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Notes to the Consolidated Financial Statements

For the year ended September 30, 2025. Expressed in millions of Trinidad and Tobago dollars, unless otherwise stated.

1 Corporate information
Republic Financial Holdings Limited (the ‘Company’ or ‘RFHL’), the financial holding company for the Republic Group and
the ultimate Parent of the Group, is incorporated in the Republic of Trinidad and Tobago and its registered office is located at
Republic House, 9-17 Park Street, Port of Spain. RFHL is listed on the Trinidad and Tobago Stock Exchange.

The RFHL Group (the ‘Group’) is a financial services group comprising several subsidiaries and associated companies. The
Group is engaged in a wide range of banking, financial and related activities mainly in the Caribbean Community (CARICOM)
region, Cayman Islands, Ghana, St. Maarten, Anguilla Isle of Man and the British Virgin Islands. It has most recently launched a
life insurance subsidiary in Trinidad and Tobago. A full listing of the Group’s subsidiary companies is detailed in Note 33 while
the associate companies are listed in Note 6.

2 Material accounting policies
These Consolidated financial statements provide information on the accounting estimates and judgements made by the
Group. These estimates and judgements are reviewed on an ongoing basis. Given the continued impact of global economic
uncertainty exacerbated by high inflation, tariffs and rising interest rates, the Group has maintained its estimation uncertainty
in the preparation of these Consolidated financial statements. The estimation uncertainty is associated with the extent and
duration of the expected economic downturn and the timing of the related recovery in the economies in which the Group
operates. This includes forecasts for economic growth, unemployment, interest rates and inflation.

The Group has formed estimates based on information that was available on September 30, 2025, which was deemed to be
reasonable in forming these estimates. The actual economic conditions may be different from the estimates used and this
may result in differences between the accounting estimates applied and the actual results of the Group for future periods.

The principal accounting policies applied in the preparation of these Consolidated financial statements are set out below.
These policies have been consistently applied across the Group.

2.1 Basis of preparation
The Group has prepared its Consolidated financial statements on the basis that it will continue to operate as a going
concern. The Consolidated financial statements of the Group are prepared in accordance with IFRS Accounting Standards,
and are stated in Trinidad and Tobago Dollars. These Consolidated financial statements have been prepared on a historical
cost basis, except for investments in associates measured using the equity method, employee benefits measured as fair
value of plan assets less the present value of defined benefit obligation, insurance contract balances measured using
the General Measurement Model (GMM) and Premium Allocation Approach (PAA) and financial instruments measured
at Fair Value through Profit or Loss (FVPL). The preparation of Consolidated financial statements in conformity with IFRS
Accounting Standards requires management to make estimates and assumptions. Actual results could differ from those
estimates. Significant accounting judgements and estimates in applying the Group’s accounting policies have been
described in Note 3.

2.2 Basis of consolidation
The Consolidated financial statements comprise the financial statements of Republic Financial Holdings Limited (‘the
Parent’) and its subsidiaries (‘the Group’) as at September 30 each year. The financial statements of subsidiaries are
prepared for the same reporting year as the parent company using consistent accounting policies.

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies
in line with the Group’s accounting policies. All intercompany balances and transactions, including unrealised profits
arising from intra-group transactions have been eliminated in full. Unrealised losses are eliminated unless costs cannot
be recovered.