SUMMARY STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2020

SUMMARY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2020

Universal Merchant Bank Limited Audited Summary Financial Statements for the year ended 31 December 2020

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STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2020

Universal Merchant Bank Limited Audited Summary Financial Statements for the year ended 31 December 2020

Website: www.myumbbank.com | MTN, AirtelTigo & Vodafone: 0800-100880 Other Lines: 0302-633988

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2019

SUMMARY STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2020

SUMMARY REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020

The Directors present their report and the financial statements of Universal Merchant Bank Limited (“the Bank”) for the year ended 31 December 2020.

DIRECTORS’ RESPONSIBILITY STATEMENT The directors are responsible for the preparation of financial statements for each financial year which gives a true and fair view of the state of affairs of the company, comprising the statement of financial position, the statement of comprehensive income, changes in equity and cash flows statement at the end of the financial year and the notes to the financial statements which include a summary of significant accounting policies and other explanatory notes, in accordance with International Financial Reporting Standard and in the manner required by the Companies Act, 2019 (Act 992).

In preparing these financial statements, the directors are required to: > select suitable accounting policies and then apply them consistently; > make judgements and estimates that are reasonable and prudent; > state whether the applicable accounting standards have been followed; > Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for ensuring that the bank keeps proper accounting records which disclose with reasonable accuracy the financial position of the bank, and which enables them to ensure that the financial statements comply with International Financial Reporting Standards. They are responsible for taking such steps as are reasonably open to them to safeguard the assets of the company, and to prevent and detect fraud and other irregularities.

Directors and their interest None of the Directors had any interest in the shares of the Bank at the reporting date. None of any Directors had a material interest in any contract of significance except a contract of service in the normal course of Business with the Executive Directors.

DividendThe Directors cannot declare dividends whiles there remain a deficit on the retained earnings account.The directors confirm that to the best of their knowledge, the financial statements have been prepared in accordance with applicable laws and the Bank’s financial reporting framework, give true and fair view of the Bank’s financial position, performance and cash flows and the state of the Bank’s affairs is satisfactory. AuditorsMessrs. Deloitte and Touche have indicated their willingness to continue in office as auditors in accordance with the companies Act 2019, (Act 992) and in line with the provisions of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930). Details of the audit fees for the current and comparative periods are disclosed in note 13 of the financial statements.

Nana Dwemoh Benneh Chief Executive Officer

28th April 2021

Dr. Emmanuel Kofi MbiahDirector

28th April 2021

Universal Merchant Bank Limited Audited Summary Financial Statements for the year ended 31 December 2020

Website: www.myumbbank.com | MTN, AirtelTigo & Vodafone: 0800-100880 Other Lines: 0302-633988

NOTES TO THE SUMMARY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. Reporting entityUniversal Merchant Bank Limited is a Bank incorporated in Ghana. The Bank operates with a Universal Banking license and undertakes all banking services. The financial statements comprise the individual financial statements of the Bank as at and for the year ended 31 December 2020.

2. Basis of preparation

a. Statement of complianceThe financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and in a manner required by the Companies Act, 2019 (Act 992) and the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

b. Basis of measurementThe financial statements have been prepared under the historical cost convention, except for the following material items: • Financial assets as Fair value through other comprehensive income (FVOCI); • defined benefit obligations measured at the present value of the defined benefit obligation; and • investment property measured at fair value

c. Functional and presentation currency

The financial statements are presented in Ghana cedis, which is the Bank’s functional currency. All financial information presented in Ghana cedis have been rounded to the nearest thousand, except where otherwise indicated.

3. Adoption of new and revised standards New and amended IFRS Standards that are effective for the current year Impact of the initial application of Covid-19-Related Rent Concessions Amendment to IFRS 16

In May 2020, the IASB issued COVID-19-Related Rent Concessions (Amendment to IFRS 16) that provides practical relief to lessees in accounting for rent concessions occurring as a direct consequence of COVID-19, by introducing a practical expedient to IFRS 16. The practical expedient permits a lessee to elect not to assess whether a COVID-19-related rent concession is a lease modification. A lessee that makes this election shall account for any change in lease payments resulting from the COVID-19-related rent concession the same way it would account for the change applying IFRS 16 if the change were not a lease modification.

The practical expedient applies only to rent concessions occurring as a direct consequence of COVID-19 and only if all of the following conditions are met:

a) The change in lease payments results in revised consideration for the lease that is substantialy the same as, or less than, the consideration for the lease immediately preceding the change; b) Any reduction in lease payments affects only payments originally due on or before 30 June 2021 (a rent concession meets this condition if it results in reduced lease payments on or before 30 June 2021 and increased lease payments that extend beyond 30 June 2021); and c) There is no substantive change to other terms and conditions of the lease.

4. Qualitative disclosures

Risk ManagementThe Bank’s activities expose it to a variety of operational and financial risks and those activities involve the analysis, evaluation, acceptance and management of some degree of risk or combination of risks. Taking risk is core to the Bank’s business, and the operational risks are an inevitable consequences of being in business. The Bank’s aim is therefore to achieve an appropriate balance between risk and return and minimize potential adverse on its financial performance. The most important types include: • Credit risk • Liquidity risk • Market risk (includes currency, interest rate and other price risk) • Operational risk

The Board of Directors has overall responsibility for the establishment and oversight of the Bank’s risk management framework. The Board has established a Risk Oversight Committee and a Risk Department to assist in the discharge of this responsibility.

REGULATORY DISCLOSURES

VALUE ADDED STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2020

Our opinion

The summary financial statements of Universal Merchant Bank Limited, which comprise: • the summary statement of profit or loss and other comprehensive income; • the summary statement of financial position as at 31 December 2020; • the summary statement of changes in equity for the year ended 31 December 2020; • the summary statement of cash flows for the year then ended; and • the related notes to the summary financial statements 2020.

In our opinion, the accompanying summary financial statements of Universal Merchant Bank Limited (“Bank”) is consistent, in all material respects, with the audited financial statements of the Bank.

Summary Financial Statements

The summary financial statements do not contain all the disclosures required by the International Financial Reporting Standards, the requirements of the Companies Act, 2019 (Act 992), and the Banks and Specialised Deposit-Taking Institutions Act 2016, (Act 930). Reading the summary financial statements and the auditor’s report thereon, therefore, is not a substitute for reading the audited financial statements and the auditor’s report thereon.

The Audited Financial Statements and our Report Thereon

We expressed an unmodified audit opinion on the audited financial statements in our report dated 28 April, 2021. That report also includes the communication of key audit matters. Key audit matters are those matters that in our professional judgement, were of most significance in our audit of the summarized financial statements for the current period.

Directors’ Responsibility for the Summary Financial Statements

The directors are responsible for the preparation of the summary financial statements in accordance with International Financial Reporting Standards, the requirements of the Companies Act, 2019 (Act 992), and the Banks and Specialised Deposit-Taking Institutions Act 2016, (Act 930).

Auditor’s Responsibility

Our responsibility is to express an opinion on whether the summary financial statements are consistent, in all material respects, with the audited financial statements based on our procedures, which were conducted in accordance with International Standard on Auditing 810 (Revised), Engagements to Report on Summary Financial Statements.

The engagement partner on the audit resulting in the independent auditors report is Charlotte Forson (ICAG/P/1509)

__________________________________For and on behalf of Deloitte & Touche (ICAG/F/2021/129)Chartered AccountantsThe Deloitte Place, Plot No. 71Off George Walker Bush HighwayNorth DzorwuluBox GP 453Accra, Ghana

28 April, 2021

INDEPENDENT AUDITOR’S REPORT ON THE SUMMARY FINANCIAL STATEMENTS TO THE MEMBERS OF UNIVERSAL MERCHANT BANK LIMITED

INDEPENDENT AUDITOR’S REPORT ON THE SUMMARY FINANCIAL STATEMENTS TO THE MEMBERS OF UNIVERSAL MERCHANT BANK LIMITED

Our opinion The summary financial statements of Universal Merchant Bank Limited, which comprise:

• the summary statements of profit or loss and other comprehensive income; • the summary statement of financial position as at 31 December 2020; • the summary changes in equity; • the summary cash flows for the year then ended; and • the related notes to the summary financial statements 2020.

In our opinion, the accompanying summary financial statements of Universal Merchant Bank Limited (“Bank”) is consistent, in all material respects, with the audited financial statements of the Bank. Summary Financial Statements The summary financial statements do not contain all the disclosures required by the International Financial Reporting Standards, the requirements of the Companies Act, 2019 (Act 992), and the Banks and Specialised Deposit-Taking Institutions Act 2016, (Act 930). Reading the summary financial statements and the auditor’s report thereon, therefore, is not a substitute for reading the audited financial statements and the auditor’s report thereon. The Audited Financial Statements and our Report Thereon We expressed an unmodified audit opinion on the audited financial statements in our report dated 29 April, 2020. That report also includes the communication of key audit matters. Key audit matters are those matters that in our professional judgement, were of most significance in our audit of the summarized financial statements for the current period. Directors’ Responsibility for the Summary Financial Statements The directors are responsible for the preparation of the summary financial statements in accordance with International Financial Reporting Standards, the requirements of the Companies Act, 2019 (Act 992), and the Banks and Specialised Deposit-Taking Institutions Act 2016, (Act 930). Auditor’s Responsibility Our responsibility is to express an opinion on whether the summary financial statements are consistent, in all material respects, with the audited financial statements based on our procedures, which were conducted in accordance with International Standard on Auditing 810 (Revised), Engagements to Report on Summary Financial Statements. The engagement partner on the audit resulting in the independent auditors report is Charlotte Forson (ICAG/P/1509)

__________________________________ For and on behalf of Deloitte & Touche (ICAG/F/2021/129) Chartered Accountants The Deloitte Place, Plot No. 71 Off George Walker Bush Highway North Dzorwulu Box GP 453 Accra, Ghana 29 April, 2021