Our vision & values. One vision. Eight values. Growing our people. Upholding the highest levels of integrity. Respecting each other

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1 Our vision & values One vision To be the best financial solutions team - the customer s choice. We will deploy our local knowledge and global emerging market expertise to deliver superior value to all our stakeholders. We will only succeed if we are able to attract, retain, develop and deploy teams of people with energy, passion and skills. Eight values Upholding the highest levels of integrity Our entire business model is based on trust and integrity as perceived by our stakeholders, especially our customers. Growing our people We encourage and help our people to develop to their full potential and measure our leaders on how well they grow and challenge the people they lead. Serving our customers We do everything in our power to ensure that we provide our customers with the products, services and solutions to suit their needs, provided that everything we do for them is based on sound business principles. Respecting each other We have the highest regard for the dignity of all people. We respect each other and what Stanbic IBTC stands for. We recognise that there are corresponding obligations associated with our individual rights. 4 Stanbic IBTC Bank PLC annual report 2009

2 02 Delivering to our shareholders We understand that we earn the right to exist by providing appropriate long-term returns to our shareholders. We try extremely hard to meet our various targets and deliver on our commitments. Being proactive We strive to stay ahead by anticipating rather than reacting, but our actions are always carefully considered. Overwiew 12 Business review Guarding against arrogance We have confidence in our ability to achieve ambitious goals and we celebrate success, but we never allow ourselves to become arrogant. Working in teams We, and all aspects of our work, are interdependent. We appreciate that, as teams, we can achieve much greater things than as individuals We value teams within and across business units, divisions and countries. Annual report and financial statements 142 Other information Stanbic IBTC Bank PLC annual report

3 Financial highlights Gross earnings of N59,781 million, 2% down Total income of N43,823 million, % up Profit before tax of N10,342 million, 29% down Profit after tax of N8,138 million, 2% down Loans & advances (net) of N119,885 million, 17% up Cost-to-income ratio 65.3% (2008: 5.8%) Deposit liabilities of N169,200 million, 78% up Capital adequacy ratio 35.0% (2008: 41.5%) Pre-tax return on average equity 12.8% (2008: 18.7%) Credit loss ratio 3.6% (2008: 4.4%) Liquidity ratio 51.4% (statutory minimum: 25%) NPL/total loan ratio 14.1% (2008: 1.7%) Fitch rating AAA (nga) Total income CAGR ( ): 70% Nmillion Total revenue (Nm) CAGR ( ): 49% 50,000 Earnings and dividend per share Kobo ,000 42,495 43, , ,000 22, , ,000 8, Mar '06 Mar '07 Dec '07 Dec'08 Dec '09 0 Mar'06 Mar'07 Earnings per share Dec'07 Dec'08 Dividend per share Dec'09 6 Stanbic IBTC Bank PLC annual report 2009

4 A broad-based financial services business 02 Stanbic IBTC, a member of the Standard Bank Group (SBG), has consolidated its position in Nigeria as a diversified business with a proven track record, strong capital and liquidity positions. SBG, which has a controlling stake of 50.8% in Stanbic IBTC, has been in business for 147 years and is Africa s largest banking group ranked by assets and earnings. Through focusing on the three key business segments Corporate & Investment Banking, Personal & Business Banking and Wealth Management, we have continued to leverage the skills, economies of scale and synergies that come from being part of an international group and our excellent Nigerian pedigree. Overwiew 12 Business review Corporate & Investment Banking (CIB) Personal & Business Banking (PBB) Wealth Gross revenue N8.6 billion Corporate and investment banking services to larger corporates, financial institutions and international counter-parties in Nigeria. Gross revenue contribution 12% Gross revenue N14.3 billion Banking and other financial services to individual customers and small to medium sized enterprises. Total Assets % Gross revenue N6.9 billion Investment management, pension fund administration and pension asset management Profit before tax contribution % Annual report and financial statements 42% 56% % 64% CIB PBB Wealth 55% CIB PBB Wealth 11% CIB PBB Wealth Other information Stanbic IBTC Bank PLC annual report

5 Recognition 8 Stanbic IBTC Bank PLC annual report 2009

6 02 1. The ACQ Finance Magazine Global Awards for the Best Investment Bank in Nigeria This award was in recognition of Stanbic IBTC s market share, number of deals as well as innovation in the Investment Banking Industry. 2. Best Investment Bank in Nigeria and Best Equity House in Africa, Euromoney Awards During 2009, Stanbic IBTC and Standard Bank completed many high profile and successful transactions across Africa, including as Joint Issuing House, Arranger and Primary Dealer to a N275 billion Debt Issue programme by the Lagos State Government, as lead mandated arranger on the Tanesco loan - one of the largest single commercial loans ever arranged in East and Central Africa, and as Joint Issuing House and underwriter to a US$2.5 billion regional IPO by ETI across Nigeria, Ghana and the UEMOA region. 3. PPP Champion of the Year for Various Initiatives, 2009 by Africa investor Infrastructure Awards The Ai Infrastructure Awards, are held annually alongside the Africa Investor Infrastructure Projects Summit, and are designed to highlight and profile exceptional business practices and economic achievements across the infrastructure spectrum in Africa. Stanbic IBTC has been recognized for spearheading innovative infrastructure projects, and has been rewarded for driving transactions and improving the continent s infrastructure investment climate. 4. Best Investment Bank in Nigeria, 2009, emeafinance Awards Stanbic IBTC won the Best Investment Bank Award 2009, from emeafinance, for its achievements, successes, and notable transactions for example acting as joint arranger/issuing house and lead underwriter on the N18.5 billion (USD120m) fixed rate bond issue by the Imo State under a N40 billion medium-term note programme. The bank also acted as joint arranger/issuing house to a N50 billion fixed rate bond issue by the Lagos State under a N275 billion debt issuance programme, the largest state government debt issue in the Nigerian capital market. 5. Best Sub Custodian in Nigeria 2009, Global Investor Magazine Annual Awards Stanbic IBTC won the award for best custodian bank in Nigeria in the weighted and unweighted categories. The award further demonstrates Stanbic IBTC s leadership of the Nigerian investor services sector. 6. Trade Finance Magazine and Global Trade Review Awards These awards were received for the US$15m cocoa-receivables revolving trade facility for Agro Traders Ltd (Nigeria). Overwiew 12 Business review Annual report and financial statements 142 Other information Stanbic IBTC Bank PLC annual report

7 Standard Bank Group at a glance * Market capitalisation R159 billion (US$22 billion) * Total assets R1.345 trillion (US$183 billion) * Operating in 17 African countries and 16 countries outside Africa * 51,411 employees (2,112 in Nigeria) * 664 branches in South Africa, 348 in the rest of Africa and 98 in Argentina (110 branches in Nigeria) * Total number of ATMs 4,810 in South Africa, 770 in the rest of Africa and 332 Outside Africa (141 in Nigeria) 10 Stanbic IBTC Bank PLC annual report 2009

8 02 Overwiew 12 Business review Branches in Nigeria Lagos Island - 15 South South - 9 Lagos Mainland - 0 North West - 12 South West - 15 North East - 9 South East - 12 FCT Abuja - 8 Annual report and financial statements 142 ATM Lagos Island - 26 North West - 17 Lagos Mainland - 1 North Central - 7 South West - 21 North East - 4 South East - 14 FCT Abuja - 9 South South - 12 Other information Stanbic IBTC Bank PLC annual report