BANK OF INVESTOR PRESENTATION 1H 2012

Bank of Kigali Investor Presentation Page 1 Disclaimer This presentation contains statements that constitute “forward-looking statements”, including, but not limited to, statements relating to the implementation of strategic initiatives and other statements relating to our business development and financial performance.

While these forward-looking statements represent our judgments and future expectations concerning the development of our business, a number of risks, uncertainties and other factors could cause actual developments and results to differ materially from our expectations.

These factors include, but are not limited to, (1) general market, macroeconomic, governmental policies, legislative and regulatory trends, (2) movements in local and international currency exchange rates, interest rates and securities markets, (3) competitive pressures, (4) technological developments, (5) changes in the financial position or credit worthiness of our customers, obligors and counterparties and developments in the markets in which they operate, (6) management changes and changes to the Bank’s structure and (7) other key factors that we have indicated could adversely affect our business and financial performance, which are contained elsewhere in this presentation and in our past and future filings and reports, including those filed with the National Bank of and the .

We are under no obligation (and expressly disclaim any such obligations to) update or alter our forward- looking statements whether as a result of new information, future events, or otherwise.

2 Bank of Kigali Investor Presentation Page 2 Presentation Team

Lado Gurgenidze Chairman of the Board Email: [email protected] Mobile: +995 599 477 272 lado.gurgenidze.2008

James Gatera Chief Executive Officer Email: [email protected] Tel: +250 252 593 121

Lawson Naibo Chief Operating Officer Email: [email protected] Mobile: +250 78 830 2076

John Bugunya Chief Finance Officer Email: [email protected] Mobile: +250 78 830 6100

3 Bank of Kigali Investor Presentation Page 3 Agenda 1. Key Investment Highlights

2. Country Overview Information

3. Banking Sector Overview

4. Bank Overview

5. Corporate Governance

6. Business Overview

7. Review Of Financial Performance In 1H 2012 & 2011

8. Strategic Outlook

9. Contact Information

Bank of Kigali Investor Presentation Page 4 Key Investment Highlights

1. Best East African Bank Politically stable country with sound governance 2012 Very attractive demographic profile: population of 10.7 million with 83% below the age of 40 Robust economic growth of 4.1%-11.2% between 2006-2010 and 8.8% expected for 2011 Sound Macro Fundamentals Moderate inflation: Maintained single digit inflation at 8.3% in 2011 vis-à-vis Partners 2. Bank of the Year 2009- Very friendly business environment, recognized as the 2nd most reformer globally 2005-2011 in 2011 World Bank Doing Business Report Significant headroom for growth given low banking penetration Significant Total assets/GDP of 23% Banking Sector Large unbanked population of approximately 80% Potential 3. Best Bank in Rwanda Well regulated banking sector: fairly conservative regulator relative to regulators in the EAC 2009-2011 Market leadership by Total assets (RwF 312.8 billion as of 30 June2012) – 31.6% market share Market Net (RwF 142.6 billion as of 30 June2012) – 28.0% market share Leadership Customer Deposits (RwF 209.7 billion as of 30 June 2012) – 28.8% market share Shareholders’ equity (RwF 63.3 billion as of 30 June2012) –41.1% market share 4. Company of the Year Relatively high capital adequacy ratios ranging from 14.0% - 29.1% between 2007 and YTD 2012 2011 by Kenyan Institute of Conservative Manageable level of non-performing loans – 6.5% of gross loans in 1H 2012, down from 19.4% in Business Management Model 2007 Loans to deposit ratio range of 54.8% - 72.7% between 2007 and 1H 2012. 5. A+/A1 Credit Rating Experienced Management team with combined banking sector experience of 79 years Management Complemented by an experienced and diversified Board of Directors “The rating reflects the Bank’s Team established domestic franchise Track record of producing stellar results value, strong capital position, its Robust asset growth at a CAGR of 24.4% (2007-2011) to RWF 312.8 billion in 1H 2012 systemic importance, strong asset Profitable quality and financial performance.” Growth ROAA ranging from 3.0% - 4.0% between 2006 and 1H 2012 GCR

Bank of Kigali Investor Presentation Page 5 COUNTRY OVERVIEW INFORMATION

Bank of Kigali Investor Presentation Page 6 Rwanda – Country Profile

National Facts Business Environment

Area 26,338 sq km Rwanda has been recognized by the World Bank as the second Population (2010) 10.7 million most active reformer globally 2005-2011 Official Languages Kinyarwanda, French, English Since 2005, Rwanda has implemented over 22 business Capital Kigali Currency (RWF) regulation reforms in the areas measured by the World Bank Credit Rating B/Stable (Fitch Ratings) Doing Business Index B/B (Standard & Poors) Today, entrepreneurs can register a new business in 24 hours as well as online Macro Economic Indicators Nominal GDP (2011) US$ 6.4 billion Nominal GDP Per Capita (2011) US$595 Real GDP Growth Rate 2011 8.6% Real GDP Growth Rate 2012E 7.6%

Inflation Rate (July 2012) 7.3%

Private Sector Credit Growth (2011) 28.4%

External Debt to GDP (2011) 15.4% Currency Depreciation against USD (Year to June 2012) 1.4%

FDI as % of GDP (2011E) 1.9%

Source: IMF, CIA World Factbook, Ministry of Finance and Economic Planning, National Institute of Statistics Rwanda, , 7

Bank of Kigali Investor Presentation Page 7 Sound Macro Fundamentals

GDP per Capita continues to grow Population Pyramid for Rwanda, 2011 Mln US $ 12 700 595 10 600 479 519 540 60 and above 500 8 391 333 400 6 300 4 200 40-59 2 100 9.2 9.6 9.8 10.1 10.4 10.7 0 0 2006 2007 2008 2009 2010 2011 20-39 Population Nominal GDP Per Capita

Healthy GDP growth with moderating inflation 0-19 US$ Bn 18.0% 7 15.4% 6 16.0% 14.0% 30.0% 20.0% 10.0% 0.0% 10.0% 20.0% 30.0% 5 12.0% 9.1% 4 8.8% 8.3% Female % Male % 10.3% 7.5% 10.0% 3 8.0% 6.0% 54% of the population is under 19 years. 2 2.3% 4.0% 1 83% of the population is under 40 years. 3.1 3.7 4.7 5.2 5.6 6.4 6.6 2.0% 0 0.0% 3% of the population over 65 years. 2006 2007 2008 2009 2010 2011 2012E

Nominal GDP (US$ Bn) Inflation (%) Source: Ministry of Finance and Economic Planning, IMF Source: National Institute of Statistics Rwanda

Bank of Kigali Investor Presentation Page 8 Macroeconomic Indicators

GDP Breakdown By Economic Activity 2011 Trade Structure

Rwanda’s exports are dominated by coffee, tea and Finance, Mining and Transport, insurance, quarrying, 1.3% minerals(tin, coltan and wolfram). storage, 2.8% communication, The country remains a net importer. Major imports include 7.5% Education, intermediary goods especially construction materials, Agriculture, 5.5% 31.9% consumer goods, energy and lubricants and capital goods. Manufacturing, 6.6% Informal cross-border trade is a significant component of Transport, storage, Rwandan external trade (approx. 18% of total exports). More communication, 7.5% than 78% of these exports are destined to DRC.

Real Official reserves were estimated at 7.7 months of goods estate, business services, 8.0% Wholesale and imports for Dec 2011 Construction, retail 8.3% trade, 12.9% Source: NBR Monetary Policy Statement Source: National Institute of Statistics Rwanda Trade Deficit As A % Of GDP Current Account As a % of GDP 20% 17% 20% 14% 15% 15% 14% 13% 15% 12% 13% 15% 12% 11% 11% 10% 9% 10% 10% 4% 5% 5%

0% 0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 Current Account Deficit as a % of GDP Source: Ministry of Finance and Economic Planning, IMF Source: National Institute of Statistics Rwanda

Bank of Kigali Investor Presentation Page 9 9 Review of the Macro Economic Environment Year to June 2012

Macro Economic Review Inflationary Environment Year to Date The country’s GDP continues to perform well, in line with the 9.0% 8.0% 8.3% 7.9% 8.3% annual real GDP growth projections. 8.2% 7.3% 7.0% 7.8% 7.0% In Q1 2012, real GDP increased by 7.7% boosted by the high 6.0% 5.9% increase in services (+14%) despite moderate performance in 5.0% 4.0% industry (1%) and agriculture (3%). 3.0% The annual headline inflation decelerated to 5.92% in June 2.0% 1.0% from 8.18% in March 2012 and 8.34% in December 2011. 0.0% However inflation during the period fluctuated around 8% on December January February March April 2012 May 2012 June 2012 July 2012 2011 2012 2012 2012 annual basis, mainly driven by food and energy prices. The Central Bank policy rate was increased in May 2012 from Exchange Rate Developments Year to Date

7.0% to 7.5%. 7.0% 2011 1H 2012 5.8% Exports value increased by 25.1% during the first half of 2012 6.0% 5.0% on annual basis, against 22.1% for imports. 3.9% 4.0% The imports cover improved to 18.7% in the first half of 2012 3.0% 2.1% 2.0% from 18.2% in the corresponding period of the last year. 2.0% 1.0% 0.4% 0.0% -1.0% USD GBP EURO Uganda Tanzania -1.3% Shillings Shillings Shilling -2.0% -1.6% -1.5% -1.6% -2.0% -3.0% -2.5% -2.5%

Bank of Kigali Investor Presentation Page 10 10 BANKING SECTOR OVERVIEW

Bank of Kigali Investor Presentation Page 11 Significant Banking Sector Potential

2011 Banking Assets/GDP 2011 Banking Assets Per Capita 5 Large Unbanked Population (US$) Economy is still cash based with bank accounts being used mostly for cash deposits and withdrawals Kenya* 70% Kenya 534 Approximately 20% of the population is banked 90% of banked adults have a product with UBPR or credit unions

Tanzania* 50% Tanzania 274 Source: Finscope Rwanda 2008

Prudential Regulations

CAR (Tier One) 10%

Uganda* 33% Uganda 165 Total CAR 15%

Liquidity Ratio 20%

Rwanda 25% Rwanda 124 Reserve Requirement 5% of total deposits

(1) Source: and Economic Survey 2011 Lending in foreign currency Restricted to exporters (2) Source: IMF and Tanzania Banking Survey 2011 (Serengeti Advisers) (3) Source: IMF and Bank of Uganda Joint Annual Supervision & Financial Stability Report December 2010 (4) Source: NISR, National Bank of Rwanda Monetary Policy review (5) Source: Population stats by IMF *2010 figures are used for Tanzania and Uganda

Bank of Kigali Investor Presentation Page 12 Banking Sector Overview

Rwanda Banking System Total Assets Interest Rate Analysis USD mln 18.0% 16.0% 1,800.0 1,636 14.0% 1,600.0 1,474 12.0% 10.0% 1,400.0 1,226 8.0% 6.0% 1,200.0 1,011 4.0% 922 1,000.0 856 2.0% 0.0% 800.0 Jul Jan Jan Jun Oct Apr Feb Sep Dec Dec Aug Nov Mar Feb Feb May May

600.0 June April

400.0 March

200.0 2010 2011 2012 0.0 Key Repo Rate T-Bills Rate 2007 2008 2009 2010 2011 1H 2012 Deposit Rate Lending Rate Source: NBR Monetary Policy & Financial Stability Report 2011

Banking Sector Review 1H 2012 Recent Regulatory Reforms To Improve Access To Credit As at end June 2012, Tier 2 ratios stood at 25.4% (YE 2011: 25%) well above Enactment of Law on Mortgages, requiring the registration of mortgages the regulatory minimum of 15%. The sector’s liquidity position stood at 48.3% and enabling lenders to foreclose on defaulters in June 2012 (YE 2011: 45.3%). Establishment of Commercial Courts dealing solely with commercial The sector profitability remained good decreasing slightly by 0.4%, from RWF disputes 13.4 billion in June 2012. Reorganization of the Land Centre which has computerised records and Credit to the private sector increased by 18.1%. The distribution of credit to operations in addition to timely issuance of property titles private sector is dominated by the construction sector (26.8%), commerce Reorganization of the Office of the Registrar General to enhance and fast , restaurants and hotel (31.5%) and retail lending(15.4%) track registration of mortgages and foreclosures The quality of assets improved significantly as the Non-performing loans Establishment of Credit Reference Bureau to enhance information sharing (NPLs) to total gross loans reduced to 6% in June 2012 (YE 2011: 8%). among and other financial institutions in order to assist with credit risk assessment

13 Bank of Kigali Investor Presentation Page 13 Timeline Of Foreign Investment In The Rwandan Banking Sector

80% stake in BCR 40% stake in Cogebanque Actis sells 80% stake in BCR to I&M Bank

2004 2006 2007 2008 2009 2010 2011 2012

30% stake in BPR

2008 2009 2010 2011 1H 2012

Bank of Kigali Market Share by Total Assets 23.4% 26.4% 27.4% 32.3% 31.6%

Bank of Kigali Investor Presentation Page 14 Banking Sector Overview Cont’d

Case study: Rwanda– six out of nine banks in Rwanda are owned by regional and Pan African bank and have lost market share to locally-run banks

Market Share By Total Assets In 2008 Market Share By Total Assets In 2011 Market Share By Total Assets In 1H 2012

Five foreign- Top three “local” Six foreign- Six foreign- controlled banks, 51.7% controlled banks, Top three “local” controlled banks, banks, 48.3% Top three “local” 49.5% banks, 50.5% 49.6% banks, 50.4%

BANK OF KIGALI BANK OF BANK OF KIGALI KIGALI

BPR UBPR UBPR

Source: the National Bank of Rwanda, company estimates

Bank of Kigali Investor Presentation Page 15

Page 15 Competitive Landscape

Market Share Dynamics Banking Sector Growth Vs Bank of Kigali Growth 100% 93.2% % 2009 2010 2011 1H 2012 90% 45% 41.1% 41.9% 80% 40% 70% 32.2% 35% 32.3% 31.5% 28.8% 31.6% 29.4% 28.1% 60% 52.4% 27.4% 28.0% 30% 26.8% 25.9% 26.7% 50% 45.6% 26.4% 25.8% 25% 40% 29.9% 33.4% 20% 30% 23.0% 21.4% 23.8% 15% 20% 10% 10% 5% 0% 0% Total Assets Net Book Client Deposits Shareholders' Total Assets Net Loans Customer Deposits Shareholders' Equity Growth Growth Growth Equity

Source: NBR Supervision Department, BK Company Filings and Published results of Banks Bank of Kigali Growth in 2011 The Rwandan Banking Sector Growth in 2011

Selected Indicators 1H 2012 Concentration of Banking Sector Assets 25.0% 30 June 2012 31 December 2011 19.3% 20.0% Others, Others, 20.5% 15.0% 21.4% 10.9% 10.0% 6.0% 6.5% 4.0% 5.0% 2.3% 0.0% NPLs/Gross Loans Return on Average Return on Average Top 5 Top 5 Assets Equity Banks, Banks, 79.5% 78.6% Asset QualityBanking Sector Annualised ProfitabilityBK ratios Source: Published Bank Results

Source: NBR Supervision Department, BK Audited Full Year 2011 Results, BK 1H 2012 Reviewed results

16

Bank of Kigali Investor Presentation Page 16 Bank Of Kigali Is The Market Leader

Rank Total Assets Net Loans Customer Deposits Equity

41.1% 1 31.6% 28.0% 28.8%

BANK OF KIGALI BANK OF KIGALI BANK OF KIGALI BANK OF KIGALI

2 19.1% 23.4% 20.4% 14.5%

BPR BPR BPR BPR

10.4% 9.0% 3 10.8% 11.8% BCR BCR ECOBANK BCR

10.0% 9.9% 8.6% 4 9.6%

ECOBANK BCR ECOBANK ECOBANK

8.2% 5 8.0% 9.2% 6.6% COGEBANQUE COGEBANQUE COGEBANQUE KCB 6.6% 6 7.1% 8.5% 7.6% FINA BANK COGEBANQUE KCB KCB

7 7.0% 7.2% 7.0% 4.9%

FINA BANK FINA BANK KCB FINA BANK

8 2.5% 4.3% 4.8% 4.5% ACCESS BANK ACCESS BANK ACCESS BANK ACCESS BANK 9 2.1% 1.1% 1.4% 4.0%

EQUITY BANK EQUITY BANK EQUITY BANK EQUITY BANK

Source: Published 1H 2012 Financial Statements of Commercial Banks reviewed in accordance with BNR guidelines

Bank of Kigali Investor Presentation Page 17 BANK OVERVIEW

Bank of Kigali Investor Presentation Page 18 Background And History

Established in 1967 Current Supervisory Board A+ credit rating by US$62.5 mln as a JV with management team enhanced & GCR (Global Credit Initial Public Belgolaise S.A assembled internationalised Rating) Offering of 45% of its shares and listing on the RSE

1967 2006 20072007 2009 2010 2011

Government of New strategy AFD loan signed: Rwanda acquired focusing on the ‒ US$ 20 MM EIB loan signed: 10 years 50% stake from universal banking ‒ ‒ EUR 5 MM Belgolaise becoming business model and ‒ 7 years AfDB loan signed : 100% shareholder profitable growth -US$12 MM adopted -10 years

19 Bank of Kigali Investor Presentation Page 19 A Snapshot Of Bank Of Kigali

Key Facts CAGR 2007 - The leading bank in Rwanda (31.6% market share by total assets as of 30 US$ million 2007 2008 2009 2010 2011 1H 2012 2011* June 2012), offering a wide spectrum of commercial banking services to Rwf/USD Period End rate 547.7 560.0 573.2 594.4 604.4 612.4 Total Assets 221.8 215.7 264.9 332.6 476.3 510.8 24.1% corporate, SME and retail customers Net Loans 88.8 128.7 134.5 170.6 203.7 232.9 26.1% As of 30 June 2012 the Bank had: Client Deposits 186.0 167.6 191.0 228.3 299.5 342.4 15.5% Shareholders' Equity 23.4 28.4 32.3 53.6 48.1% Over 24,000 corporate accounts 101.9 103.3 Net Income 7.8 10.1 9.2 10.4 14.4 9.8 19.5% Over 163,000 retail current accounts Growth figures are calculated on RwF Values. 56 branches MARKET SHARE 39 ATMs Total Assets 29.0% 23.4% 26.4% 27.4% 32.3% 31.6% Net Loans 25.3% 24.4% 26.8% 31.5% 29.4% 28.0% 797 employees Client Deposits 30.6% 24.6% 25.8% 25.9% 28.2% 28.8% 32,724 debit cards in circulation Shareholders' Equity 28.3% 22.3% 26.8% 32.2% 41.9% 41.1% Western Union Agent for International Transfers Source: Bank of Kigali Audited Financials 2007-2011 Branch Network Evolution One of two Banks in Rwanda that issue International VISA cards . 60 797 1000 602 800 40 453 600 267 295 303 20 400 200 11 14 18 33 44 56 0 0 2007 2008 2009 2010 2011 1H 2012 Number of Branches Number of Employees

Growth in ATMs, POS Terminals and # of Retail Current accounts 500 ATMs POS Retail Current Accounts('000') 292 202 124 163 97 57 6 52 34 26 26 39 0 2009 2010 2011 1H 2012

20 Bank of Kigali Investor Presentation Page 20 CORPORATE GOVERNANCE

Bank of Kigali Investor Presentation Page 21 Shareholding Structure & Corporate Governance

Shareholding Structure Corporate Governance

Other State The Board of Directors is comprised of nine independent non- Owned executive directors (including two non-resident directors with Entities, Government of 0.1% Rwanda, 29.8% extensive expertise in international banking practices) Employees and Directors, 1.0% The Board of Directors is approved by the Central Bank and meets International Institutional on a quarterly basis or more frequently as the business demands Investors, Rwanda Social The Board sets the strategy and retains full responsibility for the 21.8% Security Board, 26.9% direction and control of the Bank as spelled out in the Retail Local Memorandum and Articles of Association, the Board Charter and Investors, Institutional 13.5% Investors, 2.8% the corporate governance guidelines

Regional The Board sub-committees have clear TORs which underscore the Institutional scope and context of their performance as approved by the Board Investors, 4.2% & corporate governance regulation The Board receives detailed financial information and regular Free float- 45% presentations from the management on the Bank’s business performance, this enables the Directors to make informed decisions on governance, strategic, financials and operational issues

Bank of Kigali Investor Presentation Page 22 Share Trading Performance

3 September 2012 Analyst Coverage Current price, RwF 130 Market Cap, US$ mln 141 Free float 45% Recommendation: BUY Free float in US$ mln 66.5 Target Price: Rwf 180 Average daily traded volume in US$ mln 0.13 Common shares outstanding, mln shares 667.3 12 -month high 191 12 -month low 118 P/E YE 2012F 7.2x P/BV YE 2012F 1.4x Recommendation: ACCUMULATE Dividend yield, 2011A 5.2% Dividend yield, 2012F 7.7% Fair value: Rwf 134 Ticker Code BOK Bloomberg BOK. RW Rwf/USD Exchange Rate (e -o-p) of 614.6 as at 3 September 2012 *Capital gains on the RSE transactions are exempted from Capital Gains Tax

Share Price Performance since start of trading Price 190 Closing Price Rwf Volume Weighted Average Price Rwf Initial Price Rwf 175 160 145 130 115 100 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 11 11 11 11 11 11 11 11 11 11 11 11 11 11 11 11 11 11 11 11 11 11 11 11 11 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 ------Jul Jul Jul Jul Jul Jul Jan Jan Jan Jan Jan Jan Jun Jun Jun Jun Jun Jun ------Oct Oct Oct Oct Oct Oct Oct Apr Apr Apr Apr Apr Apr Sep Sep Sep Sep Sep Sep Feb Feb Feb Feb Feb Feb Dec Dec Dec Dec Dec Dec Aug Aug Aug Aug Aug Aug Aug Nov Nov Nov Nov Nov Nov ------Mar Mar Mar Mar Mar Mar ------May May May May May May ------2 7 ------4 9 2 7 1 6 3 8 1 6 3 8 5 1 6 12 17 22 27 5 4 9 3 8 14 19 24 29 12 17 22 27 11 16 21 26 31 13 18 23 28 11 16 21 26 13 18 23 28 10 15 20 25 30 11 16 21 26 31 10 15 20 25 30 14 19 24 29 13 18 23 28

Bank of Kigali Investor Presentation Page 23 23 BUSINESS OVERVIEW

Bank of Kigali Investor Presentation Page 24 Overview Of The Loan Book

Gross Loan Portfolio Loan Book Segmentation RwF Bn 30 June2012 31 December 2011 160.0 CAGR 23.2% 149.2 140.0 130.7 120.0 105.5 47.0 80.9 41.2 31.5% 31.5% 100.0 78.8 20.7 80.0 56.6 13.6 14.4 60.0 68.5% 10.8 102.3 40.0 84.8 89.5 68.5% 65.2 66.5 20.0 45.9 0.0 2007 2008 2009 2010 2011 1H 2012

Corporate Loans Retail Loans Corporate Loans Retail Loans Source: Bank of Kigali Corporate Loan Book, 30 June2012 Education, 0-50 Over 1 1.1% Top 10 million, Billion, 12.5% Corporate Manufacturi 50M- 25.7% Commerce, Loan, ng 100Millio 32.6% Hotels and 21.2% Industries, Restaurants, n, 10.1% 4.6% 11.2% Other Corporate Transport, 100M- Warehousin Loan, Construction 500 500M-1 g and 78.8% , 40.1% Million, Billion, Communicat 39.5% 12.2% ion, 4.9%

Others Agriculture, Source: Bank of Kigali , 1.9% 3.6% Corporate Loans: RWF 102.3 Bn

Bank of Kigali Investor Presentation Page 25 Customer Deposit Base

Customer Deposits Growth Customer Deposit Segmentation

RwF bn 31 December 2011 250.0 30 June 2012 209.7 CAGR - 15.5% 200.0 181.0 62.9 29.9% 150.0 135.7 54.2 93.8 109.7 30.0% 101.9 36.4 100.0 27.8 23.9 24.2 70.0% 70.1% 50.0 78.0 69.6 81.6 99.3 126.8 146.8 0.0 2007 2008 2009 2010 2011 1H 2012 Corporate Deposits Retail Deposits Source: Bank of Kigali

Structure of Deposits, 30 June 2012 Customer Deposits Concentration

Corporate: RWF 146.8 Bn Retail: RWF 62.9 Bn 30 June 2012 31 December 2011

Large Large 12.8% Deposito Deposit 1.7% rs*, ors*, 26.5% 18.3% 14%

2.2% 85.5% Other, 71.3% 86% Other, 81.7%

CB Demand Deposits CB Collateral Deposits RB Term Deposits CB Term Deposits RB Savings Deposits Notes: * depositors with total balances above 5% of shareholders’ equity of BoK RB Demand Deposits Source: Bank of Kigali 26

Bank of Kigali Investor Presentation Page 26 Corporate Banking

Description Key Segments as at 30 June2012

Clients include corporate, SMEs and NBAs* Corporate Loans: RWF 102.3 Bn Corporate Deposits: Rwf 146.8 Bn Interest rates are in the 15.0%-17.25% range Key 3.7%

products: 10.6% CAPEX loans: long-term loans for investment or expansion of the business 11.0% 33.8% Commercial mortgage loans: typical customer 62.5% participation at 30% of property value, typical 78.4% tenor of up to 10 years Working capital loans: financing business needs to an agreed limit for a short period (usually <1yr) Corporate SMEs NBAs Corporate SMEs NBAs Overdrafts Strategy Number of Corporate Accounts

Tolirwa Introduce new services, integrate client coverage Grow and consolidate market share Corporate Current Accounts Total Corporate Accounts 18,385 20,000 Leverage superior lending capacity 15,648 Focus on payroll services 15,000 12,114 *NBAs (Non Business Associations) includes Non-Profit Organizations, Charities, Religious institutions, Educational 10,000 6,535 Institutions, Cooperatives,etc 5,000 5,679 9,941 12,782 15,351 Merez Petroleum 0 2009 2010 2011 1H 2012 27

Bank of Kigali Investor Presentation Page 27 Executing The Retail Strategy

Bank of Kigali Investor Presentation Page 28 Retail Banking

Description Key Segments as at 30 June 2012

The Bank’s retail business is primarily focused on mortgages and Retail Loans: RWF 47.0 Bn Retail Deposits: RWF 62.9 Bn consumer loans with notable share of overdrafts Other, 7.3% Key products: Micro loans, 12.8% 1.7% Mortgage loan: up to 10 years with typical customer participation 4.7% at 30% of property value Consumer Consumer loan: up to 12x monthly salary and 48 months loans, 45.9% 85.5% Overdraft: up to 50% of monthly salary (normally repaid in 30 Mortgage s, 35.2% days) Other products include credit cards and asset leasing Strategy: RB Term Deposits Build a ubiquitous branch footprint throughout the country RB Savings Deposits RB Demand Deposits Build sufficient channel capacity to be able to service 500,000+ Overdraft s, 6.8% clients by 2015 Build out the retail product lineup to achieve relevance to the Number of Retail Accounts daily lives of the banked population Retail Current Accounts Total Retail Accounts Expand credit card/debit card offering to other providers 250,000 199,155 (MasterCard, Amex etc) 200,000 Our Products 150,000 125,245

100,000 72,182 41,900 50,000 33,504 57,297 125,245 163,005 0

Source: Bank of Kigali 2009 2010 2011 1H 2012

29

Bank of Kigali Investor Presentation Page 29 Growing Our Distribution Network

Ubiquitous footprint Increasing functionalities of our delivery channels Branches 2012 Targets 120 101 Cash out and Cash in at Point of sale merchants 100 89 77 80 65 Deposit taking ATMs 56 60 44 Cardless Transactions at ATMs through our mobile 40 banking and mobile wallet 20 0 2011 2012F 2013F 2014F 2015F 2016F Agency Banking 180 ATMs 165 Recruitment of 400 existing businesses as agents in 160 145 125 underway 140 115 120 Agents will be able to perform cash in and cash out 100 86 80 transactions, account opening and micro loan 60 40 26 applications and disbursement. 20 Introduce 20 BK owned agent kiosks in high traffic 0 2011 2012F 2013F 2014F 2015F 2016F areas Partnership with mobile telcos for our clients to POS 4,500 4,100 transact at their agents 4,000 3,400 3,500 3,000 2,650 Other Initiatives 2,500 1,850 2,000 Launch of mobile branches: so far 5 mobile vans have been ordered for 1,500 1,000 1,000 2012 500 202 Become super agents for mobile telcos to attract their customers to BK 0 2011 2012F 2013F 2014F 2015F 2016F and increase cross selling opportunities

Bank of Kigali Investor Presentation Page 30 Expanding Our Self Service Products

Growing our Card Business Increasing our Mobile product offering Attractive Products

2011 Achievements 1. Enhancing our mobile banking service Issuing of approximately 40,000 VISA In 2011, the Bank upgraded its SMS banking service to a Electron cards mobile banking service allowing customers to perform Interoperability of our ATMs with VISA the following transactions: Electron and local proprietary Cards Purchasing prepaid TV, airtime and electricity Check Balances and Bank information Order cheque books 2012 Targets AMEX acquiring.) 2. Launching our mobile payment platform Launch of three new card products This platform will enable our clients to make purchases VISA Prepaid at selected merchants using their mobile phones VISA Classic (Credit Card) mPay was launched in the 1H 2012 VISA Gold (Credit Card) Launch of E-commerce Achievements Year to Date 3. Launch of mobile wallet CUP and Diners Club Card Acquiring Issuing of a mobile wallet that is either linked to a Launch of Visa Prepaid and VISA Gold current account or not linked to a current account Credit Card Wallet will enable our customers to store cash and transact at our ATMs and agents Expected launch date: November 2012

Bank of Kigali Investor Presentation Page 31 Refreshing Product And Service Line Up

New Business Lines

1. Teleco mobile money agency Super agent for the two telcos All our 56branches will be agents for the mobile teleco money Virtual money customers can deposit, withdraw at any of the BK branches countrywide

2. Establishing BK Securities subsidiary BK custody has over 60% of the local investors The securities brokerage services will offer our investors seamless services Grow Retail Product Offering 1. Loan Products Top up mortgages Consumer loans to tap the growing middle class Credit cards Payroll loans: Leveraging our corporate clients’ payrolls

2. Remittances Grow our Western Union market share from 36% to 40% Increase functionality of Western Union to enable direct transfers to current accounts and mobile wallets Harmonise BK tariff structure with the region to increase competitiveness

Bank of Kigali Investor Presentation Page 32 REVIEW OF FINANCIAL PERFORMANCE IN 1H 2012 & 2011

Bank of Kigali Investor Presentation Page 33 Balance Sheet Highlights

Total Assets Total Liabilities Rwf bn YTD growth-8.7% RwF bn YTD growth-10.3% 350.0 312.8 300.0 287.9 249.6 300.0 250.0 226.3

250.0 197.7 200.0 165.8 200.0 151.9 133.3 121.5 120.8 150.0 108.7 104.9 150.0 100.0 100.0

50.0 50.0

0.0 0.0 2007 2008 2009 2010 2011 1H 2012 2007 2008 2009 2010 2011 1H 2012

Shareholders’ Equity Net Loans

Rwf bn YTD growth-2.7% RwF bn YTD growth-15.8% 70.0 63.3 160.0 61.6 142.6 60.0 140.0 123.1 50.0 120.0 101.4 40.0 100.0 31.9 72.1 77.1 30.0 80.0 15.9 18.5 12.8 60.0 48.7 20.0 40.0 10.0 20.0 0.0 0.0 2007 2008 2009 2010 2011 1H 2012 2007 2008 2009 2010 2011 1H 2012

Bank of Kigali Investor Presentation Page 34 Asset Quality

Cost of Risk**, % Manageable NPL Ratio Improving Coverage Ratio % % Rwf Bn NPLs Coverage ratio % 4.5% 25.0% 3.8% 14.0 72.6% 80.0% 4.0% 19.4% 69.1% 67.8% 20.0% 12.0 70.0% 3.5% 57.1% 15.4% 55.3% 60.0% 3.0% 10.0 2.5% 45.8% 15.0% 50.0% 2.5% 8.0 1.9% 2.0% 40.0% 10.0% 8.3% 8.5% 8.3% 6.0 1.5% 30.0% 1.1% 6.5% 1.0% 4.0 1.0% 20.0% 5.0% 0.4% 0.5% 2.0 10.0% 11.0 12.1 6.7 9.0 10.9 9.7 0.0% 0.0% 0.0 0.0% 2007 2008 2009 2010 2011 1H 2012 2007 2008 2009 2010 2011 1H 2012 2007 2008 2009 2010 2011 1H 2012 Notes : * 1H2012 figure is annualized ** LLP charge / Average gross loans for period NPLs by segment Collateral Structure

Cash 30 June 2012 31 December 2011 Guarantees, Unsecured, Cover, 1.5% 21.2% 1.8%

Retail Retail NPLs, NPLs, 20.7% 31.7% Corpor ate NPLs, Unregistered, Real Corporat 68.3% 19.3% Estate, 56.2% e NPLs, 79.3%

Source: Bank of Kigali Audited IFRS Statements 2007-2010, Bank of Kigali Unaudited IFRS Statements 2011

Bank of Kigali Investor Presentation Page 35 Funding

Funding Structure, % Significant Potential For Growth In Higher Yielding Assets

30 June2012 31 December 2011 90.0% Net Loans/Customer Deposits Net Loans/Assets 9.1% 76.8% 74.7% 6.8% 80.0% 70.4% 68.0% 70.0% 68.0% 60% 21.4% 60.0% 20.2% 51% 47.8% 51% 50.0% 46% 40% 43% 67.0% 62.9% 40.0% 6.0% 30.0% 6.6% 20.0% 10.0% 0.0% Deposits Due to Banks Shareholders Equity Other 2007 2008 2009 2010 2011 1H 2012 Strong Capital And Liquidity Position Highlights

CAR,% Liquidity Ratio, % 70.0% 64.9% Deposits are the primary source of funding with share of deposits 58.8% exceeding 65% as at June2012 60.0% Strong growth in deposits has been driven by our branch expansion 50.0% 47.3% 42.1% The Bank has also signed 3 long-term credit lines with the European 40.0% 35.9% 34.7% 29.1% Investment Bank worth € 5 million for 7 years, US$20 million for 10 30.0% 27.4% 19.9% 20.1% years with the French Development Agency and US$12 million for 10 20.0% 14.0% 14.9% years with the African Development Bank, 10.0% The Bank had drawn down EUR 4.5 m & US$5.0 million on the EIB & 0.0% AFD loans respectively by 30 June 2012 2007 2008 2009 2010 2011 1H 2012

Source: Bank of Kigali audited IFRS Statements

Bank of Kigali Investor Presentation Page 36 1H 2012 Performance Highlights

Net Interest Income Net Non-Interest Income Total Operating Income Rwf bn Rwf bn Rwf bn 12.0 8.0 20.0 32.4% 10.3 21.8% 7.0 27.9% 17.3 7.0 18.0 10.0 5.7 16.0 6.0 7.7 13.5 8.0 14.0 5.0 12.0 6.0 4.0 10.0 8.0 4.0 3.0 6.0 2.0 2.0 4.0 1.0 2.0 0.0 0.0 0.0 1H 2011 1H 2012 1H 2011 1H 2012 1H 2011 1H 2012 Total Operating Costs Profit Before Provisions Net Income

Rwf bn Rwf bn Rwf bn ROAA* 4.4% 9.0 ROAE* 20.5% 10.0 45.3% 8.3 7.0 54.5% 35.2% 8.9 8.0 6.0 9.0 6.9 6.0 8.0 7.0 5.0 7.0 6.6 6.0 3.9 6.0 5.0 4.0 5.0 4.0 3.0 4.0 3.0 3.0 2.0 2.0 2.0 1.0 1.0 1.0 0.0 0.0 0.0 1H 2011 1H 2012 1H 2011 1H 2012 1H 2011 1H 2012 *Annualized

Bank of Kigali Investor Presentation Page 37 2011 Performance Highlights

Net Interest Income Net Non-Interest Income Total Operating Income

RwF bn RwF bn RwF bn 18.0 +36% 16.6 14.0 +43% 12.9 35.0 +39% 29.5 16.0 12.0 30.0 14.0 12.2 10.0 9.0 25.0 12.0 21.2 10.0 8.0 20.0 8.0 6.0 15.0 6.0 4.0 10.0 4.0 2.0 2.0 5.0 - - - 2010 2011 2010 2011 2010 2011

Total Operating Costs Profit Before Provisions Net Income

RwF bn RwF bn RwF bn ROAA 3.6% ROAE 18.6% 16.0 16.0 15.2 10.0 +42% 14.3 +37% +40% 8.7 14.0 14.0 9.0 8.0 12.0 12.0 11.1 10.1 7.0 6.2 10.0 10.0 6.0 8.0 8.0 5.0 6.0 6.0 4.0 3.0 4.0 4.0 2.0 2.0 2.0 1.0 - - - 2010 2011 2010 2011 2010 2011

Bank of Kigali Investor Presentation Page 38 Income Statement Highlights

Total Operating Income Composition Of Total Operating Income 30 June 2012 31 December 2011 Rwf bn 2.6% 20.0 3.0% 20.8% 18.0 27.9% 17.3 16.0 26.0% 14.0 13.5 12.0 59.4% 56.3% 10.0 17.2% 14.7% 8.0 6.0 4.0 2.0 Net interest income Fees & Commisions FX gains Other non- interest income 0.0 1H 2011 1H 2012

Total Operating Costs Composition Of Total Operating Expenses 30 June 2012 31 December 2011 Rwf bn 10.0 35.2% 9.0 8.9 31.1% 8.0 33.1% 7.0 6.6 54.6% 49.8% 6.0 5.0 4.0 14.3% 3.0 17.1% 2.0 1.0 Personnel expenses Depreciation and amortization 0.0 Other operating expenses 1H 2011 1H 2012

Bank of Kigali Investor Presentation Page 39 Consistent Profitable Growth

Sustainable Net Interest Margin, % Attractive Cost/Income ratio Nigeria average: 67.3% Nigeria average: 6.8% SA average: 6.8% SA average: 59.1% 12.0% 9.5% 51.7% 9.0% 8.4% 60.0% 9.0% 8.2% 8.3% 8.3% 47.5% 48.2% 50.0% 39.5% 39.8% 44.1% 40.0% 6.0% 30.0%

3.0% 20.0% 10.0% 0.0% 0.0% 2007 2008 2009 2010 2011 1H 2012 * 2007 2008 2009 2010 2011 1H 2012 *

Consistent Returns To Shareholders, % Strong Return on Average Assets, % Nigeria average: 1.5% SA average: 14.4% 5.0% 4.7% SA average: 1.1% 45.0% 39.4% Nigeria average: 10.4% 37.5% 4.5% 4.1% 40.0% 3.9% 4.0% 35.0% 30.7% 4.0% 3.5% 3.6% 30.0% 24.5% 3.5% 25.0% 18.6% 19.3% 3.0% 20.0% 2.5% 15.0% 2.0% 10.0% 1.5% 5.0% 1.0% 0.0% 0.5% 2007 2008 2009 2010 2011 1H 2012 * 0.0% *1H 2012 figures are annualized 2007 2008 2009 2010 2011 1H 2012 Source: Bank of Kigali Audited IFRS Statements 2007-2011 * Bank of Kigali reviewed results 1H 2012, African Alliance Research 2012

Bank of Kigali Investor Presentation Page 40 STRATEGIC OUTLOOK

Bank of Kigali Investor Presentation Page 41 Strategic Outlook Objectives Strategies Action Outcomes

Build a ubiquitous branch footprint Expand the branch network to 60+ branches by YE 2013 Benefit from first-mover advantage throughout the country outside the capital city, making it more difficult for the competitors to follow suit Increase the number of ATMs, POS terminals and cards outstanding Reach out to the unbanked (but Build sufficient channel capacity Build a modern and scalable mobile banking and Internet banking bankable) population platforms Alternative client acquisition & service channels (retail chains, co- Become the bank of choice and Expand retail product offering branded cards, utilities, etc) convenience for the middle class and Customer growth in youth entering the employment sector Flexible, offset, variable-rate, etc mortgages terms of current Create capacity to service 500,000+ Full range of consumer loan products clients accounts Revolving credit cards Payroll & pension-backed loans & overdrafts Maximize the product-to-client ratio Microfinance Modern, multi-currency current accounts with debit cards “Grow with clients” Ubiquity of ATMs and POS terminals in urban centers and reasonable Valuable source of retail clients through proximity elsewhere payroll programs Payment & e-wallet solutions Growth of loan book and F&C income Full range of deposit products

Increase the loan to deposit ratio to Integrated client coverage 60% Diversification of funding base Leverage the superior lending capacity Expand the share of higher-margin lending Cross-selling opportunities Increase retail loans penetration Maximise the cross-sell opportunities Documentary operations & trade finance, FX, other solutions Grow the share of retail in the loan book up to Rep offices in EAC from 2012 30%-40% in the medium term Healthy structure & Consolidate the leading position in growth of balance sheet corporate banking Leverage the superior access to wholesale funding to Reduce maturity gap Increase the maturing profile of complement the deposit funding base Enable further expansion of long-term liabilities lending

Create a universal banking platform Private Banking, Securities, Insurance Further diversification of revenue streams

Continuous improvement of risk management policies & No profitability sacrifices for the sake of market Earnings growth ~30% Maintain profitable growth procedures share gains Return on Average Equity > 20% Disciplined capital management, medium term target CAR of Sensible dividend policy as the growth curve 15%-17% and ROAE of 20%+, implying ROAA in the 3.5% range flattens out over time

Bank of Kigali Investor Presentation Page 42 Management Targets

TotalTotal Assets Assets GrowthGrowth Gross Loans/Total Assets SelectedOther Other Management Management targets targets

50% 46% 70% Launch representative offices within the EAC region 45% 60% 60% 40% 35% 50% 45% 30% 1H 2012: 48% 30% 40% 25% Kampala Nairobi 20% 30% Launch agency banking 15% 20% 10% 1H 2012: 10% 5% +9% YTD Launch Premier Banking - targeting 500 clients by YE 0% 0% 2011 2012P 2011 2012P 2013

Return on Average Equity Branch expansion Revamp the existing digital wallet/mobile banking 21% 60 56 distribution channel 20% 20% 50 1H 2012: 56 1H 2012*: 44 20% 19.3% 40

19% 30 19% 19% 20

18% 10

18% 0 2011 2012P 2011 2012P * Annualised

Bank of Kigali Investor Presentation Page 43 Contact Information

For information please contact:

Lado Gurgenidze James Gatera Chairman of the Board Chief Executive Officer Email: [email protected] Email: [email protected] Mobile: +995 599 477 272 Mobile: +250 78 814 3000

Lawson Naibo John Bugunya Chief Operating Officer Chief Finance Officer Email: [email protected] Email: [email protected] Mobile: +250 78 830 2076 Mobile: +250 78 830 6100

Shivon Byamukama Linda Rusagara Company Secretary Investor Relations Officer Email: [email protected] Email: [email protected] Mobile: +250 78 838 4547 Mobile: +250 784 300 334

Visit our website, www.bk.rw , or follow us on Scribd to access our Investor Presentations, Press Releases and Annual Reports.

Telephone number: +250 252 593100. Address: Plot 6112, Avenue de la Paix , Kigali Rwanda

44 Bank of Kigali Investor Presentation Page 44