ECOWAS BANK FOR INVESTMENT AND DEVELOPMENT (EBID)

ECOWAS BANK FOR INVESTMENT AND DEVELOPMENT (EBID) CONSOLIDATED FINANCIAL STATEMENTS July 2016 128 Boulevard du 13 Janvier BP : 2704 Lomé-TOGO Tél : (228) 22 21 68 64 Fax : (228) 22 21 86 84 Site web: www.bidc-ebid.org - E-mail: bidc@bidc-ebid.org

ECOWAS BANK FOR INVESTMENT AND DEVELOPMENT SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES FOR THE YEAR ENDED 31 DECEMBER 2015 The following accounting policies were applied in preparing the financial statements: 1. Basis of accounting The financial statements have been prepared on the historical cost basis. 2. Income recognition i) Interest income is accounted for on accrual basis. ii) Dividend relating to investments in equity is recognized when the s right to receive payment is established. iii) Fees and commissions are recognized on accrual basis when the service has been provided. iv) Commitment fees for loans that are likely to be drawn down are deferred (together with related direct costs) and recognized as an adjustment to the effective interest rate on the loan. 3. Basis of consolidation The financial statements incorporate the financial statements of the and 54% of Special Fund for Telecommunications (SFT). All the financial statements are made up to 31 December. In 2007, the operations of the s erstwhile subsidiaries (except SFT) were merged into the parent company (EBID), in line with the restructuring exercise which was approved in July 2006. All intra group transactions and balances were eliminated on consolidation. 4. Functional and presentation currencies The financial statements are expressed in Units of Accounts (UA). The value of a Unit of Account is equivalent to 1 SDR (Special Drawing Rights) as defined by the International Monetary Fund (IMF). The UA is both the functional and presentation currency. 5. Currency translation

The conducts its operations in various currencies. These currencies are converted into Units of Account using the SDR rates as determined by the International Monetary Fund (IMF). Receipts and operational expenses are converted using the applicable rate on the date of the transaction. Investment expenditure are converted at the SDR rate applicable on the date of the investment. In previous years, receipts and operational expenses were converted using the average of all rates of the preceding quarter. Investment expenditure was converted at the SDR rate applicable on the date of the investment. 6. Fixed assets Fixed assets are stated at cost less accumulated depreciation. 7. Depreciation Depreciation is calculated at a rate, which is expected to amortize the cost in equal annual installments over the useful life: % Land and buildings : 2 Office partitioning : 25 Installation and office equipment : 20 IT equipment : 33 1/3 Motor vehicles : 20 Furniture and fittings : 20 8. Cash and short term funds Cash and short term funds comprise cash balance on hand and cash deposited with banks within and outside Member States. Balances are converted to Units of Account at the rate ruling at the Balance Sheet date and are stated less provision for doubtful balances. 9. Loan and advances The bank s loan portfolio comprises of loans granted to, or guaranteed by member-states, as well as loans to private sector projects. Loans disbursed and repaid are recorded in Units of Accounts by converting the various currencies at SDR ruling rates on the date of transaction. Loans are granted for a maximum period of twenty years, including a grace period which represents the period the project has not commenced commercial operation. The balances are stated less provision for doubtful balances. Loans are for the purpose of financing development projects.

Loans currently held by the bank are of single and multi-currency fixed interest rates. However, there is no policy restriction on the type of interest rate that could be applied to the s loans. 10. Bad and doubtful accounts Specific provision is made for bad and doubtful loans that are in arrears for over six months on the basis of the manual of procedure governing treatment and provision for doubtful debts and rating companies. 11. Retirement benefit schemes The operates three funded employee retirement benefit schemes as follows: a) Caisse de Retraite par Répartition Avec Epargne (CRRAE): Under this scheme, employees and the contribute 5% and 12.6% respectively of employees basic salary. The scheme is only available to the b) Staff Provident Fund (SPF): Under this scheme, employee and the contribute 5% and 12.6% of basic salary respectively. The employee can elect to contribute 100% to the scheme, depending on his ability or membership of CRRAE. SPF is open to both professional and non-professional staff. In the case of non-professional staff, 5.6% of the 17.6% total contribution is paid into the scheme monthly. c) Regiment Complementaire du Personnel non Cadres (CPNC): Under this scheme, employees and the contribute 12% each of employees basic salary. The scheme is open to non-professional staff only. 12. Long term investments Investments are intended to be held for a period exceeding one year, which are either held to maturity or available for sale in response to needs for liquidity or changes in interest rates, exchange rates or equity prices are classified as long term investments. Quoted investments other than dated securities are stated at the lower of cost and market value. Unquoted investments are stated at cost less provision for permanent impairment. 13. Off-balance sheet engagements Transactions that are not currently recognized as assets or liabilities in the balance sheet but which nonetheless give rise to credit risk, contingencies and commitments, are reported off balance sheet.

Outstanding and unexpired commitments at year end in respect of these transactions are shown by way of note to the financial statements. Income on off balance sheet engagements is in form of commission which is recognized as and when transactions are executed. 14. Provisions Provisions are recognized when the has present obligation, whether legal or constructive, as a result of past event for which it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation in accordance with International Accounting Standard. 15. Taxation Article 11.4 of Chapter IV of the Headquarters Agreement between EBID of the Government of the Republic of Togo exempts the from all forms of income tax. Consequently, no income tax is computed in these financial statements.

CONSOLIDATED BALANCE SHEET Note ASSETS Cash and bank balances 2 7 104 864 11 707 348 7 104 888 11 707 371 Short term funds 3 24 288 231 37 354 375 22 902 756 34 505 414 Loan to member states 4 453 581 625 401 063 194 453 581 625 401 063 194 Inter-institutional accounts 5 1 090 540 527 113 1 090 540 527 113 Other assets 6 15 925 569 12 383 235 15 655 252 12 101 932 Long term investments 7 28 976 025 24 678 398 37 483 886 33 186 259 Fixed assets 8 16 018 182 16 943 157 16 018 182 16 943 157 Total assets 546 985 036 504 656 819 553 837 129 510 034 439 LIABILITIES AND CAPITAL Creditors and accrual 9 8 327 899 8 438 839 8 327 633 8 438 568 Borrowings 10 298 765 095 281 862 846 298 765 095 281 862 846 Inter-institutional accounts 11 1 374 753 1 508 130 18 329 752 18 706 697 Share capital 12 206 966 266 183 650 392 206 966 266 183 650 392 Revenue reserve 13 21 615 727 18 791 668 19 073 566 15 410 716 Profit or loss for the period 13 1 447 077 1 126 428 2 374 816 1 965 219 538 496 817 495 378 303 553 837 129 510 034 439 Non-controlling interest 14 8 488 218 9 278 515 - - 546 985 036 504 656 819 553 837 129 510 034 439 Contingent liabilities and other obligations on behalf of customers and customers' liability thereon 22 302 351 788 338 949 032 302 351 788 338 949 032 Approved by the Board of Governors on July 28th, 2016 and signed on its behalf by: } } } Governors } } The accounting policies on pages 2 to 5 and the notes on pages 10 to 22 form an integral part of these financial statements. 6

CONSOLIDATED PROFIT AND LOSS ACCOUNT INCOME Note Interest income 15 22 648 770 19 178 441 22 381 648 18 550 529 Interest expense 16 (11 139 112) (10 724 570) (11 139 112) (10 724 570) Net interest income 11 509 658 8 453 871 11 242 536 7 825 959 Fees and commission 17 2 533 242 3 256 663 2 533 242 3 256 663 Dividend income - - - - Exchange gain 19 2 503 101 2 600 984 4 488 259 4 782 214 Other income 18 345 914 336 764 345 914 336 764 EXPENSES 16 891 915 14 648 282 18 609 951 16 201 600 Staff cost 6 503 056 5 725 093 6 503 056 5 725 093 Other operating expenses 3 421 788 4 173 070 3 421 788 4 173 070 9 924 844 9 898 163 9 924 844 9 898 163 Profit or (Loss) before Provisions 6 967 071 4 750 119 8 685 107 6 303 437 Provision for bad and doubtful accounts (6 780 459) (7 894 898) (6 780 459) (7 894 898) Provision no longer required 470 168 3 556 680 470 168 3 556 680 656 780 411 901 2 374 816 1 965 219 Non-controlling interest 790 297 714 527 - - Profit or( loss) for the period/year, transferred to revenue reserve 13 1 447 077 1 126 428 2 374 816 1 965 219 7

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY Non- Share Revenue controlling capital reserve interest Total At 1 January 2014 162 301 817 18 791 668 9 993 042 191 086 527 Profit or(loss) recognised in 2014-1 126 428 (714 527) 411 901 Increase in share capital 21 348 575 - - 21 348 575 At 31 December 2014 183 650 392 19 918 096 9 278 515 212 847 003 At 1 January, 2015 183 650 392 19 918 096 9 278 515 212 847 003 Reserve/enhancement fund 1 697 631 1 697 631 Loss/Profit recognised in 2015-1 447 077 (790 297) 656 780 Increase in share capital 23 315 874 - - 23 315 874 At 31 DECEMBER 2015 206 966 266 23 062 804 8 488 218 238 517 288

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. The 1.1 Legal form The ECOWAS for Investment and Development (EBID) is the result of the transformation of the Fund for Co-operation, Compensation and Development (ECOWAS FUND) created by Article 21 of the Treaty establishing the Economic Community of West African States (ECOWAS). By decision A/DEC/12/99 of 10 December, 1999 of the Ecowas Authority of Heads of State and Government Ecowas Fund was transformed into a Regional holding Company, EBID with two subsidiaries, Ecowas Regional Investment (ERIB) and Ecowas Regional Development Fund (ERDF). Following a re-organisation exercise carried out in 2006, the merged the operations of its subsidiaries into the holding company with effect from January 2007. 1.2 Principal activities The bank is engaged in the provision of development banking services to public and private sector organisations in the West African sub-region. 2. Cash and bank balances Cash in hand 33 331 17 413 33 331 17 413 Balances with other banks 7 071 533 11 689 935 7 071 557 11 689 958 7 104 864 11 707 348 7 104 888 11 707 371 3. Short term funds 3.1 Fixed deposits (Note 3.1) 25 302 185 29 036 233 22 421 837 24 692 399 Call deposits 2 538 709 11 870 805 2 538 709 11 870 805 27 840 894 40 907 038 24 960 546 36 563 204 Provision for doubtful balances (3 552 663) (3 552 663) (2 057 790) (2 057 790) 24 288 231 37 354 375 22 902 756 34 505 414 3.2 Short term funds - Within the Region - 11 481 460-11 481 460 - Outside the Region 27 840 894 29 425 578 24 960 546 25 081 744 27 840 894 40 907 038 24 960 546 36 563 204 10

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 4. Loan to member states Loans signed to member states 896 291 345 830 915 020 896 291 345 830 915 020 Amount not disbursed (297 069 651) (325 854 452) (297 069 651) (325 854 452) Amount disbursed 599 221 694 505 060 568 599 221 694 505 060 568 Repayments on principal (125 946 783) (88 710 662) (125 946 783) (88 710 662) 473 274 911 416 349 906 473 274 911 416 349 906 Provision for bad and doubtful balances (Note 4. (19 693 286) (15 286 712) (19 693 286) (15 286 712) 453 581 625 401 063 194 453 581 625 401 063 194 4.1 Provision for bad and doubtful balances - At 1 January 15 286 712 12 790 485 15 286 712 12 790 485 Additional provision 4 482 500 3 797 378 4 482 500 3 797 378 Provision no longer required (75 926) (1 301 151) (75 926) (1 301 151) Per profit and Loss At 31 october 19 693 286 15 286 712 19 693 286 15 286 712 4.2 Analysis of loans PUBLIC SECTOR By maturity More than two years but less than three years 28 694 496 20 539 806 28 694 496 20 539 806 More than three years but less than four years 5 165 287 6 284 869 5 165 287 6 284 869 More than four years but less than five years 5 796 673 6 551 201 5 796 673 6 551 201 More than five years 283 389 209 236 204 266 283 389 209 236 204 266 323 045 665 269 580 142 323 045 665 269 580 142 PRIVATE SECTOR By maturity More than two years but less than three years 30 186 921 47 436 001 30 186 921 47 436 001 More than three years but less than four years 30 139 146 20 727 704 30 139 146 20 727 704 More than four years but less than five years 29 169 381 28 978 764 29 169 381 28 978 764 More than five years 60 733 798 49 627 295 60 733 798 49 627 295 150 229 246 146 769 764 150 229 246 146 769 764 4.3 TOTAL PUBLIC & PRIVATE SECTOR BAD AND DOUBTFUL DEBTS (Principal) Société Ciments du Golfe Pride Petroleum SA Réseau Mobile Intercel Guinée Nell Stell Senegal Swap Technologies Provision for bad and doubtful balances 473 274 911 416 349 906 473 274 911 416 349 906 5 255 093 5 255 093 5 255 093 5 255 093 1 737 703 1 813 629 1 737 703 1 813 629 5 344 414 4 933 914 5 344 414 4 933 914 3 284 076 3 284 076 3 284 076 3 284 076 4 072 000-4 072 000 19 693 286 15 286 712 19 693 286 15 286 712 11

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 4.4 By economic sector The distribution of outstanding loans at 31 december 2014 and 2015 were as follows: PUBLIC SECTOR Power 139 834 758 125 113 405 139 834 758 125 113 405 Communications 23 465 346 21 805 474 23 465 346 21 805 474 Transport 138 424 834 103 940 036 138 424 834 103 940 036 Agriculture and Rural Development 4 728 508 4 973 320 4 728 508 4 973 320 Water Supply and Sanitation - - - - Finance & Industry 13 224 143 10 379 831 13 224 143 10 379 831 Multi-sector & Social 3 368 076 3 368 076 3 368 076 3 368 076 323 045 665 269 580 142 323 045 665 269 580 142 PRIVATE SECTOR Power 9 142 428 9 811 076 9 142 428 9 811 076 Communications 33 075 208 32 132 032 33 075 208 32 132 032 Transport 31 637 388 20 850 460 31 637 388 20 850 460 Agriculture and Rural Development - - - - Water Supply and Sanitation - - - - Finance & Industry 72 186 707 78 838 069 72 186 707 78 838 069 Multi-sector & Social 4 187 515 5 138 127 4 187 515 5 138 127 150 229 246 146 769 764 150 229 246 146 769 764 TOTAL PUBLIC & PRIVATE SECTOR 473 274 911 416 349 906 473 274 911 416 349 906 5. Inter-institutional accounts Executive Secretariat 31 273 26 053 31 273 26 053 Community Computer Centre 62 549 67 978 62 549 67 978 Compte liaison OIF / BIDC 50 080 (3 584) 50 080 (3 584) Compensation Fund - - - FAPA BAD/BIDC ASSISTANCE SECT PRIVE 17 594 24 870 17 594 24 870 African Biofuels and Renewable Energy Fund 31 578 32 355 31 578 32 355 Ecowas Provident Fund 897 466 379 441 897 466 379 441 1 090 540 527 113 1 090 540 527 113 Inter-institutional accounts represent amounts due to the from other Ecowas institutions for transactions concluded on behalf of these institutions.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 6. Other assets Prepayments 347 260 367 031 347 260 367 031 Interest receivable 15 919 155 12 818 530 15 919 155 12 818 530 Accrued interest (Note 6.1) 2 918 426 2 817 715 2 753 548 2 641 851 Dividend receivable - ETI - - - - Staff receivables 2 189 485 1 681 664 2 189 485 1 681 664 Commission receivable - Guarantee - - - - Stock of consumables 77 577 65 695 77 577 65 695 Assets on order 4 598 155 3 609 867 4 598 155 3 609 867 Others (477 068) (1 233 564) (582 507) (1 339 003) 25 572 990 20 126 938 25 302 673 19 845 635 Provision for impairment (Note 6.3) (9 647 421) (7 743 703) (9 647 421) (7 743 703) 6.1 Accrued interest 15 925 569 12 383 235 15 655 252 12 101 932 Loans 2 685 682 2 196 812 2 685 682 2 196 812 Deposits 232 744 620 903 67 866 445 039 2 918 426 2 817 715 2 753 548 2 641 851 6.2 BAD AND DOUBTFUL DEBTS (Interest) Société Ciments du Golfe 2 200 406 2 200 406 2 200 406 2 200 406 Pride Petroleum SA 964 681 964 681 964 681 964 681 Danadams Pharmaceutical Industry 3 699 3 699 3 699 3 699 Réseau Mobile Intercel Guinée 2 632 651 2 417 984 2 632 651 2 417 984 Nell Stell Senegal 528 170 528 170 528 170 528 170 Anuc Ghana9-52 675-52 675 Engineers & Planners 842 500 842 500 Pomar Togo - 32 490 32 490 Tinapa Free Zone - 286 131-286 131 Swap Technologie 2 475 314 1 234 521 2 475 314 1 234 521 Electrification rurale par système solaire - 22 946 22 946 Provision for bad and doubtful balances - - - - 9 647 421 7 743 703 9 647 421 7 743 703 13

BIDC 31/12/2015 SYNTHESE DES PROVISIONS SUR PRETS (PRINCIPAL ET INTERETS) Projets ENCOURS au 31/12/2015 Capital Intérêts TOTAL Capital Intérêts Capital Intérêts Société Ciments du Golfe 5 255 093 2 200 406 7 455 499 5 255 093 2 200 406 Pride Petroleum SA 1 941 296 837 011 2 778 307 1 813 629 964 681-75 926 Danadams Pharmaceuticals Industry Ltd 3 699 Tinapa free zone 3 368 076 635 514 4 003 590-286 131 - - 286 131 Engineers & Planners 9 546 244 5 435 647 14 981 891 - - 842 500 ANUC GHANA 9 77 452 77 452-52 675-52 675 77 452 Réseau Mobile Intercel Guinée 5 755 147 2 632 651 8 387 798 4 933 914 2 417 984 410 500 214 667 ATEL SA 9 215 174 1 633 011 10 848 185 Provisions comptabilisées au 31/12/2014 Swap Technologies 10 182 047 2 475 313 1 234 521-1 234 521 4 072 000 1 240 792 Nell Stell Senegal 3 284 076 528 170 3 284 076 528 170 Dotations/Reprises provisions complémentaires à comptabiliser Pomar Togo 45 629 45 629-32 490-32 490 Electrification rurale 12 003 103 38 12 003 141 22 946-22 946 Pertes à comptabiliser Total 60 550 256 16 500 842 65 628 259 15 286 712 7 743 703 4 406 574 1 903 717 77 452 13

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 6.3 Provision for doubtful balances At 1 January 7 743 703 5 901 713 7 743 703 5 901 713 Transfer to provision for principal (Note 4.1) - - Provision during the year 2 297 960 4 097 519 2 297 960 4 097 519 Released during the year (394 242) (2 255 529) (394 242) (2 255 529) At 31 december (Note 6.2) 9 647 421 7 743 703 9 647 421 7 743 703 7. Long term investments Equity investments: Quoted: Ecobank Transnational Incorporated (ETI) (Note 7.1) 7 553 817 7 553 817 7 553 817 7 553 817 Unquoted: Ecomarine 1 702 751 1 702 751 1 702 751 1 702 751 Regional Telecommunications Maintenance Center 44 714 44 714 44 714 44 714 African Investment 317 291 317 291 317 291 317 291 Banque Nationale d'investissement Gestion 65 237 65 237 65 237 65 237 Special Fund for Telecommunication - - 8 507 861 8 507 861 African Biofuels and Renewable Energy Fund 130 402 130 402 130 402 130 402 Fonds Africain d'agriculture 2 705 610 2 408 106 2 705 610 2 408 106 OIF/FRANCOPHONIE 560 509 560 509 560 509 560 509 AREF 2 411 665 680 203 2 411 665 680 203 CRRH-UEMOA 629 955 629 955 629 955 629 955 AHL MARIOTT AFRICAN 2 132 499-2 132 499 LBDI LIBERIA 1 319 015 1 319 015 1 319 015 1 319 015 WAEMGF 826 791 391 368 826 791 391 368 Burkina bail 944 945 944 945 944 945 944 945 SPCAR/ASKY 5 370 772 5 370 772 5 370 772 5 370 772 Debenture 19 162 156 14 565 268 27 670 017 23 073 129 Sénégal debenture 898 288 958 140 898 288 958 140 Togo debenture - - - - Oragroup debenture 3 593 151 3 832 560 3 593 151 3 832 560 4 491 439 4 790 700 4 491 439 4 790 700 31 207 412 26 909 785 39 715 273 35 417 646 Provision for diminution in value (Note 7.2) (2 231 387) (2 231 387) (2 231 387) (2 231 387) 28 976 025 24 678 398 37 483 886 33 186 259 14

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 7.1 Investment in Ecobank Transnational Incorporated (ETI) was acquired by ECOWAS Fund (now EBID) in April, 1989 for US$9.5 million. Following the transformation of the Fund into EBID, the investment, along with other assets of the Fund were revalued, using net asset basis. The revalued amount was the equivalent of UA9 million. The market value of the investment (225,196,010 units) as at 31 December, 2010 was US$ 23.78 million (UA 15.4 million) (2009: 225,196,010 units - US$29.9 million (UA14.6million)). 7.2 Provision for diminution in value At 1 January 2 231 387 2 231 387 2 231 387 2 231 387 Provision during the year - - - At 31 december 2 231 387 2 231 387 2 231 387 2 231 387 15

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Land and buildings FRAIS & COMM/EMP Vehicles Equipment, furniture & Office partitioning IT equipment Total UA UA UA 8. Fixed assets (Cont'd) Cost At 1 January 2015 18 537 568 2 310 505 636 491 3 062 580 1 136 462 1 165 269 26 848 875 Additions 87 037 120 707 19 294 25 465 252 503 Disposals (63 651) (8 360) (2 514) (74 525) Elimination (Note 9.1) - - At 31 dec 2015 18 537 568 2 310 505 659 877 3 174 927 1 153 242 1 190 734 27 026 853 Depreciation At 1 January 4 031 433 880 648 385 368 2 834 140 814 896 959 233 9 905 718 Charge for the year 337 043 330 072 121 993 130 617 120 310 137 339 1 177 374 Disposal (63 651) (8 283) (2 487) (74 421) Elimination (Note 9.1) - At 31 dec 2015 4 368 476 1 210 720 443 710 2 956 474 932 719 1 096 572 11 008 670 AS Net book value At 31 dec 2015 14 169 092 1 099 785 216 167 218 453 220 523 94 162 16 018 182 At 31 dec 2014 14 506 135 1 429 857 251 123 228 440 321 566 206 036 16 943 157 9. Creditors and accruals Managed funds (Note 10.1) 2 334 200 1 833 710 2 334 200 1 833 710 Interest payable 1 087 457 1 414 145 1 087 457 1 414 145 Suppliers 386 764 1 013 753 386 764 1 013 753 Local taxes (staff) 0 9 254 0 9 254 Sundry creditors and provisions 4 519 478 4 167 977 4 519 212 4 167 706 8 327 899 8 438 839 8 327 633 8 438 568 16

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 9.1 Managed funds Francophonie funds 971 519 983 796 971 519 983 796 FGIC (FDS GARANTIE INDUST CULT) 22 634 23 380 22 634 23 380 WAHO funds 1 340 047 826 534 1 340 047 826 534 2 334 200 1 833 710 2 334 200 1 833 710 10. Borrowings These are borrowings which EBID inherited from the former ECOWAS FUND Ligne de crédit indienne $250 millions 172 806 975 156 465 022 172 806 975 156 465 022 Emp oblig. BIDC 2010-2017 20 121 646 32 193 504 20 121 646 32 193 504 Emp oblig. BIDC 2014-2021 43 916 291 51 100 800 43 916 291 51 100 800 Emprunt ligne de crédit Afreximbank 36 185 733 41 413 298 36 185 733 41 413 298 EMPRUNT LIGNE DE CREDIT OFID 0 0 0 0 EMPRUNT LIGNE DE CREDIT BADEA 2 164 924 690 222 2 164 924 690 222 EMPRUNT A COURT TERME BTCI 0 0 0 EMPRUNT A COURT TERME BSIC 0 0 0 EMPRUNT AFRICA FINANCE CORP 23 569 526 0 23 569 526 0 10.1 Maturity profile of borrowings 298 765 095 281 862 846 298 765 095 281 862 846 One year or less 44 115 129 21 188 175 44 115 129 21 188 175 More than one year but less than two years 18 544 359 18 544 359 18 544 359 18 544 359 More than two years but less than three years 18 544 359 18 544 359 18 544 359 18 544 359 More than three years but less than four years 18 544 359 18 544 359 18 544 359 18 544 359 More than four years 14 920 696 14 920 696 14 920 696 14 920 696 More than five years 184 096 193 190 120 898 184 096 193 190 120 898 298 765 095 281 862 846 298 765 095 281 862 846 10.2 Debenture stock (2010-2017) The bank issued a 42,000,000,000 FCFA debenture in October 2010 at an interest rate of 6.75% for a period of 7 years. The purpose of the loan is to finance the bank's operations. Related transaction costs has been capitalized and amortized over the life of the loan. 10.3 Debenture stock (2014-2021) The bank issued a 40,000,000,000 FCFA debenture in februaryr 2014 at an interest rate of 6.50% for a period of 7 years. The purpose of the loan is to finance the bank's operations. Related transaction costs has been capitalized and amortized over the life of the loan. 17

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 11. Inter-institutional accounts Special Fund for Telecommunications - 1 16 954 999 17 198 568 Executive Secretariat Special Envoy 71 583 72 916 71 583 72 916 Provident Fund - - Compensation Fund 1 303 170 1 435 213 1 303 170 1 435 213 1 374 753 1 508 130 18 329 752 18 706 697 12. Share capital Authorised: 1,000,000 ordinary shares of UA1,000 each 1 000 000 000 1 000 000 000 1 000 000 000 1 000 000 000 Unsubscribed capital (300 000 000) (300 000 000) (300 000 000) (300 000 000) Subscribed capital 700 000 000 700 000 000 700 000 000 700 000 000 Callable capital (307 258 669) (307 258 669) (307 258 669) (307 258 669) Call-up capital: 392 741 331 392 741 331 392 741 331 392 741 331 Call in arrears (Note 12.1) (185 775 065) (209 090 939) (185 775 065) (209 090 939) At 31 december 206 966 266 183 650 392 206 966 266 183 650 392 The authorised capital of EBID is UA1000,000,000 of which the regional members have subscribed 70% and the balance is to be subscribed by the non regional members. This 70% which is UA 700,000,000 is completely subscribed. As at date 35% of the 700,000,000 is called up. 18

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 12.1 Call in arrears Benin 0 0 0 0 Burkina Faso 165 937 2 007 530 165 937 2 007 530 Cape Verde 2 041 625 2 331 320 2 041 625 2 331 320 Cote d'ivoire 32 558 527 36 240 641 32 558 527 36 240 641 The Gambia 6 346 590 6 346 590 6 346 590 6 346 590 Ghana 19 555 416 26 221 419 19 555 416 26 221 419 Guinea 0 0 0 0 Guinea Bissau 4 817 318 4 817 318 4 817 318 4 817 318 Liberia 19 884 821 19 884 821 19 884 821 19 884 821 Mali 0 2 505 506 0 2 505 506 Niger 812 003 4 415 090 812 003 4 415 090 Nigeria 67 410 474 67 410 474 67 410 474 67 410 474 Senegal 18 132 675 20 791 039 18 132 675 20 791 039 Sierra Leone 12 022 198 12 379 262 12 022 198 12 379 262 Togo 2 027 481 3 739 929 2 027 481 3 739 929 185 775 065 209 090 939 185 775 065 209 090 939 13. Revenue reserve UA UA UA At 1 January 19 918 096 18 791 668 17 375 935 15 410 716 Reserve/enhancement fund 1 697 631 1 697 631 Transfer from profit and loss account 1 447 077 1 126 428 2 374 816 1 965 219 At 31december 23 062 804 19 918 096 21 448 382 17 375 935 14. Non-controlling interest This represents non-controlling interest in the capital of Special Fund for Telecommunications (SFT) in which the has 54% holding. At 1 January 9 278 515 9 993 042 - - Arising during the year (790 297) (714 527) - - At 31december 8 488 218 9 278 515 - - 19

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 15. Interest income Interest on loans 19 420 827 16 426 021 19 420 827 16 426 021 Interest on delayed payments 1 983 124 1 023 515 1 983 124 1 023 515 Interest on fixed deposits 915 082 1 728 752 647 960 1 100 840 Interest on current and call accounts 329 737 153 329 737 153 22 648 770 19 178 441 22 381 648 18 550 529 16. Interest expense Finance charges 11 139 112 10 724 570 11 139 112 10 724 570 17. Fees and commission Service charges 55 392 88 055 55 392 88 055 Commitment charges 929 862 1 250 039 929 862 1 250 039 Commissions/processing fees 896 414 1 088 305 896 414 1 088 305 Commission on guarantees 651 574 830 264 651 574 830 264 2 533 242 3 256 663 2 533 242 3 256 663 18. Other income Rental income - Dome and Elegbede Hall 8 1 380 8 1 380 Rental income 45 825 170 632 45 825 170 632 Sale of fixed assets 18 595 8 985 18 595 8 985 Miscellaneous income 136 515 60 105 136 515 60 105 Others 144 971 95 662 144 971 95 662 345 914 336 764 345 914 336 764 19 Exchange Gain/Loss Exchange Gain 55 648 127 432 307 55 648 127 432 307 Exchange Loss -55 740 889 (673 571) -55 740 889-673 571 Currency Translation Gain 18 130 342 22 106 591 18 130 342 22 106 591 Currency Translation Loss -15 534 479 (19 264 343) -13 549 321-17 083 113 2 503 101 2 600 984 4 488 259 4 782 214 20

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 21. Related party transactions 22.1 Ecobank Transnational Incorporated The maintains banking relationship with Ecobank Togo, in which it has 3,07 % shareholding. The bank accounts were opened in the ordinary course of business. 22. Off balance sheet engagements The bank entered into various commitments in the normal course of business which are not reflected on the balance sheet, and in respect of which there are corresponding obligations by customers. These were as follows: Guarantees DEC 2015 DEC 2014 UA UA Port Autonome d'abidjan (PAA) 324 337 5 110 080 PALMCI 1 859 456 3 193 800 Société Multinationale de Bitumes (SMB) 3 098 344 4 790 700 Total of Obligations garanteed 5 282 137 13 094 580 Amount not disbursed on Loans signed to member states 297 069 651 325 854 452 Contingent liabilities and other obligations on behalf of customers 302 351 788 338 949 032 and customers' liability thereon 22

FOR MANAGEMENT USE ONLY 23

MANAGEMENT EXPENSES Staff cost 6 503 056 5 725 093 6 503 056 5 725 093 Official mission 427 490 439 473 427 490 439 473 Conference expenses 335 051 285 709 335 051 285 709 Vehicle maintenance 66 606 72 859 66 606 72 859 Printing and office stationery 19 100 57 011 19 100 57 011 Post and telecommunication 103 547 99 877 103 547 99 877 Publicity and advertisement 25 414 53 652 25 414 53 652 Office repairs and maintenance 694 865 733 024 694 865 733 024 Studies and project evaluation 339 705 182 095 339 705 182 095 General expenses 295 618 164 984 295 618 164 984 Audit fees 55 095 58 854 55 095 58 854 Other operating expenses 134 543 290 109 134 543 290 109 Provision for bad and doubtful 77 452 731 758 77 452 731 758 Provision on Loans Principal + Interest 6 780 459 7 894 898 6 780 459 7 894 898 Provision on s 0 0 0 0 Depreciation 847 302 1 003 665 847 302 1 003 665 10 202 247 12 067 968 10 202 247 12 067 968 16 705 303 17 793 061 16 705 303 17 793 061 24