FIMBank Plc

Interim / Quarterly Report • Aug 29, 2024

COMPANY ANNOUNCEMENT

The following is a Company Announcement issued by FIMBank p.l.c. ("FIMBank" or the "Bank") pursuant to the Malta Financial Services Authority Capital Markets Rules 5.16 et seq., in accordance with the provisions of the Financial Markets Act (Chapter 345 of the Laws of Malta) as may be amended from time to time.

Quote

The Board of Directors of FIMBank met on 28 August 2024, to approve the Consolidated and the Bank's Condensed Interim Financial Statements for the six-month period ended 30 June 2024.

The Half-Yearly Report, drawn up in terms of the Capital Markets Rules, is attached to this Company Announcement. The Condensed Interim Financial Statements are independently reviewed by PricewaterhouseCoopers, the Registered Auditors, in accordance with International Standard on Review Engagements 2410 'Review of interim financial information performed by the independent auditor of the entity'.

In accordance with the requirements of the Capital Markets Rules the Half-Yearly Report is being made publicly available for viewing on the Bank's website at www.fimbank.com.

Unquote

Andrea Batelli Company Secretary 29 August 2024

Condensed Interim Financial Statements 2024

2024
Contents	Page
Directors' report pursuant to Capital Market Rule 5.75.2	2
Statement pursuant to Capital Market Rule 5.75.3	8
Condensed interim financial statements:
Condensed interim statements of financial position	9
Condensed interim statements of profit or loss	11
Condensed interim statements of other comprehensive income	12
Condensed interim statements of changes in equity	13
Condensed interim statements of cash flows Notes to the condensed interim financial statements	17 19

^Directors' report pursuant to Capital Market Rule 5.75.2 For the six months ended 30 June 2024 The Directors ("Board" or "Directors") present their report together with the Condensed Interim Financial Statements of FIMBank p.l.c. ("the Bank"), and FIMBank Group of Companies ("the Group") for the six months ended 30 June 2024. The report is prepared in accordance with Article 177 of the Companies Act, 1995 (Chapter 386, Laws of Malta, the "Companies Act") including further provisions as set out in the Sixth Schedule of the Companies Act and in accordance with the requirements of Capital Markets Rule 5.75.2. Results for the period For the six months ended 30 June 2024, the FIMBank Group reported an after-tax profit of USD0.8 million, compared to an after-tax profit of USD3.9 million registered for the six months ended 30 June 2023. No reserves are currently available for distribution. These published figures have been extracted from the FIMBank Group's Condensed Interim Financial Statements for the six months ended 30 June 2024 as approved by the Board of Directors on ²⁸ August 2024. Further information about the results are provided in the Condensed Interim Statements of Profit or Loss and the Condensed Interim Statements of Other Comprehensive Income on pages ¹¹ and 12 and in the Review of Performance section within this report.

Group structure and principal activities The Group comprises the Bank and its branch in the United Arab Emirates, as well as its wholly owned subsidiaries, namely London Forfaiting Company Limited ("LFC"), FIM Property Investment Limited ("FPI"), The Egyptian Company for Factoring S.A.E. ("Egypt Factors") and FIMFactors B.V. ("FIMFactors"). LFC and FIMFactors are themselves parents of a number of subsidiaries as set out below. The Group is supervised on a consolidated basis by the Malta Financial Services Authority ("MFSA"), whilst some of its subsidiaries and the branch are subject to authorisation and regulation of the jurisdictions in which they operate. A brief description of the activities in the Group follows (% shareholding follows after the name): • The Bank is a public limited company registered under the laws of Malta and listed on the Malta Stock Exchange. It is licensed as a credit institution under the Banking Act, 1994. The Bank is principally active in providing international trade finance and to act as an intermediary to other financial institutions for international settlements, real estate financing, factoring and loan syndications. The Bank has a branch registered with the Dubai International Financial Centre, United Arab Emirates, which is regulated by the Dubai

Financial Services Authority in the United Arab Emirates. • LFC (100%) is registered in the United Kingdom as a private limited liability company. It was founded in 1984 and provides international trade finance services (with particular focus on forfaiting business) through an international network of offices. Some of these offices have distinct corporate status in the various jurisdictions where they are providing the service. LFC's activities include the trading of bills of exchange, promissory notes, loans, deferred payment letters of credit and the provision of other financial facilities to companies and banks. On 23 May 2024, the Directors of London Forfaiting Company Limited ("LFC") resolved to reduce the issued share capital from USD115,600,000 to USD75,600,000 by cancelling and extinguishing 40,000,000 of the issued ordinary shares of USD1.00 each in the company, each of which was fully paid up. • FPI (100%), registered in Malta, owns and manages FIMBank's Head Office building and manages other properties leased from third parties. FPI is responsible for facility management activities and the leasing of commercial and office space at Mercury Tower, The Exchange Financial & Business Centre, Elia Zammit Street, St. Julian's STJ 3155, Malta, to related parties and third-party tenants. • Egypt Factors (100%), registered in Egypt, is active in providing factoring services to Egyptian companies;

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• FIMFactors (100%), registered in the Netherlands, is the corporate vehicle for the Bank's holdings in factoring subsidiaries and associated companies. These are: a. India Factoring and Finance Solutions (Private) Limited (88.16%), incorporated in Mumbai, India, to carry out the business of factoring in India. India Factoring is regulated by the Reserve Bank of India; and b. BrasilFactors S.A. (50%), an equity-accounted investee incorporated in São Paulo, Brazil, with its core business focused on factoring services, targeting small and medium-sized companies. The other shareholder in this company is China Construction Bank (50%). Annual general meeting The Bank convened its Annual General Meeting as per Legal Notice 288 of 2020 on ¹² June 2024.
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Directors

The Directors who served during the financial period ended 30 June 2024 (inclusive of any changes to the date of this report) were: John C. Grech (Chairman) Masaud M. J. Hayat (Vice Chairman) Sheikha Dana Naser Sabah Al Ahmad Al Sabah (Subject to regulatory approval) Hussain Abdul Aziz Lalani Edmond Brincat Erich Schumacher (Resigned on 24 April 2024) Mohamed Louhab (Resigned on 1 August 2024. Refer to Note 19 – Subsequent events) Rabih Soukarieh Samer Abbouchi (Subject to regulatory approval) Sunny Bhatia Teuta Bakalli Related Party Transactions pursuant to Capital Market Rule 5.82 The ultimate parent company of FIMBank p.l.c. is Kuwait Projects Company (Holding) K.S.C.P. ("KIPCO") a company registered in Kuwait. The Bank has a related party relationship with its significant shareholders, subsidiaries, directors, executive officers and companies forming part of the KIPCO Group. Related party transactions carried out by the Bank and its subsidiaries during the first semester are disclosed in Note 17 of the Condensed Interim Financial Statements 2024.

Review of performance

The Group closed the first six months with a pre-tax profit of USD4.0 million, compared to USD6.0 million in the same period of 2023. Post-tax profit was USD0.8 million, down from USD3.9 million in the first half of 2023. Operating income before net impairment was USD27.0 million, and operating expenses amounted to USD21.0 million, both of which were fairly consistent with the same period last year (June 2023: USD27.8 million and USD21.0 million, respectively). However, net impairment losses increased by USD1.2 million to reach USD2.0 million, and taxes rose by USD1.1 million to USD3.2 million compared to the period ending June 2023.

With the support of external advisors, the Group is undergoing transformational change. This process involves reassessing and challenging its business model, portfolio allocations, and subsidiary strategies, while also reducing organisational complexity and identifying investment areas. At the same time, the Group remains focused on maintaining more diversified funding and adequate liquidity. These efforts are designed to

enhance revenue generation, improve profitability, and build sustainable capital origination capabilities. As part of this transition, the Group has initiated several measures to enhance its balance sheet structure by optimising pricing and maturities on both the asset and liability sides. Consequently, the Group has reduced its balance sheet size by 18%, with the most significant decrease observed in treasury assets and liabilities. These steps are intended to improve net interest margins, capital efficiency, and liquidity management, with anticipated positive outcomes in future periods. This strategic reduction positions the Group to rebuild its balance sheet in the foreseeable future.

LFC continued its positive trajectory from 2023, achieving a post-tax profit of USD5.2 million for the first half of 2024, compared to USD4.5 million in June 2023, marking one of its best performances to date. To effectively manage the Group's capital ratios and due to the dynamic nature of LFC's portfolio, LFC strategically reduced its forfaiting portfolio by 10% from December 2023 levels. Nonetheless, the average balance for the first half of the year was 2% higher than in the same period last year. Despite the lower portfolio balances, turnover increased significantly in the first half of the year as LFC capitalised on favourable trading opportunities. Turnover of forfaiting assets, indicating the volume of deals sold or matured, directly impacts trading income. For the first half of 2024, turnover was 25% higher than in the same period last year. While the improved market environment has facilitated increased business activity, Management remains cautious of geopolitical challenges and monetary policies in key markets. Consequently, Management has adopted a more selective approach to portfolio building. In the first half of the year, India Factoring achieved a post-tax profit of USD2.1 million, an increase from USD1.2 million in June 2023. The entity expanded its factoring portfolio by 4% and grew its operating income by 12%, although operating expenses also rose by 13%. Additionally, the subsidiary reversed net impairment losses of USD1.9 million following the successful cash recovery of debts from legacy non-performing clients. Furthermore, India Factoring secured funding from a private sector bank in India, thereby reducing its dependency on the Group. As Egypt navigates challenges related to inflation, currency devaluation, and socio-political uncertainty, our subsidiary, Egypt Factors, has felt the impact of these conditions in several ways. Despite facing a devaluation of assets denominated in Egyptian pounds, higher funding costs, reduced invoice turnover, and lower portfolio volumes, the entity managed to achieve a profit of USD0.3 million in the first six months. However, this represents a decline from the USD0.6 million recorded as of June 2023. The Group has continued its efforts to align its NPL ratio with that of the European Economic Area by securing recoveries and writing off certain exposures while maintaining a stable flow of new business without generating new material NPA inflows. The Group's NPL ratio, which was 20.0% in December 2020 at the height of the pandemic, has now been reduced to 2.9%. Although the Group continues to manage a variety of

credit-related risks, Management has implemented significant tightening measures by reducing country and client limits, as well as exiting weaker credits and higher-risk geographies. While these actions have had a considerable impact on the Group's balance sheet, volumes, and profitability, Management believes this groundwork is essential for positioning the Group for sustainable growth in the future. The Group's capital position remained stable, with a Total Capital Ratio ("TCR") of 19.3%, compared to a minimum TCR requirement of 16.8%. The Group maintained a strong liquidity position throughout the period under review, with an average Liquidity Coverage Ratio (LCR) of 361%, well above the regulatory minimum requirement and the Group's internal risk appetite level.

Statements of profit or loss
The results for the period under review are summarised in the table below which should be read in conjunction with the that follows:	explanatory commentary
Group
30 Jun 2024 30 Jun 2023 Restated	Movement
USD USD	USD
Net interest income 27,444,629 28,513,436	(1,068,807)
Net fee and commission income 454,563 (479,156)	933,719
Other operating income 12,420 1,045,446 Operating results before net impairment and net trading results 27,911,612 29,079,726	(1,033,026) (1,168,114)
Operating expenses (20,950,485) (21,011,573) Income before net impairment and net trading results 6,961,127 8,068,153	61,088 (1,107,026)
Net trading loss (946,644) (1,280,471)	333,827
Net impairment losses (1,995,152) (773,962) Profit before taxation 4,019,331 6,013,720	(1,221,190) (1,994,389)
Taxation (3,194,076) (2,130,387) Profit for the period 825,255 3,883,333	(1,063,689) (3,058,078)

June 2023. The Group initiated a review of the credit risk associated with its performing assets. Although the review is still in its early stages, the Group proactively increased provisions for Stage 1 and Stage 2 performing assets by USD1.9 million, compared to a reversal of USD0.4 million recorded in June 2023. The Group recovered USD0.8 million from previously written-off debt, up from USD0.5 million during the period ended 30 June 2023. Additionally, USD3.8 million of non-performing exposures were written off (30 June 2023: USD28.0 million), with no reasonable expectation of recovering the contractual cash flows. These write-offs had been largely provided for in previous years. The Group retains the right to enforce, sell, or transfer the credit but has not forgiven the debt. In response to the recovery and write-off of balances, the Group reversed provisions for credit losses on legacy non-performing clients by USD6.1 million (30 June 2023: USD27.7 million). These actions, along with other measures, reduced the Non-Performing Loan (NPL) Ratio to 2.9%, well below the 5% threshold set by the MFSA in Banking Rule BR/09. However, the Group increased provisions for credit losses on other non- performing assets by USD3.3 million (30 June 2023: USD1.4 million).

Due to the increased taxable profits of the Group entities, provisions for taxation were adjusted by USD3.2 million for the six months ended ³⁰ June 2024 (30 June 2023: USD2.1 million). The Group utilised some of its deferred tax assets and conducted an assessment to ensure their recoverability before their expiration date. For the six months ended 30 June 2024, FIMBank Group reported a profit after tax of USD0.8 million, compared to USD3.9 million in June 2023.

Financial position As of 30 June 2024, the Group's consolidated assets amounted to USD1.29 billion, reflecting a contraction of USD291 million (18%) compared to the end of 2023. This reduction was primarily driven by a USD215 million (36%) decrease in Treasury Assets (forming part of 'Balances with the Central Bank of Malta, treasury bills and cash' and 'Loans and advances to banks'), largely due to a USD158 million decline in balances held with the Central Bank of Malta and treasury bills. Additionally, other bank deposits (forming part of 'Loans and advances to banks') and the Group's investment in bond portfolio decreased by USD31 million and USD26 million, respectively. Loans to financial institutions (forming part of 'Loans and advances to banks'), trading assets, and the trade finance portfolio (forming part of 'Loans and advances to customers') also saw reductions of USD32 million, USD28 million, and USD25 million, respectively, while factoring balances (forming part of 'Loans and advances to customers') increased by USD11 million. The Group reviewed its significant holdings, including investment property and recognized deferred tax assets, and determined that these are accurately represented in its Financial Statements. The Bank also reviewed its investments in subsidiaries and concluded that all were adequately recognised, except for its investment in Egypt Factors, which was impaired by USD1.5 million at the Bank level, during the financial period ended 30 June 2024 (Refer to Note 12). Similarly, the Group's consolidated liabilities decreased by USD291 million (21%) from the end of 2023, closing the six-month period at USD1.11 billion. The Group reduced its corporate and retail deposits (forming part of 'Amounts owed to customers') by USD119 million, and lowered wholesale funding and bank deposit funding (forming part of 'Amounts owed to institutions and banks') by USD111 million and USD52 million respectively. Debt securities in issue also decreased by USD11 million. As of the financial reporting date, the Group's total equity remained unchanged at USD179.0 million. At the end of June 2024, the Group's CET1 and CAR ratios were both 19.3% (31 December 2023: 18.3%), approximately 250 basis points above the regulatory requirement. These ratios include the impact of additional capital charges under the SREP Pillar II and MREL requirements established by the MFSA.

Principal risks and uncertainties FIMBank is a banking group offering a suite of trade finance products across the different geographies it operates in, mainly emerging markets. The risks associated with this business model are multiple and varied. Exposure to credit risk, liquidity risk, interest rate risk and foreign exchange risk arises in the normal course of the Group's business. As the Group is mainly engaged in cross-border trade finance transactions, the business performance is also impacted by the overall performance of the world economy, in particular to the level of cross-border trade between countries at varying stages of their economic development and which may not yet have achieved the level of stability of developed countries. This exposes the Group to risks of political and economic changes including volatilities to commodity prices, exchange control regulation and difficulties in preserving own legal rights. Both FIMBank and its main Group entities are exposed to such risks in different degrees based on their size and complexity. FIMBank, as the parent company, ensures that all Group entities adhere to the Group's risk, governance and compliance frameworks as updated from time to Further disclosures on the Group's principal risks and uncertainties are provided in Note 5 of the Annual Report and Financial Statements 2023 and the Pillar 3 Disclosures Report of FIMBank p.l.c, published on the Bank's website.

time.

Outlook for the second semester of ²⁰²⁴ The Group remains committed to executing its strategy, pursuing business opportunities in alignment with the Board-established risk appetite and the principle of risk-adjusted returns. The Group's balance sheet has become more resilient due to the gradual resolution of legacy exposures while maintaining a healthy liquidity and capital profile. Following the initial interest rate cuts led by monetary policymakers in the EU and UK, in progress. engagement plan, and training programs.

we align with broader market expectations of further rate reductions in the second half of 2024. Anticipated customer portfolio growth is expected to be modest, consistent with our customer-centric approach and within regulatory capital requirements. The Group's strategic focus remains on business lines and geographical areas that offer superior returns and present lower risks, thereby delivering consistent value. As we simplify complex structures, our business lines are being streamlined, and our presence in Malta continues to evolve and mature. The Group remains focused on refining its strategy to pursue long-term objectives of enhancing and future-proofing shareholder value. Progress has been made on the Group's strategic transformation journey, with several initiatives already implemented and additional initiatives currently assessments, the definition of a risk appetite statement, a key risk indicators framework, updated risk policies, ESG scorecards, a client Thanks to its pool of highly skilled human capital across various disciplines, ongoing investment in technology, reduced legacy balance sheet items, and the stability provided by a strong shareholder base, the Group is well-positioned to progress steadily and sustainably toward its strategic goals. Approved by the Board on ²⁸ August 2024 and signed on its behalf by:

The Group's broader ESG workstream is underway, with key focus areas including governance, business and environmental materiality

John C. Grech Masaud M. J. Hayat Chairman Vice Chairman

- Statement pursuant to Capital Market Rule 5.75.3 We hereby confirm that to the best of our knowledge: • the Condensed Interim Financial Statements set out on pages 9 to 56 give a true and fair view of the financial position of the Group and of the Bank as at 30 June 2024, as well as of the financial performance and cash flows for the period then ended, fully in compliance with IAS 34, Interim Financial Reporting, adopted by the EU; and • the Interim Directors' Report includes a fair review of the information required in terms of Capital Market Rules 5.75.2 and 5.81 to 5.84. Simon Lay Juraj Beno Deputy Group Chief Executive Officer Group Chief Financial Officer

Condensed interim	statements	of	financial	position
		Group		Bank
		30 Jun 2024	31 Dec 2023	30 Jun 2024	31 Dec 2023
Assets	Note	USD	USD	USD	USD
Balances with the Central Bank of Malta,
treasury bills and cash Derivative assets held for risk management	11	195,023,733 639,798	353,010,186 715,713	195,012,290 639,798	352,997,057 812,609
Trading assets		346,215,116	374,177,108	9,911,831	-
Loans and advances to banks		92,097,842	152,814,948	77,556,336	114,325,243
Loans and advances to customers Financial investments at fair value through profit or loss		417,071,186 17,469,694	431,342,074 19,329,840	573,743,880 17,469,694	618,118,225 19,329,840
Financial investments at fair value through other
comprehensive income		131,812,528	140,755,780	131,812,528	140,755,780
Financial investments at amortised cost		11,320,012	28,399,073	11,320,012	28,399,073
Investments in subsidiaries Property and equipment	12	- 23,906,118	25,185,250	- 116,182,573 2,731,694	157,687,573 2,994,784
Investment property		21,564,226	22,257,617	-	-
Intangible assets		2,307,924	2,623,987	2,307,924	2,624,736
Current tax assets Deferred tax assets		2,003,159 18,286,438	1,910,849 19,000,479	- 15,004,834	- 15,004,834
Other assets		10,068,178	9,161,060	7,505,437	7,747,110
Total assets		1,289,785,952	1,580,683,964	1,161,198,831	1,460,796,864
Liabilities and equity
Liabilities
Derivative liabilitiesheld for risk management	11	696,462	626,476	717,779	626,476
Amounts owed to institutions and banks		251,270,541	412,570,931	171,793,275	333,498,402
Amounts owed to customers		817,035,250	934,738,942	818,257,004	951,166,330
Debt securities in issue Current tax liabilities	13	16,209,186 1,922,357	27,543,864 1,631,829	- -	- -
Deferred tax liabilities		4,134,033	4,266,961	-	-
Provision for liabilities and charges		360,200	236,214	289,338	90,135
Other liabilities Total liabilities		18,386,957 1,110,014,986	19,771,615 1,401,386,832	10,557,221 1,001,614,617	10,633,538 1,296,014,881
Equity
Called up share capital		261,221,882	261,221,882	261,221,882	261,221,882
Share premium		858,885	858,885	858,885	858,885
Currency translation reserve		(14,864,093)	(14,337,472)		- -
Fair value reserve Other reserve		(4,500,572) 2,982,435	(4,677,868) 2,982,435	(17,205,154) 2,681,041	(17,382,450) 2,681,041
Accumulated losses		(66,694,043)	(67,269,892)	(87,972,440)	(82,597,375)
Total equity attributable to equity holders of the Group		179,004,494	178,777,970	159,584,214	164,781,983
Non-controlling interests		766,472	519,162	-	-
Total equity		179,770,966	179,297,132	159,584,214	164,781,983
Total liabilities and equity		1,289,785,952	1,580,683,964	1,161,198,831	1,460,796,864

Condensed	interim	statements	of	financial	position
		Group			Bank
Memorandum items		Note	30 Jun 2024 USD	31 Dec 2023 USD	30 Jun 2024 USD	31 Dec 2023 USD
Contingent liabilities		14	30,699,151	31,281,753	46,757,389	42,331,477
Commitments		15	119,652,654	147,803,707	114,502,042	100,220,087

Condensed interim statements of profit or loss For the six months ended 30 Ju ne Group Bank 2024 2023 2024 2023 Restated Restated Note USD USD USD USD Interest income 51,887,669 46,091,057 29,271,268 25,477,948 Interest expense (24,443,040) (17,577,621) (19,915,983) (14,429,779) Net interest income 27,444,629 28,513,436 9,355,285 11,048,169 Fee and commission income 3,271,486 2,462,448 2,069,130 1,626,355 Fee and commission expense (2,816,923) (2,941,604) (614,859) (666,926) Net fee and commission income/(expense) 8 454,563 (479,156) 1,454,271 959,429 Net trading loss 9 (946,644) (1,280,471) (530,849) (761,690) Net (loss)/gain from equity investments measured at fair value through profit or loss (287,054) 799,862 (287,054) 799,862 Dividend income 10 - - 2,000,000 2,000,000 Other operating income 418,447 395,642 99,644 163,500 Other operating expenses (118,973) (150,058) (1) (3,714) Operating income before net impairment 26,964,968 27,799,255 12,091,296 14,205,556 Net movement in expected credit losses and other credit impairment charges 6 (1,995,152) (773,962) (2,914,618) (2,923,093) Impairment ofinvestments in subsidiaries 12 - - (1,500,000) Operating income 24,969,816 27,025,293 7,676,678 11,282,463 Administrative expenses (19,169,080) (19,414,226) (11,189,322) (12,098,825) Depreciation and amortisation (1,781,405) (1,597,347) (1,402,269) (1,420,615) Total operating expenses (20,950,485) (21,011,573) (12,591,591) (13,519,440)
Profit/(Loss) before tax 4,019,331 6,013,720 (4,914,913) (2,236,977)
Taxation (3,194,076) (2,130,387) (460,152) (301,822)
Profit/(Loss) for the period 825,255 3,883,333 (5,375,065) (2,538,799)
Profit/(Loss) for the period attributable to:
Equity holders of the Bank 575,849 3,737,884 (5,375,065) (2,538,799)
Non-controlling interests 249,406 145,449 -
825,255 3,883,333 (5,375,065) (2,538,799)
Earnings per share
Basic earnings pershare (US cents) 0.11 0.72

Condensed interim statements of other comprehensive income

Condensed interim statements income	of	other
			comprehensive
For the six months ended 30 June
	Group		Bank
	2024	2023	2024	2023
	USD	Restated USD	USD	Restated USD
Profit/(Loss) for the period	825,255	3,883,333	(5,375,065)	(2,538,799)
Other comprehensive income:
Items that are or may be reclassified subsequently to profit or loss:
		(164,689)	-	-
Foreign operations - foreign currency translation differences Debt instruments at fair value through other comprehensive	(528,717)
income: Fair value gains –	177,296	2,180,006	177,296	2,180,006
Other comprehensive income, net of tax	(351,421)	2,015,317	177,296	2,180,006
Total comprehensive income	473,834	5,898,650	(5,197,769)	(358,793)
Total comprehensive income attributable to:
Equity holders of the Bank	226,524	5,748,828	(5,197,769)	(358,793)
Non-controlling interests	247,310	149,822	-	-

Condensedinterimstatementsofchangesinequity

Group

			ri bu b le Att ta to	ity ho l de eq u rs	f he k Ba t o n
	l le d Ca up		Cu rre ncy					No n-
	ha s re ita l	ha S re mi	lat ion tra ns	lue Fa ir va	he Ot r	lat d Ac cu mu e los	l To ta	l ling ntr co o int sts	To ta
	cap US D	pre um US D	res erv e US D	res erv e US D	res erv e US D	ses US D	US D	ere US D	ity eq u US D
lan 20 24 Ba 1 Jan at ce ua ry	26 22 88 2 1, 1,	85 8, 88 5	( ) 33 2 14, 7, 47	( ) 67 86 8 4, 7,	2, 98 2, 43 5	( ) 67 26 9, 89 2 ,	8, 97 0 17 77 7,	9, 16 2 51	9, 29 13 2 17 7,
l he To ive inc ta co mp re ns om e
fit for he rio d Pro t pe	-	-	-	-	-	57 5, 84 9	57 5, 84 9	24 9, 40 6	82 5, 25
Ot he he ive inc r co mp re ns om e:
ign tio for ign lat ion Fo tra re op era ns e cu rre ncy ns - d f fer i en ces	-	-	( ) 52 6, 62 1	-	-	-	( ) 52 6, 62 1	( ) 2, 09 6	( 52 8, 71 7
bt fa lue hro h he De ins ir tru nts at t ot me va ug r he ive inc co mp re ns om e:
lue f Fa ir ins t tax va ga ne o – ,	-	-	-	17 7, 29 6	-		17 7, 29 6	-	17 7, 29
l he he To ive inc ta ot r co mp re ns om e	-	-	( ) 52 6, 62 1	17 7, 29 6	-	-	( ) 34 9, 32 5	( ) 2, 09 6	( 35 1, 42 1
l he ive inc To ta co mp re ns om e	-	-	( ) 52 6, 62 1	17 7, 29 6	-	57 5, 84 9	22 6, 52 4	24 7, 31 0	47 3, 83 4
lan Ba 30 Ju 20 24 at ce ne	26 1, 22 1, 88 2	85 8, 88 5	( ) 14, 86 4, 09 3	( ) 4, 50 0, 57 2	2, 98 2, 43 5	( ) 66 69 4, 04 3 ,	17 9, 00 4, 49 4	76 6, 47 2	17 9, 77 0, 96 6

Condensedinterimstatementsofchangesinequity

Group

Gr ou p
			bu b le Att ri ta to	ho l de ity eq u rs o	f he k Ba t n
	Ca l le d up		Cu rre ncy					No n-
	ha s re l ita	ha S re mi u m	lat ion tra ns res erv e	lue Fa ir va 1 res erv e	he Ot r res erv e	lat d Ac cu mu e los ses	l To ta	l ling ntr co o int sts ere	To ta u
	cap US D	pre US D	US D	US D	US D	US D	US D	US D	ity eq US
lan (as d ) Ba 1 Jan 20 23 at tat ce ua ry res e	26 1, 22 1, 88 2	85 8, 88 5	( ) 13 71 7, 52 7 ,	( ) 14, 07 7, 51 4	2, 98 2, 43 5	( ) 67 24 0, 65 6 ,	17 0, 02 7, 50 5	48 2, 59 3	17 0, 51 0, 09
l he ive inc To ta co mp re ns om e
fit for he d Pro rio t pe	-	-	-	-	-	3, 73 7, 88 4	3, 73 7, 88 4	14 5, 44 9	3, 88 3, 33
he he ive inc Ot r co mp re ns om e:
for lat Fo ign tio ign ion tra re op era ns e cu rre ncy ns -
d i f fer en ces bt fa lue hro h he De ins ir tru nts at t ot me va r	-	-	( ) 16 9, 06 2	-	-	-	( ) 16 9, 06 2	37 3 4,	( 16 68 4,
ug he ive inc co mp re ns om e:
f Fa ir lue ins t tax va ga ne o – ,	-	-	-	2, 18 0, 00 6	-	-	2, 18 0, 00 6	-	2, 18 0, 00
l he he ive inc To ta ot r co mp re ns om e	-	-	( ) 16 9, 06 2	2, 18 0, 00 6	-	-	2, 01 0, 94 4	4, 37 3	2, 01 5, 31
l he ive inc To ta co mp re ns om e	-	-	( ) 16 9, 06 2	2, 18 0, 00 6	-	3, 73 88 7, 4	8, 82 8 5, 74	9, 82 2 14	89 8, 65 5,
lan (as d ) Ba 30 Ju 20 23 at tat ce ne res e	26 1, 22 1, 88 2	85 8, 88 5	( ) 13 88 6, 58 9 ,	( ) 11, 89 7, 50 8	2, 98 2, 43 5	( ) 63 50 2, 77 2 ,	17 5, 77 6, 33 3	63 2, 41 5	17 6, 40 8, 74

¹The fair value reserve as at 1 January 2023 has been restated to reflect the reversal of the reclassification of a portfolio of investments which was previously reported and measured at amortised cost and is now presented and measuredat fair value through other comprehensive income. Refer to Note 25.2 of the Annual Report and Financial Statements 2023 of FIMBank p.l.c. for an explanation of the impact.

Condensedinterimstatementsofchangesinequity

k Ba n
	Ca l le d up
	ha s re	ha S re	lue Fa ir va	he Ot r	lat d Ac cu mu e	To ta
	l ita cap US D	mi pre um US D	res erv e US D	res erv e US D	los ses US D	ity eq u US
						D
lan Ba 1 Jan 20 24 at ce ua ry	26 1, 22 1, 88 2	85 8, 88 5	( ) 17, 38 2, 45 0	2, 68 1, 04 1	( ) 82 59 7, 37 5 ,	16 4, 78 1, 98 3
l he ive inc To ta co mp re ns om e
for he d Los rio t pe s	-	-	-	-	( ) 5, 37 5, 06 5	( 5, 37 5, 06 5
he he ive inc Ot r co mp re ns om e:
bt fa lue hro h he he De inv ir ive inc est nts at t ot me va r co mp re ns om e: ug
f Fa ir lue ins t tax va ga ne o – ,	-	-	17 7, 29 6	-	-	17 7, 29 6
l he he ive inc To ta ot r co mp re ns om e	-	-	17 7, 29 6	-	-	17 7, 29 6
l he ive inc To ta co mp re ns om e	-	-	29 6 17 7,	-	( ) 37 06 5, 5, 5	( 19 76 9 5, 7,

Condensedinterimstatementsofchangesinequity

k Ba n
	Ca lled up
	ha s re	ha S re	lue Fa ir va	he Ot r	lat d Ac cu mu e	To ta
	l ita cap	mi pre um	2 res erv e	res erv e	los ses	ity eq u
	US D	US D	US D	US D	US D	US D
lan (as d ) Ba 1 Jan 20 23 at tat ce ua ry res e	26 1, 22 1, 88 2	85 8, 88 5	( ) 25 50 1, 83 6 ,	2, 68 1, 04 1	( ) 85 08 7, 52 3 ,	15 4, 17 2, 44 9
l he ive inc To ta co mp re ns om e
for he Los rio d t pe s	-	-	-	-	( ) 2, 53 8, 79 9	( 2, 53 8, 79 9
he he ive inc Ot r co mp re ns om e:
bt fa lue hro h he he De inv ir ive inc est nts at t ot me va ug r co mp re ns om e:
ir lue ins f Fa t tax va ga ne o – ,	-	-	2, 18 0, 00 6	-	-	2, 18 0, 00 6
l he he ive inc To ta ot r co mp re ns om e	-	-	2, 18 0, 00 6	-	-	2, 18 0, 00 6
l he ive inc To	-	-	2, 18 0, 00 6	-	( ) 2, 53 8, 79 9	( 35 8, 79 3
ta co mp re ns om e

2The fair value reserve as at 1 January 2023 has been restated to reflect the reversal of the reclassification of a portfolio of investments which was previously reported and measured at amortised cost and is now presented and measuredat fair value through other comprehensive income. Refer to Note 25.2 of the Annual Report and Financial Statements 2023 of FIMBank p.l.c. for an explanation of the impact.

Condensed interim statements For the six months ended 30 June	of	cash	flows
	Group		Bank
	2024	2023 Restated	2024	2023 Restated
Cash flows from operating activities	USD	USD	USD	USD
Interest and commission receipts	60,708,156	48,025,534	21,395,823	18,855,445
Interest and commission payments Payments to employees and suppliers	(32,740,025) (21,098,405)	(17,958,307) (18,484,401)	(20,881,295) (11,852,973)	(12,428,304) (12,856,881)
Operating profit/(loss) before changes in operating assets/liabilities	6,869,726	11,582,826	(11,338,445)	(6,429,740)
Decrease/(Increase) in operating assets:
Loans and advances to customers and banks – Other assets –	54,377,280 (860,369)	121,423,347 (865,886)	69,392,339 103,100	166,658,880 (1,050,996)
(Decrease)/Increase in operating liabilities: Amounts owed to customers, institutions and banks –	(237,479,527)	(123,769,730)	(239,803,769)	(127,455,205)
– Other liabilities	1,343,057	10,070	1,173,647	63,085
Net inflows/(outflows) from balances with subsidiary – companies	-		- 2,550,211	(35,776,875)
Cash flows (used in)/from trading assets:
Payments to acquire trading assets – Proceeds on settlement of trading assets –	(504,127,673) 527,288,313	(392,337,751) 419,679,180	(9,900,000) -	- -
Net cash (used in)/generated from operating activities before income tax	(152,589,193)	35,722,056	(187,822,917)	(3,990,851)
Income tax paid	(2,459,052)	(707,576)	(460,152)	(301,822)
Net cash flows (used in)/from operating activities	(155,048,245)	35,014,480	(188,283,069)	(4,292,673)
Cash flows from investing activities
Payments to acquire financial investments at amortised cost Payments to acquire treasury bills at amortised cost	- (31,587,228)	(13,440,236) (155,459,939)	(31,587,228)	- (13,440,236) (155,459,939)
Payments to acquire property and equipment	(86,356)	(52,949)	(30,585)	(19,009)
Payments to acquire intangible assets	(151,284)	(203,774)	(151,284)	(203,774)
Proceeds on settlement offinancial investments at fair value through profit or loss	993,777	-	993,777	-
Proceeds on maturity of financial investments at
fair value through other comprehensive income Proceeds on maturity of financial investments at amortised cost	5,000,000 17,211,727	13,745,002 -	5,000,000 17,211,727	13,745,002 -
Proceeds on maturity of treasury bills at amortised cost	121,354,737	153,437,106	121,354,737	153,437,106
Proceeds on redemption of shares in subsidiary companies	-		- 40,003,487	-
Proceeds on disposal of property and equipment Receipt ofdividends	197 -	3,564	- - 2,000,000	- 2,000,000
Net cash flows from/(used in) investing activities	112,735,570	(1,971,226)	154,794,631	59,150
(Decrease)/Increase in cash and cash equivalents c/f	(42,312,675)	33,043,254	(33,488,438)	(4,233,523)

Condensed interim statements	of	cash flows
For the six months ended 30 June
	Group 2024	2023	Bank 2024	2023
		Restated		Restated
	USD	USD	USD	USD
(Decrease)/Increase in cash and cash equivalents b/f	(42,312,675)	33,043,254	(33,488,438)	(4,233,523)
Cash flows used in financing activities
Proceeds on issue of debt securities in issue –	21,339,307	10,737,898	-	-
Payments to settle debt securities in issue –	(31,655,888)	(20,791,949)	-	-
– Payment oflease liabilities	(665,560)	(348,577)	(976,467)	(711,883)
Net cash flows used in financing activities	(10,982,141)	(10,402,628)	(976,467)	(711,883)
Effect ofrealised exchange gains/(losses) arising from
cash movements during the year	9,534,594	(6,721,117)	6,799,758	(2,719,900)
(Decrease)/Increase in cash and cash equivalents	(43,760,222)	15,919,509	(27,665,147)	(7,665,306)
Analysed as follows:
Effect ofexchange rate changes on cash and cash equivalents –	(7,468,700)	1,424,220	(6,241,310)	1,785,835
Net (decrease)/increase in cash and cash equivalents –	(36,291,522)	14,495,289	(21,423,837)	(9,451,141)
	(43,760,222)	15,919,509	(27,665,147)	(7,665,306)
(Decrease)/Increase in cash and cash equivalents
Cash and cash equivalents at beginning of period	113,043,444	(43,919,669)	127,729,732	9,611,898
Cash and cash equivalents at end of period	69,283,222	(28,000,160)	100,064,585	1,946,592

Notes to the condensed interim financial statements For the six months ended 30 June 2024 ¹ Reporting entity

FIMBank p.l.c. ("the Bank") is a credit institution domiciled in Malta with its registered address at Mercury Tower, The Exchange Financial and Business Centre, Elia Zammit Street, St. Julian's, STJ3155, Malta.

The Bank and its subsidiaries, namely London Forfaiting Company Limited ("LFC"), FIMFactors B.V. ("FIMFactors"), The Egyptian Company for Factoring S.A.E. ("Egypt Factors") and FIM Property Investment Limited, are included in the scope of consolidation as at and for the six months ended 30 June 2024 and are referred to as the "Group" in these Condensed Interim Financial Statements and individually as "Group entities". office and are available for viewing on its website at www.fimbank.com/en/financial-information. FIM Business Solutions Limited On 25 January 2024, the Bank issued a Company Announcement, announcing that as part of a streamlining initiative and corporate restructuring exercise, the Bank's Board of Directors resolved to approve a merger by acquisition between the Bank, as the acquiring FIM Business Solutions Limited, was a company incorporated under the Laws of Malta, bearing company registration number C 36423 and had its registered address at Mercury Tower, the Exchange Financial & Business Centre, Elia Zammit Street, San Giljan, STJ3155. The Bank obtained regulatory approval from the Malta Financial Services Authority in relation to the Merger, which was carried out in accordance with the provisions of Part VIII, Title II of the Companies Act (Chapter 386 of the Laws of Malta). A Certificate of Registration as a Result of Amalgamation was issued by the Registrar of Companies on 24 April 2024.

The Financial Statements of the Group as at, and for the year ended, 31 December 2023 are available upon request from the Bank's registered

company, and FIM Business Solutions Limited as the company acquired (the "Merger").

Upon Merger, the Bank has succeeded to all the assets, rights, liabilities, and obligations of FIM Business Solutions Limited, which in turn, has ceased to exist. The impact of the Merger on the financial position and financial performance of the Bank wasinsignificant.

London Forfaiting Company On 23 May 2024, the directors of London Forfaiting Company Limited ("LFC") resolved to reduce the issued share capital from USD115,600,000 to USD75,600,000 by cancelling and extinguishing 40,000,000 of the issued ordinary shares of USD1.00 each in the company, each of which was fully paid up. This reduction in share capital is part of the strategic reorganisation of the Group.

² Basis of preparation The Condensed Interim Financial Statements have been prepared in accordance with IAS 34 - Interim Financial Reporting - as adopted by the European Union ("EU"). These include the comparative Statement of Financial Position as of 31 December 2023 and the comparative Statements of Profit or Loss, Statements of Other Comprehensive Income, Statements of Changes in Equity and Statements of Cash Flows for the six month period ended 30 June 2023. The Condensed Interim Financial Statements do not include all the information required for the publication of the Annual Reports and Financial Statements and therefore these Condensed Interim Financial Statements should be read in conjunction with the Annual Report and Financial Statements 2023 of FIMBank p.l.c. The Board of Directors confirm that, at the time of approving these Condensed Interim Financial Statements, the Group and Bank are capable of continuing to operate as a going concern for the foreseeable future. The Condensed Interim Financial Statements were approved by the Board of Directors on ²⁸ August 2024.

³ Material accounting policies The Accounting Policies applied for the preparation of these Condensed Interim Financial Statements are the same as those applied in the Annual Report and Financial Statements 2023 of FIMBank p.l.c. as at and for the year ended 31 December 2023, as described in those Financial Statements. In 2024, the Group and Bank adopted the following amendments to existing standards effective for accounting periods beginning on 1 January amendments to IAS 1 – presentation of financial statements: classification of liabilities as current or non-current; amendments to IAS 7 – statements of cash flows and IFRS 7 - financial instruments disclosures: supplier finance arrangements; and amendments to IFRS 16 – leases: lease liability in a sale and leaseback.

3.1

2024, which amendments did not have a material effect on the Group's and Bank's financial statements:

-

Certain new standards and amendments to existing standards have been published by the date of authorisation of these Condensed Interim Financial Statements but are not yet effective for the current financial period beginning on 1 January 2024. Although earlier adoption is permitted, the Group and Bank have not early adopted any of the new or amended standards in preparing these Condensed Interim Financial Statements.

⁴ Use of judgements and accounting estimates The preparation of the Condensed Interim Financial Statements in conformity with IFRSs as adopted by the EU requires Management to make judgements, estimates and assumptions that affect the application of Accounting Policies and the reported amounts of assets, liabilities, income and expenses. Estimates and judgements are continually evaluated and based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

The Group's and Bank's Management also makes judgements, apart from those involving estimations, in the process of applying the Group's Accounting Policies that may have a significant effect on the amounts recognised in the Financial Statements. In particular, the measurement of the expected credit losses in respect of financial investments measured at amortised cost and fair value through other comprehensive income ("FVOCI") is an area that requires the use of complex models and significant assumptions about future economic conditions and credit behaviour, requiring a number of significant judgements. In preparing these Condensed Interim Financial Statements, the significant judgements made by ^Management in applying the Group's Accounting Policies and the key sources of estimation uncertainty were the same as those applied to the Financial Statements as at and for the year ended 31 December 2023.

⁵ Operating segments The Group identified five significant reportable segments(trade finance, forfaiting, factoring, real estate and treasury) which are represented by different Group entities. For each of the entities, Executive Management reviews internal management reports on a monthly basis. There were no differences in the basis of segmentation or in the basis of measurement of segment profit or loss from the FIMBank Group Annual Report and Financial Statements 2023. Information about operating segments

	Trade finance USD	Forfaiting USD	Factoring USD	Real estate USD	Treasury USD	Total USD
External revenue
Interest income Net fee and commission	5,112,864	21,738,705	13,668,729	3,473,226	7,709,784	51,703,308
income/(expense) Net trading loss Net loss from equity investments measured at fair value through	812,391 -	(135,433) (622,622)	(963,962) -	(51,461)	1,050,604 - (324,022)	712,139 (946,644)
profit or loss	-		- -		- (287,054)	(287,054)
	5,925,255	20,980,650	12,704,767	3,421,765	8,149,312	51,181,749
Reportable segment (loss)/profit before income tax	(4,233,598)	4,447,319	1,055,714	(1,828,340)	1,126,920	568,015

profit or loss	-		- -		- (287,054)	(287,054)
	5,925,255	20,980,650	12,704,767	3,421,765	8,149,312	51,181,749
Reportable segment (loss)/profit before income tax	(4,233,598)	4,447,319	1,055,714	(1,828,340)	1,126,920	568,015
	Trade finance	Forfaiting	Factoring	Real estate	Treasury	Total
	USD	USD	USD	USD	USD	USD
External revenue
Interest income	4,396,364	19,015,427	12,972,926	3,022,190	6,476,755	45,883,662
Net fee and commission
income/(expense)	1,224,002	(252,216)	(902,148)	346,348	336,341	752,327
Net trading loss Net gain from equity investments	-	(965,336)	-		- (315,135)	(1,280,471)
measured at fair value through profit or loss	-		- -		- 799,862	799,862
	5,620,366	17,797,875	12,070,778	3,368,538	7,297,823	46,155,380
Reportable segment (loss)/profit before income tax	(3,668,393)	2,849,928	(1,829,092)	598,699	2,265,002	216,144

	Trade finance USD	Forfaiting USD	Factoring USD	Real estate USD	Treasury USD	Total USD
Reportable segment assets	144,704,087	338,843,150	264,259,914	100,872,098	370,736,648	1,219,415,897
Reportable segment liabilities	70,529,438	76,325,582	34,331,554	-	917,616,840	1,098,803,414

	Trade finance USD	Forfaiting USD	Factoring USD	Real estate USD	Treasury USD	Total USD
Reportable segment assets	208,133,452	376,786,416	257,987,873	79,907,966	566,602,064	1,489,417,771
Reportable segment liabilities	67,431,324	85,277,723	39,142,428	-	1,195,844,251	1,387,695,726

	30 Jun 2024	30 Jun 2023 Restated
	USD	USD
Revenues
Total revenue for reportable segments	51,181,749	46,155,380
Consolidation adjustments	(73,215)	(1,024,090)
Other revenue	418,447	395,644
Consolidated revenue	51,526,981	45,526,934
Profit or loss
Total profit for reportable segments	568,015	216,144
Other profit	3,097,794	1,013,881
	3,665,809	1,230,025
Effect ofother consolidation adjustments on segment results	353,522	4,783,695
Consolidated profit before tax	4,019,331	6,013,720
	30 Jun 2024	31 Dec 2023
	USD	USD
Assets
Total assets for reportable segments	1,219,415,897	1,489,417,771
Other assets	69,174,289	71,846,826
	1,288,590,186	1,561,264,597
Effect ofother consolidation adjustments on segment financial position	1,195,766	19,419,367
Consolidated assets	1,289,785,952	1,580,683,964
Liabilities
Total liabilities for reportable segments	1,098,803,414	1,387,695,726
Other liabilities	13,778,598	12,849,534
	1,112,582,012	1,400,545,260
Effect ofother consolidation adjustments on segment financial position	(2,567,026)	841,572
Consolidated liabilities	1,110,014,986	1,401,386,832

⁶ Financial instruments The risks to which the Group is exposed principally relate to the Group's and Bank's banking activities and are managed by the Board of

Directors. As a result, this ⁿote presents information about the Group's and Bank's financial risk management. 6.1.1 Maximum exposure to credit risk The Group's exposure to credit risk mainly arises from its lending activities. Credit risk is the risk that one party to a financial transaction might fail to fulfil an obligation and cause the other party to incur a financial loss. The Group finances international trade in many countries worldwide, especially emerging markets, which in turn entails an exposure to sovereign, bank and corporate credit risk. In addition, the Group's lending activities comprise the financing of real estate activities of local commercial entities. Focusing specifically on 'Loans and advances to customers', the Group has four lending portfolios: • the Local Corporate Lending portfolio, predominantly comprising loans to the real estate activities sector in Malta; • the Factoring Receivables portfolio, comprising portfolios of factored receivables (both on a non-recourse and recourse basis) in Europe, India and the Middle East; • the Trade Finance portfolio, comprising import and export finance facilities in Europe; and • a portfolio of other facilities comprising syndicated senior secured facilities to international corporates and shipping finance facilities. Credit risk is not only associated with loans but also with other on- and off- balance sheet exposures such as acceptances, money market products, letters of credit and guarantees. The Group's and Bank's maximum credit risk exposure to on and off-balance sheet financial instruments, before taking account of any collateral held or other credit enhancements, is presented in the following table. For financial assets recognised in the Statement of Financial

-

-

Credit risk is not only associated with loans but also with products, letters of credit and guarantees.	other on- and off- balance	sheet exposures	such as acceptances,	money market
The Group's and Bank's maximum credit risk exposure to on and off-balance collateral held or other credit enhancements, is presented Position, the maximum exposure to credit risk is equivalent exposure to credit risk is equivalent to the full amount of	sheet in the following table. For to the carrying amount. For the committed facilities.	financial instruments, financial assets commitments and	before taking recognised in the financial guarantees,	account of any Statement of Financial the maximum
	Group 30 Jun 2024	31 Dec 2023	Bank 30 Jun 2024	31 Dec 2023
	USD	USD	USD	USD
Balances with the Central Bank of Malta,
treasury bills and cash	195,023,733	353,010,186	195,012,290	352,997,057
Loans and advances to banks	92,097,842	152,814,948	77,556,336	114,325,243
Loans and advances to customers	417,071,186	431,342,074	573,743,880	618,118,225
Financial investments at fair value through other comprehensive income	131,812,528	140,755,780	131,812,528	140,755,780
Financial investments at amortised cost	11,320,012	28,399,073	11,320,012	28,399,073
Other assets	5,615,191	5,007,323	4,224,159	4,457,961
Off-balance sheet:
Guarantees –	27,201,732	28,025,274	43,259,970	39,074,998
Commitments –	119,652,654 999,794,878	147,803,707 1,287,158,365	114,502,042 1,151,431,217	100,220,087 1,398,348,424

	Group		Bank
	30 Jun 2024	31 Dec 2023	30 Jun 2024	31 Dec 2023
	USD	USD	USD	USD
Derivative assets held for risk management	639,798	715,713	639,798	812,609
Trading assets	346,215,116	374,177,108	9,911,831	-
Financial investments at fair value through profit or loss	17,469,694	19,329,840	17,469,694	19,329,840
	364,324,608	394,222,661	28,021,323	20,142,449

6.1.2 Credit quality analysis The following table sets out information about the credit quality of assets. Unless specifically indicated, for financial assets the amounts in the table represent gross carrying amounts. For contingent liabilities and commitments, the amounts in the table represent the amounts committed.

committed.
Group – 30 June 2024
	12-month PD ranges	Stage 1 USD	Stage 2 USD	Stage 3 USD	Total USD
Balances with the Central Bank ofMalta,
treasury bills and cash
Grades 1 to 4- low risk Grades 5+ to 5- fair risk	0.05% - 0.25% 0.15% - 0.29%	186,963,370 8,160,892	- -	- -	186,963,370 8,160,892
		195,124,262	-		- 195,124,262
Loss allowance		(100,529)		-	- (100,529)
Carrying amount		195,023,733	-		- 195,023,733
Loans and advances to banks Grades 1 to 4- low risk	0.11% - 0.49%	32,924,602	2,171	-	32,926,773
Grades 5+ to 5- fair risk	0.31% - 0.84%	6,451,001	-	-	6,451,001
Grades 6+ to 7high risk	0.67% - 5.25%	52,790,572	207,349	-	52,997,921
		92,166,175	209,520	-	92,375,695
Loss allowance		(277,743)	(110)		- (277,853)
Carrying amount		91,888,432	209,410	-	92,097,842
Loans and advances to customers
Grades 1 to 4- low risk	0.02% - 0.76%	23,540,665	32,905	-	23,573,570
Grades 5+ to 5- fair risk	0.33% - 4.42%	103,293,948	18,708,986	-	122,002,934
Grades 6+ to 7high risk Grade 7- to 8- substandard	0.88% - 22.50% 11.22% - 100%	189,479,427 34,369,304	15,439,340 35,080,252	- -	204,918,767
Grade 9 to 10 doubtful/loss	100%	-		- 14,621,328	69,449,556 14,621,328
		350,683,344	69,261,483	14,621,328	434,566,155
Loss allowance		(2,078,867)	(4,915,748)	(10,500,354)	(17,494,969)
Carrying amount		348,604,477	64,345,735	4,120,974	417,071,186
Financial investments at fair value through other comprehensive income
Grades 1 to 4- low risk	0.02% - 0.33%	131,812,528	-	-	131,812,528
Carrying amount atfair value		131,812,528	-		- 131,812,528
Loss allowance		(62,302)		-	- (62,302)
Financial investments at amortised cost Grades 1 to 4- low risk	0.02% - 0.25%	11,321,012	-	-	11,321,012
		11,321,012	-		- 11,321,012
Loss allowance		(1,000)		-	- (1,000)
Carrying amount		11,320,012	-		- 11,320,012
Guarantees
Grades 1 to 4- low risk Grades 5+ to 5- fair risk	0.35% - 0.76% 0.29% - 3.52%	232,063 21,195,919	- -	- -	232,063 21,195,919
Grades 6+ to 7high risk	1.21% - 16.24%	4,078,486	41,265	-	4,119,751
Grade 7- to 8- substandard	20.30% - 21.09%	-	1,653,999	-	1,653,999
Carrying amount		25,506,468	1,695,264	-	27,201,732
Loss allowance		(55,510)	(154)		- (55,664)
Commitments Grades 1 to 4- low risk	0.10% - 0.64%	8,607,525	-	-	8,607,525
	0.49% - 3.57%	46,428,970	3,909,216	-	50,338,186
Grades 5+ to 5- fair risk Grades 6+ to 7high risk	1.71% - 22.50%	48,791,891	11,915,052	-	60,706,943
Carrying amount Loss allowance		103,828,386 (179,684)	15,824,268 (33,748)	-	119,652,654 - (213,432)

Group – 31 December 2023
	12-month PD	Stage 1	Stage 2	Stage 3	Total
	ranges	USD	USD	USD	USD
Balances with the Central Bank ofMalta,
treasury bills and cash
Grades 1 to 4- low risk	0.03% - 0.44%	336,709,471	-	-	336,709,471
Grades 5+ to 5- fair risk	0.36%	16,384,741 353,094,212	- -		- 16,384,741 - 353,094,212
Loss allowance		(84,026)		-	- (84,026)
Carrying amount		353,010,186	-		- 353,010,186
Loans and advances to banks
Grades 1 to 4- low risk	0.18% - 0.71%	57,774,145	-	-	57,774,145
Grades 5+ to 5- fair risk	0.39% - 1.36%	28,897,955	-	-	28,897,955
Grades 6+ to 7high risk Grade 7- to 8- substandard	1.03% - 5.33% 2.45%	61,678,406 -	4,373,226 330,800	- -	66,051,632 330,800
		148,350,506	4,704,026	-	153,054,532
Loss allowance		(229,755)	(9,829)		- (239,584)
Carrying amount		148,120,751	4,694,197	-	152,814,948
Loans and advances to customers
Grades 1 to 4- low risk	0.09% - 0.96%	14,877,147	8,532	-	14,885,679
Grades 5+ to 5- fair risk Grades 6+ to 7high risk	0.47% - 7.58% 1.34% - 19.01%	106,621,284 193,343,710	16,552,944 14,192,197	- -	123,174,228 207,535,907
Grade 7- to 8- substandard	11.65% - 23.98%	33,480,002	44,064,180	3,667,626	81,211,808
Grade 9 to 10 doubtful/loss	100%	-		- 23,447,745	23,447,745
		348,322,143	74,817,853	27,115,371	450,255,367
Loss allowance		(1,992,933)	(3,235,201)	(13,685,159)	(18,913,293)
Carrying amount		346,329,210	71,582,652	13,430,212	431,342,074
Financial investments at fair value through
other comprehensive income Grades 1 to 4- low risk	0.03% - 0.50%	140,755,780	-	-	140,755,780
Carrying amount atfair value		140,755,780	-		- 140,755,780
Loss allowance		(83,233)		-	- (83,233)
Financial investments at amortised cost
Grades 1 to 4- low risk	0.02% - 0.46%	18,758,990	-	-	18,758,990
Grades 5+ to 5- fair risk	2.25%	9,771,244	-		- 9,771,244
		28,530,234	-		- 28,530,234
Loss allowance Carrying amount		(131,161) 28,399,073	-	-	- (131,161) - 28,399,073
Guarantees
Grades 1 to 4- low risk	0.14% - 0.96%	239,527	-	-	239,527
Grades 5+ to 5- fair risk Grades 6+ to 7high risk	0.42% - 2.99% 1.48% - 18.65%	24,272,567 3,483,111	- 30,069	- -	24,272,567 3,513,180
Carrying amount		27,995,205	30,069	-	28,025,274
Loss allowance		(7,501)	(50)		- (7,551)
Commitments Grades 1 to 4- low risk	0.16% - 0.78%	40,457,254	-	-	40,457,254
Grades 5+ to 5- fair risk	1.16% - 3.15%	40,310,914	1,235,036	-	41,545,950
Grades 6+ to 7high risk	1.83% - 10.76%	54,509,463	11,291,040	-	65,800,503
Carrying amount Loss allowance		135,277,631 (78,764)	12,526,076 (3,543)	-	147,803,707 - (82,307)

Bank – 30 June 2024
	12-month PD	Stage 1	Stage 2	Stage 3	Total
	ranges	USD	USD	USD	USD
Balances with the Central Bank ofMalta,
treasury bills and cash
Grades 1 to 4- low risk	0.05% - 0.25%	186,951,927	-	-	186,951,927
Grades 5+ to 5- fair risk	0.15% - 0.29%	8,160,892 195,112,819	- -	-	8,160,892 - 195,112,819
Loss allowance		(100,529)		-	- (100,529)
Carrying amount		195,012,290	-		- 195,012,290
Loans and advances to banks
Grades 1 to 4- low risk	0.11% - 0.49%	31,000,713	-	-	31,000,713
Grades 5+ to 5- fair risk	0.31%	1,692,633	-		- 1,692,633
Grades 6+ to 7high risk	0.67% - 5.52%	44,913,731	207,349	-	45,121,080
Loss allowance		77,607,077 (257,982)	207,349 (108)	-	77,814,426 - (258,090)
Carrying amount		77,349,095	207,241	-	77,556,336
Loans and advances to customers
Grades 1 to 4- low risk Grades 5+ to 5- fair risk	0.11% - 0.76% 0.33% - 3.57%	328,772,350 72,081,082	- 18,541,919	- -	328,772,350 90,623,001
Grades 6+ to 7high risk	1.02% - 22.50%	134,417,087	15,073,883	-	149,490,970
Grade 7- to 8- substandard	11.22% - 100%	53,358	7,008,812	-	7,062,170
Grade 9 to 10 doubtful/loss	100%	-		- 13,526,421	13,526,421
Loss allowance		535,323,877 (1,857,518)	40,624,614 (4,178,044)	13,526,421 (9,695,470)	589,474,912 (15,731,032)
Carrying amount		533,466,359	36,446,570	3,830,951	573,743,880
Financial investments at fair value through
other comprehensive income Grades 1 to 4- low risk	0.02% - 0.33%	131,812,528	-	-	131,812,528
Carrying amount atfair value		131,812,528	-		- 131,812,528
Loss allowance		(62,302)		-	- (62,302)
Financial investments at amortised cost Grades 1 to 4- low risk	0.02% - 0.25%	11,321,012	-	-	11,321,012
		11,321,012	-		- 11,321,012
Loss allowance		(1,000)		-	- (1,000)
Carrying amount		11,320,012	-		- 11,320,012
Guarantees
Grades 1 to 4- low risk	0.14% - 0.96%	16,290,301	-	-	16,290,301
Grades 5+ to 5- fair risk	0.42% - 2.99%	21,195,919	-	-	21,195,919
Grades 6+ to 7high risk	1.48% - 18.65%	4,078,486	41,265	-	4,119,751
Grade 7- to 8- substandard	1.48% - 18.65%	-	1,653,999	-	1,653,999
Carrying amount Loss allowance		41,564,706 (75,752)	1,695,264 (154)	-	43,259,970 - (75,906)
Commitments
Grades 1 to 4- low risk	0.10% - 0.64% 0.95% - 3.57%	13,085,595 46,246,056	- 3,909,216	- -	13,085,595 50,155,272
Grades 5+ to 5- fair risk Grades 6+ to 7high risk	1.71% - 22.50%	39,346,123	11,915,052	-
Carrying amount Loss allowance		98,677,774 (179,684)	15,824,268 (33,748)	-	51,261,175 114,502,042 - (213,432)

Bank – 31 December 2023
	12-month PD	Stage 1	Stage 2	Stage 3	Total
	ranges	USD	USD	USD	USD
Balances with the Central Bank ofMalta,
treasury bills and cash
Grades 1 to 4- low risk Grades 5+ to 5- fair risk	0.03% - 0.44% 0.36% - 0.36%	336,696,342 16,384,741	- -	- -	336,696,342 16,384,741
		353,081,083	-		- 353,081,083
Loss allowance Carrying amount		(84,026) 352,997,057	-	-	- (84,026) - 352,997,057
Loans and advances to banks
Grades 1 to 4- low risk Grades 5+ to 5- fair risk	0.18% - 0.71% 0.39% - 1.36%	34,600,459 21,922,395	- -	- -	34,600,459 21,922,395
Grades 6+ to 7high risk	1.16% - 5.33%	53,314,041	4,373,226	-	57,687,267
Grade 7- to 8- substandard	2.45%	-	330,800	-	330,800
Loss allowance		109,836,895 (205,849)	4,704,026 (9,829)	-	114,540,921 - (215,678)
Carrying amount		109,631,046	4,694,197	-	114,325,243
Loans and advances to customers Grades 1 to 4- low risk	0.14% - 0.96%	326,508,825	-	-	326,508,825
Grades 5+ to 5- fair risk	0.47% - 7.58%	76,001,131	15,899,916	-	91,901,047
Grades 6+ to 7high risk	1.34% - 19.01%	171,722,482	13,149,304	-	184,871,786
Grade 7- to 8- substandard Grade 9 to 10 doubtful/loss	15.00% - 21.07% 100%	- -	7,017,657	3,667,626 - 16,938,297	10,685,283 16,938,297
		574,232,438	36,066,877	20,605,923	630,905,238
Loss allowance		(2,749,760)	(2,641,065)	(7,396,188)	(12,787,013)
Carrying amount		571,482,678	33,425,812	13,209,735	618,118,225
Financial investments at fair value through
other comprehensive income
Grades 1 to 4- low risk Carrying amount atfair value	0.03% - 0.50%	140,755,780 140,755,780	- -	-	140,755,780 - 140,755,780
Loss allowance		(83,233)		-	- (83,233)
Financial investments at amortised cost Grades 1 to 4- low risk	0.02% - 0.46%	18,758,990	-	-	18,758,990
Grades 5+ to 5- fair risk	2.25%	9,771,244	-		- 9,771,244
		28,530,234	-		- 28,530,234
Loss allowance		(131,161)		-	- (131,161)
Carrying amount		28,399,073	-		- 28,399,073
Guarantees
Grades 1 to 4- low risk	0.39% - 0.96%	11,289,250	-	-	11,289,250
Grades 5+ to 5- fair risk Grades 6+ to 7high risk	0.42% - 2.99% 1.48% - 18.65%	24,272,567 3,483,112	- 30,069	- -	24,272,567 3,513,181
		39,044,929	30,069	-	39,074,998
Carrying amount		(7,778)	(50)		- (7,828)
Loss allowance
Commitments Grades 1 to 4- low risk	0.16% - 0.78%	6,727,973	-	-	6,727,973
Grades 5+ to 5- fair risk	1.16% - 3.15%	40,310,914	1,235,036	-	41,545,950
Grades 6+ to 7high risk Carrying amount	1.83% - 10.76%	40,655,124 87,694,011	11,291,040 12,526,076	- -	51,946,164 100,220,087

6.1.3 Measurement of expected credit losses The recognition and measurement of expected credit losses involves the use of significant judgement and estimation. The Group's and Bank's methodology in relation to the estimation of ECLs is described in Note 5.2.1.3 of the Annual Report and Financial Statements 2023, with the Group's and Bank's methodology in relation to the adoption and generation of economic scenarios being described in detail in Note 5.2.1.7 of the Annual Report and Financial Statements 2023. There were no changes to the ECL methodology during the period ended 30 June 2024. The Group applies three economic scenarios to capture non-linearity across portfolios in the estimation of ECLs: a base case, which is the median scenario assigned a 40% probability of occurring, and two less likely scenarios, namely an upside and a downside scenario, each assigned a 30% probability of occurrence. Moody's Analytics regularly updates the base case forecast and alternative scenarios. The upside and downside scenario represent hypothetical events that push the economy away from the base case outlook. Forecasted economic data in respect of each of the three scenarios are sourced from Moody's Analytics on a quarterly basis. The historical data in the Group's model reflects economic data published by national statistics offices and reputable third-party aggregators such as the World Bank and the International Monetary Fund. There were no changes to the probability weightings assigned in respect of each of the three economic scenarios during the financial period ended 30 June 2024. The model applies three possible scenarios covering a wide range of possible outcomes. Each scenario assumes different economic

circumstances, including assumptions around global oil prices, the impact of the EU's embargo on Russian oil and tensions in the Middle East, supply chain problems, monetary and fiscal policy decisions, and growth levels. The main assumptions used in the model include different levels of: • geopolitical tensions, growth outlook, labour market conditions, supply chain shortages; • financial market conditions, debt sustainability, fiscal stimulus, consumer and business sentiment; • oil prices, gas supply, surging energy costs, inflation, unemployment rates, GDP rates, input prices and demand for services; and

-

-

• deposit rates, bond yields, disposable income, interbank market rates, money and bond market sentiment. As at 30 June 2024 and 31 December 2023, the projected macroeconomic paths in respect of the key macroeconomic variables selected for the top five geographical regions applied in the ECL calculation across the three macroeconomic scenarios and for the five-year forecasted period from the financial year ending 30 June 2025 to 2029 (31 December 2023: 31 December 2024 to 2028) are presented in the following tables. Given that the Group and Bank present information in respect of the top five geographical regions in terms of exposure amounts at each reporting date, different countries might be presented for different financial years in order to present information which is relevant for the ECL calculation at each respective reporting date. 30 June 2024

Country: Malta		2025	2026	2027	2028	2029
Equity: MSE index, year-on-year	Base	10.9%	12.1%	11.2%	8.4%	6.5%
	Upside	17.9%	13.8%	10.6%	7.6%	6.1%
	Downside	-13.7%	16.0%	18.0%	11.9%	8.5%
Real GDP growth rate	Base	3.6%	2.6%	3.7%	3.4%	3.2%
	Upside	6.7%	2.1%	3.4%	3.0%	3.1%
	Downside	-2.9%	3.2%	5.0%	3.5%	3.2%
Unemployment rate	Base	2.5%	2.9%	3.3%	3.2%	3.1%
	Upside	2.4%	2.8%	3.2%	3.1%	3.0%
	Downside	2.9%	3.4%	3.4%	3.3%	3.2%

Country: Germany		2025	2026	2027	2028	2029
Equity: DAX Index, year-on-year	Base	1.7%	3.3%	3.4%	3.2%	3.0%
	Upside	9.7%	4.2%	2.2%	1.2%	2.8%
	Downside	-34.1%	12.6%	19.8%	13.9%	5.4%
Real GDP growth rate	Base	1.2%	1.5%	1.1%	1.0%	0.9%
	Upside	3.9%	1.1%	0.9%	1.0%	0.9%
	Downside	-4.7%	2.1%	2.3%	1.1%	0.9%
Unemployment rate	Base	5.9%	5.7%	5.6%	5.6%	5.6%
	Upside	5.4%	5.3%	5.4%	5.5%	5.5%
	Downside	7.0%	7.1%	6.3%	6.0%	5.9%
Country: India		2025	2026	2027	2028	2029
Equity: Sensex Index, year-on-year	Base	5.4%	6.1%	6.7%	6.9%	6.9%
	Upside	15.1%	5.6%	4.9%	5.4%	6.3%
	Downside	-29.1%	20.5%	18.9%	11.9%	7.8%
Real GDP growth rate	Base	6.5%	6.2%	6.3%	6.7%	6.6%
	Upside	8.5%	7.4%	6.7%	6.7%	6.6%
	Downside	-2.1%	5.2%	6.8%	7.5%	7.3%
Unemployment rate	Base	6.9%	7.0%	7.0%	7.0%	7.0%
	Upside	6.5%	6.6%	6.7%	6.8%	6.9%
	Downside	9.3%	9.8%	8.3%	7.5%	7.2%
Exchange Rate, INR per USD	Base	82.23	83.76	84.83	85.56	86.23
	Upside	80.87	82.51	83.56	84.28	84.95
	Downside	86.38	88.53	89.66	90.43	91.15
Country: Egypt		2025	2026	2027	2028	2029
Equity: EGX 30 Index, year-on-year	Base	5.0%	2.6%	3.9%	2.0%	1.7%
	Upside	17.7%	-1.0%	1.4%	0.0%	1.4%
	Downside	-35.5%	23.7%	20.4%	8.3%	3.3%
Real GDP growth rate	Base	4.9%	5.3%	5.6%	5.5%	5.2%
	Upside	7.4%	5.4%	5.6%	5.5%	5.2%
	Downside	-0.3%	5.4%	6.5%	6.2%	5.7%
Unemployment rate	Base	7.2%	7.4%	7.5%	7.6%	7.7%
	Upside	6.8%	7.1%	7.3%	7.6%	7.7%
	Downside	9.1%	9.0%	8.4%	8.0%	7.9%
Country: United Arab Emirates		2025	2026	2027	2028	2029
Equity: ADX General Index, year-on-year	Base	-1.6%	0.7%	2.4%	2.7%	3.1%
	Upside	5.3%	-0.4%	1.7%	1.9%	3.0%
	Downside	-37.3%	20.0%	8.2%	6.3%	5.4%
Unemployment rate	Base	2.8%	2.6%	2.4%	2.3%	2.3%
	Upside	2.2%	2.2%	2.4%	2.3%	2.3%
	Downside	3.7%	3.0%	2.6%	2.4%	2.3%
Futures Price: NYMEX Light Sweet Crude
Oil, USD per barrel	Base	76.54	71.73	71.03	71.25	71.39
	Upside	79.46	72.98	72.10	72.25	72.50
	Downside	58.56	63.98	68.91	69.13	69.72

31 December 2023
Country: Germany		2024	2025	2026	2027	2028
Equity: DAX Index, year-on-year	Base	8.4%	2.5%	3.3%	3.3%	2.3%
	Upside	14.8%	6.2%	3.8%	1.8%	1.3%
	Downside	-28.6%	28.8%	14.4%	4.6%	2.3%
Real GDP growth rate	Base	0.7%	1.9%	1.9%	1.4%	1.1%
	Upside Downside	3.4% -5.2%	1.6% 2.5%	1.7% 3.1%	1.4% 1.5%	1.1% 1.1%
Unemployment rate	Base	5.9%	5.7%	5.6%	5.4%	5.3%
	Upside	5.4%	5.3%	5.4%	5.3%	5.3%
	Downside	6.9%	7.1%	6.4%	5.9%	5.6%
Country: Malta		2024	2025	2026	2027	2028
Equity: MSE index, year-on-year	Base	9.2%	12.3%	13.4%	10.6%	8.3%
	Upside	22.1%	8.9%	11.9%	8.5%	7.2%
	Downside	-22.3%	31.3%	26.1%	12.8%	8.9%
Real GDP growth rate	Base	4.0%	4.0%	3.2%	3.1%	3.2%
	Upside Downside	7.1% -2.6%	3.6% 4.7%	2.8% 4.5%	2.8% 3.3%	3.2% 3.2%
Unemployment rate	Base	3.8%	3.8%	3.6%	3.6%	3.6%
	Upside	3.8%	3.7%	3.5%	3.5%	3.5%
	Downside	4.3%	4.3%	3.7%	3.7%	3.7%
Country: India		2024	2025	2026	2027	2028
Equity: Sensex Index, year-on-year	Base	10.7%	7.2%	7.0%	7.6%	7.0%
	Upside	19.0%	5.7%	7.9%	6.1%	6.5%
Real GDP growth rate	Downside Base	-25.5% 6.8%	21.8% 6.2%	19.3% 6.3%	12.4% 6.2%	5.6% 6.5%
	Upside	8.8%	7.4%	6.8%	6.2%	6.5%
	Downside	-1.8%	5.1%	6.9%	7.1%	7.2%
Unemployment rate	Base	7.3%	7.3%	7.2%	7.2%	7.1%
	Upside Downside	6.9% 9.6%	6.9% 10.1%	6.9% 8.6%	6.9% 7.6%	6.9% 7.3%
Exchange Rate, INR per USD	Base	82.49	83.12	83.34	83.59	84.14
	Upside	81.12	81.89	82.10	82.35	82.89
	Downside	86.64	87.86	88.09	88.36	88.94
Country: Egypt		2024	2025	2026	2027	2028
Equity: EGX 30 Index, year-on-year	Base	14.4%	6.5%	5.8%	4.4%	2.6%
	Upside	29.8%	3.3%	4.1%	1.2%	1.6%
	Downside	-33.5%	33.4%	24.0%	10.6%	3.9%
Real GDP growth rate	Base Upside	4.0% 6.5%	5.5% 5.6%	5.0% 5.0%	4.9% 4.9%	4.8% 4.8%
	Downside	-1.1%	5.6%	5.9%	5.6%	5.3%
Unemployment rate	Base	7.4%	7.4%	7.6%	7.8%	7.9%
	Upside	7.0% 9.3%	7.1% 9.0%	7.4% 8.5%	7.8% 8.2%	7.9% 8.1%
	Downside

Country: Italy		2024	2025	2026	2027	2028
Equity: FTSE MIB Index, year-on-year	Base	7.7%	8.7%	10.9%	6.2%	4.4%
	Upside	17.5%	8.6%	9.4%	4.2%	3.7%
	Downside	-28.3%	30.1%	23.1%	9.0%	4.5%
Unemployment rate	Base	8.1%	8.3%	8.4%	8.4%	8.4%
	Upside	7.8%	7.9%	8.1%	8.2%	8.3%
	Downside	10.6%	11.0%	10.3%	9.8%	9.5%
Real GDP growth rate	Base	1.2%	1.7%	1.8%	1.6%	1.4%
	Upside	3.5%	1.5%	1.6%	1.5%	1.4%
	Downside	-5.0%	2.3%	3.1%	1.7%	1.4%
The ECL is sensitive to judgements and scenarios and how such scenarios are 2024 remains elevated as a result of the environment being currently experienced, The tables below show the loss allowance macroeconomic scenarios (base case,	assumptions made in incorporated into the economic effects as well as the assuming that upside and downside)	respect of the ECL calculation. of the significant geopolitical tensions 100% probability instead of	formulation and The level of inflationary between Russia weights were applying a weighted	calibration of estimation uncertainty pressures and the and Ukraine assigned to each average ECL	forward-looking and judgement ensuing elevated and the Middle East of the three across the three	macroeconomic as at 30 June interest rate conflict. forward-looking macroeconomic
scenarios. For ease of comparison, the Financial Statements. Group – 30 June 2024	tables also include	the probability-weighted	amounts	that are	reflected in the	Condensed Interim
						Probability-
			Upside USD	Base Case USD	Downside USD	weighted USD

	Downside	10.6% 11.0%	10.3%	9.8%	9.5%
Real GDP growth rate	Base	1.2% 1.7%	1.8%	1.6%	1.4%
	Upside	3.5% 1.5%	1.6%	1.5%	1.4%
	Downside	-5.0% 2.3%	3.1%	1.7%	1.4%
Financial Statements.
Group – 30 June 2024
					Probability-
		Upside USD	Base Case USD	Downside USD	weighted USD
Loans and advances to customers
Gross exposure Loss allowance		434,566,155 15,999,938	434,566,155 16,408,605	434,566,155 18,434,382	434,566,155 17,494,969
Group – 31 December 2023
					Probability-
		Upside USD	Base Case USD	Downside USD	weighted USD
Loans and advances to customers
Gross exposure Loss allowance		450,255,367 16,996,812	450,255,367 17,728,585	450,255,367 21,341,671	450,255,367 18,913,293
Bank – 30 June 2024
					Probability-
		Upside USD	Base Case USD	Downside USD	weighted USD
Loans and advances to customers
Gross exposure		589,474,912	589,474,912	589,474,912	589,474,912
Loss allowance		13,967,598	14,259,063	15,944,265	15,731,032

Bank – 31 December 2023	Upside USD	Base Case USD	Downside USD	Probability- weighted USD
Loans and advances to customers Gross exposure Loss allowance	630,905,238 9,477,335	630,905,238 10,049,349	630,905,238 13,187,940	630,905,238 12,787,013
6.1.4 Reconciliation of gross carrying amounts	and allowances for	ECL
The following disclosure provides a reconciliation by stage of the Group's gross carrying/nominal amounts and credit loss allowances 'Loans and advances to customers'.				for
	financial assets originated or purchased	and further lending'	and 'Financial	assets that have

'Loans and advances to customers'. Within the following tables, the line items 'New financial assets originated or purchased and further lending' and 'Financial assets that have been repaid or partially repaid' represent movements within the Group's lending portfolios in respect of gross carrying amounts and associated credit loss allowances. The former represents new lending sanctioned during the financial reporting period ended 30 June 2024. The latter reflects repayments that occurred during the financial reporting period ended 30 June 2024, which however, would only have existed on the Group's Statement of Financial Position as at 31 December 2023. Accordingly, repayments and disposals relating to loans sanctioned during the financial reporting period are netted off against new lending included within 'New financial assets originated or purchased and further lending'. The line items showing transfers of financial instruments across stages represent the impact of stage transfers upon the gross carrying

amount and associated allowance for ECL excluding the impact of remeasurement of ECL due to stage transfers. The 'Net remeasurement of loss allowance' represents the increase or decrease due to these transfers, for example, moving from a 12-month (Stage 1) to a lifetime (Stage 2) ECL measurement basis, including the movements in underlying credit risk grades attributable to the financial instruments transferring stage. Movements in ECL in respect of exposures classified within the same stage as at the beginning and end of the reporting period and arising as a result of changes to the underlying PDs and LGDs, including as a result of changes in macroeconomic scenarios, are reflected in the 'Changes in risk parameters' line item.

Group–30June2024

		d No it n-c re	d im ire pa	d d Cre it im ire pa
	Sta 1 ge		Sta 2 ge		Sta 3 ge		To l ta
	Gr ing oss car ry	l low A an ce	Gr ing oss car ry	l low A an ce	Gr ing oss car ry	l low A an ce	Gr ing oss car ry	l low A an ce
	nt am ou	for EC L	nt am ou	for EC L	nt am ou	for EC L	nt am ou	for EC L
	US D	US D	US D	US D	US D	US D	US D	US D
d dv Loa to sto ns an a an ces cu me rs
lan Ba 1 Jan at ce ua ry	34 8, 32 2, 14 3	( ) 1, 99 2, 93 3	74 81 7, 85 3 ,	( ) 3, 23 5, 20 1	27 11 5, 37 1 ,	( ) 13, 68 5, 15 9	45 0, 25 5, 36 7	( ) 18, 91 3, 29 3
fer Sta Tra 1 to ns ge	58 72 4, 7	( ) 3, 46 5	( ) 58 72 4, 7	3, 46 5	-	-	-	-
fer Sta 2 Tra to ns ge	( ) 8, 03 09 9 1,	3, 02 9	8, 03 09 9 1,	( ) 3, 02 9	-	-	-	-
fer Tra Sta 3 to ns ge	-	-	( ) 1, 15 0, 29 1	28 84 3 ,	1, 15 0, 29 1	( ) 28 84 3 ,	-	-
f los l low fro fer Ne is ing t t sta tra rem ea su rem en o s a an ce ar m ge ns s	-	3, 46 5	-	( ) 12 8	-	( ) 71 15 7 ,	-	( ) 67 82 0 ,
ha in ris k C ete ng es pa ram rs	-	22 1, 31 8	-	( ) 1, 65 4, 48 5	-	( ) 3, 16 6, 80 1	-	( ) 4, 59 9, 96 8
fin ia l ig ina d ha d d fur he len d ing Ne ets te t w an c ass or or pu rc se an r	35 6, 93 2, 88 2	( ) 93 6, 24 3	26 81 6, 81 8 ,	( ) 95 68 5 ,	15 69 5 ,	( ) 3, 57 9	38 3, 76 5, 39 5	( ) 1, 03 5, 50 7
l ha hav be d l ly d Fin ia i rtia i ets t t an c ass e en rep a or pa rep a	( ) 33 7, 44 0, 68 7	62 4, 74 0	( ) 35 02 3, 04 6 ,	40 45 2 ,	( ) 9, 21 9, 68 0	2, 84 0, 68 1	( ) 38 1, 68 3, 41 3	3, 50 5, 87 3
f fs W rite -o	-	-	-	-	( ) 3, 79 8, 68 6	3, 29 1, 00 9	( ) 3, 79 8, 68 6	3, 29 1, 00 9
ha d he Fo ign ot nts re exc ng e an r mo ve me	( ) 9, 68 4, 62 2	1, 22 2	( ) 3, 64 6, 22 3	20	( ) 64 1, 66 3	32 3, 49 5	( ) 13, 97 2, 50 8	32 4, 73 7
lan Ba 30 Ju at ce ne	35 0, 68 3, 34 4	( ) 2, 07 8, 86 7	69 26 1, 48 3 ,	( ) 4, 91 5, 74 8	14 62 1, 32 8 ,	( ) 10, 50 0, 35 4	43 4, 56 6, 15 5	( ) 17, 49 4, 96 9
for EC L ha he rio d t c ng e pe								1, 41 8, 32 4
f f As itte set s wr n o								( ) 3, 79 8, 68 6
ha d d los lu d f f f fs C in it ing ite cte ect ng e ex pe cre ses ex c e o wr -o								( ) 2, 38 0, 36 2
ies Re cov er								79 2, 86 5
ha d he Fo ign ot nts re exc ng e an r mo ve me								( ) 32 4, 73 7
ha d d los d he d C in it it im irm cte ot t ng e ex pe cre ses an r cre pa en
ha c rge s								( ) 91 2, 23 1, 4
					As 30 Jun 20 at e	24	hs de d S ix nt mo en	30 Jun 20 24 e
							in Ne t nt mo ve me
				Gr oss	/ l low d d ing A cte car ry an ce ex pe cre			los d he ot ses an r

Ne in t nt mo ve me / l low d d los d he Gr ing A it cte ot oss car ry an ce ex pe cre ses an mi l for d it im irm ha No EC L nt t na am ou cre pa en c rge US D US D US D f ( ) ( Ba lan wit h Ce l Ba k Ma lta b i l ls d h 19 5, 12 4, 26 2 10 0, 52 9 16, 50 ntr tre ces a n o asu ry an cas , ( ) ( Loa d dv ba ks 92 37 69 27 85 3 38 26 to 5, 5 7, ns an a an ces n , , d dv ( ) ( Loa 43 4, 56 6, 15 5 17, 49 4, 96 9 1, 91 2, 23 4 to tom ns an a an ces cus ers l d ( ) Fin ia inv ise 11 32 1, 01 2 1, 00 0 13 0, 16 est nts at ort st an c me am co , f f- ba lan he et: ce s ( ) ( Gu 27 20 73 2 66 48 1, 55 4 11 nte ara es – , , , ( ) ( Co itm 11 9, 65 2, 65 4 21 3, 43 2 13 1, 12 ts mm en – ( ) ( Su f f ina ia l ins h ic h he im irm ire in S 9 l ie d in inc 88 0, 24 0 18, 3, 2, 01 6, 08 3 IFR 1, 51 14 44 7 tru nts to t t nts sta tem t mm ary o nc me w pa en req u me are ap p om e en
Fin ia l inv fa ir lue hro h he he ive inc ( ) 13 1, 81 2, 52 8 62 30 2 20 93 est nts at t ot an c me va ug r co mp re ns om e , ,
/ /re l l low for l (c ha ) lea ( ) ( To EC L To inc EC L 18, 20 5, 74 9 1, 99 5, 15 2 ta ta sta tem t a an ce om e en rge se

Group–31December2023

		d No it n-c re	d im ire pa		d d Cre it im ire pa
	Sta 1 ge		Sta 2 ge		Sta 3 ge		To l ta
	Gr ing oss car ry	l low A an ce	Gr ing oss car ry	l low A an ce	Gr ing oss car ry	l low A an ce	Gr ing oss car ry	l low A an ce
	nt am ou	for EC L	nt am ou	for EC L	nt am ou	for EC L	nt am ou	for EC L
	US D	US D	US D	US D	US D	US D	US D	US D
d dv Loa to sto ns an a an ces cu me rs
lan Ba 1 Jan at ce ua ry	33 2, 45 2, 35 4	( ) 1, 80 7, 61 0	12 4, 62 0, 78 4	( ) 3, 73 8, 80 4	10 2, 53 1, 82 6	( ) 69 53 0, 49 3 ,	55 9, 60 4, 96 4	( 75 07 6, 90 7 ,
fer Sta Tra 1 to ns ge	6, 97 97 8 1,	( ) 12 6, 02 3	( ) 6, 97 97 8 1,	12 6, 02 3	-	-	-	-
fer Sta 2 Tra to ns ge	( ) 83 2, 49 9	3	83 2, 49 9	( ) 3	-	-	-	-
f los l low fro fer Ne is ing t t sta tra rem ea su rem en o s a an ce ar m ge ns s	-	( ) 42 47 9 ,	-	( ) 3, 46 2	-	-	-	( 45 94 1 ,
ha k C in ris ete ng es pa ram rs	-	( ) 19 0, 90 7	-	26 3, 92 9	-	( ) 1, 11 3, 92 3	-	( 1, 04 0, 90 1
fin ia l ig ina d ha d d fur he len d ing Ne ets te t w an c ass or or pu rc se an r	40 8, 21 1, 81 5	( ) 1, 48 9, 02 0	45 06 5, 10 3 ,	( ) 20 9, 00 7	54 68 4 ,	( ) 38 40 6 ,	45 3, 33 1, 60 2	( 1, 73 6, 43 3
Fin ia l ha hav be i d rtia l ly i d ets t t an c ass e en rep a or pa rep a	( ) 40 3, 90 1, 64 1	1, 66 2, 93 4	( ) 87 35 6, 48 3 ,	29 9, 50 4	( ) 16 81 2, 66 2 ,	1, 39 4, 34 8	( ) 50 8, 07 0, 78 6	3, 35 6, 78 6
f fs W rite -o	-	-	( ) 65 00 7 ,	26 71 1 ,	( ) 59 66 3, 55 6 ,	56 14 9, 59 4 ,	( ) 59 72 8, 56 3 ,	56 17 6, 30 5 ,
ha d he Fo ign ot nts re exc ng e an r mo ve me	5, 42 0, 13 6	16 9	( ) 1, 30 7, 06 5	( ) 92	1, 00 5, 07 9	( ) 54 6, 27 9	5, 11 8, 15 0	( 54 6, 20 2
lan be Ba 31 De at ce cem r	34 8, 32 2, 14 3	( ) 1, 99 2, 93 3	74 81 7, 85 3 ,	( ) 3, 23 5, 20 1	27 11 5, 37 1 ,	( ) 13, 68 5, 15 9	45 0, 25 5, 36 7	( 18, 91 3, 29 3
for EC L ha he rio d t c ng e pe								56 16 3, 61 4 ,
f f As itte set s wr n o								( 59 72 8, 56 3 ,
ha in d d it los lu d ing f f ite f fs C cte ect ng e ex pe cre ses ex c e o wr -o								( 3, 56 4, 94 9
Re ies cov er								63 9, 39 5
ign ha d he Fo ot nts re exc ng e an r mo ve me								6, 20 2 54
ha in d d it los d he d it im irm C cte ot t ng e ex pe cre ses an r cre pa en
ha c rge s								( 2, 37 9, 35 2
							lve hs Tw nt e mo	de d 31 en
				As	be 31 De at ce m r	20 23	be De 20 23 ce m r
							Ne	in t nt mo ve me
				Gr oss	/ ing car ry	l low A an ce	d d it cte ex pe cre	los d he ot ses an r

	As 31 De at ce m	be 20 23 r	lve hs de d Tw 31 nt e mo en be De 20 23 ce m r
			in Ne t nt mo ve me
	/ Gr ing oss car ry	l low A an ce	d d los d he it cte ot ex pe cre ses an r
	l No mi nt na am ou	for EC L	d ha it im irm t cre pa en c rge s
	US D	US D	US D
lan h l k f lta b l ls d h Ba wit Ce Ba Ma i ntr tre ces a n o asu ry an cas	35 3, 09 4, 21 2	( ) 84 02 6	34 02 1
, d dv ba ks Loa to ns an a an ces n	15 3, 05 4, 53 2	, ( ) 23 9, 58 4	, 20 2, 53 6
d dv Loa to tom ns an a an ces cus ers	45 0, 25 5, 36 7	( ) 18, 91 3, 29 3	( 2, 37 9, 35 2
Fin ia l inv ise d est nts at ort st an c me am co	28 53 0, 23 4 ,	( ) 13 1, 16 1	( 91 47 4 ,
f f- ba lan he O et ce s
Gu nte ara es –	28 02 5, 27 4 ,	( ) 7, 55 1	36 22 4 ,
Co itm ts mm en –	14 7, 80 3, 70 7	( ) 82 30 7 ,	19 4, 81 3
f f l h h he l d Su ina ia ins ic im irm ire in IFR S 9 ie in inc tru nts to t t nts sta tem t mm ary o nc me w pa en req u me are ap p om e en	1, 16 0, 76 3, 32 6	( ) 19, 45 7, 92 2	( 2, 00 3, 23 2
l fa lue hro h he he Fin ia inv ir ive inc est nts at t ot an c me va ug r co mp re ns om e	14 0, 75 5, 78 0	( ) 83 23 3 ,	42 34 4 ,
/ /re l l low for l inc (c ha ) lea To EC L To EC L ta ta sta tem t a an ce om e en rge se		( ) 19, 54 1, 15 5	( 1, 96 0, 88 8

Bank–30June2024

	d d No it im ire n-c re pa				d Cre it im	d ire pa
	Sta 1 ge		Sta 2 ge		Sta ge	3	l To ta
	ing Gr oss car ry	l low A an ce	ing Gr oss car ry	l low A an ce	ing Gr oss car ry	l low A an ce	ing Gr oss car ry	l low A an ce
	nt am ou	for EC L	nt am ou	for EC L	nt am ou	for EC L	nt am ou	for EC L
	US D	US D	US D	US D	US D	US D	US D	US D
Loa d dv to sto ns an a an ces me rs cu
lan Ba 1 Jan at ce ua ry	57 4, 23 2, 43 8	( ) 2, 74 9, 76 0	36 06 6, 87 7 ,	( ) 2, 64 1, 06 5	20 60 5, 92 3 ,	( 7, 39 6, 18 8	) 63 0, 90 5, 23 8	( 12, 78 7, 01 3
fer Tra Sta 1 to ns ge	56 9, 28 0	( ) 3, 46 5	( ) 56 9, 28 0	3, 46 5	-	-	-	-
fer Tra Sta 2 to ns ge	( ) 7, 72 6, 32 5	-	7, 72 6, 32 5	-	-	-	-	-
f los l low fro fer Ne is ing t t sta tra rem ea su rem en o s a an ce ar m ge ns s	-	3, 46 5	-	-	-	-	-	3, 46 5
ha k C in ris ete ng es pa ram rs	-	1, 01 3, 02 1	-	( ) 1, 47 3, 13 0	-	( 2, 94 1, 31 3	) -	( 3, 40 1, 42 2
fin fur Ne ia l ig ina d ha d d he len d ing ets te t w an c ass or or pu rc se an r	26 2, 64 7, 32 9	( ) 81 2, 49 7	18, 04 7, 98 2	( ) 78 42 5 ,	3, 57 9	( 3, 57 9	) 28 0, 69 8, 89 0	( 89 4, 50 1
Fin ia l ha hav be i d rtia l ly i d ets t t an c ass e en rep a or pa rep a	( ) 28 3, 90 3, 61 7	69 1, 71 8	( ) 19, 98 9, 95 3	11 11 1 ,	( ) 6, 20 3, 40 5	57 0, 79 7	( ) 31 0, 09 6, 97 5	1, 27 3, 62 6
f fs W rite -o	-	-	-	-	( ) 50 3, 59 5	-	( ) 50 3, 59 5	-
ign ha d he Fo ot nts re exc ng e an r mo ve me	( ) 10, 49 22 8 5,	-	( ) 65 33 7, 7	-	( ) 37 6, 08 1	74 81 3 ,	( ) 11, 52 8, 64 6	74 81 3 ,
lan 30 Ba at Ju ce ne	53 32 3, 87 5, 7	( ) 85 8 1, 7, 51	40 62 61 4, 4 ,	( ) 8, 04 4, 17 4	13 52 6, 42 1 ,	( 9, 69 0 5, 47	) 58 9, 91 2 47 4,	( 73 03 2 15, 1,
ha for he d EC L rio t c ng e pe								( 2, 94 4, 01 9
f f As itte set s wr n o								( 50 3, 59 5
ha in d d it los lu d ing f f ite f fs C cte ect ng e ex pe cre ses ex c e o wr -o								( 3, 61 44 7, 4
Re ies cov er								71 4, 83 5
ha d he Fo ign ot nts re exc ng e an r mo ve me								( 74 81 3 ,
ha in d d it los d he d it im irm C cte ot t ng e ex pe cre ses an r cre pa en
ha c rge s								( 2, 80 7, 59 2
					30 20 As Jun at e	24	S ix hs de d nt mo en	30 20 24 Jun e
							Ne	in t nt mo ve me
				Gr oss	/ ing car ry	l low A an ce	d d it cte ex pe cre	los d he ot ses an r
				l No mi na	nt am ou	for EC L	d it im cre pa	ha irm t en c rge s

charges

in Ne t nt mo ve me / l low d d los d he Gr ing A it cte ot oss car ry an ce ex pe cre ses an r l for d ha No mi EC L it im irm nt t na am ou cre pa en c rge s US D US D US D lan wit h l k f lta b i l ls d h ( ) ( Ce Ba Ma 19 5, 11 2, 81 9 10 0, 52 9 16, 50 3 ntr tre ces a n o asu ry an cas , d dv ba ks ( ) ( 77 81 4, 42 6 25 8, 09 0 42 41 2 to ns an a an ces n , , d dv ( ) ( 58 9, 47 4, 91 2 15, 73 1, 03 2 2, 80 7, 59 2 to tom ns an a an ces cus ers ia l inv ise d ( ) 11 32 1, 01 2 1, 00 0 13 0, 16 1 est nts at ort st an c me am co , f f- ba lan he et: ce s ( ) ( Gu 43 25 9, 97 0 75 90 6 68 07 8 nte ara es – , , , ( ) ( Co itm 11 4, 50 2, 04 2 21 3, 43 2 13 1, 12 5 ts mm en – f f ina ia l ins h ic h he im irm ire in l ie d in inc ( ) ( IFR S 9 1, 03 1, 48 5, 18 1 16, 37 9, 98 9 2, 93 5, 54 9 tru nts to t t nts sta tem t mm ary o nc me w pa en req u me are ap p om e en fa ( ) ia l inv ir lue hro h he he ive inc 13 1, 81 2, 52 8 62 30 2 20 93 1 est nts at t ot an c me va ug r co mp re ns om e , , / (c ) /re ( ) ( l l low for EC L l inc EC L ha lea 16, 44 2, 29 1 2, 91 4, 61 8 ta To ta sta tem t a an ce om e en rge se		As 30 Jun at	20 24 e	hs de d S ix 30 Jun 20 24 nt mo en e
) ) ) ) ) ) )
	Ba
	Loa
	Loa
	Fin
	O
	Su
	Fin
	To

Bank–31December2023

		d No it n-c re	d im ire pa		d d Cre it im ire pa
	Sta 1 ge		Sta 2 ge		Sta 3 ge		To l ta
	Gr ing oss car ry	l low A an ce	Gr ing oss car ry	l low A an ce	Gr ing oss car ry	l low A an ce	Gr ing oss car ry	l low A an ce
	nt am ou	for EC L	nt am ou	for EC L	nt am ou	for EC L	nt am ou	for EC L
	US D	US D	US D	US D	US D	US D	US D	US D
d dv Loa to sto ns an a an ces cu me rs
lan Ba 1 Jan at ce ua ry	62 0, 98 8, 50 0	( ) 1, 73 0, 64 7	72 44 7, 46 8 ,	( ) 2, 56 2, 04 7	93 83 5, 37 6 ,	( ) 64 06 8, 22 3 ,	78 7, 27 1, 34 4	( 68 36 0, 91 7 ,
fer Sta Tra 1 to ns ge	18, 02 1	-	( ) 18, 02 1	-	-	-	-	-
fer Sta 2 Tra to ns ge	( ) 83 2, 9 47	3	83 2, 9 47	( ) 3	-	-	-	-
f los l low fro fer Ne is ing t t sta tra rem ea su rem en o s a an ce ar m ge ns s	-	-	-	( ) 3, 46 2	-	-	-	( 3, 46 2
ha k C in ris ete ng es pa ram rs	-	( ) 85 9, 17 2	-	( ) 15 6, 71 7	-	12 1, 34 3	-	( 89 4, 54 6
fin ia l ig ina d ha d d fur he len d ing Ne ets te t w an c ass or or pu rc se an r	33 7, 28 3, 42 6	( ) 1, 37 2, 15 6	27 93 3, 69 4 ,	( ) 11, 11 1	54 68 4 ,	( ) 38 40 6 ,	36 5, 27 1, 80 4	( 1, 42 1, 67 3
Fin ia l ha hav be i d rtia l ly i d ets t t an c ass e en rep a or pa rep a	( ) 39 6, 31 2, 43 7	1, 21 2, 21 2	( ) 65 16 8, 75 3 ,	65 56 4 ,	( ) 15 18 2, 71 0 ,	1, 28 0, 42 6	( ) 47 6, 66 3, 90 0	2, 55 8, 20 2
f fs W rite -o	-	-	( ) 65 00 7 ,	26 71 1 ,	( ) 59 58 3, 02 3 ,	56 06 9, 06 2 ,	( ) 59 64 8, 03 0 ,	56 09 5, 77 3 ,
ha d he Fo ign ot nts re exc ng e an r mo ve me	13 08 7, 40 7 ,	-	10 5, 01 7	-	1, 48 1, 59 6	( ) 76 0, 39 0	14 67 4, 02 0 ,	( 76 0, 39 0
lan be Ba 31 De at ce cem r	57 4, 23 2, 43 8	( ) 2, 74 9, 76 0	36 06 6, 87 7 ,	( ) 2, 64 1, 06 5	20 60 5, 92 3 ,	( ) 7, 39 6, 18 8	63 0, 90 5, 23 8	( 12, 78 7, 01 3
for EC L ha he rio d t c ng e pe								55 57 3, 90 4 ,
f f As itte set s wr n o								( 59 64 8, 03 0 ,
ha in d d it los lu d ing f f ite f fs C cte ect ng e ex pe cre ses ex c e o wr -o								( 4, 07 4, 12 6
Re ies cov er								10 2, 08 6
ign ha d he Fo ot nts re exc ng e an r mo ve me								76 0, 39 0
ha in d d it los d he d it im irm C cte ot t ng e ex pe cre ses an r cre pa en
ha c rge s								( 3, 21 1, 65 0
							lve hs Tw nt e mo	de d 31 en
				As	be 31 De at ce m r	20 23	be De ce m r	20 23
							Ne	in t nt mo ve me
				Gr oss	/ ing car ry	l low A an ce	d d it cte ex pe cre	los d he ot ses an r

charges

be be As 31 De 20 23 De 20 23 at ce m r ce m r in Ne t nt mo ve me / l low d d los d he Gr ing A it cte ot oss car ry an ce ex pe cre ses an l for d ha No mi EC L it im irm nt t na am ou cre pa en c rge US US US D D D lan h l k f lta b l ls d h ( ) Ba wit Ce Ba Ma i 35 3, 08 1, 08 3 84 02 6 34 02 ntr tre ces a n o asu ry an cas , , , d dv ba ks ( ) Loa 11 4, 54 0, 92 1 21 5, 67 8 20 2, 09 to ns an a an ces n d dv ( ) ( Loa 63 0, 90 5, 23 8 12, 78 7, 01 3 3, 21 1, 65 to tom ns an a an ces cus ers Fin ia l inv ise d ( ) ( 28 53 0, 23 4 13 1, 16 1 91 47 est nts at ort st an c me am co , , f f- ba lan he O et: ce s ( ) Gu 39 07 4, 99 8 7, 82 8 67 59 nte ara es – , , ( ) ( Co itm 10 0, 22 0, 08 7 82 30 7 36 52 ts mm en – , , f f l h h he l d ( ) ( Su ina ia ins ic im irm ire in IFR S 9 ie in inc 1, 26 6, 35 2, 56 1 13, 30 8, 01 3 3, 03 5, 93 tru nts to t t nts sta tem t mm ary o nc me w pa en req u me are ap p om e en l fa lue hro h he he ( ) Fin ia inv ir ive inc 14 0, 75 5, 78 0 83 23 3 42 34 4 est nts at t ot an c me va ug r co mp re ns om e , ,
/ /re l l low for l inc (c ha ) lea ( ) ( To EC L EC L 13, 39 1, 24 6 2, 99 3, 59 ta tot sta tem t a an ce a om e en rge se

6.2.1 Valuation of financial instruments A number of the Group's Accounting Policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. The Group has an established control framework with respect to the measurement of fair values. This framework includes reports to the Group's Chief Financial Officer and Executive Management having overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values. Market risk and related exposure to fair value movement is also a key function of the Group's Assets-Liabilities Committee and all valuations of financial instruments are reported to the Committee for review and approval. Significant valuation issues are reported to the Group's Board Audit Committee. The Group measures fair values of an asset or liability using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements: • Level 1: inputs that are quoted (unadjusted) market prices in active markets for identical assets or liabilities. • Level 2: inputs other than quoted prices included within Level 1 that are observable either directly (i.e. as prices) or indirectly (i.e. derived from prices). This category includes assets or liabilities valued using quoted market prices in active markets for similar instruments; quoted prices for identical or similar instruments in markets that are considered less than active; or other valuation techniques in which all significant inputs are directly or indirectly observable from market data. • Level 3: inputs that are unobservable. This category includes all assets or liabilities for which the valuation technique includes inputs not based on observable data and the unobservable inputs have a significant effect on the instrument's valuation. This category also includes assets or liabilities that are valued based on quoted prices for similar instruments for which significant unobservable adjustments or assumptions are required to reflect differences between the instruments.

• Valuation techniques include net present value and discounted cash flow models, comparison to similar instruments for which market observable prices exist, and other valuation models. Assumptions and inputs used in valuation techniques include risk-free and benchmark interest rates, credit spreads and other premia used in estimating discount rates, bond and equity prices, foreign currency exchange rates, and expected price volatilities and correlations. The objective of valuation techniques is to arrive at a fair value measurement that reflects the price that would be received to sell the asset

or paid to transfer the liability in an orderly transaction between market participants at the measurement date. The Group uses widely recognised valuation models for determining the fair value of common and more simple financial instruments, like interest rate and currency swaps, that use only observable market data and require little management judgement and estimation. Observable prices and model inputs are usually available in the market for listed debt securities and exchange traded derivatives and simple over-thecounter derivatives like currency rate swaps. Availability of observable market prices and model inputs reduces the need for management judgement and estimation, and also reduces the uncertainty associated with the determination of fair values. Availability of observable market prices and inputs varies depending on the products and markets and is prone to changes based on specific events and general conditions in the financial markets. For more complex instruments, the Group uses proprietary valuation models, which are usually developed from recognised valuation models. Some or all of the significant inputs into these models may not be observable in the market and are derived from market prices or rates or are estimated based on assumptions. Examples of instruments involving significant unobservable inputs include certain loans and securities for which there is no active market. Valuation models that employ significant unobservable inputs require a higher degree of management judgement and estimation in the determination of fair value. Management judgement and estimation are usually required for the selection of an appropriate valuation model to be used, the determination of expected future cash flows on the financial instrument being valued, the determination of probability of counterparty default and prepayments, and the selection of appropriate discount rates. Fair value estimates obtained from models are adjusted for any other factors, such as liquidity risk or model uncertainties, to the extent that the Group believes that a third-party market participant would take them into account in pricing a transaction. Fair values reflect the credit risk of the instrument and include adjustments to take account of the credit risk of the Group entity and the counterparty where appropriate.

6.2.2 Financial instruments measured at fair value – fair value hierarchy The table below analyses financial instruments measured at fair value by the level in the fair value hierarchy into which the fair value

Financial instruments measured at fair value –	fair value hierarchy
The table below analyses financial instruments measured at fair measurement is categorised.	value by the level in the	fair value	hierarchy into which	the fair value
	Level 1 USD	Level 2 USD	Level 3 USD	Total USD
Assets
Derivative assets held for risk management: foreign exchange – Trading assets Financial investments at fair value through profit or loss	- - -	639,798	- - 346,215,116 - 17,469,694	639,798 346,215,116 17,469,694
Financial investments at fair value through other comprehensive income	131,812,528	-		- 131,812,528
Liabilities
Derivative liabilities held for risk management: foreign exchange –	-	696,462	-	696,462
	Level 1 USD	Level 2 USD	Level 3 USD	Total USD
Assets
Derivative assets held for risk management: – foreign exchange Trading assets Financial investments at fair value through profit or loss	- - -	715,713	- - 374,177,108 - 19,329,840	715,713 374,177,108 19,329,840
Financial investments at fair value through other comprehensive income	140,755,780	-		- 140,755,780
Liabilities
Derivative liabilities held for risk management: – foreign exchange	-	626,476	-	626,476

	Level 1	Level 2	Level 3	Total
	USD	USD	USD	USD
Assets
Derivative assets held for risk management:
foreign exchange –	-	639,798	-	639,798
Trading assets	-		- 9,911,831	9,911,831
Financial investments at fair value through profit or loss	-		- 17,469,964	17,469,694
Financial investments at fair value through other
comprehensive income	131,812,528	-		- 131,812,528
Liabilities
Derivative liabilities held for risk management:
foreign exchange –	-	696,462	-	696,462
interest rate –	-	21,317	-	21,317
	Level 1	Level 2	Level 3	Total
	USD	USD	USD	USD
Assets
Derivative assets held for risk management:
foreign exchange –	-	715,713	-	715,713
interest rate –	-	96,896	-	96,896
Financial investments at fair value through profit or loss	-		- 19,329,840	19,329,840
Financial investments at fair value through other
comprehensive income	140,755,780	-		- 140,755,780
Liabilities
Derivative liabilities held for risk management:
foreign exchange –	-	626,476	-	626,476

Reconciliation

6.2.3 Level 3 fair value measurements The following table shows a reconciliation from the opening balances to the closing balances for fair value measurements classified in Level

Reconciliation
The following table shows a reconciliation from the opening	balances to the closing balances for	fair value measurements	classified in Level
3 of the fair value hierarchy.
		Financial investments
	Trading assets	at fair value through profit or loss	Total
	USD	USD	USD
Balance at 1 January 2024	374,177,108	19,329,840	393,506,948
Purchases	504,127,673	-	504,127,673
Settlements/Redemptions	(527,288,313)	(993,777)	(528,282,090)
Total gains and losses recognised in profit or loss Effects of movement in exchange rates	(1,105,754) (3,695,598)	(287,054) (579,315)	(1,392,808) (4,274,913)
Balance at 30 June 2024	346,215,116	17,469,694	363,684,810
	Trading	Financial investments at fair value through
	assets	profit or loss	Total
	USD	USD	USD
Balance at 1 January 2023	444,583,661	18,179,220	462,762,881
Purchases	392,337,751	-	392,337,751
Settlements/Redemptions Total gains and losses recognised in profit or loss	(419,679,180) (1,136,631)	- 799,862	(419,679,180) (336,769)

Balance at 30 June 2024	346,215,116	17,469,694	363,684,810
		Financial investments
	Trading
	assets	profit or loss	Total
	USD	USD	USD
Balance at 1 January 2023	444,583,661	18,179,220	462,762,881
Purchases	392,337,751	-	392,337,751
Settlements/Redemptions	(419,679,180)	-	(419,679,180)
Total gains and losses recognised in profit or loss	(1,136,631)	799,862	(336,769)
Effects of movement in exchange rates	4,025,365	322,147	4,347,512
Balance at 30 June 2023	420,130,966	19,301,229	439,432,195
		Financial investments
	Trading	at fair value through
	assets	profit or loss	Total
	USD	USD	USD
Balance at 1 January 2024	-	19,329,840	19,329,840
Purchases	9,900,000	-	9,900,000
Settlements/Redemptions	-	(993,777)	(993,777)
Total gains and losses recognised in profit or loss	11,831	(287,054)	(275,223)

Balance at 30 June 2023	420,130,966	19,301,229	439,432,195
	Trading
	assets	profit or loss	Total
	USD	USD	USD
Balance at 1 January 2024	-	19,329,840	19,329,840
Purchases	9,900,000	-	9,900,000
Settlements/Redemptions	-	(993,777)	(993,777)
Total gains and losses recognised in profit or loss	11,831	(287,054)	(275,223)
Effects of movement in exchange rates	-	(579,315)	(579,315)
Balance at 30 June 2024	9,911,831	17,469,694	27,381,525
		Financial	investments
		at fair	value through
			profit or loss
			USD
Balance at 1 January 2023			18,179,220
Total gains and losses recognised in profit or loss			799,862
Effects of movement in exchange rates			322,147

	Financial investments
	profit or loss
	USD
Balance at 1 January 2023	18,179,220
Total gains and losses recognised in profit or loss	799,862
Effects of movement in exchange rates	322,147
Balance at 30 June 2023	19,301,229

6.2.3.2 Unobservable inputs used in measuring fair value The below sets out information about significant unobservable inputs used at 30 June 2024 and 31 December 2023 in measuring financial

instruments categorised as Level 3 in the fair value hierarchy. Trading assets

The 'Trading assets' portfolio represent^s forfaiting assets, that is the discounting of receivables generated from an export contract on a non- recourse basis. The assets would be evidenced by a number of different debt instruments including bills of exchange, promissory notes, letters of credit and trade or project related syndicated and bi-lateral loan (financing) agreements. The Group and Bank establish the fair value of trading assets using a valuation technique based on the discounted expected future principal and interest cash flows. The discount rate is an estimate based on current expected credit margin spreads and interest rates at the reporting date. Inputs to the valuation technique reasonably represent market expectation and measures of risk-return factors inherent in the financial instrument.

The Group and Bank use the Risk Free Rates (RFRs) yield curve plus an adequate credit margin spread to discount cash flows from the trading assets held. At 30 June 2024, the interest rates used by the Group and Bank range between 5.53% and 1.59% (31 December 2023: between 5.20% and 14.47% for the Group). The effect of a one-percentage point increase/(decrease) in the interest rate on the fair value of trading assets at 30 June 2024 would increase/(decrease) the Group equity by approximately USD1,583,912 (31 December 2023: USD1,069,133) and Bank equity by USD20,164. There were no trading assets in the financial statements of the Bank as at 31 December 2023. Financial investments at fair value through profit or loss As at 30 June 2024, 'Financial investments at fair value through profit or loss' mainly represent holdings in two sub-funds, as follows: • an unlisted sub-fund of a local collective investment scheme regulated by the MFSA, which is independently run by an investment manager licensed and regulated by the Financial Conduct Authority in the United Kingdom. The sub-fund invests in sustainable energy plants with returns generated throughout the life of each plant. The fair value is measured by the Group and Bank based on periodical net asset valuations prepared by the scheme's independent administrator. The sub-fund's assets are marked to market value. Assets are marked at observable traded prices where that is possible. Where there is no observable price, the assets are marked in accordance with best market practice. This may involve the use of models and forward projections. Inputs and assumptions used in these models may be subjective and could include a number of highly judgemental uncertainties including the projected valuations of the individual assets and the future potential income from each asset. The effect of a ten-percentage point increase/(decrease) in the net asset value of the sub-fund at 30 June 2024 would increase/(decrease)

the Group and Bank equity by approximately USD1,623,697 (31 December 2023: USD1,694,097). • an unlisted sub-fund of a local collective investment scheme regulated by the MFSA, which is independently run by an investment manager licensed and regulated by the Financial Conduct Authority in the United Kingdom. The sub-fund invests in a variety of investments, with relativity complex structures and limited liquidity.

The fair value is measured by the Group and Bank based on periodical net asset valuations prepared by the scheme's independent administrator. The sub-fund's assets are marked to market value. Assets are marked at observable traded prices where that is possible. Where there is no observable price, the assets are marked in accordance with best market practice. This may involve the use of models and forward projections. Inputs and assumptions used in these models may be subjective and could include a number of highly judgemental uncertainties including the projected valuations of the individual assets and the future potential income from each asset. The effect of a ten-percentage point increase/(decrease) in the net asset value of the sub-fund at 30 June 2024 would increase/(decrease) the Group and Bank equity by approximately USD118,037 (31 December 2023: USD169,553). other unlisted equity shares of a foreign holding company registered in Kuwait. The fair value as at 31 December 2023 is measured based on a market price quoted by a custodian. These shares were sold during the financial period ended 30 June 2024 for a consideration of USD586,224, resulting in a loss on disposal of USD55,320.

At 31 December 2023, the Group's and Bank's 'Financial investments at fair value through profit or loss' also comprised an investment in

6.2.4 Financial instruments not measured at fair value equal to the carrying amount. The approximate fair value is based on the following: • 'Balances with Central Bank of Malta, treasury bills and cash'

At 30 June 2024 and 31 December 2023, the fair value of the below financial assets and liabilities measured at amortised cost is approximately

The majority of these assets reprice or mature in less than one hundred eighty days at 30 June 2024 and 31 December 2023. Hence their fair value is not deemed to differ materially from their carrying amount at the respective reporting dates. • 'Loans and advances to banks' and 'Loans and advances to customers' Loans and advances to banks and customers are reported net of allowances to reflect the estimated recoverable amounts as at the financial reporting date. More than ⁸0% of the Group's and Bank's loans and advances to banks and customers are all repayable within a period of less than 12 months and the interest is re-priced to take into account changes in benchmark rate. As a result, the carrying

amount of loans and advances to banks and customers is a reasonable approximation of fair value. • 'Financial investments at amortised cost' At 30 June 2024, 'financial investments at amortised cost' represent the Group's and Bank's debt instruments portfolio which is largely comprised of investments in bonds issued by the governments of countries in the European Union and European banks, which are held primarily for liquidity management. The fair value of financial investments at amortised cost amounted to USD11,097,891 (31 December 2023: USD28,200,233). The fair value is derived using quoted market prices under Level 1 of the fair value hierarchy at the end of the reporting period. • 'Amounts owed to institutions and banks', 'Amounts owed to customers' and 'Debt securities in issue' The majority of these liabilities reprice or mature in less than one year. Hence their fair value is not deemed to differ materially from their carrying amount at the respective reporting dates. Interest rates on the Group's 'Debt securities in issue' are disclosed in Note 13. 6.2.5 Non-financial instruments measured at fair value Property', are measured at fair value. All the recurring property fair value measurements use significant unobservable inputs and are accordingly categorised within Level 3 of the fair valuation hierarchy.

The Group's freehold land and premises and improvement to premises, within 'Property and equipment', as well as the Group's 'Investment

Land and buildings and investment properties are revalued by an independent, professionally qualified architect. Valuations of land and buildings are done using the 'investment income approach' whereby market value is derived by capitalising at an appropriate yield rate, the annual income produced, should the property be leased out to third parties. The income is based on actual rental income as per current lease agreements. To determine the reasonableness of the actual rates being used, a comparison is then drawn between the actual rates and rental rates of other properties, taking cognisance of the location, size, layout, and planning and energy performance considerations. The land and premises and investment property were last revalued on 31 December 2023. The underlying assumptions and inputs to the derivation of the estimated fair value are disclosed in Notes 28.2 and 29.2 of the Annual Report and Financial Statements 2023. No significant changes in key assumptions and inputs, that would require a revaluation, were observed during the financial period ended 30 June 2024.

⁷ Classification of financial assets and liabilities The following tables provide a reconciliation between line items in the Statements of Financial Position and categories of financial instruments.

instruments.
	Mandatorily	Fair value
	at fair value	through other		Total
	through	comprehensive	Amortised	carrying
	profit or loss	income	cost	amount
	USD	USD	USD	USD
Balances with the Central Bank of Malta, treasury bills
and cash	-		- 195,023,733	195,023,733
Derivative assets held for risk management	639,798	-		- 639,798
Trading assets Loans and advances to banks	346,215,116 -	-	- 92,097,842	- 346,215,116 92,097,842
Loans and advances to customers	-		- 417,071,186	417,071,186
Financial investments at fair value through profit or loss	17,469,694	-		- 17,469,694
Financial investments at fair value through other
comprehensive income	-	131,812,528	-	131,812,528
Financial investments at amortised cost	-		- 11,320,012	11,320,012
Total financial assets	364,324,608	131,812,528	715,512,773	1,211,649,909
Derivative liabilities held for risk management	696,462	-		- 696,462
Amounts owed to institutionsand banks	-		- 251,270,541	251,270,541
Amounts owed to customers	-		- 817,035,250	817,035,250
Debt securities in issue Total financial liabilities	- 696,462	-	- 16,209,186 1,084,514,977	16,209,186 1,085,211,439
	Mandatorily	Fair value
	at fair value	through other		Total
	through	comprehensive	Amortised	carrying
	profit or loss	income	cost	amount
Balances with the Central Bank of Malta, treasury bills	USD	USD	USD	USD
and cash	-		- 353,010,186	353,010,186
Derivative assets held for risk management	715,713	-		- 715,713

	Mandatorily	Fair value
				Total
	through	comprehensive	Amortised	carrying
	profit or loss	income	cost	amount
	USD	USD	USD	USD
Balances with the Central Bank of Malta, treasury bills
and cash	-		- 353,010,186	353,010,186
Derivative assets held for risk management	715,713	-		- 715,713
Trading assets	374,177,108	-		- 374,177,108
Loans and advances to banks	-		- 152,814,948	152,814,948
Loans and advances to customers	-		- 431,342,074	431,342,074
Financial investments at fair value through profit or loss	19,329,840	-		- 19,329,840
Financial investments at fair value through other
comprehensive income	-	140,755,780	-	140,755,780
Financial investments at amortised cost	-		- 28,399,073	28,399,073
Total financial assets	394,222,661	140,755,780	965,566,281	1,500,544,722
Derivative liabilities held for risk management	626,476	-		- 626,476
Amounts owed to institutionsand banks	-		- 412,570,931	412,570,931
Amounts owed to customers	-		- 934,738,942	934,738,942
Debt securities in issue	-		- 27,543,864	27,543,864
Total financial liabilities	626,476	-	1,374,853,737	1,375,480,213

	Mandatorily	Fair value
	at fair value	through other		Total
	through	comprehensive	Amortised	carrying
	profit or loss USD	income USD	cost USD	amount USD
Balances with the Central Bank of Malta, treasury bills
and cash	-		- 195,012,290	195,012,290
Derivative assets held for risk management	639,798	-		- 639,798
Trading assets	9,911,831	-		- 9,911,831
Loans and advances to banks	-		- 77,556,336	77,556,336
Loans and advances to customers Financial investments at fair value through profit or loss	- 17,469,694	-	- 573,743,880	573,743,880 - 17,469,694
Financial investments at fair value through other
comprehensive income	-	131,812,528	-	131,812,528
Financial investments at amortised cost	-		- 11,320,012	11,320,012
Total financial assets	28,021,323	131,812,528	857,632,518	1,017,466,369
Derivative liabilities held for risk management	717,779	-		- 717,779
Amounts owed to institutionsand banks	-		- 171,793,275	171,793,275
Amounts owed to customers	-		- 818,257,004	818,257,004
Total financial liabilities	717,779	-	990,050,279	990,768,058
	Mandatorily at fair value	Fair value through other		Total
	through	comprehensive	Amortised	carrying
	profit or loss	income	cost	amount
	USD	USD	USD	USD
Balances with the Central Bank of Malta, treasury bills
and cash Derivative assets held for risk management	- 812,609	-	- 352,997,057	352,997,057 -
				812,609

	Mandatorily	Fair value
				Total
	through	comprehensive	Amortised	carrying
	profit or loss	income	cost	amount
	USD	USD	USD	USD
Balances with the Central Bank of Malta, treasury bills
and cash	-		- 352,997,057	352,997,057
Derivative assets held for risk management	812,609	-		- 812,609
Loans and advances to banks	-		- 114,325,243	114,325,243
Loans and advances to customers	-		- 618,118,225	618,118,225
Financial investments at fair value through profit or loss	19,329,840	-		- 19,329,840
Financial investments at fair value through other
comprehensive income	-	140,755,780	-	140,755,780
Financial investments at amortised cost	-		- 28,399,073	28,399,073
Total financial assets	20,142,449	140,755,780	1,113,839,598	1,274,737,827
Derivative liabilities held for risk management	626,476	-		- 626,476
Amounts owed to institutionsand banks	-		- 333,498,402	333,498,402
Amounts owed to customers	-		- 951,166,330	951,166,330
Total financial liabilities	626,476	-	1,284,664,732	1,285,291,208

8	Net fee and commission income/(expense)
		Group 30 Jun 2024	30 Jun 2023	Bank 30 Jun 2024	30 Jun 2023
			Restated		Restated
		USD	USD	USD	USD
	Fee and commission income
	Business introductions and other services provided to clients in
	respect oftrading assets	1,155,925	815,688	1,427	-
	Issuance and confirmation of letters of credit Payment fees and other bank charges	1,071,572 497,005	920,331 456,822	1,078,848 432,840	920,331 381,795
	Issuance of guarantees and other fees and commissions receivable in
	respect oftrade finance lending	462,240	207,265	462,240	207,265
	Fees and commissions receivable in respect of real estate lending Administrative fees on factoring receivables	83,894 850	61,371 971	83,894 850	61,371 971
	Issuance of guarantees to subsidiary companies	-		- 9,031	54,622
		3,271,486	2,462,448	2,069,130	1,626,355
	Fee and commission expense
	Commissions paid to correspondent factors and insurance fees in
	respect offactoring receivables	1,538,137	1,765,577	422,699	508,632
	Agent fees and other administrative fees in respect oftrading assets	1,036,967	966,080	4,250	-
	Bank charges Issuance of guarantees and other fees payable in respect	150,235	151,452	96,336	99,806
	of trade finance lending	66,042	55,875	66,042	55,875
	Other fees payable	24,716	2,242	24,706	2,235
	Fees payable in respect ofreal estate lending	826 2,816,923	378 2,941,604	826 614,859	378 666,926
	Net fee and commission income/(expense)	454,563	(479,156)	1,454,271	959,429

10	Dividend income
				Bank
				30 Jun 2024 USD	30 Jun 2023 USD
	Dividend income from subsidiary companies			2,000,000	2,000,000
				2,000,000	2,000,000
11	Derivatives held for risk management
		Group 30 Jun 2024	31 Dec 2023	Bank 30 Jun 2024	31 Dec 2023
		USD	USD	USD	USD

				2,000,000	2,000,000
		Group		Bank
		30 Jun 2024	31 Dec 2023	30 Jun 2024	31 Dec 2023
		USD	USD	USD	USD
Derivative assets held for risk management
foreign exchange –		639,798	715,713	639,798	715,713
interest rate –		-		-	- 96,896
		639,798	715,713	639,798	812,609
Derivative liabilities held for risk management
– foreign exchange		(696,462)	(626,476)	(696,462)	(626,476)
– interest rate		-		- (21,317)	-
		(696,462)	(626,476)	(717,779)	(626,476)
The Bank has an exposure to Indian Rupees ("INR") in respect of the investment in India Factoring, which had a carrying amount million as at 30 June 2024 and 31 December hedge its exposure to INR. As at 30 June 2024, 2023: USD30.0 million).	2023. In this respect, the Bank the notional amount of these	entered into derivative contracts	forward foreign amounts to	exchange derivative USD31.8 million	of USD33.7 contracts to (31 December
The Bank applies hedge accounting in respect Hedging is undertaken using forward foreign and hedging instrument due to the foreign	of net investment in India exchange contracts where an currency risk exposure. Carrying amount	Factoring to mitigate economic relationship	the risk of exists between	changes in spot the hedged Change in	exchange rates. net investment Hedge ineffectiveness
			Amounts	fair value	recognised in
	Derivative Derivative	Notional	recognised		income

interest rate –			-		- (21,317)	-
			(696,462)	(626,476)	(717,779)	(626,476)
Hedging is undertaken using forward foreign exchange	contracts	where an	economic relationship	exists between	the hedged	net investment
and hedging instrument due to the foreign currency	risk exposure. Carrying	amount
	Derivative assets USD	Derivative liabilities USD	Notional amount USD	Amounts recognised in OCI USD	Change in fair value during the period USD	Hedge ineffectiveness recognised in income statement USD
30 June 2024
Indian rupee denominated foreign exchange	-	52,308	31,842,924	(165,193)	(170,834)	(5,641)
31 December 2023
Indian rupee denominated foreign exchange	-	98,017	30,024,203	(370,022)	(369,918)	104

12	Investments in subsidiaries
		Country of	Nature of	Equity interest
	Name of company	incorporation	business			Bank 2024	2023
				2024 %	2023 %	USD	USD
	FIM Business Solutions Limited	Malta	IT services provider	N/A	100	-	5,000
	FIM Property Investment Limited	Malta	Property management	100	100	1,006,000	1,006,000
	London Forfaiting Company Limited	United Kingdom	Forfaiting	100	100	72,966,435	112,966,435
	The Egyptian Company for Factoring S.A.E.	Egypt	Factoring	100	100	8,523,448	10,023,448
	FIMFactors B.V.	Netherlands	Holding company	100	100	33,686,690	33,686,690
						116,182,573	157,687,573

Finally, during the six-month period ended 30 June 2024, the Senior Management of Egypt Factors revised the financial projections of the subsidiary for the upcoming five years downward, which was deemed to represent an impairment trigger requiring an adjustment to the key assumptions applied in the impairment assessment of Egypt Factors. In this respect, it was determined that as at 30 June 2024, the recoverable amount of this subsidiary was lower than the carrying amount, resulting in an impairment loss amounting to USD1,500,000, being recognised in the Bank's Statement of Profit or Loss. For additional detail^s in respect of the underlying assumptions, please refer to Note 12.2 below.

At each reporting date, the Bank conducts an assessment to detect any indication of impairment in its investments in subsidiaries. If an indication of impairment is detected, the Bank performs an impairment assessment to determine whether the recoverable amount of the investment in that subsidiary is less than the carrying amount. If it is, an impairment charge would be required. During the first semester of 2024, the Bank performed an assessment to identify any impairment triggers based on the underlying performance of each subsidiary. This involved a retrospective analysis to test the effectiveness of the assumptions and projections used in the assessment as at 31 December 2023. Where an indication of impairment was present, the Group updated the assumptions and projections to reflect current conditions. Based on this assessment, it was determined that, as of ³⁰ June 2024, the recoverable amount of each subsidiary was higher than the carrying amount in the financial statements, with the exception of Egypt Factors. Egypt Factors It was determined that, as of the reporting date, the recoverable amount of Egypt Factors was lower than the carrying amount of the investment. Consequently, an impairment loss of USD1,500,000 was recognised in the Bank's Statement of Profit or Loss during the period ended 30 June 2024, resulting in a total accumulated impairment of USD10,354,194.

Financial projections Financial projections for a five-year period form the basis for discounted cash flow analysis used to determine 'value-in-use'. These projections are based on expectations of future outcomes based on past experience, adjusted for a revenue cumulative annual growth rate of 1.3% (31 December 2023: 3.8%). Revenue growth is projected by taking into consideration the updated business model of the entity and the estimated growth over the projection period. Terminal value The terminal value, or the value attributed to the CGU beyond the explicit forecast period, is estimated using a 'Gordon Growth Model'. This determination assumes a long-term growth rate of 3.0% as at 30 June 2024 (31 December 2023: 3.0%), which is considered appropriate considering the industry and economy growth estimates. Discount rate

The 'value-in-use' estimate requires the application of an appropriate discount rate that reflects the risks of the cash flows. As the valuation discounts cash flows available to equity holders, the valuation model adopts the 'cost of equity' as the discount rate. IAS 36 requires pre-tax

cash flows to be discounted using pre-tax discount rate. As at 30 June 2024, the discount rate for the CGU is 19.89% (31 December 2023: 21.46%). The discount rate (representing the cost of equity) applied on valuation date, is based on the rate of 20-year US Government bonds (31 December 2023: 20-year US Government bonds) representing the functional currency and equity of the company, adjusted for a risk premium to reflect both the increased risk of investing in equities generally and the systemic risk of the specific entity. Valuation risks The key assumptions described above may change as economic, political, and market conditions evolve. While the carrying amounts of the subsidiaries are in line with the recoverable amounts or have been updated to reflect the recoverable amounts, any significant adverse movement in a key assumption could lead to an impairment of the investment in a subsidiary.

13 Debt securities in issue
Group 30 Jun 2024 31 Dec USD
Opening balance 27,543,864 15,451,068 Drawdowns 21,339,307 38,142,327 Principal repayments (31,655,888) (26,893,950) Interest repayments (776,781) (256,050)
Interest accruals 606,758 545,041 Effects of movement in exchange rates (848,074) 555,428
Closing balance 16,209,186 27,543,864

		Group		Bank
	30 Jun 2024	31 Dec 2023		30 Jun 2024 31 Dec 2023
	USD	USD	USD	USD
Payment commitments to the Depositor Compensation Scheme	3,065,823	2,811,005	3,065,823	2,811,005
Payment commitments to the Single Resolution Fund	431,596	445,474	431,596	445,474
Guarantees issued to banks	14,556,780	14,687,080	14,556,780	14,687,080
Guarantees issued to customers	12,644,952	13,338,194	12,644,952	13,338,194
Guarantees issued to subsidiary companies	-		- 16,058,238	11,049,724
	30,699,151	31,281,753	46,757,389	42,331,477
As at 30 June 2024, an expected credit loss allowance, determined in USD7,551) for the Group and USD75,906 (31 December 2023:	accordance with IFRS USD7,828) for the Bank, was recognised and presented within 'Provision	9, amounting to	USD55,664 (31	December
in respect of guarantees issued by the Group and to subsidiaries amounted to USD20,242 as at 30 June 2024 (31 payable to the DCS and the SRF. The DCS provides compensation,	Bank. The expected December 2023: up to certain	credit loss USD277). limits, to eligible	allowance in respect to customers of	of possible credit
are unable, or likely to be unable, to pay claims against them. The	DCS may impose a	further contribution	on the Group	2023: for guarantees future institutions and Bank to the
liabilities and charges' issued Payment commitments to the Depositor Compensation Scheme ("DCS") and the Single Resolution Fund ("SRF") relate contributions that extent the contributions imposed to date are not sufficient to cover the	compensation due	to customers in	any future possible	collapse. The
ultimate contribution to the industry as a result of a collapse cannot	be estimated reliably.	It is dependent	on various	uncertain factors
including the potential recovery of assets by the DCS, changes in the	level of protected	products (including	deposits and	investments) and
the population of DCS members at the time. At 30 June 2024, assets USD3,065,823 (31 December 2023: USD2,811,005). The cash collateral is	pledged in favour of the classified within	DCS comprised 'Other assets' in the	of cash collateral Statement of	amounting to Financial Position.

ultimate contribution to the industry as a result of a collapse cannot be estimated reliably. It is dependent on various uncertain factors including the potential recovery of assets by the DCS, changes in the level of protected products (including deposits and investments) and the population of DCS members at the time. At 30 June 2024, assets pledged in favour of the DCS comprised of cash collateral amounting to USD3,065,823 (31 December 2023: USD2,811,005). The cash collateral is classified within 'Other assets' in the Statement of Financial Position. A contingent liability for an identical amount is disclosed in the table above to reflect the possibility that this commitment becomes payable.

In addition, in accordance with article 70(3) of Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010, the available financial means of the SRF may include irrevocable payment commitments which are fully backed by unencumbered collateral of low-risk assets. The share of irrevocable payment commitments cannot exceed 30% of the total amount of contributions. At 30 June 2024, irrevocable payment commitments to the SRF amounted to USD431,596 (31 December 2023: USD445,474).

15 Commitments

15	Commitments
		Group		Bank
		30 Jun 2024 USD	31 Dec 2023 USD	30 Jun 2024 USD	31 Dec 2023 USD
	Commitments to purchase assets
	Undrawn credit facilities	95,229,588	72,943,304	95,229,588	72,943,304
	Confirmed letters of credit	14,040,193	10,217,120	14,045,735	10,217,120
	Documentary credits	5,226,719	17,059,663	5,226,719	17,059,663
	Commitment to purchase assets	9,628,682	77,003,510	-	-
	Commitments to sell assets
	Commitment to sell assets	(4,472,528)	(29,419,890)		- -
		119,652,654	147,803,707	114,502,042	100,220,087
	At 30 June 2024, the Group has total sanctioned limits to USD1,824,476,886). As at 30 June 2024, the Bank had USD5,542	customers amounting confirmed documentary	to USD1,494,432,058 credits in favour	(31 of subsidiary	December 2023: companies (31
	December 2023: nil). As at 30 June 2024, an expected credit loss (31 December 2023: USD82,307) for the Group and Bank, was liabilities and charges'. In this respect, this disclosure presents information required by IFRS commitments.	allowance, determined in recognised in respect of 7 – Financial	accordance with commitments Instruments: Disclosures	IFRS 9, amounting and presented within 'Provision for in relation to	to USD213,432 credit related
16	Cash and cash equivalents
	Balances of cash and cash equivalents as shown on the Statements of	Financial Position are	analysed as	follows:
		Group		Bank
		30 Jun 2024 31	Dec 2023	30 Jun 2024	31 Dec 2023
	Balances with the Central Bank of Malta, treasury bills and cash	USD 155,141,963	USD 221,812,510	USD 155,130,520	USD 221,799,380

	Group		Bank
	30 Jun 2024	31 Dec 2023	30 Jun 2024	31 Dec 2023
	USD	USD	USD	USD
Balances with the Central Bank of Malta, treasury bills and cash	155,141,963	221,812,510	155,130,520	221,799,380
Loans and advances to banks	32,193,248	53,246,027	19,446,000	18,200,076
Amounts owed to institutionsand banks	(118,051,989)	(162,015,093)	(74,511,935)	(112,269,724)
Cash and cash equivalents at end of year	69,283,222	113,043,444	100,064,585	127,729,732
Adjustment to reflect balances with contractual maturity of
more than three months	(33,432,188)	(19,789,241)	710,766	6,094,166
As per statements of financial position	35,851,034	93,254,203	100,775,351	133,823,898
Analysed as follows:
Balances with the Central Bank of Malta, treasury bills and cash	195,023,733	353,010,186	195,012,290	352,997,057
Loans and advances to banks	92,097,842	152,814,948	77,556,336	114,325,243
Amounts owed to institutionsand banks	(251,270,541)	(412,570,931)	(171,793,275)	(333,498,402)
	35,851,034	93,254,203	100,775,351	133,823,898

¹⁷ Related Parties The ultimate parent company of FIMBank p.l.c. is Kuwait Projects Company (Holding) K.S.C.P. ("KIPCO") a company registered and headquartered in Kuwait. The registered address is KIPCO Tower, Khalid Bin Al Waleed Street, Sharq, Kuwait City. The immediate parent company is United Gulf Holding Company B.S.C. ("UGH"), a holding company licensed by the Ministry of Industry, Commerce and Tourism in Bahrain. The registered address is PO Box 5565, Diplomatic Area, UGB Tower, Manama, Kingdom of Bahrain.

The majority shareholding of the Bank is held by UGH, a subsidiary of KIPCO. All entities which are ultimately controlled by KIPCO, together with the other minority shareholders and entities controlled by them, are considered to be related parties. Key Management personnel of the Bank, being the Bank's Directors and Executive Officers, and close family members of Key Management personnel are also considered to be related parties. Executive Officers are the individuals who form the Executive Management team, which together with the Directors fall under the responsibility of the Board Nomination and Remuneration Committee. Among other duties, this Committee ensures that the Directors and Executive Officers possess the appropriate mix of skills, qualifications, and experience necessary to fulfil their supervisory and management responsibilities. Related party transactions carried out by the Bank and its subsidiaries are reported to the Audit Committee which reviews them and assesses their nature. The aggregate values of transactions and outstanding balances related to the ultimate and immediate parent companies and subsidiaries of

The aggregate values of transactions and outstanding the parent company were as follows:	balances related to the ultimate	and immediate	parent companies	and subsidiaries of
	Ultimate and parent	immediate companies *	Subsidiaries of immediate parent company **
	30 Jun 2024	31 Dec 2023		31 Dec 2023
	USD	USD	30 Jun 2024 USD	USD
Assets
Loans and advances to customers Financial investments at amortised cost	21,249,280 -	21,917,150 9,771,244	- -	- -
Liabilities
Amounts owed to institutionsand banks Amounts owed to customers	- 30,755	30,830	- 278,840 -	270,647 2,433
' * 'Amounts presented in these columns represent	balances and transactions with	KIPCO and UGH.

	Ultimate and parent	immediate companies *		Subsidiaries of immediate parent company **
	30 Jun 2024 USD	30 Jun 2023 USD	30 Jun 2024 USD	30 Jun 2023 USD
Statements of profit or loss
Interest income Interest expense	817,826 -	1,354,690 (6,250)	- -	- -
Fee and commission income Fee and commission expense	75 -	75	3,715 - (5,601)	3,986 -
Net trading results Administrative expenses	- -		- - - (107,141)	25,154 (75,979)
' * 'Amounts presented in these columns represent balances and transactions ' ** 'Amounts presented in these columns represent balances and transactions with subsidiary companies of UGH. The aggregate values of transactions and outstanding companies were as follows:	with balances related to the	KIPCO and UGH. shareholder having	significant influence	and other related
	Shareholder having influence	significant	Other related	companies
	30 Jun 2024	31 Dec 2023	30 Jun 2024	31 Dec 2023
	USD	USD	USD	USD

	Shareholder having significant influence		Other related companies
	30 Jun 2024 USD	31 Dec 2023 USD	30 Jun 2024 USD	31 Dec 2023 USD
Assets
Loans and advances to banks Loans and advances to customers Other assets	672,339 - -	350,071	- - - - 1,971	- 30,000 1,431
Liabilities
Amounts owed to customers Other liabilities	- -		- 44,669 - 690	22,092 712

	Shareholder having significant influence		Other related companies
	30 Jun 2024 USD	30 Jun 2023 USD	30 Jun 2024 USD	30 Jun 2023 USD
Statements of profit or loss
Interest income Fee and commission income Fee and commission expense Administrative expenses	- - - -	(11,596)	- 28,968 - 535 - (14,191) -	115,040 20 (15,829) -

The aggregate values of transactions and outstanding	balances related to the Banks's	subsidiaries and	associates were as	follows:
	Subsidiaries 30 Jun 2024	31 Dec 2023	30 Jun 2024	Associates 31 Dec 2023
	USD	USD	USD	USD
Assets
Derivative assets held for risk management	-	96,896	-	-
Loans and advances to customers Investments in subsidiaries (Note 8)	353,910,334 116,182,573	365,717,953 157,687,573	7,008,812 -	7,017,657 -
Other assets	583,665	758,925	-	-
Liabilities
Derivative liabilities held for risk management	21,317	-		- -
Amounts owed to customers	2,598,551	22,015,633	2,069	2,149
Provision for liabilities and charges Other liabilities	20,242 1,440,625	277 2,214,389	- -	- -
Memorandum items
Contingent liabilities Commitments	16,058,238 5,542	11,049,724 -	-	- - -

	Subsidiaries		Associates
	30 Jun 2024	30 Jun 2023	30 Jun 2024	30 Jun 2023
	USD	USD	USD	USD
Statements of profit or loss
Interest income	12,097,515	10,549,253	228,497	209,049
Interest expense	(61,915)	(33,598)		- -
Fee and commission income	51,623	54,622	-	-
Fee and commission expense	-	272	-	-
Realised/Unrealised gains on FX derivatives	-	(71,104)		- -
Dividend income	2,000,000	2,000,000	-	-
Other operating income	87,500	163,500	-	-
Administrative expenses	(396,385)	(445,688)		- -
Impairment of investment in subsidiaries	(1,500,000)		-	- -

	Other related parties
	30 Jun 2024	31 Dec 2023
Liabilities	USD	USD
Amounts owed to customers	464,708	468,100
	Other related	parties
	30 Jun 2024	30 Jun 2023
Statements of profit or loss	USD	USD
Interest expense	(7,314)	(3,500)
Other related party transactions relate to family members of Group Directors.

¹⁸ Comparative information As explained in Note 25.2 of the Group's Annual Report and Financial Statements 2023, during the financial year ended 31 December 2022, the Group and Bank changed the business model for its long-term debt securities from 'hold-to-collect-and-sell' to 'hold-to-collect', leading to the reclassification of this portfolio from 'Financial investments at fair value through other comprehensive income' to 'Financial investments at amortised cost'. The reclassification was done to reflect a change in the business model for managing these long-term securities, such as sovereign bonds, corporate bonds, and Malta Government Bonds, to a 'held-to-collect' business model in terms of IFRS 9. The Group and Bank based its decision on professional advice, industry practice and information available at the time. In this respect, 'Financial investments at fair value through other comprehensive income' amounting to USD161,611,818 were reclassified to 'Investments at amortised cost' on 1 January 2022. During the financial year ended 31 December 2023, this position was reconsidered by Management in the context of developments in market interpretations of IFRS 9 requirements in relation to reclassifications of financial instruments between different classification and

measurement categories. In this respect, Management reperformed the assessment relating to the reclassification of this portfolio of financial instruments in the context of these developments. Based on this assessment, the Group and Bank concluded that the reclassification criteria emanating from IFRS 9 are no longer deemed to have been met during the financial year ended 31 December 2022. Accordingly, Management has decided to reverse the effects of the reclassification on the Group's and Bank's Statements of Financial Position. The comparative financial information presented within the Group's and Bank's Statements of Profit or Loss and Statements of Comprehensive Income has been restated to apply this reversal retrospectively. In respect of comparative balances as at 1 January 2023, the restatements have been disclosed within the FIMBank Group's Annual Report and Financial Statements 2023, specifically in Note 4 and Note 25.2. The Group published unaudited Condensed Interim Financial Statements as at and for the period ended 30 June 2023. Following the restatements to the balances as at and for the period ended 30 June 2023. The effect of the reversal of the reclassification effected in 2022 on the Statements of Profit or Loss for the financial period ended 30 June 2023 is summarised below: Group and Bank – 30 June 2023 as previously Impact of 30 June 2023

restatements effected in the FIMBank Group's Annual Report and Financial Statements 2023, presented below are the impacts of these

	30 June 2023
	reported USD	reclassification USD	as restated USD
Statements of profit or loss for the six months ended 30 June 2023
Net movement in expected credit losses and other credit impairment charges:
loss allowance on debt investments measured at amortised cost – – loss allowance on debt investments measured at FVOCI	(15,882) -	41,352 (41,352)	25,470 (41,352)
	30 June 2023
	as previously	Impact of	30 June 2023
	reported USD	reclassification USD	as restated USD
Statements of other comprehensive income for the six months ended 30 June	2023
Items that are or may be reclassified subsequently to profit or loss:
Debt instruments at fair value through other comprehensive income:			2,180,006
– fair value gains	-	2,180,006
The impact of reclassification recognised within the Statement of Other Comprehensive USD2,221,358 arising due to the reversal of the reclassification of the Group's and Bank's debt investment portfolio, as explained in more	Income can be	further analysed	into an impact of
detail in Note 25.2 of the FIMBank Group Annual Report and Financial Statements	2023, and an impact	of USD41,352	arising due to the
reclassification of loss allowances on these debt investments from the carrying comprehensive income.	amount in the Statement	of Financial	Position to other

In addition to the above, as explained in Note ⁴ of the Group's Annual Report and Financial Statements 2023, during the financial year ended 31 December 2023, Management re-assessed its financial reporting practices in relation to the presentation of certain interest income and expense in accordance with the requirements emanating from IFRS 9 as well as the presentation of fee and commission income and expense in accordance with the requirements emanating from IFRS 15. In this respect, certain elements of fee and commission income and expense which were previously presented as part of the Group's 'Net fee and commission income/(expense)' in the Statement of Profit or Loss were reclassified to 'Net interest income' given that it was determined that these should be reflected as an integral part of the effective interest rate in accordance with IFRS 9. In this respect, these amounts have been reclassified to 'Net interest income' in the comparative financial information presented within the Group's and Bank's Statements of Profit or Loss and Statements of Comprehensive Income. The impact of the restatements to the comparative information on the Statements of Profit or Loss is presented hereunder: Group – 30 June 2023 as previously Impact of 30 June 2023

Interest income		24,203,711	1,274,237	25,477,948
Statements of profit or loss for the six months ended 30 June 2023
	Note	reported USD	reclassification USD	as restated USD
		30 June 2023 as previously	Impact of	30 June 2023
Bank – 30 June 2023
Other operating expenses		(3,076)	(146,982)	(150,058)
Fee and commission income Fee and commission expense	8 8	13,135,227 (3,430,718)	(10,672,779) 489,114	2,462,448 (2,941,604)
Interest income		35,760,410	10,330,647	46,091,057
Statements of profit or loss for the six months ended 30 June 2023
	Note	USD	USD	USD
		reported	reclassification	as restated
		30 June 2023

	Fee and commission income		35,760,410	10,330,647	46,091,057
		8	13,135,227	(10,672,779)	2,462,448
	Fee and commission expense	8	(3,430,718)	489,114	(2,941,604)
	Other operating expenses		(3,076)	(146,982)	(150,058)
			30 June 2023
		Note	reported USD	reclassification USD	as restated USD
	Statements of profit or loss for the six months ended 30 June 2023
	Interest income		24,203,711	1,274,237	25,477,948
	Fee and commission income	8	3,242,725	(1,616,370)	1,626,355
	Fee and commission expense	8	(1,009,059)	342,133	(666,926)
19	Subsequent events
	On 2 August 2024, a Company Announcement was issued, whereby the	Board of	Directors of FIMBank	p.l.c. announced	that Mr Mohamed
	Louhab in his capacity as Group Chief Executive Officer and Executive Director effect from 1 August 2024.	has	decided to retire. The	Board accepted his	resignation with
	In his capacity as Deputy Chief Executive Officer of FIMBank p.l.c., Mr Simon subject to regulatory approval, until further notice is made by the Board of	Lay took Directors.	over relevant	responsibilities and is	holding this position,
	These changes had no impact on these Condensed Interim Financial Statements.
	There were no other events after the reporting date that would have a	material effect	on the Condensed	Interim Financial	Statements of the

Independent auditor's review report

Report on review of condensed interim financial information

Introduction

To the Board of Directors of FIMBank p.l.c. We have reviewed the accompanying condensed consolidated and stand-alone interim statements of financial position of FIMBank p.l.c. as at 30 June 2024 and the related condensed consolidated and stand- alone interim statements of profit or loss, other comprehensive income, changes in equity and cash flows for the six-month period then ended and explanatory notes ("the condensed interim financial information"). The directors are responsible for the preparation and presentation of this condensed interim financial information in accordance with International Financial Reporting Standards ("IFRSs") as adopted by the EU applicable to interim financial reporting (International Accounting Standard 34 "Interim Financial Reporting"). Our responsibility is to express a conclusion on this condensed interim financial information based on our review. We conducted our review in accordance with International Standard on Review Engagements 2410, 'Review of interim financial information performed by the independent auditor of the entity'. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Based on our review, nothing has come to our attention that causes us to believe that the accompanying

Scope of review

condensed interim financial information is not prepared, in all material respects, in accordance with This report, including the conclusion, has been prepared for and only for FIMBank p.l.c. and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Conclusion

International Accounting Standard 34 "Interim Financial Reporting".

Other matters

Fabio Axisa 78, Mill Street Zone 5, Central Business District 28 August ²⁰²⁴

Principal

For and on behalf of PricewaterhouseCoopers Qormi Malta