Oct 4, 2023

October 04, 2023 at 10:00 am EDT Share 2023 In June 2023, the Capricorn Group unveiled an internal and external three-month brand campaign to elevate brand awareness and build customer loyalty and affinity. Our brand journey has evolved from 2017 with "Positive Change", to "I am Capricorn", "We are Capricorn", "Stronger Together" and "Together we Thrive". Our brand statement for 2023 is "Make Change Positive". This statement is a compelling call to action that encourages us and our stakeholders to participate in creating positive change in our daily lives. It conveys a forward-looking and proactive mindset and the belief that change can lead to positive outcomes. The design of this report includes moments of change and transformation in nature. By showcasing natural phenomena like metamorphosis, growth, and seasonal transitions, the imagery is a powerful metaphor for the Group's evolution and progress over the years. #MakeChangePositive 45 71 Commemorating ten years as a listed group As a listed entity, we have enabled employees to share in our success over the years. This created a strong sense of accountability and ownership among our people. #MakeChangePositive 3 Commemorating ten years as a listed group Our 2023 integrated annual report celebrates the 10th anniversary of our listing on the Namibian Stock Exchange ("NSX"). We listed as Bank Windhoek Holdings in June 2013, becoming one of the first Namibian banks to make a public offering. Our aim was to create prosperity for Namibians, contribute to the nation's economic growth and unlock value for our employees. Prior to the listing, the board of directors of Capricorn Group (Bank Windhoek Holdings at the time) approved a once-off gratuitous allocation of 700 ordinary shares to each Namibian employee at the time, as a token of appreciation for their hard work and in celebration of the listing. This ensured that all employees became shareholders. Bank Windhoek Holdings also launched an employee share incentive scheme in 2000 to allow our employees to purchase shares. As a listed entity, we have enabled employees to share in our success as they could participate in share trading and benefit from returns. They also had the option of selling their shares to bolster their retirement funds and build long-term wealth. This created a strong sense of accountability and ownership among employees. Over the past ten years, we experienced the reputational benefits of being a listed business. It helped us build the Group's profile in the media and among the public. Today, we are widely recognised as a transparent and responsible corporate citizen. Almost all our shareholders are Namibian, and in the decade since we listed, we have paid N$3 billion in dividends to shareholders. At the time of the listing, Bank Windhoek Holdings had a market capitalisation of N$5 billion and was the second largest local counter on the exchange. The share price at the time of listing was N$8.75. As at 12 September the share price was N$15.81 resulting in a market capitalisation of N$8.21 billion. Bank Windhoek Holdings was renamed Capricorn Investment Group Limited in 2016 and then Capricorn Group Limited in 2020. The Group has delivered strong growth, despite the decade's economic headwinds. When the Group was listed it generated a revenue of N$1.4 billion, compared to N$4.6 billion for 2023. At the time of listing, we had total assets of N$21 billion and net assets of N$2.6 billion (including the proceeds from the public offer at the time of the listing: N$355 million) compared to N$63 billion total assets and N$8.3 billion net assets in 2023. We have also grown our presence and brand in two countries, with our employee numbers increasing from 1,300 in 2013 to 1,625 today as a result of acquisitions during the period. The value created for our employees through these 700 shares since the listing is depicted below: For employees that received 700 shares: Total dividends received to date (N$): 4,151