Draft date: 31 May 2025

JMMB GROUP LIMITED Financial Statements 31 March 2025

JMMB GROUP LIMITED Index 31 March 2025

Pages Independent Auditors’ Report to the Members 1-8

Financial Statements

Consolidated profit or loss account 9

Consolidated statement of profit or loss and other comprehensive income 10

Consolidated statement of financial position 11-12

Consolidated statement of changes in stockholders’ equity 13

Consolidated statement of cash flows 14-15

Company statement of profit or loss account and other comprehensive income 16

Company statement of financial position 17

Company statement of changes in stockholders’ equity 18

Company statement of cash flows 19

Notes to the financial statements 20 – 121

KPMG, a Jamaican partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

Cynthia L. Lawrence Nyssa A. Johnson Al A. Johnson Rajan Trehan Wilbert A. Spence Damion D. Reid Norman O. Rainford Sandra A. Edwards Uday C. Bhalara Nigel R. Chambers Karen Ragoobirsingh

INDEPENDENT AUDITORS’ REPORT To the Members of JMMB GROUP LIMITED Report on the Audit of the Financial Statements Opinion We have audited the separate financial statements of JMMB Group Limited (“the Company”) and the consolidated financial statements of the Company and its subsidiaries (“the Group”), set out on pages 9 to 121, which comprise the Group’s and Company’s statements of financial position as at 31 March 2025, the Group’s profit or loss account, the Group’s and Company’s statements of profit or loss and other comprehensive income, changes in stockholders’ equity and cash flows for the year then ended, and notes, comprising material accounting policies and other explanatory information. In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Group and the Company as at 31 March 2025, and of the Group’s and Company’s financial performance and cash flows for the year then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards) and in the manner required by the Jamaican Companies Act. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group and the Company in accordance with the International Ethics Standards Board for Accountants International Code of Ethics for Professional Accountants, including International Independence Standards (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

KPMG Chartered Accountants P.O. Box 436 6 Duke Street Kingston Jamaica, W.I. +1 (876) 922 6640 [email protected]

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INDEPENDENT AUDITORS’ REPORT (CONTINUED)

To the Members of JMMB GROUP LIMITED

Report on the Audit of the Financial Statements (Continued)

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

1. Fair value of investments

Key Audit Matter [see notes 16 and 33 for further disclosures Investment Securities: Group: $316,483,870,000 (2024: $320,178,779,000]. How the matter was addressed in our audit

A significant portion of the Group’s investment securities measured at fair value are instruments for which quoted prices are not available.

Valuation of these investments, although based on mainly observable market inputs, requires significant estimation. The Group used valuation techniques which involve inputs such as market yields obtained from established yield curves which are impacted by uncertainty of market factors.

Though market conditions have improved there has been continued volatility of prices in various markets which has increased estimation risk for yields and prices used in determining fair values.

The significant estimation uncertainty in deriving these yields and prices increases the risk of material misstatement and hence is an area of increased audit focus.

Our procedures in this area included, in the main, the following:

• Assessing and testing the design and operating effectiveness of the Group’s controls over the determination and computation of fair values.

• Assessing the reasonableness of significant assumptions used by the Group.

• Involving our own valuation specialists to assist us to determine or obtain yields or prices of specific securities and comparing these yield or prices to those used by the Group.

• Assessing the adequacy of the disclosures surrounding the key judgements and estimation uncertainty included in the financial statements.

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INDEPENDENT AUDITORS’ REPORT (CONTINUED)

To the Members of JMMB GROUP LIMITED

Report on the Audit of the Financial Statements (Continued)

Key Audit Matters (continued)

2. Measurement of expected credit losses on financial assets

Key Audit Matter [see note 32(b)] How the matter was addressed in our audit

The Group recognises expected credit losses (‘ECL’) on financial assets, the determination of which is highly subjective and requires the Group to make significant judgements and assumptions.

The key areas that required greater management judgement included the determination of significant increase in credit risk (‘SICR’), the determination of probability of default, loss given default, exposures at default and the application of forward-looking information.

Our procedures, in the main, in this area included the following:

• Obtaining our understanding of the models used by the Group for the calculation of expected credit losses, including governance over the determination of key judgements and assumptions.

• Testing the design and implementation of the controls over the determination of expected credit losses.

• Testing the completeness and accuracy of the data used in the models to the underlying accounting records on a sample basis.

• Involving our own financial risk modelling specialists to assist us in evaluating the appropriateness of the Group’s impairment methodologies, including the SICR criteria used, independently assessing certain assumptions for probability of default, loss given default, exposure at default and the incorporation of forward-looking information.

Page 4

INDEPENDENT AUDITORS’ REPORT (CONTINUED)

To the Members of JMMB GROUP LIMITED

Report on the Audit of the Financial Statements (Continued)

Key Audit Matters (continued)

2. Measurement of expected credit losses on financial assets (continued)

Key Audit Matter [see notes 31(b)] How the matter was addressed in our audit

Significant management judgement and assumptions are also used in determining the appropriate variables and assumptions in the model used to measure of the expected credit losses.

The use of these judgements and assumptions increases the risk of material misstatement and is therefore an area of increased audit focus.

Our procedures, in the main, in this area included the following (continued):

• Evaluating the adequacy of the financial statements’ disclosures including disclosures of the key assumptions and judgements, for compliance with IFRS 9.

3. Impairment assessment of investment in associates

Key Audit Matter Interest in Associates: $46,730,016 (2024: $44,873,796) [see note 18] How the matter was addressed in our audit

The market capitalisation of the Group’s shareholding in the associated company is below its carrying value, determined using equity accounting. This is considered to be an indicator of impairment for which the Group performed a formal impairment assessment.

Our procedures, in the main, in this area included the following:

• Involving our own valuation specialists to assist us in evaluating the Group’s calculation of the recoverable amount of the investment and evaluating the assumptions and methodology used.

• Comparing the Group’s assumptions to externally derived data as well as our assessment of key inputs such as discount rate.

• Evaluating the Group’s assessment of the forecast performance of its investment by comparing projected results with historical performance as well as our own assessment based on our knowledge of the industry.

Page 5

INDEPENDENT AUDITORS’ REPORT (CONTINUED)

To the Members of JMMB GROUP LIMITED

Report on the Audit of the Financial Statements (Continued)

Other Information

Management is responsible for the other information. The other information comprises the information included in the annual report but does not include the financial statements and our auditors’ report thereon. The annual report is expected to be made available to us after the date of this auditors’ report.

Our opinion on the financial statements does not cover the other information and we will not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

When we read the annual report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation of financial statements that give a true and fair view in accordance with IFRS Accounting Standards and in the manner required by the Jamaican Companies Act, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Group’s and the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group and/or the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group’s financial reporting process.

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is included in the Appendix to this auditors’ report. This description, which is located at pages 7-8, forms part of our auditors’ report.

Page 6

INDEPENDENT AUDITORS’ REPORT (CONTINUED)

To the Members of JMMB GROUP LIMITED

Report on additional matters as required by the Jamaican Companies Act

We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of our audit.

In our opinion, proper accounting records have been maintained, so far as appears from our examination of those records, and the financial statements, which are in agreement therewith, give the information required by the Jamaican Companies Act in the manner required.

The engagement partner on the audit resulting in this independent auditors’ report is Karen Ragoobirsingh.

Chartered Accountants Kingston, Jamaica

May 31, 2025

Page 7 INDEPENDENT AUDITORS’ REPORT (CONTINUED) To the Members of JMMB GROUP LIMITED

Appendix to the Independent Auditors’ report

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

 Identify and assess the risks of material misstatement of the financial statements, whether

due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

 Obtain an understanding of internal control relevant to the audit in order to design audit

procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Company’s internal control.

 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

 Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s and Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Group and/or the Company to cease to continue as a going concern.

 Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

 Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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INDEPENDENT AUDITORS’ REPORT (CONTINUED)

To the Members of JMMB GROUP LIMITED

Appendix to the Independent Auditors’ report (Continued)

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Page 9

JMMB GROUP LIMITED Consolidated Profit or Loss Account Year ended 31 March 2025 (expressed in Jamaican dollars unless otherwise indicated)

The notes on pages 20 to 121 are an integral part of these financial statements.

Notes 2025 $’000

2024 $’000

Net Interest Income and Other Revenue Interest income from loans and securities, calculated

using the effective interest method 5 40,929,691 40,580,899

Interest expense 5 (29,615,182) (29,830,512) Net Interest Income 11,314,509 10,750,387 Fee and commission income 2,826,334 2,976,537 Gains on securities trading, net 5,786,418 5,852,097 Fair value gains on investment properties 19 352,965 163,662 Net loss from financial assets at fair value through profit or loss

274,726 ( 214,858) Fees earned from managing funds on behalf of clients 2,436,101 2,389,990 Foreign exchange margins from cambio trading 1,824,397 1,703,319 Dividend Income 404,140 263,538 Operating Revenue Net of Interest Expense 25,219,590 23,884,672 Other income

Other 4,442 162,281 25,224,032 24,046,953 Operating Expenses

Staff costs 6 (11,431,412) (11,666,899) Other expenses 7 (12,389,805) (11,132,598) (23,821,217) (22,799,497)

1,402,814 1,247,456 Impairment loss on financial assets 8 ( 1,895,351) (12,621,078) Share of profit of associate 18 2,674,357 20,286,594 Finance cost ( 1,754,059) (1,592,681) Impairment loss on associate 18 (64,621) Impairment loss on non-financial assets 20 ( 21,951) – Gain on disposal of property, plant and equipment 1,237,024 – Ganis on disposal of investment property 215,099 – Profit before Taxation 1,793,312 7,320,291 Taxation 9 1,945,999 4,531,293 Profit for the Year 3,739,311 11,851,584 Attributable to:

Stockholders of the parent 3,513,349 11,537,728 Non-controlling interest 31 225,962 313,856

3,739,311 11,851,584 Basic and diluted earnings per stock unit 10 $1.80 $5.92

Page 10

JMMB GROUP LIMITED Consolidated Statement of Profit or Loss and Other Comprehensive Income Year ended 31 March 2025 (expressed in Jamaican dollars unless otherwise indicated)

The notes on pages 20 to 121 are an integral part of these financial statements.

2025 2024 Notes $’000 $’000 Profit for the Year 3,739,311 11,851,584

Other comprehensive income

Item that will not be reclassified to profit or loss: Unrealised gain on equity securities at fair value through other comprehensive income (FVOCI) 180,270 770,136

Items that are or may be reclassified to profit or loss: Realised (loss)/gains on debt securities at FVOCI reclassified to

gains on securities trading ( 184,107) 387,620 Unrealised gains on debt securities at FVOCI 654,013 6,278,333

Related tax on unrealized gains and loss debt securities at FVOCI 22 (1,001,274) ( 1,581,571)

Share of other comprehensive (loss)/gains of associate 18 (1,057,777) 766,634 Foreign exchange differences on translation of foreign

Subsidiaries ( 850,757) ( 1,480,411) Total other comprehensive (loss)/income, net of tax (2,259,632) 5,140,741 Total comprehensive income for the year 1,479,679 16,992,325

Total comprehensive income attributable to: Equity holders of the parent 1,230,636 16,366,149 Non-controlling interest 31 249,043 626,176

1,479,679 16,992,325

Page 11

JMMB GROUP LIMITED Consolidated Statement of Financial Position 31 March 2025 (expressed in Jamaican dollars unless otherwise indicated)

The notes on pages 20 to 121 are an integral part of these financial statements.

2025 2024 Notes $’000 $’000

SS S Cash and cash equivalents 12 39,490,910 36,210,979

Balance with the Central Bank 28,262,040 26,013,733

Interest receivable 6,049,404 5,590,029

Income tax recoverable, net 447,040 515,973

Loans and notes receivable, net 13 217,236,833 198,943,622

Other receivables 14 13,731,453 10,738,240

Resale agreements, net 15 2,030,601 1,007,544

Investment securities, net 16 316,483,870 320,178,779

Interest in associates 18 46,782,869 44,873,796

Investment property 19 3,654,181 3,098,043

Intangible assets 20 4,146,345 4,430,502

Property, plant and equipment 21 3,893,499 3,959,005

Deferred tax assets 22 21,469,636 18,903,142

Right-of-use assets 23 1,783,664 637,510

705,462,345 675,100,897

.

Page 12

JMMB GROUP LIMITED

Consolidated Statement of Financial Position (Continued) 31 March 2025 (expressed in Jamaican dollars unless otherwise indicated)

The notes on pages 20 to 121 are an integral part of these financial statements.

2025 2024

Notes $’000 $’000

STOCKHOLDERS’ EQUITY

Share capital 24 14,094,834 14,113,865

Retained earnings reserve 25(a) 9,605,055 9,605,055

Investment revaluation reserve 25(b) ( 9,227,444) ( 7,927,633)

Cumulative translation reserve 25(c) ( 632,033) 350,869

Retained earnings 39,901,480 36,877,019

53,741,892 53,019,175

Non-controlling interest 31 1,902,487 1,653,444

55,644,379 54,672,619

LIABILITIES

Customer deposits 226,322,439 200,004,168

Due to other financial institutions 28 9,564,545 12,293,631

Repurchase agreements 26 311,252,480 308,882,389

Notes payable 27 53,731,016 52,250,316

Lease liabilities 23 1,936,520 765,794

Redeemable preference shares 24 28,942,735 28,734,023

Deferred tax liabilities 22 66,459 78,669

Interest payable 6,865,269 6,361,204

Income tax payable 907,683 585,835

Other payables 30 10,228,820 10,472,249

649,817,966 620,428,278

705,462,345 675,100,897

The financial statements on pages 9 to 121 were approved for issue by the Board of Directors on 30 May 2025 and signed on its behalf by:

Archibald Campbell Chairman Keith P. Duncan Group Chief Executive Officer

Page 13

JMMB GROUP LIMITED Consolidated Statement of Changes in Stockholders’ Equity Year ended 31 March 2025 (expressed in Jamaican dollars unless otherwise indicated)

The notes on pages 20 to 121 are an integral part of these financial statements.

Share

Capital

Retained Earnings Reserve

Investment Revaluation

Reserve

Cumulative Translation

Reserve

Retained Earnings

Total Attributable

to Equity holders of

the Parent

Non- Controlling

Interest

Total Notes $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

Balances at 31 March 2023 14,115,924

9,605,055

(14,123,700)

1,718,515

25,828,179

37,143,973

1,027,268

38,171,241 Total comprehensive income/(loss) for 2024

Profit for the year – – – – 11,537,728 11,537,728 313,856 11,851,584 Total other comprehensive income/(loss) – – 6,196,067 (1,367,646) – 4,828,421 312,320 5,140,741

Total comprehensive income/(loss) – – 6,196,067 (1,367,646) 11,537,728 16,366,149 626,176 16,992,325 Transactions with owners of the Company:

Dividends paid to ordinary stockholders 11 – – – – ( 488,888) ( 488,888) – ( 488,888) Treasury shares ( 2,059) – – – – ( 2,059) – ( 2,059)

Balances at 31 March 2024 14,113,865 9,605,055 ( 7,927,633) 350,869 36,877,019 53,019,175 1,653,444 54,672,619 Total comprehensive income for 2025 Profit for the year – – – – 3,513,349 3,513,349 225,962 3,739,311 Total other comprehensive loss/income – – (1,299,811) (982,902) – ( 2,440,383) 23,076 ( 2,417,302) Total comprehensive (loss)/income – – (1,299,811) (982,902) 3,513,349 1,230,636 249,043 1,479,679 Transactions with owners of the Company: Dividends paid to ordinary stockholders 11 – – – – ( 488,888) ( 488,888) – ( 488,888) Treasury shares ( 19,031) – – – – ( 19,031) – ( 19,031) Balances at 31 March 2025 14,094,834 9,605,055 (9,227,444) (632,033) 39,901,480 53,741,892 1,902,487 55,644,379

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JMMB GROUP LIMITED Consolidated Statement of Cash Flows Year ended 31 March 2025 (expressed in Jamaican dollars unless otherwise indicated)

The notes on pages 20 to 121 are an integral part of these financial statements.