Building AfricaBuilding Africa’’s Global Banks Global Bank

United Bank for Africa PlcUnited Bank for Africa Plc

Tony Elumelu, Group Managing Director & CEO

UBA 2007 Investors Forum

Lagos

3 December 2007

www.ubagroup.com

2

Presentation and subsequent discussion may contain certain forward-looking statements with

respect to the financial condition, results of operations and business of the Group. These forward-

looking statements represent the Group’s expectations or beliefs concerning future events and

involve known and unknown risks and uncertainty that could cause actual results, performance or

events to differ materially from those expressed or implied in such statements.

Forward looking statements

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Exceeding expectations

Result Forecast

Balance sheet N1.6 trillion 18% N1.4 trillion

Capital Adequacy 25% 5% 20%

Profit Before Tax N29.5 billion 43% N20.7 billion

Earnings per share N2.61 40% N1.87

Dividend per share N1.20 20% N1.00

2007 Scorecard

www.ubagroup.com

5

251

884

1,191

0

400

800

1,200

1,600

2005 2006 2007

Largest financial services provider in Nigeria

CAGR

= 89%

Note: UBA changed its financial year end from March to September in 2006. September 2006 results represent 18 months

of trading

Assets (N billion)

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Retail deposit taking institution

Note: UBA changed its financial year end from March to September in 2006. September 2006 results represent 18 months

of trading

Deposits (N billion)

972

776

205

0

400

800

1,200

2005 2006 2007

CAGR =

86%

www.ubagroup.com

7

320

11068

0

100

200

300

400

500

2005 2006 2007

Rapidly growing loan book

CAGR =

86%

Note: UBA changed its financial year end from March to September in 2006. September 2006 results represent 18 months

of trading

Loans & advances (N billion)

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High quality asset base

Assets by type Loans by type

Financial

institutions

(48%)

T-bills + CBN (13%)

Loans (27%)

Other (12%)

Corporate (55%)

Retail (45%)

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� Spike in 2006 due to merger provisions

� Improvement in 2007 due to strong risk

management and aggressive recoveries

� Average maturity of the portfolio is less than one

year

� Provisions in line with regulatory prudential

guidelines

NPL ratio¹

3.5%

12.6%

4.4%

2005 2006 2007

Comments

102.3%

65.2%

102.2%

2005 2006 2007

Proportion of secured loans

Note: Change of financial year end in 2006 from March to September. 2006 results represent 18 months of trading1 NPL ratio defined as non-accrual portion of overdue loans as a percentage of gross loans2 Coverage ratio defined as provisions for loan losses as a percentage of non-performing loans. Provisions include interest in suspense

Otherwise

secured

(66%)

Unsecured

(1%)

Secured against real estate (33%)

Steady improvement in asset quality

Coverage ratio²

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26.1

109.5

90.4

0

20

40

60

80

100

120

2005 2006 2007

Measured top-line growth

Gross earnings (N billion)

CAGR = 7

8%

Note: UBA changed its financial year end from March to September in 2006. September 2006 results represent 18 months

of trading

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51%

52% 44%49%

48%

56%

2005 2006 2007

Operating income (N billion)

Note: UBA changed its financial year end from March to September in 2006. September 2006 results represent 18 months

of trading

Healthy interest margins and fee income

CAGR = 6

6%

Fee income Net interest margin

23

63

81

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12

Cost-to-income ratio

Note: UBA changed its financial year end from March to September in 2006. September 2006 results represent 18 months

of trading

Strong cost control

71.1%

77.9%

61.7%

50%

75%

100%

2005 2006 2007

www.ubagroup.com

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29.5

6.5

12.8

0

5

10

15

20

25

30

35

2005 2006 2007

Rapid profit growth

CAGR

= 83%

Profit before tax and exceptional items (N billion)

Note: UBA changed its financial year end from March to September in 2006. September 2006 results represent 18 months

of trading

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1.001.20

2.61

1.87

0.00

0.50

1.00

1.50

2.00

2.50

3.00

2006 2007

N

Delivering shareholder returns

Earnings & dividends per share (N)

Note 1: UBA changed its financial year end from March to September in 2006. September 2006 results represent 18

months of trading

Note 2: 2007 EPS based on weighted average number of shares outstanding over the year

Note 3: DPS to be ratified at AGM on 18 January

EPS DPS

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20.00

30.00

40.00

50.00

60.00

Oct

-06

Jan-

07

Apr-0

7

Jul-0

7

Oct

-07

High share price growth

Share price performance (N)

UBA

Relative NSE index

Suspension during Public

Offer

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Capital structure

� 11,496,779,980 fully diluted

outstanding shares including

205,600,000 shares pending listing

� Foreign institutions include IFC and

African DB

Shareholders Comments

Local

institutions (53%)

Foreign

institutions (19%)

Staff (5%)

Other (23%)

Ratios

� Total Balance sheet: N1.6 trillion

� CAR: 25% (min. 10%)

� SHF: 168 billion

Note: shareholder split is UBA estimate based on Registry records

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UBA East Africa

� Uganda

UBA Central Africa

� Cameroun

UBA West Africa

� Nigeria� Ghana

� Cote d’Ivoire� Liberia

� Sierra Leone� Burkina Faso

International expansion

UBA New York

UBA Capital London

Future outlook (2007-2010)

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… created

the leading

financial

institution in

Nigeria...

...move into

all African

regions...

... become

leading

emerging

markets bank

with global

footprint in all

international

financial

centres

STB/UBA

merger

Phase 1

Nigeria

Phase 3

Global

Overall strategic approach

Phase 2

Africa

3 escalating levels of focus:

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3-year strategic intent (2010)

Parameters Objectives

Nigerian RankingSize:

� Total assets

� Deposit base

� Gross earnings

� Branch/ATM network

Profitability:

� PBT

� ROE

Enterprise Value:

� Market capitalization

# 1

Sub-Saharan Africa Ranking Top 6

Global Ranking

African Presence

Global Ranking

Top 300

30 countries

Offices in at least 8 leading emerging/ global markets

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Top 6 bank in Sub-Saharan Africa

Source: UBA average growth rate projections

0

50

100

150

200

250

300

350

Stan

dard

Ban

k (S

A)

First

Rand

(SA

)ABS

A (S

A)

NedB

ank

(SA)

Inve

stec

(SA)

Natio

nal B

ank of

Egy

pt

UBA

(201

0)

Bank

MISR

(Egyp

t)

BEA (A

lger

ia)

Libya

n A

rab B

ank

Alija

riwafa

(Mor

occo

)

Gro

upe

Banq

ues P

opul

arie

s (M

oroc

co)

Cre

dit P

opul

aire

de

Maro

c (M

orocc

o)UB

A (2

007)

Zenith

Ban

k (N

iger

ia)

BNA (A

lger

ia)

BMC

E (M

oroc

co)

Banq

ue d

e C

aire

(Egyp

t)

Banq

ue d

e L'a

gr (A

lger

ia)

Banq

ue C

entra

le d

e pop

ulai

re (M

oro

cco)

Bank

of A

lenx

and

ria (E

gypt

)

Balance sheet (US$ billion)

To achieve our African aspiration we need to reach US$30 billion balance sheet

www.ubagroup.com

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3-year financial goals

0

1,500

3,000

4,500

2007 2008 2009 2010

Balance sheet (N billion)

Balance sheet size Total assets Deposit base

CAGR: � 33% for balance sheet

� 41% for total assets

� 37% for deposit base

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3-year financial goals

0

50

100

150

200

250

300

350

2007 2008 2009 2010

CAGR of: � 43% for gross earnings� 59% for PBT

Earnings (N billion)

Gross earnings Profit before tax

More than just a bank

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A bank holding company

Nigeria Banking

InsuranceInternationalBanking

InvestmentBanking

�Corporate banking

�Energy banking

�Prestige banking

�Consumer banking

�Commercial banking

�Institutional banking

�Transaction banking

�North/ West/ Central Africa

�East/ South Africa

�Europe/ Americas/ Asia/ Middle East

�Global markets

�Asset management

�Trustees

�Custodians

�Stockbrokers

�Registrars

�Merchant banking

�Life insurance

�Insurance broking

RetailBanking

�Microfinance bank

�Retail financial services

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Q&A

AFRICA’S GLOBAL BANK