FirstBank FY'10 & Q1'11 Investor & Analyst Presentation

Operating Environment Highlights Emerging from a period of radical change, the outlook for the banking. industry is very positive and provides significant opportunities for us FirstBank Since 1894 Trends Alternative sources of funding ■ Increase in bond and equity markets issues Summary & Outlook Strategy & Transformation Risk Mgt & Corporate Governance Financial Review Customer Increasing sophistication and decreasing loyalty of customers Nigerian ☐ Differentiation of sales and Banking Industry services according to segments ■ Increase of banked population Competition " Strengthened capital of acquired banks Differentiated business models Price competition in plain vanilla lending ■ Increased foreign presence within key banking segments FirstBank FY'10 & Q1'11 Investor & Analyst Presentation - 28/04/2011 Regulatory/ structural changes Repeal of universal banking Recapitalisation and AMCON ■ Shared services initiatives ■ Promotion of lending to critical sectors Technology Electronic sales and service channels (i.e. ATM, POS, Internet/Mobile banking) become viable alternatives ■ Licenses issued for Mobile Payments services Consolidation Number of Banks 89 99 24 ? 2003 2005 2011 37

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