First Mutual Properties : June 3, 20222021 Annual Report

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About this Report

First Mutual Properties Limited, a company listed on the Zimbabwe Stock Exchange ("ZSE") since 2007, is pleased to present the annual report for the year ended 31 December 2021. The report integrates financial and sustainability information to provide investors and stakeholders with a comprehensive understanding of our performance and impacts.

Reporting Scope

This report contains information for First Mutual Properties Limited formerly known as Pearl Properties (2006) limited incorporated and domiciled in Zimbabwe, and its principal activities are property investment, development, and management. In this report all references to 'our', 'we', 'us', 'the business', and 'the Company' refer to First Mutual Properties Limited.

Reporting Frameworks

In developing this report, we were guided by the following reporting requirements:

• The Companies and other Business Entities Act [Chapter 24:31];
• Securities and Exchange (Zimbabwe Stock Exchange Listings Requirements) Rules [SI.134 of 2019];
• International Financial Reporting Standards ("IFRS"); and
• Global Reporting Initiative ("GRI") Standards.

Sustainability Data

Data on environmental social and governance performance was extracted from company records, policy documents, and management personnel responsible for the identified material issues. In some cases, estimations were made and confirmed for consistency with business activities.

Data and Assurance

Our financial statements were audited by Ernst and Young Chartered Accountants (Zimbabwe) ("EY"), in accordance with International Standards of Auditing ("ISAs"). The independent auditors' report is on pages 54 to 59. Non-financial information was validated by the Institute for Sustainability Africa (INSAF), independent subject matter experts for compliance with GRI Standards disclosure requirements. A GRI Content index is contained on pages 127 to 129. Management reviewed the sustainability data before publication but no external assurance was conducted.

Report Declaration

The Directors take responsibility to confirm that the sustainability report was prepared in accordance with GRI Standards - "Core Option".

Restatements

First Mutual Properties did not make any restatement of data previously published except for the translation of financial statements as required by the International Accounting Standard (IAS) 29 - Financial Reporting in Hyperinflationary Economies as pronounced by the Public Accountants and Auditors Board (PAAB).

Forward Looking Statements

This report may contain forward looking statements. These statements are based on current estimates and projections by First Mutual Properties Limited and currently available information. Forward-looking statements are not statements of historical fact and may contain the terms "may", "will", "should", "continue", "aims", "estimates", "projects", "believes", "intends", "expects", "plans", "seeks" or "anticipates", or words of similar meaning. Future statements are not guarantees of future developments and results outlined therein. These are dependent on many factors; they involve various risks and uncertainties, and they may be based on assumptions that are beyond our control. Readers are cautioned not to put undue reliance on forward looking statements.

Feedback on the Report

We value opinions from all our stakeholders which assist us in building a sustainable company while improving our reporting. We welcome your feedback on this report and any suggestions you may have. Feel free to provide feedback to Dulcie Kandwe (Mrs), Company Secretary, email: dkandwe@firstmutual.co.zw.

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Contents

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