COWRY ASSET MANAGEMENT RESEARCH

BANK FISCAL YEAR FINAL DIVIDEND INTERIM DIVIDEND BONUS ISSUE

Access Bank plc Access Bank plc Access Bank plc Access Bank plc Access Bank plc Access Bank plc Access Bank plc Access Bank plc Afribank Afribank Afribank Afribank Afribank Afribank Afribank Afribank Afribank Afribank Bank PHB Bank PHB Bank PHB Chartered Bank Plc (now under IBTC Stanbic) Chartered Bank Plc Chartered Bank Plc Chartered Bank Plc Chartered Bank Plc Chartered Bank Plc Diamond Bank Diamond Bank Ecobank Nigeria Plc Ecobank Nigeria Plc Ecobank Nigeria Plc Ecobank Transnational Incorporated Ecobank Transnational Incorporated

1999 2000 2001 2003 2004 2005 2007 2008 1996 1997 1999 2000 2001 2002 2003 2004 2007 2008 2006 2007 2008 1999 2000 2001 2002 2003 2004 2007 2008 2005 2006 2007 2006 2007

5k 7.5k 5k 10K 40k 65k 20k 10k 20k 15k 15k 15k 20k 30k 50k 6.5K 70k 45k 23K 18K 20k 30K 30K 25K 55k 56k 9k 9k 24k 3 Cents(380k) 2 Cents (237K)

1 for 4 1 for 9 1for 3 1 for 7

2 for 3

1 for 1

1 for 5 1 for 3

1 for 4

1 for 1 10:13

1 for 10 1 for 1

1 Cent 0.42 Cents (50k)

FCMB FCMB FCMB Fidelity Bank Fidelity Bank Fidelity Bank Fidelity Bank First Bank First Bank First Bank First Bank First Bank First Bank First Bank First Bank First Bank First Bank First Bank First Bank FCMB FCMB FCMB Guaranty Trust Bank Guaranty Trust Bank Guaranty Trust Bank Guaranty Trust Bank Guaranty Trust Bank Guaranty Trust Bank Guaranty Trust Bank Guaranty Trust Bank Guaranty Trust Bank Guaranty Trust Bank Guaranty Trust Bank Guaranty Trust Bank Guaranty Trust Bank Guaranty Trust Bank IBTC-Chartered Bank IBTC-Chartered Bank

2005 2007 2008 2005 2006 2007 2008 1996 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2005 2006 2007 97 yr end 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2007 2008 2008 2006 2007

7.5k 35k 50k 1 for 10 11k 11k 30k 56k 100k 100k 125K 130K 130K 150K 155K 160k 100K 100k 120k 7.5K 13k 35k 50k 10k 12k 23k 28k 50k 35k 45K 45K 70k 50k 70k 100k 20K 30k 25k 10k 7k 10k 12k 33k 25k 25k 25k 25k 25k 25k 3 for 2 1 for 2 1 for 4 1 for 4 1 for 4 1 for 4 1 for 4 1 for 5 1 for 8 1 for 4 1 for 1 1 for 6 1 for 4

1 for 4 1 for 5 1 for 3 1 for 3 1 for3 1 for 4 1 for 11 1 for 4

25k

IMB (now under Finbank Plc) IMB IMB IMB IMB IMB Inland Bank (Now under Finbank) Inland Bank Inland Bank Inland Bank Inland Bank Inland Bank Inland Bank Intercontinental Bank Plc Intercontinental Bank Plc Intercontinental Bank Plc Intercontinental Bank Plc Intercontinental Bank Plc Intercontinental Bank Plc Intercontinental Bank Plc Intercontinental Bank Plc Oceanic Bank Oceanic Bank Skye Bank Plc Skye Bank Plc UBA UBA UBA UBA UBA UBA UBA UBA UBA UBA UBA

1996 1997 1998 1999 2000 2001 1996 1997 1998 1999 2001 2002 2003 2002 2003 2004 2005 2006 2007 2008 2008 2006 2007 2007 2008 1997 1998 1999 2000 2001 2002 2003 2006 2007 2008 2008

20k 5k 7k 10k 20k 5k 30k 40K 40K 42K 45K 35k 40k 42k 102k 35k 60k 10k 30k 58k 85k 25k 30K 45k 100K 120K 025k 75k

1 for 5 9 for 10

1 for 4 1 for 6 1 for 2 1 for 4

10k

3 for 43 20K 30K 35K

1 for 4

2 for 3

7 for 10 1 for 2 1 for 5 1 for 2 1 for 4

Union Bank Union Bank Union Bank Union Bank Union Bank Union Bank Union Bank Union Bank Union Bank Union Bank Union Bank Union Bank UNITY BANK Wema Bank Plc Wema Bank Plc Wema Bank Plc Wema Bank Plc Wema Bank Plc Wema Bank Plc Wema Bank Plc Wema Bank Plc Zenith Bank Plc Zenith Bank Plc Zenith Bank Plc Zenith Bank Plc

1996 1997 1998 1999 2001 2002 2003 2004 2005 2006 2007 2008 2007 1997 97 -EGM 1998 1999 2000 2001 2002 2005 2005 2006 2007 2008

50k 55k 70K 105K 150k 125k 135k 140K 140k 100K 100k 100k

1 for 3

1 for 3 1 for 3 1 for 3 1 for 3 1 for 10 1 for 5 1 for 6 1 for 10

7.5k 10k 12.5k 15K 25k 45k

8 for 5

1 for 20 70k 110K 100k 170k

1 for 4

Disclaimer: This research work is produced by the Research Desk, Cowry Asset Management Limited (CAML) as a guideline for Clients that intend to invest in securities on the basis of their own investment decision without relying completely on the information contained herein. The opinion contained herein is for information purposes only and does not constitute any offer or solicitation to enter into any trading transaction. While care has been taken in preparing this document, no responsibility or liability whatsoever is accepted by any member of CAML for errors, omission of facts, and any direct or consequential loss arising from the use of this report or its contents.