VIZENGE KUMWENDA Group Managing Director As Malawi commemorates Independence Month, we pause to reflect not only on our nation's journey, but also on the responsibility we all share for the future we are building together. At a time when many families and businesses continue to navigate economic uncertainty, this is less a moment for celebration than for renewed commitment to the work that still lies ahead. Every day, across Malawi, ordinary people make extraordinary decisions in pursuit of a better future. For the past 55 years, our role as NICO Group has been to help make more of these futures possible. Whether it's protecting what matters most, financing growth, helping people save and invest, securing their retirement, or rebuilding after life's setbacks, we exist to give Malawians the confidence to plan ahead and the means to move forward. One NICO is proudly Malawian. Born here. Built here. Investing here. Growing here. Our success has never been separate from the success of the beautiful nation we call home. That belief shapes how we see our responsibility as a corporate citizen. We believe business has an important role to play in national development by working constructively with the Government of the day, alongside communities, civil society and fellow businesses, to strengthen institutions, expand opportunity and help solve the challenges that affect us all. Our partnership is with the enduring interests of Malawi. For more than five decades, NICO has worked constructively with successive governments in pursuit of shared national priorities through investment, financial inclusion, emergency response, institutional strengthening, governance initiatives and the sharing of expertise. We do so not because it is expected of us, nor because it serves any particular administration, but because strong public institutions and a thriving private sector are both essential to sustainable national prosperity. This philosophy aligns with the ambitions of Malawi 2063, particularly its pillars of Agricultural Productivity and Commercialisation, Industrialisation and Urbanisation, and supports the United Nations Sustainable Development Goals, especially SDG 8 (Decent Work and Economic Growth), SDG 9 (Industry, Innovation and Infrastructure), SDG 16 (Peace, Justice and Strong Institutions) and SDG 17 (Partnerships for the Goals). No single institution can build the Malawi we aspire to. Lasting national progress depends on government, business, civil society and citizens each playing their part. We commend the many organisations already contributing to Malawi's development and encourage our colleagues across commerce and industry to continue investing their expertise, innovation, resources and leadership in the nation's future. Whether by strengthening governance, supporting emergency response, creating opportunities and sharing expertise, every responsible corporate has a role to play in building a stronger Malawi. At NICO, we remain committed to helping make more of those futures possible. Because this is our home, and for 55 years our story has been inseparable from Malawi's story. As Malawi looks to the future, so do we. REFLECTIONS ON INDEPENDENCE PARTNERING FOR PROGRESS Emergency Food Response - 2025 Cyclone Freddy Response - 2023 Cholera Response - 2023 Covid19 Response - 2022 Disaster Relief 01
Infrastructure Development Our work contributes directly to several of the United Nations Sustainable Development Goals (SDGs), particularly SDG 1: No Poverty, SDG 3: Good Health and Well-being, SDG 5: Gender Equality, SDG 8: Decent Work and Economic Growth, SDG 9: Industry, Innovation and Infrastructure, SDG 11: Sustainable Cities and Communities, SDG 13: Climate Action, and SDG 17: Partnerships for the Goals. Through our financial services, investments, insurance solutions, property development, hospitality, technology businesses and corporate social investment programmes, we help expand economic opportunity, strengthen resilience, create employment, support entrepreneurship, promote responsible business practices and foster partnerships that generate lasting social and economic value. Together, these efforts reflect our commitment to building a more inclusive, sustainable and prosperous future for Malawi. Sustainable Development Goals (SDGs) Malawi Vision 2063 identifies Private Sector Dynamism as one of its seven strategic enablers, recognising the private sector as a primary driver of economic transformation, national development and inclusive growth. The Vision calls for this transformation to be achieved through collective effort, underlining a partnership model in which government, business, civil society and citizens each play a complementary role. Consistent with this approach, the MW2063 implementation framework identifies both state and non-state actors, including the private sector, as key implementers of the national agenda. As ONE NICO, together with our subsidiaries, we are proud to play our part in advancing this shared national vision through responsible investment, innovation, job creation and partnerships that contribute to Malawi's long-term prosperity. Malawi 2063 Environmental, Social and Governance (ESG) ESG considerations are embedded within ONE NICO's approach to creating sustainable long-term value. We recognise that strong governance, responsible environmental stewardship and positive social impact are fundamental to building resilient businesses and maintaining stakeholder trust. In June 2026, NBS Bank published its inaugural Sustainability Report, followed in July 2026 by the ONE NICO Group's inaugural Sustainability Report. These important milestones reflect our commitment to transparency, accountability and responsible business practices, while establishing a strong foundation for measuring, managing and reporting ESG performance across the Group. We continue to strengthen the integration of ESG considerations into strategy, risk management, investment decisions and operations through sound corporate governance, effective management of environmental and climate-related risks, investment in our people and communities, advancement of diversity and inclusion, and meaningful engagement with all our stakeholders. As our ESG journey evolves, we remain committed to continuously improving our sustainability performance while contributing to a more inclusive, resilient and prosperous Malawi. Nkhatabay District Hospital Solar Power System Donation, ensures continuous power supply to support essential service delivery in the nursery ward. Lilongwe Ryalls Hotel Project, upon its completion, will enhance Malawi's tourism sector to be a landmark hotel built on the 18-hole golf course NBS Bank assisted in the financing of Malawi's first interchange project in Lilongwe through a bid bond worth K14 billion offered to the Roads Fund Administration (RFA). Salima Lilongwe Water Project - The NICO Group provided financing for the project which will resolve chronic water shortages for over 1.5 million people. 02
The leaders of NICO's operating companies on why, even in a difficult season, the decisions they make every day are fundamentally optimistic about the future of Malawi. Hope is not our communications strategy. It is our business decision. Every time a NICO company hires someone, pays a claim, approves a loan, settles a pension or puts a policy in place, it is making a practical bet that Malawi's future is worth investing in. We asked the leaders of our operating companies what that means to them. WE BELIEVE IN MALAWI WISE CHIGUDU Chief Executive Officer, NICO Life Insurance I believe in Malawi—in the potential of its people, the fruitfulness of its land, and the abundance of its waters. Together, they can transform promise into shared prosperity and sustainable national growth. Despite the many challenges our country has faced and continues to face, Malawi has consistently rewarded those with the foresight, vision and tenacity to invest in its development, including real estate. Companies like NICO Group, built and grown on Malawian soil for over five decades, stand as proof of this. WASHINGTON CHIMUZU Chief Executive Officer, Eris/ ICON Properties As we commemorate our independence, I remain confident in Malawi's future because our people have an extraordinary ability to innovate, adapt, and persevere. Time and again, they transform challenges into opportunities that fuel growth, create value, and move our nation forward. CLARENCE GAMA | Chief Executive Officer, NICO Technologies We believe in Malawi because our nation's greatest asset is its people. Inspired by the sacrifices of past generations and encouraged by the ambition of today's youth, we are committed to safeguarding futures and investing in the growth and prosperity of our country. GERALD CHIMA | Chief Executive Officer, NICO Pension Services As Malawi celebrates its Independence Day, we extend our warmest congratulations to its people and reaffirm our confidence in the country's bright future. As part of the NICO Holdings family, NICO Insurance Zambia is proud to celebrate our shared heritage and remains committed to supporting sustainable growth, strengthening regional partnerships, and contributing to a more prosperous future for Malawi and Zambia. KEITH MUMBA | Chief Executive Officer, NICO Insurance (Zambia) In the midst of every challenge lies the seed of opportunity . I believe in Malawi because our people are resilient , our potential is immense , and our destiny is ours to shape through bold and purposeful leadership DONBELL MANDALA | Chief Executive Officer, NICO General Insurance Independence is more than a celebration of our freedom. It is a reminder of our shared responsibility to build the Malawi we aspire to. I believe in our people, our businesses, and our collective ability to create a future of greater opportunity and prosperity for all. That future begins when each of us chooses to care a little more for our country, our communities, and one another. TEMWANI SIMWAKA Chief Executive Officer, NBS Bank Because of the African Continental Free Area (AfCTA), which is a great market for trade and investment, I believe in my country Malawi more than ever before as a producer and exporter from its special natural resources and human capital MISHEK ESAU Chief Executive Officer, NICO Capital Every investment is a vote of confidence in the future. We believe in Malawi because of the resilience of its people, the potential of its businesses and the opportunities that emerge when long-term capital meets long-term vision. CHIKONDI GOMANI Head Of Investment Management, NICO Asset Managers FARRUKH MAQBOOL GM Protea by Marriot, Ryalls Blantyre I believe in Malawi because every challenge is matched by an even greater opportunity. Our people are resilient, our potential is immense, and with collaboration, innovation, and responsible investment, we can build an economy that inspires confidence and creates lasting prosperity for generations to come. 03
The Group sponsored the hosting of SADC's SARPCCO Annual General Meeting 2026, a high-profile regional gathering of Southern African police chiefs that strengthens institutional cooperation across the continent and elevates Malawi's profile as a credible host nation. Through NBS Bank and NICO Technologies, the Group has also extended its engagement with the Malawi Defence Force, widening financial access and welfare support for servicemen and women and their families. The people who spend their careers protecting the public deserve real financial protection in return. ONE NICO. ONE MALAWI. Public Service Support Donation of security cameras to Blantye City Council through Malawi Police, to strengthen security within Blantyre City. NBS Bank has supported the Malawi Defence Force Veterans Charity Golf Tournament since 2019. The tournament is held in aid of raising funds towards the welfare of Malawi's veterans though the maintenance of housing and catering for their basic needs, among other things. STANDING WITH THOSE WHO PROTECT OUR NATION Construction and donation of a Police Unit at Chichiri Shopping Mall, to increase security presence and protection around the Blantyre Chichiri area. 04
Blantyre Mayor’s Trophy promotes talent development among the youth and keeps learners engaged throughout the year. NICO Group donated furniture to the University of Malawi, enabling underutilised rooms to become functional learning spaces serving over 1,500 students. NICO Group refurbished a hostel at LUANAR to improve students’ welfare. NICO Group was proud to support the MUBAS Endowment Fundraising Golf Tournament with a K200 million sponsorship reinforcing our commitment to advancing education, innovation, and opportunity in Malawi. NICO Group built the first double storey school block at Mbayani Primary School which has the highest number of primary school pupils in Malawi. NBS Bank contributed R420,000 towards the safe return of 140 Malawians affected by the xenophobic attacks in South Africa NBS Bank donated K254 million to support the orientation of newly elected councillors in 2026 Ladies from NBS Bank donated assorted items to the Queen Elizabeth Central Hospital (QECH) maternity ward NBS Bank donated 600 school desks worth K120 million to the Malawi Defence Force (MDF), reinforcing its commitment to education and community development. ONE NICO. ONE MALAWI. Blantyre Mayor’s Trophy Blantyre Mayor’s Trophy - 2024 We continue promoting young talent. 05
COMMITMENT TO SUPPORT ACROSS PRIORITY AREAS YEAR PRIMARY DONATING ENTITY RECEIVING GOVERNMENT AGENCY / INITIATIVE STRATEGIC FOCUS 2026 NICO General insurance NBS Bank NBS Bank NBS Bank NBS Bank NICO Group & NBS Bank NICO Life NICO Group NICO Group NICO Group NBS Bank NICO Group NICO Group / Sanlam Group NICO Group / Sanlam Group Malawi Police / Ministry of Homeland Security Malawi School of Governement (MSG) Department of Disaster Management Affairs (DoDMA) Malawi-Liverpool Wellcome Trust (State Research) Presidential Cyclone Freddy Relief Fund Ministry of Health Ministry of Health Donation National Commission for Science and Technology (NCST) MW Red Cross-NBS Flood Victim Donations Southern Region Floods Relief Scheme Ministry of Health / Central Public Hospitals Kamuzu, Mzuzu & Queen Elizabeth Central Hospitals Regional National Security (SARPCCO Support) Women's Executive Leadership Development Lean Season National Hunger Mitigation Public Health & Medical Research Public healthcare and medical equipment support Cyclone Freddy Donation Disaster relief and humanitarian assistance Cyclone Freddy Relief Donation Disaster relief and humanitarian assistance Emergency Humanitarian & State Logistics Cholera Outbreak Elimination Campaign National Science & Technology Fund Launch Disaster relief and humanitarian assistance Disaster Victim Nutritional Support Covid-19 Frontline Healthcare PPE & Equipment Industrial Medical Oxygen Units & Bedside Gear 2026 2025 2024 2023 2023 2023 2023 2023 2022 NBS Bank NBS Bank NBS Bank MRCS Disaster-Donations to Cyclone Anna Victims Disaster relief and humanitarian assistance Malawi Defence Force-Donation to Support MDF Social Welfare Defence forces welfare, training and national service Velom Annual Golf Velom Pledge Peyment Sports development and stakeholder engagement 2022 2022 2022 2021 NBS Bank Shaping our Future -Fees For 10 Students at National Schools Education scholarships and access to quality education 2021 2020 2019 2019 NICO Group Institute of Chartered Accountants in Malawi (ICAM) State Financial Management & Transparency2018 06
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