#1OUR PURPOSE FOR A WORLD WE CAN ALL FEEL PROUD OF INVESTOR PRESENTATION Ciel Go Beyond#2Table of Contents 01 PORTFOLIO OVERVIEW AND PERFORMANCE 02 EXECUTIVE SUMMARY 03 CLUSTER REVIEW 04 ESG COMMITMENTS Ciel Go Beyond#3CIEL LIMITED PORTFOLIO OVERVIEW & PERFORMANCE OVERVIEW#44 Geographic Footprint CIEL Limited is headquartered in Mauritius and has been listed on the Stock Exchange of Mauritius since 2014 CIEL was founded in 1912 in Mauritius and today operates across ten markets in Africa and South Asia, earning nearly 60% of its revenue in USD, GBP and EUR, employs over 38,000 talented individuals and has a market capitalisation of MUR 11.0 bn (USD 242M) at 30 June 2023 As an investment management company, it has a diverse portfolio with over 25 companies across six sectors, namely Finance, Healthcare, Hotels & Resorts, Properties and Agro Textile, Ciel Textile Ciel Finance → Ciel Healthcare Ciel Hotel & Resorts Ciel Properties Ciel Agro France Uganda Kenya Tanzania South Africa Bangladesh Dubai India Seychelles eeeeee Madagascar Mauritius .. Ciel Go Beyond OUR VALUES PEOPLE AT HEART EXCELLENCE AT CORE PPP, ETHICAL ་་་་ 4444 & SUSTAINABLE ..#55 Diversified Portfolio at 30 June 2023 Sun Anahita Residences & Villas Bank One BNI Madagascar SA MITCO C-Care (Mauritius) C-Care (Uganda) CIEL Finance 11% CIEL Hotels & Resorts 14% CIEL Agro 7% Alteo MIWA Sugar Ciel Go Beyond Business Clusters Evolis Properties CIEL Healthcare 19% CIEL Properties 20% Ferney Development CIEL Properties Development 30 June 2023 MUR 21.3 bn (USD 467M) CIEL Textile 29% Click here for the full CIEL Limited Structure for details on wholly owned businesses, JVs, minority interests etc. Aquarelle International (Woven) Tropic Knits (Knits) Floreal International (Knitwear) Go Beyond#606 Group Highlights - for the year ended 30 June 2023 Group Consolidated Revenue MUR 35.4 bn Group EBITDA* Group Profit after Tax MUR 7.1 bn MUR 4.3 bn Group Profit Attributable To Owners Of The Parent MUR 2.7 bn MUR 1.3 bn MUR 28.5 bn 30 June 2022 24% MUR 5.3 bn 30 June 2022 MUR 2.2 bn 34% 30 June 2022 100% 30 June 2022 >100% Group Earnings per Share Group Return On Capital Employed Group Net Debt to EBITDA MUR 1.57 MUR 0.77 14.1% 1.7 2.5 9.7% 30 June 2022 >100% 30 June 2022 440 bps 30 June 2022 *Earnings Before Interest, Taxation, Depreciation, Amortisation and Expected Credit Losses Group Free Cash Flow MUR 4.2 bn MUR 1.6 bn 30 June 2022 >100% Go Beyond#77 Where We Generate Our Revenue Our diversified portfolio and strategic presence in emerging markets Geographic Diversification Mauritius Africa Asia 22% 22% FY22 35% 38% FY23 40% 43% Revenue Currency Mix USD MUR 11,177 32% GBP MUR 1,769 5% MUR MUR 4,829 14% EUR MUR 6,800 19% FY23 Other* MUR 10,834 30% *Other includes MGA (15%), ZAR (6%), INR (6%) and UGX (3%)#88 MUR'M Group Free Cash Flow Strong operating cash flow generation Group Free Cash Flow MUR 1,968M MUR 4.2 bn Free Cash Flow/share MUR 2.52 MUR 0.96 MUR 1,330M MUR 1.6 bn >100% >100% MUR 1,427M 30 June 2022 30 June 2022 MUR 167M (MUR 557M) (MUR 87M) 10 2,281 1,750 1,655 734 (67) (11) (170) (217) (155) (82) (416) (246) (15) (250) (412) Hotels & Resorts Textile Finance Healthcare Working capital | Cash from operating activities Properties Maintencance capex 141 CIEL CO* Free Cash Flow *CIEL Company includes CIEL Corporate Services Limited (Head Office), Azur Financial Services Limited (Treasury services), FX Market Edge Limited, EM Insurance Brokers Limited (51%) and our share of Procontact Limited (49.17%) net of Group eliminations Go Beyond#99 MUR 'M Improved Financial Structure Reducing Group Interest Bearing Debt with Enhanced Cash Balances and Early Bond Repayment 47.8% 41.2% 39.0% 33.2% 28.6% Net Debt to EBITDA* 1.7 2.5 30 June 2022 15,522 17,078 14,157 13,134 12,064 FY19 FY20 FY21 FY22 FY23 *Excludes quasi-equity loan from MIC Net Debt (MUR 'M) Gearing (%) Interest Bearing Debt at FY23: Fixed debt stands at 43% and floating at 57% Debt mix: MUR portion was 54% and the Forex portion was 46% The Average Effective Interest Rate is 6.16% (if we include MIC quasi-equity loan and treat as debt - 5.64%) Go Beyond#10MUR 10 10 Shareholder Returns Dividend yield above pre-COVID level 3% Jun-18 0.20 3% Jun-19 0.21 2% Jun-20 0.08 Jun-21 3% Jun-22 0.21 4% Jun-23 0.28 ■Dividend Yield ■Dividend per share (MUR 'M) 105 MUR 6.70 100 95 90 85 80 Jun-2022 Sep-2022 -CIEL MUR 6.52 (down 3%) down 7% Dec-2022 Mar-2023 Jun-202 SEMDEX Dividend policy - A minimum of 75% of net profits after tax of the Company, depending on the cash flow and financial needs Payout ratio was 76% for the year ended 30 June 2023 (2022: 104%) Go Beyond#1111 Why Invest? Value Proposition Proven track record of financial discipline, attractive shareholder remuneration, resiliency and growth Well respected strategic partners and investors Ability to capitalise on significant global economic opportunities through diversified portfolio (East Africa and South Asia) M Strategic Objectives Maximising the return from a diverse asset mix by balancing efficiency, resilience and sustainability Maintain a strong financial position by focusing on cost management, cash generation and growth Create social value and long-term sustainability for all stakeholders Ciel Go Beyond#12EXECUTIVE SUMMARY SUMMARY#13Executive Summary Rich legacy - prepared for the future A reputable investment company with a 110-year track record, diversified portfolio and global strategic partners and investors A geographic footprint that opens growth opportunities in some of the world's fastest-growing regions Well positioned in developing countries in South Asia (India and Bangladesh), benefitting from supply chain shift away from China Export driven revenue streams stemming from production in low-cost countries in Africa and Asia whilst capitalising on positive exchange rate movements A well-balanced portfolio of earnings streams supported by well-known brands and/or clients in their regions Robust portfolio growth, almost doubling since listing eight years ago and low debt profile at company level Long-term investment focus Focused on East African and South Asian expansion Highly entrepreneurial and decentralised management teams supported by lean corporate office An experienced executive team and board that can navigate through crises and challenges Supported by Optimal Capital Structure Well balanced capital allocation Strong balance sheet Low gearing at company level Strong cash generation through-the-cycle Balancing investment in [sustainable] growth with shareholder returns Underpinned by ESG focus across our clusters Activate climate response: Focus areas are energy, supply chains, and conservation and regeneration Foster a vibrant workforce: Focus areas are work environment, diversity & ethics, and learning & development Champion inclusive growth: Focus areas are sustainable offerings, health, education, poverty and disability Strong Governance Framework#14CLUSTER REVIEW REVIEW#1515 Ciel Hotels & Resorts Key Hotels - Sunlife MUR 8.1 BN Cluster Revenue 2022: MUR 4.8 bn MUR 2.4 BN EBIDTA 2022: MUR 1.2 bn MUR 1.5 BN Sugar Beach LA PIROGUE A SUN RESORT MAURITIUS A SUN RESORT MAURITIUS Profit after Tax 2022: MUR210 M For the year ended 30 June 2023 LONGBEACH A SUN RESORT ambre MAURITIUS A SUN RESORT MAURITIUS Branded Resorts SHANGRI-LA LE TOUESSROK MAURITIUS FOUR SEASONS PRIVATE RESIDENCES Mauritius at Anahita DEVELOPMENT A REPORTS L #2 Hospitality Group in Mauritius 6 owned and managed 田 properties in Mauritius ९ More than 1,400 keys 2 tour operators Approx. 3,500 employees 1 private island and world- renowned golf course Strategy Launch of new customer experiences under the new Sunlife brand Aim for leadership position in hospitality and property development in the region Implement strategy to address the industry-wide issue of lack of skilled staff Ensure significant progress on digitalisation and sustainability road maps#1616 Ciel Textile Key Clients MUR 17.8 BN Cluster Revenue 2022: MUR 15.5 BN MUR 2.0 BN EBIDTA 2022 MUR 1.7 BN For the year ended 30 June 2023 MUR 1.0 BN Profit after Tax 2022 MUR 744 M LACOSTE TOMMY HILFIGER BOSS HUGO BOSS Levi's 3 segments (Knits, Knitwear, Woven) 19 production units Approx. 23,000 employees 4 countries 36.5 M garments exported per year Leadership position (globally) in Woven shirt manufacturing Strategy • Pursue ambition to be #1 high quality woven shirt operator in India Capture opportunities in South Asia (Bangladesh and India) with supply chain shifts across the globe • Consolidate our regional presence (Mauritius and Madagascar) • Accelerate momentum on digital transformation • Leadership in sustainability for Textile Industry#1717 Ciel Finance WORLD TRAFFIC Analysis 109 NY ANY Key Companies Total Orders 13,678 Total Sales 11,892 Total Profit $6,789 5636 BNI MADAGASCAR MUR 5.1 BN Cluster Revenue 2022: MUR 4.5 BN MUR 1.6 BN EBIDTA 2022: MUR 1.4 BN MUR 1.0 BN Profit after Tax 2022: MUR 703 M BANK ONE MITCO For the year ended 30 June 2023 4 countries BANK 2 banks EM Strategy Insurance Brokers Key Partners • Explore investment opportunities e.g. Fintech AXIAN LET'S GROW TOGETHER i&MBank ILIMITED 1 fiduciary & corporate services company Approx.1,500 employees • Focus on core assets - banks • • BNI Madagascar - Maintain leadership position in Madagascar Bank One - Deepen focus on sub-Saharan corporate banking strategy#18Ciel Healthcare 03-20 201 0315 :83 20 mg EXP: 02.2 tni tvrdi 20 Z ZONI ma MUR 4.1 BN Cluster Revenue 2022: MUR 3.6 BN MUR 803 M EBIDTA 2022: MUR 817 M For year ended 30 June 2023 MUR 350 M Profit after Tax 2022: MUR 432 M Key Companies care Olab pharma Key Partners iFHA MESTMENT FUND FIR HEALTH IN AFRICA PROPARCO GROUPE AGENCE FRANÇAISE DE DÉVELOPPEMENT IFC International Finance Corporation WORLD BANK GROUP 18 Investigate expansion opportunities in East Africa Consolidate C-Care brand across Mauritius and Uganda Scale C-Lab footprint 2 countries 3 hospitals 20 primary and secondary care clinics Strategy Approx. 2,200 employees 3 main Laboratories and 41 lab collection points • • Embark on C-Pharma journey#1919 Ciel Properties MUR 206 M Cluster Turnover 2022: MUR 133 M MUR 278 M MUR 200 M EBIDTA 2022: MUR 237 M Profit after Tax 2022: MUR 136 M For the year ended 30 June 2023 3,200 hectares of land in Ferney Approx. 80 employees Assets under management of MUR 1.5 bn 100 hectares of 72,000 m² of nature reserve buildings Note: This company was created in June 2021 Key Companies Ferney RECONNECT WITH NATURE evolis PROPERTIES Ciel Properties • Strategy Take non-core assets of the group and turn them into cash generating properties by way of a dedicated property team Capitalise on land owned by the Group to create sustainable Agri-hood projects at Ferney Develop unutilised land next to the hotels of the group into yielding assets#20Ciel Agro MUR 224 M Share of Profits* 9M22: MUR 203 M MUR 3.8 BN Share of Assets FY22: MUR 3.6 BN Key Companies Alteo Da MIWA SUGAR For the year ended 30 June 2023 3 countries 3 power plants 3 sugar factories 5,858 employees #1 sugar producer in Mauritius 20 * CIEL holds a 21% stake in Alteo Limited and 21% in MIWA Sugar Limited Key Partners Tereos iBL TOGETHER ALBIOMA Quadran MAURITIUS Strategy MIWA Sugar . Kenyan operations: Increase crushing capacity and reliability of the mill so as to increase production level well above the 100,000 tons sugar level Tanzanian Operations: Optimisation of production level and by-products Alteo Limited • Focus on sustainable development Tight cost control and reduction of indebtedness to bring down cost of production while maximising mechanisation in sugar fields#21ESG COMMITTMENTS VALUE#2222 Our Commitments to ESG FOSTER A VIBRANT WORKFORCE Work Environment: "Top employer brand" aiming by 2025 Diversity & Ethics: 35% women at management level by 2025 and 30% at directorship level by 2030 Zero grievances on harassment, discrimination, corruption, bribery & fraud by 2030 Learning & Development: Enablement score at or above high-performing norm by 2025 50% of new staff appointments from within the group by 2030 CHAMPION INCLUSIVE ECONOMIC GROWTH Responsible Offering: Proactively develop products / services / experiences that are inclusive (by 2024) and responsible (by 2025) Local Economy: Create an Impact/Venture Capital fund to support local businesses, start-ups and entrepreneurs by 2022 Source/buy at least 25% of food & beverages from local producers by 2030 Community Empowerment: Increase the proportion of long- term community actions to 40% by 2025, and to 60% by 2030 Facilitate industry job awareness to a number of people equivalent to 1/3rd of our work force per year by 2030 Energy: ACTIVATE CLIMATE RESPONSE Zero coal as boiler fuel by 2030 Half our carbon intensity by 2030 from 2019 levels Value Chain: Half waste to land fill by 2030 All value chains assessed by 2025 & acted on by 2030 Industry leading water efficiency by 2030 Conservation & Regeneration: 100,000 Endemic Trees planted in Mauritius by 2030 1000 Hectares of reforestation by 2030 Ciel Go Beyond#23Ciel Go Beyond THANK YOU (+230) 404 2227 www.cielgroup.com