand, we saw encouraging signs of recovery in construction, financial services and manufacturing, with businesses learning how to adapt to the ebbs and flows of supply chain challenges and consumer demand. Whilst we emerged safely froma sanitary crisis, it was only to be facedwith rising inflation and thewar inUkraine, both of which are causing food and commodity prices to escalate and are likely to further threaten employment and livelihoods. Amid this maelstrom, Cim Finance maintained its positive growth momentum and delivered an excellent financial performance. Our figures, shared in greater detail by our Group CEO in his interview, speak for themselves. This has enabled us to continue creating long-term value for our shareholders through sound returns. The Board declared a final dividend of MUR 0.24 per share for the financial year, a healthy pay out given the operating environment.

| CIM FINANCE. INTEGRATED REPORT 2022 20 Couldyousharethekeystrategichighlights that contributed to positioning CimFinance as a purposeful business, as you mentioned? Cim Finance was active on a number of fronts to strengthen our stance as a business led by strong social and environmental values. Our main actions and initiatives can be distilled down to the following points: - Our strategy over the past few years has been to strengthen our core expertise and areas in which we have a substantial competitive advantage. This led to the sale of our wholly owned subsidiary, Cim Forex. In the same breath, we completed the acquisition of Tsusho Capital in March 2022, a company licensed by the FSC and specialising in vehicle financing and insurance agency services. This amalgamation, after that of Mauritian Eagle Leasing Company Limited in October 2020, is expected to reinforce our leasing business in Mauritius, which currently comprises MUR 3.2bn of our total loan book. This will bode well for the diversification of our portfolio and revenue streams. - Micro, small andmedium-sizedbusinesses are still reeling from the effects of the pandemic - lockdowns, reduced demand, disruptions in supply chains - in the form of severe revenue losses and liquidity challenges. Therefore, I could not bemore pleased by the timely launch of Noubiznes, an initiative that recognises that SMEs needmore than financing to thrive in the current climate. The online portal grants SME owners the tools, resources, opportunities and confidence they need to grow their business in a competitive and challenging environment that is often stacked against them. - I am also deeply honoured to announce that Cim Finance became the first company in Mauritius to have developed a Green Bond Framework and issued green bonds to facilitate the development of environmental projects. Our Group CEO, Mark, sharesmore about the significance of thismilestone in his interview. - Our performance is heavily reliant on the strength of our people. Having endured a global pandemic, successive lockdowns, disruptions inwork-life balance, and a prolonged economic and social crisis, employees across the board are understandably plagued by fatigue and high levels of stress. We have done our utmost to respond with empathy and compassion, reenergise our workforce and help them regain a sense of stability. In this complex regulatory landscape, sound governance practiceshavenever beenmore important. Howis theBoard ensuring that Cim Finance is well governed? This past year, we resolved to hold ourselves accountable to even higher standards of good governance, environmental stewardship and community engagement. We constantly evaluate and evolve our methods to ensure we remain at the forefront of best practices in these areas. CimFinance ismore than committed to having an independent, high-performing Board of Directors, who discharge their oversight duties with integrity, accountability and ethics. One tool we use to examine our effectiveness is an annual board evaluation, generally performed internally by self-evaluation and peer review. This year, we approved a Board Evaluation Framework, which will help us transition to an unbiased and rigorous assessment of our performance, and that of our sub-committees. As leaders in the financial industry, we must be mindful of the consequences of our actions over the long term. Our corporate governance and risk management practices are designed to help us plan for long-term changes by taking into account shifting customer demands and an ever-changing operating environment. This is another aspect of resilience. WhatprogresswasmadetowardstheGroup’senvironmental and social goals? As the pandemic has demonstrated, a crisis can often act as a catalyst for expeditious innovation, leading to rapid advances in areas in which we choose to dedicate our time and efforts. We have also seen diverse interests and parties pull together as allies to face a common challenge. Climate risk is one of those areas that can be addressed effectively if we set our differences aside and cooperate for the greater good. Ourmany initiatives, like the Green bond and the Green loan, are aligned with the Government’s vision to transition to a carbon neutral economy. If we stand united, I believe we can turn the tide on the existential and humanitarian threat that climate change poses to our island. Deeply embedded in Cim Finance’s DNA is a genuine desire to advance the causes of all socioeconomic groups of the country. With food insecurity rising and pushing certain segments of the population into extreme poverty, we continued to lend our support to vulnerable communities, including Cité Coeur Interview with the Chairperson

CIM FINANCE. INTEGRATED REPORT 2022 | 21 Immaculée de Marie – Cité CIM - in Rivière du Rempart, where our involvement has contributed to improving the quality of life of its residents via decent housing. Our CSR report on pages 58 to 61 sets out the many initiatives carried out during the year to drive progress in the areas of Education, the Environment and Engagement. How do you see the next year unfolding? Looking ahead, it is reasonable to assume that wewill continue operating in a difficult environment, characterised by high interest rates and persisting inflation. Geopolitical tensions are exacerbating the erosion of purchasing power, while dealing with a major shock to commodity prices. Our efforts will be targeted on protecting our customers to the best of our ability and ensuring they have the means to cover their basic needs. Froma business perspective, I amoptimistic that CimFinance’s solid foundations and strategic direction will continue to yield positive results. Having emerged from an unforeseen pandemic on strong footing, with a strong balance sheet, I have full confidence that we will be able to continue leveraging our strengths and competencies to be better positioned to compete in the marketplace. We have ambitious projects underway, several more in the pipeline, and a clear ESG roadmap, all of which are breathing a renewed sense of purpose into the organisation. This brings me to our people, Cim Finance’s workforce, whose tireless efforts have enabled us to overcome these difficult times. Our results hold amirror to their hardwork and combined strength, which will certainly take us to greater heights. Likewise, our leadership and management teams, led by our CEO, have demonstrated the courage and confidence to offer new, sometimes unconventional, solutions that benefit all our stakeholders. Thank you for setting a wonderful example of steadfast dedication and responsibility. To my fellow members on the Board, I am grateful for your guidance and perspectives that are helping chart our present and future as a sustainable and community-drivenorganisation. Your Chairperson AISHA TIMOL

| CIM FINANCE. INTEGRATED REPORT 2022 22 Making an impact through finance is what the Green Lease represents. As an SME Manager, my vigorous work ethic earned me a key role in Green Lease reporting. With surging demand for green leases, our approach to carrying out a smooth audit reporting, and as our duty of responsibility, we ensure that our financial support positively contributes to the environment. At Cim Finance, our efforts are to guide our organisation, clients and the country sustainably. Meet Chesma Our Green Lease is poised to finance climate-resilient purchases. It was brought forth on the local market to address increasing pollution and to prompt the communities to become eco-friendlier. As the Team Leader in our leasing department, since its launch in March 2022, we have financed over 100 hybrid and electric cars owing to our attractive interest rates. It gives me immense pride to know we are contributing to potentially driving Mauritius towards the net-zero transition. Meet Fabrice

CIM FINANCE. INTEGRATED REPORT 2022 | 23 Bond Green As per CIM Financial Services Limited (CFSL) Green Bond Framework, CFSL is committed to finance client purchases that will deliver positive environmental and social impacts over the next 5 years. Figure 1 : Distribution of the proceeds (MUR) Figure 2 : Portfolio distribution of vehicles financed Comprehensive details on the calculation methodology, the glossary of terms and further explanations will be available in theGreen Bond Progress Report whichwill be published on the Company’s website in February 2023. The total results of the green bond in the clean transportation category are positive. This is equivalent* to: • 13,831 gallons of diesel avoided • 326 barrels of oil avoided *Source : KEY ENVIRONMENTAL PERFORMANCE INDICATORS Table 1 : Summary of data as of 30 September 2022 GREEN BOND ISSUANCE – 30 SEPT 22 Project Category GHG emissions avoided (KgCO2e) Carbon intensity of the bond (KgCO2e/Rs) Number of projects sold per category RENEWABLE ENERGY 15,114 0.00047 1 ENERGY EFFICIENCY N/A N/A N/A CLEAN TRANSPORTATION 140,803 0.001004 107 GREEN BUILDINGS N/A N/A N/A SUSTAINABLE AGRICULTURE N/A N/A N/A 0 100 200 300 400 500 600 Raised MUR Disbursed Investment in Treasury Bills Cash at bank Plug-in-hybrids 25% Hybrids 66% Electric 9%

| CIM FINANCE. INTEGRATED REPORT 2022 24 Profiles Directors’ Aishawas appointed as Independent Director and Chairperson of 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 theMinistry of Finance and at theMinistry of Financial Services. Shewas previously the CEOof theMauritius Bankers Association and a Senior Lecturer at the University of Mauritius. She nowserves on the Board of bothdomestic and international private sector companies and is a fellowmember of theMauritius 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. She was appointed as Independent Director and Chairperson of CFSL in July 2020. She also held the position of Chairpersonof CimFinance Ltd (‘CFL’), awholly owned subsidiary of CFSL, from April 2018 until its amalgamation with and into CFSL on 01 October 2020. She is also the Chairperson of the Board Investment Committee and a member of the Corporate Governance and Conduct Review Committee of CFSL. Directorship in other listed companies: none AISHA TIMOL – G.O.S.K Independent Director and Chairperson MARK VAN BEUNINGEN Executive Director and Group CEO Mark is currently the Group CEO and Executive Director of CFSL. He joined the Group in January 2016 as the Managing Director of CimFinance Ltd (awholly 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. Before joining theGroup,Markworked for theBostonConsulting 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. He qualified as a Chartered Financial Analyst in 2007 and as a Chartered Accountant (SA) in 2005. He is also amember of the CorporateGovernance 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

CIM FINANCE. INTEGRATED REPORT 2022 | 25 LOUIS AMEDEE DARGA Non-Executive Director Amédée is a Fellow of the Royal Society of Arts (FRSA). He is the Chairperson of the Mauritius Africa Business Club, and is also theManaging Partner of StraConsult, amanagement 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 onHumanDevelopment and Civil Society of the U.N Economic Commission for Africa. Amédée is also the Chairperson of the Audit and Compliance Committee and amember of the Board Investment Committee of CFSL. Directorship in other listed companies: none FAREED JAUNBOCUS Independent Director Fareed is a Chartered Certified Accountant and currently the CEO of Strategos Ltd, a Mauritius-based Management Consulting firm. As the Partner heading the Strategic Consulting Services of De Chazal DuMee/Arthur Andersen (nowBDO), where heworked for 30 years, Fareed developed a breadth of experience in Management, Project Consulting and Capacity Building. Having carried out assignments in over 50 countries including theUSA, China, Europe and SouthAfrica, he 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 AfricanDevelopment Bank, the PTABank, 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 CFSL. Directorship in other listed companies: none

| CIM FINANCE. INTEGRATED REPORT 2022 26 Profiles Directors’ Denis was appointed as an Independent Director of 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 the 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 of CFSL. Directorship in other listed companies: none DENIS MOTET Independent Director DAVID SOMEN Independent Director David Somen holds a Law Degree fromOxford University and an MBA fromHarvard Business School. He is the co-founder and Managing Director of Virtual IT Limited, aUK-based ITmanaged 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 experienceworking forMcKinsey & Co in London andHong Kong. David is currently the Chairperson of CimCredit Kenya Ltd, Cim’s Kenyanfinancial services business. David is also the Chairperson of the CorporateGovernance and Conduct Review Committee of CFSL. Directorship in other listed companies: none

CIM FINANCE. INTEGRATED REPORT 2022 | 27 COLIN TAYLOR Non-Executive Director Colin was appointed as a Non-Executive Director of 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 Ltd, a diversified group of companies involved in Marine Services, Logistics and Distribution, Manufacturing, Services andProperty. Colin is also theChairpersonof Lavastone Ltd, a company which acquires, develops, leases andmanages a portfolio of commercial and industrial properties inMauritius and Rodrigues. Colin holds an MSc in Management from Imperial College, London and a BSc (Hons) in Engineering with Business Studies fromPortsmouth Polytechnic. Hewas also theHonorary Consul of Sweden in Mauritius. He is also a member of the Risk Management Committee and of the Board Investment Committee of CFSL. Directorship in other listed companies: Non-Executive Director of Lavastone Ltd MATTHEW TAYLOR Non-Executive Director Matthew holds a BSc (Hons) in Retail Management from the University of Surrey. He joinedRogers in 2000 as ProjectManager in the Planning and Development Department. He became the Executive Director Retail of Scott and Company Limited from2007 to January 2013 and is currently the firm’s CEO. Matthew is also a member of the Audit and Compliance Committee of CFSL. Directorship in other listed companies: none

| CIM FINANCE. INTEGRATED REPORT 2022 28 Profiles Directors’ Philip Taylor graduated from the University of Surrey in 1989 after studying Hotel Management. After completing an MBA in England 1994, Philip moved back to the Rogers Group in Mauritius, and headed the Group’s diversified international development. In 2004, he left Rogers to set up his own businesses with a focus on the Indian Ocean Islands and Africa. His diverse experience over the past few years have been focused on the region’s hospitality and tourism industry. He currently heads the development of a fast-growing hospitality and tourism technology service company by the name of Philip is the Honorary Consul of Finland in Mauritius. He is also amember of the CorporateGovernance and Conduct Review Committee of CFSL. Directorship in other listed companies: Non-Executive Director of Lavastone Ltd PHILIP TAYLOR Non-Executive Director TIM TAYLOR Non-Executive Director Timholds a BA (Hons) in Industrial Economics fromNottingham University. Heworked in theUnited Kingdomuntil 1972, before returning to Mauritius and joining Rogers & Co. He became Chief Executive of Rogers in 1999 and retired in December 2006. He was then appointed Non-Executive Chairperson of Rogers from 2007 to October 2012. He serves as the Chairperson of Scott and Company Limited, one of Mauritius’ oldest commercial concerns, and also as the Chairpersonof 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 activemember of the Council of the Mauritian Wildlife Foundation since 2006 and became President of the Foundation in 2009. Tim is also amember of the CorporateGovernance andConduct ReviewCommittee, aswell as amember of theBoard Investment Committee of CFSL. Directorship in other listed companies: none

CIM FINANCE. INTEGRATED REPORT 2022 | 29 It is our responsibility to encourage more sustainable consumption, says Mark van Beuningen, our Group CEO. With this in mind, we started 2022 as the first non-banking financial institution to have issued green bonds inMauritius. The Financial Services Commission (FSC)marked the occasion by hosting an official ceremony at its headquarters on 25 January, in the presence of theMinister of Financial Services, the Governor of the Bank of Mauritius and the partners who contributed to making this project possible. A CEREMONIAL LAUNCH FOR OUR GREEN BONDS

| CIM FINANCE. INTEGRATED REPORT 2022 30 Mark van Beuningen Executive Director and Group Chief Executive Officer

CIM FINANCE. INTEGRATED REPORT 2022 | 31 Discussions with the Group CEO Howwould you sum up the past year for Cim Finance? I ampleased to report that this past year, CimFinance continued to growas a resilient business that remains very relevant to the needs of households and businesses across the island. The financial year 2022wasmarked bymajor strategicmilestones, as well as profound and meaningful changes that will enable us to be a driving force for inclusive and sustainable growth. We operated in a challenging environment, with strong recovery inmost industries, spurred by the tourism industry getting back on its feet; yet, themany uncertainties related to the pandemic continue to linger. The war in Ukraine came as an unexpected and unwelcome threat, with economic ramifications for the world. In Mauritius, we have been witnessing a sharp rise in the price of commodities and food, a trend that is expected to worsen and last well into next year. Once again, Cim Finance played its full part in this recovery by supporting all players, whether large corporate clients, small businesses or individuals. In light of the rising cost of living, which is impacting households and businesses alike, we remained, and continue to remain, highly attentive to the needs of our customers, working closely with them to provide tailormade solutions for different socioeconomic circumstances. We balance thiswith our responsible and prudent lending practices to safeguard both ours and our customers’ best interests. What are the key financial indicators that best reflect Cim’s performance? We ended the year with a strong portfolio and balance sheet. Group net operating income increased by MUR 317m (14%) to reach MUR 2,573m during the year and Group profit after tax increased by MUR 187m (45%) to reachMUR 601.3m. Notable growth in our Consumer Finance and Leasing activities largely contributed to these improved results. I believe this is the payoff from investmentsmade in recent years to strengthen our core business, while also diversifying our portfolio and digitalising our operations. Could you share more about these strategic milestones? Our strategy has been to concentrate our resources on our core activities and areas of expertise, which are Consumer Finance, Leasing, Cards & Payments, Factoring and SMEs. The mass market retail and SME segments together represent almost 50% of the country’s GDP and employment, and forman integral part of our business. We thereforemaintained our focus on serving these segments to the best of our ability. I would like to draw your attention to threemajor transactions undertaken during the year to this end. First, Cim Forex Ltd, previously a wholly owned subsidiary, was effectively sold to Swan General Ltd in July 2022. The second, in December 2021, was the acquisition of an equity stake in Fundkiss Technologies Limited, a peer-to-peer digital lending platform that has revolutionised SME financing inMauritius. This strategic partnership makes perfect sense as we share a common purpose and desire to facilitate the growth and prosperity of SMEs in the country. A few weeks later, we completed another notable transaction for the acquisition of Tsusho Capital (Mauritius) Ltd, a company licensed by the FSC offering vehicle financing and insurance agency services, and with a strong presence and customer base in the country. This forms part of our strategy to further expand our leasing offering and develop strong relationships with car dealerships. On another note, Cim Finance became the first company in Mauritius to have issued a Green Bond of MUR 500m, which received an AA rating from Care Ratings (Africa). These funds will serve to finance our Green Lease, as well as other projects that contribute to a greener, carbon-neutral economy. These MUR 500m represent the first tranche of a total of MUR 3bn we have earmarked over the next five years to not just cement our position in the green financing space, but also redirect financial flows towards the investments necessary forMauritius to combat the effects of climate change. We recognise that all change must begin internally, with our people. This is why we offer a preferential Green Lease rate of 3.75% per year to our employees, to encourage them to live and breathe our sustainability objectives. We are also setting up photovoltaic panels in our offices and EV chargers in our parkings, with ambitions to join the SEMSI Index in 2023.

| CIM FINANCE. INTEGRATED REPORT 2022 32 In last year’s report, you shared that FY 2023 would see a focus on growing Cim Finance’s capabilities in Consumer Finance. What progress was made on this front? As a reminder, the Consumer Finance segment is one of our key strengths. It aims to offer financial solutions to our customers through nine sub-offices and a network of 91 in-store counters across Mauritius and Rodrigues. During the year, wewitnessed anuptick indemand compared to the previous financial year for our consumer finance products, namely Credit Finance Agreements to purchase consumer electronic goods and unsecured loans to finance personal projects. This was achieved in spite of further tightening our credit policies, which is a strong indicator of the revival in consumption, and overall improvement in economic and business sentiment. In parallel, we have been undergoing a digital transformation in response to a culture of immediacy that has accelerated since the pandemic. Customers have come to demand instant and speedy interactions, without having to queue up. We have fully embraced this digital renaissance and leapfrogged the development of our omnichannel capabilities. As an example, we launchedWhatsApp for MoCrédit, enabling clients to apply for an unsecured loan for their personal projects viaWhatsApp in amatter of minutes, with just a few clicks. The authentication and verification process is also completed remotely via a Video Know Your Customer (vKYC) solution. Using state-ofthe-art technologies such as facial recognition, geo location and matching algorithms with optical character recognition, customers can apply for their loans digitally, from the comfort of their office or home. This brings added convenience to customers, while also relieving our teams of redundantmanual work, making themmore efficient and focused on delivering a positive customer experience. At the same time, digital holds great potential to help us achieve amore sustainable future. In automating our processes, we are transitioning away fromusing paper. Of the 222,148 contracts generated during the year, 80% were paperless. Howdid the Leasing segment fare, especially in viewof the acquisition of Tsusho Capital (Mauritius) Ltd? Our Leasing business performed extremely well, as expected following the reopening of borders. Core to this segment is the ability to develop and nurture strong relationships with vehicle dealerships. Our acquisition of TsushoCapital (Mauritius) Ltd is expected tobe very beneficial to increasing our presence, particularly as they offer in-house leasing at Toyota and CFAO Motors. Cim Finance now has in-house desks at Toyota, Mercedes, Volkswagen, Fuzo and Suzuki, making us the first point of contact for customers and providing great scope for us to further penetrate this segment. It isworthmentioning that following the amalgamation inOctober 2022, ourHumanResources department playedan instrumental role in ensuring the integration of both teams through training sessions and change management to ensure a seamless and successful merger. Alongside this, we successfully launched a new leasing onboarding system for individual clients in collaboration with Seriti, a South African company. The leasing application process is automated fromend to end, significantly reducing turnaround times and contributing toCimFinance claiming a leadership role in the Mauritian leasing market in the near future. I am thrilled by the official launch of the Green lease financing plan, designed to encourage the purchase of environmentally friendly vehicles and equipment. The response has been very favourable so far, as we are seeing significant growth in the purchase of hybrid and electric vehicles. Much of this credit also goes to the government’s announcement tomake all hybrid and EV vehicles duty-free in a drive to push Mauritian consumers towards more responsible purchasing behaviours. All of the abovemeasures have contributedpositively to growing the Leasing business. Has the integration of digital payment solutions led to the improvedperformanceof Cim’s Cards&Payments segment, as you were aiming for? Building on our increasingmarket share in active cards issued, we grew the number of credit cards by 7% and POS acquiring volumes by 50%. We successfully executed on the initial phase of our digital payments strategy to enhance our digital ecosystem and online payment services. The first step was the approval of our Payment Services Provider licence by the BOM inNovember 2021. Having integrated the MauCas IPS enablement on our MoFinans app, customers are nowable to pay their instalments and have their payments allocated near-instantly. As evidenced by our investment in Fundkiss, we strongly believe in tying up with established Fintechs who have the required expertise and infrastructure to complement our activities. MIPS and Peach Payments are two examples of businesses we have partnered with that have successfully addressed the growing Discussions with the Group CEO

CIM FINANCE. INTEGRATED REPORT 2022 | 33 demand for digital products and contactless payments, and become reputednames in the payment ecosystem inMauritius. For the time being, this partnership is limited to online card acceptance services for Mauritian companies, but we aim to progressively expand this to other digital payment services and secure a stronger foothold in the payment space. The business environment is still fragile, given the economic situation. How has that impacted demand for Factoring services? Factoring is a solution that grants businesses access to immediate liquidity, a solution that several businesses have had recourse to in viewof the adverse economic environment. A central component of Factoring is the provision of credit insurance cover to safeguard our clients against default of their debtors. We onboarded a new credit insurer, Credit Guarantee Insurance. Additionally, we took our partnership with the Mauritius Export Association (‘MEXA’) a step further by signing anMOU that will nowenable us to provide factoring facilities to all their members engaged in export activities. Next, the goal is to explore further supply chain financing solutions among other working capital products, to offer evenmore flexibility to our customers. This will be a major source of growth for us in the coming years, given the scope and evolution of themarket. SMEs and entrepreneurs are particularly vulnerable to disruptions in the economy. Were any specific measures taken to support them through the crisis? This year, our commitment to supporting SMEs took on greater meaning and importance. Evenbefore thepandemic, SMEswere facing a slew of headwinds, mainly a lack of access to finance, qualified personnel and appropriate infrastructure, amongst other constraints, making it difficult for them to embark on any expansion project. The pandemic struck heavy blows to SMEs, who are now facing additional challenges in the form of reduced demand and spiralling costs of raw materials. We extended an olive branch through several measures, such as the SME factoring scheme, moratoriums, and extensions of the tenure of their loans. As emphasised by our Chairperson in hermessage, supporting SMEs has beenone of CimFinance’smissions since its inception. As prolific job creators and the fuel to our national engine, thriving SMEs translate into a thriving economy. The launch of Noubiznes in November 2022 provides the missing link that enables SMEs to scale up their business and play their expected role in revving up economic activities. Through personalised support, access to a large network, mentorship and practical guidance, wewill no doubt see aspiring entrepreneurs develop their competencies and take their business to the next level. Five Noubiznes desks have been set up in key locations across the island to better serve them. Is CimFinance still pursuing its regional expansion strategy? Our regional expansion plans remain relevant and continue to gain ground. Aspira, our Kenyan counterpart, has firmly established itself in the Hire Purchase market in the region, mainly for financing consumer electronics goods. Having built the network and expertise, we are now ready to diversify into other product offerings, beginning with leasing, and tap into different customer segments, such as the B2B market. Besides the digital solutions introduced for the Consumer Finance segment, how is the Group’s Technology Transformation programme advancing? For any digital transformation initiative to be successful, it is important that we have a robust technology backbone and ecosystem to support it. To deliver on our Technology Transformation programme, we have designated an investment of MUR 500m for the upgrade of our IT systems and infrastructure over a four-year period, from2019 to 2022. As a first step, we migrated our Leasing business to a new core lending system in October 2021 and created a scalable integration infrastructure throughwhichour vehicle dealers can seamlessly log on to the application from their showroomand review the status of customer applications. The second phase of the project, which involves the migration of our Consumer Finance activities to the new core system, has been kicked off and is progressing well. This integration ecosystem is also benefitting our merchantpartners, who can nowprovide ‘CimCredit’ as a checkout option on their respective e-commercewebsites, enabling customers to submit their applications online, be apprised of the status of their application instantly and even sign their credit contracts digitally. This fully automated process is a game-changer for our customers, as they can have access to instant credit without having to visit any store or our office. Inmy opinion, co-opetition plays an important role in digital transformation and in our endeavour to providemultiple payment avenues to customers. Our collaborationwith theMauritius Post, Peach Payments and MIPS testifies to the power of partnerships in addressing the soaring demand for digital payment services.

| CIM FINANCE. INTEGRATED REPORT 2022 34 Has the ‘MoFinans’ application evolved since last year? As a matter of fact, we continuously enhance our flagship consumer app, MoFinans, to ensure it remains relevant to the needs of our customers. This past year, we introduced new features, one of which enables customers to make their payments using theMauCas Instant Payment System, which is operated by the Bank of Mauritius. They can view in real-time the updated amount due on their CimFinance account, and of course, all payments are completely secure. Whileon the subject of security, howdoes CimFinancekeep its customers’ data and information secure? At CimFinance, we take privacy and security very seriously, and want our customers to rest assured that their personal data is in good hands. The increase in digital initiatives inevitably brings new threats and vulnerabilities. This has pushed data protection and cybersecurity to the top of our agenda. To this end, we have invested inMobileDeviceManagement Solutions, a Cloud Access Security Broker, and phishing tools, amongst others, besides continuously carrying out vulnerability scanning and penetration testing to protect our data and those of our clients and partners. The pandemic has triggered changes in the workplace and employee expectations. How is the Group addressing these changes? I would be remiss if I do not rightfully credit our resilience to our People. Their hard work, engagement and talent are the biggest drivers of our business. Despite facing the cost of living crisis, amongst many other stressors, they bring their best selves towork each day. I amdeeply appreciative of all that they do to serve our customers, and their willingness to embrace experimentation and adapt to new work arrangements. This is why we do our best to put their concerns at the heart of our priorities and try to create an environment that enhances their wellbeing. For instance, we extended food vouchers and additional transport allowances to eligible employees, to ensure they are able to have their basic needs covered. We also place a lot of emphasis on Wellness Week - a series of events, workshops, seminars and team-bonding exercises - to bring back the sense of camaraderie, collaboration and human connections that are central to our wellbeing and success. How do you explain this agility demonstrated by Cim’s people? Agility must be continually nurtured. And for this, investment in training and upskilling is an imperative. During the year, we continued to carry our training sessions to ensure they are equipped with the skills they need to thrive in their careers. Through Percipio, an online learning platform, we offer several mediums for our employees to expand their knowledge, whether through videos, audiobooks or hands-onpractice labs. We are committed to investing in their personal andprofessional development such that they gain the confidence to not just do well in their current roles, but alsomove into new roles and take advantage of the opportunities we offer through our internal mobility programme. Our training sessions must also be aligned with the needs and objectives of our business. To this end, our technical training sessions were centred on cybersecurity and compliance, two areas that are critical to the smooth running of our operations. Do youbelieve CimFinancewill be able to carry this growth trajectory into the next year? I am extremely confident in our strategic direction and in the investmentswe havemade tobuildupour resilience. Whether it is building upour capabilities fromboth a lending andpayments perspective, investing in the right technologies and platforms, or partnering with niche businesses that share our values, we are certainly confident about maintaining this upward trajectory. Our priorities and growth drivers for the next year will be the strengthening of our core business inMauritius and diversification of our activities in Kenya. That said, we are fully aware that inflation is likely to continue rising. We expect the outlook to be challenging for Mauritian households and businesses, in response to which we will do what we do best: see the world through our customers’ eyes, and allow this perspective to guide our decisions and actions. We remain ever more committed to helping them curb the impacts of the uncertainty that lies ahead. At the same time, we remain committed to honouring our prudent and conservative risk principles that have stood us in good stead. Do you have a final message to share with Cim’s stakeholders? My final message would have to be centred on Cim’s role as a financial facilitator. For all intents and purposes, our business is a ‘responsible citizen’ and has a duty to the common good. Discussions with the Group CEO