Bank of Kigali Limited

Financially Transforming Lives

Kigali, 28 November 2011

599.5 RwF/US$ Period End Exchange Rate as at 30 September 2011 601.9 RwF/US$ Period End Exchange rate as at 30 June 2011 594.4 RwF/US$ Period End Exchange Rate as at 31 December 2010 590.0 RwF/US$ Period End Exchange Rate as at 30 September 2010

Bank of Kigali Announces Q3 2011 & YTD 2011 Reviewed Results li Q3 2011 US$ (mln) 12.9 6.2 6.8 1.2 3.2 RwF (bn) 7.8 3.7 4.1 0.7 1.9 Change Q-o-Q 9.0% 21.7% -0.4% 4.4% -1.8% Change Y-o-Y Y 42.0% 29.6% 53.5% 23.4% 42.6% Change YTD 38.5% 23.6% 27.0% 30.4% 80.6% As at 30 September 2010 53.6% 73.6% Q3 2010 4.8% 37.8% Y-o-Y 57.8% 34.8% 36.4% 43.3% 154.5% Y-o-Y 48.9% 45.9% 51.7% 227.6% -0.4%

Total Operating Income (Revenue) Total Operating Costs Profit Before Provisions Net Provision Expense Net Income (Loss)

Total Operating Income (Revenue) Total Operating Costs Profit Before Provisions Net Provision Expense Net Income (Loss)

YTD 2011 US$ (mln) RwF (bn) 35.4 21.2 15.6 9.3 19.9 11.9 3.1 1.9 9.7 5.8 As at 30 September 2011 US$ (mln) RwF (bn) 456.7 273.8 209 125.3 287.4 172.3 360.7 216.2 96 57.6 As at 30 September 2011 45.8% 72.7% Q3 2011 3.3% 17.4%

Total Assets Net Loans Client Deposits Total Liabilities Shareholders' Equity

Net Loans/Total Assets Net Loans/Client Deposits

ROAA, annualised ROAE, annualised

Q3 2011, Q2 2011, Q4 2010 and Q3 2010 numbers in this press release are reviewed interim numbers in accordance with instruction Number 12/2000 of 14 September 2000 issued by umbers the National Bank of Rwanda. About Bank of Kigali

Bank of Kigali is a leading banking institution in Rwanda, offering a wide spectrum of commercial banking services to corporate, SME and retail customers. The Bank has corporate, approximately 552 employees and serves over 90,120 retail clients. The Bank has a network of 41 branches spread across all provinces and majo commercial districts in 2 major the country. nd In 2011, the Bank became the 2 domestic company to list on the Rwanda Stock Exchange. The Bank has a credit rating of A+/A1 by Global Credit Rating Agency from The South Africa. In the two years running 2009 and 2010, the Bank has been recognized as the Best Bank in Rwanda by emeafinance in addition to Bank of the Year by the Financial Times of London.
For further information, please visit www.bk.rw or contact:
Lado Gurgenidze Chairman of the Board Tel: +995 599 477 272 Fax: +995 532 25 22 61 Email: lgurgenidze@bk.rw James Gatera Managing Director Tel: +250 252 593 100 or +250 252 593 200 Fax: +250 252 575 504 or +250 252 573 461 Email: jgatera@bk.rw SWIFT: BKIGRWRW Company Code/ TIN n 100003458
P.O BOX 175 Plot 6112, Avenue de la Paix Kigali (Rwanda)

Lawson Naibo Chief Operating Officer Tel: ++250 78 830 2076 Fax: +250 252 575 504 or +250 252 573 461 Email: lnaibo@bk.rw SWIFT: BKIGRWRW Company Code/ TIN n 100003458
P.O BOX 175 Plot 6112, Avenue de la Paix Kigali (Rwanda)

Frances Ihogoza Head of Corporate Affairs/Company Secretary Tel: +250 252 593 100 or +250 252 593 200 Fax: +250 252 575 504 or +250 252 573 461 Email: fihogoza@bk.rw SWIFT: BKIGRWRW Company Code/ TIN n 100003458
P.O BOX 175 Plot 6112 Avenue de la Paix Kigali (Rwanda)

Bank of Kigali Limited

Financially Transforming Lives

Kigali, 28 November 2011

Bank of Kigali (the Bank), the leading bank in Rwanda, announced today its non IFRS results, reporting Net Income ank), non-IFRS of RwF 1.9 billion (US$3.2 million) in Q3 2011, down 1.8% q-o-q and down 0.4% y-o-y. 201 Q3 2011 Financial Highlights Total Assets grew by 10.9% q-o-q and 57.8% y-o-y (38.5% YTD 2011) to RwF 273.8 billio as at 30 September illion 2011
Total Assets Growth Bank of Kigali The Rwandan Banking Sector* Sector

YTD 2011 38.5% 12.8%

YE 2010 30.1% 26.1%

Net Loans grew by 12.6% q-o-q and 34.8 y-o-y (up 23.6% YTD 2011) to RwF 125.3 billio as at 30 September 34.8% billion 2011
Net Loan Book Growth Bank of Kigali The Rwandan Banking Sector Sector* YTD 2011 23.6% 17.5% YE 2010 31.5% 13.1%

Client Deposits decreased by 2.0% q-o- and increased by 36.4% y-o-y (27.0% YTD 2011) to RwF 172.2 billion as -q at 30 September 2011
Client Deposits Growth Bank of Kigali The Rwandan Banking Sector* Sector YTD 2011 27.0% 8.1% YE 2010 24.2% 27.8%

Bank of Kigali Growth vs. Rwandan Banking Sector Growth in YE 2010 and September 2011
35.0% 30.1% 30.0% 26.1% 25.0% 20.0% 15.0% 10.0% 5.0%
5.0% 45.0%

31.5% 27.8% 24.2%

40.0% 35.0% 30.0% 25.0% 23.6% 17.5% 12.8% 8.1% 27.0% 38.5%

13.1%

20.0% 15.0% 10.0%

0.0% Total Assets Bank Of Kigali Growth In 2010 Net Loans Client Deposits

0.0% Total Assets Bank of Kigali Growth in Sept 2011 Net Loans Client Balances & Deposits

Rwandan Banking Sector Growth In 2010

Rwandan Banking Sector Growth in Sept 2011

Market Share Dynamics

40.0% 35.0% 30.0% 26.4% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% Total Assets 2009 Net Loans 2010 9M 2011 Client Deposits 33.4% 31.5% 27.4% 26.8% 32.7% 29.7% 25.7% 25.9%

*Preliminary estimates have been used for EcoBank in calculating the banking sector figures, whose 9M 2011 performance figures are subject to confirmation. Any resulting changes are unlikely to be material.

Bank of Kigali Limited

Financially Transforming Lives

Kigali, 28 November 2011

Net Interest Income equalled RwF 3.8 billion in Q3 2011, down 6.9% q-o-q and up 29.3 y-o-y. Net Fee & 29.3% Commission Income amounted to RwF 1.2 billion in Q3 2011, up 17.1% q-o-q and 114.9% y-o-y. Total Operating Income (Revenue) reached RwF 7.8 billion in Q3 2011, up 9.0% q-o-q and 48.9% y-o-y. Total Operating Costs y. increased by 21.7% q-o-q and 45.9% y-o-y to RwF 3.7 billion in Q3 2011. Cost/Income ratio reached 44.5% in Q3 2011 down from 49.5% in Q2 2011 and from 50.8 in Q3 2010. 8% Annualised ROAA reached 3.3% in Q3 2011 whereas annualised ROAE reached 17.4% in Q3 201 The reduction in 1, 2011. RoAA and RoAE was as a result of the additional capital raised in the IPO from 1st September, 2011. Total Assets grew by 10.9% q-o-q and 57.8 y-o-y (up 38.5% YTD 2011), reaching RwF 273.8 billion as at 30 57.8% September 2011. Net Loans grew by 12.6% q-o-q and 34.8% y-o-y (up 23.6% YTD 2011), reaching RwF 125.3 billion as % at 30 September 2011. Client Deposits amounted to RwF 172.3 billion, down up 2.0% q-o-q and up 36.4% y-o-y (up 27.0% YTD 2011). Net Loans/Total Assets ratio stood at 45.8% as at 30 September 2011 vs. 53.6 as at 30 September sto 53.6% 2010. Net Loans/Client Deposits ratio reached 72.7% as at 30 September 2011 vs. 73.6% as at 3 September 2010. . 30 Financial Highlights YTD 2011 Net Interest Income equalled RwF 11.6 billion for the year, up 29.0% on Sept 2010. Net Fee & Commission Income year . amounted to RwF 2.9 billion for the year to September, up 96.0% y-o-y. Total Operating Income (Revenue) reached September RwF 21.2 billion for the year, up 42.0% y-o-y. Total Operating Costs increased by 29.6% y-o-y to RwF 9.3 billion in YTD y. y 2011. Cost/Income ratio dropped to 47.3% in the year from 50.4% in Sept 2010. Our Net Income to date equalled % RwF 5.8 billion, up 42.6% y-o-y. We continued growing our Balance Sheet and as a result managed to significantly increase our market share by heet total assets from 27.4% at YE 2010 to 33.4% as at 30th September 2011. Overall I am very pleased with our year year-todate results and performance, commented James Gatera, Managing Director. ,

Bank of Kigali Limited

Financially Transforming Lives

Kigali, 28 November 2011 Q3 2011 Performance Highlights Total Operating Income

RwF Billions RwF Billions

Total Assets
300 +58% 273.8 250

9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 Q3 2010 Q3 2011 5.2 +49% 7.8

200 150 100 50 -

173.5

Q3 2010

Q3 2011

Total Operating Costs

RwF Billions RwF Billions

Net Loans
140 120 +35% 125.3

4.0 3.5 3.0 2.5 2.5 2.0 1.5 1.0 0.5 Q3 2010

+46%

3.7

100 80 60 40 20 Q3 2011

93.0

Q3 2010

Q3 2011

Net Income
RwF Billions RwF Billions

Client Deposits
200 +36% 172.3 1.9 160 126.3

2.5 2.0 1.5 1.0 0.5 Q3 2010 Q3 2011 1.9

120 80 40 Q3 2010 Q3 2011

YTD 2011 Performance Highlights Total Operating Income

RwF Billions RwF Billions

Total Operating Costs

10 +30% 7.2 9.3 9 8 7 6 5 4 3 2 1

25 +42% 20 15.0 15 10 5 YTD Sep-10 YTD Sep-11 21.2

YTD Sep-10 YTD Sep-11

Net Income
RwF Billions

7 +43% 6 5 4.1 4 3 2 1 YTD Sep-10 YTD Sep-11 5.8

Bank of Kigali Limited

Financially Transforming Lives

Kigali, 28 November 2011

INCOME STATEMENT For the Quarter Ending September 2011

Q3 2011 RwF (Bn) US$ (Mln) 815.0 599.5 5.4 1.6 3.8 1.2 0.0 1.2 0.1 0.0 0.1 0.2 0.0 0.2 2.5 3.9 7.8 0.1 1.3 1.8 0.6 3.7 4.1 1.9 1.2 0.7 3.3 0.5 0.9 1.9 9.0 2.6 6.4 1.9 0.0 1.9 0.1 0.0 0.1 0.4 0.0 0.4 4.1 6.5 12.9 0.1 2.2 2.9 1.0 6.2 6.8 3.1 1.9 1.2 5.6 0.0 0.8 1.5 3.2

Q2 2011

Q3 2010

Growth, Q-o-Q

Growth, Y-o-Y

RwF/Euro Exchange Rate, e-o-p RwF/US$ Exchange Rate, e-o-p Interest Income Interest Expense Net Interest Income Fee & Commission Income Fee & Commission Expenses Net Fee & Commission Income Income From Documentary Operations Expense On Documentary Operations Net Income From Documentary Operations Other Non-Interest Income Other Non-Interest Expense Net Other Non-interest Income FX Trading Income Net Non-Interest Income Total Operating Income Directors' Remuneration Personnel Costs Other Operating Expenses Depreciation Total Operating Costs Profit Before Provisions Loan Loss Provisions Gains on recovery Net Provisions Profit Before Tax Bonuses (Paid & Accrued) Accrued Or Paid Income Tax Net Income

RwF (Bn) US$ (Mln) RwF (Bn) US$ (Mln) 867.3 786.1 601.9 590.0 5.5 1.4 4.1 1.0 0.0 1.0 0.1 0.0 0.1 0.2 0.0 0.2 1.7 3.0 7.1 0.1 1.3 1.2 0.5 3.0 4.1 1.7 1.0 0.7 3.4 0.5 0.9 2.0 9.1 2.3 6.8 1.6 0.0 1.6 0.1 0.0 0.1 0.4 0.0 0.4 2.9 5.0 11.8 0.2 2.1 1.9 0.8 5.0 6.8 2.8 1.6 1.1 5.6 0.0 0.8 1.5 3.3 4.1 1.2 3.0 0.5 0.0 0.5 0.0 0.0 0.0 0.4 0.0 0.4 1.3 2.2 5.2 0.0 1.4 0.6 0.5 2.5 2.7 -0.8 1.1 0.2 2.9 0.1 0.8 1.9 7.0 2.0 5.0 0.9 0.0 0.9 0.1 0.0 0.1 0.6 0.0 0.6 2.2 3.8 8.8 0.1 2.3 1.1 0.9 4.3 4.5 -1.4 1.8 0.4 4.9 0.2 1.4 3.3

-2.0% 12.5% -6.9% 17.1% 0.0% 17.1% 9.0% 0.0% 9.0% 3.5% 0.0% 3.5% 43.2% 30.9% 9.0% -37.4% 1.7% 50.0% 18.6% 21.7% -0.4% 12.2% 17.6% 4.4% -1.4%

30.4% 33.2% 29.3% 114.9% 0.0% 114.9% 36.4% 0.0% 36.4% -32.2% 0.0% -32.2% 88.5% 74.7% 48.9% 85.0% -3.9% 179.9% 12.2% 45.9% 51.7% -322.9% 9.9% 227.6% 15.6%

-1.4% -1.8%

10.6% -0.4%

Notes: (1) Growth calculations are based on RwF values (2) US$ values have been derived from period-end RwF/US$ exchange rates set out on page 1 of this news report end

Bank of Kigali Limited

Financially Transforming Lives

Kigali, 28 November 2011

INCOME STATEMENT For the Nine Months Ending September 2011

YTD 2011
RwF (Bn) US$ (Mln)

YTD 2010
RwF (Bn) US$ (Mln)

Growth,
Y-o-Y

RwF/Euro Exchange Rate, e-o-p RwF/US$ Exchange Rate, e-o-p Interest Income Interest Expense Net Interest Income Fee & Commission Income Fee & Commission Expenses Net Fee & Commission Income Income From Documentary Operations Expense On Documentary Operations Net Income From Documentary Operations Other Non-Interest Income Other Non-Interest Expense Net Other Non-interest Income FX Trading Income Net Non-Interest Income Total Operating Income Directors' Remuneration Personnel Costs Other Operating Expenses Depreciation Total Operating Costs Profit Before Provisions Loan Loss Provisions Gains on recovery Net Provisions Profit Before Tax Bonuses (Paid & Accrued) Accrued Or Paid Income Tax Net Income

815.0 599.5 15.7 4.1 11.6 2.9 2.9 0.2 0.2 0.7 0.7 5.9 9.7 21.2 0.2 3.8 3.8 1.5 9.3 11.9 4.7 2.9 1.9 10.1 1.5 2.8 5.8 26.1 6.8 19.3 4.9 4.9 0.3 0.3 1.2 1.2 9.8 16.1 35.4 0.4 6.3 6.3 2.5 15.6 19.9 7.9 4.8 3.1 16.8 2.4 4.6 9.7

786.1 590.0 12.0 3.0 9.0 1.5 1.5 0.1 0.1 0.7 0.7 3.7 6.0 15.0 0.2 3.7 2.2 1.1 7.2 7.8 4.0 2.5 1.5 6.3 0.3 1.8 4.1 20.3 5.1 15.2 2.5 2.5 0.2 0.2 1.1 1.1 6.3 10.2 25.4 0.3 6.3 3.8 1.8 12.2 13.2 6.8 4.3 2.6 10.6 0.6 3.1 6.9 30.5% 34.7% 29.0% 96.0% 0.0% 96.0% 11.1% 0.0% 11.1% 3.7% 0.0% 3.7% 59.9% 61.4% 42.0% 30.9% 1.8% 69.4% 42.8% 29.6% 53.5% 17.0% 13.1% 23.4% 60.8% 325.9% 51.9% 42.6%

Notes: (1) Growth calculations are based on RwF values (2) US$ values have been derived from period-end RwF/US$ exchange rates set out on page 1 of this news report. period end

Bank of Kigali Limited

Financially Transforming Lives

Kigali, 28 November 2011

BALANCE SHEET As At the 30th September 2011

Q3 2011 US$ RwF Mln Bn 20.1 12.1 7.1 4.3 69.9 41.9 71.9 43.1 25.1 15.0 218.8 131.2 (9.8) (5.9) 209.0 125.3 0.4 0.3 32.5 19.5 0.3 0.2 20.4 12.2 456.7 273.8 41.7 287.4 2.9 1.2 27.6 360.7 11.1 63.7 11.5 9.7 96.0 456.7 25.0 172.3 1.7 0.7 16.5 216.2 6.7 38.2 6.9 5.8 57.6 273.8 Q2 2011 US$ RwF Mln Bn 15.2 9.2 9.5 5.7 69.8 42.0 72.6 43.7 11.1 6.7 192.6 115.9 (7.7) (4.6) 184.9 111.3 0.4 0.3 31.5 19.0 0.3 0.2 14.1 8.5 409.5 246.5 28.0 292.1 3.1 0.5 28.0 351.7 8.3 31.4 11.6 6.5 57.7 409.5 16.9 175.8 1.9 0.3 16.9 211.7 5.0 18.9 7.0 3.9 34.8 246.5 YE 2010 US$ RwF Mln Bn 11.6 6.9 10.7 6.3 61.4 36.5 30.6 18.2 8.8 5.2 177.5 105.5 (6.9) (4.1) 170.6 101.4 0.5 0.3 30.8 18.3 0.3 0.2 7.4 4.4 332.5 197.7 31.8 227.7 0.5 18.9 278.9 8.4 22.8 12.0 10.4 53.6 332.5 18.9 135.4 0.3 11.2 165.8 5.0 13.5 7.2 6.2 31.9 197.7 Q3 2010 Q-o-Q Y-o-Y YTD US$ RwF Change Change Growth Mln Bn 13.7 8.1 31.5% 49.1% 75.1% 14.2 8.4 -25.3% -49.0% -32.7% 50.0 29.5 -0.3% 42.2% 14.9% 24.1 14.2 -1.3% 202.7% 136.9% 12.9 7.6 125.0% 97.2% 187.7% 164.9 97.3 13.2% 34.8% 24.3% (7.3) (4.3) 27.1% 36.0% 42.1% 157.6 93.0 12.6% 34.8% 23.6% 0.6 0.3 0.0% -21.1% 0.0% 12.4 7.3 2.7% 165.0% 6.3% 0.3 0.2 3.1% 7.6% -6.5% 8.3 4.9 43.8% 148.3% 178.6% 294.1 173.5 11.1% 57.8% 38.5% 27.6 214.0 14.1 255.8 8.5 22.9 6.9 38.3 294.1 16.3 126.3 8.3 150.9 5.0 13.5 4.1 22.6 173.5 48.4% -2.0% -7.4% 125.5% -1.8% 2.1% 33.3% 102.0% -1.3% 49.9% 65.6% 11.1% 53.5% 36.4% n/a n/a 98.6% 43.3% 33.3% 182.0% n/a 43.2% 154.5% 57.8% 32.2% 27.3% n/a n/a 47.6% 30.4% 33.3% 182.0% -3.8% -5.6% 80.6% 38.5%

Cash Balances With BNR Cash Balances With Banks Treasuries Other Fixed Income Instruments Gross Loans Loan Loss Reserve Net Loans To Clients Net Investments Net Property, Plant & Equipment Intangible Assets Net Other Assets Total Assets Interbank Deposits Client Deposits Borrowed Funds Payable Interest & Dividends Other Liabilities Total Liabilities Ordinary Shares Retained Earnings Revaluation Reserve Net Income Shareholders' Equity Total liabilities & Shareholders' Equity

Notes: (1) Growth calculations are based on RwF values (2) US$ values have been derived from period-end RwF/US$ exchange rates set out on page 1 of this news report end

Bank of Kigali Limited

Financially Transforming Lives

Kigali, 28 November 2011

KEY RATIOS
Q3 2011 Profitability Return on Average Assets, Annualised, % Return on Average Equity, Annualised, % Net Interest Margin , Annualised, % Loan Yield, Annualised,% Interest Expense/Interest Income, % Cost of Deposits, Annualised,% 3.3% 17.4% 7.9% 15.5% 28.9% 2.8% Q3 2011 Efficiency Cost/Income Ratio Costs/Average Assets, Annualised, % Personnel Costs/Total Recurring Operating Costs Personnel Costs/Average Total Assets, Annualised Personnel Costs/Total Operating Income Net Income/Total Operating Income 44.5% 7.1% 62.4% 3.1% 23.9% 25.0% Q3 2011 Liquidity Net Loans/Total Assets,% Liquid Assets / Total Deposits Interbank Borrowings / Total Deposits Short-term Liquidity Gap Gross Loans / Total Deposits 45.8% 42.5% 12.7% 36.6% 66.5% Q3 2011 Asset Quality NPLs / Gross Loans, % NPL Coverage Ratio Large Exposures / Gross Loans Cost of Risk, Annualised Leverage (Total Liabilities/Equity), Times 9.1% 57.6% 3.9% 2.4% 3.8 Q3 2011 Capital Adequacy Core Capital / Risk Weighted Assets Total Qualifying Capital / Risk Weighted Assets Off Balance Sheet Items / Total Qualifying Capital Large Exposures / Core Capital NPLs less Provisions / Core Capital 27.0% 19.1% 477.9% 10.8% 12.6% Q3 2011 Market Sensitivity Forex Exposure / Core Capital Forex Loans / Forex Deposits Forex Assets / Forex Liabilities 5.5% 0.9% 108.4% Q3 2011 Selected Operating Data Full Time Employees Assets per FTE (RwF in bn) Number of Active Branches Number of ATMS Number of POS Terminals 552 0.50 41 26 173 Q2 2011 3.6% 23.7% 9.0% 17.0% 25.2% 2.9% Q2 2011 49.5% 6.3% 61.4% 3.4% 26.2% 27.8% Q2 2011 45.1% 43.5% 8.7% 28.7% 60.2% Q2 2011 7.5% 64.4% 3.6% 2.5% 6.1 Q2 2011 16.1% 20.5% 468.3% 16.2% 15.8% Q2 2011 6.9% 1.5% 108.4% Q2 2011 507 0.49 38 26 151 Q3 2010 YTD 2011 YTD 2010 4.8% 37.8% 8.5% 16.2% 28.3% 3.0% 3.3% 17.4% 8.0% 15.7% 26.1% 2.7% 3.3% 26.5% 8.6% 15.4% 25.3% 2.8%

Q3 2010 YTD 2011 YTD 2010 50.8% 6.5% 59.3% 3.7% 28.9% 37.4% 47.3% 6.1% 63.5% 3.1% 25.7% 27.4% 50.4% 6.2% 58.8% 3.5% 28.3% 27.3%

Q3 2010 YTD 2011 YTD 2010 53.6% 39.1% 11.4% 7.6% 68.2% 45.8% 42.5% 12.7% 36.6% 66.5% 53.6% 39.1% 11.4% 7.6% 68.2%

Q3 2010 YTD 2011 YTD 2010 9.9% 44.7% 11.8% 1.0% 6.7 9.1% 57.6% 3.9% 2.1% 3.8 9.9% 44.7% 11.8% 2.3% 6.7

Q3 2010 YTD 2011 YTD 2010 18.7% 18.7% 402.8% 55.8% 21.9% 27.0% 19.1% 477.9% 10.8% 12.6% 18.7% 18.7% 402.8% 55.8% 21.9%

Q3 2010 YTD 2011 YTD 2010 12.5% 1.2% 107.7% 5.5% 0.9% 108.4% 12.5% 1.2% 107.7%

Q3 2010 YTD 2011 YTD 2010 467 0.37 31 26 90 552 0.50 41 26 173 467 0.37 31 26 90

Note: Ratios for Q3 2011, Q2 2011, Q3 2010, YTD 2011 and YTD 2010 are annualised

Bank of Kigali Limited

Financially Transforming Lives

Kigali, 28 November 2011

Definitions 1 Return On Average Total Assets (ROAA) equals Net Income of the period divided by average Total Assets for the same period; 2 Return On Average Total Equity (ROAE) equals Net Income of the period divided by average Total Shareholders Equity for the same period; 3 Average Interest Earning Assets are calculated on a quarterly basis; Interest Earning Assets include: Cash & Balances With Ba Banks, Treasuries and Net Loans To Clients; 4 Net Interest Margin equals Net Interest Income of the period divided by Average Interest Earning Assets for the same period; 5 Loan Yield equals Interest Income of the period divided by average Gross Loans for the same period; 6 Cost Of Funds equals Interest Expense of the period divided by average Total Liabilities for the same period; 7 Total Operating Income includes Net Interest Income and Non-Interest Income; Non 8 Costs include Total Recurring Operating Costs and Bonuses (Paid and Accrued); Accrued) 9 Cost/Income equals Total Recurring Operating Costs plus Bonuses (Paid and Accrued) for the period divided by Total Operating Income Income; 10 Personnel Costs/Total Recurring Operating Costs equals the sum of Directors Remuneration, Personnel Costs and Bonuses (Paid and Accrued) for the period divided by Total Recurring Operating Costs ; 11 Personnel Costs/Average Total Assets equals the sum of Directors Remuneration, Personnel Costs and Bonuses (Paid and Accrued) for the period divided by average Total Assets ; 12 Client Deposits include Corporate and Retail deposits; 13 Total Deposits include Interbank Deposits and Client Deposits; 14 Shareholders Equity equals to Total Shareholders Equity; 15 NPLs are loans overdue by more than 90 days; 16 NPL Coverage ratio equals Loan Loss Reserve as of the period end divided by NPLs as of the same date; 17 Large exposures include loans that in aggregate comprise 10% of Core Capital 10 18 Cost Of Risk equals Net Provision For Loan Losses of the period, plus provisions for (less recovery of) other assets, divided by average Gross Loans To Clients for the same period; 19 Total Capital Adequacy equals Total Capital as of the period end divided by Total Risk Weighted Assets as of the same date, b both calculated in accordance with the requirements of the National Bank of Rwanda. 20 Y-o-Y refers to year on year change. 21 Q-o-Q refers to quarter on quarter change. 22 YTD refers to Year to Date figures as at 30th September.