Ecobank 2013

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1© Ecobank Group 2013 | Investor Presentation | The Future is Pan-African – February 2013

The Future is Pan-AfricanEcobank Presentation

February 2013

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2012 MDs Co nference

22

This presentation is intended to be for information purposes only and it is not intended as promotional material in any

respect. The material is not intended as an offer or solicitation for the purchase or sale of Ecobank products or sharesThe material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investmentrecommendations. Information herein is believed to be reliable but Ecobank does not warrant its completeness or accuracy.

Past performance is not a reliable indicator of future results, prices of shares and the income from them may fall aswell as rise and investors may not get the amount originally invested.

The presentation includes forward-looking statements. Forward-looking statements involve known and unknownrisks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Group to be materially different from future results, performance or achievements expressed or implied by suchforward-looking statements. Such forward looking statements are based on numerous assumptions regarding theGroup’s present and future business strategies and the environment in which the Group will operate in the future.

These forward-looking statements speak only as at the date of this presentation. The Group expressly disclaims anyobligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained hereinto reflect any change in the Group’s expectations with regard thereto or any change in events, conditions or

circumstances on which any such statement is based.

No responsibility can be accepted for errors of fact or opinion. This does not exclude or restrict any duty or liabilitythat Ecobank has to its customers under any regulatory system. Reliance should not be placed on the views andinformation in the document when taking individual investment and/or strategic decisions. Ecobank has expressed itsown views and opinions in this document and these may change.

Disclaimer

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Contents

1 Company overview 42 Strategy 103 Performance highlights 164 Key investment highlights 26

Appendices1 Summary financial statements 282 Business segments 323 Segmental analysis by cluster 36

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4

Section 1

Company overview

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Leveraging the Platform – Our Competitive Advantage

M

ali

Niger Chad

Nigeria

Benin

TogoGhana

Mali

Coted’Ivore

Kenya

Tanzania

Congo(DemocraticRepublic)

Zambia

Zimbabwe

Liberia

Sierra Leone

Sierra Leone

Gambia

Cape Verde

Guinea Bissau

Senegal

Central AfricanRepublic

Angola

EquatorialGuineaUganda

Rwanda

Congo

Burundi

Malawi

BurkinaFaso

Guinea

Johannesburg

Ecobank presence in 2012Ecobank future presenceEcobank representative offices and Paris affiliate

New YorkRep Office

DubaiRep Office

ParisAffiliate

London

Rep OfficeBeijing

Rep Office

ETI Incorp. asBank HoldCo

Countries (inAfrica)

Branches ATMsCustomers(mn)

EmployeesTotalAssets

($ bn)

Stock Exchange Listing

1985 37 (33) 1,197 1,751 9.4 18,000+ 18.5 NSE, GSE & BRVM

Headquartered Reports Supervised Geographic Focus

Lome, Togo IFRS Commission Bancaire Middle Africa

• Ethiopia• Mozambique• Angola• Madagascar • South Sudan

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Ecobank’s Organisational ModelDiversified business; centralised operational framework

Risk Management & Financing

Board of Directors

INTERNATIONAL

NIGERIA UEMOA WAMZ CEMAC EAC SADC

Operations, Technology & Telecommunications

Corporate & Investment Bank Domestic BankBusinessSegments

Geogra-phicalClusters

Governance, Compliance, Legal & Internal Control

Overall Strategy, Culture, Internal Audit

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Group Executive Committee

Eddy OgboguOperations

&Technology

Operations Technology

Telecommunications

Laurence do RegoFinance & Risk

Risk management Finance

Albert EssienCorporate Bank &

Investment Bank MNCs Regional Corps. Public Corps. International

Organisations FIs Treasury SAM & IB

Thierry TanohGroup CEO

CorporateCommunications

Patrick AkinwuntanDomestic Bank

Retail SME Local Corporates Public sector Cards

Group HR

Samuel AyimGeneral Counsel

Legal Company Secretariat Regulation Governance

Ibrahima Diouf Audit

Internal Audit

Julie EssiamHuman Resources

Strategy Management Corporate

Development

David LawsonStrategy Management

Office

Evelyne TallChief Operating

Officer

Countries/Clusters Governance Regulatory/Govern

-mental relations Compliance Internal Control

Board of Directors

7

Our Management

Board of Directors

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Our Business Segments

• Financial solutions to global, regional & publiccorporates, financial institutions & internationalorganizations

• Pan-Africa lending, trade & cash managementsolutions

• Treasury, corporate finance, investment banking,securities & asset management

• Research team in key markets providing uniqueresearch report capabilities

Domestic BankCorporate & Investment Bank

• Convenient, accessible & reliable financial products &services

• Serving retail, local corporate, public sector &microfinance customers

• 9.4 million customers• Network of 1197 branches, 1751 ATMs, 3938 POSs• Mobile, internet banking and value chain

• Rapid Transfer & Ecobank Regional Card, availableacross 30 countries in Africa

• Intra-regional trade opportunities• Deposit generation

• Cross-sell• Distribution capacity• Currency and African Assets Distribution• Product innovation in Securities & Asset

Management

• Value-chain propositions• Cards

• Accelerate low-cost deposit generation• Integrated channel approach• Increase products per customer

1 2

Focus Focus

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Our Geographical ClustersOrganized to leverage deepening regional integration and deliver value

East Africa Assets 4%Revenue 3%

PBT -5%Loans 4%

Countries 5Branches 73Customers 0.3m

Average Age 5yrs

Southern Africa

Assets 2%Revenue 3%PBT -1%Loans 2%


Average Age 4yrs

Central Africa Assets 9%Revenue 8%

PBT 12%Loans 12%


Average Age 6yrs

Nigeria Assets 44%Revenue 43%PBT 20%Loans 35%


Average Age 24yrs

Rest of WA Assets 14%Revenue 18%PBT 38%Loans 13%


Average Age 13yrs

Francophone WA Assets 25%Revenue 22%PBT 35%Loans 33%


Average Age 16yrs

International Assets 3%Revenue 3%PBT 2%

Countries 4Branches -Customers -

Average Age 4yrsNote: data as at 30 September 2012

Ecobank Representatives in Africa – Angola and South Africa

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Section 2

Strategy

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Ecobank’s Vision and Strategic Priorities

• Maximise the potential of our unique footprint by… − Driving revenues, particularly from deposit growth

− Increasing efficiency

− Achieving scale in all markets

• Deliver outstanding customer service

• Improve long-term shareholder value and returns

• Be the employer of choice in our markets

• Our dual purpose is to build a world class pan-African bank

and contribute to the economic development and financial

integration of Africa

• Our mission is to provide our retail and wholesale

customers with convenient, accessible and reliable financial

products and services

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Ecobank’s Strategy – To be the No. 1 Pan-African Bank

#1

Ecobank

Customer Service

Providing theHighest DiversifiedReturn to our Shareholders

Being theEmployer of Choice

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Competitive Positioning - Progress Towards Top 3

1. Burkina Faso2. Chad3. CAR4. Ghana5. Guinea6. Liberia7. Togo

8. Mali (2)9. Benin (No.2)10. Cote d’Ivoire (No.2) 11. Guinea Bissau (No.2)12. Sao Tome (No.3)13. Rwanda (No.3)

14. Burundi (No. 4)15. Gabon (No. 4)16. Niger (No. 4)17. Senegal (No. 4)18. Cameroon (No. 5)19. Congo Brazza (No.5)20. Gambia (No. 5)21. Sierra Leone (No. 5)22. Nigeria (No. 6)23. Cape Verde (No. 7)24. DRC (No. 9)25. Malawi (No. 10)26. Equatorial Guinea* (No. 5)

27. Zambia (No. 16)28. Uganda (No. 16)29. Zimbabwe (No.17)30. Kenya (No. 17)31. Tanzania (No.28)

No. of Markets inwhich we are(1):

No. 1 Top 3 Top 10 Not yet Top 10

Ecobank operations inthese countries are under 4 years

7 5

2613

Chart is cumulative

(1) Ranked using total assets (2)(3) Revenues and PBT excludes consolidation adjustments

Total assets 24% 14% 58% 4%

Revenues (2) 37% 13% 58% 2%

PBT(3) 55% 17% 36% (9%)

NPLs 21% 13% 59% 7%

* Equatorial Guinea was opened 14 December 2012

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Ecobank’s Financial Targets

< 60%

20%+

~1/2 deposit growth

15%+

C/I ratio - low 70s

2013 Growth Targets

Improvedshareholder

value

Cost-to-income ratio

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Section 3

Performance highlights

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In millions of $ (unless stated) 2010 2011 9M12

Revenue 899.6 1195.6 1176.9Provisions 101.5 85.7 85.0

Operating expense 629.2 832.7 900.1

Profit before tax 169.0 277.4 191.4

Net income attributable to equity shareholders 112.7 182.2 124.8

Reported EPS (US cents) 1.14 1.76 0.90

Performance Summary

80.5%

77.8%

76.5%

3M12 6M12 9M12

9.1%

11.5% 11.9%

3M12 6M12 9M12

6.5%5.6% 5.4%

3M12 6M12 9M12

Cost-to-income ratio ROAE NPL ratio

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Operating Expenses

46.0% 46.6%

54.0% 53.4%

0%

20%

40%

60%

80%

100%

9M11 9M12

Staff expenses Non-staff expenses

Note: Cost-to-income ratio defined as operating expenses divided by net revenue* Cost-to-income ratio has been computed on a quarterly basis for the quarterly periods and on a YTD basis for the YTD periods

199

287 291 305 305

546

900

67%73%

80%75% 74%

68%76%

0%

10%20%

30%

40%

50%

60%

70%

80%90%

0

100200

300

400

500

600

700

800

9001000

3Q11 4Q11 1Q12 2Q12 3Q12 9M11 9M12

Cost-to-income ratio*

• Operating expenses up 65% YoY to $900 million. On QoQ basis operating expenses remained flat

• Operating expenses YoY growth due largely to the addition of Oceanic Bank’s cost base and higher D&A expenses

from investments made in technology and fixed assets

• QoQ growth remained flat largely driven by continued focus on cost management

Operating expenses ($m) Operating expenses mix

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Cost Efficiencies – Reflective of Geographical Expansion

54.5% 65.6% 68.9%84.3% 94.6%

121.0%

WAMZ UEMOA CEMAC NIGERIA SADC EAC

62.5% 59.1% 61.4% 66.7%72.4% 69.9%

69.6%

76.5%

2005 2006 2007 2008 2009 2010 2011 9M 2012

2005 2006 2007 2008 2009 2010 2011 9M 2012

Countries 13 15 20 25 30 33 35 36

Branches 162 305 450 610 746 755 1,151 1,197

Staff 2,602 5,860 8,057 11,211 11,097 10,003 23,355 18,000

Cost-to-income ratio – 9M12

2011 CIR reflectsonly 2 months of Oceanic Bankincome statement

Cost-to-income ratio

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56.2

5.3

20.423.2

41.4

80.4

85.0

-

10

20

30

40

50

60

70

80

90

3Q11 4Q11 1Q12 2Q12 3Q12 9M11 9M12

Impairment Losses on Loans

• Provision for impairment losses of $85.0 million for 9M12 compared with$80.4 million in 9M11

• The increase in provision for impairment losses was driven byprovisions in Nigeria and on TTB’s SME loan portfolio

NIGERIA

WAMZ

UEMOA

CEMAC

EACSADC

4%

46%

4%

7%

18%

21%

CIB*

DOMESTICBANK

33%

67%

Impairment losses on loans ($m)Impairment loses split byclusters-9M12

Impairment losses split bybusiness segments-9M12

* Corporate & Investment Bank

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Credit Quality

7.9%5.7%

17.0% 16.0% 15.2%

5.5% 5.4%

60.1%

68.0%

30.4%

41.1%

53.6%56.5%

73.7%

2006 2007 2008 2009 2010 2011 9M 2012

Column1 NPL ratio Coverage ratio

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Stable Deposit Base; Selective Lending

5.77.4

7.8 8.0 8.6

0.0

2.0

4.0

6.0

8.0

10.0

3Q11 4Q11 1Q12 2Q12 3Q12

71.3% 68.4%

22.8% 27.3%5.9% 4.3%

9M11 9M12

Term Overdraft Others(A)

NIGERIA

UEMOA

WAMZ

CEMAC

EAC

SADC OTHERS*

35%

2%

12%

13%

33%

4%

2%

* Others include loans from EDC Group and International Cluster,(A) Others comprises Credit Cards and Other loans(1) Net loans and advances are EOP balances

8.9

12.112.9 12.7 13.1

0

3

6

9

12

15

3Q11 4Q11 1Q12 2Q12 3Q12

5.65 7.56

1.282.23

1.98 3.33

0%

20%

40%

60%

80%

100%

9M11 9M12Current Savin s Term

NIGERIAUEMOA

WAMZ

CEMAC

EACSADC OTHERS*

45%

26%

13%

10%

4%

2%1%

Customer loans & advances (EOP)(1)

Customer deposits (EOP)

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72%

11%

7%

10%

Deposits 72%

Equity 11%

Borrowed funds 7%

Other liabilities 10%

58%

17%

25%

9M12

Current 58%

Savings 17%

Term 25%

CASA1=75%

Funding structure as of 9M 2012

1. CASA = Current Accounts and Savings Accounts

Funding Overview

Deposit mix as of 9M 2012

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Type Ecobank Parent Affiliate Level

Equity(Tier 1Capital)

Low valuation (below book value)Dilution already experienced

Typically own >75%

Tier II Capital Existing convertibles (IFC and EIB ‘live’), and

Nedbank facilityMay be suitable for larger Affiliates, eg Nigeria

Capital Planning: Focus on Optimising Across the Group

• Drivers of capital requirements include

−Regulatory changes

− Business demands of affiliates

• Dividends

• Actions of convertible debt holders

• Internal capital generation

• Sale of NCAs

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Risk Management Principles

• Centralized Credit Centers established for approvals

• Risk Committee

• Audit & Compliance Committee

• To achieve appropriate balance:

− Between risk and reward

− Risk appetite

− Overall risk profile set by the Board

• Develops strategy, principles, framework and policies• Implements processes, methodologies and tools for managing risk

Section 4

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Section 4

Key investment highlights

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Positioned for sustained growth

Key Investment Themes

• Recognised global brand

• Greater African presence than any other bank

• Full-service banking model• Aim to be Top 3 in all markets

• Full-service ‘One-Bank’ model for seamless customer experience

• Integrated network – centralised IT platform

• Efficiency at the core – centralised Finance & Risk

• Nedbank – extends One-Bank model to South Africa

• Old Mutual – insurance and wealth management• Bank of China – servicing Chinese businesses in Africa

• Banco Espìrito Santo (BES) – support trade between Portugal & Africa

• ICICI Bank (Indo-African trade and investment)

• Accion – microfinance across Africa

• Airtel – mobile banking

• Diversified business model mitigates single country risk

• Reports in IFRS and US$

• IFC Corporate Governance Principles

• Clear management and operational structure.

• Increased and more timely disclosure where appropriate

Appendix 1

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28© Ecobank Group 2013 | Investor Presentation | The Future is Pan-African – February 2013 28

Appendix 1

Summary Financial Statements

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Financial Highlights

In millions of USDexcept unit 9M 2012 2011 2010 2009

Revenues 1,177 1,196 900 873

Operating expenses 900 833 629 633

Profit before tax 191 277 169 101

Total assets 18,541 17,162 10,467 9,007

Customer loans 8,560 7,360 5,264 4,766Customer deposits 13,117 12,076 7,925 6,472

Total Equity 1,940 1,459 1,293 1,236

Branches 1,197 1,151 755 746

ATMs 1,751 1,487 779 665

Markets 36 35 33 30

Customers (mil) 9.4 8.4 3.1 2.7

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Summary Income Statement

($m, except per share & ratio) 9M 2012 9M 2011

Net interest income 622.4 398.9 +56%

Non-interest revenue 554.6 405.4 +37%

Net revenues 1,177.0 804.3 +46

Operating expenses (900.1) (546.2) +65%

Provision for impairment losses (85.0) (80.4) +6%Profit before tax 191.9* 177.7 +8

Income tax (40.2) (54.1) -26%

Net income 151.3 123.6 +22

Effective tax rate 21.0% 30.5%

Profit attributable to ordinary shareholders 124.8 106.6 +17

Basic EPS ($ cents) 0.90 1.08 -17%

ROAE 11.7% 12.6%

Cost-to-income ratio 76.5% 67.9%

*PBT includes a share of loss from associates of $0.4m

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Summary Statement of Financial Position

($m) 9M 2012 9M 2011

Cash & treasury bills 1,827 1,248 +46%

Loans to banks 2,048 1,598 +28%

Loans to customers 8,560 5,723 +50%

Available-for-sale 2,202 1,569 +40%

Other assets 2,936 1,140 +157%Total assets 18,541 11,928 +55

Deposits from other banks 466 497 (6%)

Customer deposits 13,117 8,911 +47%

Borrowed funds 1,348 410 +160%

Other liabilities 1,669 777 +115%

Total liabilities 16,601 10,595 +57Shareholders' equity 1,793 1,196 +50%

Minority interest 147 137 +7%

Total equity 1,940 1,333 +46

Total liabilities and equity 18,541 11,928 +55

Appendix 2

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Appendix 2

Business Segments

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Serving international businesses focused on Africa

• Corporate Bank PBT of $159 million, up 65% YoY

• Revenues increased 33% YoY to $321 milliondriven by:

– Oceanic Bank acquisition

– Net interest income growth, higher levels of client activity and increased loan balances

• Operating expenses grew at a lower rate of 8%YoY to $134 million driven by a continued focus ondisciplined expense management

• NPL ratio was 0.6% in 9M12 from 1.4% in 9M11driven write-offs of fully provisioned loans andprudential risk management.

• FOCUS

– Intra-regional trade opportunities

– Deposit mobilisation

– Cross-sell products

Corporate Bank

$m 9M 2012 9M 2011

Net interest income 226.6 157.3

Non-interest revenue 94.8 83.6

Revenue (net) 321.4 240.9

Operating expenses (134.3) (124.1)

Provisions for impairment (28.2) (20.5)

Profit before tax 158.9 96.3

Net loans 4,207 2,912

Customer deposits 4,119 3,180

Cost/income ratio 41.8% 51.5%

Loans/deposits ratio 102.5% 91.9%

NPL ratio 0.6% 1.4%

Please note that for discussion of the results Corporate and Investment Bank (CIB) has been separatedinto Corporate Bank (comprises Corporate Bank Group and Transaction Services) and Investment Bank(comprises Ecobank Capital, Treasury business, Investment Banking and Research)

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One-stop shop for institutional investors focused on Africa

• Investment Bank PBT of $64.4 million, down 11%

YoY• Revenues of $190 million, up 4% YoY driven by

growing client relationships and short-termsecurities trading income

• Operating expenses rose 15% YoY to $125 million.CIR was 66% compared to 60% prior year periodbut showed a marked improvement on 1H12 CIR of 73%

• FOCUS

– Leverage footprint and local knowledgeexpertise

– Enhance distribution capacity

– Currency and African Assets Distribution(CAAD)

– Product innovation in our Securities and Asset

Management Business

Investment Bank

$m 9M 2012 9M 2011

Net interest income (21.3) 47.2




Provisions for impairment 0.2 (0.6)


Earning assets 3,277 3,489

Funding1 1,696 1,045


Please note that for discussion of results Corporate and Investment Bank (CIB) has been separated intoCorporate Bank (comprises Corporate Bank Group and Transaction Services) and Investment Bank(comprises Ecobank Capital, Treasury business, Investment Banking and Research)Note 1: funding is a mix of interbank deposits, interbank borrowings and other borrowed funds

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Innovative solutions to retail and local businesses

Domestic Bank

$m 9M 2012 9M 2011

Net interest income 450.0 196.7






Net loans 4,324 2,828

Customer deposits 8,999 5,691



NPL ratio 9.0% 9.9%

• Domestic Bank PBT of $4.3 million, down 33% YoY,

due mainly to higher operating expenses• Revenues of $703 million, up 86% YoY driven by:

– Acquisition of Oceanic Bank

– Strong customer activity and loan balances

• Operating expenses more than doubled to $642million, due to the inclusion of Oceanic’s cost base

• Provision expense fell by 4% YoY to $57 million,reflecting asset quality improvements in the loan

portfolio

• FOCUS

– Accelerated low-cost deposit mobilisation

– Increased Value-Chain propositions

– Increase products per customer

– Integrated channel approach

– Cards

Appendix 3

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36© Ecobank Group 2013 | Investor Presentation | The Future is Pan-African – February 2013 36

Segmental Analysis by Cluster

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Francophone West Africa (UEMOA)

$m 9M 2012 9M 2011

Revenue 264.9 263.4




Total assets 4,540 4,149

Loans 2,817 2,402

Deposits 3,353 3,262



NPL ratio 4.8% 7.0%

Francophone West Africa comprises affiliates in Benin, Burkina Faso, Cape Verde, Cote d’Ivoire, Guinea Bissau, Mali, Niger, Senegal, and Togo

• Francophone WA PBT was $76.0 million, down 11%

YoY driven by: – Higher cost growth relative to revenues

– Adverse currency movements against theUSD (our base currency)

– Slow loan growth

• Revenues were $265 million, flat YoY, as strongrecovery in Cote d’Ivoire was offset by slower

revenue growth elsewhere within the cluster

• Operating expense growth well managed growingby 7% YoY

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Nigeria

$m 9M 2012 9M 2011

Revenue 526.3 189.3





Loans 2,983 1,353




NPL ratio 6.5% 5.0%

Nigeria categorized as a cluster in its own right due to its size

• Nigeria PBT of $43.8 million up 63% YoY, driven by

higher revenues and efficiency gains. AdditionallyOceanic Bank is contributing positively toperformance.

• Revenues of $526 million, up 178% YoY, duelargely to the acquisition of Oceanic Bank.

• Operating expenses were $444 million compared

with $154 million from prior year period. The CIRfell slightly to 84.3% compared with 81.6% in theprior year period due to ongoing cost reductioninitiatives implemented after the acquisition of Oceanic Bank.

• NPL ratio increased to 6.5% from 5.0%

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Rest of West Africa (WAMZ)

$m 9M 2012 9M 2011

Revenue 219.5 165.3



Profit before tax 82.6* 65.3


Loans 1,076 722




NPL ratio 5.2% 2.3%

* The PBT of $82.6 million excludes share of loss of $0.5 million from associatesRest of West Africa comprises affiliates in Ghana, Guinea, Liberia, Sierra Leone and The Gambia

• Rest of West Africa PBT of $82.6 million, up 26%

on higher revenues and efficiency gains.

• Revenues rose 33% YoY to $220 million, reflectinggrowth in all affiliates, but especially in Ghana, dueto the acquisition of TTB

• Operating expenses of $120 million, up 31% YoYdriven by business volumes and costs associated

with TTB. Yet CIR improved moderately asexpenses continued to be well managed especiallyin TTB.

• NPL ratio deteriorated to 5.2% from 2.3% reflectinghigher provisions on TTB’s SME loan portfolio

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Central Africa (CEMAC)

$m 9M 2012 9M 2011

Revenue 102.2 91.2



Profit before tax 25.5* 28.8


Loans 989 708




NPL ratio 3.6% 4.9%

* The PBT of $25.5 million excludes share of profit of $0.1 million from associatesCentral Africa comprises affiliates in Cameroon, Central Africa Republic, Chad, Congo-Brazzaville, Gabon and Sao Tome & Principe

• Central Africa PBT declined 13% YoY to $25.5

million due to combined effects of higher expensesand provisions for impairment losses

• Revenues increased 12% to $102 million, driven bystrong growth in Congo Brazzaville and Gabon

• Operating expenses increased 19% YoY primarilydue to growth in all affiliates

• NPL ratio improved significantly to 3.6% from 4.9%in the year ago period

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Southern Africa (SADC)

$m 9M 2012 9M 2011

Revenue 33.4 26.2



Profit before tax (1.5) 0.2

Total assets 376.1 292Loans 205.7 121

Deposits 240.0 192



NPL ratio 9.8% 7.0%

Southern Africa comprises affiliates in Democratic Republic of Congo, Malawi, Zambia and Zimbabwe

• Southern Africa pre-tax loss of $1.5 million reflected

higher operating cost associated with the fact thatthe cluster is relatively young and revenues are yetto catch up with costs

• Revenues increased by 27% YoY to $33.4 million,due to growth in business volumes in DR Congoand Zimbabwe

• Operating expenses increased by 68% YoY,reflecting higher personnel and non-staff expenses

• Provision expenses were higher at $1.3 millioncompared with $0.9 million in the prior period drivenby higher provisions in Zimbabwe and Zambia

Documents

Ecobank 2013