Quarter 2 unaudited financial statements for 2026

UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE QUARTER ENDED

MARCH 31, 2026

DEAP CAPITAL MANAGEMENT & TRUST PLC

UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE QUARTER ENDED MARCH 31, 2026

Contents Pages

Responsibility Statements 1 - 3

Certification in pursuant to Section 88 of ISA 2025 4 - 5

Corporate Information 6

Condensed Interim Statement of Financial Position 7

Condensed Interim Statement of Profit or Loss and other

Comprehensive Income 8

Condensed Interim Statement of Changes in Equity 9

Condensed Interim Statement of Cash Flows 10

Notes to the Condensed Interim Financial Statements 11 - 27

Statement Of Value Added 28

Five-Year Financial Summary 29

Analysis of Shareholdings 30

I have conducted a review of the condensed financial statements. I confirm that to the best of my knowledge:

1. The condensed financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting', and in the manner required by the Companies and Allied Matters Act of Nigeria Cap C.20, Laws of the Federation of Nigeria, 2004 and the Financial Reporting Council Act, 2011.

2. The condensed financial statements do not contain any untrue material fact or contain a material omission of fact.

   
   
   

3. The condensed financial statements of the Company fairly present in all material respects the financial performance for the period and financial position for the period then ended.

Dr. Kenneth Olise Chairman

FRC/2024/PRO/ICAN/004/222024

I have conducted a review of the condensed financial statements. I confirm that to the best of my knowledge:

1. The condensed financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting', and in the manner required by the Companies and Allied Matters Act of Nigeria Cap C.20, Laws of the Federation of Nigeria, 2004 and the Financial Reporting Council Act, 2011.

2. The condensed financial statements do not contain any untrue material fact or contain a material omission of fact.

3. The condensed financial statements of the Company fairly present in all material respects the financial performance for the period and financial position for the period then ended.

Chief Jonathan Idudu

Director

FRC/2020/002/000000/20377

I have conducted a review of the condensed financial statements. I confirm that to the best of my knowledge:

1. The condensed financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting', and in the manner required by the Companies and Allied Matters Act of Nigeria Cap C.20, Laws of the Federation of Nigeria, 2004 and the Financial Reporting Council Act, 2011.

2. The condensed financial statements do not contain any untrue material fact or contain a material omission of fact.

3. The condensed financial statements of the Company fairly present in all material respects the financial performance for the period and financial position for the period then ended.

   
   
   

   Mr. Femi Olaleye Chief Finance Officer

   FRC/2014/PRO/000000/8287

   DEAP CAPITAL MANAGEMENT & TRUST PLC

   CERTIFICATION IN PURSUANT TO SECTION 88 OF ISA 2025 FOR THE QUARTER ENDED 31 MARCH 2026 UNAUDITED CONDENSED FINANCIAL STATEMENTS

   In pursuant to section 88 OF Nigeria Investment and Security Act (ISA) 2025,

   1. I have conducted a review of the condensed financial statements and I hereby certify this unaudited condensed financial statement for the period ended March 31, 2026 and that;

   2. based on my knowledge, the report does not -

      1. contain any untrue statement of a material fact, or

      2. omit to state a material fact, which may make the statement,

         misleading in the light of the circumstances under which such statement was made;

   3. based on my knowledge, the financial statements and

      other financial information included in the report fairly present in all material respects the financial condition and results of operations of the company as of, and for the period ended March 31 2026 presented in this report.

   4. As the Chief Executive Officer, I -

      1. have responsibility for establishing and maintaining internal controls,

      2. have established internal controls to ensure that material information relating to the company is made known to such officers within the company particularly during the period in which this periodic reports were prepared,

      3. have evaluated the effectiveness of the company's internal controls

         as of March 31, 2026 within 90 days prior to this report, and

      4. have presented in this report my conclusions about the effectiveness of the internal controls based on the evaluation as of March 31, 2026;

   5. have disclosed to the auditors of the company and audit committee -

      1. all significant deficiencies in the design or operation of internal controls which may adversely affect the company's ability to record, process, summarise and report financial data and have identified for the company's auditors any material weakness in internal controls, and

      2. any fraud, whether or not material, that involves management or other employees who have significant role in the company's internal controls;

         and

   6. have identified in the report whether or not there

were significant changes in internal controls or other factors that may

significantly affect internal controls subsequent to the evaluation as at March 31, 2026, including any corrective actions with regard to significant deficiencies and

Anthony Adigwe

material weaknesses.

Managing Director/CEO

CERTIFICATION IN PURSUANT TO SECTION 88 OF ISA 2025 FOR THE QUARTER ENDED 31 MARCH 2026 UNAUDITED CONDENSED FINANCIAL STATEMENTS

In pursuant to section 88 OF Nigeria Investment and Security Act (ISA) 2025,

1. I have conducted a review of the condensed financial statements and I hereby certify this unaudited condensed financial statement for the period ended March 31, 2026 and that;

2. based on my knowledge, the report does not -

   1. contain any untrue statement of a material fact, or

   2. omit to state a material fact, which may make the statement,

      misleading in the light of the circumstances under which such statement was made;

3. based on my knowledge, the financial statements and

   other financial information included in the report fairly present in all material respects the financial condition and results of operations of the company as of, and for the period ended March 31 2026 presented in this report.

4. As the Chief Financial Officer, I -

   1. have responsibility for establishing and maintaining internal controls,

   2. have established internal controls to ensure that material information relating to the company is made known to such officers within the company particularly during the period in which this periodic reports were prepared,

   3. have evaluated the effectiveness of the company's internal controls

      as of March 31, 2026 within 90 days prior to this report, and

   4. have presented in this report my conclusions about the effectiveness of the internal controls based on the evaluation as of March 31, 2026;

5. have disclosed to the auditors of the company and audit committee -

   1. all significant deficiencies in the design or operation of internal controls which may adversely affect the company's ability to record, process, summarise and report financial data and have identified for the company's auditors any material weakness in internal controls, and

   2. any fraud, whether or not material, that involves management or other employees who have significant role in the company's internal controls;

      and

6. have identified in the report whether or not there

were significant changes in internal controls or other factors that may

significantly affect internal controls subsequent to the evaluation as at March 31, 2026, including any corrective actions with regard to significant deficiencies and

material weaknesses.

Mr. Femi Olaleye Chief Finance Officer

DEAP CAPITAL MANAGEMENT & TRUST PLC

UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE QUARTER ENDED MARCH 31, 2026

CORPORATE INFORMATION

CAC REGISTRATION NUMBER -

TAX IDENTIFICATION NUMBER -DIRECTORS:

Mr. Lamon Rutten Chairman

RC 452608

100451155400003

Appointed 12 March 2026

Dr Israel Ovirih

President/CEO

Appointed 12 March 2026

Mr. Anthony Adigwe Acting Managing Director Mr. Edmond Ani Director

Mr. Temitope Oduseso Director Mr. Francis Ekeng Director

Mr. Kpobo Idudu Director

Amb. Usman Sarki Director

Dr. Kenneth Olise Director

Mr. Joel Omole Director

Chief Jonathan Idudu Director

Dr. Joseph Asaolu Director

Appointed 12 March 2026

Appointed 12 March 2026

Appointed 12 March 2026

Appointed 12 March 2026

Appointed 12 March 2026

Retired 12 March 2026

Retired 12 March 2026

Retired 12 March 2026

Retired 12 March 2026

REGISTERED OFFICE:

SECRETARIES:

205, Igbosere Road Lagos.

Osammor Otiono & Co. 101, Allen Avenue

Ikeja, Lagos.

AUDITORS: Doyin Owolabi & Co (Chartered Accountants) 14, Falolu Street Surulere, Lagos.

FRC/2013/PRO/ICAN/004/00000000101

BANKERS: Access Bank Plc UBA Plc

FCMB Plc

Zenith Bank Plc Optimus Bank Limited

REGISTRARS: First Registrars Ltd

Plot 2, Abebe Village Road, Iganmu, Lagos

DEAP CAPITAL MANAGEMENT & TRUST PLC

UNAUDITED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2026

The Financial Statements were approved by the Board on 28/04/ , 2026 and signed on its behalf by:

Dr. Kenneth Olise Chief Jonathan Idudu Chairman Director

Mr. Femi Olaleye Chief Finance Officer

FRC/2024/PRO/ICAN/004/222024 FRC/2020/002/000000/20377 FRC/2014/PRO/000000/8287

The accounting policies and notes on pages 9 to 25 form an integral part of these Financial Statements.

DEAP CAPITAL MANAGEMENT & TRUST PLC

UNAUDITED CONDENSED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE QUARTER ENDED MARCH 31, 2026

The accounting policies and notes on pages 9 to 25 form an integral part of these Financial Statements.

DEAP CAPITAL MANAGEMENT & TRUST PLC

UNAUDITED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE QUARTER ENDED MARCH 31, 2026

loan written off. - - - - -Prior year adjustment - Additional

Shares Capital

Other Comprehensive Income

- - - - -

Other adjustment for the year - - - (50) (50)

Balance at 30 September 2025 750,330 448,484 (5,213,614) 1,689,104 (2,325,696)

Other Comprehensive Income Other adjustment for the year Balance at 31 March 2026

750,330 448,484 (4,812,406) 4,806,577 1,192,986

The accounting policies and notes on pages 9 to 25 form an integral part of these Financial Statements.

UNAUDITED STATEMENT OF CASH FLOWS FOR THE QUARTER ENDED MARCH 31, 2026

Cash flows from Operating Activities

(Loss)/Profit before taxation

Adjustments for non-cash items:

Depreciation of PPE Loss of disposal of assets

Other Adjustments For The Period- Note 12.1

Changes in Working Capital:

(Increase)/Decrease in Receivables (Increase)/Decrease in Financial Assets Decrease in Finance Lease

Increase /(Decrease) in Managed Account Increase /(Decrease) in Borrowings Increase/(Decrease) in Other Payables Increase/(Decrease) in Deferred Income Cash generated from operations

Tax paid

Net Cash inflow from operating activities

Cash flows from Investing Activities Proceeds from Investment Income Cash outflow on new investment Purchase of PPE

Net Cash outflow from investing activities

Cash flows from financing Activities

Proceeds from managed fund converted to shares Deposit for Shares

Net Cash inflow from financing activities

Net Increase/(Decrease) in Cash & Cash Equivalents Cash and Cash Equivalent at the beginning of the year Cash and Cash Equivalent at the end of the year

The accounting policies and notes on pages 9 to 25 form an integral part of these Financial Statements.

DEAP CAPITAL MANAGEMENT & TRUST PLC

NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE QUARTER ENDED MARCH 31, 2026

1. Reporting Entity

   DEAP Capital Management & Trust Plc is a Nigerian public company limited by shares and quoted on Nigerian Stock Exchange. The registered and operational office of the company is at 205, Igboshere Street, Lagos. The company is also registered with the Securities and Exchange Commission (SEC).

   The Company is engaged in the business of funds management, portfolio management, capital market/financial advisory services and leasing services.

   The financial statements of DEAP Capital Management & Trust Plc as at and for the year ended 30th September 2025 are available upon request from the Company's registered website https://www.deapplc.com.ng

2. Basis of Preparation

   1. Statement of compliance

      These condensed interim financial statements have been prepared in accordance with International Financial Reporting Standard (IFRS) IAS 34 'Interim Financial Reporting'. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the financial statements of Deap Capital Management &

      Trust Plc as at and for the year ended 30th September 2025.

      These condensed interim financial statements were approved by the Board of Directors of the Company on 28/04/ , 2026.

   2. Basis of Measurement

      The Financial Statements have been prepared on the historical cost basis except for certain financial instruments which were measured at fair value.

   3. Functional and Presentation Currency

      The company's functional currency, which is also the presentation currency, is the Nigerian Naira.

3. Use of Estimates and Judgement

   The preparation of the Financial Statements in conformity with IFRSs requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.

   In preparing these condensed interim financial statements, the significant judgements made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the financial statements as at and for the year ended 30th September 2025.

4. SIGNIFICANT ACCOUNTING POLICIES

   General

   The accounting policies applied in these condensed interim financial statements are the same as those applied in the Company's financial statements as at and for the year ended 30th September 2025.

   DEAP CAPITAL MANAGEMENT & TRUST PLC

   NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE QUARTER ENDED MARCH 31, 2026

   1. Revenue Recognition

      Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered in the normal course of business net of discounts, Value Added Tax (VAT) and other sales-related taxes.

      
      
      
      1. Fee Income
         
         

         Fee income comprises brokers fee and commission income, excluding VAT, performance fees, administration fees and asset management fees which are recognized over the period for which the services are rendered, in accordance with the substance of the relevant agreements.

         
         
         
      2. Finance Income
         
         

         Finance income comprises interest income on short-term deposits with banks and changes in the fair value of financial assets at fair value through profit and loss. Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be reliably measured. It is measured by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the asset's net carrying amount on initial recognition.

      3. Dividend Income

         Dividend income from investments is recognised in the income statement when the shareholder's right to receive payment has been established, provided that it is probable that the economic benefits will flow to the company and the amount of income can be measured reliably.

      4. Rental Income

         Rental income from letting property is recognised in the Income Statement on a straight line basis over the term of the lease. Lease incentives granted are considered as an integral part of the total rental income and recognised over the term of the lease.

   2. Foreign Currency Translation

      In preparing these Financial Statements, transactions in currencies other than the entity's presentation currency (i.e., foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period

      , monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

      DEAP CAPITAL MANAGEMENT & TRUST PLC

      NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE QUARTER ENDED MARCH 31, 2026

   3. Taxation

      Income tax expense represents the sum of the tax currently payable and deferred tax.

      1. Current Tax

         The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the Statement of Comprehensive Income because it excludes items of income or expense that are taxable or deductible in other years, but it further excludes items that are never taxable or deductible. It is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date.

         The company is subject to the following types of current tax:

      2. - Company Income Tax

         This relates to tax on revenue and profit generated by the Company during the year, to be taxed under the Companies Income Tax Act, Cap C21, LFN 2004 as amended to date.

   4. Property, Plant and Equipment

      1. Recognition and Measurement

         Property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the assets. Items of property, plant and equipment under construction are disclosed as capital work in progress. The cost of construction recognised includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site in which they are located, and borrowing costs on qualifying assets.

         Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and are recognised net of tax within other income in the Income Statement.

      2. Subsequent Costs

         The cost of replacing a part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the company and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing and maintenance of an item of property, plant and equipment are recognised in the income statement during the period in which they are incurred as expenses.

      3. Depreciation

         Depreciation is calculated on items of property, plant and equipment to write down the cost of each asset to its residual value over its estimated useful life. No depreciation is charged on items of property, plant and equipment until they are brought into use.

         DEAP CAPITAL MANAGEMENT & TRUST PLC

         NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE QUARTER ENDED MARCH 31, 2026

         The principal annual rates consistently used for this purpose, are as follows:

         Types of assets	%
         Office Equipment	20
         Computers	33 1/3
         Furniture and Fittings	20
         Motor Vehicle	25
         Plant & Machinery	20

      4. Derecognition

         An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the profit and loss component of the statement of comprehensive income within 'Other income' in the year that the asset is derecognised.

   5. Borrowing Costs

      Borrowing costs directly attributable to the construction of qualifying assets, which are assets that necessarily take a substantial period of time to prepare for their intended use, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use. All other borrowing costs are recognised as interest payable in the income statement in the period in which they are incurred.

   6. Impairment of Non-Financial Assets

      Non-financial assets other than inventories are reviewed at each reporting date for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which they have separately identifiable cash flows (cash-generating units).

      If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in the Income Statement, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

      Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the Income Statement, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment is treated as a revaluation increase.

      DEAP CAPITAL MANAGEMENT & TRUST PLC

      NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE QUARTER ENDED MARCH 31, 2026

   7. Provisions

      Provisions are liabilities of uncertain timing or amount, and are recognized when the company has a present obligation as a result of a past event, and it is probable that the company will be required to settle that obligation. Provisions are measured at the directors' estimate of the expenditure required to settle that obligation at the end of each reporting period, and are discounted to present value where the effect is material, using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Provisions are not recognized for future operating

      Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligation may be small.

   8. Borrowings

      Borrowings are recognized initially at fair value, net of transaction costs incurred. They are subsequently carried at amortised cost using the effective interest rate; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of the borrowings using the effective interest method.

      Borrowings to be settled within 12 months period are classified as current liabilities while borrowings to be settled over 12 months are classified as non-current liabilities.

   9. Cash and Cash Equivalents

      Cash and cash equivalents comprise cash on hand, demand deposits and other short term, highly liquid, investments that are convertible to a known amount of cash which are subject to insignificant risk of changes in value, all of which are available for use by the company unless otherwise stated.

   10. Financial Instruments

       1. Financial Assets

          Financial assets are classified into the following categories: financial assets at fair value through profit or loss; loans and receivables, held-to-maturity and available-for-sale financial assets. Management determines the classification of financial assets at initial recognition. This classification depends on the nature and purpose of the financial asset.

          1. Financial Assets at Fair Value through Profit or Loss

             This category has two components namely: those held for trading and those designated at fair value through profit or loss at inception. A financial asset is classified in this category if acquired principally for the purpose of generating a profit from short-term fluctuations in price or dealer's margin, or a security is included in a portfolio in which a pattern of short-term profit taking exists or if so designated by management at inception as held at fair value through profit or loss.

             The designation of these assets at fair value through profit or loss eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as 'accounting mismatch') that would otherwise arise from measuring assets or liabilities or recognizing gains and losses on them on different bases.

             DEAP CAPITAL MANAGEMENT & TRUST PLC

             NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE QUARTER ENDED MARCH 31, 2026

             The fair values of the financial assets in this category at the beginning of a period are compared with fair values at the end of the period. The resulting fair value gains or losses are recognised in the Income Statement

          2. Loan and receivables

             
             
             Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. These arise when the company provides money, goods or services directly to a debtor with no intention of trading the receivable. Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective interest method, less impairment losses. The amortised cost of a financial asset or liability is the amount at which the financial asset or liability is measured on initial recognition, minus principal repayments, plus or minus the cumulative amortization using the effective interest method of any difference between the initial amount recognized and the maturity amount, minus any reductions for impairment of financial assets. The carrying amount represents its fair value.
             
             
             
             
             1. Financial Assets
                
                

          3. Held-to-maturity

             Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturities that management has both the positive intent and ability to hold to maturity. Held-to-maturity investments are carried at amortised cost, using the effective interest method, less any impairment losses.

          4. Available for Sale Financial Assets

             Available-for-sale financial assets (AFS) are any non-derivative financial assets designated on initial recognition as available for sale or any other instruments that are not classified as loans and receivables, held-to-maturity investments or financial assets at fair value through profit or loss.

             Available-for-sale financial assets are measured at fair value in the Statement of Financial Position.

             Fair value changes are recognised directly in equity, through the Statement of Changes in Equity. The cumulative gain or loss that was recognised in equity is recognised in profit or loss when an available-for-sale financial asset is derecognised.

             1. Derecognition of Financial Assets

                The group and company derecognises a financial asset only when the contractual rights to the cash flows from the asset expires, or when it transfers substantially all the risks and rewards of ownership of the asset to another entity. On derecognition of a financial asset in its entirety, the difference between the asset's carrying amount and the sum of the consideration received and/or receivable and the cumulative gain or loss that had been recognised in other comprehensive income and accumulated in equity is recognised in the Income Statement.

             2. Financial Liabilities

                Financial liabilities are initially recognised at fair value when the group or company becomes a party to the contractual provisions of the liability. Subsequent measurement of financial liabilities is based on amortized cost using the effective interest method.

                Financial liabilities are presented as current liabilities if the liability is due to be settled within 12 months after the reporting date, or if they are held for the purpose of being traded. Other financial liabilities which contractually will be settled after more than 12 months after the reporting date are classified as non-current liabilities.

                DEAP CAPITAL MANAGEMENT & TRUST PLC

                NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE QUARTER ENDED MARCH 31, 2026

             3. De-recognition of Financial Liabilities

                The group and company derecognises financial liabilities when, and only when, the obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognised and the consideration paid and/or payable is recognised in Income Statement.

             4. Equity Instruments

                1. Share capital

                   Ordinary share capital are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a reduction from equity, net of any tax effects.

                2. Retained earnings

                   Retained earnings include all current and prior periods' reserves.

             5. Effective Interest Method

                The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees on points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the debt instrument, or (where appropriate) a shorter period, to the net carrying amount on initial recognition.

             6. Fair Value Hierarchy

                Fair values are determined according to the following hierarchy based on the requirements in IFRS 7 'Financial Instruments - Disclosures':

                Level 1: Quoted market prices: financial assets and liabilities with quoted prices for identical instruments in active markets.

                Level 2: Valuation techniques using observable inputs: quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in inactive markets and financial assets and liabilities values using model where all significant inputs are observable.

                Level 3: Valuation techniques using significant unobservable inputs: financial assets and liabilities valued using valuation techniques where one or more significant inputs are unobservable. The best evidence of fair value is a quoted price in an active market. In the event that the market for a financial asset or liability is not active, level 3 valuation technique is used.

             7. Offsetting of Financial Instruments

                Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is a legally enforcement right to offset the recognized amounts and there is an intention to settle on a net basis or, realize the asset and settle the liability simultaneously.

             8. Impairment of Financial Assets

                1. Assets Carried at Amortised Cost

                   At each reporting date, the company assesses whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are recognized if, and only if, there is objective evidence of impairment as a result of one or more events that the initial recognition of the asset (a 'loss event') and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated.

                   An asset carried at amortised cost is said to be impaired if the carrying amount is higher than the recoverable amount which is calculated as the present value of estimated future cash flows discounted at the financial asset's original effective interest rate.

                   DEAP CAPITAL MANAGEMENT & TRUST PLC

                   NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE QUARTER ENDED MARCH 31, 2026

                   Where the asset is impaired, the carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognized in profit or loss.

                   4.11.9 Impairment of Financial Assets (Continued)

                2. Assets Carried at Fair Value

             For an available for sale equity investments, a significant or prolonged decline in the fair value of the security below its cost is considered to be objective evidence of impairment.

             Where this occurs, cumulative gains or losses previously recognised in other comprehensive income are reclassified to profit or loss in the period. Impairment losses previously recognised through profit or loss are not reversed through profit or loss. Any increase in fair value subsequent to an impairment loss is recognised in other comprehensive income and accumulated under the heading of investments revaluation reserve.

             1. Investment Property

                Investment property is property held either to earn rental income or for capital appreciation or for both, but not for sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes. The group and company hold some investment property. This is a way of diversifying the investment portfolio.

                Investment property is recognised as an asset when it is probable that the future economic benefits that are associated with the property will flow to the entity, and the cost of the property can be reliably measured.

                Investment property is initially measured at cost, including transaction costs. Such cost does not include start-up costs, abnormal waste, or initial operating losses incurred before the investment property achieves the planned level of occupancy. IAS 40 - 'Investment Property' requires assets classified as Investment Property to be subsequently measured at cost or fair value. The group and company applies the fair value model.

                When the use of a property changes such that it is reclassified as property and equipment, its fair value at the date of reclassification becomes its cost for subsequent accounting.

                When the use of property changes from owner-occupied to investment property, the property is remeasured to fair value and reclassified as investment property. Any gain arising on remeasurement is recognized in profit or loss to the extent that it reverses a previous impairment loss on the specific property, with any remaining gain recognized in other comprehensive income and presented in revaluation reserve in equity. Any loss is recognized immediately in profit or loss.

             2. Related party transactions

             Related parties include the related companies, the directors, their close family members and any employee who is able to exert significant influence on the operating policies of the company. Key management personnel are also considered related parties. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity.

             The Company considers two parties to be related if, directly or indirectly one party has the ability to control the other party or exercise significant influence over the other party in making financial or operating decisions.

             Where there is a related party transactions with the company, the transactions are disclosed separately as to the type of relationship that exists with the company and the outstanding balances necessary to understand their effects on the financial position and the mode of settlement.

             DEAP CAPITAL MANAGEMENT & TRUST PLC

             NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE QUARTER ENDED MARCH 31, 2026

5. Risk Management Policies

   1. Introduction

      Risk management is essential to help ensure business sustainability thereby providing customers and the shareholders with a long-term value proposition. The key elements of risk management include:

      1. Strong corporate governance including relevant and reliable management information and internal control processes;

      2. Ensuring significant and relevant skills and services are available consistently to the company;

      3. Influencing the business and environment by being active participants in the relevant regulatory and business forums; and

      4. Keeping abreast of technology and consumer trends and investing capital and resources where required.

      The board of directors acknowledges its responsibility for establishing, monitoring and communicating appropriate risk and control policies.

   2. Significant Risks

      The company has exposure to significant risks which are categorized as follows:

      1. Regulatory Risk;

      2. Business Environment Risk;

      3. Operational Risk;

      4. Market Risk; and

      5. Liquidity Risk;

      1. Regulatory Risk;

         Regulatory risk is the risk arising from a change in regulations, whether legal, taxation or accounting or specific industry regulations that pertain to the business of the company. In order to manage this risk, the company is an active participant in industry and preferred bodies, such as the Chartered Institute of Stockbrokers, Nigerian Stock Exchange, and Securities and Exchange Commission and engages in discussions with policy makers and regulators.

         Regulatory Capital Risk

         Regulatory capital risk is the risk that the company does not have sufficient capital to meet either minimum regulatory or internal amounts. The Securities and Exchange Commission sets and monitors capital requirements to protect clients and counterparties. The company's objectives in managing capital includes safeguarding the company's ability to continue as a going concern, so that it can continue to provide returns for the shareholders and benefits for other stakeholders.

         Legal Risk

         Legal risk is the risk that the company will be exposed to contractual obligations which have not been provided for. The company has a policy of ensuring that all contractual obligations are documented and appropriately evidenced to agreements with the relevant parties to the contract. All significant contracted claims are reviewed by independent legal resources and amounts are provided for if there is consensus as to any possible exposure. As at 31 March 2025, the directors are not aware of any significant obligation not provided for.

         DEAP CAPITAL MANAGEMENT & TRUST PLC

         NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE QUARTER ENDED MARCH 31, 2026

         5 Risk Management Policies (Cont'd) Taxation Risk

         
         
         Taxation risk is the risk of suffering a loss, financial or otherwise, as a result of an incorrect interpretation and application of taxation legislation or due to the impact of new taxation legislation on existing products.
         
         
         
         The company will fulfil its responsibilities under tax law in each of the jurisdictions in which it operates, whether in relation to compliance, planning or client service matters.
         
         

         The identification and management of tax risk is the primary objective of the company tax function, and this objective is achieved through the application of a formulated tax risk approach, which measures the fulfilment of tax responsibilities against the specific requirements of each category of tax to which the company is exposed, in the context of the various types of activities the company conducts.

         Accounting Risk

         Accounting risk is the risk that the company fails to explain the current events of the business in the Financial Statements.

         Measures to control accounting risk are the use of proper accounting systems, books and records based on proper accounting policies as well as the establishment of proper internal accounting controls. Financial Statements are prepared in a transparent manner that fully discloses all important and relevant matters as well as accurately reflecting the financial position, results and cash flows of the company.

      2. Business Environment Risk Reputational Risk

      Reputational risk is the risk of loss caused by a decline in the reputation of the company or any of its specific business units from the perspective of its stakeholders, shareholders, customers, staff, business partners or the general public.

      Strategic Risk

      Strategic risk is the risk of an unexpected negative change in the company value, arising from the adverse effect of executive decisions on both business strategies and their implementation.

      This risk is a function of compatibility between strategic goals, the business strategies developed to achieve those goals and the resources deployed to achieve those goals. Strategic risk also includes the ability of management to effectively analyze and react to external factors, which could impact the future direction of the relevant business unit.

      Company identifies and assesses both reputational and strategic risks qualitatively as part of a quarterly evaluation. On the basis of this evaluation, Company Risk creates an overflow of local and global risks which also includes reputational risks, analyses the risk profile of the company and regularly informs directors and management.

      DEAP CAPITAL MANAGEMENT & TRUST PLC

      NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE QUARTER ENDED MARCH 31, 2026

      5 Risk Management Policies (Cont'd) iii Operational Risk

      Operational risk is the risk or indirect loss resulting from inadequate or failed internal processes, people and systems or from external events.

      The initiation of all transactions and their administration is conducted on the foundation of segregation of duties that has been designed to ensure materially the completeness, accuracy and validity of all transactions. These controls are augmented by management and executive review of control accounts and systems, electronic and manual checks and controls, back-up facilities and contingency planning. The internal control systems and procedures are also subjected to regular internal audit reviews.

      1. Market Risk

         The company is exposed to market risk through its financial assets and financial liabilities. The most important components of risk are interest rate risk, market price risk and currency risk. These risks arise from open positions in interest rate, currency equity products, all of which are exposed to general and specific market movements.

         Interest Rate Risk

         Interest rate risk is the risk that the value and cash flow of a financial instrument will fluctuate due to changes in market interest rates.

         Equity Price Risk

         Equity price risk is the risk that the value of financial instrument will fluctuate as a result of changes in market prices.

         Investment in all equities and mutual funds are valued at fair value and are therefore susceptible to market fluctuations.

         Credit Risk

         Credit risk is the risk that one party to a financial instrument will cause a loss to the other party by failing to discharge an obligation.

         Key areas where the company is exposed to credit risk are Certain classes of financial assets such as bonds, term deposits and cash and cash equivalents and Certain accounts within trade and other receivables.

         Exposure to this risk is monitored in accordance with parameters which have been approved by the company's Audit Committee and the company's Board as mandated by the Board of the Deap Capital Management & Trust Plc.

      2. Liquidity risk

      Liquidity risk is the risk that the company will encounter difficulty in raising funds to meet commitments associated with financial instruments.

      Liquidity requirements and cash resources are reviewed on a monthly basis. The company's assets are relatively liquid with listed equities, and cash being easily realisable.

      DEAP CAPITAL MANAGEMENT & TRUST PLC

      YTD MAR			YE SEPT
      2026 N'000			2025 N'000
      6 Cash and Cash Equivalents Cash in hand	12	12
      Cash at bank	3,017,799	2,403
      	3,017,811	2,415
      7 Loans & Advances Unsecured Term Loan	39,665	39,665
      Other Loan	452	1,152
      Cash & Salary Advance	1,000	-
      	41,117	40,817
      Allowance for impairment losses (note 7.1)	(40,117)	(40,117)
      	1,000	700
      7.1	Analysis of allowance for impairment losses: Non Performing Loans: - Lost	(40,067)	(40,067)
      	Provision For Doubtful Debts - Other Assets	(50)	(50)
      		(40,117)	(40,117)
      8	Available for sale financial assets Investments in Quoted Securities	-	-
      	Fair value (loss)/gain	- -	- -
      	Investments in Unquoted Securities (note 8.1)	300,364	300,364
      		300,364	300,364
      8.1 Analysis of Investments in unquoted securities:
      Sundry unquoted investments	-	-
      Resort Securities & Trust Limited	151,166	151,166
      DVCF Oil & Gas	149,198	149,198
      -	-
      300,364	300,364

      NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE QUARTER ENDED MARCH 31, 2026

      Unquoted shares - Of the unquoted investments, only DVCF Oil & Gas Limited and Resort Securities & Trust Limited are still in operation. The investment in other companies have since written off.

      DEAP CAPITAL MANAGEMENT & TRUST PLC

      NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE QUARTER ENDED MARCH 31, 2026

      9 Property, Plants & Machinery
      	Plant &	Motor	Office Furniture	Office		Computer	Total
      	Equipment	Vehicle	& Fittings	Equipment		Equipment
      COST:	N'000	N'000	N'000	N'000		N'000	N'000
      At Begining of the Period :	-	-	-		-	-	-
      Adjustment during the Period Additions	-	- 17,000	-		-	-	-17,000
      Disposals
      At the end of the Period	-	17,000	-		-	-	17,000

      DEPRECIATION:
      At Begining of the Period :	-	-	-	-	-
      Adjustment during the Period	-	-	-	-	-
      Additions		354

      -

      -

      Disposals					354
      At the end of the Period	- 354		-	-	- 354
      CARRYING AMOUNT
      At Begining of the Period	: - -		-	-	- -
      Cost	-	17,000	-	-	-	17,000
      Less: Depreciation	-	(354)	-	-	-	(354)
      At the end of the Period	-	16,646	-	-	-	16,646

      DEAP CAPITAL MANAGEMENT & TRUST PLC

      YE SEPT 2025 N'000

      1,500,000

      -

      1,500,000

      750,330

      448,484

      -

      448,484

      (5,830,302)

      625,716

      (9,029)

      (5,213,614)

      YE SEPT 2025 N'000

      492,985

      132,731

      -

      -

      -

      -

      -

      -

      625,716

      -1,689,154

      (50)

      1,689,104

      YTD MAR
      2026
      N'000
      1,500,000
      3,529,412
      5,029,412
      750,330
      448,484
      -
      448,484
      (5,213,614)
      493,065
      -
      (4,720,549)
      YTD MAR
      2026
      N'000
      246,493
      66,365
      8,588
      9,695
      18,767
      97,000
      10,357
      35,800
      493,065
      1,689,104
      3,117,473
      4,806,577

      NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE QUARTER ENDED MARCH 31, 2026

      1. Ordinary Share Capital

         1. Authorised:

            Begining of the Period - 3,000,000,000 Ord Shares of 50k each Movement during the Period - 7,058,823,528 Ord Shares of 50k each

            End of the Period-10,058,823,528 Ordinary Shares of 50k each

         2. Issued and fully paid:

            1,500,660,000 Ordinary Shares of 50k each

      2. Share Premium

         At Begining of the Period Movement during the Period At the end of the Period

      3. Retained Earnings / (Loss) B/F At Begining of the Period

         Prior period adjustment - Note 12.1 Retained Earnings / (Loss) For the period

         1. Prior year adjustment -

            Write back of loan written off and other adjustments is made up of;

            PROPORTION OF DEFERRED INCOME ON RESTRUCTURED ZENITH BANK LOAN

            PROPORTION OF DEFERRED INCOME ON RESTRUCTURED ACCESS BANK LOAN

            ACCRUED AUDIT FEES NO LONGER REQUIRED SUNDRY DEPOSIT NO LONGER REQIRED

            DUES TO RELATED PARTY NO LONGER REQUIRED ACCOUNT PAYABLE NO LONGER REQIRED INTERCOMPANY BALANCE NO LONGER REQIRED

            WRITE-OFF 0F ACCRUALS FOR PENALTIES FOR NON/LATE SUBMISSION OF SEC RETURNS

      4. Deposit For Shares

      At Begining of the Period Movement during the Period At the end of the Period

      Banklink Africa Private Equities Ltd and RGM Materials Solutions Ltd together indicated interest in the shares of Deap Capital Managent & Trust Plc with an initial deposit of N3.0 Billion after signing a share puchase agreement. Also, N1,806,576,636 represent part of the amount due to creditors' (Managed Funds Account) that were converted to Equity during the year ended September 30, 2025. The arrangement for the conversion of this amount at a price of N1.69 per share is being concluded through the issue of 1,806,576,637 ordinary shares of 50kobo each to the consenting non-bank creditors of the company who are owed a total of N2,525,287,426 as at September 30, 2025 through a Debt Equity Conversion which was presented to the Securities & Exchange Commission (SEC) and was approved during this 2026 financial year.

      DEAP CAPITAL MANAGEMENT & TRUST PLC

      	YTD MAR 2026			YE SEPT 2025
      	N'000			N'000
      14 Managed Accounts
      Customers' deposits for investment	451,964			569,437
      Stock broking account - Resort Securities	-			-
      SBA client payable	-			-
      	451,964			569,437
      15 Borrowings
      UBA Account 2 (DCIF)	2,495			2,495
      Access Bank - Loan Account - Note 15.1	20,000			20,000
      UBA Account 3	4			4
      Zenith Bank Margin Loan Acct H/O(Taken over by AMCON) - Note 15.2	400,000			400,000
      Resort Securities & Trust Co.	14,855			14,855
      Bank Facilities	437,354			437,354
      15.1 ACCESS BANK LOAN
      At Begining of the Period :	20,000			418,192
      Loan Reduction (Transfer to Deffered Income)	-			(398,192)
      At the end of the Period	20,000			20,000
      15.2 ZENITH BANK LOAN
      At Begining of the Period :	400,000			1,878,956
      Addition	30,000
      Loan Reduction (Transfer to Deffered Income)	(30,000)			(1,478,956)
      At the end of the Period	400,000			400,000
      16 Other Payables
      Accrued Audit Fee	9,000			18,088
      Sundry deposits	-			9,695
      Unremitted pension contribution	23,400			23,400
      Due to related parties	7,635			34,214
      Accounts payable	142,000			97,000
      Others	97,802			153,448
      	279,837			335,845

      NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE QUARTER ENDED MARCH 31, 2026

      DEAP CAPITAL MANAGEMENT & TRUST PLC

      NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE QUARTER ENDED MARCH 31, 2026

      1. Deferred Income At Begining :

         Transfer from Bank Loan reduction

         Transfer to Retained Revenue At the end of the Period

         YTD MAR 2025 N'000

         1,251,432

         -

         (312,858)

         938,574

         YE SEPT 2025 N'000

         -1,877,149

         (625,716)

         1,251,432

      2. Current Tax Liabilities At Begining of the Period : Income tax

         Education tax

         Payments during the year: Income tax

         Education tax

         Provision for the year: Income tax

         Education tax

         At the end of the Period

         27,216

         -

         -

         27,216

         -

         -

         -

         -

         27,216

         27,216

         -

         -

         27,216

         -

         -

         -

         -

         27,216

      3. Deferred Taxation

      At Begining of the Period :

      7,890

      7,890

      Movement during the Period	-		-
      At the end of the Period	7,890		7,890
      	3 MTHS END	3 MTHS END DEC		6 MTHS END MAR		6 MTHS END MAR	YE SEPT
      20 Fee & Commission Income	MAR 2026 N'000	2025		2026 N'000		2025	2025
      Fee Income	-	10,000		10,000		-	-
      Other income	8,886	141		9,028		1,545	3,141
      	8,886	10,141		19,028		1,545	3,141
      21 Administrative Expenses Audit fees	250	250		500		500	1,000
      Diesel	15	25		40		372	744
      Transport	72	1,943		2,015		140	194
      Salaries	3,200	3,200		6,400		6,400	12,800
      Directors fees	813	813		1,625		1,625	3,250
      Directors Expenses	460	460		920		920	1,840
      AGM Expenses	42,500	-		42,500		-	-
      Internet &Telecommunication Expenses	120	-		120		40	40
      Printing and Stationery	535	71		606		731	787
      Advert & Publicity	17,200	-		17,200		-	-
      Government Levy & Penalty	30,000	850		30,850		115	115
      Other General Expenses	50	924		974		421	748
      Rent and Rates - Office	125	125		250		250	500
      Professional Fees & Consultancy	7,350	250		7,600		2,280	3,220
      Legal fees and Expenes	5,000	200		5,200		524	810
      Depreciation - Motor Vehicle	354	-		354		-	-
      Training Expenses	-	-		-		-	202
      SEC, NSE, CSCS and Registrars' Fees	-	-		-		4,531	5,674
      	108,044	9,110		117,154		18,849	31,923
      22 Finance Costs Interest on managed accounts	-	-		-		-	-
      Interest on bank borrowings	-	-		-		-	-
      Bank charges	27	130		157		24	39
      	27	130		157		24	39

      DEAP CAPITAL MANAGEMENT & TRUST PLC

      NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE QUARTER ENDED MARCH 31, 2026

      3 MTHS END

      MAR 2026 N'000

      3 MTHS END DEC 2025 N'000

6. MTHS END

MAR 2026 N'000

6 MTHS END

MAR 2025 N'000

YE SEPT 2025 N'000

1. Profit for the year was stated after charging: Depreciation

   Directors' emoluments

   354

   2,913

   -2,913

   354

   5,825

   -

   5,825

   -11,650

   Auditors' remuneration

   250

   250

   500

   500

   1,000

2. Directors' Emoluments

   The remuneration to Directors was: Fees

   Salaries and other emoluments

   Fees and other emoluments disclosed above include amount to:

   Chairman Other Directors

   3,517 3,163

   6,679

   	1,625
   	4,200
   	5,825
   	-
   	475
   	5,350
   	5,825

   6,325

   12,650

   1,625

   4,200

   5,825

   475

   5,350

   5,825

   3,250

   8,400

   11,650

   950

   10,700

   11,650

   813

   2,100

   2,913

   813

   2,100

   2,913

   238

   2,675

   2,913

   238

   2,675

   2,913

3. Employees and Employment

   The average number of persons employed during the year excluding directors was as follows:

   Managerial

   Number

   1

   Number

   Number

   Number

   Number

   1 1 1

   2 2 2

   3 3 3

   N'000

   3,200

   N'000

   6,400

   N'000

   6,400

   1

   Others

   2 2

   3 3

   The related staff cost amounted to

   N'000

   3,200

   N'000

   12,800

4. Contingent Liabilities

   There were no contingent liabilities as at 31 March 2026 (30 September 2025: Nil).

5. Events after Reporting Date

There were no events after the reporting date that could have had a material effect on the Financial Statements of the company that have not been provided for or disclosed in the Financial Statements.

DEAP CAPITAL MANAGEMENT & TRUST PLC

UNAUDITED STATEMENT OF VALUE ADDED FOR THE YEAR TO MARCH 31, 2026

6 MTHS END MAR

2026

YE SEPT2025

Value added represents the additional wealth the company has been able to create by its own and its employees' efforts. This statement shows the allocation of that wealth among employees, capital providers, government and that retained for future creation of more wealth.

DEAP CAPITAL MANAGEMENT & TRUST PLC

FIVE-YEAR FINANCIAL SUMMARY FOR THE YEAR ENDED MARCH 31, 2026

1. Earnings per share are based on (loss)/profit after taxation and the number of issued and fully paid ordinary shares at the end of each financial year.

2. Net assets per share are based on net assets and the number of issued and fully paid ordinary shares at the end of each financial year.

REGISTER OF MEMBERS AS AT MARCH 31, 2026

SHAREHOLDINGS STRUCTURE

Ordinary Shares of 50k each

No % Holding

Apel Assets Nominees 229,274,626 15.28

Other Nigerians 1,271,385,374 84.72

1,500,660,000 100.00

ANALYSIS OF SHAREHOLDINGS

COMPLIANCE WITH FREE FLOAT REQUIREMENTS

The free float of the company is 888,068,191 ordinary shares held by members of the investing public, apart from the directors of the company, founders, and connected parties, and Apel Assets Limited -Nominees which constitutes 59.18 % of the issued and fully paid-up ordinary share capital of the company. The directors and the connected parties hold 383,317,183 ordinary shares while Apel Assets holds 229,274,626 ordinary shares. The company complies with the minimum Free float requirements of the NGX of at least 20% since more than 59% of the paid up capital are held by members of the investing public apart from the directors connected parties and Apel Assets limited.