FirstBank H1'11 Investor & Analyst Presentation

Strategy & Summary & Transformation Outlook Risk Mgt & Corporate Governance Financial Review Operating Environment Highlights EXCALLON The Nigerian banking landscape is evolving at a rapid pace, in an era that will be remembered for dramatic regulatory and structural reform Key drivers of change Alternative sources of funding ■ Deepening of equity markets with focus on non-bank sectors " ■ Customers Increased sophistication and decreased loyalty of customers ■ Rapid increase of banked population Youth demographic (with ~50% of population under 18) becomes increasingly important Increase in bond issuances (public sector, corporates) FirstBank Since 1894 ☐ ■ Regulatory Repeal of universal banking model Recapitalization of intervened banks NPL purchases by AMCON Shared services initiatives Promotion of lending to key sectors Cash withdrawal/lodgement limits Nigerian Banking Industry " ■ ◉ Competition Increased specialisation and differentiated business models Stiff price competition in plain vanilla lending to large corporations Increased foreign presence within certain segments (e.g., retail, private banking) Strengthened position of intervened banks with imminent acquisitions/recapitalizations Technology Electronic sales and service channels gain popularity (i.e. ATM, POS, internet etc) Mobile money platforms open up means to cheaply and effectively reach the unbanked and to tap into enormous payment/transaction revenue opportunities FirstBank H1'11 Investor & Analyst Presentation - 27/07/2011 8

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