ACCESS BANK PLC

2015 Rights Issue

February 2015

Agenda

Overview of Access Bank

Rights Issue Rationale

© 2015 ACCESS BANK PLC 1

Recognised as a leading commercial bank in Nigeria withan extensive distribution network in Sub Saharan Africa and the UK

Capital Adequacy Ratio

20%

Subsidiaries

7Banking Subsidiaries

Number of

Employees

3,192Professional staff

366Branches

1,042ATMs

11,846POS

Channels

Access Bank Plc. is licensed by

the Central Bank of Nigeria as an International Bank

ListingsNigerian Stock Exchange

London Stock Exchange

(Eurobond)

AA-

A-

Issuer Credit Rating 1

A+

A+

Awards & Recognition

1. Quoted ratings represent the Bank’s Long Term Local Ratings

Long Term Counterparty Ratings are as follows:

S & P: BB-

Fitch: B

African

Banker’s

Award 2013

FT/IFC

Sustainable

Bank of the

Year 2011

M&A

Winner in

Africa 2012

Risk

Management

Award 2013

Best Credit

Card Product

Award 2014

© 2015 ACCESS BANK PLC 2

© 2014 ACCESS BANK PLC 3

Our growth story reflects our commitment to execute our strategy and consistent delivery on our promise…

2002 2007 2012

Market Cap: ₦25bn

Number of Branches: 32

Market Cap: ₦342bn

Number of Branches:118

65th out of 89 banks

90,000 customers

ROE: -0.9%

CIR: 93%

Gross Income: ₦2.6bn

Loans: ₦4.2bn

Deposits: ₦6.5bn

Assets: ₦11.3bn

No Risk Rating

9th out of 25 banks

600,000 customers

ROE: 25%

CIR: 62%

Gross Income: ₦27.9bn

Loans: ₦108bn

Deposits: ₦205bn

Assets: ₦409bn

Risk Ratings:

‒ S&P: BBB

‒ Fitch: BBB

‒ Agusto: A-

5th out of 21 banks

6.5 million customers

ROE:18%

CIR: 61%

Gross Income: ₦208.3bn

Loans: ₦609bn

Deposits: ₦1,201bn

Assets: ₦1,745bn

Risk Ratings:

‒ S&P: AA-

‒ Fitch: A-

‒ Agusto: A-

Market Cap: ₦241bn

Number of Branches: 349

• ₦15 billion Public Offer in 2004

• Issued ₦11.9 billion of Local Bond in 2006

• ₦136 billion Public Offer in 2007 • Issued USD350 million Eurobond in

2012

1st 5-Year Plan 2nd 5-Year Plan

Strong financial performance reflecting our well executed strategy (1)

Strong Loan Growth Solid Funding Base

Compelling Shareholder ReturnsImproving Asset Quality

448 576 604

786

1,056

92%

52% 50%59%

71%

2010 2011 2012 2013 9m'14

Net loans (N bn) Net loans / Deposits

485

1,102 1,2011,331

1,479

61%

77% 80% 84% 82%

2010 2011 2012 2013 9m'14

Customer deposits (N bn) Deposits / Total Liabilities

11.0%9.0%

5.0%2.7% 2.5%

60%85%

110%122% 114%

2010 2011 2012 2013 9m'14

NPL ratio NPL coverage

164192

241 244 2654.8%

8.6%

18.2%14.9%

18.7%

2010 2011 2012 2013 9m'14

Shareholders' equity ROAE

CAGR’10-9m14 25.7% CAGR’10-9m14 34.6% The Bank maintained strong

loan growth of 33% YoY in

9m 2014 – the highest loan

growth of its peers in the

period

Asset quality remained

strong with the NPL ratio

continuing its steady decline

Consistent improvement in

shareholders returns as

ROE increased from 4.8%

in 2010 to 18.7% in Q3’14

Solid funding base with

customers deposits

accounting for 82% of total

liabilities

© 2015 ACCESS BANK PLC 4

Strong financial performance reflecting our well executed strategy (2)

3% 2.7% 2.2% 3% 2.9%

18% 17%15.5%

18% 18.7%

FY'12 H1'13 FY'13 H1'14 9M'14

61%

68%

66.4%

63.1%

61.2%

FY'12 H1'13 FY'13 H1'14 9M'14

32.4%

44.2% 43.9%41.1% 39.5%

FY'12 H1'13 FY'13 H1'14 9M'14

Increasing Margins High Share of Non-Interest Income

Compelling ReturnsSteadily Improving Efficiency

Non-Interest Income / Operating Income

Cost-to-Income Ratio

5% 4.9% 4.5% 4%4.9%

12.3%

10.7% 11%11.7%

13.2%

7.7%6.6%

5.5%6.9% 7.5%

FY'12 H1'13 FY'13 H1'14 9M'14

Cost of Fund Asset Yield NIM

ROAE ROAA

Strong loan growth has

driven a significant

increase in the Bank’s

asset yield and net

interest margin

The Bank maintains one

of the highest share of

non-interest revenues in

the sector

Efficiency has steadily

improved since FY’13,

with a Cost-to-Income

Ratio (CIR) of 61.2% in

9M’14

© 2015 ACCESS BANK PLC 5

Our corporate history is a testament to our disciplined capital planning

Source: Bank financial reports and published unaudited management presentations.

(1) Long term local rating

With a vision of becoming one of the most respected banks in Africa,

Access Bank has grown to be a Top Five Bank in Nigeria

2002 2005 2006 2007 2009 2011 2012 2013 2018

• Raised ₦15bn in public issues to meet capital requirements

• Successful acquisition of Capital and Marina bank

• FMO becomes largest institutional investor through conversion of $15m term loan

• Raised ₦136bn in public offerings including a highly successful and over-subscribed GDR

• Access Bank UK is established

• Appointment of Aigboje Aig-Imoukedeas MD/CEO and Herbert Wigweas DMD

• Embarked on a 5 year transformation agenda

• Local bond issue of ₦11.9bn

• Passed CBN’s Special Audit on Governance, Liquidity and Capital Adequacy

• $150million loan stock from Development Finance partners

• Awarded IFC Sustainable Bank of the Year

• Acquisition of Intercontinental Bank

• Ranked fourth largest bank as a result of the acquisition

• Credit rating 1:

S&P: AA-

Fitch: A-Agusto: A+GCR: A+

• $350mn Eurobond

• Merger with Intercontinental

Completed

• Post-merger integration

• Divestment from Non-

Banking Subsidiaries

• Designated as SiFi by CBN

1st 5-Year Rolling Plan 2nd 5-Year Rolling Plan 3rd 5-Year Rolling Plan

2014

• Appointment of Herbert Wigwe to succeed retiring MD/CEO and appointment of Obinna Nwosu as DMD

• Issued USD400 million subordinated note

• Transition into large diversified banking institution

© 2015 ACCESS BANK PLC 6

Agenda

Overview of Access Bank

Rights Issue Rationale

© 2015 ACCESS BANK PLC 7

Transaction Summary

Issuer Access Bank PLC

Use of Proceeds

The funds raised will be used to upgrade the Bank’s information technology platforms and branch network to

enable it provide better service and further improve the working environment as well as improve its distribution

channel infrastructure to enable it provide more efficient services to clients. The funds will also be used to

augment the Bank’s working capital and support risk assets growth

Now being issuedOffer size of 7,627,639,636 (Seven billion, Six hundred and Twenty Seven million, Six Hundred and Thirty Nine

thousand, Six hundred and Thirty Six) ordinary shares of 50 kobo each

Issue Size N52.6 billion

Method of Issue By way of rights to existing shareholders

Provisional Allotment One (1) ordinary share for every three (3) fully paid ordinary shares held by shareholders of the Bank.

Issue Price per Share N6.90

Payment In full acceptance

Opening Date January 26, 2015

Closing Date March 4, 2015

Underwriting At the instance of the issuer, this issue is not underwritten

© 2015 ACCESS BANK PLC 8

© 2014 ACCESS BANK PLC 9

With significant market opportunities in sight, our focused growth strategy would require us to proactively enhance our capital

Delivering superior shareholder value requires the enhancement of our Tier 1 Capital

Comprehensively strengthening capital ratios

for the longer term

Sufficient headroom to grow the business and

deliver sustainable growth in targeted sectors

Pursue growth in asset book to drive

profitability while maintaining the Bank’s

moderate risk appetite

Digitisation and Improvement of the retail

channel network pivotal to customer

acquisition and retention

Build a strong buffer for regulatory

requirements

Enhance Capital Strength

• Become the World’s Most Respected

African Bank

• Achieve top 3 position by all financial

metrics

• Continued extension of our Value Chain

Strategy leveraging on a strong technology

platform

• Global brand recognition for excellence

• Sustained and disciplined growth in chosen

markets

• Expanded and diversified retail deposit

base

• Outstanding customer experience across all

segments

• Deployment of analytics and behavioral

segmentation to prioritize customer needs

Access Bank’s Growth Strategy

© 2014 ACCESS BANK PLC 10

14.00 12.95 12.89

12.30 12.20 11.84 11.40 11.31 10.82

10.40 10.36

0

2

4

6

8

10

12

14

16

Exotix BPI BGL FBN Capital ARM Chapel Hill Imara RenCap CardinalStone Vetiva SBG Securities

Targ

et

Pri

ce (

₦)

Source: Capital IQ, Bloomberg, Standard Bank analysis as of 12 September 2014

Note: Banks Index is composed of Access, FBN, GTB, Zenith, UBA, Diamond, Stanbic, Skye, Fidelity, and FCMB

*Unity Bank share price at RI announcement was 50 Kobo. Nigerian regulations disallow trading at a discount to the nominal value of shares

Strong analysts endorsement with an average target price of 1.1x book value

Market prices of securities on The Nigerian Stock Exchange

have dipped significantly and in many cases do not necessarily

represent the “true value” of such listed companies

‒ Global Macro concerns regarding oil trading dynamics

and domestic currency volatility have led to significant

capital flight from the equities markets

Access Bank’s share price is currently well below book and

intrinsic value

‒ Underperforming versus the NSE ASI year to date, but

has outperformed many Tier 1 peers

‒ Current market price of ₦4.99 values the company at

c.0.44x book value of equity

‒ Rights Price of ₦6.90 represents a P/BV of 0.61x and a

P/E of 2.6x, still a significant discount to the Bank’s

intrinsic value and an attractive entry price for long term

investors

Average broker

consensus is a “buy”

with a target price of

₦11.84

Stock is currently trading

at a 126% discount to

the broker consensus

target price

Key PointsRelative Share Performance1 Commentary

Latest Broker Recommendations

Median Target Price: ₦11.84

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Access GTB FBNH Zenith UBA