BANK OF

SPEECH BY

PROFESSOR EMMANUEL TUMUSIIME MUTEBILE GOVERNOR AT THE OFFICIAL LAUNCH OF (UGANDA) LIMITED

MAY 13, 2016

The Shareholders of Exim Bank (Uganda) Limited,

Members of the Board of Directors of Exim Bank (Uganda) Limited,

Senior Management and Staff of Exim Bank (Uganda) Limited,

All the invited Guests in your respective capacities.

I am greatly honoured to preside over the official launch of Exim Bank (Uganda). I would like to begin by commending the directors of Exim Bank for their decision to invest in Uganda. It is a decision which I am confident will prove, in the years ahead, to be of benefit to both the bank and to Uganda.

Exim Bank, which is headquartered in Tanzania, has become the majority shareholder in former Imperial Bank (Uganda). That bank was placed under statutory management in October, 2015 following the closure of its parent bank in Kenya. I would like to emphasize that the Ugandan subsidiary of Imperial was not itself suffering from any financial distress. The need for it to be taken into statutory management arose solely because its parent bank and majority shareholder in Kenya had been put into receivership in that country.

To protect depositors’ funds and to ensure continuity of the bank’s operation in Uganda, the Bank of Uganda decided to resolve Imperial Bank Uganda

Page 2 of 4 by arranging for the sale of its parent bank’s majority shareholding to a new investor with the financial and technical resources to manage the bank in a safe and sound manner. Accordingly, on February 16, 2016, a Share Sale and Purchase Agreement in respect of Imperial Bank (Uganda) Limited was entered into between the Bank of Uganda, Exim Bank (Tanzania) Limited and Imperial Bank (Uganda) Limited, under which Exim Bank Tanzania purchased the 58.6 percent equity stake in Imperial Bank Uganda from Imperial Bank Kenya. This sale ended the Bank of Uganda’s Statutory Management of Imperial Bank Uganda. Exim Bank Tanzania took over the management of Imperial Bank (Uganda) and changed the bank’s name to Exim Bank (Uganda) Limited on March 07, 2016.

The successful resolution of Imperial Bank Uganda has achieved three important objectives. First, it ensured that no depositors’ funds were lost. Secondly, it enabled the bank to continue operating without any disruption to its customers. Thirdly, it has protected public confidence in the soundness of our banking system and the safety of customers’ deposits. I believe that it has demonstrated very clearly that we have a bank resolution framework in Uganda which is effective and works for the benefit of the Ugandan public.

Exim Bank (Tanzania) started operations in 1997 and has since grown to become the sixth largest bank in Tanzania in terms of assets. It now has 27 branches spread across Tanzania and it also fully owns subsidiaries in the Union of and the Republic of Djibouti.

Page 3 of 4

Exim Bank’s expansion in Uganda is a strategic move aimed at establishing a wide footprint in East Africa. Its entry into the Ugandan market is expected to bring numerous benefits, including a wider banking network, regional correspondent relationships, access to wider business opportunities and innovative technology driven products and services.

With these few remarks, allow me to once again commend the Shareholders and Board of Directors of Exim Bank for having confidence in the Ugandan banking sector and deciding to invest in the country. I look forward to the bank making a significant contribution to our financial markets and the wider economy over the long term.

It is now my honour and great pleasure to officially launch the operations of Exim Bank (Uganda) in Uganda.

Thank you for your attention.

Prof. Emmanuel Tumusiime-Mutebile Governor, Bank of Uganda

May 13, 2016

Page 4 of 4