CORNERSTONE INSURANCE : DELAY IN FILING OF AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

Lagos, 4 March 2024

CORNERSTONE INSURANCE PLC- DELAY IN FILING AND PUBLICATION

OF AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2023

Cornerstone Insurance PLC ("the Company") wishes to bring to the notice of its shareholders and other stakeholders, the delay in filing and publication of its Audited Financial Statements for the year ended 31st December, 2023 (2023 AFS) as required by the Nigerian Exchange Limited (NGX) and the Securities and Exchange Commission (SEC) within the regulatory timeline of 31st March, 2024.

This delay in filing the 2023 AFS was occasioned by unforeseen delays in concluding the audit process within the stipulated time, particularly with the introduction of the IFRS 17 Accounting Standards which require a number of changes in the reporting methods. Consequently, the Company has sought the approval of the NGX to extend the time within which to file its 2023 AFS.

The Company hereby apologizes for this delay and assures all its stakeholders of its commitment to ensuring the submission and publication of its Audited Accounts on or before 29 June 2024.

Thank you.

Yours Faithfully,

Segun Adebanji - Chairman

Steve Iwenjora - NED

Elizabeth Ngozi Amadiume | Prof. Ogechi Adeola - INEDs

Stephen Alangbo - MD/CEO | Chidiebere Nwokeocha - E.D. Business Development

Peter Ekwueme - E.D Technical Operations