BancABC reported interim results up to June 2009, with the following key highlights: - Attributable profits increased 50% to BWP 36.5 million, though EPS declined due to a rights issue. - Total income grew 9% to BWP 235 million, driven by strong foreign exchange trading income. However, costs rose significantly due to retail expansion. - Mozambique and Botswana operations performed strongly, while impairments increased substantially in Tanzania and Zambia. - The group grew total assets by 22% to BWP 4.08 billion on the back of a 26% increase in deposits and 38% growth in loans.

1. 1
ABC Holdings Ltd
Interim Results to June 2009

2. 2
HIGHLIGHTS
BWP June 09 % change June 08 Dec 08
Attributable profits (‘000s) 36,494 50% 73,638 85,818
Basic EPS (thebe) 25.4 50 % 51.2 60.3
Dividend per Share ( thebe) - - 8.00 8.00
Cost to income ratio (%) 72% 22 %  50% 59%
Net asset value (‘000s) 505,281 22 % 412,852 437,654
NAV per share (thebe) 3.51 22 % 2.87 3.04
Total assets (‘000s) 4,083,08
1
22 % 3,338,641 3,967,93
8

3. 3
HIGHLIGHTS
• African Banking Corporation successfully re-branded to BancABC
across all operating territories
• Total income 9% up to BWP 235 m (H108: BWP 215 m)
• Cost to income ratio increased to 72% (H108: 50%)
 Retail banking development
 Dollarisation of the Zimbabwe economy and costs iro strengthening
the existing operations
• Attributable profit of BWP 36.5 m (H108: BWP 73.6 m), and EPS
of 25.4 thebe (H108: 51.2 thebe)
• Strong operational and financial performance in Mozambique
entrenches BancABC’s positioning in that market
• Retail banking development progressing well - branch network to
be rolled out H209.

4. 4
ECONOMIC OVERVIEW

5. 5
ECONOMIC OVERVIEW GLOBAL GDP GROWTH
-4
-2
0
2
4
6
8
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
%
Differential between SSA and World Growth World Growth SSA Growth
Asian
Crisis
Dot-com
Crisis
Source: IMF

6. 6
• Global economy is projected to decline by 1.4% in 2009
• SSA economic growth suffering from the negative impact of global
recession but still projected to grow at 1.5% in 2009, outperforming global
economy
• Negative growth in Botswana
• Zimbabwe expected to registered GDP growth for the first time in 10 yrs
• Commodity prices weakened significantly in sympathy with the global
economic downturn resulting in weak export earnings
• Inflation pressures have generally been low on the backdrop of weak
global demand and subdued oil prices
• Zimbabwe burst the inflation bubble following the adoption of multi-currency
system – hyperinflation turned to deflation
ECONOMIC OVERVIEW KEY INDICATORS

7. 7
Country
GDP
(USDm)
2009
GDP
Growth rate
2009 est
Banking
Deposits
(USDm)
Jun 2009
Banking
Credit
(USDm)
Jun 2009
Banking
Assets
(USDm)
Jun 2009
Population
2009 est
(m)
No. of
banks
Botswana 12,200 -10.4% 4,883 2,573 6,580 1.8 12
Mozambique 10,380 4.3% 2,876 1,962 4,109 21.2 12
Tanzania 21,854 2.5% 4,739 4,626 6,770 40.6 36
Zambia 13,931 4.0% 2,059 1,535 2,942 12.9 14
Zimbabwe 3,498 3.7% 706 263 1,009 12.6 28
ECONOMIC OVERVIEW COUNTRY OPPORTUNITY
Source: Central Banks, Ministries of Finance and Central Statistical
Offices

8. 8
• SSA currencies are recovering from significant declines against the USD
experienced in Q408 and Q109
• Volatility in forex markets higher than previously experienced
• Zimbabwe presents great growth opportunity despite low asset base
• Depreciation of ZMK has reduced deposit base
• Banking assets however continued to grow, albeit at a slower pace
ECONOMIC OVERVIEW COUNTRY OPPORTUNITY

9. 9
ECOMOMIC OVERVIEW INFLATION AND INTEREST
RATES
Country
Inflation Rate
June-2009
Avg. TB Yield
Rate June-2009
Avg. Prime
Lending Rates
2009
Avg. Prime
Lending
Rates 2008
Zimbabwe* 0.6% --- 9.6 % 3,700%
Botswana 7.0 % 11.4 % 15.5 % 16.6%
Mozambique 2.7 % 11.5 % 16.4 % 20.1%
Zambia 14.4 % 14.0 % 20.9 % 25.2%
Tanzania 10.7 % 11.6 % 13.5 % 13.6%
*Monthly inflation

10. 10
COUNTRY OVERVIEW

11. 11
COUNTRY OVERVIEW ATTRIBUTABLE PROFIT
BWP’000s
June
09
%
contribution June
08
%
contribution Dec 08
%
contribution
BancABC Botswana 5,959 41% 5,968 12% 13,193 23%
BancABC Mozambique 17,475 120% 7,340 15% 16,644 29%
BancABC Tanzania 1,678 12% 2,666 7% 10,096 17%
ABC Zambia* (12,669) -87% 4,710 10% (7,223) -13%
BancABC Zimbabwe 2,133 14% 27,613 56% 25,338 44%
Banking operations 14,556 100% 48,297 100% 58,048 100%
H.O. and other 21,938 25,341 27,770
TOTAL 36,494 73,638 85,818
*includes Microfin Africa

12. 12
COUNTRY OVERVIEW BOTSWANA
• Economy severely impacted by declining diamond prices
• Loan book declined by 9% from Dec 08 but up 17% from June 08
• Impairments contained at prior year levels
• Total income increased by 15% to BWP 39.1 m
• Net interest income marginally down to BWP 16.9 m (H108: BWP 18.2m)
• Other income increased significantly to BWP 22.3 m (H108: BWP 15.8m),
predominantly foreign exchange trading income
• Retail expansion and staffing costs impacted profitability
• Attributable profit stable at BWP 6.0m

13. 13
COUNTRY OVERVIEW MOZAMBIQUE
• Impressive performance with attributable profit up 140% to
BWP 17.5 m
• Net interest income up 57% to BWP 21.5m
• Loan book grown by 25% from Dec 08 and 75% from June 08
• Other income up 162% to BWP 28.6 m
• Increase in business volumes
• Higher margins owing to high volatility
• Foreign exchange trading income
• Low levels of impairments due to economy’s lesser dependence on
commodity prices
• Banc ABC’s strong niche position in market place reinforced

14. 14
COUNTRY OVERVIEW TANZANIA
• Net interest income increased to BWP 14.2 m (H108: BWP 11.6 m)
• Loan book grew 43% YOY but declined 14% since Dec 08
• Other income grew by 32% to BWP 11.9 m
• Impairments significantly higher at BWP 5.6 m (H108: BWP 1.0 m)
• Attributable profit lower at BWP 1.7 m (H108: BWP 2.7 m)

15. 15
COUNTRY OVERVIEW ZAMBIA
• Zambian economy very hard hit by slump in copper prices during
2008, significant lag effect into broader economy and support
sectors
• High levels of impairments of BWP 22m due to resulting economic
impact
• Net interest income stable at BWP 32.4 m, but other income
declined due to limited liquidity
• Management changes implemented
• Merger of Microfin and ABC Zambia operations expected to produce
synergistic cost savings

16. 16
COUNTRY OVERVIEW ZIMBABWE
• Overall income down vs. H108, but improved from H208
• Net interest income BWP 2.6 m (H108: BWP 8.6m)
• Other income BWP 12.8m (H108: BWP 32.1m) due to reduced
investment property income and tight liquidity
• Attributable profit of BWP 2.1 m (H108: BWP 27.6 m)
• Significant cost increase due to dollarisation
• Decision taken to divest of investment portfolio to fund banking
operations
• Promising signs of banking sector recovery in Zimbabwe
• Stabilising Zimbabwe economy presents great growth opportunities
off a very low base

17. 17
FINANCIAL OVERVIEW

18. 18
FINANCIAL OVERVIEW INCOME STATEMENT
• Net interest income up 11% to BWP 78.7m
• Non interest income up 8% to BWP 156.5m, driven by forex income
• Total income up 9% to BWP 235 m (H108: BWP 215 m);
• Net interest income contribution to total income stable at 33%
• Cost to income ratio increased to 72% (H108: 50%) due to the retail
banking development, dollarisation of the Zimbabwe economy and
strengthening of human capital across the Group
• Net interest income covered 47% of costs
• Basic EPS 25.4 thebe (H108: 51.2 thebe);
• Average return on equity remains positive at 16% (H108: 39%);

19. 19
FINANCIAL OVERVIEW INCOME SPLIT
60%
39% 33% 33% 33%
40%
61% 67% 67% 67%
June 05 June 06 June 07 June 08 June 09
Net int erest income Ot her income
• Income composition consistent for last three years
• Interest income to contribute proportionally more going forward
• Expected return to stability in the global markets
• Redeployment of capital from non-core assets to interest earning assets

20. 20
FINANCIAL OVERVIEW OTHER INCOME
BWP’000s June 09 June 08
%
change
Gains from investment activities 71,569 59,040 21%
Dividends received 21 1,444 -99 %
Fee and commission income 37,033 26,982 37 %
Fx trading income and currency revaluation 44,046 17,015 159 %
Fair value gains on investment properties (12,478) 32,901 -138 %
Fair value adjustment: derivative instruments 9,762 (4,254) 329 %
Rental and other income 6,589 11,693 -44 %
Total 156,542 144,821 8 %
• Significant growth in foreign exchange trading volume, especially in
Mozambique and Botswana

21. 21
FINANCIAL OVERVIEW 5 YEAR EARNINGS
• Trend shows effect of inflation adjusted accounting in Zimbabwe
• Bar Zambia, all banking operations remain profitable

22. 22
FINANCIAL OVERVIEW BALANCE SHEET
• Deposits increased by 4% from Dec 08 and 26% from June 08 to BWP 1.9
billion
• Region’s high exposure to commodities impacted significantly on business
growth and debt servicing
• Group impairments as a result increased by 215% to BWP 41m, with
Tanzania and Zambia increasing by 340% and 460% respectively
• Strengthening of Group credit department and systems ongoing
• Group balance sheet grew by 24% from June 08 and 4% from December
08 to BWP 4.1 billion
• Loans and advances up by 38% to BWP 2.2 billion compared to June 08,
but declined by 4% since December 08 due to deliberate policy to curtail
lending
• NAV per share increased by 15% from December 2008 and 22% from
June 2008, to 3.51 thebe per share;

23. 23
FINANCIAL OVERVIEW DEPOSIT GROWTH
1,338
704
556
204
124
429
1,012
450
276
113
Botswana Mozambique Tanzania Zambia Zimbabwe
June 09 June 08
• 26% growth in deposits
• Botswana, Mozambique and Tanzania grew by over
30%
• Zambia recorded a decline

24. 24
FINANCIAL OVERVIEW DEPOSIT BOOK SPLIT
Botswana
46%
Mozambique
24%
Tanzania
19%
Zambia
7%
Zimbabwe
4%

25. 25
FINANCIAL OVERVIEW LOAN BOOK GROWTH
676
455
530
354
100
0
336
260
581
361
Botswana Mozambique Tanzania Zambia Zimbabwe
June 09 June 08
• Net loans increased by 38% from June 08
• All subsidiaries registered significant growth with the
exception of Zambia which grew marginally

26. 26
FINANCIAL OVERVIEW LOAN BOOK SPLIT
Botswana
32%
Mozambique
21%
Tanzania
25%
Zambia
17%
Zimbabwe
5%

27. 27
FINANCIAL OVERVIEW 5 YEAR NAV TREND
• NAV per share increased 22%
• Consistent NAV growth over the last 5 years
• Zimbabwe operations positive contribution to capital in 2009

28. 28
FINANCIAL OVERVIEW CAPITAL
BWP’000
Capital*
June 09
FCTR
June 09 CAR
Capital*
June 08
FCTR
June 08
BancABC Botswana 119,950 - 17% 105,810 -
BancABC
Mozambique
157,288 (5,514) 20% 113,533 (1,379)
BancABC Tanzania** 130,045 (10,603) 14% 104,044 3,790
ABC Zambia*** 65,596 (2,968) 14% 146,484 26,900
BancABC Zimbabwe 92,922 (197) 45% 103,105 (157,058)
*including Tier II
** including TDFL
***including Microfin

29. 29
FINANCIAL OVERVIEW CAPITALISATION
• Mutually agreed not to draw down the proposed US$25 m
investment by CVCI
• Zimbabwe investment portfolio of equity and real estate assets to
be liquidated to fund banking operations – original capital
preservation strategy for Zimbabwe no longer necessary
• The proceeds are expected to meet the Group’s funding needs
• Planned rights issue postponed
• IFC to disburse 50% of US$13.5 m convertible loan
• Balance to be drawn down over the next 12 months

30. 30
RETAIL BANKING
• Significant investment in retail banking made in systems and
human capital
• BWP 22 m in direct expenses
• Investment in IT systems of US$3.2 m
• Retail Banking head office now appropriately staffed, but
contributed to overall higher employee costs
• 9 branches to be opened by the end of 2009
• Costs expected to continue to increase as project rolls out
• Retail banking expected to contribute meaningfully in 2nd half of
2010
• Branch profitability estimated at between 18 to 24 months

31. 31
OUTLOOK CHALLENGES
• Economies across the region beginning to show signs of recovery
• Strengthening commodity prices especially copper, nickel and
diamonds
• Expected improvement in incidence of bad debts
• Major thrust continues to be consolidation and ensuring modest
growth notwithstanding high costs as a result of retail banking
• Continued proactive management of the loan book
• Merger of Zambia operations should result in cost savings and turn
around
• Deposit mobilization remains a key focus area for the group,
particularly in Zambia
• Dollarisation of the Zimbabwe economy brings liquidity challenges,
but presents huge opportunities

32. 32
THANK YOU

33. 33
APPENDICES

34. 34
ECONOMIC ENVIRONMENT GRAIN PRICES
0
100
200
300
400
500
Jan-05
May-05
Sep-05
Jan-06
May-06
Sep-06
Jan-07
May-07
Sep-07
Jan-08
May-08
Sep-08
Jan-09
May-09
Maize&Wheat,US$/t
0
200
400
600
800
1000
Rice,US$/mt
Maize
Wheat
Rice
International Grain Prices Regional Grain Prices
0
100
200
300
400
500
Jan-07
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
MaizePrice,US$/t
World
Moz
Kenya
Tanz
Zambia
Source: World Bank

35. 35
ECONOMIC ENVIRONMENT EXCHANGE RATES
DepreciationAppreciationDepreciationAppreciationDepreciationAppreciation

36. 36
ECONOMIC ENVIRONMENT GDP GROWTH
Bot sw ana Mozambique
Zim babw e
Tanzania Zam biaBot sw ana Mozambique
Zim babw e
Tanzania Zam biaBot sw ana Mozambique
Zim babw e
Tanzania Zam bia

37. 37
ECOMOMIC ENVIRONMENT EXCHANGE RATES
To 1 BWP 30 Jun-09 31 Dec-08 30 June-08
United States Dollar 0.15 0.13 0.15
Mozambique Metical 3.95 3.38 3.96
South African Rand 1.14 1.25 1.20
Tanzania Shilling 193 174 180
Zambian Kwacha 765 636 494
Zimbabwe Dollar - 88 Quad* 24.9 billion*
•ZWD Old Mutual implied rate
•ZWD revalued in 2008

38. 38
ECOMOMIC ENVIRONMENT EXCHANGE RATES
To 1 US dollar 30 Jun-09 31 Dec-08 30 June-08
Botswana Pula 7.76 7.54 6.53
Mozambique Metical 27.13 25.50 24.05
South African Rand 7.71 9.40 7.83
Tanzania Shilling 1 303 1 315 1 173
Zambian Kwacha 5 170 4 795 3 225
Zimbabwe Dollar - 665 Quad* 162.6 billion*
•ZWD Old Mutual implied rate
•ZWD revalued in 2008

39. 39
FINANCIAL PERFORMANCE: NET
INTEREST INCOME
Ave.
Yield on
IEA
Ave. Cost
Spread
2009
Spread
2008
ABC Botswana 12.3% 11.3% 1.0% 1.3%
ABC Mozambique 10.8% 5.1% 5.7% 5.4%
ABC Tanzania 10.9% 7.2% 3.7% 3.7%
ABC Zambia 14.4% 9.3% 5.1% 4.9%
ABC Zimbabwe 21.4% 3.7% 17.7% 20.5%
Microfin Zambia 67.6% 22.3% 45.3% 43.9%

40. 40
ECONOMIC OVERVIEW COMMODITY PRICES
• Commodity prices have recovered significantly from Dec-08
prices
-8.7
5.7
7.7
10.4
13.4
15.9
15.9
26
39.3
39.9
45.9
54.6
64.5
71.3
-20 -10 0 10 20 30 40 50 60 70 80
Coal
Aluminum
Rice
Cotton (A-Index)
Maize
Wheat
Gold
Coffee (Arabica)
Soyabeans
Palladium
Platinum
Nickel
Copper
Oil
%
Source: World Bank

41. 41
INTERNATIONAL BANKS MARKET CAPITALISATION
• Modest recovery in banks mkt cap indicates that the worst of the
banking crisis could be behind us
6
59 60
10
25
7
49
1818
187
157
45
82
46
56
40
0
50
100
150
200
250
Citigroup HSBC JP Morgan RBS BNP
Paribas
Barclays Deutsche
Bank
Morgan
Stanley
US$Bn
Mkt Cap as of 9-Mar-09 Mkt Cap as of 4-Aug-09

42. 42
INTERNATIONAL EQUITY MARKET CAP US$
BILLIONS
• International equity markets also showing signs of recovery
NYSE
Tokyo
SE
NASDAQ
London
SE
Shanghai
SE
Mkt Cap: Jun-09
Mkt Cap: Dec-08
Mkt Cap: Dec-07
NYSE
Tokyo
SE
NASDAQ
London
SE
Shanghai
SE
Mkt Cap: Jun-09
Mkt Cap: Dec-08
Mkt Cap: Dec-07

43. 43
STOCK MARKET CAPITALIZATION SSA Countries
US$ m
• JSE capitalisation up from US$485bn in Dec 08 to US$667bn in July 09
1,3033,541
4,1063,745
10,985
67,790
1,4803,702
3,9024,168
10,792
54,004
Mkt Cap: Dec 2008
Mkt Cap: Jul 2009
Zim Zambia Botswana Tanzania
Kenya
Nigeria