Ecobank Group

PUBLIC

Ecobank Group

FY 2020 Earnings Investor Presentation

23 March 2021

1 Introduction Ade Ayeyemi, Group Chief Executive Officer

2 Risk Management Eric Odhiambo, Group Chief Risk Officer

3 Financial Review Ayo Adepoju, Group Chief Financial Officer

4 Q & A

INTRODUCTION

Ecobank focused on its ‘Execution Momentum’ agenda, serving 1 customers, and achieved a decent set of results despite COVID-19’s challenges and an uncertain outlook

Ade Ayeyemi, Group Chief Executive Officer

© Ecobank Group 2021| FY 2020 Earnings Presentation | 23 March 2021 3 PUBLIC PUBLIC Key Investment Highlights 1 Leading Pan-African • Unique footprint across 35 African countries benefitting from attractive LT macro and sector fundamentals • Regional leadership position as either a market leading or a top-3 bank in 16 countries Franchise: Strong • Preferred partner for governments and global development institutions such as the United Nations Positioning and • “One Bank” with strong brand recognition through a substantial network of over 24 million customers, served by Preferred Partner ~14,000 employees and 690 branches across the continent

2 • Geographic diversification: UEMOA represents 30% of FY20 Revenues, AWA 28%, Nigeria 16%, CESA 27%(1) Diversified Business • Business model diversification: CIB (55% of FY20 Net revenue), CB (22%), Consumer (23%)(1) Model • Integrated technology platform eProcess enables central manufacture of products rolled out consistently across the platform • Recognised for innovation in African banking (Global Finance and African Banker Awards, 2020)

3 • Leadership in technology adoption to drive financial inclusion. Valued partnerships with Airtel Africa, MTN, Alipay, Palm Pioneer in Digitisation Pay: strategic ambition to access up to 100m customers digitally with a Growing • Expansion in digital offerings with Ecobank Mobile (App & USSD) serving ~12.9m customers Customer Base • Strong growth with value of digital transactions up 43% y-o-y to $40.0bn as of 31 December 2020 • Captive regional payments business offers a significant opportunity to drive growth and value creation

4 • Strong profitability across regions. AWA (27% ROE), UEMOA (19%), and CESA (16%). Strong Financial Profile • Improved funding costs, ongoing cost reduction efforts and risk management have led to improved profitability in Delivers High ROE Nigeria Across Key Regions • Group-wide efficiency efforts support the path to enhanced profitability

5 • Strong risk management and corporate governance practices Enhanced Risk and • Redeployment of experienced executives to key parts of the business to enhance controls Compliance Culture • Robust regulatory understanding and interface led by dynamic management team • Regulated and compliant under Basel II/III prudential standards (provisional 9.4% Tier 1 and 12.3% Total CAR as at FY20)

6 • Highly experienced management team who have implemented first phase of new strategy in 2016-18 to restore Group Experienced profitability and since driving ‘Execution Momentum’ aimed at growth and improved shareholder returns Management Team • Management successfully raised $500m in a debut Eurobond in 2019 Coupled With Strong • Blue-chip shareholder base comprising reputable institutions – Nedbank, QNB, Arise, and PIC Shareholder Base • Management in Nigeria successfully raised $300m 5-year Eurobond in Feb 2021

1. Percentages represent segment / regional contribution to Revenues. Excluding Consolidation Adjustments and Other Adjustments.

2016 2017 2018 2019 2020

Bold & Strategic Actions to ‘Secure the Firm’s Foundation’ Headwinds Faced

Fit-for-purpose business model Nigeria positioned for success Basel II/III Capital – FCTR impact

Reset the cost base Restructured CESA IFRS 9 & Day 1 impact

Repositioned credit portfolio Invested in people Covid-19 pandemic

Modernised technology Improved liquidity Goodwill charge

Digitally transformed the business Core banking platform Elevated asset quality

2021 2022 2023 2024 2025

Generate long-term sustainable ROTE We have secured the firm's 1 foundation. We addressed Drive coverage towards 100% & NPL c.5% MT our credit portfolio and Expense discipline: drive CIR c.55% MT capital issues. Made

investments in people, Trade, Payments, & FICC2 systems, and processes. Group positioned now to Symbiotic partnerships – 100m customer goal 'Build Back Better' focusing on… Grow revenues

Adequate capital to support growth

1. Medium-Term goals 2. FICC = Fixed Income, Currencies and Commodities

New cases and deaths falling but fatality rate increasing. GDP expected to rebound after a year of COVID-19- New virus variants likely to fuel second wave. However, induced economic contraction vaccination rollouts provide a glimmer of hope

Real GDP growth at market prices1

2020 2021

2 -3.0% Latest updates on the COVID-19 crisis in Africa… SSA In thousands 3.2% Africa Cases 2000 4,116,865 -4.1% 1800 Nigeria 1600 1.1% Deaths 109,922 1400 1.1% Ghana 1200 1.4% Recoveries 1000 3,683,840 1.8% 800 Cote d'Ivoire Total 5.5% 600 39,850,362 Test -2.5% 400 Cameroon 3.0% 200 Global cases3 123,386,930 0 -1.0% Central Western Eastern Northern Southern Kenya 6.9% Source: 1. Africacdc.org/covid-19/ - 22 March 2021 -10.0% 2. Real GDP growth rates for SSA are for Jan 2021 sourced from IMF World Economic Zimbabwe Outlook (WEO) Update, Jan 2021. SSA 2021 output was revised up by 0.1ppt. All other 2.9% GDP growth are sourced from the 'Global Economic Prospects’, a World Bank Group Flagship Report, January 2021 3. Johns Hopkins University COVID-19 as of 22 March 2021

2020 Encouraging business momentum • Net revenue up 4% to $1.7bn, benefited from our diversified business model as strong Net revenue $1.7bn (operating income) +4% CIB revenues offset modest growth in Commercial and Consumer due to COVID-19’s disproportionate impact on small businesses and households 62.7% Cost-to-income ratio • Pre-provision operating profit up $77m to $626m on positive operating leverage, (3.4)pp providing flexibility to increase NPL coverage Pre-provision $626m • Expenses down $19m, despite one-off restructuring cost of $32m and litigation accruals operating profit +14% of $12m. Cost-to-income ratio improved to 62.7% $227m • One-off goodwill charge of $164m and net monetary loss of $61m negatively impacted Impairment +70% profit before tax resulting in $231m decrease to $174m

Profit before tax (excl. $338m goodwill) (17%) Strong balance sheet $174 • Record growth of $2.0bn in customer deposits to reach $18.3bn, driven mostly by Profit before tax (57%) current and savings account (CASA) deposits Return on tangible • Highly liquid balance sheet – Loans-to-deposit ratio of 54% & Liquidity ratio of c.48% equity (ROTE) – excl. 13.3% • NPL ratio improved to 7.6% (2019: 9.7%). Proactively built NPL coverage to 74.5% (2019: goodwill 58.3%) towards near term target of 100% • TBVPS increased 16% YoY to 5.46 US dollar cents ROTE 0.3% • Provisional est. of Tier 1 ratio of 9.4% (8.8% in 2019) and Total CAR of 12.3% (11.6% in 2019) are above regulatory minimums. Adequate capital to support planned growth Tangible book value 5.46 $ cents per share – TBVPS +16% Strategic priorities

Total CAR1 12.3% • Revenue generation – Trade, Payments, FICC • Maintain expense discipline – expect CIR to trend lower 1. Total Capital Adequacy Ratio of 12.3% as of 31/12/20 is a provisional estimate • Credit portfolio reset – NPL ratio down; Coverage up & focus on keeping S3 loans low • Maintain solid balance sheet – ample liquidity & improving CAR • Driving group-wide customer excellence programs • Invested in technology to position us for growth

Total Digital Transactions1 OMNI Lite OMNI Plus

140 70. 1.00 8. 20.00 80.

119 0.90 18.00 120 60. 7. 70. 56% 0.80 16.00 14.80 14.63 0.68 6. 60. 100 50. 0.70 14.00 5. 50. 76 0.60 12.00 80 $40.1 40. 43% 0.50 $3.9 4. 10.00 40. 60 30. 0.40 8.00 $27.9 3. 30. 21% $27.7 40 20. 0.30 1368% 6.00 $22.9 0.16 2. 20. 0.20 4.00 20 10. 1. 10. 0.10 2.00

0 0. - $0.3 0. - 0. 2019 2020 2019 2020 2019 2020

Transactions (M) Volume ($B) Transactions (MM) Volume ($B) Transactions (MM) Volume ($B)

Mobile App (incl. USSD) Ecobank Online Xpress Points (Agency)

60 56 12. 2.00 2. 3.50 5. 1.80 2. 2.85 5. 50 10. 3.00 1.60 1.45 2. 4. 41 1.40 1. 2.50 4. 40 8. 1.98 1.20 1. 3. 2.00 $1.1 30 6. 1.00 0.83 1. 3. 1.50 0.80 1. 2. 171% 20 4. $1.7 (9)% 0.60 1. $1.6 2. 62% $3.5 1.00 0.40 0. 1. 10 $2.3 2. $0.4 0.50 0.20 0. 1.

0 0. - 0. - 0. 2019 2020 2019 2020 2019 2020

Transactions (MM) Volume ($B) Transactions (MM) Volume ($B) Transactions (MM) Volume ($B)

1. Total digital transactions comprise transaction count on the Ecobank App, USSD, Online banking, OMNI Plus, OMNI Lite, Xpress Points, Rapid Transfer (RT) App, and other indirect digital channels

© Ecobank Group 2021| FY 2020 Earnings Presentation | 23 March 2021 9 PUBLIC PUBLIC …with increasing digital adoption rates across our regions We are seeing the shift from physical-to-digital across all regions

LEGEND : Number of digital transactions

ATM Branch Digital

UEMOA NIGERIA AWA CESA GROUP

18% 18% 24% 24% 25% 33% 35% 36% 40%

54% 11% 33% 5% 18% 29% 44% 9%

25% 24%

13%

65% 62% 57% 55% 49% 47% 38% 40% 36% 33%

2019 2020 2019 2020 2019 2020 2019 2020 2019 2020

Group Payment Services $154m contribution to Group revenues in FY20

Flows 9% Individuals Businesses Governments

• Airtime top-up • Salary payments • Salary payments • Bill payments • Cross-border payments • Tax refunds • Merchant payments • Taxes and levies • Supplier payments • Taxes and levies • Supplier payments • Vendor payments • School fees • Dividend payments • Passports • Donations and Fundraising • Charity distribution • Visas • Peer-to-peer transfers • Peer-to-peer transfers • Citizen documents

Payments Revenue2 Breakdown Products1

• Mobile money transfers • Domestic funds transfer • Direct debits Virtual card creation Merchant acquiring / QR International funds transfer Disbursements 3% • • • 9% • Prepaid card top-ups • POS Acquiring • Regional funds transfers • Credit card payment • e-commerce acquiring • Payments to mobile 5% • VISA P2P • ETF / RTGS services • Bill payments Card solutions 49% Alternative channels Merchant Biller Card Alternative Disbursements Solutions Solutions Channels Solutions Biller solutions 34%

Merchant solutions

1. See Product definitions in appendix 2. Payments revenue only includes fee income

RISK MANAGEMENT

Proactively managed risks across the firm and ensured credit 2 portfolio is adequately reserved in an uncertain economic outlook

Eric Odhiambo, Group Chief Risk Officer

Assessing the damage & adapting Supporting our customers and Anticipating challenges & future our risk profile mitigating the impact client needs

February – April 2020 May –December 2020 2021 Outlook

• A series of stress tests were • Unlike Western Governments that • It is our planned objective to conducted from as early as directly provided cash to steadily increase the coverage February 2020, to determine the companies and individuals, ratio towards 100% and to sectors, countries, and products Regulators in Africa provided reduce the NPL Ratio to the 5% most vulnerable to the Covid-19 relief to the economy by way of range in the near term pandemic and its fall out. various actions such as • We are proactively engaging with forbearance approvals which we clients to assess their conditions • Decisions we made included have applied to ease the burden one year into the pandemic and freezing further lending to sectors on select clients during the agree on new normal concerning such as Airlines, Upstream Oil & pandemic. These measures have performance/repayment levels. Gas, Mining and Financial helped sustain the quality of the Institutions. portfolio and minimize further deterioration. • We continue to adjust our operating model, for speed and • … and placed restrictions on flexibility through centralization origination in Tourism, Real • We reached out to vulnerable and digitalization of the credit Estate, Construction and import obligors to identify mitigating process from origination to measures that could be taken to dependent manufacturing. remedial management. avoid distress and default

Net impairment charges on loans ($M) & Cost-of-risk

Impairment Macro overlay CoR 900 8% 7.09% 800 7%

700 6%

600 Excluding macro- 5% overlay, the cost-of- 500 risk is 1.29% 3.30% 4% 3.24% 400 770 3% 300 1.85% 2% 200 1.12% 326 319 55 100 1821% 110 127 0 0% 2016 2017 2018 2019 2020

Net impairment charges on loans ($M) & Cost-of-risk(1) Accumulated impairments ($M), NPL Coverage & Stage 3 Coverage

70 Net impairments CoR 4.00% Accumulated impairments NPL Coverage Stage 3 Coverage

3.50% 60 120% $54 700 $635 $52 $603 $591 110% $48 3.00% 50 600 $557 $558 $45 100% 2.50% 500 90% 40 $35 1.75% 1.79% 1.85% 74.5% 2.00% 70.1% 80% 1.46% 400 65.1% 65.3% 30 58.3% 70% 1.12% 1.50% 300 60% 20 1.00% 200 50% 50.7% 50.1% 40% 10 0.50% 100 45.0% 44.0% 43.4% 30%

0 0.00% 0 20% 4Q19 1Q20 2Q20 3Q20 4Q20 4Q19 1Q20 2Q20 3Q20 4Q20

NPL ($M) (EOP(2)) & NPL ratio Key Points

NPLs NPL ratio • Increased impairments gradually to reflect the uncertain macroeconomic environment. As a result, the cost-of-risk increased to 1.85% vs 1.12% in the 1,000 $955 20.0% $925 prior year. Which was still below our downside scenario of >2%. 950 $904 $906 900 16.0% • Gross impairments were $558m at the end of 4Q20 largely unchanged from 850 4Q19, but this is as of result of the net movement between impairments taken 800 $749 in 2020, recoveries made in 2020, and write-offs made in 2020, resulting in a 750 9.9% 12.0% 9.7% 9.8% 9.9% $1m increase in gross impairments in the end. 700 7.6% 650 8.0% • We continue to build up our impairment with the objective being to improve 600 on our overall coverage to 100% in the near-term and also achieve Stage 3 550 coverage above 70%. 500 4.0% 4Q19 1Q20 2Q20 3Q20 4Q20 • The stock of NPLs i.e. S3 Loans has reduced to $749m. Having started with $955m, we saw new migrations into S3 of $125m and saw Recoveries of $75m, Upgrades of $85m and Write-offs of $171m.

1. Cost of risk has been computed on an annualised year-to-date basis 2. EOP = End-of-period

All in millions of $ Stage 1 loans Stage 2 loans Stage 3 loans

7,733 7,807 543 1,242 1,145 (447) 955 (331)

125 749

2019 Net increase 2020 2019 Recoveries Additions 2020 2019 Recoveries Additions 2020 W/Os

• The $543m additions to stage 2 loans • The $331m reflect recoveries, collections, represent downgrades from stage 1 and write-offs and upgrades in 2020. The upgrades from stage 3 written-off loans are fully provided for and we continue to pursue recovery • The $447m reflects both reduction in Stage 2 exposure through repayments • The $125m represents new downgrades and in some cases upgrades to Stage 1 from Stage 2 into Stage 3

Liquid assets / Total assets Demand deposits/ Tot. Deposits Liquidity profile

• Group liquidity profile remains resilient 47.8% and strong despite the pandemic, 63.2% 47.0% providing comfortable room to support 46.3% planned loan growth 61.1% 60.6% • Overall group liquidity was bolstered by a 60.1% 60.2% substantial growth in deposits reflecting 44.0% client confidence in the Ecobank franchise 43.2% • Deposit growth was driven by demand deposits which comprised 63.2% of total deposits, a 260bps increase from 2019

• LDR ratio fell and now stands at 53.6% reflecting enhanced capacity for asset 4Q19 1Q20 2Q20 3Q20 4Q20 4Q19 1Q20 2Q20 3Q20 4Q20 growth

• NIB deposits to Total loans ratio increased Loan-to-deposits NIB / Total loans to the point where we closed the year at 111.3%. This will continue to drive a 111.3% strong positive impact on NIM. 60.8% 107.7% 106.0% • On the foreign currency front, we have 58.1% seen improvement in many countries facing challenges in FCY liquidity as the 55.1% year came towards a close. We expect the cross-border risk profiles of these 53.6% 97.8% 52.9% countries to continue to improve 94.8%

4Q19 1Q20 2Q20 3Q20 4Q20 4Q19 1Q20 2Q20 3Q20 4Q20

FINANCIAL REVIEW

Encouraging growth in pre-provision profits despite pandemic’s 3 challenges; profits adversely impacted by one-offs

Ayo Adepoju, Group Chief Financial Officer

Record customer deposit growth… …drove ample liquidity… …and led to improved reserve build

Customer deposits ($B) Loans-to-deposits ratio NPL coverage ratio

60.5% $18.29 74.5% $16.25 58.3%

53.6%

2019 2020 2019 2020 2019 2020

Resetting the cost base PPOP benefited from positive operating Robust ROTE despite Covid-19

Cost-to-income ratio Pre-provision operating profit ($M) ROTE

13.3% Goodwill impact 66.2% 16.5% excluded $626

62.7% $549

2019 2020 2019 2020 2019 2020

In millions of US dollars except per share 2020 2019 Profit before tax, net monetary loss, and goodwill charge 399 415 Profit before tax and goodwill charge 338 405 Profit before tax 174 405 Profit after tax 88 275 Profit available to ETI shareholders 4.2 194 ROTE1 (%) 0.3 16.5 ROTE excl. goodwill charge % 13.3 16.5 Diluted EPS (US cents) 0.01 0.78 Diluted EPS (excl. goodwill charge (US cents) 0.67 0.78 Net revenue (operating income) 1,680 1,622 Pre-tax, pre-provision operating profit 626 549 Net interest margin (NIM) % 5.5 4.7 Non-interest revenue/ Net Revenue (NIR) % 46.1 53.8 Cost-to-income ratio % 62.7 66.2 Cost-of-risk % 1.85 1.12 Total capital adequacy ratio2 (CAR) % 12.3 11.6 Tier 1 CAR (%) 9.4 8.8 Book value per ordinary share, BVPS (US cents) 6.08 5.97 Tangible BVPS (US cents) 5.46 4.72 ETI share price3 (US cents) 1.58 1.79

(1) ROTE is profit attributable to ETI shareholders divided by the average EOP tangible shareholders’ equity. Tangible shareholders’ equity is ETI shareholders’ equity less non-controlling interests, goodwill, and intangible assets. (2) Basel II/III CAR is as of 31 December 2020 is a provisional estimate. (3) The USD/NGN rate used to convert ETI’s end-of-period NGN share price into U.S. dollar is sourced from Bloomberg; EOP = end-of-period

Summary Income Statement 2020 2019 % YoY 1 Key points (In millions of $ except per share) % Ccy • Net revenue up $57m to $1.7bn with an increase Net revenue (operating income) 1,680 1,622 4% 11% in NII partially offset by a decrease in NIR. ROTE of Operating expenses 1,054 1,073 (2)% 2% 13.3% (excluding goodwill charge) Pre-provision operating income 626 549 14% 32% Gross impairment losses on loans (312) (314) (1)% (1)% • Expenses benefited from targeted efforts to reset Loan recoveries and impairment releases 131 204 (36)% (37)% the firm’s cost base, especially amid the current Net impairment losses on loans (182) (110) 65% 69% challenging environment. Cost-to-income ratio Impairment losses on other assets (45) (24) 92% 37% improved by 342bps to 62.7% despite one-off Total impairment losses (227) (134) 70% 61% restructuring costs Operating profit after impairment losses 399 415 (4)% 20% Pre-provision operating profit up $77m to $626m 2 • Net monetary loss arising from hyperinflationary economy (61) (9) - - on positive jaws Profit before tax and goodwill impairment 338 405 (17)% Goodwill impairment (164) - - - • An increase in impairment charge due to COVID- 19 and proactive macro-overlays Profit before tax 174 405 (57)% (47)% Taxes (89) (135) (34)% - • Profit before tax of $174m negatively impacted by Profit from discontinued activities 3 5 (29)% - non-cash goodwill charge, net monetary losses, Profit after tax 88 275 (68)% (34)% and restructuring costs. As a result, profit available Profit available to ETI shareholders 4 194 (98)% - to ETI shareholders declined $190m to $4m Diluted EPS (US dollar cent) 0.01 0.78 (99)% - Diluted EPS (excl. goodwill impairment) -US dollar cent 0.67 - - -

ROTE3 0.3% 16.5% ROTE (excl. goodwill impairment) 13.3% - Cost-to-income ratio (CIR) 62.7% 66.2% Cost-of-risk (CoR) 1.85% 1.12% Effective tax rate (ETR) 26.4% 33.3%

1. Constant currency reporting eliminates fluctuations in the functional currencies of our operating subsidiaries against the US dollar, our reporting currency. It is a clearer and meaningful indicator of the firm’s underlying performance, assuming the US dollar exchange rate to the various functional currencies did not change within the period. 2. Zimbabwe and South Sudan designated hyperinflationary economy and IAS 29 (Financial Reporting in Hyperinflationary Economies Standard) applied resulting in $61m net monetary loss for FY 2020 3. ROTE is profit attributable to ETI shareholders divided by the average EOP tangible shareholders’ equity. Tangible shareholders’ equity is ETI shareholders’ equity less non-controlling interests, goodwill, and intangible assets. Note: Totals may not sum due to rounding

Profit Before Tax ($M)

(100) 157 (19) (93)

405 (51)

(164)

1 174

PBT 2019 NII NIR Expenses Impairments Net monetary Goodwill Associated PBT 2020 loss charge income

In $ million (All)

Non-interest revenue Non- Net Net interest income interest revenue interest income NIM NIR/Revenue 260 7.0% $242 $236 $1,680 260 $244 70.0% $1,622 $219 $230 $209 $209 6.5% 210 65.0%

210 $200 6.0% $183 60.0% $750 5.5% 5.5% $907 160 5.4% 5.4% 54% $159 5.5% 160 55.0% 50%

47% 50.0% 110 4.7% 5.0% 45% 110

42% 45.0%

4.5%

60 $873 $774 60 40.0% 4.0% 35.0%

10 10 3.5% 30.0% 2019 2020 4Q19 1Q20 2Q20 3Q20 4Q20 4Q19 1Q20 2Q20 3Q20 4Q20

-40 3.0% -40 25.0%

Key points

• Net revenue of $1,680m benefitted by higher NII, primarily driven by a significant decrease in interest expense

• NII of $906m, up $156m, reflecting the benefit of deposit and funding mix. The lower rates paid on funds benefited from a deliberate approach to grow CASA deposits (customer deposits grew by $2bn YoY) and allowance for the natural attrition of expensive term deposits

• NIR of $774m, down $99m, primarily because consumer and business activities slowed down significantly due to COVID-19 pandemic.

(1) Operating income (net revenue) defined as net interest income plus non-interest revenue

Operating expenses ($ millions) Key points

• Expenses down 2%, YoY. The cost-to-income ratio Staff expenses Other expenses D&A CIR improved by 342bps to 62.7% vs 66.2%

66.2% 62.7% 65.6% 66.0% 61.1% • Expenses benefited from targeted efforts to reset 1200 62.1% 62.2% 350 the firm’s cost base, especially amid the current $1,073 $1,054 50.0% challenging environment. 109 $297 50.0% 1000 104 300 $275 $285 31 30.0% $259 27 487 30 30.0% • The YoY decrease in expenses benefited from a 487 250 $235 800 133 23 10.0% 136 reductions in the following cost items -business 24 132 200 118 10.0% travel, (-50%), operational losses/fines (-53%), 600 -10.0% 101 training (-60%), fuel (-41%), and repairs and 150 -10.0% maintenance (-19%), partially offset by increases -30.0% 400 490 463 in communications/technology (+13%) and 100 134 -30.0% -50.0% 122 118 109 114 rent/utilities (+27%) 200 50 -50.0% -70.0% • Current year expenses included $32m of one-off

0 -90.0%0 -70.0% restructuring charges related to branch closures (closed 145 branches, mostly in Nigeria), FY19 FY20 4Q19 1Q20 2Q20 3Q20 4Q20 severance costs (reduced group-wide headcount by c.850 people), and $12m litigation accruals in 575 branches closed since 2016 Headcount down by 3,320 since 2016 AWA (which has been fully provisioned).

1,265 17,343 16,386 • Excluding the one-off costs, expenses would 15,930 14,878 14,023 have declined by $63m (within our FY20 target 927 888 847 690 range of $60-$80m). Also, the CIR would have been c.60% instead of the reported 62.7%

2016 2017 2018 2019 2020 2016 2017 2018 2019 2020

2018

2019 In billions of US dollars 2020

Record deposit growth… …drove higher balances in treasuries …and in fixed-income securities

18.30 15.94 16.25 6.07 1.83 4.86 1.63 1.71 4.57

Net loans down on cautious lending Decline in borrowed funds Shareholder’s equity

9.09 9.28 9.24 2.06 2.08 1.92

1.46 1.48 1.50

Customer Deposits ($M)

683 ( 364 ) 18,297 1,732

16,246

Customer Current Savings Term Customer Deposits Deposits Deposits Deposits Deposits 2019 2020

FY20 Customer deposits by…

Business Segment Geographical Region Type

Term CESA CB 18% CIB 25% 35% 41% UEMOA 38% Savings AWA 19% Current 18% 63% CMB NIGERIA 24% 19%

Tier 1 & Total Capital Adequacy Ratios Key points

Tier 1 CAR Total CAR • As at December 2020, the Group provisionally estimates1 its Tier 1 CAR at 9.4% and Total CAR 13.2% at 12.3%. The improvement in CAR for the year (up from 8.8% Tier 1 and 11.6% Total as at 12.4% 11.6% 12.3% December 2019) is primarily due to internal profit generation and issuance of Tier 2 instruments at affiliate level. 9.1% 9.1% 8.8% 9.4% • On a fully loaded IFRS 9 Day One basis, the Group estimates its Tier 1 CAR at 8.8% and Total CAR at 11.7% as at December 2020. • The Group calculates regulatory risk weighted assets according to standardized approaches; UMOA Basel II/III does not allow for internal models or advanced approaches.

Dec 2017 Dec 2018 Dec 2019 Dec 2020 UEMOA Basel II/III requirements 2019 2020 2021 2022 2023 (provisional) $ billions Tier 1 CAR 7.25% 7.25% 7.875% 8.5% 8.5%

T1 capital 1.62 1.46 1.36 1.46 Total CAR 9.5% 9.5% 10.375% 11.25% 11.5% Total capital 2.36 1.98 1.79 1.91

Total RWAs 17.89 16.01 15.50 15.52 Additional ETI-specific SIFI buffer +0.4% +0.7% +1.0% +1.0%

2020 Changes in Group Consolidated Total CAR

14%

+ 1.4% + 0.1% - 0.5% 13% - 0.3% + 0.1% - 0.1% + 0.1% - 0.0%

12% 12.3%

11.6% 11%

10% Total CAR Dec 2019 Δ retained earnings Δ minority interests Δ foreign currency Δ other reserves & Δ Tier 2 instruments Δ credit risk Δ operational risk Δ market risk Total CAR Dec 2020 (excluding goodwill translation & deductions weighted assets weighted assets weighted assets (provisional) impairment) hyperinflation (excluding goodwill reserve impairment)

1. Per UMOA regulations, December regulatory capital adequacy reports are due to the regulator on 30 April 2021. Ecobank’s December 2020 capital adequacy calculations are therefore considered provisional and not final.

FY20 ($m)

Corporate & Net revenue 945 17% Investment Bank Expenses 454 7%

NIR ratio: 42% PPOP1 495 27% CIR: 47.8% CoR: 1.8% Impairment2 126 108% NPL ratio: 4.3% PBT 337 2% NPL coverage: 70.2%

FY20 ($m)

Commercial Bank Net revenue 372 3%

Expenses 280 1% NIR ratio: 52% CIR: 75.3% PPOP1 92 11% CoR: 3.2% NPL ratio: 22.3% Impairment2 52 60% NPL coverage: 74.8% PBT 23 -54%

FY20 ($m)

Net revenue 400 Consumer Bank -4% Expenses 326 NIR ratio: 43% -2% CIR: 81.6% PPOP1 74 -11% CoR: 1.9% NPL ratio: 7.3% Impairment2 22 40% NPL coverage: 88.3% PBT 42 -37%

1. PPOP = Pre-tax pre-provision operating profit 2. Macro-overlay of $55m allocated across business segments as 73% CIB, 22% Commercial, and 5% Consumer. Business segment’s impairment losses will not total Group’s impairment losses of $227m because of $27m of net impairment losses allocated to ‘Others’, representing mainly ETI.

UEMOA Net revenue 511 1% Expenses 304 ROE: 18.6% 1% NIR ratio: 39% PPOP1 207 CIR: 59.6% 1% CoR: 1.3% Impairment2 56 71% NPL ratio: 3.3% NPL coverage: 56.8% PBT 152 -13%

NIGERIA Net revenue 269 5% Expenses 222 ROE: 4.2% -9% NIR ratio: 40% PPOP1 47 265% CIR: 82.4% CoR: 0.3% Impairment2 12 82% NPL ratio: 19.9% NPL coverage: 56.7% PBT 35 462%

AWA Net revenue 476 9%

ROE: 26.9% Expenses 235 15% NIR ratio: 33% PPOP1 241 CIR: 49.4% 4% CoR: 3.1% Impairment2 40 -26% NPL ratio: 6.3% NPL coverage: 93.5% PBT 201 13%

CESA Net revenue 458 3% Expenses 249 ROE: 16.1% -4% NIR ratio: 54% PPOP1 209 CIR: 54.4% 13% CoR: 1.7% Impairment2 29 896% NPL ratio: 9.7% NPL coverage: 98.9% PBT 119 4%

1. PPOP = Pre-tax pre-provision operating profit 2. Net impairment losses will not add up to Group’s impairment losses of $227m mostly because of a macro-overlay of $55m

Turnaround successes… …and the strategic initiatives to drive growth & profitability

• Deepening value chain Resetting the cost base CASA • Cross-sell products • Increase CASA and reduce Cost-of Funds

• Drive Payments business Improved deposit mix PAYMENTS • Payment volumes increasing across platforms

• Investing in salesforce teams Adequate capital and liquidity EFFICIENCY • Branch optimisation • Driving NIM expansion via lower CoF

• NPL recovery strategy and heightened loan GOOD LOANS monitoring Ability to raise Tier 2 capital & RECOVERIES • Conservative lending • Drive reductions in Stage 2 loans

Improvement in credit portfolio

2020 TARGET ACTUAL 2021 TARGET

Gross loans Down 0.4% YoY (End-of-period 0% to 3% decline YoY 0-2% growth YoY Within target EOP balances) Customer Up 13% YoY deposits Approx. 8% growth YoY 0-4% growth YoY Above target (EOP balances)

Up 4% YoY Revenue Flat compared to prior year 0-2% growth YoY Above target

Operating Approx. 4% lower compared Down 2% YoY 2%-4% decline YoY expenses to prior year

Cost-to-income Approx. 63% 62.7% Approx. 61% ratio

Cost-of-risk 180 – 200 basis points 185 basis points 150 – 180 basis points

NPL ratio 9.5% - 9.8% 7.6% 5% - 7%

NPL coverage > 75% 74.5% > 90% ratio

Vaccination rollout expected to support economic rebound in 2021. But our priority is to continue to ensure that we sustain our services to our customers in these uncertain times

Managing the bank through the pandemic with a heightened sense of risk and control measures to ensure continued stability of the firm

Driving behavioural change through our ongoing Ethics, Culture and Conduct transformation program

Continuing our discipline with expense management, and putting our expense on a declining path, while sensibly investing for the future

Accelerating our digital transformation agenda to continue drive better outcomes for our customers

Taking ongoing actions to strengthen the resiliency of our balance sheet

Firm remains profitable and resilient

Ecobank Geographical Regions ETI & Ecobank Summary Performance as of 31 December 2020 NIGERIA(1) UEMOA AWA CESA Others (2) Group (In millions of US Dollars)

Income statement highlights Net interest income 161 311 317 211 (92) 907 Non-interest revenue 109 201 159 247 57 773 ------Net revenue (operating income) 269 511 476 458 (35) 1,680 Operating expenses 222 304 235 249 44 1,054 ------Pre-provision operating profit 47 207 241 209 (79) 626 Impairment losses on financial assets 12 56 40 29 91 227 ------Operating profit after impairment losses 35 152 201 180 (169) 399 Net monetary loss arising from hyperinflationary economies - - - (61) 0 (61) Share of post-tax results of associates - - - (0.1) (0.2) (0.3) ------Profit before tax and goodwill impairment 35 152 201 119 (170) 338 Goodwill Impairment - - - - (164) (164) ------Profit before tax 35 - 152 - 201 - 180 - (394) - 174 - Profit after tax 33 141 139 89 (314) 88 ------Balance sheet highlights Total Assets 5,630 9,969 4,304 5,961 75 25,939 Gross loans and advances to customers 2,481 3,870 1,213 1,796 438 9,798 Of which stage 1 1,343 3,460 1,078 1,437 490 7,808 Of which stage 2 645 281 59 194 62 1,241 Of which stage 3 (NPLs) 493 129 77 165 (114) 749 Less: Accumulated impairments (279) (73) (72) (163) 29 (558) Of which stage 1 (9) (27) (22) (29) (3) (90) Of which stage 2 (62) (13) (7) (20) 9 (93) Of which stage 3 (208) (33) (43) (114) 23 (375) Net loans and advances to customers 2,202 3,796 1,142 1,633 467 9,240 Non performing loan 493 129 77 165 (114) 749 Deposits from customers 3,538 6,849 3,180 4,510 221 18,297 Total equity 796 822 585 595 (771) 2,028

Ratios ROE (3) 4.2% 18.6% 26.9% 16.1% 0.3% ROA 0.6% 1.5% 3.5% 1.5% 0.4% Cost-to-income 82.4% 59.5% 49.4% 54.4% 62.7% Loan-to-deposit ratio 70.1% 56.5% 38.2% 39.8% 53.6% NPL Ratio 19.9% 3.3% 6.3% 9.2% 7.6% NPL Coverage 56.7% 56.8% 93.5% 98.9% 74.5%

1. Also included in the Nigeria region are the results of the Resolution Vehicle 2. ETI & Others comprise the financial results of the parent company (ETI), eProcess (the Group's technology shared services company owned by ETI), Paris subsidiary, other ETI-owned affiliates and structured entities, and the impact of accounting eliminations arising from Group consolidation. 3. ROE for the regions are computed using profit after tax divided by average end-of-period (EOP) total equity. For the Group, the ROE is computed using profit available to ETI divided by average EOP shareholder's equity

Summary financials (UEMOA) Financial performance

Year ended 31 December (in millions of US dollars) 2020 2019 YoY Ccy* • Profit before tax down $22m to $152m. ROE of 18.6% Net interest income 311 291 7% 4% Non-interest revenue 201 217 (8)% (10)% • Net revenue up $3m to $511m, as higher NII partially Net revenue (operating income) 511 508 1% (2)% offsets lower NIR Operating expenses (304) (302) 1% (2)% Pretax, pre-provision operating profit 207 206 1% (2)% Gross impairment losses on loans (104) (154) (33)% (36)% • Net interest income (NII) up $20m to $311m on higher Loan recoveries and impairment releases 53 121 (57)% (59)% investment securities balances. Non-interest revenue Net impairment losses on loans (51) (32) 57% 46% Impairment losses on other assets (5) (0.1) n.m. n.m. (NIR) down $17m to $201m, reflecting the adverse impact Impairment losses on financial assets (56) (32) 71% 59% of COVID-19 on business activity. As a result, fees and Profit before tax 152 174 (13)% (14)% commissions generated on cash management, trade As at 31 December (In millions of US dollars) 2020 2019 YoY Ccy finance, and payments reduced significantly. A substantial Loans & advances to customers (gross) 3,870 3,848 1% - portion of NIR decrease was associated with a significant Of which stage 1 3,460 3,498 (1)% - compression in the margins generated on client-driven FX Of which stage 2 281 191 47% - Of which stage 3, credit impaired loans (non-performing loans) 129 159 (19)% (26)% transactions. Less: allowance for impairments (Expected Credit Loss) (73) (79) (8)% (16)% Of which stage 1: 12-month ECL(1) (27) (28) (3)% - Of which stage 2: Life-time ECL (13) (11) 22% - • Expense up $2m to $304m, reflecting one-off restructuring Of which stage 3: Life-time ECL (33) (41) (19)% - costs of c.$8.3m. The cost-to-income ratio of 59.5% was flat Loans & advances to customers (net) 3,796 3,769 1% (8)% on previous year. Total assets 9,969 8,960 11% 2% Deposits from customers 6,849 5,641 21% 11% Total equity 822 697 18% 8% • Pre-provision operating profit of $207m was largely Cost-to-income 59.5% 59.4% unchanged from the prior year ROE 18.6% 22.8% Loan-to-deposit ratio 56.5% 68.2% NPL ratio 3.3% 4.1% • Net impairments of $56m were higher $23m, driven by NPL coverage ratio 56.8% 50.1% episodic loan downgrades. NPL ratio deteriorate from 4.1% Stage 3 coverage ratio 25.6% 25.6% of 3.3% Note: Selected income statement line items only and thus may not sum up * Ccy = year-on-year percentage change on a constant currency (1) ECL = Expected Credit Loss

UEMOA comprises of Benin, Burkina Faso, Cote d’Ivoire, Cape Verde, Mali, Niger, Senegal, Togo, Guinea Bissau, Microfinance in Burkina and EDC affiliates within the region

Summary financials (NIGERIA) Financial performance

Year ended 31 December (in millions of US dollars) 2020 2019 YoY Ccy* • Profit before tax of $35m increased $29m YoY, on positive Net interest income 161 103 56% 66% operating leverage. ROE improved to 4.2%. Non-interest revenue 109 153 (29)% (21)% Net revenue (operating income) 269 256 5% 15% • Net revenue up $14m to $269m driven by higher NII, Operating expenses (222) (243) (9)% (0.4)% Pretax, pre-provision operating profit 47 13 265% 323% partially offset by lower NIR. Gross impairment losses on loans (33) (32) 4% 11% Loan recoveries and impairment releases 27 28 (2)% 1% • Net interest income (NII) up $58m to $161m, driven by Net impairment losses on loans (6) (5) 40% 96% Impairment losses on other assets (6) (2) 166% 171% the impact of lower rates and an improved mix of customer Impairment losses on financial assets (12) (7) 82% 126% deposits in favour of lower-cost CASA deposits. Profit before tax 35 6 462% 506% • Non-interest revenue (NIR) fell $44m, reflecting COVID- As at 31 December (In millions of US dollars) 2020 2019 YoY Ccy 19’s impact and the economic recession in Nigeria, partially Loans & advances to customers (gross) 2,481 2,504 (1)% - offset by episodic gains in fixed-income trading due to Of which stage 1 1,343 1,175 14% - market opportunities. Of which stage 2 645 731 (12)% - Of which stage 3, credit impaired loans (non-performing loans) 493 598 (18)% 5% Less: allowance for impairments (Expected Credit Loss) (279) (279) 0% 56% • Expenses were down $21m to $222m, primarily driven by (1) Of which stage 1: 12-month ECL (9) (22) (58)% - branch and headcount reductions. Cost-to-income ratio Of which stage 2: Life-time ECL (62) (56) 12% - Of which stage 3: Life-time ECL (208) (201) 3% - improved to 82.4% from 94.9% in the prior year Loans & advances to customers (net) 2,202 2,225 (1)% 9% Total assets 5,630 5,933 (5)% 10% Deposits from customers 3,538 3,715 (5)% 5% • Pre-provision operating profit up $34m to $47m, driven Total equity 796 785 2% 89% by positive operating leverage. Cost-to-income 82.4% 94.9% ROE 4.2% 0.4% • Net impairments were $12m, up $5m, driven by impact of Loan-to-deposit ratio 70.1% 67.4% NPL ratio 19.9% 23.9% COVID-19 partially offset by recoveries including $13m in NPL coverage ratio 56.7% 46.6% the Resolution Vehicle (RV) Stage 3 coverage ratio 42.2% 33.6%

Note: Selected income statement line items only and thus may not sum up * Ccy = year-on-year percentage change on a constant currency • Nigeria has strengthened its CAR position – Total CAR as of (1) ECL = Expected Credit Loss 31/12/20 was 21.4%

1. Constant currency reporting eliminates fluctuations in the functional currencies of our operating subsidiaries against the US dollar, our reporting currency. It is a clearer and meaningful indicator of the firm’s underlying performance, assuming the US • Balance sheet is substantially liquid. ENG successfully raised dollar exchange rate to the various functional currencies did not change within the period. $300m 5yr Eurobond at 7.125% being the first non- Nigeria region includes EDC affiliates with Nigeria and the Resolution Vehicle. sovereign bond from Africa in 2021(February). The bond offering was 300% oversubscribed and offered the lowest coupon rate of any outstanding Nigerian bank issuer

Summary financials (AWA) Financial performance

Year ended 31 December (in millions of US dollars) 2020 2019 YoY Ccy* • Profit before tax up $24m to $201m, driven by positive Net interest income 317 264 20% 32% operating leverage and lower impairments. ROE of 26.9% Non-interest revenue 159 172 (8)% (12)% versus 30.1% in the prior year. Net revenue (operating income) 476 436 9% 13% Operating expenses (235) (205) 15% 18% Pretax, pre-provision operating profit 241 232 4% 9% • Net revenue up $40m to $476m on higher NII. Gross impairment losses on loans (53) (62) (14)% (10)% • Net interest income (NII) up $53m to $317m, primarily Loan recoveries and impairment releases 13 10 35% 42% driven by higher investment securities and inter-bank Net impairment losses on loans (40) (52) (23)% (20)% Impairment losses on other assets (0.01) (2) (100)% (100)% placements. Impairment losses on financial assets (40) (54) (26)% (23)% • Non-interest revenue (NIR) fell $13m to $159m, driven by Profit before tax 201 178 13% 19% pandemic’s effects, which affected fee and commission As at 31 December (In millions of US dollars) 2020 2019 YoY Ccy income from trade finance, payments, and cash Loans & advances to customers (gross) 1,213 1,376 (12)% - management Of which stage 1 1,078 1,203 (10)% - Of which stage 2 59 67 (12)% - Of which stage 3, credit impaired loans (non-performing loans) 77 106 (28)% (26)% • Expenses increased $30m to $235m, largely driven by one- Less: allowance for impairments (Expected Credit Loss) (72) (86) (17)% (21)% off restructuring costs related to headcount reductions (1) Of which stage 1: 12-month ECL (22) (38) (43)% - ($6.8m) and a litigation accrual ($12m), which has been fully Of which stage 2: Life-time ECL (7) (2) 189% - Of which stage 3: Life-time ECL (43) (46) (6)% - provisioned for. The cost-to-income was 49.4% compared Loans & advances to customers (net) 1,142 1,290 (12)% (9)% to 46.9% in 2019. Total assets 4,304 3,595 20% 12% Deposits from customers 3,180 2,704 18% 17% Total equity 585 449 30% 31% • Pre-provision operating profit up $9m to $241m, Cost-to-income 49.4% 46.9% primarily driven by significantly higher NII, partially offset by ROE 26.9% 30.1% one-offs in expenses. Loan-to-deposit ratio 38.2% 50.9% NPL ratio 6.3% 7.7% NPL coverage ratio 93.5% 80.9% • Net impairments fell $14m to $40m, reflecting a decrease Stage 3 coverage ratio 56.5% 43.1% in NPLs. NPL ratio decreased to 6.3% vs 7.7% from the prior Note: Selected income statement line items only and thus may not sum up year. * Ccy = year-on-year percentage change on a constant currency (1) ECL = Expected Credit Loss

AWA comprises of Ghana, Guinea, Liberia, Sierra Leone, Gambia, Microfinance in Ghana and Sierra Leone and EDC Ghana

Summary financials (CESA) Financial performance

Year ended 31 December (in millions of US dollars) 2020 2019 YoY Ccy* • Profit before tax down $7m to $180m, primarily reflecting Net interest income 211 194 9% 21% the impact of net monetary loss $61m coming from Non-interest revenue 247 250 (1)% 32% Zimbabwe and South Sudan. As a result, ROE of 16.1% Net revenue (operating income) 458 444 3% 27% Operating expenses (249) (259) (4)% 6% deteriorated from 23.6 largely reflecting the impact of Pretax, pre-provision operating profit 209 185 13% 67% monetary loss. Gross impairment losses on loans (50) (39) 28% 33% Loan recoveries and impairment releases 27 45 (41)% (40)% Net impairment losses on loans (23) 6 n.m n.m • Net revenue up $14m to $458m on higher NII. Impairment losses on other assets (5.8) (9) (36)% (31)% Impairment losses on financial assets (29) (3) 896% 1,696% • Net interest income (NII) up $17m to $211m, driven by Net monetary loss arising from hyperinflationary economy (61) (9) n.m n.m higher investment securities and inter-bank placements. Profit before tax 180 173 4% 46% • Non-interest revenue (NIR) fell $3m to $247m, primarily As at 31 December (In millions of US dollars) 2020 2019 YoY Ccy driven by a decline in fees on client-related FX sales. Loans & advances to customers (gross) 1,796 1,699 6% - Of which stage 1 1,437 1,382 4% - Of which stage 2 194 175 11% - • Expenses decreased $10m to $249m, reflecting significantly Of which stage 3, credit impaired loans (non-performing loans) 165 143 15% 12% lower staff-related costs. he cost-to-income was 54.4% was Less: allowance for impairments (Expected Credit Loss) (163) (152) 7% 7% Of which stage 1: 12-month ECL(1) (29) (33) (11)% - an improved if compared to 58.3% in 2019. Of which stage 2: Life-time ECL (20) (5) 275% - Of which stage 3: Life-time ECL (114) (114) (0.4)% - Loans & advances to customers (net) 1,633 1,547 6% 7% • Pre-provision operating profit up $24m to $209m, driven Total assets 5,961 5,598 6% 16% by higher NII and lower expenses, partially offset by lower Deposits from customers 4,510 3,903 16% 25% Total equity 595 517 15% 25% NIR. Cost-to-income 54.4% 58.3% ROE 16.1% 23.6% • Net impairments were $29m compared with $3m, driven Loan-to-deposit ratio 39.8% 43.5% NPL ratio 9.2% 8.4% mainly by downgrade to oil and gas loans. Also included in NPL coverage ratio 98.9% 106.4% the current period’s impairments are higher management Stage 3 coverage ratio 69.0% 79.8% reserve overlays as buffers against prevailing uncertainties Note: Selected income statement line items only and thus may not sum up * Ccy = year-on-year percentage change on a constant currency due to COVID-19. The NPL ratio was 9.2% vs 8.4% in the (1) ECL = Expected Credit Loss prior period.

Q & A

Market Leader in 6 Founded Strong Diversified & Early Adopter of Countries; Top 3 in 1985 Brand At scale Technology 15 Countries

Stock market • Bank subsidiaries: 334 NSE, BRVM & GSE Africa Presence listing • Rep. Offices: 2

Market Value1 $311M

Addis Ababa • Fitch: ‘B-’ / Stable Principal Shareholders (Rep Office) Credit Ratings • S&P: ‘B-’ / Stable • Moody’s: ‘B3’ / Negative Nedbank Others 21% • Assets: $25.9B 31% • Deposits: $18.3B Balance Sheet2 • QNB South Loans: $9.2B Africa 20% • Equity: $2.0B GEPF/PIC 14% Arise B.V Francophone West Africa (UEMOA) 14% Customers Approx. 24M Nigeria

Anglophone West Africa (AWA) • Ecobankers: 14,023 Central, Eastern and Southern Africa (CESA) People • Nationalities: 43 Ecobank Representative Offices

• Branches: 690 • ATMs: 2,659 Distribution3 • Mobile app users: 12.9M • Xpress Points: 66,408 • Ecobank Pay: 309,208

1. Market value of ETI as of 22 March 2021 2. Balance sheet figures are as of 31 December 2020. 3. Distribution figures as of 31 December 2020 4. Ecobank also has a subsidiary bank in Paris, France and Representative Offices in London, Dubai and Beijing

Primary objective is the health of Ecobankers, meeting the financial needs of our customers safely and conveniently in these challenging times, and being supportive of the communities we serve

Employees Customers Communities

• Activated our Business Continuity • ATMs & Call centers open 24/7 • Contributed about $3 million in Plan • Clients have access to full range cash, healthcare equipment, and • Instituted flexible working banking services on all our digital supplies arrangements: 60% of Ecobankers platforms – Mobile, Online, Omni • Continue to embark on sustained working from home Lite, Omni and robust COVID-19 awareness • Ensured working environment is campaigns COVID-19 compliant • Waived some fees on our digital channels • Leveraging our digital banking • Provided WHO approved personal platforms to provide money to protective equipment to front line • Strict adherence and compliance some of the most vulnerable staff to WHO, governments, and health agencies COVID-19 protocols members in our communities • Co-leading with the African Union-Nepad to support MSMEs with technical knowledge, mentoring, knowledge sharing, and financial support

UEMOA NIGERIA

6.1% 11.6% 5.8% 5.6% 10.9% 9.4%

3.8% 4.0% 4.0% 6.2% 5.8% 5.6% 5.1% 2.0% 2.1% 4.1% 1.7% 3.2% GROUP

8.5% 8.5% 8.3%

2018 2019 2020 2018 2019 2020 5.5% Average yield Average yield NIM 5.3% Average yield Average yield NIM 4.7% on IEA on IBL on IEA on IBL 3.4% 3.0% 2.3% AWA CESA 7.3% 6.7% 6.6% 11.2% 11.6% 11.4% 5.6% 9.8% 9.9% 2018 2019 2020 9.1% 4.9% 4.7% Average yield Average yield NIM on IEA on IBL

1.7% 1.7% 1.8% 2.1% 1.8% 1.5%

2018 2019 2020 2018 2019 2020

Average yield Average yield NIM Average yield Average yield NIM on IEA on IBL on IEA on IBL

1. IEA – Interest Earning Assets, i.e. loans, investment securities, and other interest earning financial instruments 2. IBL – Interest Bearing Liabilities i.e. customer deposits, borrowed funds and other interest bearing funding instruments 3. NIM – Net Interest Margin

December 2020 provisional Total CAR Regulatory requirement 86%

54%

43% 39% 38% 39% 34% 33% 28% 28% 26% 26% 24% 23% 24% 21% 22% 18% 18% 15% 16% 16% 16% 16% 16% 13% 12% 14% 13%

11% 11% 12% 11%

CAR

Mali

DRC

Chad

Togo

Niger

Benin

Kenya

Ghana

France

Liberia

Gabon

Guinea

Malawi

Nigeria

Zambia

Gambia

Burundi Uganda

Senegal

Rwanda

Tanzania

SaoTome

Cameroon

Zimbabwe

Eq. Eq. Guinea*

CapeVerde

SierraLeone

BurkinaFaso

Cote d'Ivoire

South Sudan

Mozambique CongoBrazza GuineaBissau -30%

* Equatorial Guinea Total CAR is 35% excluding the impact of government-related provisions

Zimbabwe economy was designated hyperinflation in July 2019 Impact of Hyperinflation in Zimbabwe & South Sudan

CPI ZW/USD Linear (CPI) 120

100 3,000 100 26.7 83 81 81 82 82 77 80 52.5 80 2,500 64 60 2,000 2,475 2,475 40 8 60 1,500 20 40

0$’million in Amounts 25 25 25 1,000 17 18 -20 (33.8) 20 17 500 -40 Income Net Monetary Net Monetary Net impact on 552 statement Loss (ZW) Loss (SS) PBT - - Indexing Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Cumulative inflation for S Sudan over the past three year neared 100% in 2020 Key Points

CPI SSP/USD Linear (CPI) • IAS 29 “Financial Reporting in Hyperinflationary Economies” requires the financial statements (and corresponding figures for previous periods) 1.6X of an entity with a functional currency that is hyperinflationary to be restated for the changes in the general pricing power of the functional 190 20,000 currency 16,841 18,000 185 As part of the conditions for determining an economy as hyperinflationary, 16,000 • 177 177 180 175 14,000 the cumulative inflation rate over three years must approach, or exceed, 10,657 175 12,000 100%. 168 10,000 170 164 165 8,000 • For hyperinflation accounting, the income statement is translated at the 162 163 164 165 160 161 162 162 6,000 period end foreign exchange rate instead of an average rate (Income 4,000 statement indexing) 160 2,000 155 - • IAS 29 also requires non-monetary assets and liabilities, shareholders’ Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec equity and comprehensive income to be restated in terms of a measuring unit current at the period end. This results in a net monetary loss or gain

1. Exchange rate are EOP = End-of-period rates

By Geography By Business 4Q20 Loan Book Overview • UEMOA is our largest market (41%), followed by Nigeria 19% 12% (27%), CESA (19%) and AWA (13%). 41% 17% 13% $9.8B $9.8B • Corporate obligors (71%) represent the largest segment, 71% followed by Commercial (17%) 27% and Consumer (12%) • Loan book remains well diversified with largest sectors UEMOA NIGERIA AWA CESA CIB CMB CB being Services (15%), Government (13%), and By Sector By Currency Manufacturing (12%) FIs 4% • Loan book mainly denominated Others 6% Services1 15% in CFA (51%), USD (23%) and Construction 3% 6% 5% NGN (12%) 6%

Telecoms 6% Manufacturing 12% 12% Wholesale & $9.8B $9.8B 51% Retail Trade 9% 23%

O&G Govt. 13% (Downstream) 8% O&G (Upstream) Retail 11% 10% CFA USD NGN GHS Others EUR

Services 1 Composition: Business services (14%), Electric companies (11%), Utilities (8%), Hotels (6%)

By Geography By Business 4Q20 NPLs Overview • Stage 3 Loans are concentrated in Nigeria (55%), UEMOA (18%) and CESA (18%) 18% 18% 11% • Noteworthy are the elevated 40% 9% coverage ratios of CESA (99%) and $749m $749m AWA (94%). UEMOA and Nigeria had coverages of 57% each, that we 49% intend to build up. 55% • It is also worth nothing we hold collateral fair valued at $707m against these impaired loans. UEMOA NIGERIA AWA CESA CIB CMB CB

By Sector By Currency

Others 2% Services1 Construction 16% 16%

Manufacturing 3%4%1% 9% 8% 34% Telcos 1%

$749m $749m Retail 6%

Wholesale & Retail Trade 50% 10%

Oil & Gas CFA USD NGN GHS Others EUR 40%

$m • Following a review of the valuation of the bank’s 386 (217) goodwill related to the acquisition of Oceanic Bank in 2011 and triggered by COVID-19 and a shift in the long-term macroeconomic parameters for Nigeria, the bank recorded a non-cash, non- recurring impairment charge of $159m. This has no impact on the bank’s liquidity and 169 (10) 159 regulatory capital ratios Goodwill carrying value fully impaired • The resultant recoverable amount using the value- in-use (VIU) computation yielded a value ranging from $539m - $794m. We adopted a Acquisition FCTR Dec. 2019 FCTR IAS 36 Sept. 2020 Date impact impact impact conservative stance in writing off Oceanic Oct. 2011 goodwill nine years following the acquisition

• The net carrying value of Nigeria (our geographical segmentation) of $511m comprises of $791m related to Ecobank Nigeria and -$280m related to the resolution vehicle (RV)

• Helping our customers make payments for services necessary to run their businesses i.e. salaries, tax, utilities, suppliers, shareholders etc. We have designed our solutions with the objective of making the payments process easy, convenient, seamless, efficient for our customers within and outside of the African continent. We aim to become a bank of choice for local, continental and inter-continental payments for Disbursements the Multinational, Global, International Organizations, Financial Institutions, Regional Corporates and Local Corporates, Medium and Small Scale Businesses, and Individuals

• Ecobank Merchant solutions enables our customers to accept payment for their goods and service through our acquiring solutions. We also offer our personal customers instant access to their accounts via, Cashless Payment (POS) machines, online, mobile, or in- branch. We offer merchants fast, easy to use and secure solutions to support their sales collection and account reconciliation needs Merchant Solutions

• We provide innovative biller solutions leveraging our biller platform called today “Bankcollect” that provides seamless integration to customers billing systems with exposure to customers for purpose of bill payments. Channels like Ecobank Mobile App, POS, Ecobank Biller Solutions Online, e-Commerce are enabled for retail and Ecobank OmniPlus, Omnilite for Corporate Users. We do have Branch and our Agency Network on which we leverage to capture non Ecobank Customers.

• Our Card solutions offers branded payment cards directly to consumers, small businesses and corporates, such as credit cards - VISA & Mastercard, prepaid and commercial cards. As an issuing bank, Ecobank is responsible for paying, the Acquiring Bank for the goods and services the consumer or corporate purchases. The primary way that we make money is interest charged on credit cards, secondly, Card Solutions card transaction fees

• Our alternative channels are made up of two channels, one being the branch network and the second one being the ATM services. The ATM services supports all card types and offers a broad range of electronic banking that allows customers to complete basic transactions without the aid of a branch representative or teller. Anyone with a credit card or debit card can access cash at all our Alternative channels ATMs. The ATMs also accepts deposits, balance transfers and bill payments

This presentation includes ‘forward-looking statements’. These statements contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect” and words of similar meaning. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding the Group’s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the Group’s products and services) are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Group to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward looking statements are based on numerous assumptions regarding the Group’s present and future business strategies and the environment in which the Group will operate in the future. These forward-looking statements speak only as at the date of this presentation. The Group expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Group’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

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Ecobank Transnational Inc. http://ecobank.com 2365, Boulevard du Mono B.P. 3261, Lomé - Togo

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