Private and confidential

Nigeria Investment Themes

Nigeria/South Africa - Doing Business Together Workshop

June 2014

2Contents

Section

1. Introduction to Stanbic IBTC and Standard Bank Group

2. Nigeria – Investment Themes

Private and confidential

Section 1Introduction

Stanbic IBTC Bank and Standard Bank Group

4Introduction

Stanbic IBTC Holdings Plc (“Stanbic IBTC Group”) is a financial Institution in Nigeria that offers end-to-end financial services such as:

– Corporate and investment banking.

– Personal and business banking.

– Investment management and brokerage.

Stanbic IBTC Bank Plc , a subsidiary of Stanbic IBTC Holdings, is Nigeria's only local bank with a Fitch AAA rating.

Its investment banking subsidiary Stanbic IBTC Capital Limited is the leading investment banking franchise in Nigeria with excellent capabilities in advisory and capital markets transactions.

Other Stanbic IBTC subsidiaries include the leading equities brokerage firm and the leading pension fund administrator in Nigeria.

Combines strong domestic coverage with regional and international reach.

Stanbic IBTC Holdings is 53.2% owned by Standard Bank Group and can draw on the deep resources within the group.

Stanbic IBTC emerged from the merger of Stanbic Bank Nigeria Limited with IBTC Chartered Bank Plc in 2007

BackgroundStanbic IBTC GroupKey points

Stanbic IBTC Bank Plc is Nigeria's only local bank with a Fitch AAA rating.

Key statistics 2013

Market capitalisation N213.5bn

Total assets N763.0bn

PAT N20.8bn

Average no. of employees 2,077

Incorporated as Investment Banking & Trust Company Limited and commenced operations as a Merchant bank

Obtained Universal Banking Licence in Nigeria

Listed on the NSE on 25 April 2005

Merged with Chartered Bank & Regent Bank and changed name to IBTC Chartered Bank Plc

Merged with Stanbic Nigeria and Standard Bank gained control of the combined entity in a US$1bn transaction

1989 2001 2005 2007

Vast Branch Network Across Nigeria

2012

Holding Company Structure was adopted. Stanbic IBTC Capital emerged from this process

Yinka SanniChief ExecutiveStanbic IBTC Bank PLC

176 branches nationwide

Sola David-BorhaChief Executive Stanbic IBTC Holdings PLC

5

Introduction and Overview

Standard Bank is Africa’s largest and leading bank

Premier South African-based financial services group focused on Africa

Full service bank offering:

– Corporate & Investment Banking (“CIB”)

– Personal & Business Banking

– Investment Management and Life Assurance

Global reach with presence in 31 countries

Distribution capabilities in world’s leading financial centers including New York, London and Hong Kong, China and Brazil

CIB provides corporate and investment banking services to corporate clients, financial institutions and international counterparties focused on emerging markets around the world

Key Points

Premier South African based financial services group with on the ground expertise across Africa

Standard Bank has expertise and specialist knowledge to effectively partner clients in achieving their emerging market expansion ambitions

Relationship with ICBC (20.1% strategic equity interest in Standard Bank) provides further international reach and strengthens Standard Bank’s access to what may soon be the world’s largest economy

Largest commercial bank in China

– assets over $3.062 trillion

Nearly 100 international branches with

representation in, Frankfurt, Hong Kong,

London, Luxembourg, Macau, Moscow,

New York, Seoul, Singapore

Listed on the Hong Kong Stock Exchange

and the Shanghai Stock Exchange

Africa

18 countries 1 283 branches 9300 ATMs on the

African continent

Rest of the World

13 countries outside

Africa

Key regional offices

Offices in key financial

centres including

London, Moscow, New

York, Hong Kong,

Nairobi, Lagos, Sao

Paolo and Dubai

Key statistics 2013

Market capitalisation $20bn

Total assets $162bn

Headline Earnings $1.8bn

ROE 14.1%

Employees 48, 808

6

Select 2013, 2012 & 2011 Accolades

Project Finance - Deal of the Year: Africa Power (2011)

Best Bank for Payments and Collections in Africa Best Foreign Exchange Bank and Provider in Africa Best Investment Bank in Africa Best Debt House in Africa Best Investment Bank in South Africa Best provider of Money Market Funds in Africa Best Sub-Custodian in Nigeria Best Trade Finance Bank in Africa Best Trade Finance Bank in South Africa Country awards for Best FX Provider in Nigeria

(Stanbic IBTC) and South Africa

Best Bank in Nigeria (2012) Best Bank in Uganda (2012) Best Risk Advisor in Africa (2012, 2011) Best Debt House in Africa (2012, 2011) Best M&A House in South Africa (2012) Best Project Finance House in Africa (2012) Best Private Banking Services overall for Mauritius

(2012) Deal of the Year: Namibian debut 10year bond

transaction (2012)

African Bond Deal of the Year: Joint Winner for restructuring of Senegal Debut Bond

Deal of the Year: Metorex acquisition by Jinchuan

Africa's top bank in The Banker magazine's annual ranking of the world's top banks. Standard Bank was ranked 112 out of the world's top 1000 banks (2012)

Deal of the Year: Bonds: Joint bookrunner for Namibia’s debut USD500 million 10 year 5.50% Eurobond (2012)

Deal of the Year: Loans: Sole Lead Arranger and Bookrunner for Helios Towers Tanzania USD85 million financing (2012)

Most Innovative Bank from Africa (2012)

Best cash management services in Africa Best Investment Bank in Africa Best Bank Malawi Best Investment Bank in Angola Best Investment Bank in Namibia Best Investment Bank in Nigeria (awarded to

Stanbic IBTC Bank) Best Investment Bank in Zambia Best Local Investment Bank in South Africa

First in Corporate Banking in South Africa First in Foreign Exchange Trading in South Africa

(peer ranking) First in Listings in South Africa (peer ranking) First in Money Markets in South Africa (peer

ranking)

Accugas – African Midstream Oil & Gas Deal of the Year (2011)

Deal of the Year: Africa Mining (2011) Deal of the Year: Africa Oil & Gas (2011) Deal of the Year: Africa Power (2011) Deal of the Year: Africa Renewables (2011) Nordstream – European Midstream Oil & Gas Deal

of the Year (2011)

The Banker: Top Bank in Africa (2012)

Key points

Global Finance:Best Investment Bank in Africa (2012)

Standard Bank – Recent Accolades

Best Bank of the Year – South Africa Best Investment Bank – Africa

Accugas – African Midstream Oil & Gas Deal of the Year

Nordstream – European Midstream Oil & Gas Deal of the Year

Pulkovo–European Airport Deal of the Year PA Resources – African Upstream Oil & Gas Deal

of the Year

Africa's top bank in The Banker magazine's annual ranking of the world's top banks. Standard Bank was ranked 112 out of the world's top 1000 banks (2012)

Deal of the Year: Bonds: Joint bookrunner for Namibia’s debut USD500 million 10 year 5.50% Eurobond (2012)

Deal of the Year: Loans: Sole Lead Arranger and Bookrunner for Helios Towers Tanzania USD85 million financing (2012)

Most Innovative Bank from Africa (2012)

Private and confidential

Section 2

Economic Overview of Nigeria

8Nigeria: An OverviewOverview

Strong economic growth forecast for Nigeria in spite of recent challenges

Government policy has been focused on stabilizing the financial services sector, privatization of key industries and stimulating growth

Nigeria is the largest economy in Africa

Africa’s largest consumer market with a population of 171 million people

Africa’s largest oil producer and 12th largest in the world, producing high-value, low-sulfur content crude oil

Third-largest recipient of FDI

Oil & Gas reserves: 1,080MMbbl & 1.69tcf, 2013 production approx 1.8MM bpd

Sovereign Ratings (2012): Fitch: BB-, S&P: BB-, Moody’s: Ba3

FX reserves (USD bn) : 36.9

Economic

Good economic growth – over 6.5% annually

Focus on oil & gas and agricultural potential

USD 31bn trade surplus

Increased FDI

Political

Key challenge is administration’s ability to deliver

change and implement structural reforms

Hampered by bureaucratic bottlenecks

Socio-cultural Population is young and growing

High unemployment

Technological Increased internet connectivity and mobile phone

usage

The business environment

Investment rationale

Largest population in Africa with positive demographic trends

Large proven oil and gas reserves

Generally constructive fiscal and monetary policies

Relatively low levels of government indebtedness

Major banking sector reforms have improved health of the

financial sector

Policies encouraging investment in key sectors

Key risks

Economy remains heavily dependent on recycling oil earnings

through fiscal channels

Onshore oil production remains vulnerable to security

disruptions in the delta

Weak political / judicial institutions and physical infrastructure

Ethnic and religious differences continue to divide the country

Physical security and crime remain problematic

9Nigeria Remains a Key Strategic Market in Sub-Saharan Africa

A regional hub for Western Africa

Sources: IMF World Economic Database, Standard Bank Group Economics, EIU.

Note: Size of bubble reflects relative GDP of each country

Southern Africa

East Africa

West AfricaWithin West Africa:

• Nigeria’s population is the largest on the African continent and eight largest in the world

• Largest GDP in Africa• US$37 billion in foreign reserves• Huge hydrocarbon resources, the largest

producer of crude oil in Africa with the second largest oil resources base in Africa and 8th largest gas reserve base globally

• Nigeria is the emerging economic locomotive of the African continent

Increasingly friendly business environment

Increasing population

C-Re locations

10Key Economic Reform Initiatives

Source: Stanbic IBTC Research

GDP growth trajectory alone is unlikely to deliver the overall uplifts desired in quality of life for consumers

Persistent inequality of distribution and the apparent lack of upward mobility

Economic inefficiencies that give rise to a sustained high cost of living need to be tackled in order to elevate and unshackle the consumer

11Other Key Investment Areas

Source: Stanbic IBTC Research

Nigeria's fundamentals will provide long-term demand for infrastructure

Government policies focused on manufacturing growth to provide employment, reduce import bill

Emerging consumer sector needs to be served with appropriate goods, retail experience and communication links

12

Nigeria Continues to be an Attractive Investment Market

Conclusions

The headlines surrounding the rebasing of the economy and Nigeria’s status as the Africa’s largest economy have refocused investor interest on Nigeria

Economic reforms have resulted in strong historical growth and are likely to continue to deliver similar performance going forward

Power reforms will change the face of Nigeria its just a question of timing

Successfully addressing structural bottlenecks that sustainably reduce the cost of living and allow for more diversified consumer expenditure is key to the development of the Nigerian consumer in our opinion

Security concerns have had a limited impact on economic growth, to this point

Foreign investors continue to have a meaningful role to play in spurring and supporting economic growth.

As Africa’s largest economy with a high growth rate, investors cannot afford to ignore Nigeria’s economy and potential

13Disclaimer

This presentation is provided for information purposes only on the express understanding that the information contained herein will be regarded as strictly confidential. It is not to be delivered nor shall its contents be disclosed to anyone other than the entity to which it is being provided and its employees and shall not be reproduced or used, in whole or in part, for any purpose other than for the consideration of the financing or transaction described herein, without the prior written consent of a member of the Standard Bank Group. The information contained in this presentation does not purport to be complete and is subject to change. This is a commercial communication. This presentation may relate to derivative products and you should not deal in such products unless you understand the nature and extent of your exposure to risk. The presentation does not include a personal recommendation and does not constitute an offer, or the solicitation of an offer for the sale or purchase of any financial product, service, investment or security. The investments and strategies discussed here may not be suitable for all investors; if you have any doubts you should consult your investment advisor. The investments discussed may fluctuate in price or value Whilst every care has been taken in preparing this presentation, no member of the Standard Bank Group gives any representation, warranty or undertaking and accepts no responsibility or liability as to the accuracy, or completeness, of the information in this presentation Past performance is not indicative of future results. For the avoidance of doubt, our duties and responsibilities shall not include tax advisory, legal, regulatory accounting or other specialist or technical advice or services. You are to rely on your own independent appraisal of and investigations into all matters and things contemplated by this presentation. By accepting this presentation, you agree to be bound by the foregoing limitations. Kindly note that this presentation does not represent an offer of funding since any facility to be granted in terms of this presentation would be subject to the Standard Band Group obtaining the requisite internal and external approvals. Copyright 2010 Standard Bank Group. All rights reserved.

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