END-OF-YEAR MESSAGE FROM THE LUSE CHIEF EXECUTIVE OFFICER REFLECTING ON THREE DECADES OF PROGRESS Dear market participants, As we approach the conclusion of another year, it is both timely and significant to reflect on 2024 as a milestone year for the Lusaka Securities Exchange (LuSE). This year marked 30 years since our establishment in 1994. It is also noteworthy to recognize Chilanga Cement Plc, the first entity listed on the LuSE, which likewise celebrated 30 years of listing. Congratulations to Chilanga Cement Plc on this remarkable achievement. The year 2024 presented a unique opportunity to evaluate the dynamics of our market, observing notable growth amidst prevailing challenges. By mid-December 2024, LuSE recorded a 144% year-to-date increase in market capitalization, representing 39% of Zambia’s Gross Domestic Product (GDP). The All-Share Index (excluding Shoprite) reflected a cumulative growth of 46%, while total equity turnover expanded by 32%. These achievements were further bolstered by the listing of the first Real Estate Investment Trust (REIT), two corporate bonds, and one green bond. Despite these successes, the year was not without its challenges. Adverse factors, including elevated inflation, the impacts of drought, and persistent load-shedding, significantly affected the broader economy, creating unfavourable business conditions. Additionally, we faced the delisting of two entities: Investrust Bank Plc and Taj Pamodzi Hotels. On behalf of the Exchange, I extend my deepest gratitude to our market participants, both institutional and retail investors, local and offshore, for their continued engagement and confidence in our market. Your support is the foundation upon which our progress rests. Furthermore, we have carefully considered your feedback and remain committed to addressing your concerns to enhance the visibility, transparency, and efficiency of the market. As a key player in Zambia’s capital market, the LuSE remains steadfast in its commitment to fostering sustainable business growth. It is evident that more Zambian businesses must utilize the Exchange as a platform for raising capital. With the continued policy focus on encouraging capital market participation, we are optimistic that more enterprises will recognize the long-term benefits and cost-effectiveness of equity financing as a viable alternative to debt financing. Looking ahead to 2025, we are cautiously hopeful that prevailing macroeconomic headwinds will abate, paving the way for improved economic fundamentals. Such developments are expected to create growth opportunities for the private sector and the equity market. In closing, I wish to reiterate the Exchange’s unwavering dedication to redefining how business is conducted, championing sustainability, and fostering innovation with purpose and resolve. While the journey may be challenging, I am confident that, together, we will achieve greater economic value for our markets and scale new heights for the coming year. I wish you and your families a safe and joyous holiday season. Nicholas Kabaso Chief Executive Officer