Atlas-Mara-Investor-Presentation

: An Excellent Platform to Launch StrategyValuation within Blocs in Sub-Saharan Africa Key Facts BancABC as an entry point into SADCBankingsectorvaluation 1 :3.25xGDPGDPSADCECOWAS$648.3bnGrowth 2 5.8%Countries 15Population286m$395.7bnGrowth 6.6%• Largest trading bloc in Sub-SaharanAfrica. Resource rich with rising tradeflows, strong GDP, and a growingpopulation of 286 million people• Attractive current valuations relativeto rest of Sub-Saharan Africa 1 with atransaction valuation of only 1.28x P/BBankingsectorvaluation 1 :2.09xCountries 15Population319mEACGDP$98.4bn• Stable politics and long history ofdemocracy with potential upside fromimproved governanceBankingsectorvaluation 1 :2.80xBancABC operationsBancABCtransactionvaluation 1 :1.28xGrowth 5.3%Countries 5Population148mECCASGDP$224.2bn• Fragmented markets with clear roomfor consolidation within existingmarkets, and expansion into peripherymarketsECOWASECCASCOMESASADCEACGrowth 5.9%Countries 10Population142m• Highly sought-after market for bankslooking to develop into Pan-AfricanplayersCOMESAECOWAS: Economic Community of West African StatesCOMESA: Common Market for Eastern and Southern AfricaEAC: East African CommunityECCAS: Economic Community of Central African StatesSADC: Southern African Development CommunityGDP$548.5bnGrowth 2.3%Countries 20• Well-known regional dynamics withnetworks that can be easily tapped intoto reach growth potentialSource: Capital IQ, March 2014. World Bank data, 2012. Population501mNotes: (1) Top 3 Nigerian banks (2.09x after applying a 45% control premium), Kenyan banks (3.25x after applying a 45% control premium) and South African banks(2.80x after applying a 45% control premium). (2) Growth excluding South African growth of 2.5%; including South Africa, SADC GDP growth would be 3.3%.| 7