Fidelity Bank Financial Overview

The Operating Environment General Business Environment Banking Industry Specifics Nigeria's annual output growth contracted by 1.5% following a consecutive quarterly negative growth; this marks the first annual contraction since 1987 However, International Monetary Fund (IMF) and others predicts Nigeria will be out of recession in 2017 with an estimated annual economic growth of 0.8% Headline inflation rate was high at 18.5% in December; averaging 15.7% in 2016 financial year Nigeria's external reserves improves to $30.3bn as at Mar 31st, 2017 from $25.8bn as at Dec 31, 2016 Nigeria has continued to ramp up crude oil production as security improves in the oil rich Niger Delta Region; price has remained above $50 per barrel lately Expectation for improved economy in 2017 remains high ☐ The Monetary Policy Committee (MPC) kept all policy rates unchanged in its Mar 2017 meeting. □ It also retained the asymmetric corridor at +200 and -500 basis points around the MPR. The Debt Management Office (DMO) raises minimum subscription for Treasury Bills and FGN Bonds to N50million following the launch of FGN Savings Bonds targeted at the retail market ☐ Minimum subscription for the Savings Bond is N5,000 with maximum subscription capped at N50 million CBN increased FX rate for invisibles such as PTA, BTA, medical bills, school fees etc. to N360/$ as it continues to intervene to ease FX pressures on selected sectors of the economy www.fidelitybank.ng

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