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Annual group financial statements for the year ended 1 December 01 Our vision and values Corporate profile Our network Recognition 1 0 0 0 0 Chairman s statement Chief executive s statement Economic review Financial review Executive committee + Case study Workplace banking + Case study Prudent Energy & Services Ltd + Case study Iron Products + Case study Seplat Petroleum Development Company Ltd + Case study Telecommunications Transactions Abridged sustainability report Enterprise risk review 1 1 11 1 1 1 1 1 1 0 Board of directors Directors report Statement of directors responsibility Corporate governance report Report of the audit committee Independent auditor s report Statement of financial position Statement of profit or loss Statement of cash flows Notes to the annual financial statements Annexure A Annexure B Management team Branch network Contact information Making an impact for our customers

Annual group financial statements for the year ended 1 December 01 Our vision and values To be the leading end-to-end financial solutions provider in Nigeria through innovative and customer-focused people. The values that underpin our strategy Serving our customers Growing our people Delivering to our shareholders Being proactive Working in teams Constantly raising the bar Respecting each other We do everything in our power to ensure that we provide our clients with the products, services and solutions to suit their needs, provided that everything we do for them is based on sound business principles. 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. 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. We strive to stay ahead by anticipating rather than reacting, but our actions are always carefully considered. 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. We have confidence in our ability to achieve ambitious goals and we celebrate success, but we must never allow ourselves to become complacent or arrogant. We have the highest regard for the dignity of all people. We respect each other and what stands for. We recognise that there are corresponding obligations associated with our individual rights. Upholding the highest levels of integrity Our entire business model is based on trust and integrity as perceived by our stakeholders, especially our clients.

Annual group financial statements for the year ended 1 December 01 Corporate profile Holding PLC traces its origin to and Trust Company ( IBTC ), a private limited liability company on February 1. IBTC was granted a merchant banking license in February 1 and commenced operations on 1 March 1. IBTC s merchant banking license was converted to a universal banking license in January 00, pursuant to the universal banking guidelines of the CBN. In 00, IBTC became a public company and its shares were listed on The Nigerian Stock Exchange. In December 00, IBTC merged with Chartered Bank PLC and Regent Bank PLC and changed its name to IBTC Chartered Bank PLC ( IBTC Chartered ) on January 00. On September 00, IBTC Chartered merged with Stanbic Bank Nigeria ( Stanbic Bank ), a wholly owned subsidiary of Stanbic Africa Holdings ( SAHL ), which in turn is a subsidiary of Standard Bank Group of South Africa. As part of the transaction that resulted in the combination of IBTC Chartered and Stanbic Bank, SAHL acquired a majority shareholding (.%) in the enlarged bank, which was named Bank PLC. New structure Holdings PLC On November 01, officially adopted a holding company structure in compliance with the revised regulatory framework by the Central Bank of Nigeria which requires banks to divest from non-core banking businesses or adopt a HoldCo structure. Under the new structure, the operating subsidiaries of Stanbic IBTC Holdings PLC are Bank, Pension Managers, Asset Management, Trustees, Capital, Stockbrokers, and Ventures. Nominees Nigeria and Bureau de Change are the only subsidiaries of Bank. Insurance Brokers was incorporated on December 01 as a subsidiary of Holdings PLC. The new Company is however yet to commence business as the Insurance brokerage license is still being processed. (CIB) N1. billion investment banking services to government, parastatals, larger corporates, financial institutions and international counterparties in Nigeria. Gross revenue 1% and Business (PBB) N0. billion and other financial services to individual customers and small to medium sized enterprises. % % N. billion management in form of asset management, pension fund administration and trusteeship. %.%.%.% 0.%.% Bank PLC Asset Management Capital Pension Managers s 0% % Bureau de Change.%.% Stanbic Nominees Nigeria Stockbrokers.%.% Trustees Ventures.% Total deposits % % Gross loans and advances 0% 0% Holdings is a full service financial institution which offers a wide range of products to a variety of segments. provides end-to-end financial solutions which include corporate and investment banking, personal and business banking, stockbroking and wealth management. Standard Bank Group, to which belongs, is rooted in Africa with strategic representation in 0 key sub-saharan countries and other emerging markets. Standard Bank has been in operation for over years and prides itself on being a global bank with African roots. The largest African bank by assets and earnings, it operates in 0 countries on the African continent, including South Africa, as well as in other selected emerging markets. We uphold high standards of corporate governance and are committed to advancing the principles and practice of sustainable development. Our success and growth over the long term is built on making a difference in the communities in which we operate.

Annual group financial statements for the year ended 1 December 01 Our network Group overview Market capitalisation R billion (USD0 billion), employees (,11 in Nigeria) Total assets R1,0 billion (USD1 billion) 1 Operating in 1 0 African countries 1 Angola Botswana Cote d ivoire DRC Ethiopia Ghana Kenya Lesotho Malawi 1 FCT Abuja region 1 Tanzania 1 Zambia 0 Zimbabwe Lagos Island region 0 11 1 1 1 Nigeria 1 Uganda Branches 1 1 Namibia 1 Swaziland Nigeria overview 1 11 Mozambique 1 South Sudan, ATMs (1 in Nigeria) 1 Mauritius 1 South Africa and 1 countries outside Africa 1 1, branches ( in Nigeria) 1 ATMs FCT Abuja region 1 Lagos Island region Lagos Mainland region 11 Lagos Mainland region North Central region 1 North Central region North East region 1 North East region North West region North West region South East region South East region 1 South South region South South region South West region 0 South West region

Annual group financial statements for the year ended 1 December 01 Recognition Awards and recognition 1 Best Bank in Nigeria Euromoney award of excellence (awarded to Capital) The most active Dealing Member Firm (Stockbroking) The Nigerian Stock Exchange CEO Award 01 Best follow-on funding in Africa Best sub-custodian bank in Nigeria 01 Global Finance magazine awards Best SME Bank in Nigeria International Finance Magazine award Pension Administrator of the year th LEAD Africa 01 (awarded to Pension Managers) Best supranational borrower 11 Best sub-custodian in Nigeria 01 Global Investor awards 01 Best Bank in Nigeria Award Euromoney Real Estate Survey Best IPO (Seplat) in Africa Best syndicated loan of the year 11