Bruce DickManaging DirectorZambia National Commercial Bank Plc. March 30th, 2015

Partnering With Businesses For Growth

A Presentation to the Domestic

Institutional Investors

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Contents

o Zanaco On A Pageo Market Overviewo Results 2014o Asset Qualityo Liquidity & Capitalo Strategyo CSRo Dividendso Conclusion

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Zanaco On A Page

Previously state-owned, privatised in 2007;

Rabobank 45.6% withManagementrights

Strong Retail Bank franchise, relatively new

Corporate, &Treasurybusiness

One of the largest Banks in Zambia; Top 1 - 4

positions(19banks)

Full product range in payments, collections,

cash management, trade, lending, & account

services

First to market; ATMs, Mobile Banking (Xapit),

SMSbanking

Actual ‘13 Actual ‘14

Total Assets (K mn) 6,972 6,664

Equity (K bn) 868 1,001

Tier 1 ratio 19% 20%

Actual ‘13 Actual ‘14

Turnover 837 973

PAT 186 143

ROE 21% 14%

Operational C/ I 65% 62%

Actual ‘13 Actual ‘14

Shareholding 100 100

Rabobank 46 46

GRZ 25 25

LIZARA (nominees of ZNFU) 3 3

Public 26 26

Clients > 750,000 > 850,000

Branches & Agencies 64 64

Cards > 947,000 > 1,000,000

Zanaco Xpress (SME Agents) 167 244

ATMs 170 184

POS machines 690 708

Employees 1,324 1,391

Source: Zanaco

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Market Overview

Source: BOZ

Copper: Downwards pressure closing around US $ 5,600 from av. of US $ 6,700 in the early part of 2014

Fiscal Policy: Increased GRZ borrowing in 2014 to meet infrastructure investments. Progress made TSA system targeting completion by 31 Dec 2015.

Monetary Policy: Tighter monetary policy maintained by BOZ in 2014; Increased bank Statutory Reserve Ratios (SRR) (8→14%), included GRZ & Vostro deposits in reserve ratio computations (0→14%), increasing MPR, and withdrew liquidity through OMO. Kwacha depreciated by 22%, and inflation higher than

targeted, thus negatively impacted cost of business

Challenging Operating Conditions….

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Financial Performance (IFRS)

….Consistent Growth despite challenges

• Strong Revenue growth• Costs under control• Increased SRR caused;

Unwinding longer dated investments ata time when market conditions weretight resulting in exceptional loss

K 441 million in liquidity to betransferred to BoZ

Reduction of investable funds thusimpacting overall asset growth

• Deposits and Assets down due to; Focus on resolving post implementation

issues of the new core banking system Sell down of investment assets

• However, Efficiency trending in the right direction Equity remains strong

• Invested in capacity for further sustainedbusiness growth

Source: Zanaco

Financial Highlights

(K Million) Actual ‘13 Actual ‘14 Change

Revenues 838 973 16%

Operating expenses 542 606 12%

Exceptional Loss - 104

PBT 264 214 -19%

Impairment 32 49 53%

Tax charge 78 71 -9%

PAT 186 143 -23%

Deposits 5,522 5,054 -8%

Assets 6,972 6,664 -4%

L & A (net) 2,988 3,139 5%

Equity 868 1,001 15%

Operational C/ I 65% 62% -4%

Dividend/share in ZMW 0.005 0.005 0%

EPS in ZMW 0.022 0.016 -26%

ROA 2.9% 2.1% -26%

ROE 24% 14% -39%

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Financial Performance

Revenues and Efficiency Trending in the Right Direction….

Source: Zanaco

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Financial Performance (IFRS)

Source: Zanaco

….Retail, Food & Agriculture among the Key Drivers For Growth

…We start from the base of the pyramid

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Financial Performance (IFRS)

Source: Zanaco

NPLs Higher than Where We Want them to Be….

…Our Medium Term Target for NPL

remains a sustainable 5%

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Financial Performance (IFRS)

Source: Zanaco

…Nevertheless Liquidity & Tier 1 Capital remains

Consistently Strong

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Strategic Focus

o Increased attention on our core segments;

Personal

SME

Food & Agriculture

GRZ

o Service improvement key for our strategic

positioning

o Innovation to anchor our distribution and

product approach

o Consistent financial stability and growth

oMaintaining strong staff engagement and

pride is the binding factor for our success

o Preserving a high level of Corporate Social

Responsibility

Strategy; Consistent & Focused supported by Technology, &

Distribution Capacity which we Continue to invest in

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Strategic Focus

Source: Zanaco

….SBUs Positioning in line with Strategy

Strong collaboration and co-oporationcreates efficiency in resource allocation

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Competitive Position

Source: Published & BOZ website

….Scale and Scope Advantages are key to our Competitive Positioning

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Zanaco K 618 mn 1 53% 64% 19% K 788 mn 1 61% 67% 18% K 808 mn 1 55% 65% 20% K 922 mn 1 61% 65% 20%

Barclays K 534 mn 2 49% 67% 22% K 729 mn 2 78% 69% 16% K 591 mn 4 71% 75% 15% K 653 mn 4 68% 69% 15%

Stanchart K 475 mn 3 49% 51% 16% K 707 mn 3 60% 45% 20% K 709 mn 2 65% 46% 22% K 808 mn 2 60% 52% 19%

Stanbic K 438 mn 4 58% 66% 13% K 662 mn 4 70% 58% 21% K 692 mn 3 67% 61% 22% K 793 mn 3 68% 62% 24%

First National Bank K 62 mn 9 51% 152% 15% K 178 mn 7 69% 115% 20% K 212 mn 6 83% 91% 39% K 357 mn 6 81% 75% 26%

Market K 1,694 mn 52% 68% 17% K 2,105 mn 62% 66% 19% K 2,543 mn 62% 67% 25% K 3,130 mn 62% 64% 24%

Key Peer Metrics

2011 2012 2013 2014

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Corporate Social Responsibility

Source: Zanaco

….It Begins with Building Capacity within Our Environment

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Development of Dividends & Capital Gains

Source: Zanaco

…We have Consistently endeavored to Balance the needs to fulfill

Our Shareholders’ expectations, & also to further build future

Business Capacity

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Conclusion

Source: Zanaco

Challenging year and Business Operating Environment But Leader

of the Pack Position in our Chosen Segments remains a Key

Strategic Objective

o Revenue model remains strong and trending in the right direction

o Liquidity, & capital strong & fully compliant with Basel II

o Internal challenges relating to post implementation of our new core banking system, but now resolved

majority of issues;

Customer experience improving

Reduced queues in our distribution channels

Management time and effort more focused on external issues

But had significant cost pain

o External pressure to remain strong

o But our focused strategy, and strategic positioning key to maintaining lead position in our chosen segments

oWe remain a strong retail banking franchise with focus in key developmental areas, while at the same time

growing our shareholders’ value

Disclaimer

Zambia National Commercial Bank PLC, (hereafter “Zanaco”) has taken all reasonable care to ensure that to the best of its knowledge this presentation is true and correct in

all material respects, does not contain any untrue statement of a material fact, is not misleading and does not omit to state any material fact, the result of which would make

the statements, opinions and intentions herein, in the context in which they are made, misleading in any material respect. This presentation and any other information

supplied is not intended to provide the basis of any evaluation, and should not be considered as a recommendation by Zanaco. Any recipient of this presentation, or of any

other information supplied in connection with this presentation should make its own independent investigation of the financial condition and affairs, and its own appraisal, of

Zanaco, including the merits and risks involved. This presentation does not constitute an offer to sell or the solicitation of an offer to buy any Zambia National Commercial

Bank PLC, ordinary shares in any jurisdiction to any person. Zanaco does not represent that this presentation may lawfully be distributed, or that any Zambia National

Commercial Bank PLC, ordinary shares may be lawfully offered, in compliance with any applicable registration or other requirements in any such jurisdiction, or pursuant to an

exemption available there under, or assumes any responsibility for facilitating any such distribution or offering. In particular, no action has been taken by Zanaco that would

permit a public offering of any Zambia National Commercial Bank PLC ordinary shares or distribution of this document in any jurisdiction where action for that purpose is

required. Accordingly, this presentation may not be re-distributed or re-published in any jurisdiction, except with the express approval of Zanaco.

Forward-looking statements

This presentation may include “forward-looking statements” which include all statements other than statements of historical facts, including, without limitation, those

regarding Zambia National Commercial Bank PLC’s financial position, profit and revenue forecasts, business strategy, plans and objectives of management for future

operations (including development plans and objectives relating to Zambia National Commercial Bank PLC’s products and services) and any statement preceded by, followed

by or that includes the word “projects”, “estimates”, “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “would”, “could” or “seeks” or any similar

expression or the negative thereof. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other

important factors beyond Zambia National Commercial Bank PLC’s control that could cause the actual results, performance and/or achievements of Zambia National

Commercial Bank PLC, to be materially different from future results, performance and/or achievements expressed or implied by such forward-looking statements. Forecasts or

projections made in this presentation are based on assumptions that may or may not materialize. While such forecasts or projections have been prepared with due care and

objectivity, no representation, warranty or undertaking, express or implied is made and no responsibility is accepted for the reasonableness of any forecast or projection.

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