Quarter 5 - financial statement for 2024

To be the foremost Mortgage Bank enabling sustainable housing in our market.

Enabling customer satisfaction by delivering superior performance, leveraging technology and a motivated team.

Corporate Information

Location

Corporate Office: Km 2, Gbongan Road P.M.B 4488 Osogbo, Osun State Branch Location: Osogbo, Ejigbo & Ilesha.

Website: https://www.livingtrustng.com Email: info@livingtrustng.com

Registrar:

Africa Prudential Registrar Plc, Registrar's Department, 220B, Ikorodu Road, Palmgroove, Lagos Email:info@africaprudential.com

Company Secretary Timothy Gbadeyan Esq. Mob: +234 806 024 4691

timothygbadeyan@livingtrustng.com

Independent Auditors: PKF Professional Services Tel: +234(01)8042074 / 7734940 / 7748366

E-mail: lagos@pkf-ng.com info@pkf-ng.com

PKF House/205A Ikorodu Road, Obanikoro, Lagos

RC No: 217889

License No: 000317

Bankers: Address

First Bank of Nigeria Plc - Station Road Branch, Osogbo Osun State. Providus Bank - 16, Diya Street, Ifako-Gbagada, Lagos State Access Bank Plc. - Post Office Branch, Osogbo Osun State.

Sterling Bank - Osogbo Branch, Ogo-Oluwa, Osogbo, Osun State. Stanbic IBTC Bank - Osogbo Branch, Aregbesola Bus-Stop, Osogbo Osun St. First City Monument Bank Plc - Osogbo Branch, Ogo-Oluwa, Osogbo, Osun State.

Zenith Bank Plc. - Fakunle Branch, Osogbo, Osun State.

Wema Bank - Igbonna Branch, Osogbo, Osun State.

Awards

MANAGEMENT STAFF

Brief Profile

Livingtrust Mortgage Bank Plc was incorporated on March 9, 1993. The Bank converted from a Private Limited Liability Company to a Public Limited Liability Company on January 25, 2013 and subsequently listed on the Nigerian Stock Exchange on December 11, 2013 where its shares are being publicly traded.

The principal activity of the Bank is the provision of mortgage financing, Real Estate Construction finance amongst other banking services to individuals, groups and corporate entities. The Bank has made significant impact in reducing housing deficits by advancing residential mortgage loans to thousands of individuals and has also financed tens of estate development projects across several states of the federation. Beyond its impact in Nigerian metropolises, the Bank has provided mortgage loans to several average and low-income earners to acquire residential houses in urban sprawls and semi-rural areas, in a bid to drive mortgage inclusion which is a fundamental strategic focus of the Bank. In consideration of the financial inclusion drive of the Bank, the Central Bank of Nigeria recently gave approval to the Bank as a participating financial institution in MSME funding. Since the CBN approval, Livingtrust Mortgage Bank Plc has disbursed loan facilities to over 875 small businesses across different regions of Nigeria. The Bank also participates in the National Housing Fund scheme.

As at 31st December 2024, the Bank had an Authorized Share Capital of 11,000,000,000 ordinary shares of 50 kobo each; and Issued Shares of 5,000,000,000 ordinary shares of 50 kobo each. The Bank is headed by the Managing Director with the banking operations segregated into respective units. The Mortgage Bank maintains its Head office in Osogbo and operates four branches within Osun State.

Historical Timeline

1993 - Incorporation to carry out banking activities and formal commencement of operations

2013 - Privatization of the bank from Osun State Government and raising of additional N1.65 billion capital

2014 - Listing on the Alternative Securities Market (ASM) of the Nigeria Stock) Exchange (NSE

2015 - New Management team takes over, Restructuring and Re-Organizing

2016 - Official Change of name from Omoluabi Savings & Loans Plc. to Omoluabi Mortgage Bank Plc.

2020 - Cititrust Holdings Plc took over and assembled a dynamic Management Team. The following also happened in the same period: (a) Strategic Re-organizing and transformation of the Bank. (b) Migration to the Growth Board on Nigeria Stock Exchange (c) Change of Name from Omoluabi Mortgage Bank to LivingTrust Mortgage Bank Plc. Similarly, the Bank has paid dividend consistently since 2020.

2022 - The Bank commenced re-capitalization to metamorphose into a national mortgage bank in Nigeria.

Current Ownership

The company has in issue 5,000,000,000 ordinary shares of N0.5k each. The banks' shares are held majorly by Cititrust Holdings Plc, together with the public sector, made up of Osun State Government and Local Governments in the state and others.

NOTICE IS HEREBY GIVEN that the 10th Annual General Meeting (the "Meeting") of LivingTrust Mortgage Bank PLC ("the Company") will be held at Conference Hall, Laim Hotel, Plot B4 & B5, Block 11, Rt. Hon. Lasun Yusuf Crescent, Oroki Industrial Layout, Ring Road, Okinni, Osogbo, Osun State on Thursday, the 17th day of July, 2025 at 11:00am for the purposes of:

AGENDA

ORDINARY BUSINESS

1. Transacting the following ordinary business:

   1. To lay the Audited Financial Statements for the year ended 31st December 2023, the Reports of the Directors, Auditors, and the Statutory Audit Committee thereon.

   2. To lay the Audited Financial Statements for the year ended 31st December, 2024, the Reports of the Directors, Auditors, and the Statutory Audit Committee thereon

   3. To declare a dividend

   4. To elect Dr. Kamadeen Adekilekun as a Non-Executive Director

   5. To elect Mr. Olanrewaju Afolabi as a Non-Executive Director

   6. To elect Hon. Sola Ogungbile as a Non-Executive Director

   7. To elect Mr. Timothy Gbadeyan as an Executive Director

   8. To elect Dr. Gbadebo Ayinde as an Executive Director

   9. To elect Mr. Olajide Adeola as a Non-Executive Director

   10. To elect Mr. Michael Omolaja as an Independent Non-Executive Director

   11. To elect Mrs. Adedoyin Amosun as an Independent Non-Executive Director

   12. To elect the members of the Statutory Audit Committee

   13. To authorize the Directors to fix the remuneration of the Auditor

   14. To disclose the remuneration of the Managers of the Company in accordance with section 238 and 257 of the Companies and Allied Matters Act 2020

2. Transacting the following special business:

   1. To consider and if thought fit, pass an ordinary resolution to fix the remuneration of Non-Executive Directors of Livingtrust Mortgage Bank Plc.

NOTES

1. Proxy

   A member of the Company entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy to attend and vote in his/her/its stead. To be valid, a completed proxy form must be deposited at the office of the Registrar, Africa Prudential Plc., 220B Ikorodu Road, Palm-Grove, Lagos State or sent electronically to: CorporateMeetings@africaprudential.com not later than 48 hours before the time of the meeting. A blank proxy form is attached to the Annual Report and can also be downloaded on the Bank's website: https://livingtrustng.com. In the case of Joint Shareholders, the signature of any one of them will suffice, but the names of all the Joint Shareholders must be stated. If the shareholder is a company, the proxy form must be under the Common Seal or under the hand of the same officer or attorney duly authorized by the company to act on its behalf. The Company has decided to stamp at its cost all duly completed and signed proxy forms submitted to the Company Registrars within the stipulated time.

2. Attendance and Voting by Proxy

   The Annual General Meeting shall hold physically and shall be streamed online. Any member of the Company entitled to attend and vote at this meeting is also entitled to appoint a proxy to attend and vote in his/her stead. A proxy need not be a member of the Company. For the appointment of the proxy to be valid, a proxy form must be completed and deposited either at the office of the Company's Registrar, Africa Prudential Plc, 220B Ikorodu Road, Palm-Grove, Lagos State, or via email at CorporateMeetings@africaprudential.com not later than 48 hours before the time fixed for the meeting. A blank proxy form is attached to the Annual Report and may also be downloaded from the Company's website at https://www.livingtrustng.com

3. Livestreaming of the Meeting

   The AGM will be streamed live. This will enable shareholders and other stakeholders who will not be attending physically to follow the proceedings. The meeting ID and password shall be communicated to all members prior to the meeting.

4. Election of Director aged 70years or more

   In accordance with Section 282 of the Companies and Allied Matters Act 2020, special notice is hereby given that Mr. Michael Omolaja, who attained the age of 75years in February 2025, will be proposed as a Director for Election at the Meeting.

5. Dividend

   If approved, a dividend in the sum of 0.03kobo for every share of 50 kobo subject to withholding tax will be paid in respect of the 2023 financial year, to those whose names are registered in the Register of Members at the close of business on 24th day of May, 2024. Similarly and if approved, a dividend in the sum of 0.08kobo for every share of 50 kobo subject to withholding tax will be paid on July 21, 2025 to shareholders, whose names are registered in the Register of Members at the close of business on 3rd day of July, 2025. Shareholders are advised to complete the e-dividend registration and mandate the Registrar to pay their dividends directly into their Bank Accounts.

6. Closure of Register

   The Register of Members and Transfer Books of the Company will be closed From July 4th to July 8th 2025 (both dates inclusive), to enable the Registrar prepare for payment of dividend.

7. E-Dividend Mandate

   Shareholders are requested to update their records and advise Africa Prudential Plc of their relevant bank Accounts for the payment of their dividends. Shareholders are advised to download the Registrar's E-Dividend Mandate Activation Form available on their website: https://africaprudential.com/claim-your-dividend-here/ The forms can also be downloaded from Africa Prudential Plc's website at cxc@africaprudential.com. The duly completed forms should be returned to Africa Prudential Plc., Palmgrove bus stop, 220B Ikorodu Road, Somolu, Lagos State or to the Bank.

8. E-Annual Report

   The electronic version of the Annual Report will be available at https://livingtrustng.com Shareholders who have provided their email addresses to the Registrar will receive the electronic version of the Annual Report via email.

9. Statutory Audit Committee

   The Statutory Audit Committee consists of three Shareholders and two Non-Executive Directors. Any member may nominate a Shareholder as a member of the Statutory Audit Committee by giving notice in writing of such nomination to the Company Secretary at least twenty-one (21) days before the Annual General Meeting. The Companies and Allied Matters Act 2020 provides that all members of the Statutory Audit Committee shall be financially literate and at least one shall be a member of a professional accounting body established by an Act of the National Assembly in Nigeria. We therefore request that nominations be accompanied by a copy of the nominee's curriculum vitae.

10. Shareholders' Right to ask Questions

Shareholders reserve the right to ask questions not only at the meeting, but also in writing prior to the meeting on any item contained in the Annual Report and Financial Statements. Please send questions to info@livingtrustng.com not later than 8th of July, 2025.

Dated this 25th day of March, 2025

BY ORDER OF THE BOARD

Dorcas Ajayi Esq. FRC/2025/PRO/NBA/002/217658

Ag. Company Secretary Km2,GbonganRoad,Osogbo.

ii

BOARD OF DIRECTORS DETAILS

The Chairman - Dr. Wale Bolorunduro

Dr. Wale Bolorunduro graduated with o Bachelor's degree in Engineering from the Obafemi Awolowo University lle-lfe and was awarded the best faculty grade, Miccom Award for the best graduating student, Society of Engineers Award for the best graduating student in the Faculty of Engineering and University Award for the graduating student with the highest Cumulative Grade Point Average for the year 1990. He started his Accounting and Business Advisory career with Arthur Andersen & Co. Lagos (Audit and Chartered Accounting firm) in 199I. He subsequently picked up an appointment with Zenith Bank and rose through rank and file to become Deputy Manager, Strategic Planning & Financial Control between 1994 and 1997.

He joined Arthur Andersen & Co. Vancouver B.C. Canada in 1997 as a Senior Consultant and later moved to BMO Nesbitt Burns (Investment Banking Group) Vancouver, B.C. Canada in 1999 as an lnvestment Banker (Project Finance). He took up a teaching position as a Teaching/Research Associate at the University of British Columbia, Vancouver, B.C, Canada in 2001 and subsequently, returned to Zenith Bank Plc, Nigeria as a Senior Manager, Energy Division (Oil & Gas) in 2003. He continued his career of Zenith Bank Plc between 2003 and 2011 in various capacities as Senior Manager, Energy 2003, Assistant General Manager, Deputy General Manager, Group Head, Telecoms & Technologies Businesses (Corporate Banking) 2003

- 2007 and General Manager, Head of the Infrastructure and Power Sector (Corporate Banking) from 2007-2011.

Dr. Bolorunduro also obtained with awards, Master's Degree (Business Management) and Ph.D degree from the University of British Columbia in Canada in 1999 and 2002 respectively. He later obtained master's degree in Corporate Governance from Leeds Business School, United Kingdom in 2009. He has attended numerous courses all over the World such as Wharton Business School Executive Course and has been involved in numerous landmark transactions. He pioneered construction finance in Telecom industry between 2003 and 2006, and handled many project finance transactions in upstream Oil and Gas, Telecoms, Power and infrastructures, with his expertise. Osun State floated the first Sukuk bond (Islamic Finance) in Nigeria through the Capital Market. He ensured his state became pension compliance by implementing pension reforms. He initiated Public Finance Management Reform, through the assistance of EU/World Bank, which will lead to Treasury Single Account (TSA), International Public Sector Accounting System (IPSAS) and integrated Financial Management Information System (lFA/lS). He served as Commissioner for Finance, Economic Planning and Budget, Osun State (2011 - 2014). He is currently authoring o book on Project Finance: Pitfalls and Solution. Dr. Wale Bolorunduro is happily married with children.

Dr. Olumide Adedeji - Managing Director and Chief Executive Officer

Olumide Adedeji is a highly recognised banker and has 25 years' experience cutting across Retail Banking, Commercial Banking, Corporate Banking, Telecoms, Hospitality and Real Estate. He is a Fellow of the Institute of Chartered Accountants of Nigeria and an Associate of Chartered Institute of Taxation of Nigeria, a Certified Risk Manager, a Chartered Manager and a Forensic expert with Certified Forensic Investigation Professionals.

Olumide is a Deloitte-trained finance expert with demonstrated skills in driving highly competitive businesses, having maintained stellar track record of strong drive for new clients‟ acquisition, coverage, revenue growth, increased market share, innovative strategies, profitability and customer-centric product offerings in Botswana, Ghana and Nigeria.

Olumide was at various times in charge of Consumer Banking as Deputy General Manager at Equitorial Trust Bank (now Sterling Bank Plc), Assistant Vice President

(FCMB), Standard Chartered Bank, Diamond Bank Plc (now Access Bank Plc) and Fidelity Bank Plc. He has served on various banking committees such as Enterprise Risk Management Committee, Asset and Liabilities Committee, Operational Risk Management Committee and Information Technology Steering Committee, providing strategic leadership for outstanding results. He holds a Doctorate Degree, a Master of Science Degree and a Bachelor of Science Degree in Physics from the University of Ibadan, Oyo State.

Mr. Yemi Adefisan - Non-Executive Director

Yemi has been widely exposed to business formation, strategy and planning in the course of his career spanning over twenty (20) years, traversing through banking, Oil and Gas, Real Estate, Manufacturing and Logistics Industry. Yemi is a consummate Banker and Financial Expert having previously worked with Seven Up Bottling Co. Plc, Pacific Bank Limited (Unity Bank Plc), Crystal Microfinance Bank Limited, Skye Bank Plc and Fast Credit Limited.

He holds two Masters Degrees in Business Administration from Ladoke Akintola University and Metropolitan School of Business and Management, United Kingdom. A Fellow of Microfinance Association UK, National Institute of Marketing of Nigeria and Institute of Management Consultants. He is also a member of the Nigerian Institute of Management (Chartered), Institute of Directors Nigeria and Nigerian Economic Summit Group (NESG). He has attended several Executive Management and Board training programs at IESE Business School Barcelona, Spain, Lagos Business School, the Wharton School of the University of Pennsylvania, USA, The Housing Finance, Canada and Strathmore University Business School, Kenya. He seats on the Board of over 15 Companies across Africa. He currently serves as the Group Chief Executive of CITITRUST Holdings Plc.

Hon. Ogungbile Olusola

He holds a bachelors and Master's degrees in International Relations and Public Administration at the Obafemi Awolowo University, Ife and Lagos State University, Ojo. After a brief stint with the Pacific Bank Plc, Oregun, Lagos, He joined the services of Unity Bank and Oceanic Bank, now (Ecobank Nigeria Plc). He later joined the services of First City Monument Bank (FCMB) from 2010 until his appointment as the Hon. Commissioner of Finance, Osun State in 2023.

Hon. Ogungbile Olusola has attended several Executive Management Courses in Managing Trade Consumer, Multiplying Trade Consumer, Effective Marketing Skills, Anti-Money Laundering, Basic Selling Skills and Communication Skills.

A performance-driven Business Executive with demonstrated years of banking with expertise in branch management, sales operations, marketing, relationship management, and revenue generation. Systematic Business Manager with a career track of growing company revenue through team development/management, strategic marketing initiatives and techniques.

Mrs. Fehintola Olatunde-Agbeja - Independent Director

A Fellow of the Institute of Chartered Accountants of Nigeria who graduated in 1980 with a Bachelor of Science Degree in Computer Science and Mathematics from the University of Lagos, Lagos. Thereafter, she became an Audit Trainee at the accounting firm of Peat, Marwick, Ani, Ogunde & Co. (now KPMG) and qualified as a Chartered

Accountant in 1987. She joined the services of the Central Bank of Nigeria (CBN) as a Senior Supervisor in 1986 and her experience spanned over thirty-two (32) years in the key areas such as Banking Operations, Internal Audit, Banking and Other Financial Institutions Supervision amongst others. She has attended various leadership, management and professional courses in Nigeria, United Kingdom, Canada and the USA.

She became an Executive that is, appointed an Assistant Director of the CBN in 2006, and further appointed as the Branch Controller of CBN Abeokuta Branch, Ogun State where she retired as a Director in September 2018. She joined Boff & Company as Executive Director, Finance and Administration in February 2019.

Mr. Olufemi Adesina - Independent Director

Mr Olufemi A. Adesina is a Financial, Marketing and Management professional with over 20 years of extensive and diverse experience in, Finance, Private Equity, Banking, and Venture Capital Marketing, Marketing Communication, Sales and Administration.

He started his career with KPMG before moving to the business group of a top Nigerian bank. He later moved to the Financial Control and Strategic Planning unit of the bank. He has worked with a number of other firms. In 2005, he became the pioneer Managing Director of Fluffy Enhancing lives Funds Limited, a private equity firm.

He consults for a lot of businesses, including Oasis Shefa Int'l Limited, Jineda Global Limited (both Oil brokerage firms) and Consultoria Foresighta Limitada, a Brazilian firm. He is a fellow of the National Institute of Marketing of Nigeria, fellow of the Certified Institute of Purchasing & Supply of Nigeria.

He holds MBA from Kensington University, Glendale, California. He also sits on the board of Fluffy Funds Limited, Wheely Logistics Limited and Living Springs Helicopters Limited.

Arc. (Mrs.) Mamman-Da Umma Dambo

She holds a bachelors and Master's degrees in Architecture at the Ahmadu Bello University, Zaria. After a brief stint with the Federal Capital Development Authority, she joined the banking industry in the year 2000. Arc. (Mrs.) Dambo has over 16years working experience in banking. She worked at National Bank of Nigeria, Wema Bank and EcoBank in various functions including Internal Control, Operations and Business Development. After leaving banking, Arc. (Mrs.) Dambo has devoted her time to public service. She recently served as the Chairperson of the Governing Board of National Commission for Museums and Monuments.

Arc. (Mrs.) Dambo has attended several Executive Management Courses and Board Training Programs at the local and international level. She has also served on the boards of several companies in Nigeria.

Prof. Charles Ukeje

Prof. Charles Ukeje, holds a doctoral degree in International Relations at Obafemi Awolowo University, Ile-Ife. He joined the Faculty of the University as a Graduate

Assistant in 1992 and rose through the ranks to become University Professor in 2008. He has held prestigious awards, including the Fulbright Scholarship; taught and conducted research in major academic centers in Nigeria, the United States, Sweden, the United Kingdom and Ethiopia, including Oxford University's Department of International Development; and provided specialist consultancy advisory to major inter-governmental institutions such as ECOWAS, AU and several UN entities.

His teaching and research interests at the undergraduate and graduate levels as well as international consultancies, are at the intersections of peace, security and development issues in Africa. He has authored, co-authored or coedited over 50 publications in major peer-reviewed journals and books. Professor Ukeje is widely traveled across Africa and beyond. He joined the Board of Livingtrust Mortgage Bank Plc with a wealth of experience having previously served at the highest levels in notable institutions such as the Advisory Board and Selection Committee of the Next Generation African Social Sciences Fellowship Programme of the Social Science Research Council in New York, and also on the Technical Committee of the Tana High-Level Forum on Security in Africa. He was recently invited to serve as Lead Author of the African Union Peace and Security Council- mandated continental study on the "role and contributions of youth to peace and security in Africa.

Mrs Olaitan Aworonke - Executive Director

Olaitan Aworonke has over 18 years‟ wealth of experience in Commercial, Consumer, Retail and Mortgage Banking. Her experience cuts across various aspects of Compliance, Short and Long-term Financial Sustainability, Leadership, Operations, Business development, Brand Management, Relationship Management, Sales, Banking, Accounting, Marketing, Human Resources and Mortgage Banking. She has demonstrated strong business and technical skills and ability to lead diverse team with outstanding success.

She is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) 2019, qualified as a chartered accountant in 2006. Fellow, Institute of Chartered Economists of Nigeria (FCE) 2017 and Associate member, Chartered Institute of Taxation of Nigeria, 2018. Holds a Bachelor of Science degree in Accounting (Second Class Upper Division) from University of Ado-Ekiti, 2001 and Masters in Managerial Psychology (MMP) from the University of Ibadan, 2010.

Olaitan has attended various training courses in the last two decades, some of which are, Corporate Governance, Leadership Management, Enterprise Risk Management, Motivation and Leadership, Performance monitoring, Business Development, Relationship Management, Business Management, Sales, Customer Services, Retail Business and Strategic Marketing in developing economies. She also attended some short courses such as Strategic Leadership and Change Management, London School of Business and Finance (LSBF), Business Research,

Herriot Watt University, Edinburgh, Scotland and Turning Strategy to Action at Lagos Business School (LBS).

Prior to her appointment as the Ag. MD/CEO, She is the first Executive Director of the Bank, in charge of Operations, Human Resources and Business Development and formerly, Group Head, Operations and Business Development and Formerly, Group Head, Operations and Business Development. She had previously worked with Stanbic IBTC. Bank, Fidelity Bank Plc and Access Bank Plc. in various capacities.

CHAIRMAN'S STATEMENT

To our Shareholders and our amiable partners in the growth of our bank, LivingTrust Mortgage Bank Plc;

With gratitude for the outgone year and unflinching Hope for the new, I once again put pen to material to apprise you of the lofty new heights your beloved bank has achieved in the last 12 months. Despite the strong headwinds we all experienced as individuals, groups and businesses in 2024, it is my solemn wish that the year 2025 unbundles hope, clarity of purpose and fresh possibilities which I believe we all need to move our nation forward on the right trajectory.

As a revered institution, celebrating our 31 years of existence a year ago is a notable milestone which further underscores the importance of our footprint within the banking and financial services landscape. Dr. Adekunle Adewole (PhD.) who joined us in 2020 as Managing Director, had within the period steered our bank to newer heights reflected in putting together a world class team of eager professionals and laying the foundation for growth trajectory. On the 30th of January 2024, Adekunle moved on to pursue other interests passing the baton to another thoroughbred professional in the person of Dr. Olumide Adedeji (Ph.D, FCA), who had previously served as an Executive Director of the Bank, with ample experience of over 25years gained from Corporate & Investment Banking, Commercial & Retail banking both within and outside Nigeria, and other C-suite experiences working in the Telecommunication sector.

The year 2025 for us at LivingTrust Mortgage Bank Plc. is not only important but strategic as well, noting our current engagements with corporates and individuals, both local and offshore to recapitalize the bank in the short-term to a National Mortgage Bank and eventually to become a Regional Commercial Bank, God willing.

The series of events in the last few weeks which has led to incidences recorded in various cities and towns of our country highlight the issues we have faced as a people and a nation. In the spirit of the challenges faced, I make a clarion call to every stakeholder in the bank's project on the need for us to once again gird our loins and put our hands to the plough in an effort to break through all contrary winds and elevate our bank, your bank in the comity of Mortgage banks and by extension, financial service providers, towards making positive mark in the 2025 financial year.

As an honored representative of the Board of directors, I hereby state our collective resolve to you our stakeholders, that we would support all and sundry in making our collective dreams and aspirations for our bank become realized and join hands in shaping it as a renowned and reputable organization where people, businesses and opportunities thrive. We are conscious of the state of the economy and we are hopeful that in the course of the 2025 financial year, the expected sustained and continuous improved fortunes of the bank will of necessity allow the management take steps to reward staff performances and provide excellent work conditions with an upgraded wage and other ancillary work-life indicators.

To our inestimable customers, counterparties and those who have helped our activities as one of Nigeria's most profitable and capitalized Mortgage Banks in the year 2024, I extend our utmost appreciations from the board of directors, executive management and shareholders of the bank to you. We look forward to your invaluable contributions in 2025, as we are poised to achieve new heights in our quest.

CLOUDS GATHERED

In 2024, the Nigerian economic growth rate slowed down when compared with the previous year's position, caused to a large extent by the monetary policy changes effected by the current administration which led to hyper inflationary trends for the greater part of the year which became more pronounced on specific items such as food and energy costs for households on a Quarter-on-Quarter basis. Other contending issues which adversely impacted the day-to-day costs of living for an average household included increased transportation and fuel costs rising by over 400% in some cases.

In the year 2024, it was recorded that Nigeria's Gross Domestic Product which is a reflection of how individuals fared on the macro level experienced a flat growth rate of 3.46% for Q1 - Q3 compared to the same period in the previous year of 2023 (2.5% growth rate in Q1 - Q3).

It is notable that despite the flat growth rate for the major part of the year, certain segments such as the Financial Services, ICT and Transport sectors were responsible for the overall growth in GDP experienced in year 2024.

LOOKING AHEAD

Noting the strong headwinds experienced in the outgone year, the Board of Directors of LivingTrust Mortgage Bank Plc. will be working closely with the Executive Management of the bank in ensuring sustained growth of its affairs in the year 2025. The Board is expected to play a pivotal role in the immediate re-capitalization and upgrade of license to National Mortgage Banking. This will in no small measure ensure the bank is placed on a higher pedestal for operational ease, efficiency, proximity to sought-after market segments and the improved public perception of the entity.

Secondly, the successful recapitalization exercise scheduled to conclude by Q3, 2025 is important in the light of extant regulatory direction, indicating a looming mandatory recapitalization in the financial sector, to improve the capacity of financial services providers to support the economy. As experienced in the past, this is also expected to lead to corporate re-organization in the financial services sector, in the nearest future.

It is therefore expedient to state that ongoing discussions are being held by the Board and Management of the bank with strategic institutional investors towards raising additional equity, both to upgrade the current license towards expanding the operational footprints of the Bank and also, to improve the Bank's readiness for increase in capital requirements.

During the year under review, the bank strict compliance with internal and external regulatory requirements. The Board ensured proper oversight and continued to improve the governance practices in the Bank. As a result, the bank as at December 31st 2024 is not exposed to any sanction or penal measures from both primary and secondary regulators.

Ila-Orangun Branch birthed!

Towards increasing our market share, taking advantage of emerging opportunities and further championing financial inclusion, our Bank sought and obtained regulatory approval for the commencement of a new branch at the ancient town of Ila-Orangun. The branch which was excitedly received by the host community commenced

operations in July 2023. This feat was achieved at moderate cost without budgetary distortion. Once again, we have demonstrated capacity to extend growth under our current licensed jurisdiction and have further our determination to extend financial services to the markets hitherto excluded.

The branch expansion is in line with the strategic intents of the bank and other counterparties such as the Development Bank of Nigeria (DBN), a strategic partner of LivingTrust Mortgage Bank Plc, that provides funds to LTMB for on-lending to the Micro, Small and Medium Enterprises (MSME's) segment of the economy.

EXPANSION AND 2024 FINANCIAL PERFORMANCE

The bank as part of its plans to advance mortgage related services and on-lending to identified pre-qualified groups and individuals, is presently working with a team comprising of Issuing Houses and other counterparties in perfecting a N3Bn Corporate Bond covering a tenor of 3years. The bond issue if successful will enable LivingTrust Mortgage Bank Plc. to provide affordable housing to off-takers in the coming year.

We closed the 2024 financial year with a Profit-Before Tax of N981,200,000, representing a 47% increase compared to our previous year's position.

Total Assets improved by 35% (year-on-year) to N24,046,193,000. Loans and Advances saw an increase by 10% to N14,017,322,000. Our Liability position increased by 52% to close at N 18,993,982,000. Gross Earnings increased to N 3,758,160,000 up by 30%. The Earnings per Share of the Bank increased by 39% to N 15.78k, compared to N11.37k in the previous year. The Market Price of the Bank's share rose from N2.90k to N 4.38k as at December 31, 2024 which invariably increased the Bank's Market Capitalization to N21,900,000,000 The above highlights areas the bank's performance improved in earning capacity.

As we moved on in the year 2025, we are more convinced of the capacity of our award-winning Bank to evolve into a financial powerhouse and a subsector leader. We look towards the horizon not with bated breath for the unknown but with a spirit of appreciation for the victories of yesterday and the limitless opportunities that beckon the future. We will not relent in our pursuit of excellence and growth. We will continue to push the frontier of success until we attain an undisputable proportion of impact and unmistakable brand recognition. With the support of our stakeholders, we are confident in our ability to rise and thrive.

Thank you.

Dr. Kamaldeen Adekilekun Chairman, Board of Directors FRC/2025/PRO/NBA/002/319785

MANAGING DIRECTOR'S SPEECH:

Distinguished Shareholders,

I am thrilled to welcome you to the 10th Annual General Meeting of our Bank and to present this 2023FY and 2024FY report to you, being my first, as the Managing Director/CEO following my appointment by the Board of Directors.

On behalf of the Executive Management Team, we accept the opportunity to serve you our esteemed shareholders and the Bank in this leadership position bestowed upon us. We wish to thank many of you who have sent goodwill messages to us since the announcement. We also appreciate the Board for its firm support since we assumed office.

Without doubt, the 2023 and 2024 financial year was fraught with various challenges both on the global and domestic scenes. On the global scene, inflation failed to decelerate, economic contraction and recession continued to beset several national economies, general rise in cost of living continued northward, the Russian-Ukraine conflict intensified while the Israel-Hamas war began and heightened, leading to interventions from state and non-state actors in a manner detrimental to global supply chain.

On the domestic scene, the year 2023 and 2024 was influenced by the election cycle which also led to change of guard and consequently policies, at the centre. Some of the policy-shifts such as removal of fuel subsidy and floating of the local fiat currency had far reaching effects on the populace, especially in terms of cost of living and purchasing powers. The impacts of naira redesign and the consequential cash scarcity continued to be felt in 2024. Inflation refused to be tamed, climbing up to 34.8% as at December 2024 and the security situation seemed to have deteriorated. Towards curtailing the inflationary pressure, the Monetary Policy Committee raised the monetary policy rate severally, with the last rate hike in 2024 decided in October 2024 when it was raised by 25 basis points to 27.5 per cent.

Despite the challenges of the outgone year, your Bank has continued to create values for its teeming customers through our bespoke products and commitment to good customer experience. We supported the construction of several residential housing estates across several states of the federation and granted mortgages to subscribers of those estates. We continued to access the National Housing Fund loans for on-lending to customers who are contributors to the fund. We assisted a good number of Nigerians in achieving their desires to own their homes. Leveraging our locations in unserved and underserved communities, we have continued to partner with the Development Bank of Nigeria to avail loan facilities to MSMEs, especially Start-Ups accessing credit for the first time. In these Communities, our services have helped to stimulate commercial activities and enhance trade in the absence of large corporations. In that challenging year, we are proud to have played significant roles in maintaining the going-concern status of small businesses in our locations and surrounding communities.

A major projection for our 2024 business activities was the recapitalization of our Bank, which was expected to lead to the upgrade of our license to national mortgage banking. This did not happen due to various factors which are not unconnected to the state of the economy. However, our Bank has been growing organically over the years and we are confident that this goal would soon be achieved. Our business was impacted in the 2024 financial year due to the inability to achieve the recapitalization objective, which was a major underlying assumption. Despite this, your Bank rose to the occasion and delivered superlative performance in 2024. The 2024 performance demonstrated resilience in the face of economic headwinds and galloping increase in the cost of doing business without commensurate increase in opportunities, and in our case, without unusual increase in rates which would have reduced mortgage affordability and have negative impact on mortgage inclusion.

Our successes are fully attributable to our people, the LivingTrust Tribe. In all situations, they have adopted the slogan "yes we can". Our people have deployed technology to achieve incredible things. As we leverage technology, we have also continued to expand our physical operational footprints within the limitation of our license. In this regard, we are pleased to inform you that we opened a branch at Ila- Orangun during the 2023 financial year. The branch was received by the host community with overwhelming excitement. We are also happy to report that the new branch has started contributing meaningfully to the performance of the Bank. In 2024, your Bank was nominated for several awards, both local and international. Your Bank won the Development Bank of Nigeria Award for the Participating Financial Institution with the Highest Impact on MSMEs Accessing Credit for the First Time, for the second consecutive year. This is very important to us due to the objective of the Bank to remain a major driver of financial inclusion in Nigeria, especially in rural and semi-urban areas.

The Executive Management is very mindful of the increase in the level of cyber-threats, especially in the financial services industry. We take every experience, both external happenings and complaints we receive, as risk management data to bolster our cybersecurity. To this end, we further enhanced the features and security measures of our mobile banking application in 2024 to ensure that we have up-to- date response to extant challenges. We used the opportunity also to ensure that TrustMobile can perform most of the modern services that customers expect to be able to complete on their mobile devices. This is because as part of customer experience, we continued to pay attention to ease of transaction.

Our Bank celebrated 30years of its existence in 2023. While no single event took place to mark the anniversary, an anniversary logo was approved by the Board for use in official communication. Several in- house activities also took place at various times during the year to mark the occasion. We traced our root to the founding fathers of our Bank. We recognized Sen. Isiaka Adeleke whose vision led to the incorporation of our Bank in 1993. I wish to thank each successive government of Osun State who supported the vision and created enabling business environment for the Bank to thrive. I wish to specially thank the current Governor of Osun State, His Excellency, Senator Ademola Jackson Adeleke who warmly received members of our Board during the anniversary visit. We are optimistic that the vision will thrive in our hands, and that by the end of this new decade, there will be visible growth in the Bank, much more than has been recorded in its first three decades.

BRANDING AND CORPORATE TRANSFORMATION

During the past year, our Bank unveiled a new corporate logo, a strategy statement to reflect our corporate direction and enhanced values to give expression to our evolved culture. The new logo also reflects our extant corporate identity. As we evolve, we continue to manage our brand to ensure that it properly represents us. We are giving our corporate communication and brand support team the requisite support to ensure that we attain widespread brand recognition, as we look forward to becoming an undisputable sub-sector leader.

As earlier mentioned, we are still working on your resolution regarding the recapitalization of your Bank. Although the basis for your resolution was growth, as you have mandated us to either upgrade our Banking license to regional commercial banking or national mortgage banking; the policy thrust of the new administration of the Central Bank of Nigeria has indicated that a regulator-mandated recapitalization may be rolled out soon. We are mindful of this and we have intensified efforts to recapitalize the Bank for more impact and to meet likely increase in capital requirement. We understand the alignment between your intent and regulatory intent, as both parties expect increased market impact. When we recapitalize the Bank, we would be in a capacity to empower more individuals and corporate citizens. We will also be in a position to significantly expand our operational footprints and deliver more values to all our stakeholders. In view of this, the Executive