Investor Presentaiton

Healthy revenue generation and expense management Growing and healthy revenue base Total revenues continue to grow strongly, up by 10% between June 2019 and June 2020, with a CAGR of 7% between 2015 and 2019. Highest growth achieved in revenues from lending activities and markets (investments) in June 2020. With trade finance constituting the highest CAGR between 2015 to 2019, growing to ~50% of commission income. Revenue composition since 2015 constitutes an average of 75% coming from lending activities, with commissions at 18% and markets at 7%. Total Revenue All values in USD millions Operating Expenses remain under control, with prudent efficiency policies ☐ ☐ Operating expenses remain well managed and growing at a slower pace compared to revenue. This has resulted in an improving efficiency ratio since 2018, with focus on capitalizing on synergies across subsidiaries. Over the last 5 years, staff costs comprise 47% of expenses, depreciation at 10%, and rent & occupancy at 7%. Other operating expenses split across several categories, with no concentration. Operating Expenses Efficiency Ratio (Excl. Dep) Operating Expenses Loans Markets Revenue Commissions Investment Banking CAGR +3% CAGR +7% 219 52.8% 50.6% 197 1% 189 190 8% 46.3% 43.1% 44.3% 42.1% 170 17% +10.1% 37.9% 69.7 113 103 61.7 63.6 64.4 64.4 74% +2.0% 29.6 30.2 2015 2016 2017 2018 2019 June 2019 June 2020 2015 2016 2017 2018 2019 June 2019 June 2020 19

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