ASEA CONFERENCE, ACCRA GHANA OCTOBER 2007 CROSS BORDER INVESTMENTS INVESTOR/ISSUER EXPERIENCE THE CASE OF ETI

ABOUT ECOBANK INCORPORATED IN 1985 OPERATIONS IN 20 AFRICAN COUNTRIES LISTED ON 3 STOCK EXCHANGES OVER 6000 SHAREHOLDERS OVER 450 BRANCHES FOUNDED BY THE WEST AFRICAN CHAMBER OF COMMERCE WITH THE SUPPORT OF ECOWAS

WHAT MAKES ECOBANK UNIQUE INDEPENDENT REGIONAL IDENTITY MULTICULTURAL MULTINATIONAL COMMITMENT TO AFRICA BUILDING AFRICAN CAPACITY

ECOBANK MISSION TO BUILD A WORLD CLASS AFRICAN BANK AND TO CONTRIBUTE TO THE ECONOMIC AND FINANCIAL DEVELOPMENT OF AFRICA

BUILDING A WORLD CLASS BANK IFRS ACCOUNTS IN US$ IFC GUIDELINES ON CORPORATE GOVERNANCE SIGNIFICANT INVESTMENTS IN TECHNOLOGY

CONTRIBUTING TO THE ECONOMIC & FINANCIAL DEVELOPMENT OF AFRICA ECOBANK FOUNDATION SHARED SERVICES CENTRE CONSUMER FINANCE STOCK MARKET LISTINGS REGIONAL CONVERTIBILITY NEAR / POST CONFLICT COUNTRIES MICROFINANCE

SHAREHOLDER HISTORY INITIALLY LIMITED TO WEST AFRICANS NON-WEST AFRICANS PERMITTED AFTER 1998 OVER 6000 LOCAL, REGIONAL & INTERNATIONAL INVESTORS SIMULTANEOUS LISTING ON 3 STOCK EXCHANGES IN SEPTEMBER 2006

SHAREHOLDER EXPERIENCE NO SHAREHOLDER WITH 10% OR MORE OF SHAREHOLDING SHAREHOLDERS GENERALLY SUPPORTIVE & CONSTRUCTIVE SHAREHOLDING DOES NOT GUARANTEE BOARD SEAT

NEW TYPE OF INVESTOR IN AFRICA INCREASING PRESENCE OF HEDGE FUNDS AND PRIVATE EQUITY FIRMS MORE AGGRESSIVE CHASING HIGHER YIELDS AWARE OF WEAKNESSES IN REGULATION AND ENFORCEMENT

A CASE OF FATAL ATTRACTION UNIQUE, ATTRACTIVE NETWORK NO CONTROLLING SHAREHOLDER, NATIONALITY OR INTEREST GROUP FIERCELY INDEPENDENT

INVESTORS COME IN 3 TYPES GOOD - TRANSPARENT AND CONSTRUCTIVE BAD – UNDESIRABLE / ILLEGITIMATE UGLY - NOT TRANSPARENT

NOT ALL INVESTMENTS ARE EQUAL PORTFOLIO INVESTMENT IS GOOD FOREIGN DIRECT INVESTMENT IS BETTER LOCAL + FOREIGN DIRECT INVESTMENT IS BEST

LESSONS LEARNT DO YOUR DUE DILLIGENCE ASK HARD AND TOUGH QUESTIONS BE PREPARED TO DEFEND THE INSTITUTION ENGAGE THE REGULATORS EARLY HARMONISED RULES WILL FACILITATE MULTIPLE LISTINGS

POLICY ISSUES MARKET PROTECTION vs. INVESTOR PROTECTION TRANSPARENCY AND DISCLOSURE ARE AFRICAN COMPANIES READY FOR THE NEW TYPE OF INVESTOR? ARE REGULATORS READY?

SOME CLOSING REMARKS WHEN INVESTOR PROTECTION IS PUT AHEAD OF MARKET PROTECTION, WE RUN THE RISK OF CREATING A CASINO FOR PROTECTED SPECULATORS

SOME CLOSING REMARKS FOREIGN PORTFOLIO INVESTMENT IS NOT A VIABLE OR SUSTAINABLE MODEL FOR ECONOMIC DEVELOPMENT

SOME CLOSING REMARKS ONLY NATIONALS CAN DEVELOP THEIR OWN COUNTRY. FOREIGN INVESTORS CAN ONLY HELP.

THANK YOU FOR YOUR ATTENTION ASEA CONFERENCE, ACCRA GHANA OCTOBER 2007