ECIC IR 2023

ANNUAL Financial Statements for the year ended 31 March 2023

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T DocuSign Envelope ID: 93BD3FCD-E40B-43A5-B01E-BCC51E9FC856 DocuSign Envelope ID: 3FE05DA5-811B-4503-B7F0-EEF6876B39D1 DocuSign Envelope ID: 8E7EF3E8-7E0C-40E0-B303-5990E26190E2 ANNUAL FiNANciAL StAtemeNtS for the year ended 31 March 2023 E X P O R T O C L T D E S T A B L I S H E D I N 2 0 0 1 DocuSign Envelope ID: 93BD3FCD-E40B-43A5-B01E-BCC51E9FC856 DocuSign Envelope ID: 3FE05DA5-811B-4503-B7F0-EEF6876B39D1 DocuSign Envelope ID: 8E7EF3E8-7E0C-40E0-B303-5990E26190E2 I N S U R A N C E C O R P O R A T I O N O F S O U T H A Directors’ Responsibility Statement and Approval of the Annual Financial Statements ANNUAL FiNANciAL StAtemeNtS for the year ended 31 March 2023 Directors’ Responsibility Statement and Approval of the Annual Financial Statements Directors’ Responsibility Statement and Approval of the Annual Financial Statements E X P O R T C R E D I T I N S U R A A N T C I E O C O R F P O O R A T I O N O F S O U T H A F R I C A S O C L T D E S T A B L I S H E D I N 2 0 0 1 C R E D I T I N S U R A N C E C O R P O R N O S U T H A F R I C A S

March 2023. The performance information has been reported on in accordance with the requirements of the guidelines on annual reports as issued by National Treasury. Based on the information received from management, as well as the internal and external auditors, nothing has come to the attention of the directors to indicate a material breakdown in the systems of internal controls during the year under review. Disclosure in terms of section 55(2)(b) of the PFMA: c Material losses through criminal conduct and any irregular expenditure and fruitless and wasteful expenditure that occurred during the year: refer to note 23.1 of the annual financial statements; c Any criminal or disciplinary steps taken because of such losses or irregular expenditure or fruitless and wasteful expenditure: there were no instances where the Corporation sustained material losses; and c Any losses recovered or written off: no material losses were recovered or written off other than in the ordinary course of business. The directors are of a view that the Corporation has adequate resources to operate in the foreseeable future and have adopted the going concern basis in preparing the financial statements. The financial statements of the Corporation for the year ended 31 March 2023 that appear on pages 16 to 86 were approved by the Board of Directors on 31 July 2023 and are signed on its behalf by: guidelines on annual reports as issued by National Treasury. Based on the information received from management, as well as the internal and external auditors, nothing has come to the attention of the directors to indicate a material breakdown in the systems of internal controls during the year under review. Disclosure in terms of section 55(2)(b) of the PFMA: ‑Material losses through criminal conduct and any irregular expenditure and fruitless and wasteful expenditure that occurred during the year: refer to note 23.1 of the annual financial statements; ‑Any criminal or disciplinary steps taken because of such losses or irregular expenditure or fruitless and wasteful expenditure: there were no instances where the Corporation sustained material losses; and ‑Any losses recovered or written off: no material losses were recovered or written off other than in the ordinary course of business. The directors are of a view that the Corporation has adequate resources to operate in the foreseeable future and have adopted the going concern basis in preparing the financial statements. The financial statements of the Corporation for the year ended 31 March 2023 that appear on pages 16 to 86 were approved by the Board of Directors on 31 July 2023 and are signed on its behalf by: guidelines on annual reports as issued by National Treasury. Based on the information received from management, as well as the internal and external auditors, nothing has come to the attention of the directors to indicate a material breakdown in the systems of internal controls during the year under review. Disclosure in terms of section 55(2)(b) of the PFMA: ‑Material losses through criminal conduct and any irregular expenditure and fruitless and wasteful expenditure that occurred during the year: refer to note 23.1 of the annual financial statements; ‑Any criminal or disciplinary steps taken because of such losses or irregular expenditure or fruitless and wasteful expenditure: there were no instances where the Corporation sustained material losses; and ‑Any losses recovered or written off: no material losses were recovered or written off other than in the ordinary course of business. The directors are of a view that the Corporation has adequate resources to operate in the foreseeable future and have adopted the going concern basis in preparing the financial statements. The financial statements of the Corporation for the year ended 31 March 2023 that appear on pages 16 to 86 were approved by the Board of Directors on 31 July 2023 and are signed on its behalf by:

YOUR EXPORT RISK PARTNER The performance information fairly reflects the operations, actual output against planned targets for performance indicators as per the Corporation’s strategic plan and annual performance plan for the financial year ended 31 March 2023. The performance information has been reported on in accordance with the requirements of the The Corporation’s annual financial statements are prepared in accordance with International Financial Reporting Standards and incorporate responsible disclosures in line with the accounting policies. The appropriate accounting policies are consistently applied except as otherwise stated and supported by reasonable and prudent judgements and estimates. The performance information fairly reflects the operations, actual output against planned targets for performance indicators as per the Corporation’s strategic plan and annual performance plan for the financial year ended 31 March 2023. The performance information has been reported on in accordance with the requirements of the The external auditors are responsible for auditing the financial statements whereas the Board of Directors (‘Board’) is responsible for the preparation, integrity and fair presentation of the financial statements. The Board acknowledges its duty to ensure balanced content and fair presentation that provides a comprehensive assessment of the Corporation’s performance for the financial year ended 31 March 2023. In terms of the Companies Act (2008), the directors are required to maintain adequate accounting records and to prepare annual financial statements that fairly present the Corporation’s financial position at year‑end and the results and cash flows for the year. To enable the Board to discharge its responsibilities, management has developed and continues to implement standards and systems of internal controls to provide reasonable assurance as to the integrity and reliability of the financial statements and to safeguard, verify and maintain the accountability of the Corporation’s assets. The Board has ultimate responsibility for this system of internal controls and reviews the effectiveness of its operations, primarily through the Audit Committee. The internal controls include risk‑based systems of accounting and administrative controls designed to provide reasonable, but not absolute, assurance that assets are safeguarded and that transactions are executed and recorded in accordance with sound business practices and the Corporation’s written policies and procedures. As part of internal controls, the Corporation’s internal audit function conducts inspections, financial and specific audits. The external auditors are responsible for reporting on the Corporation’s financial statements. The financial statements were audited by the independent auditors, the consortium of SizweNtsalubaGobodo Grant Thornton Inc and AM PhakaMalele Inc, who were given unrestricted access to all financial records and related data, including minutes of meetings of the Board and committees of the Board. The directors believe that all representations made to the independent auditors during their audit were valid and appropriate. The Corporation’s annual financial statements are prepared in accordance with International Financial Reporting Standards and incorporate responsible disclosures in line with the accounting policies. The appropriate accounting policies are consistently applied except as otherwise stated and supported by reasonable and prudent judgements and estimates. The performance information fairly reflects the operations, actual output against planned targets for performance indicators as per the Corporation’s strategic plan and annual performance plan for the financial year ended 31 The external auditors are responsible for auditing the financial statements whereas the Board of Directors (‘Board’) is responsible for the preparation, integrity and fair presentation of the financial statements. The Board acknowledges its duty to ensure balanced content and fair presentation that provides a comprehensive assessment of the Corporation’s performance for the financial year ended 31 March 2023. In terms of the Companies Act (2008), the directors are required to maintain adequate accounting records and to prepare annual financial statements that fairly present the Corporation’s financial position at year‑end and the results and cash flows for the year. To enable the Board to discharge its responsibilities, management has developed and continues to implement standards and systems of internal controls to provide reasonable assurance as to the integrity and reliability of the financial statements and to safeguard, verify and maintain the accountability of the Corporation’s assets. The Board has ultimate responsibility for this system of internal controls and reviews the effectiveness of its operations, primarily through the Audit Committee. The internal controls include risk‑based systems of accounting and administrative controls designed to provide reasonable, but not absolute, assurance that assets are safeguarded and that transactions are executed and recorded in accordance with sound business practices and the Corporation’s written policies and procedures. As part of internal controls, the Corporation’s internal audit function conducts inspections, financial and specific audits. The external auditors are responsible for reporting on the Corporation’s financial statements. The financial statements were audited by the independent auditors, the consortium of SizweNtsalubaGobodo Grant Thornton Inc and AM PhakaMalele Inc, who were given unrestricted access to all financial records and related data, including minutes of meetings of the Board and committees of the Board. The directors believe that all representations made to the independent auditors during their audit were valid and appropriate. The Corporation’s annual financial statements are prepared in accordance with International Financial Reporting Standards and incorporate responsible disclosures in line with the accounting policies. The appropriate accounting policies are consistently applied except as otherwise stated and supported by reasonable and prudent judgements and estimates. The external auditors are responsible for auditing the financial statements whereas the Board of Directors (‘Board’) is responsible for the preparation, integrity and fair presentation of the financial statements. The Board acknowledges its duty to ensure balanced content and fair presentation that provides a comprehensive assessment of the Corporation’s performance for the financial year ended 31 March 2023. In terms of the Companies Act (2008), the directors are required to maintain adequate accounting records and to prepare annual financial statements that fairly present the Corporation’s financial position at year‑end and the results and cash flows for the year. To enable the Board to discharge its responsibilities, management has developed and continues to implement standards and systems of internal controls to provide reasonable assurance as to the integrity and reliability of the financial statements and to safeguard, verify and maintain the accountability of the Corporation’s assets. The Board has ultimate responsibility for this system of internal controls and reviews the effectiveness of its operations, primarily through the Audit Committee. The internal controls include risk‑based systems of accounting and administrative controls designed to provide reasonable, but not absolute, assurance that assets are safeguarded and that transactions are executed and recorded in accordance with sound business practices and the Corporation’s written policies and procedures. As part of internal controls, the Corporation’s internal audit function conducts inspections, financial and specific audits. The external auditors are responsible for reporting on the Corporation’s financial statements. The financial statements were audited by the independent auditors, the consortium of SizweNtsalubaGobodo Grant Thornton Inc and AM PhakaMalele Inc, who were given unrestricted access to all financial records and related data, including minutes of meetings of the Board and committees of the Board. The directors believe that all representations made to the independent auditors during their audit were valid and appropriate.

D Dharmalingam Chairperson D Dharmalingam Chairperson

D Dharmalingam Chairperson

02 August 2023

31 July 2023

31 July 2023

N Maphula Acting Chief Executive Officer N Maphula Acting Chief Executive Officer N Maphula Acting Chief Executive Officer

02 August 2023

31 July 2023

31 July 2023

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