AFRINSURE — AFRINSURE Disclosures

• Q1 2023 | Unaudited • Revenue: ₦1.87bn | PAT: -₦1.72bn | EPS: -8k | Equity: ₦631m | Assets: ₦48.31bn • The company reported a significant loss of ₦1.72bn compared to a profit of ₦1.07bn in the same period of 2022, primarily driven by a sharp increase in changes to contract liabilities and a decrease in investment income. The company did not meet the minimum capital requirement of ₦2bn as stipulated by the Insurance Act.

* African Alliance Insurance Plc will hold an Extraordinary General Meeting on September 23, 2026, to seek shareholder approval for a capital raise of up to ₦12 billion. * The company plans to secure these funds through various methods, including private placements, rights issues, public offers, and the issuance of zero-coupon convertible subordinated debt notes to satisfy recapitalization requirements. * Shareholders will also vote on authorizing the Board of Directors to sell or transfer company assets and to amend the Memorandum and Articles of Association as necessary to facilitate the recapitalization process.