PRIDE MICROFINANCE LIMITED (MDI)

1 Pride MicroFinance Limited Annual Report CORPORATE PROFILE Who we are, Mission and Strategy 3

Your Growth is our Pride (Customers’ testimonies) 6

Board of Directors 7

Senior Management 8

Directors’ Report 9

Chairman’s Statement 11

Statement of Directors’ responsibilities 14

Contents Financial Highlights 16

Report of the Independent Auditor 17

Financial Statements 19

Contact Information 23

PML Branch Network 24

Abbreviations / Acronyms

PML Pride Microfinance Limited MDI Microfinance Deposit-taking Institution CSR Corporate Social Responsibilities IT Information Technology

Pride MicroFinance Limited Annual Report

2 Contents CORPORATE PROFILE CORPORATE PROFILE

WHO WE ARE Pride Microfinance Limited (MDI) (PML) is a Microfinance Deposit Taking Institution regulated and supervised by Bank of . Since 1995 PML has been a cutting- edge financial services provider to hundreds of thousands of Ugandans in the field of Microfinance.

VISION To be the leading Micro Finance Deposit-Taking Institution with the largest branch network, best portfolio quality and customer service in Uganda.

MISSION To provide financial services to small, medium and upscale entrepreneurs through profitable operations that foster growth of both internal and external customers.

CORE VALUES • Responsive and Responsible governance • Honesty, Integrity and Accountability • Excellency and Transparency • Efficiency and Effectiveness • Team Work and Customer Sensitivity • Equal Opportunity Employer

OWNERSHIP PML is 100% owned by Government of Uganda.

CORPORATE STRATEGY The focus for the next five years will be growth that will mainly come from consolidation and increased penetration within the targeted market segments for PML’s core product lines as stated below: • Intensive portfolio growth with limited product menu. • Aggressive mobilization of deposits which will be intermediated to provide funding for the growing portfolio. • Obtaining more long-term loan funds from various lenders to finance portfolio growth and have a diversified source of funding. • Research, product innovations and modifications of the existing products and services so that they are more tailored and custom designed to fit the ever changing needs and requirements of PML’s clientele. • Ploughing back all profits to finance portfolio growth. • Acquiring a new centralized software package to enable PML provide networked banking to its clients and move to the next level. • Training staff to ensure maximum productivity, efficiency and effectiveness. • Review individual performance targets for staff to enhance maximum productivity.

3 Pride MicroFinance Limited Annual Report CORPORATE PROFILE

WHAT WE DO As a Microfinance Deposit-taking Institution, we have a range of both deposit and loan products designed to cater for financial needs of people in Uganda especially the micro, small and medium entrepreneurs. We also have money transfer services through Western Union. These products include:

Deposit Products • Pride Smart Savings Account • Pride Akiba Savings Account • Fixed Deposit Account • Minor’s Savings Account • Group Savings Account • LIF ( Loan Insurance Fund)

Loan products • Group Guaranteed Loans • Individual Loans • Salary Loans

Proposed products • Asset Financing Loan

Other services • Western Union Money Transfer • Insurance against death, disability and catastrophies for all loan clients.

4 Pride MicroFinance Limited Annual Report MAKINGMAKING BANKING BANKING EASY EASY

A customer being served at PML using the biometric finger print reader

The biometric finger print reader is a system that reads your finger-print in order to access personal information on your account.

With this system our customers do not have to write deposit and withdrawal slips. This has made banking easy, faster and secure for them hence encouraging them to save.

5 Pride MicroFinance Limited Annual Report “YOUR GROWTH BOARD OF DIRECTORS IS“YOUR OUR GROWTH PRIDE” IS OUR PRIDE”

CUSTOMER’S TESTIMONIES

Ms. Kyomugisha Margaret, Head Office Branch Customer

I had always stood in queues for hours waiting to either “withdraw or bank my money which made me very uneasy. But since I joined Pride Microfinance Ltd I usually take less than two minutes in the banking hall which gives me more time to be in my business and plan for it. This speed of work also extends to their loan’s department because the first time I applied for a loan at Pride, I was not their customer at that time but it only took 4 days to process my loan. I have acquired more loans from them since then which have helped me to grow my business and my self. I recently bought a plot of land using the loan I got from Pride.” Mr. Lubulwa Ibrahim, Owino Market

Before Pride Microfinance Ltd came to us, I did not think that a “businessman like me from Owino market could benefit anything from formal financial institutions. However through their Group Guaranteed Loan Scheme, I got my first loan without pledging any formal security which opened doors for me. These loans have helped me grow my business, acquire land and build a house where I live now. I have also purchased a second plot of land and life is now much better. Pride Microfinance Ltd is very reliable and responsive to our needs. The idea of not writing deposit or withdrawal slips is very convenient because it saves time.”

6 Pride MicroFinance Limited Annual Report “YOUR GROWTH BOARD OF DIRECTORS IS OUR PRIDE” BOARD OF DIRECTORS

Enoch Rukidi Monica K. Mugenyi Board Chairman Chairperson Risk and Credit Committee

Maris Wanyera Peter Gachuba Chairperson Human Resource Chairman Finance & Procurement Development & Administration Committee Committee

Paul K. Musoke Constance Makosya Managing Director Chairperson Audit & ALCO Committees

7 Pride MicroFinance Limited Annual Report SENIOR MANAGEMENT SENIOR MANAGEMENT

Paul K. Musoke Veronicah Gladys Namagembe Managing Director Ag. Deputy Managing Director and Head of Operations

Gerald Kikambi Rehema N . S Mutazindwa Head of Finance Head of Human Capital Management

Peter Okwakol Samuel Baguma Head of Audit Head of ICT

8 Pride MicroFinance Limited Annual Report DIRECTORS’ REPORT DIRECTORS’ REPORT 1. PRINCIPAL ACTIVITIES The Company takes deposits from the public and various Institutions and provides advances to customers.

2. MARKET RISK Market risk exists wherever PML has taken credit extension, banking and investment positions. Banking and investment limits are set by the Board to contain the risk of losses within a prescribed amount in the event of adverse price movements.

3. CAPITAL ADEQUACY The company monitors the adequacy of its capital using ratios advised by Bank of Uganda. These ratios measure capital adequacy by comparing the company’s eligible capital with its balance sheet assets, off-balance-sheet commitments and market and other risk positions at a weighted amount to reflect their relative risk.

Capital Requirement Basis: Core capital required is 15% of the total risk weighted assets including the risk weighted contingent claims.

Total capital required is 20% of the total risk weighted assets including the risk weighted contingent claims.

PML Capital Ratios:

Risk Risk Balance Sheet Weighted Balance Sheet Weighted Nominal Nominal Amount Amount (UGX ‘000) Amount (UGX ‘000) Amount

2008 2008 2007 2007 Capital Capital Ratio Capital Ratio Ratios Core Capital 10,809,972 23% 9,507,018 25%

Total Capital 15,516,204 33% 14,049,421 36%

The above computation indicates that PML complies with the capital adequacy requirements under Sections 15 and 16 of the Micro Finance Deposit Taking Institutions Act, 2003.

9 Pride MicroFinance Limited Annual Report DIRECTORS’ REPORT

4. RESULTS The results for the year are set out on page 19.

5. DIVIDENDS The directors do not recommend payment of any dividend for the current year. (2008: Nil)

6. RESERVES The reserves of the company are set out on page 21.

7. DIRECTORS The directors who served during the year and to the date of this report were: - Mr. Enoch Rukidi - Chairman Mrs. Monica Mugenyi - Director Mrs. Constance Makosya - Director Mr. Peter Gachuba - Director Ms. Maris Wanyera - Director Mr. Paul K. Musoke - Managing Director

8. AUDITORS KPMG who were appointed during the year have expressed their willingness to continue in office in accordance with section 159 (2) of the Companies Act. This isalsoin accordance with the MDI Act, 2003.

9. APPROVAL OF FINANCIAL STATEMENTS The financial statements were approved by the directors at a meeting held on ...... 2009

By order of the Board

Signed………………………………… Date: …………………………… SECRETARY

10 Pride MicroFinance Limited Annual Report CHAIRMAN’S STATEMENT CHAIRMAN’S STATEMENT

s Pride Microfinance Limited (MDI) (PML) looks ahead to the challenges caused by the Global Economic Crisis, it is encouraging Ato report that it faces the future from a strong and solid point. During 2008, the institution realized satisfactory results overall, with profit before tax being UGX 3.42 Billion. Our loan and savings portfolios grew by 23% and 33% respectively.

MACRO ECONOMIC ENVIRONMENT For 2008, the cost of doing business in Uganda increased with the increase in interest rates. This situation has been worsened by increasing fuel costs and inflation rates that have generally affected our clients’ business growth. The volatility in the Interest rates Enoch Rukidi was mainly caused by the “credit crunch” that Board Chairman originated from USA and is a key example of the effects of globalization.

This has consequently resulted into changes in the financial services, at least in the short- run. Many financial institutions worldwide have become more risk averse in an attempt to improve their financial statements, which have PML’s financial results show that success been infected with “toxic” assets, resulting into was scored in a number of areas. Over significant asset write-downs. “the past year, voluntary savings grew by 33% from UGX 8.5 Billion to UGX 11.3 The effects of this economic crisis have spread Billion whereas our loan portfolio grew by 23% far deep into our economy and have had an from UGX 35.2 billion to UGX 43.3 billion. impact on PML as it largely relies on borrowed This growth could be attributed among other funds for its Business Growth. PML will factors to the increase in active clients that vigilantly monitor market conditions in order PML recruited in 2008. We registered profit to get the best available sources of funding of UGX 3.42 Billion before tax. and increase its prudence in asset management to minimize asset write-downs. ”

11 Pride MicroFinance Limited Annual Report CHAIRMAN’S STATEMENT

FINANCIAL PERFORMANCE PML’s financial results show that success was scored in a number of areas. Over the past year, voluntary savings grew by 33% from UGX 8.5 Billion to UGX 11.3 Billion whereas our loan portfolio grew by 23% from UGX 35.2 billion to UGX 43.3 billion. This growth could be attributed among other factors to the increase in active clients that PML recruited in 2008. We registered profit of UGX 3.42 Billion before tax.

CORPORATE GOVERNANCE AND CORPORATE SOCIAL RESPONSIBILITY The PML board is aware that a robust governance structure is necessary for both the survival and a healthy working environment within the institution. It has therefore fostered a culture throughout the organisation that values responsive and responsible governance, honesty, integrity and accountability, excellence and transparency, efficiency and effectiveness, teamwork and customer sensitivity. Our Managing Director has given real leadership to the institution. He and his senior management staff have driven growth of PML through an ethical code of conduct.

The Board has various committees to ensure that the institution complies with the rules and codes of the industry. These committees also require the institution’s management to bear the highest ethical standards by keeping up with the best practices in microfinance.

Corporate Social Responsibility (CSR) is part of our daily lives through our mechanism of operation. We are committed to improving the lives of the people who live in communities we operate in. We are proud of the success we have achieved in our CSR programs and we will continue to give back to these communities.

CUSTOMER FOCUS We are truly grateful for the unwavering support that our customers give us. Our focus is to become more sensitive to our customers’ divergent needs. We want to identify and appreciate the new challenges facing them and be able to develop suitable products and services to respond to these needs. Most importantly, we focus on improving customer service, to make sure that our customers have a pleasant experience whenever doing business with us.

OUR PEOPLE I would like to thank the management and staff for their efforts towards the success achieved last year. It is the commitment and dedication of every one of them that makes a difference. I must say, they are a force to reckon with. I look forward to continuing our journey together in the years ahead. The year 2009 and beyond present the prospect of declining economic activity and the scale of changes caused by the economic challenges in our own economy will demand a great deal from all the people who work in the institution. However, the dedication and vigor already manifested from the institution’s own leaders and staff confirms my belief that PML should continue to progress throughout 2009.

12 Pride MicroFinance Limited Annual Report CHAIRMAN’S STATEMENT

THE OUTLOOK From an economic perspective, 2009 looks murky particularly given the events of the first months of the year which have exhibited that the financial system of Uganda is not immune to the global economic crisis. Interest rates are on the increase and certainly, with this situation in the financial sector, credit will be less easy to come by and undoubtedly more expensive.

The financial sector of Uganda is increasingly becoming very competitive with the entry of more banks and change in their respective strategies to tap into the microfinance sector. However, the success scored in the past years show that we stand in a strong position to overcome the challenges in the coming year. This, coupled with our corporate strategy that is customer centric should enable us to grow further in 2009.

CONCLUSION I would like to thank all the board members for the contribution they have made towards last year’s success. For it is under their guidance that PML managed to go yet another milestone. We do appreciate the support from our various partners most notable are our customers, the government of Uganda and the government of the Kingdom of Norway. We pledge to continue providing appropriate microfinance solutions to people of Uganda in order to enhance growth and general development of the country.

Enoch Rukidi Board Chairman

13 Pride MicroFinance Limited Annual Report STATEMENT OF DIRECTORS’ RESPONSIBILITIES

The company’s directors are responsible for the preparation and fair presentation of the financial statements, comprising the balance sheet as at 31 December 2008, the income statement, the statement of changes in equity and cash flow statement for the year then ended, and the notes to the financial statements, which include a summary of significant accounting policies and other explanatory notes, in accordance with International Financial Reporting Standards, the MDI Act, 2003 and the Ugandan Companies Act.

The directors’ responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of these financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. They are also responsible for safeguarding the assets of the company.

The directors accept responsibility for the financial statements set out on pages 7 to 40 which have been prepared using appropriate accounting policies supported by reasonable and prudent judgments and estimates, in conformity with International Financial Reporting Standards, the reporting requirements of the MDI Act, 2003 and Ugandan Companies Act. The directors are of the opinion that the financial statements give a true and fair view of the state of the financial affairs and the profit for the year ended 31 December 2008. The directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of financial statements, as well as adequate systems of internal financial control.

The directors have made an assessment of the company’s ability to continue as a going concern and have no reason to believe the business will not be a going concern for the next twelve months from the date of this statement.

Director: Mrs. Monica Mugenyi Signed: ......

Director: Mr. Paul K. Musoke Signed: ......

Director: Mr. Peter Gachuba Signed: ......

Date: ...... 2009

14 Pride MicroFinance Limited Annual Report FINANCING THE SECTOR FOR TRADE AND COMMERCE

Financing the sector for Trade and Commerce

15 Pride MicroFinance Limited Annual Report FINANCIAL HIGHLIGHTS PROFITS PML continued to make commendable profits year on year. PML registered profits of UGX 3.42 billion before tax in the year 2008.

PROFIT BEFORE TAX

4,000,000 0 0 0 ' 3,000,000 PROFIT BEFORE TAX

X PROFIT BEFORE TAX G

U 2,000,000 n i

4t ,000,000 i

4f ,000,000 o 0

r 1,000,000 0 0 P 0 0 '

3,000,000 0 ' X 3,000,0000 G X G U 2,000,000 2006 2007 2008 n U i

t 2,000,000 i n f i o t

r Year

i 1,000,000 f

P Profit Before Tax o

r 1,000,000 P 0 0 2006 2007 2008 LOAN PORTFOLIO 2006LOAN PORTFYOeLa2rI0O07 2008 PML’s loan portfolio grew by 23%. Net outstanding portfolio increasedProfit Btoefo rUGXe Tax 43.3 billion in Year 0 50,000,000 Profit Before Tax 2008 from UGX 35.20 billion in 2007 0 '

X 40,000,000 G U 30,000,000 LOAN PORTFOLIO n i

o i l 20,000,000 LOAN PORTFOLIO 0 f o 50,000,000 t 0 r

0 10,000,000 ' o P X 40,000,000 0 G 0 50,000,000 0 U

0 30,000,000 ' n 2006 2007 2008 i

X

o 40,000,000 i

l 20,000,000 G Year U f o

Outstanding Loan Portfolio t 30,000,000 r n 10,000,000 i o

P o i

l 20,000,000 f o t

r 10,000,000 2006 2007 2008 o

P SAVINGS DEPOSITS 0 Year Outstanding Loan Portfolio

2006 2007 2008

X 12,000,000 G

U 10,000,000 Year SAVINGS DEPOSITS ( s

g 8,000,000 Outstanding Loan Portfolio n ) i 0

PML’s savings depositsv have continued to grow steadily. Voluntary savings grew from UGX 8.5

0 SAVINGS DEPOSITS a

0 6,000,000 ' S y

billion in 2007 to UGXr 11.3 billion in 2008

a 4,000,000 t

n

X 12,000,000 u

l 2,000,000 G o U V 10,000,000 ( 0 SAVINGS DEPOSITS s

g 8,000,000 n ) 2006 2007 2008 i 0 v 0 a

0 6,000,000 Year ' S

X 12,000,000 y r G

a 4,000,000 Deposit Balances t U 10,000,000 n ( u s l 2,000,000 o g 8,000,000 n V ) i

0 0 v 0 a

0 6,000,000 ' S 2006 2007 2008 y r

a 4,000,000 Year t n u

l 2,000,000 Deposit Balances o V 0 2006 2007 2008 Year Deposit Balances

16 Pride MicroFinance Limited Annual Report REPORT OF THE INDEPENDENT AUDITORS REPORT ON THE FINANCIAL STATEMENTS We have audited the accompanying financial statements of Pride Microfinance Limited (MDI), set out on pages 19 to 22, which comprise the balance sheet as at 31 December 2008, income statement, statement of changes in equity and cash flow statement for the year then ended and a summary of significant accounting policies and other explanatory notes.

DIRECTORS’ RESPONSIBILITY FOR THE FINANCIAL STATEMENTS The directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards, Microfinance Deposit-taking Institution (MDI) Act 2003 and in the manner required by the Ugandan Companies Act. This responsibility includes: designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

AUDITOR’S RESPONSIBILITY Our responsibility is to express an independent opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate inthe circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OPINION In our opinion, the financial statements give a true and fair view of the state of financial affairs of Pride Microfinance Limited as at 31 December 2008 and of its profit and cash flows for the year then ended in accordance with International Financial Reporting Standards, the requirements of the Microfinance Deposit-taking Institution (MDI) Act 2003 and the Ugandan Companies Act.

17 Pride MicroFinance Limited Annual Report REPORT ON OTHER LEGAL REQUIREMENTS As required by the Ugandan Companies Act, we report to you, based on our audit, that: i) we have obtained all the information and explanations which, to the best of our knowledge and belief, were considered necessary for the purposes of our audit; ii) in our opinion, proper books of account have been kept by the Company, so far as appears from our examination of those books; and iii) the Company’s balance sheet and income statement are in agreement with the books of account.

KPMG Certified Public Accountants P O Box 3509 , Uganda

Date: ……………………… 2009

18 Pride MicroFinance Limited Annual Report FINANCIAL STATEMENTSFINANCIAL STATEMENTS Income statement for the year ended 31 December 2008

2008 2007 Ushs ‘000 Ushs ‘000 (Restated)

Interest income 20,032,506 15,508,990

Interest expense (3,586,408) (2,768,997)

Net interest income 16,446,098 12,739,993

Fee and commission income 2,342,852 1,692,593

Fee and commission expense (18,754) (27,897)

Net fee and commission 2,324,098 1,664,696

Other operating income 746,634 668,831

Net operating income 19,516,830 15,073,520

Impairment loss on loans and advances (877,605) (129,295)

Personnel costs (9,324,808) (6,704,414)

Depreciation and amortisation (742,544) (648,109)

Other operating expenses (5,151,128) (4,092,645)

Total operating expenses (16,096,085) (11,574,463)

Profit before income tax 3,420,745 3,499,057

Income tax expense (835,935) (425,983)

Profit for the year 2,584,810 3,073,074

19 Pride MicroFinance Limited Annual Report FINANCIAL STATEMENTS FINANCIAL Balance sheet as at 31 December 2008 STATEMENTS

2008 2007 Ushs ‘000 Ushs ‘000 Assets Restated Cash 1,720,565 2,724,510 Investments Securities- available for sale 13,699,144 10,227,215 Loans and advances to customers 43,374,469 35,219,698 Other assets 1,568,989 1,426,999 Deferred tax asset 210,077 51,220 Property and equipment 2,137,311 1,818,763 Intangible assets 41,987 49,173 Total assets 62,752,542 51,517,578 Liabilities Bank overdraft 824,680 49,470 Customer deposits 11,385,599 8,505,482 Loan insurance fund 11,390,106 8,993,247 Other liabilities 3,991,236 3,074,703 Amount due to related company 371,640 371,640 Debenture 4,281,663 4,281,663 Borrowed funds 17,593,500 16,031,000 Deferred grants 66,970 82,413 Current tax liability 242,860 95,395 Total liabilities 50,148,254 41,485,013 Shareholder’s equity Share capital 6,001,750 6,001,750 Retained earnings 6,136,918 3,770,076 Revaluation of available for sale assets (145,274) (132,187) Regulatory reserves 610,894 392,926 Total Equity 12,604,288 10,032,565 Total liabilities and equity 62,752,542 51,517,578

The financial statements set out on pages 19 to 22 were approved by the Board of Directors on …… 2009 and signed on its behalf by:-

Director ……………….....…… Director ……...... …...… Secretary ……...... …………

20 Pride MicroFinance Limited Annual Report FINANCIAL STATEMENTSStatement of changes in equity for the year ended 31 December 2008

Ordinary Retained Available Statutory Total For the year ended share earnings for sale reserves equity 31 December 2007 capital reserve Ushs ‘000 Ushs ‘000 Ushs ‘000 Ushs ‘000 Ushs ‘000 At 1st January 2007 6,001,750 796,441 (169,249) 178,293 6,807,235 Effect of reversal of - 115,194 - - 115,194 profit share incentive Transfer to Regulatory - (214,633) - 214,633 - reserve Available for sale - - (19,590) - (19,590) reserve Deferred tax effect on - - 56,652 - 56,652 available for sale reserve Net profit for the year - 3,073,074 - - 3,073,074 As at 31st December 6,001,750 3,770,076 (132,187) 392,926 10,032,565 2007

For the year ended Ordinary Retained Available Statutory Total 31 December 2008 share earnings for sale reserves equity capital reserve Ushs ‘000 Ushs ‘000 Ushs ‘000 Ushs ‘000 Ushs ‘000 At 1st January 2008 6,001,750 3,770,076 (132,187) 392,926 10,032,565 Transfer to Regulatory - (217,968) - 217,968 - reserve Available for sale reserve - - (75,348) - (75,348) Deferred tax effect on - - 62,261 - 62,261 available for sale reserve Net profit for the year - 2,584,810 - - 2,584,810 At 31 December 2008 6,001,750 6,136,918 (145,274) 610,894 12,604,288

21 Pride MicroFinance Limited Annual Report FINANCIAL STATEMENTS Cashflow statement for the year ended 31 December 2008 2008 2007 Ushs ‘000 Ushs ‘000 Cash flow from operating activities (2,282,866) 4,531,543 Cash flow from Investing activities Available for sale reserve (18,696) (19,590) Proceeds from disposal of assets 28,841 20,976 Purchase of property and equipment (1,055,158) (736,447) Acquisition of intangible assets (13,776) (270) Net cash flow from investing activities (1,058,789) (735,331) Cash flow from financing activates Loans repaid (3,437,500) (3,250,000) Long term loans 5,000,000 17,281,000 Net cash flow from investing activities 1,562,500 14,031,000 Net (decrease)/increase in cash and cash (1,779,155) 17,827,212 equivalents Cash and cash equivalents at beginning of 2,675,040 (15,152,172) the year Cash and cash equivalents at end of the year 895,885 2,675,040

22 Pride MicroFinance Limited Annual Report CONTACT INFORMATION PRINCIPAL PLACE OF BUSINESS: Metropole House Plot 8-10 Entebbe Road P O Box 7566 Kampala

REGISTERED OFFICE: Metropole House Plot 8-10 Entebbe Road P O Box 7566 Kampala

SOLICITORS AND COMPANY SECRETARY: Sebalu & Lule Advocates and Legal Consultants EADB Building Plot 4 Nile Avenue P. O. Box 2255 Kampala

AUDITORS: KPMG 3rd Floor, Rwenzori Courts Plot 2 & 4A, Road P.O. Box 3509 Kampala

Bankers: Stanbic Bank Uganda Barclays Bank Uganda Centenary Rural Development Limited Limited Bank Ltd 17 Hannington Road Kampala Road P.O. Box 137 Crested Towers P.O.Box 7101 Bugiri P. O. Box 7131 Kampala Kampala Uganda Uganda Limited Limited Centre Court, Ternan Avenue P.O. Box 2572 Nakasero Plot No 4 Kampala P O Box 7505 Kampala Uganda

23 Pride MicroFinance Limited Annual Report PML BRANCH NETWORK

Sudan

Yumbe Moyo N Adjumani Kitgum

Kotido Pader

Gulu Moroto Nebbi Pakwach Lira Apac Katakwi

Kaberamaido Nakapiripirit DRC Masindi Soroti Kumi Hoima Nakasongola Kamuli Pallisa Buwenge Kenya Kiboga Luweero Iganga Tororo FortPortal Mubende Jinja Wakiso Bugiri Malaba Busia Kyenjojo Lugazi Mayuge Kampala Mukono Mityana Kasese Sembabule Mpigi Ibanda Kabwohe Bushenyi Ishaka Lyantonde Kyotera Lake Victoria Key Rukungiri Rakai Kalangala PML Branch Kihihi Kisoro Tanzania Rwanda

1. Head Office Branch 11. Masaka 21. 2. 12. Hoima 22. Lira 3. Iganga 13. City Centre 23. Ishaka 4. Kasese 14. Jinja 24. 5. 15. Mbarara 25. Soroti 6. Mukono 16. Kabale 26. Rukungiri 7. Bugiri 17. Kasubi 27. Natete 8. Fortpotal 18. Buwenge 28. Mbale 9. 19. Bushenyi 29. Kabwohe 10. Lugazi 20. Arua

24 Pride MicroFinance Limited Annual Report Pride Microfinance Limited (MDI). Metropole House, Plot 8-10, Entebbe Rd P.O Box 7566 Kampala-UGANDA. Tel: +256-414 346 930/346 279/258 150 Fax +256-414 346 147 Email: [email protected] Website: www.pridemicrofinance.co.ug “Your Growth is Our Pride”

25 Pride MicroFinance Limited Annual Report