Securities and Exchange Commission 2025 Annual Report

Securities and Exchange Commission_2025 Annual Report

Securities and Exchange Commission_2025 Annual Report Contents Contents
Annual Report Highlights ..........................................................................................................................................5
About SEC .................................................................................................................................................................. 6
Values ..........................................................................................................................................................................7
Commission’s Mandate..............................................................................................................................................7
IOSCO Core Objectives .............................................................................................................................................. 9
Sustainability Report ................................................................................................................................................10
Advancing Sustainable Capital Markets...................................................................................................................10
Chairperson’s Review...............................................................................................................................................13
Chief Executive’s Statement....................................................................................................................................16
Governance...............................................................................................................................................................19
Board Composition .......................................................................................................................................... 21
SEC Commissioners in 2025 ..............................................................................................................................22
SEC Senior Management in 2025.......................................................................................................................25
SEC Management in 2025................................................................................................................................ 26
Board Meetings ............................................................................................................................................... 29
Board Committees .......................................................................................................................................... 30
Governance and Risk Assurance .....................................................................................................................33
Commission Secretary .................................................................................................................................... 34
Board Performance Self-Evaluation............................................................................................................... 34
Report on regulatory and operational efficiency.....................................................................................................41
Introduction..........................................................................................................................................................42
Effectiveness of Regulatory Oversight...............................................................................................................42
Operational Efficiency and Cost Effectiveness...................................................................................................42
Public Value and Cost to the Nation in the Absence of the Commission......................................................... 43
Strategic Performance and Institutional Efficiency .......................................................................................... 43
Stakeholder and Market Relationships.............................................................................................................. 44
Current and Future Institutional Capabilities .................................................................................................... 44
Conclusion ........................................................................................................................................................... 44
Operational Activities.............................................................................................................................................. 46
MARKET SUPERVISION....................................................................................................................................... 46
Universe of Capital Markets Operators ......................................................................................................... 46
Operationalisation of Risk-Based Supervision (RBS) .....................................................................................47

Securities and Exchange Commission_2025 Annual Report
Risk Profiling Outcomes and Sector Risk Trends............................................................................................47
Supervisory Activities Undertaken................................................................................................................. 48
Supervisory Letters and Enforcement Linkages ........................................................................................... 48
Strengthening Supervisory Tools ................................................................................................................... 48
Issuers of Registered Securities ..................................................................................................................... 49
Internal controls over financial reporting (“ICOFR”).................................................................................... 50
Collective Investment Schemes ..................................................................................................................... 50
Licensing ........................................................................................................................................................... 51
Surveillance and complaints handling.............................................................................................................52
Market Surveillance .........................................................................................................................................52
Key Observations from 2025 AGMs.................................................................................................................52
Surveillance of Unlicensed Investment Schemes...........................................................................................52
Complaints........................................................................................................................................................53
Risk-RiskBased Supervision .............................................................................................................................53
Capacity Building and Stakeholder relationship management .....................................................................53
AML/CFT Engagement with the CMOs............................................................................................................53
Climate Risk Supervision and Self-Regulatory Organization (SRO) Supervision......................................... 54
MARKET DEVELOPMENT .....................................................................................................................................55
Capital Markets Master Plan............................................................................................................................55
National Financial Inclusion Strategy (“NFIS”) ............................................................................................. 58
National Strategy for Financial Education for Zambia (“NFSE”).................................................................. 58
Developing Zambia’s Subnational Revenue Bonds Project.......................................................................... 59
Regulatory Sandbox........................................................................................................................................ 59
2025 Financial Literacy Week.......................................................................................................................... 60
SEC Participates in Boys’ and Girls’ Character Development Camp at Kuzipa Farms...................................61
Livingstone Primary School .............................................................................................................................61
Terry Schwartz Secondary Adventist school ................................................................................................. 62
Livingstone Institute of Business and Engineering Studies .......................................................................... 62
Commemoration of World Investor Week 2025............................................................................................ 63
Capital Markets Tertiary Essay Writing Competition .................................................................................... 64
Capital Markets Ambassadors Programme ................................................................................................... 65
Monthly Townhall Meetings........................................................................................................................... 65
97th Agricultural and Commercial Show......................................................................................................... 68
Zambia Capital Markets Conference and Awards 2025 (ZCMCA)................................................................. 69
Copperbelt Agricultural, Mining, Industry and Networking Expo (CAMINEX)............................................ 69
Green and Sustainable Finance Activities ...................................................................................................... 69
Public Awareness and Investor Protection.................................................................................................... 70

Securities and Exchange Commission_2025 Annual Report
ENFORCEMENT AND LEGAL SERVICES...............................................................................................................72
Overview...........................................................................................................................................................72
Enforcement and Investor Protection ............................................................................................................72
Strengthening the Legal and Regulatory Framework ...................................................................................73
Advancing International Regulatory Standards .............................................................................................74
Strategic Partnerships and Stakeholder Engagements .................................................................................74
Regional and International Cooperation ....................................................................................................... 80
Looking Ahead................................................................................................................................................. 80
MARKET TRANSACTIONS ....................................................................................................................................81
2025 Financial Statements ...................................................................................................................................... 82
APPENDICES ...........................................................................................................................................................138
Appendix I – SEC Corporate Address and ContactDetails.................................................................................138
Appendix II – Organisational Structure.............................................................................................................139
Appendix 2A – Full Organogram ...................................................................................................................139
Appendix 2B - Individual Directorates and Units..........................................................................................140
Appendix III – List of Authorised Capital Market Players as at 31st December 2025..........................................143
Appendix IV – Contact Details of Capital Market Operators ............................................................................. 152

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Securities and Exchange Commission_2025 Annual Report Annual Report Highlights The Commission continued to deliver strong results across both institutional performance and market oversight during 2025. Internally, the Commission maintained a robust financial position, strengthened operational efficiency and enhanced organisational capacity to support the effective discharge of its statutory mandate. Externally, the Commission continued to promote market growth, strengthen regulatory oversight and foster investor confidence, contributing to the continued development and resilience of Zambia’s capital markets. The following highlights provide a snapshot of the Commission’s performance in 2025, distinguishing between SEC Performance—which reflects institutional sustainability and operational excellence— and Market Oversight Highlights, which capture the Commission’s regulatory impact and the performance of the capital market.

Securities and Exchange Commission_2025 Annual Report 6 About SEC

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Securities and Exchange Commission_2025 Annual Report Values The Commission depends on the following core values in the performance of its staff by which their conduct and behaviour is anchored:
Commission’s Mandate
The Securities and Exchange Commission (SEC) is a statutory body established under Section 3 of the Securities Act, Chapter 354 of the Laws of Zambia. The Commission is responsible for regulating Zambia’s capital markets to promote fair, efficient and transparent markets, protect investors, facilitate capital formation and contribute to the development of a vibrant and resilient capital markets financial sector. In fulfilling its mandate, the Commission seeks to maintain an appropriate balance between investor protection and capital market development. This is achieved through a regulatory framework that promotes market integrity, enhances public confidence, encourages innovation and supports sustainable economic growth. The Commission also supervises licensed market participants, oversees securities offerings and market transactions, enforces compliance with the law, and promotes financial literacy and investor education. The Commission’s governance framework is established under the Securities Act, which vests the overall responsibility for the governance and strategic direction of the Commission in the Board of Commissioners. In accordance with Section 8 of the Act, the Board is responsible for exercising the powers and functions of the Commission, providing strategic oversight, approving key regulatory and

Securities and Exchange Commission_2025 Annual Report 8 policy decisions, and ensuring that the Commission operates in accordance with the principles of transparency, accountability, independence and good corporate governance. While the Board provides strategic leadership and oversight, responsibility for the day-to-day administration and management of the Commission is delegated to the Chief Executive Officer and Management, thereby ensuring an effective separation between governance and operational responsibilities. This governance structure reinforces regulatory independence, promotes sound decision-making and supports the Commission in effectively discharging its statutory mandate in the public interest. The specific functions of the Commission as provided under section 9 of the Act are as follows:
a) ensure compliance with the Act and regulations or rules made in accordance with the Act; b) license securities exchanges, regulate the activities of securities exchanges and the settlement of securities transactions; c) license and regulate capital markets operators; d) license and regulate clearing and settlement agencies and other participants in the capital markets; e) license and regulate credit rating agencies and provide conditions for the issuing of credit ratings; f) approve the constitutions, charters, articles, by-laws and rules governing and pertaining to securities exchanges, clearing and settlement agencies and other participants in the capital markets; g) promote and encourage high standards of investor protection and integrity among members of securities exchanges, capital markets operators, clearing and settlement agencies, self-regulatory organisations and other participants in the capital markets; h) support the operation of a free, orderly, fair, secure and properly informed capital markets; i) regulate the manner and scope of securities transactions; j) regulate margin requirements, capital adequacy requirements, disclosure and reporting requirements and clearing and settlement requirements, as may be prescribed; k) take all reasonable steps to safeguard the interest of persons who invest in securities and guard against illegal and improper practices as provided in the Act; l) authorise the establishment of collective investment schemes and other schemes; m) regulate the activities of managers, trustees and custodians; n) authorise and regulate the establishment of private funds; o) consider and suggest proposals for the reform of the Act and rules and regulations made in accordance with the Act; p) promote and develop a system of self-regulation by securities exchanges, clearing and settlement agencies, self-regulatory organisations, other participants in the capital markets and capital markets operators, as maybe prescribed; q) encourage the development of securities and securities exchanges and the increased use of such exchanges; r) provide, promote or otherwise support financial education, awareness and confidence with regard to financial products, institutions and services; s) prescribe certification standards and accreditation for licensees; t) co-operate with, provide assistance to, receive assistance from, and exchange information with other regulatory bodies and trade organisations in Zambia and elsewhere; u) exercise and perform such other functions as may be conferred or imposed upon it by or in

Securities and Exchange Commission_2025 Annual Report 9 accordance with the Act or any other written law; and v) vet a substantial shareholder in accordance with the vetting criteria contained in guidelines issued by the Commission, including the substantial shareholder’s source of funds, and the beneficial owner of a company whose securities are registered, or which is authorised or licensed under this Act. IOSCO Core Objectives In discharging its statutory mandate, the Securities and Exchange Commission aligns its regulatory approach with the internationally recognised Objectives and Principles of Securities Regulation developed by the International Organization of Securities Commissions (IOSCO). These principles provide the global benchmark for effective securities regulation and guide the Commission’s efforts to promote resilient, transparent and well-functioning capital markets. The Commission’s regulatory activities are underpinned by the following three core objectives of securities regulation:

Protecting investors by promoting confidence in the capital markets and safeguarding their
interests;
Ensuring that markets are fair, efficient and transparent, thereby fostering market integrity and
supporting capital formation; and
Reducing systemic risk through effective supervision, risk-based regulation and timely
regulatory intervention.
As a member of IOSCO and a signatory to the IOSCO Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU), the Commission remains committed to applying internationally recognised regulatory standards and strengthening cross-border regulatory cooperation. These principles are embedded in Zambia’s legal and regulatory framework and continue to inform the Commission’s policy development, supervisory practices, enforcement activities and day-to-day regulation of the capital markets. By adhering to these internationally accepted standards, the Commission promotes investor confidence, strengthens market integrity and supports the sustainable growth and competitiveness of Zambia's capital markets.

Securities and Exchange Commission_2025 Annual Report 10 Sustainability Report Advancing Sustainable Capital Markets Sustainability is increasingly becoming an integral component of financial market development and economic resilience. As Zambia’s capital markets regulator, the Securities and Exchange Commission (SEC) recognises its responsibility not only to regulate fair, efficient and transparent markets but also to create an enabling environment that supports sustainable investment, responsible business conduct and long-term economic growth in line with the country’s development aspirations. The Commission’s contribution to sustainability extends beyond its internal operations. Through sound regulation, investor protection, good governance, sustainable finance initiatives and strategic partnerships, the Commission continues to facilitate the mobilisation of long-term capital towards productive and environmentally sustainable investments while promoting inclusive economic development. During the 2025 financial year, the Commission continued integrating environmental, social and governance (ESG) considerations into its regulatory framework, institutional operations and strategic initiatives in support of Zambia’s Vision 2030, the Eighth National Development Plan (8NDP) and the United Nations Sustainable Development Goals (SDGs). The Commission’s Contribution to the Sustainable Development Goals The Commission’s activities during 2025 contributed directly to the following Sustainable Development Goals:
Sustainable Development Goal SEC Contribution 2025 Highlights SDG 4 – Quality Education Financial literacy, investor education and capacity building The Commission Continued investor education programmes, stakeholder awareness initiatives, staff development programmes and construction of the Capital Markets Training Centre to strengthen technical capacity and market knowledge. Once completed, the facility will serve as a national centre of excellence for capital markets education, professional training, research and stakeholder engagement, supporting long-term market development and financial inclusion. SDG 5 – Gender Equality Promoting inclusive leadership and The Commission remains committed to fostering a diverse, inclusive and equitable workplace. Women represented approximately 50% of the Commission’s workforce, while 57%

11 Securities and Exchange Commission_2025 Annual Report Sustainable Development Goal SEC Contribution 2025 Highlights equal opportunity of nominated Board Members (4 out of 7) were female, demonstrating strong gender representation in governance and decision-making. The Commission will continue promoting merit-based recruitment, leadership development and equal opportunities for all employees. SDG 7 – Affordable and Clean Energy Adoption of renewable energy The Commission continued demonstrating environmental stewardship through investment in renewable energy infrastructure at its office building. The Commission’s offices continued operating a solar photovoltaic power system supported by battery storage and inverter technology, improving energy resilience while reducing reliance on grid electricity, lowering the Commission’s environmental footprint and contributes towards reducing greenhouse gas emissions. In 2025, the solar plant generated 21.8 Megawatts out of a total annual consumption of 42.84 Megawatts representing a 50.1% consumption of clean energy in 2025. SDG 8 – Decent Work and Economic Growth Capital mobilisation and financial sector development Well-functioning capital markets are essential for sustainable economic growth. During 2025, the Commission continued facilitating capital formation through the registration of securities, authorisation of collective investment schemes, supervision of capital market operators and promotion of innovative financing instruments. Investor assets under regulation increased to approximately K338 billion, while the number of investors grew to more than 1.76 million, reflecting increased participation in Zambia’s capital markets and greater mobilisation of long-term savings. SDG 13 – Climate Action Sustainable finance and green capital markets The Commission continues to position sustainable finance as a strategic pillar of Zambia's capital market development agenda. In line with the Capital Markets Master Plan (CMMP), the Commission is committed to developing an enabling regulatory framework that supports innovative financial products, strengthens market capacity and mobilises private capital towards sustainable development. A significant milestone in this journey was the publication of the Securities (Green Bonds) Guidelines, 2019, which established Zambia’s first regulatory framework for the issuance of green bonds and laid the foundation for mobilising long-term capital towards environmentally sustainable investments as demonstrated by CEC Renewables Plc’s registration of a US$200 million medium term note programme for a solar power project and achieving a capital raise of US$156 million under this framework. Continued implementation of the Securities (Green Bonds) Guidelines, promotion of sustainable finance and support to the Green Finance Mainstreaming Working Group to support

12 Securities and Exchange Commission_2025 Annual Report Sustainable Development Goal SEC Contribution 2025 Highlights climate-resilient investment and reinforce the capital market’s contribution to Zambia’s green growth and sustainable development agenda. SDG 16 – Peace, Justice and Strong Institutions Good governance and investor protection Strong institutions are fundamental to investor confidence and sustainable financial markets. Strengthened enforcement, implementation of risk-based supervision, enhanced corporate governance, legislative reform, stakeholder engagement and improved regulatory oversight to safeguard investors and strengthen market integrity These initiatives reinforced the Commission's role as an independent, transparent and accountable regulator committed to maintaining fair, efficient and transparent capital markets. SDG 17 – Partnerships for the Goals Strategic partnerships The Commission recognises that sustainable capital market development requires collaboration across government, regulators, market participants and development partners. Strengthened collaboration with the Bank of Zambia, Pensions and Insurance Authority, Lusaka Securities Exchange, Ministry of Green Economy and Environment, BIOFIN, IOSCO, Toronto Centre, CISNA, law enforcement agencies and other stakeholders. These partnerships continue to strengthen regulatory capacity, facilitate knowledge sharing and support the implementation of initiatives that contribute to resilient and sustainable capital markets. Looking Ahead The Commission remains committed to embedding sustainability and ESG considerations across its regulatory framework and institutional operations. Future priorities include enhancing the introduction of innovative sustainable finance products, strengthening climate-related disclosures, promoting responsible investment, enhancing financial literacy and continuing investment in green infrastructure and institutional capacity. By fostering transparent, resilient and inclusive capital markets, the Commission will continue supporting Zambia's transition towards a sustainable and prosperous economy while contributing meaningfully to the achievement of the Sustainable Development Goals.

Securities and Exchange Commission_2025 Annual Report 13 Chairperson’s Review It is my honour to present the Securities and Exchange Commission’s Annual Report for the year ended 31 December 2025—a year in which the Commission consolidated its strongest financial position to date while continuing to strengthen institutional capacity and advance its dual mandate of investor protection and capital market development. The year under review was characterised by strong institutional performance, continued market growth and the successful implementation of key strategic initiatives. Investor participation more than doubled to
1.76 million investors,
total savings mobilised through the capital markets increased to K338 billion, while the savings-to-GDP ratio rose to 51.18 percent. These achievements reflect increasing public confidence in Zambia’s capital markets and underscore the sector’s growing contribution to domestic resource mobilisation and sustainable economic development. The Commission also recorded another year of sound financial performance. An operating surplus of K100.1 million, accumulated reserves of K419.9 million, and the continued generation of 95 percent of

Securities and Exchange Commission_2025 Annual Report 14 operating income from internally generated resources demonstrate the Commission’s financial resilience and sustainability. This strong financial position is significant not as an end in itself, but because it enables the Commission to invest in the people, systems, technology and supervisory capabilities necessary to deliver effective regulation and support the continued development of the capital markets. The Board remained focused on providing effective oversight in accordance with the Securities Act,
Chapter 354 of the Laws of Zambia, while ensuring that the Commission discharged its mandate with
integrity, transparency, accountability and in the public interest. Throughout the year, the Board provided strategic direction and oversight over the implementation of the Commission’s 2022–2026 Strategic Plan and the Capital Markets Master Plan, ensuring that strategic priorities remained aligned with Zambia's broader economic aspirations. The Commission continued to strengthen its regulatory and supervisory framework during the year. The implementation of Risk-Based Supervision was further embedded into supervisory processes, enabling more proactive oversight of market participants and strengthening the Commission’s ability to identify, assess and respond to emerging risks. At the same time, the Commission continued to promote market development through regulatory reforms, stakeholder engagement, investor education and initiatives aimed at broadening access to the capital markets. From a governance perspective, 2025 was a year of transition and renewal. Changes in Board composition were managed in accordance with the law and established institutional practice, while the Board continued to discharge its responsibilities through its committee structures and sound governance processes. A particularly significant milestone was the approval of the Commission’s new organisational structure, shown in Appendix II, and which provides a stronger institutional platform for enhancing supervisory effectiveness, strengthening enforcement, supporting market development and improving operational efficiency from 2026 onwards. Progress in implementing the Capital Markets Master Plan remained encouraging. Continued growth in collective investment schemes, increased activity in the bond market, advances in sustainable and green finance initiatives, and efforts to broaden investor participation all demonstrate the increasing maturity and relevance of Zambia’s capital markets. These developments reinforce the importance of maintaining a regulator that is financially sustainable, operationally agile and responsive to an evolving financial landscape. The Board recognises that the operating environment continues to evolve rapidly. Financial innovation, digitalisation, cybersecurity risks, climate-related finance, and increasing expectations regarding governance, market conduct and disclosure require regulators to remain forward-looking and adaptive. The Board will continue to support Management in strengthening regulatory effectiveness while preserving market integrity, protecting investors and fostering innovation that contributes to inclusive and sustainable economic growth. As the Commission concludes the final year of its 2022–2026 Strategic Plan, the Board remains confident that the strong institutional foundations established over recent years position the Commission well to deliver its next phase of strategic growth and continue building a vibrant, resilient and internationally respected capital market.

Securities and Exchange Commission_2025 Annual Report 15 On behalf of the Board, I extend sincere appreciation to the Honourable Minister of Finance and National Planning, our fellow financial sector regulators, capital market operators, investors, cooperating partners and all stakeholders for their continued collaboration and support. I also express my gratitude to the Chief Executive Officer, Management and staff of the Commission for their professionalism, dedication and commitment in delivering another successful year. Together, we remain committed to strengthening investor confidence, promoting capital formation and ensuring that Zambia’s capital markets continue to serve as an effective catalyst for sustainable economic growth and national prosperity. Paul Nkhoma (Mr.) BOARD CHAIRPERSON

16 Securities and Exchange Commission_2025 Annual Report Chief Executive’s Statement The year ended 31 December 2025 was one of exceptional institutional and market performance for the Securities and Exchange Commission. Guided by our Strategic Plan (2022–2026) and the Capital Markets Master Plan, we continued to strengthen the regulatory framework, deepen capital market development and build an institution capable of responding effectively to the evolving needs of Zambia’s financial sector. The Commission made significant progress in delivering its statutory mandate of protecting investors, maintaining fair, orderly and efficient capital markets, and facilitating capital formation. During the year, the number of investors participating in Zambia’s capital markets more than doubled to 1,760,545, while total savings mobilised through the market increased to K338 billion, representing 51.18 percent of Gross Domestic Product. These achievements reflect growing investor confidence, increased market participation and the expanding role of the capital markets in mobilising long-term domestic savings for national development. Operationally, the Commission continued to strengthen its regulatory effectiveness through the

17 Securities and Exchange Commission_2025 Annual Report successful implementation of Risk-Based Supervision, allowing supervisory resources to be directed towards areas of greatest regulatory risk while improving efficiency and market responsiveness. Oversight of 260 licensed market participants was maintained throughout the year, supported by enhanced surveillance, strengthened compliance monitoring and continued engagement with regulated entities. The Commission also advanced implementation of the Capital Markets Master Plan through initiatives aimed at broadening market participation, promoting sustainable finance, strengthening collective investment schemes, supporting bond market development and enhancing investor education and financial literacy. These initiatives continue to reinforce the capital markets as an increasingly important source of long-term finance for Zambia’s economic transformation. Financially, 2025 was our strongest year since the establishment of the Commission. The Commission recorded an operating surplus of K100.638 million, compared with K65.976 million in 2024, while total income increased to K191.388 million from K146.220 million in the previous year. Total accumulated funds grew to K427.721 million, with accumulated reserves increasing to K419.888 million, providing the Commission with a robust financial foundation to support future strategic investments. Cash and cash equivalents increased to K391.415 million, translating into an expense cover ratio of approximately 58 months, significantly exceeding the Board-approved minimum threshold of six months cover. The Commission's revenue profile continued to demonstrate increasing financial sustainability. Approximately 95 percent of total income was generated internally through commissions, levies, licensing and investment income, with Government grant funding accounting for only five percent of total revenue. While this represents an important milestone in institutional independence, it also highlights the need to continue diversifying revenue sources to reduce concentration risk arising from secondary market bond trading and to support the long-term sustainability of the Commission, a key objective under the Capital Markets Master Plan. Notwithstanding the foregoing, our stellar financial performance has never been viewed as an objective in itself. Rather, it provides the capacity to invest strategically in the people, systems, technology and infrastructure required to regulate increasingly sophisticated financial markets. During the year, the Commission continued investing in supervisory systems, information technology, operational assets and human capital while maintaining prudent expenditure management. Employee costs remained at approximately half of total expenditure, reflecting the knowledge-intensive nature of financial regulation and our continued investment in technical capacity. A major institutional milestone during the year was the approval of the
Commission's new organisational structure. This reform provides the foundation for strengthening supervisory capacity, expanding enforcement capability, enhancing market development functions and positioning the Commission to respond effectively to future market growth. Implementation of the new structure will commence in 2026 in a phased and fiscally responsible manner. Looking ahead, the Commission enters the final year of its 2022–2026 Strategic Plan from a position of considerable strength. Our priorities remain clear: to deepen market development, strengthen investor protection, expand access to capital markets, leverage technology and data analytics to enhance supervision, promote sustainable finance, and implement the organisational reforms necessary to support a larger, more dynamic and increasingly sophisticated capital market.

18 Securities and Exchange Commission_2025 Annual Report These achievements would not have been possible without the guidance of the Board of Commissioners, the support of the Honourable Minister of Finance and National Planning, the collaboration of our fellow financial sector regulators, capital market operators, cooperating partners and investors, and the commitment of every member of staff. Their professionalism, dedication and shared commitment to excellence continue to position the Commission as a trusted regulator and an important contributor to Zambia's economic development. As we conclude the current Strategic Plan and prepare for the next phase of institutional growth, we remain committed to building a capital market that is transparent, innovative, resilient and inclusive, creating lasting value for investors, issuers and the Zambian economy. Phillip K. Chitalu CHIEF EXECUTIVE OFFICER

Securities and Exchange Commission_2025 Annual Report 19 Governance Governance in General Good governance underpins the credibility, independence and effectiveness of the Securities and Exchange Commission. During 2025, the Commission continued to strengthen its governance framework through effective Board oversight, robust committee structures, performance evaluation, sound financial stewardship and adherence to internationally recognised regulatory principles. These governance arrangements enabled the Commission to discharge its statutory mandate transparently, independently and in the public interest while supporting continued growth of Zambia’s capital markets. The Commission and Corporate Governance The Commission has embedded corporate governance across its structures, processes and culture, anchored in the Securities Act, the Public Finance Management framework and supporting rules and guidelines. The Board is composed of independent members nominated by designated institutions and formally appointed by the Minister of Finance and National Planning, ensuring that diverse professional perspectives inform oversight while the Board itself remains institutionally independent of ministerial direction and control.

Securities and Exchange Commission_2025 Annual Report 20
Section 8 of the Act clearly separates the governance roles of the Board from the executive responsibilities
of Management, thereby avoiding overlap between policy, oversight and day‑to‑day administration. The Board sets the strategic direction, approves key policies and exercises oversight over licensing, enforcement, risk management and financial stewardship, while delegating implementation to the Chief Executive Officer and Board Committees in accordance with the Act. This governance model supports the three core objectives of securities regulation—protecting investors, ensuring that markets are fair, efficient and transparent, and reducing systemic risk—while reinforcing the principles of transparency, accountability, responsibility and fairness. The role of IOSCO in Governance As a member of the International Organization of Securities Commissions (IOSCO), the Commission aligns its governance practices with internationally recognised standards for securities regulators. IOSCO’s Objectives and Principles of Securities Regulation, investor protection, fair, efficient and transparent markets, and reduction of systemic risk, provide the benchmark for how the Commission structures its powers, independence, accountability and enforcement approach. In keeping with these standards, the Commission maintains a Board Charter that sets out the responsibilities, conduct and operating procedures of the Board and its Members, including requirements on declarations of interest, restrictions on gift acceptance and a prohibition on trading in non‑public, price‑sensitive information. Complementing this, a Code of Conduct for staff prescribes expected behaviour in areas such as conflicts of interest, ethical decision‑making and disclosure of gifts and benefits and requires employees to declare interests in matters in which they may have a personal stake. Senior management are further required to maintain membership in the Institute of Directors of Zambia, ensuring continuous exposure to evolving governance practices and reinforcing the Commission’s commitment to high standards of leadership and stewardship.

Securities and Exchange Commission_2025 Annual Report 21 Good governance strengthens investor confidence, promotes regulatory independence, improves decisionmaking, enhances accountability and ultimately supports fair, orderly and efficient capital markets. During 2025, the Board approved the 2026 Budget, approved the new organisational structure as highlighted under Appendix II, oversaw implementation of the Strategic Plan and oversaw implementation of the CMMP. The Board further approved key regulatory policies, oversaw financial performance and enterprise risk management, approved capital expenditure projects and oversaw capital formation, enforcement and licensing decisions through the relevant Committees. Some of the governance improvements recorded in 2025 include the approval of new organisational structure, strengthened Board succession planning, improved Committee reporting, enhanced performance evaluation, expanded internal audit capability, strengthened risk oversight and continued compliance with IOSCO Principles. Board Composition Appointment
Section 8(2) and (3) of the Securities Act prescribes the Commission Board’s composition to be eight
Members. The Act requires the Commission’s Chief Executive Officer to be an ex- officio Member of the Board and also empowers the Minister responsible for finance to appoint the other seven Members as nonexecutive Board Members from a nomination made by each of the following institutions:
a) Bank of Zambia;

Securities and Exchange Commission_2025 Annual Report 22 b) Law Association of Zambia; c) Zambia Institute of Chartered Accountants; d) Zambia Chamber of Commerce and Industry; e) Ministry responsible forfinance; f) Ministry responsible forjustice; g) Pensions and Insurance Authority; and The Act also designated the Commission’s Chief Executive Officer as an ex-officio Member of the Board. The Governance structure for the Commission is highlighted below:
SEC Commissioners in 2025
During the period under review, the following Commissioners appointed from institutions specified in the Securities Act, No. 41 of 2016 served as the Commission Board Members:
Board Chairperson (elected on 18 th
December 2025)
Mr. Paul Nkhoma
Mr. Nkhoma, a development economist, with a wealth of management, arbitration and insurance knowledge, is the elected Board Chairperson since December 2025. He previously was elected as the Board’s Vice-Chairperson in March 2022 and has been a Board Member since 10th March 2021 and had chaired the Market Transactions and the Staff and Remuneration Committees of the Board prior to his election as Board Chairperson. He is a founding member of Hollard Insurance, one of Zambia's largest insurance companies and is now the Group Chief Executive Officer for Hollard Holdings Zambia. He represents the Zambia Chamber of Commerce and Industry (ZACCI) on the Board. Board Vice-Chairperson (elected on 18 th December 2025) Mr. Alick E. Mutambo Mr. Mutambo has been with the Commission since May 2025, representing the Zambia Institute of Chartered Accountants on the Board and chairs the Commission’s Staff and Remuneration Committee. He is a Chartered Accountant, fellow of both the Zambia Institute of Chartered Accountants (ZICA) and the Association of Chartered Certified Accountants (ACCA). He also has a Masters in Business Administration from the East and Southern African Management Institute (ESAMI). His 38 years of experience includes external audit with KPMG, internal audit with ZESCO, Finance and Consultancy. He spent many years as Chief Finance Officer with NICO Insurance Zambia Limited and Nitrogen Chemicals of Zambia. Mr. Mutambo was a Board member of the Zambia State Insurance Corporation – General Insurance, and chaired the Audit and Risk Board Committee. He also chaired the Insurance Association of Zambia Finance Committee. He is currently doing consultancy work and is a Partner in HCL Chartered Accountants.

Securities and Exchange Commission_2025 Annual Report 23 Commissioner Ms. Sibajene Zulu Ms. Zulu, a Chartered Accountant has been a SEC board Member since September, 2023. Ms. Zulu is the Market Conduct Manager-Pensions at the Pensions and Insurance Authority and she represents the Pensions and Insurance Authority on the Board. She chairs the Commission’s Compensation Fund Committee. Commissioner Ms. Mercy C. Munoni Ms. Munoni, an Assistant Director with 13 years experience in financial sector policies and management, has been a SEC Board Member since April 2025 representing the Ministry of Finance and National Planning. She chairs the Commission’s Market Transactions Committee. Mr. Mulenga Sholomo Mr. Sholomo, an accomplished legal practitioner with over a decade of experience in corporate and commercial law, litigation, arbitration, contract management, compliance, and corporate governance, has been a SEC Board Member since December 2025 representing the Law Association of Zambia on the Board. He holds an LL.B and LL.M in Commercial Law from the University of Zambia, a Postgraduate Diploma in Legislative Drafting and a Certification in Advanced Prosecutions, both from the Zambia Institute of Advanced Legal Education (ZIALE). Further, he is a Member of the Chartered Institute of Arbitrators (MCIArb) (UK). He Chairs the Risk and Audit Committee of the Board. Commissioner Ms. Diana Majokwe Shamabobo Ms. Shamabobo, a legal practitioner, has been a SEC board Member since February, 2023. Ms. Shamabobo is the Principal Parliamentary Counsel at the Ministry of Justice and she represents the Ministry of Justice on the Board. She chairs the Commission’s Property Acquisition and Development Committee.

Securities and Exchange Commission_2025 Annual Report 24 Commissioner Ms. Brenda Mwanza Ms. Mwanza is a development economist with a wealth of experience in macroeconomic and financial sector analysis, policy development, research, survey implementation and data analytics gained at the central bank. She became a member of the Securities and Exchange Commission Board in January 2022, representing the Bank of Zambia and chairs the Licensing Committee. Currently serving as Assistant Director- Financial Sector Development, at the Bank, her role entails coordinating the thematic areas of financial inclusion, financial sector development and collaboration with financial sector stakeholders in the public and private sector as well as international partners. She is also a Board member of the Microinsurance Technical Advisory Group. She chairs the Licensing Committee. Ex-officio Commissioner Mr. Phillip K. Chitalu Mr. Chitalu, a chartered accountant, is the Chief Executive Officer of the Commission and is an ex-officio Member of the Commission Board.

Securities and Exchange Commission_2025 Annual Report 25 SEC Senior Management in 2025

Securities and Exchange Commission_2025 Annual Report 26 SEC Management in 2025 During the period under review, the following were the Commission’s Management team:
Chief Executive Officer
Phillip K. Chitalu
Mr. Chitalu, a chartered accountant, has been with the Commission since August 2011. He has a bachelor’s Degree of Accountancy from the Copperbelt University, a Fellow of the Association of Chartered and Certified Accountants (FCCA) and also Fellow of the Zambia Institute of Chartered Accountants (FZICA). Mr. Chitalu also holds a Master of Philosophy in Development Finance from Stellenbosch University, Cape Town, and further holds the International Global Certificate for Securities Regulators from the Harvard Law School/IOSCO. Commission Secretary and Director –Enforcement & Legal Services Diana Sichone Mrs. Sichone, a legal practitioner with over 19 years post-qualifying experience, has been with the Commission since July, 2014. She holds a Bachelor’s degree in law from the University of Zambia and a Masters degree in Corporate and Commercial law from the University of Lusaka. Mrs Sichone holds the International Global Certificate for Securities Regulators from the Harvard Law School/IOSCO. She is also an advocate of the High Court for Zambia, a qualified legislative drafter, trained commercial Arbitrator and is passionate about sustainability. Director – Market Supervision and Development Nonde Sichilima Mr. Sichilima, a chartered accountant, has been with the Commission since September, 2015. Prior to his promotion to the position of Director – Market Supervision and Development in September 2023, Nonde’s substantive appointment was as Manager – Supervision. He holds a BA (Hons) Degree in Accounting and Finance from Athlone Institute of Technology, Ireland. He is a member of the Zambia Institute of Chartered Accountants and a Fellow of the Association of Chartered Certified Accountants (FCCA).

Securities and Exchange Commission_2025 Annual Report 27 Manager–Market Transactions & Investments Bruce Mulenga Mr. Mulenga has been with the Commission since February 2013. He holds a Bachelor of Science in Accounting from Hull university and BTEC National Diploma in Business and Finance from City College of Higher Education. Manager – Finance Mateyo Lungu Mr. Lungu, a chartered accountant, has been with the Commission since December 2015. He is the holder of the Association of Chartered Certified Accountants (ACCA) qualification and the Certified Accounting Technician (CAT) from Chingola School of Accounts (ZAMIM-Chingola campus). He is a Fellow of the Association of Chartered Certified Accountants and an Associate member of the Zambian Institute of Chartered Accountants. Acting Manager -Market Development Sitali M. Mugala Ms. Sitali Mwala Mugala is a capital markets professional with over 10 years of experience in market development, financial inclusion, investor education, market research, and stakeholder engagement. She leads investor education and financial literacy initiatives and has previously served in market research, product development, surveillance, and at Lusaka Securities Exchange Plc. Ms. Mugala holds a Master’s in Finance, a degree in Business Administration, and professional certifications in stockbroking and investment advisory, bringing strong expertise in financial education and policy support. Manager – Financial Inclusion Mubanga Kondolo Mr. Kondolo has been with the Commission since 2017. He holds a BA (Hons) in Business and Management from University of Sunderland and various certifications from the Cambridge Centre for Alternative Finance, Chartered Institute for Securities and Investments, Toronto Centre and Zambia College of Pensions and Insurance Trust.

Securities and Exchange Commission_2025 Annual Report 28 Manager – LawReform and Enforcement Chikasuka P. Jere Ms. Jere is a legal practitioner and has been with the Securities and Exchange Commission since July 2022, where she contributes to law reform and enforcement within Zambia’s capital markets. She holds a Postgraduate Diploma in Legislative Drafting and an LLB from Oxford Brookes University, and is a Fellow of the Chartered Institute of Arbitrators. She has also completed executive training in capital markets development through the International Monetary Fund and Milken Institute, strengthening her expertise in market regulation and reform. Acting Manager– Investigations and Enforcement Eugene Chisenga Mr. Chisenga has been with the Commission since June 2022. A seasoned fraud investigator and prosecutor with over 20 years’ experience, Eugene holds a Master of Business Laws, a Bachelor of Laws and Bachelor of Arts Degree from the University of Zambia, and an Advanced Certificate in Criminal Prosecutions from the National Institute of Public Administration. He is a Gazetted Public Prosecutor for offences under the Securities Act, Cap. 354 of the Laws of Zambia. Manager –Market Supervision Leah K. Simasiku Leah has been with the Commission since 2013. She holds a Bachelor of Arts in Business Studies from Greenwich University, a Master of Business Administration (MBA)in Finance from the University of Lusaka, and a Graduate Certificate in Capital Markets from George Washington University. She has further enriched her knowledge through specialized training programs, including the Cambridge Sustainable Finance Course at Cambridge University, the Women’s Leadership Program at the Toronto Centre and also holds the International Global Certificate for Securities Regulators from Harvard Law School/IOSCO. Manager –Market Supervision Gertrude Buyungwe Gertrude has been with the Commission since 2016. She holds a Bachelor of Science degree in Banking and Finance from Copperbelt University and a graduate certificate in Capital Markets from George Washington University’s MI-IFCprogram. Shealsoholds theInternationalGlobalCertificate for Securities Regulators from Harvard Law School/IOSCO.

29 Securities and Exchange Commission_2023 Annual Report Gender mainstreaming within the Board
Section 8(5) of the Act requires the Minister to ensure that at least fifty percent of each gender is
nominated and appointed to the Commission Board, unless it is not practicable to do so. The Minister does not appoint any of the Members to be the Board Chairperson or Board Vice- Chairperson. Instead, the Act empowers the Members to elect, from amongst their number, a Chairperson and Vice- Chairperson of the Board. The Board was comprised of a majority of female representation with four of the seven nominated Members being female. 2025 Board Composition As at the end of the period under review, the Commission Board consisted of the following Members:
Name of Board Member Institution Represented Position Appointment/ Reappointment date Tenure of office Mr. Paul Nkhoma Zambia Chamber of Commerce and Industry Chairperson 12.08.2024 2 nd Mr. Alick E. Mutambo Zambia Institute of Chartered Accountants Vice- Chairperson 13.05.2025 1 st Mrs. Mercy C. Munoni Ministry responsible for Finance Member 22.04.2025 1 st Mrs. Sibajene Zulu Pensions and Insurance Authority Member 21.09.2023 1 st Ms. Diana M. Shamabobo Ministry responsible forjustice Member 02.02.2023 1 st Mr. Mulenga Sholomo Law Association of Zambia Member 12.11.2025 1 st Ms. Brenda Mwanza Bank of Zambia Member 17.02.2025 2 nd Phillip K. Chitalu SEC Chief ExecutiveOfficer ex-officio Member - - Changes to Board Composition There were a number of changes to the Board’s composition during the reporting period, reflecting routine rotation of institutional representatives in line with the Securities Act. Mrs. Ruth Mugala’s tenure as Chairperson came to an end on 24th March 2025. Thereafter, Mr. Paul Nkhoma acted as Chairperson until his election as Board Chairperson on 18th December 2025. Mr. Alick E. Mutambo took over the Zambia Institute of Chartered Accountants seat on the Board on 13th May 2025 and was subsequently elected Vice Chairperson on 18th December 2025. In the Ministry of Finance and National Planning portfolio, Mr. Mulele Mulele left the Board on 21st February 2025 following his appointment as Permanent Secretary for Economic Management and Finance and was succeeded by Mrs. Mercy C. Munoni, who was appointed Commissioner on 22nd April 2025. In addition, upon the expiry of the term of Dr Leonard N. Kalinde, who served as the Law Association of Zambia (LAZ) representative until 16th February 2025, LAZ nominated Mr. Mulenga Sholomo, who was appointed to the Board on 12th November 2025. Board Meetings The Board held four scheduled meetings in March, June, September and December 2025. In addition, the Board held Special Meetings in January, February, September and December, in order to deal with urgent regulatory matters. The following table highlights the Board attendance at the scheduled and special meetings:

30 Securities and Exchange Commission_2023 Annual Report NAME DESIGNATION 10.01.25 Special Meeting 21.02.25 Special Meeting 13.03.25 Scheduled Meeting 12.06.25 Scheduled Meeting 01.09.25 Special Meeting 11.09.25 Scheduled Meeting 18.12.25 Scheduled Meeting 29.12.25 Special Meeting Mrs. Ruth Mugala Chairperson ✓ ✓ ✓ Mr. Paul Nkhoma Chairperson ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Mr. Alick E. Mutambo V/Chairperson ✓ ✓ ✓ ✓ ✓ Mrs. Sibajene Zulu Member ✓ ✓ ✓ ✓ ✓ ✓  ✓ Mrs. Diana M. Shamabobo Member ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Mr. Mulele M. Mulele Member ✓  Mrs. Mercy C. Munoni Member ✓ ✓ ✓ ✓ ✓ Ms. Brenda Mwanza Member ✓ ✓ ✓  ✓ ✓ ✓ ✓ Dr. Leonard Kalinde Member ✓  ✓ Mr. Mulenga Sholomo Member ✓ ✓ Mr. Phillip K. Chitalu Ex-officio Member  ✓ ✓ ✓ ✓ ✓   Ms. Diana S. Sichone (Acting CEO) Ex-officio Member ✓ N/A ✓ ✓ KEY:
✓ Meeting attended
 Meeting not attended and apology given
N/A Only able to attend in an acting capacity when CEO is not available No longer on the Board Not yet on the Board Board Committees To enhance the effective discharge of its statutory mandate, the Board has established Committees to exercise delegated authority and provide focused oversight in key areas of the Commission's operations. During the year under review, the Board operated through five standing Committees and one ad hoc Committee, namely:
a) Compensation Fund Committee; b) Licensing Committee; c) Market Transactions Committee; d) Risk and Audit Committee; e) Staff and Remuneration Committee; and f) Property Acquisition and Development Committee (ad hoc). Compensation Fund Committee The Compensation Fund Committee is established pursuant to section 176 of the Securities Act and is responsible for administering the Compensation Fund established under the Act. The Committee oversees the management of the Fund, determines claims lodged against the Fund in accordance with the Securities (Compensation Fund) Regulations and reports to the Board on matters relating to its administration. Licensing Committee The Licensing Committee is established under section 13 of the Securities Act and exercises delegated

31 Securities and Exchange Commission_2023 Annual Report authority over licensing and enforcement matters relating to capital market operators and other regulated entities. The Committee considers applications for licences and approvals, oversees licensing policy implementation and reports to the Board on licensing and related regulatory matters, including enforcement issues arising from the licensing function. Market Transactions Committee The Market Transactions Committee is established under section 13 of the Securities Act and is responsible for considering applications relating to securities offerings and other market transactions requiring regulatory approval under Part VIII of the Act. The Committee also oversees matters relating to capital formation and market development and reports its decisions and recommendations to the Board. Risk and Audit Committee The Risk and Audit Committee is constituted under section 13 of the Securities Act and is further established in accordance with the Public Finance Management Act, No. 1 of 2018. The Committee provides oversight of the Commission’s financial management, enterprise risk management, internal controls, governance processes and internal and external audit functions to ensure the integrity and effectiveness of the Commission’s control environment. Staff and Remuneration Committee The Staff and Remuneration Committee is established under section 13 of the Securities Act and provides oversight of the Commission’s human resource management framework. Its responsibilities include recruitment, remuneration, succession planning, staff development, performance management and policies aimed at attracting, developing and retaining a competent workforce. Property Acquisition and Development Committee The Property Acquisition and Development Committee is an ad hoc Committee established by the Board to oversee and provide strategic guidance on the Commission’s property acquisition and infrastructure development programme. The Committee monitors project implementation and advises the Board on matters relating to property investment and development. Delegation of Decision-Making Authority The Securities Act, No. 41 of 2016 prescribes statutory timeframes within which certain regulatory decisions must be made. To facilitate timely and efficient decision-making, the Board has, pursuant to
section 14 of the Act, delegated authority to designated Committees to determine specified time-sensitive
matters.
Under these delegated powers, the Licensing Committee is authorised to approve applications relating to the grant of licences and other licensing matters, while the Market Transactions Committee determines applications relating to the registration of securities, capital-raising transactions and other market authorisations. This delegation enables the Commission to meet statutory timelines, improve regulatory responsiveness and enhance service delivery without awaiting the Board’s scheduled quarterly meetings. Other Statutory Committees In addition to the Board Committees, the Commission operates statutory management committees established under various legislative and governance frameworks. One such committee is the Procurement Committee, which supports the procurement function established under the Public

32 Securities and Exchange Commission_2023 Annual Report Procurement Act. Although it is not a Board Committee, it plays an important governance role by promoting transparency, accountability, fairness and value for money in the Commission’s procurement processes. Committee Membership The composition of the Board Committees during the 2025 financial year was as follows:
COMMITTEE MEMBERSHIP REPRESENTATION MEMBER
LICENSING
COMMITTEE
Board Memberrepresenting BoZ and
Committee Chairperson
Ms. Brenda Mwanza
Board Member representing LAZ Mr. Mulenga Sholomo BoZ Representative Mrs. Jean C. Kamanga ERB Representative Mr.Alfred Mwila PIA Representative Mr. Chishiba Kabungo Ex-officio Board Member Mr. Phillip K. Chitalu MARKET TRANSACTIONS COMMITTEE Board Member representing ZICA and Committee Chairperson Mr. Alick E. Mutambo Board Member representing MoF Mrs. Mercy C. Munoni Board Member representing MoJ Mrs. Diana M. Shamabobo CCPC Representative Mrs. Beatrice P. Hamavhwa PACRA Representative Mr.Benson Mpalo ZDA Representative Mr. Albert Halwampa Ex-officio Board Member Mr. Phillip K. Chitalu STAFF AND REMUNERATION COMMITTEE Board Memberrepresenting LAZ and Committee Chairperson Mr. Mulenga Sholomo Board Member representing ZICA Mr. Alick E. Mutambo Representative of Labour Commissioner Mr. Givens Muntengwa LAZ Representative Mr. Arnold Kaluba ZIHRM Representative Ms.Adrine Muchimba RISKANDAUDIT COMMITTEE Board Memberrepresenting MoF and Committee Chairperson Mrs. Mercy C. Munoni Board Member representing PIA Mrs. Sibajene Zulu Board Member representing ZICA Mr. Alick E. Mutambo MoF Representative Mrs. SandraNakula Kawana LAZ Representative Mr. Anthony Bwembya COMPENSATION FUNDCOMMITTEE Board Member representing PIA and Committee Chairperson Ms. Sibajene Zulu BAZ Representative Mr. Ignatius Kashoka CMAZ Representative Ms. Tamara Bhuku ZACCI Representative Mr. Phil Daka LAZ Representative Mr. Yosa G. Yosa MoF Representative Ms. Nkumbu N. Zyambo

33 Securities and Exchange Commission_2023 Annual Report PROCUREMENT COMMITTEE SEC CEOand Committee Chairperson Mr. Phillip Chitalu Procurement specialist Mrs. Mary Banda Procurement specialist Mr. Christopher S. Mwandu SEC Member Mrs. Diana Sichone SEC Member Mr. Nonde Sichilima SEC Member Mr. Mateyo Lungu SEC Member Mr. Godfrey Mwenda PROPERTY ACQUISITIONAND DEVELOPMENT COMMITTEE Board Memberrepresenting MoJ and Committee Chairperson Mrs.DianaM. Shamabobo Board Member representing BoZ Ms. Brenda Mwanza LAZ Representative Mr. Kevin Mweemba Ministry ofInfrastructure, Housing and Urban Development Representative Eng. Steven K. Makunku Zambia Institute of Architects representative Mr. Griven Sikalumbi Show Society of Zambia Representative Mr. Mukamba Mwiya Governance and Risk Assurance The Commission recognises audit and assurance as fundamental pillars of good corporate governance. An effective audit function enhances accountability, transparency and sound stewardship by providing independent assurance on the adequacy and effectiveness of governance, risk management and internal control systems. The Board, through its Risk and Audit Committee, oversees the Commission’s financial reporting, enterprise risk management, internal control environment and audit functions. The Committee provides independent oversight to ensure that appropriate governance structures, financial management systems and assurance mechanisms are in place to safeguard the Commission’s assets, promote operational efficiency and support compliance with applicable laws, regulations and internal policies. Internal Audit Function The Commission maintains both internal and external audit arrangements as part of its integrated assurance framework. In line with the Commission’s revised organisational structure, a dedicated Risk and Internal Audit Unit, headed by the Manager – Risk and Internal Audit, has been established to strengthen institutional capacity in enterprise risk management, internal assurance and governance oversight, and this function is to be operationalised in 2026. During the 2025 financial year, the internal audit function continued to be delivered through an outsourced arrangement with an independent professional audit firm under the oversight of the Risk and Audit Committee. This arrangement ensured the continued provision of independent assurance while facilitating the transition towards a fully operational in-house internal audit function in the next reporting period. The internal audit function provides independent and objective assurance and advisory services designed to evaluate and improve the effectiveness of the Commission’s governance, risk management and internal control processes. The function also supports Management and the Board by identifying opportunities to strengthen operational efficiency, compliance and organisational performance.

34 Securities and Exchange Commission_2023 Annual Report External Audit Function In accordance with paragraph 10 of the First Schedule to the Securities Act, the Commission’s external auditors are appointed by the Board, subject to the approval of the Minister responsible for Finance. Following the completion of the previous audit engagement, the Commission appointed Mark Daniels Chartered Accountants as its external auditors for the three-year audit cycle covering the 2024 to 2026 financial years. The external auditors conduct an independent audit of the Commission’s annual financial statements and issue an audit opinion on whether the financial statements present fairly, in all material respects, the financial position and financial performance of the Commission in accordance with the applicable financial reporting framework. The audited financial statements form part of the Commission’s Annual Report submitted to the Minister responsible for Finance. Commission Secretary Appointment of the Commission Secretary The Commission Secretary is appointed by the Board pursuant to section 17 of the Securities Act and serves as the principal adviser to the Board on corporate governance, Board administration and statutory compliance. The Commission Secretary is responsible for managing the corporate secretarial affairs of the Commission under the general supervision of the Chief Executive Officer and performs such additional functions as may be assigned by the Board in accordance with the Act. During the year under review, the Director – Enforcement and Legal Services continued to serve as the Commission Secretary and discharged the statutory responsibilities of the office in accordance with section 17 of the Securities Act. The Role of the Commission Secretary in Corporate Governance The Commission Secretary plays a central role in promoting sound corporate governance and supporting the effective functioning of the Board and its Committees. The office provides independent advice to the Board on governance best practices, statutory obligations and compliance with applicable legislation, the Board Charter and other governance instruments. The Commission Secretary coordinates the activities of the Board and its Committees by facilitating meetings, ensuring the timely circulation of Board papers, maintaining accurate records of proceedings and monitoring the implementation of Board resolutions. The office also provides guidance on governance developments and supports the Board in discharging its fiduciary and oversight responsibilities. By serving as the principal interface between the Board, Management and other stakeholders, the Commission Secretary contributes significantly to effective decision-making, institutional accountability and the maintenance of high standards of corporate governance throughout the Commission. Board Performance Self-Evaluation Performance Evaluation Framework The Board is committed to maintaining high standards of corporate
governance through regular assessments of its effectiveness. In accordance with Clause 11 of the Commission’s Board Charter, the Board undertakes an annual evaluation of the performance of the Board, its Committees and individual Board Members as part of its governance improvement framework.

35 Securities and Exchange Commission_2023 Annual Report The annual performance evaluation provides an opportunity for the Board to assess the effectiveness of its governance structures, decision-making processes and oversight responsibilities, while identifying opportunities for continuous improvement. The exercise promotes accountability, transparency and Board effectiveness by encouraging Members to reflect objectively on the Board’s performance and governance practices. The evaluation is conducted using a structured questionnaire approved by the Board and administered confidentially to all Board Members. Responses are independently collated and analysed before the findings are presented to the Board for discussion and consideration. During the 2025 assessment, responses were received from seven of the eight Board Members. One Member did not participate, having ceased to represent the nominating institution before the evaluation was undertaken. The assessment covered the following eight governance dimensions: Board Activity; Mission and Strategic Purpose; Governance and Partnership Alignment; Board Organisation; Administration and Staff Support; Time and Conduct of Meetings; Recording and Minute Taking; and Board Membership. 2025 BOARD PERFORMANCE RESULTS The Board recorded an overall performance score of 91% during the 2025 assessment compared with 93.59% achieved in 2024. Although this represents a modest decline of 2.59 percentage points, the results confirm that the Board continues to operate at a high level of effectiveness and maintains sound governance practices. Over the past decade, Board performance has consistently exceeded 80%, demonstrating a mature governance framework supported by effective oversight, strong Board administration and active Member participation. While six of the eight assessment areas recorded marginal reductions compared with 2024, the Board remained effective in discharging its statutory responsibilities and providing strategic leadership to the Commission. The highest-rated assessment area was Recording and Minute Taking, which achieved 94%, reflecting continued confidence in the quality of Board administration and governance support. Governance and Partnership Alignment recorded the lowest rating at 87%, indicating opportunities to further strengthen strategic alignment and stakeholder engagement. The Figure below illustrates the Board's performance trend over the period 2016 to 2025, while the next
Table provides the detailed comparative results:

36 Securities and Exchange Commission_2023 Annual Report 92.63 86.43 87.86 93.1 91.43 92.5 94.29 92.57 91.00 70 75 80 85 90 95 100 Board Activity - 92.63% Mission and Purpose - 86.43% Governance/Partnership Alignment - 87.86% Board Organisation - 93.10% Administration and Staff Support - 91.43% Time and Location of Meetings - 92.50% Recording/Minute Taking - 94.29% Board Membership - 92.57% Overall Board Performance for 2024 - 91.00% 2025 Overall Board Performance

37 Securities and Exchange Commission_2023 Annual Report BOARD COMMITTEE PERFORMANCE The Board discharged its oversight responsibilities through five standing Committees and one ad hoc Committee during the year under review. Each Committee undertook a self-assessment using a standardised methodology aligned to the Board evaluation framework. 40 50 60 70 80 90 100 Overall Board Performance Board Membership Recording/Minute Taking Time and Location of Meetings Administration and Staff Support Board Organisation Governance/Partnership Alignment Mission and Purpose Board Activity Comparative of Board Overall Performance for 2016 to 2025 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

38 Securities and Exchange Commission_2023 Annual Report The Committee assessments measured performance across the following seven governance dimensions:
Purpose of the Committee; Support provided to the Committee; Administration and Staff Support; Time and Conduct of Meetings; Attendance; Recording and Minute Taking; and Committee Membership. Overall Committee Performance Overall, the Board Committees continued to perform effectively during 2025, with four of the six Committees recording performance scores above 90%. The assessments indicate that Committee governance structures remain effective and continue to support the Board in the discharge of its statutory oversight responsibilities. While some Committees recorded marginal reductions compared with the previous year, these did not materially affect their overall effectiveness. The evaluations identified opportunities to strengthen attendance, committee support arrangements and strategic oversight in specific areas, which will inform governance improvement initiatives during 2026. The following table 2 provides a comparative summary of the performance of all Board Committees. Overall Board Committee Performance (2017–2025) Committee 2025 2024 Trend Compensation Fund Committee 94% 95.67% ▼ Marginal decline Licensing Committee 85% 93.92% ▼ Decline Market Transactions Committee 93% 92.24% ▲ Improvement Risk and Audit Committee 94% 95.43% ▼ Marginal decline Staff and Remuneration Committee 85% 90.92% ▼ Decline Property Acquisition and Development Committee 95% 94.28% ▲ Improvement Committee Highlights Compensation Fund Committee The Compensation Fund Committee continued to perform strongly, achieving an overall performance rating of 94%. The Committee recorded particularly high ratings for Committee Membership and Recording and Minute Taking, demonstrating effective governance and sound administration. Opportunities for improvement relate primarily to attendance and Committee support arrangements. Licensing Committee The Licensing Committee recorded an overall performance score of 85%. Although lower than the previous year’s assessment, the Committee continued to discharge its delegated licensing and enforcement responsibilities effectively. Attendance represented the principal area identified for improvement. Market Transactions Committee The Market Transactions Committee recorded a strong performance rating of 93%, representing a slight improvement over the previous year. The Committee maintained excellent governance standards, achieving a perfect score for Recording and Minute Taking. Risk and Audit Committee The Risk and Audit Committee achieved an overall performance rating of 94%, confirming its continued effectiveness in overseeing financial reporting, internal controls and risk management. The evaluation

39 Securities and Exchange Commission_2023 Annual Report identified opportunities to further strengthen strategic oversight relating to the Committee’s purpose and mandate. Staff and Remuneration Committee The Staff and Remuneration Committee recorded an overall performance score of 85%. While the Committee continued to provide effective oversight of human resource matters, the assessment identified Committee support arrangements as the principal area requiring improvement. Property Acquisition and Development Committee The Property Acquisition and Development Committee achieved the highest overall Committee performance during the year, recording 95%. The Committee continued to strengthen its oversight of the Commission’s property development programme following the resumption of its activities in 2022. Comparative Committee Performance The comparative performance of each Board Committee over the period 2017–2025 is presented in the following chart:
Note: The Property Acquisition and Development Committee is an ad hoc Committee of the Board. The Committee did not meet between 2019 and 2021 due to financial constraints faced by the Commission that necessitated the suspension of the Committee’s activities but resumed regular meetings from 2022 following the commencement of the Commission’s property development programme. 75 80 85 90 95 100 Staff and Remuneration Committee - 85% Risk and Audit Committee - 94% Property Acquisition and Development Committee - 95% Market Transactions Committee - 93% Licensing Committee - 85% Compensation Fund Committee - 94% Board Committee Performance for 2017 to 2025 2017 2018 2019 2020 2021 2022 2023 2024 2025

40 Securities and Exchange Commission_2023 Annual Report Governance Improvement Priorities The 2025 evaluation identified a number of opportunities to further strengthen the Commission’s governance framework. During 2026, the Board will prioritise: the strengthening of Committee effectiveness and attendance; enhancing strategic governance and stakeholder alignment; continued Board and Committee capacity development; strengthening succession planning and governance continuity; and embedding governance best practices across all Board Committees. The Board is satisfied that the Commission maintained an effective governance framework throughout the 2025 financial year. The governance arrangements in place supported sound decision-making, prudent financial stewardship, regulatory independence and effective oversight of Management. The annual performance evaluation confirms that the Board and its Committees continue to operate effectively and remain committed to continuous governance improvement. The Board will continue implementing targeted governance enhancement initiatives to strengthen institutional effectiveness and support the Commission's strategic objectives. CONCLUSION The Board remains satisfied that the Commission maintained a robust and effective corporate governance framework throughout the 2025 financial year. The governance structures, policies and oversight mechanisms in place continued to support sound strategic leadership, prudent financial management, effective risk oversight and regulatory independence, while reinforcing the Commission’s commitment to accountability, transparency, integrity and ethical conduct. During the year under review, the Board and its Committees discharged their respective responsibilities diligently, providing effective oversight of Management and ensuring that the Commission continued to operate in accordance with the Securities Act, the Public Finance Management Act and other applicable legal and regulatory requirements. The annual Board and Committee performance evaluations further demonstrated a strong governance culture characterised by active engagement, informed decisionmaking and a commitment to continuous improvement. The Commission also continued to strengthen its governance architecture through enhanced risk management, internal audit and assurance arrangements, sound financial oversight and effective corporate secretarial support. These measures have contributed to improving institutional resilience, operational effectiveness and stakeholder confidence in the Commission’s ability to fulfil its statutory mandate. While the Board recognises that opportunities remain to further enhance governance effectiveness, particularly in the areas of Board development, Committee effectiveness and succession planning, it is satisfied that the governance framework remains fit for purpose and responsive to the evolving regulatory environment. The Board remains committed to continuously reviewing and
strengthening its governance practices in line with international best practice and the expectations of stakeholders. Looking ahead, the Commission will continue to embed a culture of good governance across all aspects of its operations as it implements its strategic priorities, promotes the development of fair, efficient and transparent capital markets, protects investors and contributes to Zambia’s sustainable economic growth and financial sector development. Diana S. Sichone (Mrs.) COMMISSIONSECRETARY

41 Securities and Exchange Commission_2025 Annual Report Report on regulatory and operational efficiency (Pursuant to section 11(3) of the First Schedule to the Securities Act, No. 41 of 2016)

42 Securities and Exchange Commission_2025 Annual Report Introduction
Section 11(3) of the First Schedule to the Securities Act, No. 41 of 2016 requires the Commission to
report annually on its regulatory and operational efficiency. This statutory report provides an assessment of the Commission's effectiveness in discharging its regulatory responsibilities, the efficiency of its operations and its institutional capacity to fulfil its mandate. As Zambia’s capital markets regulator, the Commission is entrusted with safeguarding investor interests, promoting fair, efficient and transparent capital markets and supporting sustainable market development. The report therefore demonstrates how the Commission has utilised its regulatory powers, institutional resources and governance arrangements to deliver measurable public value during the 2025 financial year. The report addresses the statutory reporting requirements relating to:
a) implementation and effectiveness of regulatory oversight; b) operational efficiencies achieved through the Commission’s activities; c) actual and projected cost savings to Government; d) the public value derived from maintaining an independent securities regulator; e) relationships with market infrastructure institutions and capital market operators; and f) the Commission’s current and future institutional capabilities. Effectiveness of Regulatory Oversight The Commission continued to discharge its statutory responsibilities effectively during 2025 through a combination of market supervision, licensing, enforcement, policy development, market surveillance and investor protection initiatives. Governance oversight remained firmly anchored in the Board, which exercises its statutory responsibilities under the Securities Act by providing strategic direction, approving policy and overseeing the administrative affairs of the Commission. To enhance regulatory responsiveness and improve operational efficiency, the Board continued to delegate specified decision-making authority to its Committees in accordance with sections 13 and 14 of the Securities Act. This delegation enabled timely regulatory decisions, particularly in relation to licensing, registration of securities and other market approvals. The Commission further strengthened regulatory effectiveness through the continued implementation of its Risk-Based Supervision framework, enabling supervisory resources to be directed towards institutions and activities presenting the highest regulatory risk. This proactive supervisory approach has enhanced early risk identification, strengthened market discipline and promoted greater compliance with the legal and regulatory framework. During the year under review, the Commission also exercised its enforcement powers, where necessary, to preserve market integrity and protect investors. Regulatory interventions included supervisory actions, administrative sanctions, directives, enforcement proceedings and other remedial measures undertaken in accordance with the Securities Act. Operational Efficiency and Cost Effectiveness The Commission continued to manage its financial and operational resources prudently while pursuing the objectives set out in the 2022–2026 Strategic Plan and the Capital Markets Master Plan.

43 Securities and Exchange Commission_2025 Annual Report Resource utilisation remained aligned to approved budgets and strategic priorities, reflecting the Board’s commitment to sound financial management, prudent expenditure and effective internal controls. Through continued improvements in governance, business processes and risk management, the Commission maintained operational efficiency while expanding regulatory oversight and market development initiatives. The Commission also continued implementing initiatives aimed at improving organisational effectiveness, including digitalisation of regulatory processes, enhancement of supervisory methodologies and strengthening of institutional governance arrangements. Public Value and Cost to the Nation in the Absence of the Commission The Commission’s regulatory oversight continues to generate significant economic and public value by safeguarding investor confidence and supporting the orderly development of Zambia’s capital markets. As at 31 December 2025, the Commission regulated approximately ZMW338 billion in investor assets, representing an increase of approximately 51% from ZMW224.3 billion recorded at the end of 2024. These assets comprised listed equities, corporate bonds, collective investment schemes and other regulated securities and were held directly by approximately 1.76 million investors, representing about 13.4% of Zambia’s adult population. Through pension funds, insurance companies and other institutional investors, the Commission’s regulatory oversight indirectly protects the financial interests of many additional Zambians. Without an independent securities regulator, investors would be exposed to significantly higher risks of market abuse, fraud, insider trading, market manipulation and inadequate disclosure by issuers. Such risks would undermine investor confidence, reduce market participation, increase the cost of capital and weaken the capital market’s ability to mobilise long-term savings for national economic development. By promoting transparent markets, enforcing disclosure obligations and ensuring compliance with securities legislation, the Commission contributes to financial stability, investor confidence and sustainable economic growth. Strategic Performance and Institutional Efficiency During 2025, the Commission continued implementing the strategic initiatives approved under its 2022–2026 Strategic Plan. Of the thirteen Board-approved Key Performance Indicators (KPIs):

35% were fully achieved;
40% were substantially implemented; and
25% remained under implementation and are expected to be completed during 2026.
The Commission made significant progress in strengthening its funding model, enhancing investor protection, improving regulatory effectiveness, expanding stakeholder engagement and modernising internal business processes. These achievements demonstrate continued progress towards building a more responsive, resilient and sustainable capital market regulator.

44 Securities and Exchange Commission_2025 Annual Report The Commission also identified strategic priorities requiring continued attention, particularly the implementation of Internal Controls over Financial Reporting (ICOFR), further digital transformation initiatives and the development of permanent office infrastructure to enhance long-term institutional efficiency. Stakeholder and Market Relationships The Commission continued to maintain strong collaborative relationships with capital market operators, market infrastructure institutions and other stakeholders throughout 2025. Engagement with licensed market operators was undertaken through regular consultative meetings, technical working groups and industry forums, including collaboration with the Capital Markets Association of Zambia (CMAZ). The Commission also continued hosting monthly Town Hall Meetings to promote regulatory transparency, strengthen stakeholder engagement and enhance investor awareness through open dialogue on emerging market developments. The Commission maintained constructive working relationships with securities exchanges, clearing and settlement facilities and other financial sector regulators to support coordinated supervision and the continued development of Zambia’s capital markets. Internationally, the Commission continued to leverage strategic partnerships with cooperating institutions to strengthen institutional capacity. During the year, technical assistance and capacitybuilding support continued through programmes such as the Toronto Centre’s Risk-Based Supervision initiative, as well as other regional and international cooperation arrangements. Current and Future Institutional Capabilities The Commission continued strengthening its institutional capacity to respond to an increasingly dynamic capital markets environment. Implementation of the Capital Markets Master Plan and the 2022–2026 Strategic Plan remained central to enhancing regulatory capability, operational effectiveness and market development. During the year, the Commission invested significantly in staff development through specialised training programmes covering risk-based supervision, sustainable finance, financial technology, market conduct, leadership and other emerging regulatory disciplines. These initiatives have enhanced the Commission’s ability to regulate increasingly sophisticated financial products, respond proactively to emerging risks and align its regulatory practices with international standards and best practice. Looking ahead, the Commission will continue investing in human capital, technology, regulatory innovation and institutional infrastructure to ensure that it remains a modern, agile and effective capital markets regulator capable of supporting Zambia’s long-term economic development. Conclusion The Commission continued to discharge its regulatory mandate efficiently and effectively throughout the 2025 financial year. Through sound governance, prudent financial management,
risk-based supervision, effective stakeholder engagement and sustained institutional capacity building, the

45 Securities and Exchange Commission_2025 Annual Report Commission strengthened investor protection while supporting the continued growth and integrity of Zambia’s capital markets. Although opportunities remain to further enhance operational efficiency, digital transformation and institutional capacity, the Commission remains well positioned to deliver its statutory mandate and to contribute meaningfully to financial sector development, capital formation and sustainable economic growth. Phillip K. Chitalu CHIEF EXECUTIVE OFFICER

46 Securities and Exchange Commission_2025 Annual Report Operational Activities The Commission continued to implement its dual statutory mandate of investor protection and capital market development through its operational Directorates during the 2025 financial year. These activities were undertaken in furtherance of the Commission’s strategic objective of fostering fair, efficient and transparent capital markets that facilitate capital formation, support economic growth and contribute to national development. In delivering its investor protection mandate, the Commission continued to regulate and supervise Zambia’s capital markets by ensuring that securities offered to the public were appropriately registered, capital market operators were duly licensed and authorised, and market participants complied with the Securities Act and other applicable legal and regulatory requirements. Through ongoing supervision, market surveillance and enforcement, the Commission sought to maintain market integrity, promote investor confidence and mitigate systemic and conduct risks within the capital markets. The Commission’s operational responsibilities are delivered through three core Directorates, each performing complementary functions that collectively support the achievement of the Commission’s strategic objectives:

Directorate of Market Supervision and Development (DMSD) – responsible for market
supervision, licensing, market development, policy implementation, investor education and the promotion of new capital market products and initiatives.
Directorate of Enforcement and Legal Services (DELS) – responsible for legal advisory services,
regulatory enforcement, investigations, litigation, legislative reform, corporate governance, Board secretariat functions and ensuring compliance with the legal and regulatory framework.
Directorate of Finance and Administration (DFA) – responsible for corporate services, including
finance, human resources, information technology, procurement, administration and institutional support services. The Directorate also houses the Market Transactions Unit, which coordinates the registration of securities and facilitates the processing of capital-raising transactions and other market approvals. It should be noted that the newly approved organisational structure, which is to be implemented in 2026, has made some changes to the Directorates and this will be highlighted in the next reporting period. The activities undertaken by each Directorate during the year are summarised in the sections that follow. MARKET SUPERVISION Universe of Capital Markets Operators The Commission exercises regulatory oversight of the following categories of market participants, conferred by their status as licensed, authorised, recognised, or by virtue of having their securities registered with the Commission.

47 Securities and Exchange Commission_2025 Annual Report Capital Markets regulatory universe Comprehensive contact information for the aforementioned capital market operators is provided in
Appendix IV.
Operationalisation of Risk-Based Supervision (RBS) Throughout 2025, the Commission sustained the comprehensive implementation of the Risk-Based Supervision (RBS) framework across all Capital Market Operators (CMOs). The efforts transitioned from initial rollout phase to institutionalizing RBS within routine supervisory activities, ensuring that supervisory engagement is proportionate, forward-looking, and dynamic in response to sectoral risk profiles. Key developments in 2025 included:

Completion of full risk profiling of all licensed CMOs.
Refinement of risk scoring methodologies based on supervisory experience.
Increased use of data analytics to support risk identification.
Enhanced supervisory coordination across departments to support thematic reviews.
Risk Profiling Outcomes and Sector Risk Trends In 2025, the Commission conducted annual risk assessments across all capital market intermediaries’ clusters, identifying key sector-wide risk themes including:
Governance and internal control weaknesses in smaller CMOs.
Capital adequacy pressure among certain dealer categories.
Operational and reporting compliance gaps among repeat offenders.
Increased technology and cybersecurity risk exposure.
Concentration risk in specific market segments.

48 Securities and Exchange Commission_2025 Annual Report Supervisory Activities Undertaken Under the RBS framework, supervisory work undertaken included:

Off-site reviews of periodic regulatory returns and financial submissions.
Thematic inspections focused on:
Governance and board oversight effectiveness.
Capital adequacy monitoring.
Client asset segregation and safeguarding.
On-site inspections for high-risk CMOs.
Follow-up reviews to assess implementation of corrective action plans.
Supervisory Letters and Enforcement Linkages
During the period under review, supervisory findings were communicated through formal Supervisory Letters and interim letters addressed to Boards of Directors and senior management respectively. These letters contained in them the deficiencies that were identified in the supervisory activities of the Commission. In general, the letters which communicated deficiencies had the below points outlined:
Time-bound remediation plans were required.
Enhanced monitoring was implemented.
Escalation measures were applied where corrective actions were not adequately addressed.
Strengthening Supervisory Tools
The Commission enhanced its supervisory toolkit through:
Refinement of risk assessment templates.
Integration of automated return analysis tools.
Standardisation of inspection manuals and procedures.
Further capacity-building for supervisory staff in risk assessment techniques.
List of SEC supervisory tools
Licensing,
Registration,
Authorisation &
Recognition of
CMOs
Issuing statutory instruments, directives, guidance notes, guidelines and other regulations Conducting Surveillance & Off - site monitoring Enforcement and supervisory actions Inspections & Investigations Investor education and awareness campaigns, Complaints handling

49 Securities and Exchange Commission_2025 Annual Report Market Supervision core activities Ongoing monitoring continued to be anchored on regulatory returns submitted by CMOs. In 2025:

Submission rates improved modestly compared to 2024;
However, timeliness challenges persisted among a subset of repeat offenders;
Capital adequacy monitoring of dealers remained a key supervisory priority;
Fund managers' quarterly reporting quality improved following targeted supervisory
engagement.
The Commission continued to utilize:
Audited financial statements;
Separate auditors’ reports for Dealers and Investment Advisers;
Investment Advisers Return
Monthly Capital Adequacy Reports;
Fund manager monthly and quarterly returns;
Issuer Internal Controls Over Financial Reporting (ICOFR) submissions;
Self-Assessment Questionnaires (SAQs).
Data collected from these sources informed risk scoring adjustments and supervisory planning decisions. Issuers of Registered Securities The Commission’s focus of supervision is to ensure that issuers of registered securities provide adequate information and disclosures to investors, which information is relied upon to make investment decisions. Full disclosure to all investors ensures that there is no information asymmetry which is detrimental to the commission’s mandate to ensure transparent, orderly and efficient capital markets. As of 31st December 2025, the number of issuers stood at 47, with 51 instruments having been registered. Notably, the Market had its first ever issuance under the alternative market in December. Licensing The MS Team reviews and processes license applications in line with the Securities Act Provisions Risk Assessments, Reviews and Inspections The MS Team undertakes an assessment of the Risks arising from a CMO operations. Reviews and inspections are undertaken to validate risk assessments and determine the Commission’s supervisory intervention On - going monitoring, Surveillance & Complaints handling The MS Team undertakes surveillance using various tools (e.g. including attending AGMs, review of trading activity exchanges, review of complaints). Ongoing monitoring involves review of Self-Assessment Questionnaires, annual and periodic submissions from capital Market Operators. RBS - RISK ASSESSMENTS

50 Securities and Exchange Commission_2025 Annual Report Number of Issuers Class of securities Number of Issuers with Securities Registered Number of Securities Listed/Quoted (or Outstanding notes) Listed equities (Main Board) 22 22 Listed equities (Alt-Market) 1 1 Quoted equities* 13 11 Corporate Bonds 11 17 Total Number of issuers/ Securities 47 51 Notes:

Quoted equities: 13 entities have securities registered with the SEC. However, only 11 securities are quoted on
LuSE as the other 2 entities have not formally applied for quotation.
Corporate Bonds: 11 issuers have registered bond programmes with the SEC. Of these, 8 have outstanding notes while 3 issuers do not have outstanding notes. Of the 8 issuers with outstanding notes, 5 issuers have listed notes on the LuSE amounting to 17 listed notes, while the other 3 issuer’s notes are not listed. Internal controls over financial reporting (“ICOFR”) In a bid to enhance financial reporting among issuers, the Commission continued to encourage the implementation of appropriate internal control frameworks through the Securities (Internal Control Over Financial Reporting (“ICOFR”)) Guidelines issued in 2019. The Guidelines were implemented under a five (5) year transition period from 2019 to 2023, with the first year of full implementation commencing in 2024. Following stakeholder concerns raised during engagements held in the transition period, the SEC– ZICA Working Group continued to provide technical input aimed at strengthening the regulatory framework and ensuring that the Guidelines remain practical and responsive to the operational realities of issuers. In this regard, the revised ICOFR Guidelines were subsequently issued in November 2024 through publication in the Government Gazette. During the year ending 31st December 2025, the Commission continued to monitor the implementation of the 2024 ICOFR Guidelines and provide guidance to issuers to support implementation. Collective Investment Schemes Collective Investment Schemes (CISs) remain an important focus of market supervision because they are particularly well-suited to promoting financial inclusion among Zambians. The sector continues to experience strong growth, with Assets Under Management (AUM) rising year on year, reflecting increasing investor participation in CIS products. Below is a snapshot of the CIS industry as at December 2025. Snapshot of the Collective Investment Schemes Collective Investment Schemes A SNAPSHOT AS AT DECEMBER 2025 Total CIS Assets Under Management ("AUM") closed at K3,654 million in December 2025, an increase of 22% from 2024.

K3,080 million was invested locally, an increase of 22%
K574 million invested in foreign CISs, an increase of 23%.
1,649,468 investors across 10 local umbrella funds comprised of 62 subfunds, a representation of 126% increase from December 2024. 410 investors in 55 foreign CISs, an increase of 2%.

51 Securities and Exchange Commission_2025 Annual Report The increase in assets under management for local CISs was largely driven by higher net contributions from both new and existing investors, as evidenced by the 126% growth in the number of investors during the year. In addition, the growth was supported by income earned from underlying investments such as government bonds and equities. The strong performance of the equity market during the year also contributed positively to the overall growth of the CIS sector. The number of local authorized CISs remained at ten (10). In terms of deployment of AUM, 87.24% of the local CIS AUM were invested in Real Estate, Term Deposits, Other CISs, Commercial Paper and GRZ Bonds (Refer to Figure below). Distribution of AUMs by Assets at 31st December 2025 The list of fund managers for collective investment schemes managers is included in Appendix III. Licensing The Commission had 266 licensees as of December 2025 compared to 260 as at December 2024, representing a net increase of 2.3% during the year. This also shows an upward trajectory of interest, by various businesses, in participating in the capital markets. Movement in number licensees License type 31 December 2024 Issued in 2025 Cancelled/ Revoked/ Surrendered 31 December 2025 Credit Rating Agencies 2 - - 2 Dealers 34 5 - 39 Dealer’s Representatives 170 30 (25) 177 Term Deposits 27.76% GRZ Bonds 18.99% Real Estate 10.99% CISs/ Unit Trusts 13.23% Equities 16.28% Commercial paper 3.14% Bank balances 3.43% Treasury Bills 3.60% Corporate Bonds 1.57% Other assets 1.01% Loans and advances 0.00%

52 Securities and Exchange Commission_2025 Annual Report License type 31 December 2024 Issued in 2025 Cancelled/ Revoked/ Surrendered 31 December 2025 Investment Advisors 23 - (1) 22 Investment Advisors representatives 23 1 (4) 20 Share Transfer Agencies 3 - - 3 Share Transfer Agent Representative 3 - - 3 Clearing and Settlement Agencies 1 - - 1 Securities exchanges 1 - - 1 Total 260 36 (30) 266 Surveillance and complaints handling Market Surveillance As part of its regulatory mandate, the Commission undertakes a broad range of market surveillance activities aimed at promoting integrity, transparency, and investor protection within the capital markets. These activities encompass the daily monitoring and analysis of trading activity and the investigation of any detected anomalies or irregularities. The Commission also attends Annual General Meetings (AGMs) of listed entities and local CISs in an observer capacity. This provides an additional layer of oversight, ensuring that issuers uphold corporate governance standards and maintain full disclosure with investors. Key Observations from 2025 AGMs During the period from December 2023 to December 2024, the Commission made the following observations regarding AGMs:

Mode of Meeting: The majority of AGMs were conducted using a hybrid format of combining
both physical and virtual participation. This flexible approach facilitated broader accessibility and compliance with best practices.
Investor Participation: The hybrid model enabled increased participation from shareholders
based outside Lusaka and abroad, including foreign investors. The Commission observed a high level of engagement during these meetings, with investors demonstrating a strong interest in monitoring the performance and governance of their investments. Surveillance of Unlicensed Investment Schemes Beyond formal market structures, the Commission's surveillance also identified and investigated twelve (12) purported investment schemes operating during the year and issued 15 alerts to the public. These schemes were primarily promoted through social media platforms such as Facebook and WhatsApp. They posed as legitimate investment opportunities and employed multi-level marketing tactics, incentivizing participants to recruit others in exchange for monetary rewards and other benefits. In addition, to safeguard the investing public, the Commission identified nine (9) operators conducting capital market activities without the requisite licenses. Some of these operators falsely claimed to be licensed, while others were engaged in securities business without any form of authorization.

53 Securities and Exchange Commission_2025 Annual Report Complaints For the year 2025, Market Supervision handled a total of seventy-two (72) complaints, of which sixteen (16) were brought forward from the year 2024. Twenty-six (26) complaints were closed within DMSD while thirty-nine (39) was referred to DELs. 2025 had a closure rate of complaints of 78.8%, this was an increase from the closure rate in 2024 of 51%. The table below shows a summary of the number of complaints that were handled by DMSD during the year 2025.
Table showing movement in complaints for the year 2025
Risk-Based Supervision
In 2025, the focus was implementing RBS to the capital markets premised on three thematic areas namely the:

Supervisory plan – How the Commission will undertake supervision of CMOs to manage risk.
Capacity building – to ensure the Commission, CMOs and stakeholders have adequate capacity
to enable implementation of RBS in Zambia.
Stakeholder & Public Relations: Ensuring the Commission implements the RBS Communications
Strategy.
Capacity Building and Stakeholder relationship management The Capacity Building Plan outlines the Commission’s strategic focus on strengthening capacity across the capital markets. In 2025, the Commission undertook several capacity-building initiatives targeting both internal staff and external participants, including Capital Markets Operators (CMOs) AML/CFT Engagement with the CMOs During the period under review, the Commission begun to implement some of its recommendations stemming from the 2025 Sectoral Anti-Money Laundering (AML) Risk Assessment, conducted in collaboration with the Financial Intelligence Centre (FIC). To disseminate the results and enhance AML/CFT compliance awareness, the Commission held an AML Workshop on 14th October 2025, attended by various market participants from across the capital markets sector. The workshop discussed the Sectoral AML Risk Assessment findings among other key issues. 2025 COMPUTATION OF COMPLAINTS Complaints brought forward from 2024 A 16 New complaints received B 56 Total Complaints a+b=c 72 Complaints referred to DELS (for further investigations) D 39 Total Complaints not referred to DELS c-d=e 33 Complaints closed in DMSD F (26) Number of active complaints e-f=g 7 DMSD closure rate of complaints not referred to DELS for further investigations f/e 78.8%

54 Securities and Exchange Commission_2025 Annual Report Climate Risk Supervision and Self-Regulatory Organization (SRO) Supervision The Commission successfully concluded its Long-Term Country Engagement Agreement (LTCE) with the Toronto Centre (TC), which formally ended on 30th June 2025. Under this agreement, the TC provided all the requested capacity-building programs, delivering targeted technical assistance aligned with the Commission’s supervisory and regulatory development priorities. The collaboration aimed to strengthen the Commission’s institutional frameworks and supervisory capabilities to support sustainable regulatory outcomes.

55 Securities and Exchange Commission_2025 Annual Report

MARKET DEVELOPMENT
INITIATIVES AND PROJECTS
Capital Markets Master Plan
During 2025, the Commission continued to coordinate and advance the implementation of the Capital Markets Master Plan (CMMP) through strengthened coordination, stakeholder engagement, and performance monitoring. Implementation efforts were coordinated through quarterly working group engagements, the PPD-F Capital Markets Technical Sub-committee and its Action Teams, as well as ongoing collaboration with CMMP partners. Progress tracking remained a key focus, with results indicating that as of December 2025, six out of ten KPIs had recorded positive progress, with five meeting the short-term targets (End 2024). Key achievements included strong growth in market capitalisation relative to GDP, increased uptake of green bonds, and significant expansion in mutual fund assets under management. However, challenges persisted in areas such as new listings, market liquidity, and exchange-traded product development.
Table: Overview of CMMP KPIS as at December 2025.
During the period under review, key CMMP highlights were as follows:

Second steering Committee meeting: the Commission in collaboration with the Ministry of

56 Securities and Exchange Commission_2025 Annual Report Finance and National Planning (MoFNP) held the second Steering Committee meeting which was Chaired by the Secretary to the Treasury (ST), Mr. Felix Nkulukusa. During the meeting, key matters emanating from the working groups and action teams were tabled and guidance sought.

Creation of dispute resolution workstream: following an identified gap in the CMMP, concerning
the lack of a dispute resolution component which was not incorporated as a development area, a workstream for dispute resolution was created under Development Area 5 – Enhancing the capital market regulatory environment. To implement the new workstream, the CMMP Secretariat shall work closely with the Capital Markets Tribunal, being the designated lead and other identified stakeholders that shall be onboarded.
Local Currency Bond Market Diagnostic Assessment (LCBMD): the Commission participated in
an IMF/WB LCBMD Assessment Mission which was spearheaded by the MoFNP. The objective of the diagnostic assessment was to assess the functioning of the local currency bond market and preparing a roadmap for policy reforms and technical assistance. The assessment assessed the current stage of development of Zambia's domestic market and formulated policy recommendations premised on six building blocks, namely; Money market, Primary market, Secondary market, Investor base, Financial Market Infrastructure and Legal and Regulatory Framework.
Morgan Stanley Capital International country rating: Preliminary efforts towards attaining a
Frontier country rating commenced. To this end, the CMMP Secretariat initiated discussions with the MSCI to better understand the MSCI Market Classification Framework. In the same vein, a draft working paper to track Zambia’s readiness towards Frontier market classification has since been developed as plans are underway to prepare for eligibility.
Studies relating to enhancing the Corporate bond market and expansion of market product
offerings: the SEC conducted a study as part of efforts to undertake primary research across cross-sectional sample of businesses on their financing needs and reasons for lack of corporate bond activity. The objective of this is to help ascertain whether the existing investment guidelines should be revised.
Expansion of market product offerings: The SEC commissioned a study to assess the demand for
expanded number of assets classes in the market by both retail and institutional investors. This study is intended to help ascertain whether there is demand for additional asset classes and whether the current guidelines are adequate.

57 Securities and Exchange Commission_2025 Annual Report

CMMP Awareness and Sensitization: The Commission participated in major industry platforms to
promote the CMMP and position the capital markets as a driver of economic growth. Notably, the Commission participated in the following:
o The inaugural Zambia Capital Markets Annual Conference and Awards which ran under the theme “Unlocking capital markets for inclusive economic growth”. o The Zambia Financial Markets Conference which ran under the theme “Growth and Opportunities”. o The Africa Capital Markets Forum where the Commission participated in a high-level strategic panel dubbed “A Call to Action for Collaboration, Reform, and Investment”. o participation in major industry platforms to promote the CMMP and position capital markets as a driver of economic growth.

58 Securities and Exchange Commission_2025 Annual Report Overall, the CMMP implementation in 2025 reflects steady progress, with continued efforts required to deepen market participation, enhance product diversification, and address structural constraints in the Zambian capital markets. National Financial Inclusion Strategy (“NFIS”) In 2025, the Commission strengthened its role in advancing financial inclusion and sustainable finance through enhanced stakeholder coordination and strategic planning. Following the MoFNP’s working group familiarisation sessions, the Commission convened the inaugural Capital Markets and Environmental, Social and Governance (ESG) Working Group meeting, of which it serves as Secretariat. During the meeting, members reviewed the draft implementation plan and elected leadership, having appointed the United Nation’s Development Plan-Biodiversity Finance Initiative to assume the role of Chair and Bank of Zambia (BoZ) as Co-Chairperson. Members were tasked with further refining the implementation plan and providing updates on assigned actions, with this process ongoing. In parallel, the Commission, in collaboration with the MoFNP and the U.S. Department of the Treasury’s Office of Technical Assistance (OTA), advanced the implementation of the National Financial Inclusion Strategy (NFIS II). A dedicated workshop was convened to rationalise and refine the NFIS II Action Plan, ensuring greater clarity, prioritisation, and alignment with national development objectives. As an outcome of these efforts, strategic actions under NFIS II were translated into specific, measurable activities with defined timelines, clear institutional responsibilities, and detailed costings. This provides a structured roadmap to support effective implementation of financial inclusion initiatives over the medium term. National Strategy for Financial Education for Zambia (“NFSE”) The Government, through the MoFNP, in collaboration with financial sector regulators and cooperating partners, continued to advance financial literacy initiatives following the conclusion of the 2019–2024 National Strategy for Financial Education (NSFE II). To ensure continuity, stakeholders

59 Securities and Exchange Commission_2025 Annual Report agreed to extend the implementation of NSFE II programmes while commencing the development of the third National Strategy for Financial Education (NSFE III). The drafting of NSFE III commenced and is under the leadership of the MoFNP, with active participation from financial sector regulators. The new strategy aims to further empower citizens with the knowledge and skills required for effective financial decision-making, in line with the objectives of the Eighth National Development Plan. To support this process, the Commission has made budgetary provisions for 2026, while additional funding options are being explored to complement existing resource constraints. The drafting process will also benefit from technical assistance from the U.S. Department of the Treasury’s Office of Technical Assistance (OTA), ensuring alignment with international best practices and integration of financial inclusion priorities. Key preparatory activities for NSFE III include a review of existing financial literacy materials and a planned data collection exercise scheduled for the first quarter of 2026. Developing Zambia’s Subnational Revenue Bonds Project In 2025, the Commission advanced efforts to position capital markets, particularly municipal and subnational revenue bonds as a viable financing mechanism for local authorities, in line with Government’s Decentralisation Policy. This approach is aimed at complementing intergovernmental transfers and reducing reliance on the Treasury while enabling sustainable infrastructure development. Following engagements with the United Nations Capital Development Fund (UNCDF) and the Kabwe Municipal Council, progress was made in promoting municipal bonds, developing a supporting regulatory framework, and strengthening institutional coordination. Notably, Kabwe Municipal Council progressed plans for a 300MW solar project, supported by a feasibility study funded by the MoFNP and technical assistance under UNCDF’s InFiDS programme. A key priority under the SEC–UNCDF collaboration is the development of National Guidelines for Local Authorities for Developing and Financing Revenue-Generating Infrastructure Investments. These guidelines will provide a practical framework for structuring bankable municipal projects, including Public-Private Partnerships and revenue bond financing pathways, and are critical to unlocking subnational infrastructure financing. Current efforts are focused on finalising and validating the Guidelines, establishing institutional review mechanisms, and mobilizing technical support to facilitate their timely adoption and launch. Overall, these initiatives mark an important step towards developing a pipeline of bankable municipal projects and deepening the role of capital markets in local government financing. Regulatory Sandbox In 2025, the Commission continued post-exit supervision of four Cohort One Sandbox participants following their exit in May
2024. Two innovations (Kukula and LuSE) demonstrated operational success and are progressing toward commercial deployment subject to conditions, while the peer-topeer lending models (Lupiya and Premier Credit) revealed significant risks, resulting in supervised wind-down and enforcement action, respectively.

60 Securities and Exchange Commission_2025 Annual Report The Commission also progressed Cohort Two, receiving eleven applications, conducting preliminary assessments, and shortlisting four for further review. Onboarding is planned for 2026 following additional evaluation. These efforts reflect a principles-based, risk-focused approach to supporting innovation while safeguarding investor interests. Investor Awareness and EducationActivities 2025 Financial Literacy Week Financial Literacy Week 2025, held from 16–22 March under the theme “Think before you follow, safeguard your money,” was a nationwide campaign led by the three financial sector regulators SEC, BoZ and PIA under NSFE II to promote informed financial decision-making. The SEC led activities in Northwestern Province, including school outreach, a public exhibition, an intercollege debate, and community engagement. Post-survey results indicated significant impact, with increased awareness of Unit Trusts, improved understanding of investment concepts, and a notable rise in confidence to invest. 2025 FLW Youth Engagement: Debate winners - Solwezi College of Nursing and Midwifery

61 Securities and Exchange Commission_2025 Annual Report Exhibition, Solwezi City Mall. Holland Disabled Association St. Kizito Secondary School SEC Participates in Boys’ and Girls’ Character Development Camp at Kuzipa Farms The SEC engaged boys and girls at Kuzipa Farms in lively and interactive sessions on saving, investing, and the Zambian capital markets. The programme reached two groups — 8-11 years and 12-18 years. Through fun and practical activities, the boys and girls discovered the importance of making informed financial decisions early in life. To support this journey, each participant received a piggy bank to begin their saving habit and a Snakes and Ladders Investor Education Board Game — a creative tool that simplifies real-world investment concepts through play, as well as scam and fraud awareness. SEC extends sincere appreciation to Kuzipa Farms for partnering in delivering this impactful programme. Together, we are contributing to a brighter financial future for Zambia’s youth. Livingstone Primary School The NSFE, co-implemented by the SEC, BoZ, and PIA, identifies key target groups for investor and financial education to ensure outreach across different segments of society. Among these, school learners at primary and secondary levels are considered an important target group.

62 Securities and Exchange Commission_2025 Annual Report The objective is to build a strong foundation of financial literacy early in life by helping learners understand the basics of saving, budgeting, managing money, and recognizing and avoiding scams. In line with this objective, the SEC team in Livingstone targeted David Livingstone Memorial Presbyterian Pre and Primary School, located on Mosi Oa Tunya Road. This school, affiliated with the Presbyterian Church, offers both pre-school and primary education and serves as a community hub for educational development in the area. At the school, the SEC team conducted an investor education session for 133 children, sharing key concepts of investing and financial literacy. Learners were taught important basic financial principles to equip them with the knowledge and skills for responsible financial decision-making. Terry Schwartz Secondary Adventist school The SEC team also visited Terry Schwartz Adventist School, located in the Highlands Township of Livingstone. Established by American couple Terry and Dina Schwartz in 2014 and is affiliated with the Seventh-day Adventist Church. It offers both pre-school and primary education and plays a central role in supporting educational development in the area. At the school, the SEC team conducted an investor education session for 275 children, sharing key concepts of investing and financial literacy. Learners were taught principles, including saving, budgeting, managing money, and recognizing and avoiding scams. Livingstone Institute of Business and Engineering Studies The National Strategy on Financial Education (NSFE), co-implemented by the SEC, BoZ, and PIA, also identifies the key target group of youths in colleges and universities as well as working adults in both the formal and informal sectors which are considered priority audiences. This particular target group has the Commission as lead implementer for its activities. The objective is to prepare young adults to make informed financial and investment decisions by equipping them with knowledge on capital markets, savings versus investing, entrepreneurship, avoiding get-richquick schemes, and responsible use of digital finance. In line with this, the SEC team in Livingstone visited Livingstone Institute of Business and Engineering

63 Securities and Exchange Commission_2025 Annual Report Studies (LIBES), a tertiary institution offering business, engineering, and technology programs to students preparing for careers in today's economy. At LIBES, investor education was conducted for 65 adults. Key topics included investment products (unit trusts, bonds, shares), and fraud and scams awareness. The session aimed to strengthen financial literacy and foster responsible investment behaviors among both old and young adults. Commemoration of World Investor Week 2025 PHASE 1: Provincial Debates The Commission successfully conducted the 2025 Provincial Capital Markets Debate Competitions across all ten provinces as part of preparations for the National Grand Finale and World Investor Week
2025. Organized in collaboration with host institutions and the
Debate Research Center, the competitions attracted strong participation from tertiary institutions and showcased high levels of understanding of capital markets. Provincial winners progressed to the national finals, with best speakers in each province awarded K1,000. PHASE 2: National Capital Markets Debate Competition and Finals, Livingstone Day 1: Wednesday, 8th October 2025 – Group Stage and Quarter Finals The opening day commenced with arrivals and registration, followed by the official opening of debate sessions from the debate master from the Debate Research Centre (DRC). Teams debated motions around social media and financial literacy, A in capital markets, cryptocurrencies, and cybersecurity frameworks. The day concluded with closing remarks from SEC representatives. GROUP STAGE RESULTS Match Motion Winning Province Points Best Speaker Central vs Western Social media & financial scams Central 667–665 Timothy Banda Muchinga vs Southern AI in Capital Markets & Jobs Southern 678–651 Ronaldo Mwiikisa Lusaka vs Eastern Cryptocurrencies as investments Lusaka 701–679 Tracy Jabalani Southern vs Copperbelt Cybersecurity & Digital Trading Southern 698–692 Ronaldo Mwiikisa Central vs Northern Digital Finance & My Luse Central 693–652 Timothy Banda Northwestern vs Lusaka AI & Investor Complacency Northwestern 698–693 Tracy Jabalani

64 Securities and Exchange Commission_2025 Annual Report Copperbelt vs Muchinga Legalizing Crypto Trading Muchinga 683–682 Mulenga Joseph Western vs Northern LuSE’s 14.3% Surge Northern 665–648 Katala Memory Eastern vs Northwestern CEC $1 Billion Valuation Northwestern 696–641 Henry Kanyanta QUARTER FINALS Match Motion Winning Province Points Best Speaker Southern vs Lusaka Require mining firms list on LuSE Southern 726–721 McPreston Nkhoma Central vs Eastern Empower SEC to prosecute fraud Central 688–654 David Mukompa Muchinga vs Northwestern Deploy AI to monitor trading Northwestern 668–639 Henry Kanyanta Northern vs Copperbelt Disclose AI use in investments Copperbelt 664–646 Caleb Capital Markets Tertiary Essay Writing Competition The Capital Markets Tertiary Essay Writing Competition encourages students from tertiary institutions to explore and write about topics related to financial literacy and capital markets awareness in Zambia. Participants gain research experience, critical thinking skills, and exposure to capital markets knowledge that can benefit their academic and professional growth. Winners of the 2024 Capital Markets Tertiary Essay Writing Competition were awarded in October 2025, in Livingstone, Southern Province.

65 Securities and Exchange Commission_2025 Annual Report SUMMARY 2025 WORLD INVESTOR WEEK PRIZE AWARDS POSITION INSTITUTION PRIZE 1 st Position Mulungushi University K40,000.00 2 nd Position Solwezi School of Nursing & Midwifery K20,000.00 3 rd Position Northern Technical College K15,000.00 4 th Position Rusangu University K10.000.00 POSITION WRITER PRIZE Best Speaker Henry Kanyanta K4.000.00 + Paid Internship 2 nd Best Speaker Tracy Jalabani K2,000.00 + Paid Internship 3 rd Best Speaker Ronaldo Mwiikisa K1,000.00 + Paid Internship NATIONAL CAPITAL MARKETS TERTIARY ESSAY WRITING COMPETITION POSITION WRITER PRIZE 1 st Position Kelvin Mweya K10.000.00 2 nd Position Emmanuel Kasanda K7.500.00 3rd Position Francis Mwansa K5,000.00 Capital Markets Ambassadors Programme The Capital Markets Ambassador Programme is a structured initiative aimed at promoting financial literacy and capital market awareness through a trained network of ambassadors drawn from diverse groups, including students and professionals. The programme focuses on building nationwide awareness, delivering standardized training, and supporting structured outreach and monitoring. Implementation is being carried out in phases, including recruitment, training, piloting, and rollout. The programme is currently at the training and assessment stage, with plans for pilot implementation and expansion to follow. Monthly Townhall Meetings TOWNHALL GENERAL OVERVIEW The main aim of the SEC Townhall Meetings is to demystify capital markets thereby promoting financial education, awareness and confidence with regard to financial products, institutions and services. In the year under review, Facebook continued to draw the largest audience participating in the Townhall meetings at 50,162 compared to 5,571 on Zoom. This shows a continued increase in interest from the general public for information on capital market products and services, and scam prevention knowledge.

66 Securities and Exchange Commission_2025 Annual Report Audience Majority:
94% of the audience attending Townhall meetings is from Zambia, with 3% from the United States of America and the United Kingdom respectively. Townhall meetings are designed to be an interactive platform for members of the public to interact with the Commission and discuss investments and capital markets basics. The topics discussed during the year are summarized below. MONTH FB & ZOOM STATS TOPIC January 1,608 Learn how to identify and avoid frauds and scams February 2,042 Strategies for long term investing and wealth building. March 2,334 Introduction to financial markets: Securities and how they work April 1,085 Introduction to Shares and how they work May 1,249 Introduction to Collective Investment Schemes and how they work June 1,150 Introduction to Bonds and how they work July 37,286 Adaptation to Climate Change August 1,102 Market Volatility and Strategies to manage investment risks September 1,098 Retirement investing and long-term financial planning October 1,041 World Investor Week: Key Messages November 982 Securities Regulatory framework and its importance for investor protection December 928 Shareholder rights Total Signups: Email Database 4,216 Current emails captured stands at 4,216 up from 3,670 in (Q1, 2025) thus representing a 15% Increase. Note Viewership on Facebook increases after each townhall meeting, especially over weekends, and typically doubles by year-end due to easy access and more free time to watch recordings.

January

Topic: Learn how to identify
and avoid frauds and scams
Presenter: Mugala Sitali
February
Topic: Strategies for longterm investing and wealth building
Presenter: Mpempulwa
Lyapa
March
Topic: Introduction to financial
markets: securities and how they work
Presenter: Mugala Sitali
April
Topic: Introduction to Shares
and how they work
Presenter: Francis Kafwembe
May
Topic: Introduction to CIS’s
and how they work
Presenter: Lucy
Namuchimba
June
Topic: Introduction to Bonds
and how they work
Presenter: Elijah C. Kabaso
July
Topic: Adaptation to Climate
Change
Presenter: Leah Simasiku
August
Topic: Market Volatility and
Strategies to manage investment risks
Presenter: Grace Soko
September
Topic: Retirement investing and
long-term financial planning
Presenter: Eliya Mvula

68 Securities and Exchange Commission_2025 Annual Report 97th Agricultural and Commercial Show The Commission participated in the 97th Agricultural and Commercial Show of Zambia (ACSZ) held from 30 July to 4 August 2025 under the theme “Adapting to climate change”. As Secretariat of the Green Finance Mainstreaming Working Group, the SEC showcased the role of capital markets in mobilising sustainable finance through instruments such as green and sustainability-linked bonds. Key activities included panel discussions, media engagements, and public education on investor protection and scams. The SEC stand attracted 1,759 visitors, with high satisfaction levels, reflecting strong public engagement and growing awareness of capital markets. The event highlighted increased interest in investing, while underscoring the need to translate this interest into active participation. Additionally, the Commission supported the launch of the Zambia Capital Markets Conference and Awards 2025, aimed at promoting inclusive economic growth through capital markets development. October

Topic: World Investor Week:
Key Messages
Presenter: Dingase Makumba
November
Topic: Securities regulatory
framework and its importance for investor protection
Presenter: Isabel Kapotwe
Nkonde
December
Topic: Shareholders rights
Presenter: Mulenga Bruce

69 Securities and Exchange Commission_2025 Annual Report Zambia Capital Markets Conference and Awards 2025 (ZCMCA) The Lusaka Securities Exchange (LuSE) in collaboration with the Capital Markets Association of Zambia (CMAZ) and the SEC kicked off the Zambia Capital Markets Conference and Awards 2025 (ZCMCA) with a press briefing to draw attention to the upcoming event scheduled for October in Livingstone. ZCMCA 2025 was introduced at the first fully-fledged Capital Markets Conference and Awards in Zambia and was subsequently held and 1st and 2nd October 2025 under the theme “Unlocking Capital Markets for Inclusive Economic Growth.” The Guest of Honour for the official kick-off was the Permanent Secretary - Economic Management at the MoFNP, Mr Mulele Mulele, represented by the Acting Director Economic Management, Mr Akapelwa Imwiko who rang the exchange bell to signify the start the event. Copperbelt Agricultural, Mining, Industry and Networking Expo (CAMINEX) The Commission participated in CAMINEX 2025 in Kitwe, engaging stakeholders across key sectors and promoting the role of capital markets in economic development. The SEC focused on raising public awareness, promoting investment, strengthening partnerships, and engaging youths, attracting strong interest at its exhibition stand. Key highlights included participation in CEC’s USD 1 billion market capitalization milestone, media engagement, and increased public interaction on investor protection and scams. The Commission also conducted youth-focused sessions to enhance financial literacy. Overall, participation strengthened the SEC’s visibility, stakeholder engagement, and commitment to investor education and market development. Green and Sustainable Finance Activities The Commission, as Secretariat of the Green Finance Mainstreaming Working Group, continued to drive efforts to integrate green finance across Zambia’s financial sector, including capital markets, banking, pensions, and insurance. In 2025, key progress included development of the Green Finance Taxonomy, tagging and reporting system, Green Finance Strategy and Implementation Plan, and advancement of green bond market initiatives. The Commission also led complementary initiatives such as promoting subnational revenue bonds, developing a regulatory roadmap for nature-related financial risks, and supporting adoption of

70 Securities and Exchange Commission_2025 Annual Report international sustainability reporting standards. These efforts reflect ongoing progress in positioning Zambia’s financial sector to support climate resilience and attract green investment. Public Awareness and Investor Protection Frauds and Scams Campaign Scams Awareness Campaign kicked off with an introductory article that unpacked the concept of capital markets, exposed common scams in the industry, and shared practical tips to help the general public to protect themselves. The campaign uses the following hashtags:
#SECZambia #ScamAwareness #FraudAwareness #lnvestorEducation #scamsawarenesscampaign In response to rising scams and fraud, the Commission intensified investor awareness and public alert initiatives to safeguard the public. During the year, three unlicensed investment schemes—promoted mainly via social media were identified. The Commission issued public warnings through its website and social platforms, cautioning that these entities were not authorized to offer investment services. These actions underscore the Commission’s commitment to protecting investors, maintaining market integrity, and promoting public trust. Scams in the Capital Market However, just like any other marketplace, the capital market has its risks, and one of the biggest risks is scams. Common scams include: Ponzi schemes, Pump and Dump, and Fake Investment Platforms. Ponzi Schemes In this scam, early investors are paid using the money from newer investors, not profits. Eventually, the scheme collapses when new money stops coming in. Pump and Dump Fraudsters artificially inflate the price of a stock by spreading false information, then sell off their shares at the inflated price, leaving others with worthless investments. Fake investment Platforms - scammers create fake websites or platforms that appear to offer legitimate opportunities, tricking people into depositing money, which is then stolen. In order to avoid getting scammed, it is important to educate yourself. Take time to understand how the market works, the types of investments available and how to assess the risks. Being informed is not only the best way to protect your hard-earned money but it is also the best way to increase your chances of making profitable investments over time. PUBLIC WARNINGS AND INVESTOR PROTECTION

71 Securities and Exchange Commission_2025 Annual Report

72 Securities and Exchange Commission_2025 Annual Report ENFORCEMENT AND LEGAL SERVICES Overview The Directorate of Enforcement and Legal Services (DELS) plays a central role in advancing the Commission’s investor protection mandate by promoting compliance with the Securities Act, No. 41 of 2016, enforcing the capital markets legal and regulatory framework, providing legal advisory and corporate governance services, and supporting the continued development of Zambia’s securities legislation. During the 2025 financial year, the Directorate strengthened regulatory enforcement, enhanced interagency collaboration, advanced the review of the Securities Act and expanded stakeholder engagement initiatives aimed at promoting market integrity, improving compliance and protecting investors. The table below outlines DELS’ core operational functions. Enforcement and Investor Protection Protecting investors and maintaining confidence in Zambia’s capital markets remained the Directorate’s highest priority during 2025. The Commission investigated 31 suspected violations of securities legislation during the year, more than doubling the 15 investigations undertaken in 2024. The investigations primarily related to illegal investment schemes and unlicensed securities offerings, while other matters involved market misconduct by Capital Market Operators (CMOs) and suspected money laundering activities.

73 Securities and Exchange Commission_2025 Annual Report The Commission also significantly strengthened its enforcement programme by instituting 13 enforcement actions, compared with seven during the previous year. Of these matters, eight were concluded while five remained under investigation at year-end. The enforcement programme resulted in:

administrative fines amounting to K1 million;
one public censure;
two private censures; and
successful collaboration with the Drug Enforcement Commission (DEC) and the National
Prosecutions Authority (NPA) in pursuing non-conviction-based asset forfeiture proceedings involving suspected investor fraud. The Commission further issued several public investor alerts warning against illegal securities offerings and intensified investor education campaigns on Ponzi schemes and other fraudulent investment products. Strengthening the Legal and Regulatory Framework Review of the Securities Act A major milestone during 2025 was the comprehensive review of the Securities Act undertaken jointly with the Ministry of Justice. The review assessed the adequacy of the current legislative framework in supporting modern securities regulation and identified several provisions that limited the effective development of subsidiary legislation. Following extensive consultations, it was concluded that a repeal and replacement of the Securities Act would provide a more coherent, enabling and future-ready legislative framework. The review culminated in the Commission obtaining Cabinet approval in principle on 23 December 2025 to commence the legislative reform process. 0 5 10 15 20 25 30 35 2024 2025 SUMMARY OF INVESTIGATIONS AND ENFORCEMENT CASES FOR 2024 AND 2025 INVESTIGATIONS CASES ENFORCEMENT CONCLUDED ONGOING

74 Securities and Exchange Commission_2025 Annual Report Advancing International Regulatory Standards The Commission also submitted its application to become a signatory to the IOSCO Enhanced Multilateral Memorandum of Understanding (EMMoU), an internationally recognised framework that facilitates cooperation and information sharing among securities regulators. So far only South Africa and Kenya are signatories to the IOSCO EMMoU. Once admitted, the Commission’s participation will significantly strengthen its ability to investigate cross-border securities offences, combat financial crime and cooperate with foreign regulators in protecting investors. Strategic Partnerships and Stakeholder Engagements Recognising that effective regulation depends on strong collaboration, the Commission continued to strengthen partnerships with domestic stakeholders during the year. Mobile Network Operators (MNOs) Stakeholder Engagement On 28th February 2025, the Commission held a stakeholder engagement with Mobile Network Operators (“MNOs”) including Airtel, Zamtel, and Zedmobile, under the theme “Enhancing Collaboration.” The engagement was designed to familiarise MNOs with the Commission’s mandate and day-to-day operations, with particular emphasis on the importance of maintaining proper records. The Financial Intelligence Centre (“FIC”), the Bank of Zambia (“BoZ”), and the Zambia Information and Communications Technology Authority (“ZICTA”) participated in the engagement and delivered presentations. The engagement sought to strengthen cooperation between the Commission and MNOs, highlighting the critical role of information held by MNOs in supporting the Commission’s investigations. Presentations by the FIC, BoZ, and ZICTA underscored the mobile money sector’s vulnerability to money laundering and terrorist financing, reinforcing the need for robust record-keeping practices by MNOs. Law Review Exercise From 17th to 21st March 2025, the Commission held a law review engagement with the Ministry of Justice (“MoJ”) at Sandy’s Creation Resort in Chilanga, Lusaka, to deliberate on draft rules and regulations intended for enactment. The session brought together delegates from both institutions who contributed their expertise to refine and align the proposed instruments. The collaborative discussions allowed for a comprehensive review of the regulatory framework and ensured that diverse legal and policy perspectives were duly considered.

75 Securities and Exchange Commission_2025 Annual Report During the engagement, it was observed that, consistent with the drafting style adopted by the Ministry of Justice, the Securities Act contained insufficient enabling provisions to adequately support the enactment of several proposed statutory instruments under the Securities Act No. 41 of 2016. It was therefore agreed that the Act required a repeal and replacement to ensure coherence and alignment with the draft rules and regulations under development. Subsequently, the Commission obtained Cabinet approval in principle to initiate the law review process on 23rd December 2025. Benchmarking Exercise with the Eswatini Financial Services and Regulatory Authority (FSRA) On 14th April 2025, the Commission, in collaboration with the Pensions and Insurance Authority (“PIA”), hosted a delegation from the Financial Services Regulatory Authority (“FSRA”) of the Kingdom of Eswatini. The FSRA, which supervises non-banking financial services in Eswatini, has developed several legislative instruments aimed at modernising and harmonising its supervisory framework. These instruments were, at the time, under consideration by Eswatini’s Ministry of Finance and Parliament. In this context, Zambia, through the Commission and the PIA, was identified as a suitable jurisdiction for the FSRA’s benchmarking exercise. During the engagement, both institutions delivered presentations outlining their respective mandates and regulatory functions. The visit not only fulfilled its objective of facilitating knowledge exchange but also provided the Commission with valuable insights into Eswatini’s securities regulatory framework.

Photo gallery of the Benchmarking Exercise with Eswatini

76 Securities and Exchange Commission_2025 Annual Report SEC Presentation at the Launch of the 2024-2028 Capital Markets Tribunal Strategic Plan On 15th April 2025, the CMT launched its Strategic Plan for the period 2024–2028 at the Mulungushi International Conference Centre. The CMT, established as a fast-track adjudicative body under the Securities Act, No. 41 of 2016, is mandated to uphold the integrity of the capital markets by addressing misconduct, ensuring accountability, and protecting investors. Recognising the capital market as a vital platform for mobilising investment and supporting economic growth, the CMT plays a key role in fostering confidence and sustaining a robust financial ecosystem. The Strategic Plan sets out targeted interventions and priorities to strengthen the Tribunal’s capacity to deliver on its mandate effectively. During the launch, the Commission was invited to deliver a presentation providing an overview of Zambia’s capital markets, which was presented by DELS, as depicted in the photograph below. SEC and Law Association of Zambia Memorandum of Understanding On 17th April 2025, the Commission and the Law Association of Zambia (“LAZ”) signed a Memorandum of Understanding (“MoU”) aimed at advancing public understanding of securities laws and fostering investor confidence through awareness and sensitisation initiatives. By leveraging the Commission’s regulatory expertise and LAZ’s legal knowledge and extensive network, the collaboration is expected to enhance public awareness of securities laws and regulations, strengthen investor education and protection, and build the capacity of legal practitioners within the capital markets space. The partnership is also anticipated to contribute meaningfully to the development of a robust, efficient, and investor-friendly securities market in Zambia. Key activities under the MoU include joint educational initiatives, capacity-building programmes in securities regulation, collaborative policy development and advocacy, as well as coordinated efforts in enforcement, compliance, investor protection, and market development.

77 Securities and Exchange Commission_2025 Annual Report Meeting with Law Enforcement Agencies, the bank of Zambia and the Data Protection Commissioner On 13th May 2025, the Commission convened a stakeholder engagement with various Law Enforcement Agencies (“LEAs”) and other key stakeholders under the theme “Emerging Fraudulent and Criminal Trends”. The meeting was attended by representatives from the Bank of Zambia (“BoZ”), the Data Protection Commission (“DPC”), the Anti-Corruption Commission (“ACC”), the Drug Enforcement Commission (“DEC”), the Financial Intelligence Centre (“FIC”), the Patents and Companies Registration Agency (“PACRA”), the Zambia Information and Communications Technology Authority (“ZICTA”), the Zambia Police Service (“ZP”), and the National Prosecution Authority (“NPA”). The engagement featured presentations by DELS on issues such as the provision of unlicensed investment advice, Ponzi schemes, and the Securities (Substantial Shareholder Vetting) Guidelines. The discussions underscored the need for LEAs to respond promptly to information requests to prevent unfit and improper persons from participating in the capital markets. The engagement further emphasised the importance of continued collaboration among LEAs and other stakeholders to safeguard the integrity of the capital markets. Benchmarking Exercise with the Tanzanian Capital Markets Tribunal The Capital Markets Tribunal of the United Republic of Tanzania (“CMT Tanzania”) undertook a study visit to the CMT of Zambia and as part of the visit, CMT Tanzania expressed interest in engaging with the Commission to obtain insights into investor protection and regulatory oversight from the Commission’s perspective. Accordingly, on 17th June 2025, the Commission hosted both CMT Tanzania and CMT Zambia for a benchmarking exercise where the Commission outlined its investor protection mandate, shared details of its investor education and awareness initiatives, elaborated on its enforcement programme, and discussed prevailing risks and challenges in Zambia’s capital markets. The Commission also explained the statutory process for appeals to the Capital Markets Tribunal as provided under the Securities Act.

78 Securities and Exchange Commission_2025 Annual Report CMAZ also participated in the engagement and provided industry perspectives on investor protection and market conduct from the viewpoint of market participants. Stakeholder Engagement and Capacity Building with the Capital Markets Association of Zambia (CMAZ) On 26th June 2025, the Commission, in collaboration with the Capital Markets Master Plan (“CMMP”) Secretariat, convened a stakeholder engagement meeting with the Capital Markets Association of Zambia (“CMAZ”) and representatives of various CMOs. The meeting was held under the theme “New and Innovative Products.” This engagement aligned with the Commission’s strategic objective of enhancing stakeholder participation in the capital markets and the CMMP’s goal of driving market development to support economic growth. The discussions facilitated an open exchange of views, underscoring the need for the Commission to streamline processes, for CMOs to enhance market visibility, and for strengthened collaboration aimed at addressing operational challenges within the industry. SEC Collaboration with the Zambia Police Service On 25th August 2025, the Commission and the Zambia Police Service (“ZPS”) signed an MoU at the Commission’s offices in Lusaka. The MoU seeks to strengthen collaboration between the two institutions by combining the Commission’s regulatory expertise with the enforcement powers of the Zambia Police to enhance investor protection, maintain market confidence, and promote compliance with the law. The signing of the MoU underscores a shared commitment to deepen institutional cooperation, reinforce regulatory enforcement, and close any gaps in the

79 Securities and Exchange Commission_2025 Annual Report protection of investors and the preservation of the rule of law within Zambia’s capital markets. The Commission intends to fully leverage this partnership in advancing its investor protection mandate. Stakeholder Engagement with Capital Market Operators On 14th October 2025, the Commission convened a stakeholder engagement workshop with CMOs on Anti-Money Laundering, Countering the Financing of Terrorism, and Proliferation Financing (“AML/CFTPF”) reporting requirements. The half-day event held under the theme “AML/CFT-PF Reporting Requirements for CMOs,” was aimed at enhancing understanding of CMOs’ reporting obligations under the AML/CFT-PF regulatory framework and emphasised the importance of these obligations in relation to Zambia’s national AML/CFT-PF risk profile and capital market sector risk assessment. The engagement was convened in response to observed instances of failure or neglect by some CMOs to submit suspicious transaction and currency reports to the Financial Intelligence Centre (“FIC”). The workshop also served as a platform for dialogue and feedback on the challenges CMOs face in meeting their reporting obligations. Given the subject matter, the FIC was identified as a strategic partner and was invited to deliver a presentation during the session. Strategic Outcome of Collaborative Engagements The strategic outcome of each of the engagements is highlighted in the following table:
Initiative Strategic Outcome
Engagement with Mobile Network
Operators
Strengthened access to electronic evidence and enhanced cooperation in investigations. Memorandum of Understanding with the Law Association of Zambia Expanded investor education, legal capacity building and public awareness of securities regulation. Memorandum of Understanding with the Zambia Police Service Enhanced investigation and enforcement capabilities through closer institutional cooperation. Law Enforcement Agencies Forum Improved intelligence sharing and coordination in combating financial crime. AML/CFT Workshop for Capital Market Operators Strengthened compliance with suspicious transaction reporting obligations and national AML/CFT requirements. CMAZ Stakeholder Engagement Promoted dialogue on innovative capital market products and regulatory improvements.

80 Securities and Exchange Commission_2025 Annual Report Collectively, these engagements strengthened regulatory cooperation, improved compliance and reinforced investor protection. Regional and International Cooperation The Commission continued to strengthen its regional and international partnerships through benchmarking and knowledge-sharing initiatives. During the year, the Commission hosted delegations from the Financial Services Regulatory Authority of Eswatini and the Capital Markets Tribunal of Tanzania. These engagements provided valuable opportunities to exchange experiences on investor protection, enforcement practices, regulatory reforms and market development. The Commission also participated in the launch of the Capital Markets Tribunal’s 2024–2028 Strategic Plan, reaffirming its commitment to strengthening Zambia's capital markets dispute resolution framework. Looking Ahead Building on the achievements recorded during 2025, the Directorate will continue to strengthen regulatory enforcement and modernise Zambia’s securities regulatory framework. Priority initiatives for 2026 include:

progressing the repeal and replacement of the Securities Act;
advancing the Commission’s IOSCO EMMoU application;
strengthening technology-enabled investigations;
enhancing cooperation with domestic and international regulatory agencies; and
expanding investor education and market integrity initiatives.
These priorities will further strengthen the Commission’s ability to detect and deter market misconduct, enhance investor confidence and support the continued development of fair, efficient and transparent capital markets in Zambia.

81 Securities and Exchange Commission_2025 Annual Report MARKET TRANSACTIONS The Securities Act requires all securities, including private funds and collective investment schemes (CISs), offered to the public to be registered or authorised by the Commission before they may be marketed or issued. In addition, the Commission reviews and approves mergers, acquisitions and other corporate transactions involving entities whose securities are regulated under the Act. These regulatory approvals form an integral part of the Commission’s investor protection mandate by ensuring that securities offered to the investing public satisfy the applicable disclosure and regulatory requirements, thereby enabling investors to make informed investment decisions. Similarly, the Commission’s oversight of mergers and acquisitions promotes orderly and transparent corporate transactions, safeguards the interests of minority shareholders and supports confidence in Zambia’s capital markets. During the year ended 31 December 2025, the Market Transactions Unit within the Directorate of Finance and Administration processed a broad range of applications relating to the registration of securities, authorisation of private funds and collective investment schemes, mergers and acquisitions, and other regulated market transactions. The Unit also considered applications for statutory waivers and exemptions under the Securities Act, together with other matters requiring regulatory approval. The Commission continued to process applications efficiently while maintaining rigorous regulatory standards to ensure that only transactions meeting the requirements of the Securities Act and the applicable Rules and Regulations were approved. The table below summarises the securities registrations, fund authorisations and other market transaction approvals granted during the year under review. DATE RECEIVED COMPANY TYPEANDNUMBER OF SECURITIES/OR TRANSACTIONS DATE APPROVED/ DEFERRED PURPOSEOF MEETING 26/02/2025 ZFI Waiver 26/02/2025 To consider application for a waiver from making a mandatory offer 21/05/2025 Real Estate Investment Zambia Plc Waiver 21/05/2025 To consider the application for a waiver from complying with clause 7.1.2 of the Real Estate Investment Trust Guidelines 2020 21/05/2025 Real Estate Investm ent Zambia Plc Amendment 21/05/2025 To consider proposed amendment to clause
7.1.2 of the Real Estate Investment Trust
Guidelines 2020
21/05/2025 Real Estate
Investment Zambia
Plc
Waiver 21/05/2025 To consider the application for a waiver from complying with clause 5.1.7 of the Real Estate Investment Trust Guidelines 2020 21/05/2025 Xtenda Finance Limited Revocation 21/05/2025 To consider the revocation of registration of securities 13/08/2025 British International Investments Waiver 13/08/2025 To consider application a for a waiver from making a mandatory offer 13/08/2025 Hobbiton Investment Limited Authorization 13/08/2025 To consider application for the authorization of a Real Estate Investment Trust 29/09/2025 British International Investments Waiver 29/09/2025 To consider application for a waiver from making a mandatory offer 23/10/2025 Dot com Zambia Plc Registration 23/10/2025 To consider application for registration of securities PHILLIP K. CHITALU CHIEF EXECUTIVE OFFICER

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Securities and Exchange Commission_2025 Annual Report 138 APPENDICES
Appendix I – SEC Corporate Address and Contact Details
SEC Securities and Exchange Commission
Corporate Office Address:
Plot 5475CornerofGreatEastandLibalaRoads,Kalundu P.O. Box 35165 Lusaka, ZAMBIA (0211) 227012/222368/222369/226386 Fax: (0211) 225443 Email:
info@seczambia.org.zm
Website:
www.seczambia.org.zm

Securities and Exchange Commission_2025 Annual Report
Appendix II – Organisational Structure
Appendix 2A – Full Organogram

Securities and Exchange Commission_2025 Annual Report 140
Appendix 2B - Individual Directorates and Units

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Appendix III – List of Authorised Capital Market Players as at 31st December 2025
In order to ensure that only fit and proper persons and entities are allowed to offer securities services to the investing public, the Commission approved the applications of the following entities to conduct securities business in the categories shown below:
Securities Exchange Licenses
The following entities held a securities exchange license as at 31st December 2025:
Item Company Name
2025 2024
Yes No Yes No

Lusaka Securities Exchange Plc √ √
Bond&Derivatives Exchange Zambia Plc √ √
Clearing and Settlement Agency Licenses
The following entity held a clearing and settlement agency license as at 31st December 2025:
Item Company Name
2025 2024
Yes No Yes No
Lusaka Clearing and Settlement Agency √ √
Credit Rating Agency Licences
The following entities held a Credit Rating Agency license as at 31st December 2025:
Item Company Name
2025 2024
Yes No Yes No
Premier Rating Agency Limited √ √
ICRA Rating Agency Limited √ √
Dealer’s Licenses
The following corporate entities held a Dealer’s license as at 31st December 2025:
Item Company Name
2025 2024
Yes No Yes No
ABSA Bank Zambia PLC √ √
Access Bank Zambia Limited √ √
Aflife Capital Zambia Limited √ √
African Banking Corporation Investment Services Limited (T/A ABC
Asset Management)
√ √
African Banking Corporation Zambia Limited (Trading as Atlas
Mara Bank Zambia Limited)
√ √
African Life Financial Services Limited √ √
Altus Capital Limited √ √

Securities and Exchange Commission_2025 Annual Report 144 Item Company Name 2025 2024 Yes No Yes No
8. Autus Securities Zambia Limited √
9. BSGM Investment Limited √ √
10. Chuuma Asset Management Limited √ √
11. Citibank Zambia Limited √ √
12. Cork Veste Investments Limited √ √
13. Eco-Bank Zambia Limited √ √
14. Equity Capital Resources Plc √ √
15. Finance Securities Limited √ √
16. First Capital Bank Zambia √ √
17. First National Bank Zambia Limited √ √
18. Galaxy Consulting Limited √ √
19. Hobbiton Investment Management Services Limited √ √
20. Indo-Zambia Bank Limited √ √
21. Laurence Paul Investment Services Limited √ √
22. Kukula Capital Plc √ √
23. Providence Asset Management Limited √ √
24. Longhorn Associates Limited √ √
25. Madison Asset Management Company Limited √ √
26. Money Acumen Advisory Limited √ √
27. Mukuba Financial Services Limited √ √
28. Novac Asset Management Limited √ √
29. Pangaea Securities Limited √ √
30. Prudential Pension Management Zambia Limited √ √
31. Sihle Advisory Services Limited √ √
32. Stanbic Bank Zambia Limited √ √
33. Standard Chartered Bank Zambia Plc √ √
34. Stockbrokers Zambia Limited √ √
35. Treasfin Limited √ √
36. United Bank for Africa Zambia Limited √ √
37. WCAP Limited √ √
38. Zambia Industrial Commercial Bank Limited √ √
39. Zambia National Commercial Bank √ √
Dealer’s Representative Licenses
The following persons held a Dealer’s representative’s license as at 31stDecember 2025:
Item Name of Representative Dealer 2025 2024
Yes No Yes No

Ms. Mabvuto Muranena
Mumba
Absa Bank Zambia PLC √ √
Mr. Aaron Phiri Absa Bank Zambia PLC √ √
Ms. Bathsheba Magula Absa Bank Zambia PLC √ √

Securities and Exchange Commission_2025 Annual Report 145 Item Name of Representative Dealer 2025 2024 Yes No Yes No
4. Mr. Bill Njamba Absa Bank Zambia Plc √ √
5. Mr. Boston Nkuname Absa Bank Zambia Plc √ √
6. Ms. Chiwala Mwelwa Absa Bank Zambia Plc √ √
7. Mr. Lesa Mulenga Absa Bank Zambia Plc √ √
8. Mr. Stanley Kaweme Tamele Absa Bank Zambia Plc √ √
9. Mr. Mukelebai Wambulawae Absa Bank Zambia Plc √ √
10. Mr. Blessings S. Banda Absa Bank Zambia Plc √ √
11. Mr. Kamwaya Hamoonga Absa Bank Zambia Plc √ √
12. Mr. Mubanga Bwalya Absa Bank Zambia Plc √ √
13. Mr. Katongo Mumbi Absa Bank Zambia Plc √ √
14. Mr. Mwangala Lutangu Absa Bank Zambia Plc √ √
15. Mr. Mwamba Katongo Absa Bank Zambia Plc √ √
16. Mr. Munier Solomon Absa Bank Zambia Plc √ √
17. Ms. Peggy Makwebo Absa Bank Zambia Plc √ √
18. Ms. Pruvilla M. Syankusulu Absa Bank Zambia Plc √ √
19. Mr. Calvin Sichilomba Access Bank Zambia Limited √ √
20. Mr. Wiza Chinula Access Bank Zambia Limited √ √
21. Mr. John Keyala Access Bank Zambia Limited √ √
22. Mr Christopher K. Mwelo Access Bank Zambia Limited √ √
23. Ms. Theresa Chiluba Access Bank Zambia Limited √ √
24. Mr. Mwaaka Lwiindi Access Bank Zambia Limited √ √
25. Ms. Lupupa Mulenga Access Bank Zambia Limited √ √
26. Mr. Mukudzei-Ishe Zhou Aflife Capital Zambia Limited √ √
27. Mr. Clifford Muzoka African Banking Corporation Investment
Services Ltd T/A ABC Asset Management
Company Limited
√ √
28. Ms. Mubanga Nundwe African Banking Corporation Investment
Services Ltd T/A ABC Asset Management
Company Limted
√ √
29. Mr. Geoffrey Musekiwa African Life Financial Services Limited √ √
30. Mr. Jones Phiri African Life Financial Services Limited √ √
31. Mr. Mumba Musunga African Life Financial Services Limited √ √
32. Ms. Valarie M Mwiinga African Life Financial Services Limited √ √
33. Mr. Joseph Mazila African Life Financial Services Limited √ √
34. Ms. Nasilele Ngumbi African Life Financial Services Limited √ √
35. Mr. Jonathan Bupe Imakando African Life Financial Services Limited √ √
36. Mr. Elijah Chanda Kabaso African Life Financial Services Limited √ √
37. Mr. Eleutherius Chimansa
Nyanga
African Life Financial Services Limited √ √
38. Ms. Vanessa Wright African Life Financial Services Limited √ √
39. Mr. Ken Simwaba Altus Capital Limited √ √
40. Ms. Justina Lunda Mukanzo Altus Capital Limited √ √
41. Ms. Grace Soko Altus Capital Limited √ √
42. Mr. Mataka Nkhoma Autus Securities Zambia Limited √ √

Securities and Exchange Commission_2025 Annual Report 146 Item Name of Representative Dealer 2025 2024 Yes No Yes No
43. Mr. Bwalya Shula BSGM Investment Limited √ √
44. Mr. Patrick Mumba Chuuma Asset Management Limited √ √
45. Ms. Chali Maria Mulenga Citibank Zambia Limited √ √
46. Ms.Ngosa Mary Kafwembe Citibank Zambia Limited √ √
47. Mr. Steven Chitete Citibank Zambia Limited √ √
48. Mr. Victor Zimba Citibank Zambia Limited √ √
49. Mr. Wesley Kakobela Cork Veste Investments Limited √ √
50. Mr. Vincent Chipimo Malekani Cork Veste Investments Limited √ √
51. Ms. Cecilia Sindano Eco-Bank Zambia √ √
52. Mr. Choongo Chibawe Equity Capital Resources Plc √ √
53. Mr. Jack Sievu Equity Capital Resources Plc √ √
54. Ms. Mwelwa Mukuka Equity Capital Resources Plc √ √
55. Ms. Veronica Phiri Equity Capital Resources Plc √ √
56. Ms. Clara DeAssis Equity Capital Resources Plc √ √
57. Mr. Barkat Ali Finance Securities Limited √ √
58. Mr. MalamaNicholas
Mushinga
First Capital Bank Zambia √ √
59. Mr. Lukwesa Munyinda First Capital Bank Zambia √ √
60. Mr. Gerald Ndhlovu First National Bank Zambia Limited √ √
61. Mr. Kapumpe Chola Kaunda First National Bank Zambia Limited √ √
62. Mr. Ignatius Innocent Kashoka First National Bank Zambia Limited √ √
63. Mrs. Naomi Hara Palale First National Bank Zambia Limited √ √
64. Ms. Chali Maria Mulenga First National Bank Zambia Limited √ √
65. Ms. Nonde Nsomi First National Bank Zambia Limited √ √
66. Mr. Mulenga Kawimbe First National Bank Zambia Limited √ √
67. Mr. Rashid Senga First National Bank Zambia Limited √ √
68. Ms. Sizimutela Bwalya
Chitundu
First National Bank Zambia Limited √ √
69. Ms. Blessed Kumesa First National Bank Zambia Limited √ √
70. Ms. Kase Phiri First National Bank Zambia Limited √ √
71. Mr. Kateule Musonda First National Bank Zambia Limited √ √
72. Mr. Mutale Mupanga First National Bank Zambia Limited √ √
73. Mr. Ivor Oscar Christopher
Thompson
First National Bank Zambia Limited √ √
74. Mr. Mwiinga Patrick Nakalonga First National Bank Zambia Limited √ √
75. Ms. Hang’umba Cheelo Zenzo First National Bank Zambia Limited √ √
76. Mr. Alex Pensulo Chikwiba First National Bank Zambia Limited √ √
77. Mr. Ruan Wasselo First National Bank Zambia Limited √ √
78. Mr. Chanda Bwalya First National Bank Zambia Limited √ √
79. Mr. Lusengu Kabalashi First National Bank Zambia Limited √ √
80. Mr. Brian Musonda Galaxy Consulting Limited √ √
81. Ms. Celine P. Chauwa Hobbiton Investment Management Services
Limited
√ √
82. Mr. Moses Mfula Hobbiton Investment Management Services
Limited
√ √

Securities and Exchange Commission_2025 Annual Report 147 Item Name of Representative Dealer 2025 2024 Yes No Yes No
83. Ms. Yvonne Simonga Muyanje Indo-Zambia Bank Limited √ √
84. Ms. Moobela Halwiindi Indo-Zambia Bank Limited √ √
85. Ms. Mwansa Bantubonse Indo-Zambia Bank Limited √ √
86. Mr. Yotamu Mwale Indo-Zambia Bank Limited √ √
87. Mr. Tue Andersen Kukula Capital Plc √ √
88. Mr. Damien Harris Kukula Capital Plc √ √
89. Mr. Mphaso Banda Kukula Capital Plc √ √
90. Mr. Aaron Yobe Zulu Laurence Paul Investment Services Limited √ √
91. Mr. Martyn Banda Laurence Paul Investment Services Limited √ √
92. Ms.Namoonga Malambo Laurence Paul Investment Services Limited √ √
93
94. Ms. Joy Nanyiza Longhorn Associates Limited √ √
95. Ms. Sindisiwe Malambo Longhorn Associates Limited √ √
96. Mr. Marlon Nsofu Longhorn Associates Limited √ √
97. Mr. Brian Chilufya Chintu Longhorn Associates Limited √ √
98. Mr. Lewis Mwale Longhorn Associates Limited √ √
99. Ms. Mercedes Mwansa Madison Asset Management Company Limited √ √
100. Ms. Blessing Chilombe Madison Asset Management Company Limited √ √
101. Mr. Mupanga Chilungu Madison Asset Management Company Limited √ √
102. Ms Claire Machila Lungwe Madison Asset Management Company Limited √ √
103. Ms. Siphiwe Nkunika Madison Asset Management Company Limited √ √
104. Ms. Nkumbu P Pelekamoyo Madison Asset Management Company Limited √ √
105. Ms. Lyapa Mpempulwa Money Acumen Advisory Limited √ √
106. Ms. Theresa Gumbo Money Acumen Advisory Limited √ √
107. Mr. David Mwape Mukuba Financial Services Limited √ √
108. Mr. Kondwani Sakala Novac Asset Management Limited √ √
109. Ms. Joy Nanyiza Pangaea Securities Limited √ √
110. Mr. Kafinda Kunda Mulenga Pangaea Securities Limited √ √
111. Mr. Ceaser Siwale Pangaea Securities Limited √ √
112. Ms. Tidale Mwale-Chisunka Pangaea Securities Limited √ √
113. Ms. WendyNsamwaNglaziTembo
Pangaea Securities Limited √ √
114. Ms. Chipo Mambwe Pangaea Securities Limited √ √
115. Ms. Cecilia Siabusu Providence Asset Management Limited √ √
116. Mr. Ernest Kando Prudential Pension Management Zambia
Limited
√ √
117. Mr. Matepa Chingambu Prudential Pension Management Zambia
Limited
√ √
118. Mr. Jimmy Mwale Prudential Pension Management Zambia √ √
119. Mr. Eric Mbulwe Prudential Pension Management Zambia √ √
120. Ms. Joanna Mwendalubi
Kabungo
Prudential Pension Management Zambia √ √
121. Ms. Natasha Nakawala Prudential Pension Management Zambia √ √
122. Ms. Anowa Namukolo Changa Prudential Pension Management Zambia √ √

Securities and Exchange Commission_2025 Annual Report 148 Item Name of Representative Dealer 2025 2024 Yes No Yes No
123. Ms. Lynnette Kasama Chinyanta Prudential Pension Management Zambia √ √
124. Ms. Chanda Claire Nachembe Prudential Pension Management Zambia √ √
125. Ms. Peggy Makwebo Lisati Sihle Advisory Services Limited √ √
126. Mr. Alinani Simbule Stanbic Bank Zambia Limited √ √
127. Ms. ChitemwaNg'ambi Kapaya Stanbic Bank Zambia Limited √ √
128. Mr. Victor Mwembo Chishala Stanbic Bank Zambia Limited √ √
129. Mr.Dean NathanielOnyambu Stanbic Bank Zambia Limited √ √
130. Mr. Mwila Pascal Mwenya Stanbic Bank Zambia Limited √ √
131. Mr. Musenge Komeki Stanbic Bank Zambia Limited √ √
132. Ms. Prudence Khumbo
Mhango
Stanbic Bank Zambia Limited √ √
133. Ms. Veronica Sinkala Stanbic Bank Zambia Limited √ √
134. Mr. Victor Chileshe Stanbic Bank Zambia Limited √ √
135. Mrs. Musa Imakando Mzumara Stanbic Bank Zambia Limited √ √
136. Mr. Kayeba Mwenechanya Stanbic Bank Zambia Limited √ √
137. Mr. Austine Mapala Stanbic Bank Zambia Limited √ √
138. Mr. Julius Banda Stanbic Bank Zambia Limited √ √
139. Mr. Penyani Mark Katemangwe Stanbic Bank Zambia Limited √ √
140.
141. Mr. Wiza Chinula Standard Chartered Bank Zambia Plc √ √
142. Mr. Benjamin N. Mulenga Standard Chartered Bank Zambia Plc √ √
143. Mr. Okechukwu Christopher
Okwu
Standard Chartered Bank Zambia Plc √ √
144. Ms.Dorothy N. K Moono Standard Chartered Bank Zambia Plc √ √
145. Ms. Edna Towela Lungu Standard Chartered Bank Zambia Plc √ √
146. Mr. Joseph Chibwe Ngesa Standard Chartered Bank Zambia Plc √ √
147. Mr. Mubanga Yvonne Mukuka Standard Chartered Bank Zambia Plc √ √
148. Mr. Muchindu Lombe Standard Chartered Bank Zambia Plc √ √
149. Mr. Mulolwa Nkhata-Kamana Standard Chartered Bank Zambia Plc √ √
150. Ms. Mwaka Kalenga Mfula- Standard Chartered Bank Zambia Plc √ √
151. Mr. Mwali Chisala Standard Chartered Bank Zambia Plc √ √
152. Mr. Ravi Kapadia Standard Chartered Bank Zambia Plc √ √
153. Ms. Tamara Mooya Bbuku Standard Chartered Bank Zambia Plc √ √
154. Mr. Wiggins Mupango Standard Chartered Bank Zambia Plc √ √
155. Ms. Valerie M Chulu Standard Chartered Bank Zambia Plc √ √
156. Mr. Fred C. Kabombo Standard Chartered Bank Zambia Plc √ √
157. Ms. Bwalya Kasito Standard Chartered Bank Zambia Plc √ √
158. Mr. Kangwa C. Chengo Standard Chartered Bank Zambia Plc √ √
159. Ms. Sarudzai Muchechemera Standard Chartered Bank Zambia Plc √ √
160. Mr. Brian Mufalali Chasimpha Standard Chartered Bank Zambia Plc √ √

Securities and Exchange Commission_2025 Annual Report 149 Item Name of Representative Dealer 2025 2024 Yes No Yes No
161. Mr. William Jeremiah Mulenga Standard Chartered Bank Zambia Plc √ √
162. Mr. Tiwonge Banda Stockbrokers Zambia Limited √ √
163. Mr. Charles Mate Stockbrokers Zambia Limited √ √
164. Mr. Kamungoma Mate Stockbrokers Zambia Limited √ √
165. Mr. Jack Kanyanga Stockbrokers Zambia Limited √ √
166. Mr. Boniface Mwamba Stockbrokers Zambia Limited √ √
167. Mr. Bwalya Mwape Stockbrokers Zambia Limited √ √
168 Mr. Mchema Chinzewe Stockbrokers Zambia Limited √ √
169. Mr. Chinyanta Nkonkomalimba Stockbrokers Zambia Limited √ √
170. Mr. Lusekelo Chitundu Stockbrokers Zambia Limited √ √
171. Mr. Mwape Bwanali Treasfin Limited √ √
172. Ms. Mwaka Kopakopa United Bank for Africa Zambia Limited √ √
173. Mr. Gift Banda United Bank for Africa Zambia Limited √ √
174. Ms.Nyeji Ruth Chilembo WCAP Limited √ √
175. Ms. Karen Kabaghe Kapika Zambia Industrial Commercial Bank Limited √ √
176. Mr. Rudolph Ngulube Zambia Industrial Commercial Bank Limited √ √
177. Mr. Gerald Soko Zambia National Commercial Bank Plc √ √
178. Mr. Kawangu Sakuwaha Zambia National Commercial Bank Plc √ √
179. Mr.AustinHamukonka
Chijikwa
Zambia National Commercial Bank Plc √ √
180. Mr. Charles Kamungu Zambia National Commercial Bank Plc √ √
181. Mr. Cliff George Sakala Zambia National Commercial Bank Plc √ √
182. Mr. Fredrick Mulenga Kaputo Zambia National Commercial Bank Plc √ √
183. Ms. Kaluba Gloria Kaulugombe Zambia National Commercial Bank Plc √ √
184. Ms. Kunda Catherine Chikumbi Zambia National Commercial Bank Plc √ √
185. Ms. Virginia L. Mwalilino Zambia National Commercial Bank Plc √ √
186. Mr. Tiyeze Chilembo Zambia National Commercial Bank Plc √ √
188. Ms. Nana Mukwiza Zambia National Commercial Bank Plc √ √
189. Mr. Mudenda Sikapoto Zambia National Commercial Bank Plc √ √
190. Ms. Ivor Chambwe Zambia National Commercial Bank Plc √ √
191. Mr. Roy Mbazima Zambia National Commercial Bank Plc √ √
192. Mr. Jibinga Kelly Jibinga Zambia National Commercial Bank Plc √ √
193. Mr. Kennedy Zeula Zambia National Commercial Bank Plc √ √
194 Mr. Bill Njamba Zambia National Commercial Bank Plc √ √
195. Mr. Siangazi Innocent
Malcome
Zambia National Commercial Bank Plc √ √

Securities and Exchange Commission_2025 Annual Report 150 Investment Adviser’s License The following held an Investment Advisors license as at 31st December 2025:
Item Company
2025 2024
Yes No Yes No

Abu Khan √ √
Amano Capital Limited √ √
Caravel Partners Zambia Limited √ √
Carrick Wealth Zambia Limited √ √
Charles Sichangwa √ √
deVere and Partners Investment Services (Zambia) Ltd √ √
Dingani Njobvu √ √
DM Investment Advisers and General Business Consultants Limited √ √
Enock Bwalya √ √
Errol Neal Molver √ √
Finluca International Limited √ √
Frontier Markets Advisory Limited √ √
Gralix Actuarial Consulting Limited √ √
Inside Capital Partners Zambia Limited √ √
Kondwani Henry Sakala √ √
Lewis Mosho Jr √ √
Mwape Kunda √ √
Riscura Zambia Limited √ √
Susan Kawanga Dilamonu √ √
Venture Asset Management Limited √ √
Vunani Asset Management Limited √ √
William Frackson Sakala √ √
XSML Capital Zambia Limited √ √
Investment Adviser’s Representative License
The following persons held an Investment Advisors Representatives license as at 31st December 2025:
Item Name of Representative Investment Advisor 2025 2024 Yes No Yes No
Mr. Malcom Kasuba Shirley Amano Capital Limited √ √
Ms. Mutinta Hope Hamafuwa Caravel Partners Zambia Limited √ √
Ms. Bubala Hamafuwa Caravel Partners Zambia Limited √ √
Mr. Benedict Charles John
Carter
Caravel Partners Zambia Limited √ √
Ms. Carmen Hachandi Carrick Wealth Zambia Limited √ √
Mr. Hamubbwatu Hanakooma Carrick Wealth Zambia Limited √ √
Ms. Inutu Mpongo Kangani Carrick Wealth Zambia Limited √ √
Ms. Lynda Syamunyangwa deVere and Partners International Limited √ √
Ms. Maureen Nabulyato deVere and Partners International Limited √ √
Mr. Gift Kapande deVere and Partners International Limited √ √
Mr. Julian Visser deVere and Partners International Limited √ √
Mr. Arthur Kalumba deVere and Partners International Limited √ √

Securities and Exchange Commission_2025 Annual Report 151
13. Ms. Lwiindi Muzongwe deVere and Partners International Limited √ √
14. Mr. Moss M Sibongo deVere and Partners International Limited √ √
15. Ms. Mwela Sunkutu deVere and Partners International Limited √ √
16. Mr. Darious Mumba DM Investment Advisers and General
Business Consultants Limited
√ √
17. Ms. Rosemary Edith Mercer Finluca International Limited √ √
18. Ms. Namukale Chintu Frontier Markets Advisory Limited √ √
19. Ms. Chipo Nachizya Sichizya Gralix Actuarial Consulting Limited √ √
20. Mr. Rushil Patel Inside Capital Partners Zambia Limited √ √
21. Ms. Charity Siwela Riscura Zambia Limited √ √
22. Mr. Christopher Chileshe
Chanda
Venture Asset Management Limited √ √
23. Mr. Munyumba Mutwale Vunani Asset Management Limited √ √
24. Mr. David Eka Bali XSML Capital Zambia Limited √ √
Share Transfer Agency License
The following held a Share Transfer Agency license as at 31st December 2025:
Item Company
2025 2024
Yes No Yes No

Corpserve Transfer Agents Limited √ √
Spectrum Corporate Services (T/A Sharetrack) Limited √
Ventura Solutions Zambia Limited √
Share Transfer Agency Representative’s License The following held a Share Transfer Agency Representative’s license as at 31st December 2025:
Item Name of Representative Share Transfer Agent 2025 2024 Yes No Yes No
Mr. James Ndhlovu Corpserve Transfer Agents Limited √ √
Mr. Joseph Phiri Corpserve Transfer Agents Limited √ √
Mr. Mwaba Luonde Ventura Solutions Zambia Limited √ √

Securities and Exchange Commission_2025 Annual Report 152
Appendix IV – Contact Details of Capital Market Operators
Securities Exchanges contact details
LuSE PLC
Chief Executive Officer:
Mr. Nicholas Kabaso
Address (physical):
Lusaka Securities Exchange
2 nd floor, Mamco House
Plot 316B, Independence Avenue
Address (postal):
P.O. Box 34523
Lusaka
Telephone:
+260 (211) 228391/228537
Facsimile:
+260 (211) 225969
E-mail: info@luse.co.zm
Dealers’ Contact Details
Autus Securities Zambia Limited
34 Khola Road, Woodlands,
P. O. Box 320308,
Lusaka.
Tel: +260 211 840 513 / +260 761002 002 / +260 761 003 003 Website: www.autussecurities.com Equity Capital Resources Plc 4th Floor Godfrey House, West Wing, Kabelenga Road, Lusaka. Tel: +260 211 840 313 / 227 518 Website: www.ecrzambia.com Finance Securities Limited Plot No. 2110/2111, Sepele Road, Opp. Finance House Cairo Road, Lusaka. Tel: +260 977 791 124 Website: www.financesecuritiesltd.com Hobbiton Investment Management Services Limited Plot No. 24, Kasangula Road, Roma, a) Members ofthe LuSE

Securities and Exchange Commission_2025 Annual Report 153 Lusaka.
Tel: +260 (211) 232877, +260 956 529 966
Website: www.hobbiton.co.zm
Kukula Capital Plc
32A Foxdale Forest Club House,
Off Zambezi Road, Roma, Lusaka.
Tel: +260 211 295792
Website: www.kukulacapital.com
Longhorn Associates Limited
Office Park |Plot1146/1,
Lagos Road Rhodes Park, P.
O. Box 50655,
Lusaka.
Tel: +260 211 252540 |+260 973 452635
Website: www.longhorn
-associates.com
Madison Asset Management Company Limited
Plot 316, Independence Avenue,
P.O. Box 37013,
Lusaka.
Tel: +260 (211) 255121/257152
Website: www.madisonassets.co.zm
Pangaea Securities Limited First
Floor, PangaeaOffice Park, Great
East Road,
P.O. Box 30163,
Lusaka.
Tel: +260 211 252540
/ +260 973 452635
Website: www.pangaea.co.zm
Stockbrokers Zambia Limited
Lusaka Office
36 Mwapona Road, Woodlands,
P.O Box 38956,
Lusaka.
Tel: +260
-211
-232456
Kitwe Office
Ebenezer Centre, Plot 33
– C2,
Corner Kabengele Road
& Independence Avenue,
Kitwe.
Tel: +260
-212
-225984
Website: www.sbz.com.zm
Zambia National Commercial Bank Plc
Cairo Road
-South End, P
O Box 33611,
Lusaka.
Tel: +260 211 425 650
/ +260977 873262
Website: www.zanaco.co.zm

Securities and Exchange Commission_2025 Annual Report 154 Absa Bank Zambia PLC Absa House, Stand No. 2374, Kelvin Siwale Road, Show Grounds, Lusaka. Tel: +260 211 366 100 / +260 211 366225 Website: www.absa.co.zm Access Bank Zambia Limited Access House, Corner Church andNasser Roads, P O Box 39501, Lusaka. Tel: +260 211 229 733 -40 Website: www.accessbankplc.com Aflife Capital Zambia Limited PlotNo. 74 Independence Avenue, 4th Floor, Mpile House P.O. Box 51331, Lusaka. Tel: +260 211 253 772 / +260 211 253 112 Website: www.aflife.co.zm African Banking Corporation Investment Services Ltd Ground Floor, Access House, Corner Church andNasser Roads, P O Box 39501, Lusaka. Tel: +260 211 229733 -40 Website: www.atlasmarazambia.com African Life Financial Services Limited 6th Floor, MpileOffice Park Independence Avenue 74, P. O. Box 51331, Lusaka. Tel: +260 211 254 841 / 253 772 Website: www.afhoid.co.zm Altus Capital Limited Plot 74, Mpile House, Independence Avenue, P.O. Box 35352, Lusaka. Tel: +260 211 253 566 Website: www.capitalaltus.co.zm Autus Securities Zambia Limited 34 Khola Road, Woodlands, P. O. Box 320308, Lusaka. b) Other Dealers

Securities and Exchange Commission_2025 Annual Report 155 Tel: +260 211 840 513 / +260 761002 002 / +260 761 003 003 Website: www.autussecurities.com ChuumaAsset Management Limited 6th Foor, ZEP – RE Business Park, Alick Nkhata Road, Mass Media, Lusaka. Tel: +260 776 782 007 / +260 764 838 084 Website: www.chuuma.com Citibank Zambia Limited Citibank House, Stand No. 4646, Addis Ababa Roundabout, P. O. Box 30037, Lusaka. Tel: +260 211 444 400 / +260 971 025 133 Website: www.citi.com Cork Veste Investments Limited Plot No.4, Lukasu Road, Long Acres, Lusaka. Tel: +260 95 5203685 Website: www.veste.money Eco-Bank Zambia 22768 Thabo Mbeki Road, Acacia Park, P. O. Box 30705, Lusaka. Tel: +260 211 367 390 Website: www.ecobank.com Equity Capital Resources Plc 4th Floor Godfrey House, West Wing, Kabelenga Road, Lusaka. Tel: +260 211 840 313 / 227 518 Website: www.ecrzambia.com Finance Securities Limited Plot No. 2110/2111, Sepele Road, Opp. Finance House Cairo Road, Lusaka. Tel: +260 977 791 124 Website: www.financesecuritiesltd.com First Capital Bank Zambia Ground Floor, Kwacha Pension House, Plot 4604, Tito Road, P.O. Box 32678, Lusaka. Tel: +260 211 368 750 / +260 973 343 329 Website: www.firstcapitalbank.co.zm First National Bank Zambia Limited Plot No. 22768, Corner Great East and Thabo Mbeki Road,

Securities and Exchange Commission_2025 Annual Report 156 P.O. BOX 36187, Lusaka. Tel: +260 211 366 800 / +260 211 369 639 / +260 966 116 273 Website: www.fnb.co.za Hobbiton Investment Management Services Limited Plot No. 24, Kasangula Road, Roma, Lusaka. Tel: +260 (211) 232877, +260 956 529 966 Website: www.hobbiton.co.zm Indo-Zambia Bank Limited Plot No.1213 / 1214, Corner of Great East Road and Addis Ababa Drive, Lusaka. Tel: +260 2113 89900 / +260 7717 98616 Website: www.izb.co.zm Laurence Paul Investment Services Limited 5th Floor Design House, Dar es Salaam Place, Cairo Road, P.O. Box 35008, Lusaka. Tel: +260 211 220454 Website: www.laurencepaul.com Kukula Capital Plc 32A Foxdale Forest Club House, Off Zambezi Road, Roma, Lusaka. Tel: +260 211 295792 Website: www.kukulacapital.com ProvidenceAsset Management Limited Plot 16, Sianjalika Road, Woodlands, P.O. Box 37517, Lusaka. Tel: +260 953 588 404 / +260 772 311 191 Email: www.providenceassets.org Longhorn Associates Limited Office Park |Plot1146/1, Lagos Road Rhodes Park, P. P. O. Box 50655, Lusaka.Tel: +260 211 252540 |+260 973 452635 Website: www.longhorn-associates.com Madison Asset Management Company Limited Plot 316, Independence Avenue, P.O. Box 37013, Lusaka. Tel: +260 (211) 255121/257152 Website: www.madisonassets.co.zm

Securities and Exchange Commission_2025 Annual Report 157 Money AcumenAdvisory Limited 109B, Fir Road, Woodlands, Lusaka. Tel: +260 978 966 105 Website: www.moneyacumenadvisory.com Pangaea Securities Limited First Floor, PangaeaOffice Park, Great East Road, P.O. Box 30163, Lusaka. Tel: +260 211 252540 / +260 973 452635 Website: www.pangaea.co.zm Prudential Pension Management Zambia Limited Prudential House, Plot 32256 Thabo Mbeki, P.O Box 31357, Lusaka. Tel: +260 211 222233/4 Website: www.prudentialpensions.co.zm StanbicBank Zambia Limited Plot 2375, Stanbic House, Addis Ababa Drive, P. O. Box 31955, Lusaka. Tel: +260 (211) 370000 – 18 Website: www.stanbicbank.co.zm Standard Chartered Bank Zambia Plc Stand No. 4642, Cnr of Mwaimwena Road and Addis Ababa Drive, P O Box 31934, Lusaka. Tel: (0211) 422198-99 Website: www.standardchartered.com/zm Stockbrokers Zambia Limited Lusaka Office 36 Mwapona Road, Woodlands, P.O Box 38956, Lusaka. Tel: +260-211-232456 Kitwe Office Ebenezer Centre, Plot 33 – C2, Corner Kabengele Road & Independence Avenue, Kitwe. Tel: +260-212-225984 Website: www.sbz.com.zm Treasfin Limited Plot 4987, LAOffice Complex, LA Boulevard, Longacres, P O Box 51058, Lusaka.

Securities and Exchange Commission_2025 Annual Report 158 Tel: +260 97760518 Website: www.treasfin.com United Bank for Africa Zambia Limited Stand 22768, Acacia Park, Thabo Mbeki Road, Lusaka. Tel: +260 979477354 Website: www.ubagroup.com WCAP Limited OfficeNo. 03a, Addis Ababa Corporate Office, Stand No. 4642, Addis Ababa Drive, Rhodes Park, Lusaka. Tel: +260 763629480 Website: www.womencapital.com Zambia Industrial Commercial Bank Limited 5th Floor, Longacres Mall -Office Block, Alick Nkhata Road, Mass Mass -Media, P.O. Box 30228, Lusaka. Tel: +260 766 717272 Website: www.zicb.co.zm Zambia National Commercial Bank Plc Cairo Road -South End, P O Box 33611, Lusaka. Tel: +260 211 425 650 / +260977 873262 Website: www.zanaco.co.zm Investment Advisors’ Contact Details Abu Khan 07/43, PlotNo. C10/24, Off Kafue Road, John Laign / Makeni, Lusaka. Tel: +260 979 076 182 Email: Khanabu470@gmail.com Amano Capital Limited Latitude 15, Leopards Lane, Lusaka. Tel: +260 973177152 Website: www.amanocapital.com Caravel Partners (Zambia) Limited 38 Luanshya Road, Silverest Gardens, off Great East Road, Lusaka. Tel: +260 764 097027 Website: www .caravelpartners.net

Securities and Exchange Commission_2025 Annual Report 159 Carrick Wealth Zambia Limited Unit 101-5, Stand No. 4642, Corner of Mwaimwena Road and Addis Ababa Drive, Lusaka. Tel: +260 211 250222 Website: carrick-wealth.com Charles Sichangwa C/o Wits Limited 4th Floor, Godfrey House, Kabelenga Road Lusaka. Tel: +260 (211) 226441/5 Email: wits@zamnet.zm deVere and Partners Investment Services (Zambia) Ltd Plot 284, Corner of Joseph Mwilwa and Great East Road, Lusaka. Tel: +260 211 295999 Website: devere-zambia.co.zm Dingani Njobvu 1st Floor Sunshare Tower, Plot No.155841/1, Katima Mulilo Road, Olympia, Lusaka. Tel: +260 977924048/ +260 950572176 Email: njobvudingan@gmail.com DM Investment Advisers and General Business Consultants Limited 7 Sable Road, Kabulonga, Lusaka. Tel: +260 977909687 Website: www.dmiagbc.co.zm EnockBwalya Plot 22956, PHI Chainama, Lusaka. Tel: +260977807793 | +27605455934|+260950952753 Email: enock.bwalya@africanheights.com / Enock.bwalya@yahoo.com Finluca International Limited Plot 2379, Longolongo Road, Fairview Area, Lusaka. Tel: +260 950805495 Website: www.finluca.com Frontier Markets Advisory AfricaWorks, 4 Bishops Road, Kabulonga, Lusaka. Tel: +260972899476 Website: www.frontiermarketconsultants.com

Securities and Exchange Commission_2025 Annual Report 160 Gralix Actuarial Consulting Limited Plot 4897 LA Office Park, Ground Floor, Los Angeles Boulevard, Longacres, Lusaka. Tel: +260 770 007 775 Website: www .gralix.co Inside Capital Partners Zambia Limited 8 th Floor, Sunshare Tower, Katima Mulilo Road, Lusaka. Tel: +260 211 388 720 Website: www.insidecapital.net Kondwani Henry Sakala Plot No. 50A, Off Makeni Road, Makeni Konga, Lusaka. Tel: +260 977321100 Email: hkonds@gmail.com Lewis Mosho Jr 758 Independence Avenue, Woodlands, Lusaka. Tel: +260 776552592 Email: mrmoshojr@gmail.com Mwape Kunda 2 nd Floor, Elunda Two, Stand 4648, Addis Ababa roundabout, Rhodes Park, Lusaka. Tel: +260 977918820 Email: amwapekunda@gmail.com Riscura Zambia Limited Figtree house, Plot No. 1, Warthog Road, Kabulonga, Lusaka. Tel: +260 (211) 262 773 Website: www.riscura.com Susan Kawanga Dilamonu Suite No.75, Anchris House, Town Centre, Kitwe. Tel: +260 966630653 Email: kdilamonu@gmail.com Venture Asset Management Limited AfriPay Suite, Agora Village, Thabo Mbeki Road, Lusaka. Tel: +260 974327794 Website: www.ventureasset.com

Securities and Exchange Commission_2025 Annual Report 161 Vunani Asset Management Limited Plot 20, Mpulungu Road, Olympia, Lusaka. Tel: +260 977790575 Website: www.vunani.com William Frackson Sakala 5570 Itawa, Nalumino Mundia Road, Ndola. Tel: +260 966853324 Email: sakalwill@gmail.com XSML Capital Zambia Limited Farm 32A, Kabanana, Off Zambezi Road, Lusaka. Tel: +260 766110400 Website: www.xsmlcapital.com Credit Rating Agencies Contact Details Premier Rating Services Limited Plot No. 4, Broads Road, Rhodes Park, Lusaka. Tel: +260 0977 365094 Website: www.creditratingagency.net ICRA Rating Agency Limited Plot NO.20848,

Corporate Park,
Alick Nkhata Road, Mass Media,
Lusaka.
Tel: +260 211 269 861 / +260 979 843 525
Website: www.icraratingzm.com
Share Transfer Agencies Contact Details
Corpserve Transfer Agents Limited 6
Mwaleshi Road, Olimpia Park Lusaka.
Tel: +260 211 256969/70
Website: www.Corpservezambia.com.zm
Ventura Solutions Zambia Limited
Plot# 15, Twin palm Road, Ibex Hill
Lusaka.
Tel: +260 977 899 379 / 0 951 595 566
Website: www.venturasolutions.org
Spectrum Corporate Services (T/A Sharetrack) Limited Spectrum House Stand No. 10, Jesmondine, Great East Road Lusaka. Tel: +260 211 374 791 / 92 / 93 / 94 Website: www.sharetrackzambia.com Recognised Self-Regulatory Organisations Lusaka Securities Exchange Plc See address information under Securities Exchanges above Capital Markets Association of Zambia Plot 1130, Suite 4, Parirenyatwa Road, Rhodes Park, Lusaka. Email: marketing@cmaz.co.zm; Listed Companies’ contact details African Explosives Limited (AEL) Zambia Plc Plot 1168/M Kitwe-Mufulira Road P.O. Box 40092 Mufulira Tel: +260 (966) 990945-9 Fax: +260 (212) 412749z Website: www.ael.co.za Listed on 23rdOctober, 2006 Airtel(formerly Celtel and Zain) Zambia Plc Stand 2375 Addis Ababa drive Lusaka Tel: +260 (977) 915000 Website: www.Africa.airtel.com/zambia Listed on 11th June, 2008 British American Tobacco (BAT) Zambia Plc Plot # PH1 IND 54 & 53

LS MFEZ, Chifwema Road
P.O. Box 30162
Lusaka
Tel: +260968 678 814/ 787 / 671
E-mail:
batzam@bat.co m
Website:
www.bat.com
Listed on 15th
December,1996
Copperbelt Energy Corporation Plc
23rd Avenue, Nkana East
P.O. Box 20819
Kitwe
Tel: +260 (212) 244000/244281
Fax: +260 (212) 223445/244040
E-mail: info@cec.com.zm
Website: www.copperbeltenergy.com
Listed on 21stJanuary, 2008
Chilanga Cement Plc
Farm No. 1880 Kafue Road
Chilanga
P.O. Box 32639
Tel: +260 (211) 367400/600
Fax: +260(211) 278134
E-mail:
enquiries.zambia@hauxincem.com
Website: www.lafarge.com
Listed on 22ndMay,1995
Madison Financial Services Plc
Plot 316 Independence Avenue
P.O. Box 37013
Lusaka
Tel:378700-5
Email: info@madison.co.zm Website:
www.madisonshares.com Listed on
1 st September 2014
Metal Fabricators of Zambia (ZAMEFA) Plc
Plot 1400, H. Figov Road,
P. O Box 90295
Luanshya
Tel: +260(212) 510599
Fax: +260 (212) 229003/4
Website: www.pdic.com
Listed on 9 th September, 2004
National Breweries Plc
Plot No.1609/10, Sheki Sheki Road
P.O. Box 35135
Lusaka
Tel: +260 962 249 210
Fax: +260 (211) 246326

Website: www.ab-inbev.com
Listed on 16th March, 1998
Pamodzi Hotels Plc Pamodzi Hotel Complex Plot 463, Church Road P.O. Box 35450 Lusaka Tel: +260 (211) 254455/250995 Fax: +260 (211) 254005 E–mail: pamodzi.lusaka@tajhotels.com Website: www.tajhotels.com Listed on December 21st, 2001 Puma Energy Plc (formerly BP Zambia) Head Office StandNo.1710, Mungwi Road Lusaka P.O. Box 31999 Tel: +260 (211) 376100 Fax: +260 (211) 376149 E–mail: zambia@pumaenergy.com Website: www.pumaenergy.com Listed on 18thJuly, 2002 Real Estate Investments Zambia Plc (formerly Farmers House) FarmersHouse,Central Park Cairo Road Lusaka P.O. Box 30012 Tel: +260 (211) 227684-89 Fax: +260 (211) 222906 E-mail: info@reiz.co.zm Website: www.reiz.co.zm Listed on 27th September,1997 Shoprite Holdings Plc Plot19255 Cnr, Great East and Manchinchi Roads Manda Hill Centre Tel:
+260 (211) 251155
Website: www.shopriteholdings.co.za
Listed on 19th February, 2003
Standard Chartered Bank Zambia Plc
Head Office
Standard CharteredHouse,
Stand No 4642, corner of
Mwaimwena Road and Addis Ababa Road.
P.O. Box 32238
Lusaka
Tel: (0211) 422198-99
Fax: (0211) 222092/225337
Website: www.standardchartered.com/zm
Listed on 30th November, 1998
Zambeef Products Plc
Plot 4970 MandaRoad Industrial Area
P/Bag 17, Woodlands
Lusaka
Tel: +260 (211) 369000
Fax: +260 (211) 369050
E-mail: info@zambeef.co.zm Website:

www.zambeefplc.com Listed on 5th
April 2005
Zambia Bata Shoe Company Plc
Plot No. 6437, Mukwa Road Heavy Industrial Area P.O. Box 30479 Lusaka Tel: +260 (211) 244397/242328 Fax: +260 (211) 244254 E-mail: batashoe@zamnet.zm Website: www.bata.co.zm Listed on 31st March, 2009 Zambia Forestry and Forest Industries Corporation Plc HEAD OFFICE P.O Box 71566, Dola Hill Ndola Tel: +260 212 671482 Fax: +260 212 616030 Email: info@zaffico.co.zm Listed on 12th February 2020 Zambian Breweries Plc Plot 6438, Mungwi Road, Heavy Industrial Area, P. O Box 35135, Lusaka Tel: +260 (211) 246555, +260 962 249200 Fax: +260 (211) 242124 E-mail: zambrew@zambrew.com.zm Website: www.ab-inbev.com Listed on 9 th June, 1997 Zambia Reinsurance Plc Stand 3509/No.7 Matandani Close Rhodespark, P.O. Box 32565 Lusaka, Zambia Tel: +260 (211) 221159, +260 971 695149 Email: primare@prima-re.co.zm Website: www.prima-re.com Listed on 21st December, 2004 ZambiaNational Commercial Bank Plc HeadOffice Building CairoRoad-South End P O Box 33611 Lusaka Tel: + 260 (211) 228979/ 221355/ 221380/ 221404 Fax: + 260 (211) 223084 E-mail: customerservice@zanaco.co.zm Website: www.zanaco.co.zm Listed on 27thNovember, 2008 Zambia Sugar Plc Plot No.118a, Lubombo Road, Nakambala Estate, Mazabuka, Zambia, P. O Box 670240, Mazabuka

Tel: +260 21 3 230 394
Fax: +260 21 3 230 116
E-mail:Corporate@zamsugar.zm
Website: www.zamsugar.co.zm Listed on 28th August, 1996 ZCCM Investment Holdings Plc ZCCM-IH Office Park StandNo.16806, AlickNkhata Road Mass Media Complex Area Lusaka P O Box 30048 Tel: +260(211) 220654/221023 Fax: +260 (211) 220449/221057 E-mail: corporate@zccm-ih.com.zm Website: www.zccm-ih.com.zm Listed on 24th January, 1996 Quoted Companies’ Contact Details Absa Bank Zambia Plc Absa House, Stand No. 2374, Kelvin Siwale Road, Showgrounds, Lusaka Private Bag E308 Tel: + (260) (211) 366150 / 169 Fax: + (260) (211) 225553 Email: Thandiwe.BandaMbalashi@absa.africa Quoted on 9 th March, 2005 Chambishi Metals Plc Sub–division L and M of Lot No.10/M Kitwe–Chingola Road P.O. Box 21151 Chambishi Tel: +260 (212) 744006/7 Fax: +260 (212) 744035 E-mail: info@chambishi.com.zm Quoted on 25th January, 2000 Chibuluma Mines Plc Off SouthDowns Airport Road Lufwanyama P.O. Box 260499 Tel: +260 (212) 749 – 333/777/110 Fax: +260 (212) 749799/749299 E-mail: bsinkala@chib.com.zm Website: www.metorexgroup.com Quoted on 22ndDecember1999 Copperbelt Energy Corporation Africa Plc 2 nd floor Green City Plot 2374, Kelvin Siwale Road, P.O Box 320125 Lusaka Quoted in 2017 EIZ Properties Plc CL/7 Brentwood drive Longacres Lusaka P.O. Box 51084 (Lusaka) Tel:
+260 (211)255161/256205 E-

mail: eiz@coppernet.zm
Quoted on 9th April 2015
Kansanshi Mining Plc
Mine Site
Solwezi
P.O. Box 110835
Tel: +260 (212) 658000
Fax: +260 (212) 658300
E-mail: sean.whittome@fqml.com
Website: www.first-quantum.com/our-business/operating-mines/kansanshi Quoted on 29th June,1999 (as Cyprus Amax Kansanshi Plc) Konkola Copper Mines Plc Stand M/1408 Fern Avenue Chingola P/Bag KCM (c) 2000 Tel: +260 (211) 350604 E-mail: corporate.communications@kcm.co.zm Website: www.kcm.co.zm Lusaka Securities Exchange Plc See address information under Securities Exchanges above Mopani Copper Mines Plc Corporate Office Central StreetNkhana West Kitwe P.O. Box 22000 Tel: +260 (212) 247012/247847 Fax: +260 (212) 247445 E-mail: mopani@mopani.com.zm Website: www.mopani-copper-mines Veritas General Insurance Plc Plot 6/60 Kapingila House Kabulonga Road, Kabulonga Lusaka P. O. Box 31965, Lusaka Tel: + (260)(955) 359 873 Fax: + (260) (211)266366 Email: veritas@veritasgeneral.com Website: www.veritasgeneral.com Quoted on 19th February, 2015 Details of Companies with ListedDebt Securities Bayport Financial Services - Debt securities listed on 24th April 2014 Plot 68 Independence Avenue Lusaka P.O. Box 33819 Tel: +260 (211) 257243 Fax: +260 (211) 257432 E-mail: jchola@bayportfinance.com Website: www.bayportfinance.com Focus Financial Services Limited - Debt securities listed on 24th April 2014 1 st floor, Building 3Acacia Park Thabo Mbeki Road Lusaka P. O. Box 345536 Tel: +260 (211) 291310-14 Fax: +260 (211) 291311

Website: www.focus.co.zm
Izwe Loans Zambia Limited - Debt securities listed on 15th July 2013 and 1 st August 2013 Plot 873, Cnr Addis Ababa and Katemo Road Rhodes Park P. O. Box 35087 Lusaka Tel: +260 (211) 235273 Email: info@izwezambia.com Website:
www.izwezambia.com
Real Estate Investments Zambia Plc -Debt securities listed on 12th November 2010 (formerly Farmers House) Farmers House, Central Park Cairo Road Lusaka P.O. Box 30012 Tel: +260 (211) 227684-89 Fax: +260 (211) 222906 E-mail:robin.miller@zamsaf.co.zm Website: www.reiz.co.zm Ulendo Road Infrastructure Road Programme (RINP) -Debt securities listed on 11th December, 2015 2 nd Floor, PangaeaOffice Park Stand No. 2374 Great East Road, Lusaka P.O. Box 34536 (Lusaka) Tel:+260 (211)291310-14 Fax:+260 (211) 291312 Website: www.focus.co.zm International Finance Corporation Exevia Commercial Complex, Plot #1014, 4th Floor, Church Road, P.O. Box 35410 Lusaka. Tel:(260-21) 137-3200 Copperbelt Energy Corporation Renewables Limited StandNo. 3614, 23rd Avenue, Nkana East, PO Box 20819, Kitwe. Tel: +260 212 244297/ +260 212 244163