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com

Bankof Kigali |BK |Exchange:RSE|FinancialInstitution(Bank) |MediumLargeCap|June2011

Contact: ResearchDepartment +254203240130/128 jkamunya@dyerandblair.com research@dyerandblair.com

WeinitiatecoverageonBankofKigaliwithanintroductoryresearch reportinlightofitsupcomingIPO.

Source;BoK&D&B Depressedpenetrationleveloffersheadroomforgrowth

BankofKigaliisthemostprominentbankinRwandaandweseethreemain factorstocapitalizeon; ThetitanintheRwandanbankingsector Bank of Kigali has a strong market position with a market share of between 26% and 32% in key measures with 27% of total Rwandan bankingindustryassetswhichweforecasttogrowto35%withinthenext fiveyearsinthestrengthofthegrowingcapitalbase. Rwandaneconomyoffersalowbankingpenetrationlevelat22%andjust 14%nonMFIpenetrationinRwanda,weexpectthistoriseto32%inthe next three years based on increasing awareness, banks marketing and expansionstrategiesandgrowingeconomy.

Superiorfinancialperformance ThebankhasstrongreturnratiosrelativetopeerswithaROAEof24.5% andROAAof3.5%andalthoughtheincreasingcapitalbasecouldsuppress theROEintheshortterm,profitabilityinabsolutetermswillexpand.The returnratios indicatea strong growth potential which could push the PE levelofthestocktoabove10xrange. KeyValueDrivers SustainabilityofmarginsespeciallyNetInterestMargin andinterestspread. Technologybankinguptakebyclientsespeciallymobile andinternetbanking. BankingpenetrationlevelBankdepositstoGDPratio growthfromthecurrent22%range.

Source;Companyfilings
Dyer & Blair may do business with companies covered in its research reports. Although the views expressed in this document are solely those of the Research Department and are subject to change without notice, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. We do not guarantee the accuracy or completeness, nor will the company be held liable whatsoever for the information contained herein. Dyer & Blair may deal as principal in or own or act as market maker for securities/instruments mentioned or may advise the issuers. Members of the firm may have pecuniary interest the listed companies. The document is exclusively for our clients and duplication is not allowed.

BankofKigali|BK|Exchange:RSE|FinancialInstitution(Bank)|LargeCap|May2011

RwandanMarketScope

StronggrowthwithstableinflationTheRwandanmarketpresentsastable

macroeconomicenvironmentwithanestimatedpopulationof10Millionwith 84% being below the age of 40. The Gross Domestic Product has risen at between 6.5% and 9.2% in the last 5 years with 6.5% expected in 2011 according to World Bank figures. Inflation has sunk from 15.4% in 2008 to 6.4%in2010whichisexpectedtoriseto7%in2011duetofuelandclimatic conditionchallenges. Openforbusinesspolicyframework Thecountrywhichhasstablepolitical environment and open business environment has been recognized by the World Bank in its report as one of the best reformers in the world. The governmenthasembracedanexpansionaryfiscalpolicytoreducepovertyby Source;IMF improving education, infrastructure, investment and adjusting to global best practicestoeconomicmanagement. Withinflationdecliningfrom Bloating capital markets The Rwanda Stock Exchange is regulated by the Capital Markets Advisory Council and has become more buoyant with the 15.4%in2008to6.4%in BralirwaIPOwhichhastradedabout30MillionsharessincelistinginFebruary 2010,thecountryis politicallystablewithsound withaturnoverof5BillionRWF.WeexpectthatthebankofKigalibeingthe secondlocallistingwillincreaseactivitywiththefreefloatof45%.Bralirwais governancestructures. currentlytradingatRWF253fromthelistingpriceof136RWF. Foreignexchangecontrols Marketscope havebeenremovedandthe bankingsystemissoundand thriving. Thecountryscentralbank (BNR)usesthekeyreporate anddiscountrateasitskey Companyfilings,nationalbankofRwanda&DBestimates monetarypolicytools. Bralirwastockpriceandvolumemovementsincelisting BNRcutthekeyreporate twicein2010from7.5%to 7%inAprilandagainin Novemberto6%inamoveto stimulatelendinginthe privatesector.

Datasource;RwandaStockExchange
Dyer & Blair may do business with companies covered in its research reports. Although the views expressed in this document are solely those of the Research Department and are subject to change without notice, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. We do not guarantee the accuracy or completeness, nor will the company be held liable whatsoever for the information contained herein. Dyer & Blair may deal as principal in or own or act as market maker for securities/instruments mentioned or may advise the issuers. Members of the firm may have pecuniary interest the listed companies. The document is exclusively for our clients and duplication is not allowed.

BankofKigali|BK|Exchange:RSE|FinancialInstitution(Bank)|LargeCap|May2011

ThecountrysVision2020 objectiveistotransformthe economyfromits90% dependenceonsubsistence agricultureintoabroad basedeconomicengine.

Improvingbalanceoftrade
Although trade deficit has remained wide due to high oil prices and importationofcapitalandconsumergoods,exportsincreasedby27%in2010 andareexpectedtoquickenin2011,benefitingfromanexpecteddepreciation intheexchangerateandproductivitygainsfromtheongoingliberalizationof commercial agriculture. However, the weaker international prices for tea in 201112, lower coffee prices in 2012 and a reduction in recorded mining exportscouldweighdowntheriseinexportearnings.EastAfricanCommunity common market protocol that came into effect in in mid2010 will expand regionaltrade,althoughimplementationwillbeslowinitsearlyyears. Fig;GDPbysector

Rwandahasbeenrecognized asthesecondbestreformer worldwidein20052010by theWorldBanksDoing Businessafterimplementing 22businessregulation reformsintheareas measured. Rwandaranks58thbyWorld BanksEaseofDoingBusiness 2011Survey,upfrom143rd in2009. TheRwandaneconomyhas beenconsistentinitsgrowth momentumofferingastrong investmentplatform.

Source;BNR,BoKandD&B

Stabilityandclarityinmonetarypolicy
Thecountryscentralbank,theNationalBankofRwanda,hasbeenkeento maintainclarityinthemonetarypolicythrough;openmarketoperations (OMO),thediscountrateandthereserverequirement.Thepolicyrate remainedunchangedat6.0%inAprilasameansofstimulatingprivatesector lendinginalowinflationenvironment.Monetarypolicymaybetightenedin laterin2011and2012asameansofsuppressinginflationarypressure.

Source;Worldbank,EIUandD&Bestimates
Dyer & Blair may do business with companies covered in its research reports. Although the views expressed in this document are solely those of the Research Department and are subject to change without notice, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. We do not guarantee the accuracy or completeness, nor will the company be held liable whatsoever for the information contained herein. Dyer & Blair may deal as principal in or own or act as market maker for securities/instruments mentioned or may advise the issuers. Members of the firm may have pecuniary interest the listed companies. The document is exclusively for our clients and duplication is not allowed.

BankofKigali|BK|Exchange:RSE|FinancialInstitution(Bank)|LargeCap|May2011

Rwandanleadingindicators

Dyer & Blair may do business with companies covered in its research reports. Although the views expressed in this document are solely those of the Research Department and are subject to change without notice, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. We do not guarantee the accuracy or completeness, nor will the company be held liable whatsoever for the information contained herein. Dyer & Blair may deal as principal in or own or act as market maker for securities/instruments mentioned or may advise the issuers. Members of the firm may have pecuniary interest the listed companies. The document is exclusively for our clients and duplication is not allowed.

BankofKigali|BK|Exchange:RSE|FinancialInstitution(Bank)|LargeCap|May2011

RwandanBankingSector

The banking sector It is regulated by the National Bank of Rwanda (BNR) RWFMillions 2010 5year which also maintains economic price stability enhances and maintains a CAGR stable and competitive financial system without any exclusion and supports TotalAssets 727,705 19.2% governmentsgeneraleconomicpolicies. Total 541,872 18.0% Deposits Thereareeightcommercialbanks,103MFIsand416SACCOs.Thecommercial Loans& 325,800 16.5% bankingsectorinRwandaisrelativelysmallandcurrentlyservesanestimated advances 14%ofthebankablepopulationwith33%ofthepopulationservedbySACCOs PAT 12040 13% and MFIs and therefore leaving approximately 53% of the population Becauseofthelowconnection unbanked. levelwiththeglobalfinancial markets,thecountrywasnot Fig;sectorassetsanddeposits affectedmuchbytheglobal financialcrisis. Thebankingsectorfaceda liquiditycrisisinthelast quarterof2008andin2009 whenanumberofcommercial banksrecordedliquidity ratiosoflessthan100%. Theliquiditycrisiswas precipitatedbylarge Datasource;BNRandBK withdrawalsofdepositsby somelargedepositorsasthey chosetoinvestinalternative CompetitionmountingWithcompetitioninthesectorincreasingasnew banksseekentrywhileexistingbankslaunchnewproductsandincreasetheir investments. capitalbases,theRwandanbankingsectorisexpectedtosustainthegrowth Fig;Growthinsectorbalance trajectoryrecordedin2010underpinnedbyrobusteconomicgrowth,regional economicintegrationandsupportivemonetarypolicyfromtheBNR. sheet HighgrowthpotentialwithlowpenetrationlevelTheRwandanbanking sectorhasexperiencedsubstantialgrowthduringrecentyearsintandemwith GDPgrowth.Thishashadaconsequence,ontheincreaseinthepenetrationof bankingproductsandservicesinRwanda. Withthebankingsectorassetsatjust22%ofGDPasatFY10,loansand depositsmakinguponly11%and16%ofGDP,respectivelywhichplaces Rwandawellbehindthepeergroupofotheremergingmarketsandevenmore developedAfricanpeers,implieshugeheadroomforgrowthbothintheshort termandlongterm. Datasource;BNRandBK
Dyer & Blair may do business with companies covered in its research reports. Although the views expressed in this document are solely those of the Research Department and are subject to change without notice, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. We do not guarantee the accuracy or completeness, nor will the company be held liable whatsoever for the information contained herein. Dyer & Blair may deal as principal in or own or act as market maker for securities/instruments mentioned or may advise the issuers. Members of the firm may have pecuniary interest the listed companies. The document is exclusively for our clients and duplication is not allowed.

BankofKigali|BK|Exchange:RSE|FinancialInstitution(Bank)|LargeCap|May2011

CompetitioninThe RwandanBankingSector
Therearecurrently8banksoperatinginRwandaandwithapossibilityoftwomore cominginbeforetheendoftheyear2011includingEquitybankofKenya.Thebanks areasfollows; BanquePopulaireduRwanda(BPR)thebankwhichstarteditsoperationsin 1975isamediumsizedfinancialservicesproviderandasatDecember2010had 18branchesandisfocusedinlendingtobusinessesintheagriculturalsector. Rabobankholdsa35%stakeinBPRandithasastrongpositioninthemicro financespace.RwandaSavingsCooperativesholdstherestoftheownership. BanqueCommercialeduRwanda(BCR)Itwasprivatizedin2004andis currentlyownedbyActis(80%)andtheGovernmentofRwanda(20%).The bankhashadastrategyaimingforthecorporatesegmentofthemarket however,BankofKigalistillhasthelargestmarketshareinthecorporate segment. Cogebanque(CompagnieGnraledeBanque)wasestablishedin1999by privateRwandaninvestors.Atthattime,theinsurancecompanyCompagnie Gnraled'AssuranceetdeReassurance(COGEAR),wasthelargestshareholder, with34%ownership.Inthebeginning,thebank'semphasiswasSmalland MediumEnterprises(SMEs),agricultureandtheserviceindustries.In2008, threenewinternationalinvestorspaidUS$6millionfora40%ownershipinthe bank. Accessbank(Rwanda)AccessenteredRwandain2009aftertheacquisitionof a75%stakeinwhatwasformerBANCORSARwandaabankcreatedin1995 byforeigninvestorsandrestructuredin2001afteritstakeoverbyRwandanand SouthAfricanprivateinvestors.Operatingoffaratherlimitedbranchnetwork, AccessBankhasa58%marketshare. Ecobank(Rwanda)isasubsidiaryoftheEcobankGroup,afullservice regionalbankinginstitutionrepresentedinmorethan30Africancountries.In thecompetitionfront,thebankhasnothadstabilityinmanagementintherecent past. FinaBankFinaBankGroups(Kenya)businessinRwandawasestablishedin 2005whenitacquiredBACAR,aprivatelyownedcommercialbank.FinaBank currentlyhasabout78%marketshareinRwandaandtargetsSMEsasitkey clientbase,inlinewiththegroup sbroaderstrategy. KenyaCommercialBank(KCB)enteredtheRwandanmarketin2008through aGreenfieldinvestmentandaftertwoyears,KCBRwandahasgrownitsbranch networktonineoutletsandgaineda48%marketshare,withanambitionto captureasmuchas30%ofthesystemassetsovertime.Thebankmanagedto breakeveninthefirstquarterof2011.

Dyer & Blair may do business with companies covered in its research reports. Although the views expressed in this document are solely those of the Research Department and are subject to change without notice, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. We do not guarantee the accuracy or completeness, nor will the company be held liable whatsoever for the information contained herein. Dyer & Blair may deal as principal in or own or act as market maker for securities/instruments mentioned or may advise the issuers. Members of the firm may have pecuniary interest the listed companies. The document is exclusively for our clients and duplication is not allowed.

BankofKigali|BK|Exchange:RSE|FinancialInstitution(Bank)|LargeCap|May2011

BankofKigali

BankofKigaliwasstartedin1966,toprovidecommercialbankingservices to individuals, small businesses and large corporations. Prior to 2007, the bank was 50% owned by Banque Belgolaise, before the Government of Rwandapurchasedthatshareholding(aprocessinitiatedatthebeginningof 2005 when Fortis announced its intention to withdraw from Belgolaise, its banking subsidiary operating in subSaharan Africa). Subsequently, the government sold minority shareholding to other state owned entities, including the Social Security Fund of Rwanda (CSR), and the National Post OfficeofRwanda.

Return on investments The bank ratios indicate a high level of efficiency relative to peers in similar markets with top line ratios being relatively modest and rising as we head towards bottom line. The bank has strong returnratiosrelativetopeerswithaROAEof24.5%andROAAof3.5%and with the increasing capital base this is indicates a strong growth potential whichwillpushupthePElevelofthestocktoabove10xrange. Source;BankofKigali BankfundingThebankslongtermfundinghasbeenstretchedwithahigh Thebankdaytodayoperations relianceondepositsforbothshortandlongtermloans/advancesfinancing. The bank has however acquired long term funding from development arehandledbythelocal agenciesincludingFrenchDevelopmentAgency,EuropeanInvestmentBank managementledbyJames Gateratogetherwithateamof and are in the process of acquiring a credit line with another international seniormanagement(mostof financialinstitution.ThesetogetherwiththeupcomingIPOwillsignificantly whomarewesterneducated) uplift banks liquidity ratio from the current 42% as well as solving the durationmismatch. Thesupervisoryboardis DecisionFactor2:StrongMarketShare&Efficiency chairedbyLadoGurgenidze whoisaformerCEOofBankof Rwanda Banking Titan The bank commands Rwandan banking industry GeorgiaandformerGeorgian leadership with a 25.9%, 27.4% and 31.5% market share in deposits, total assets and loans respectively all of which are set to rise with the incoming primeminister. funds; this places the company at a strategic position especially for large financing deals requiring strong capital position. We see the market share rising to 35% in the next five years triggered by the duration matching, branchnetworkexpansionandretailsegmentrefocusing(inthe lastmonth alone the bank has introduced 3 new products in the market), technology basedbankingandthestrongbrandname. Bank Efficiency We expect IT optimization, cost management and product/serviceinnovationtointhelongtermreducethecost/Incomeratio, NPL/grossloans,staffcosts/incomefromthecurrent47.5%,8.5%and45% to43%,7.3%and36%respectively.However,thefocusintheretailsegment couldintheshorttermputpressureonthecostincomeratio.

DecisionFactor1:FinancialRatios

Dyer & Blair may do business with companies covered in its research reports. Although the views expressed in this document are solely those of the Research Department and are subject to change without notice, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. We do not guarantee the accuracy or completeness, nor will the company be held liable whatsoever for the information contained herein. Dyer & Blair may deal as principal in or own or act as market maker for securities/instruments mentioned or may advise the issuers. Members of the firm may have pecuniary interest the listed companies. The document is exclusively for our clients and duplication is not allowed.

BankofKigali|BK|Exchange:RSE|FinancialInstitution(Bank)|LargeCap|May2011

BankFinancials

Source;Companyfilings,D&Bestimates Returnoninvestments TheBankhashadastrongperformanceintermsofreturnsoverthepastfive RevenuestructureThebank years, as ROAE remained higher than 30% for most of this period and has60%ofitsincomefrom peaked at 39% for FY08as supported by healthy margins and a good cost interestwhichiswellwithinthe structureincomparisontoitspeers.However,thebanklacksdividendpolicy minimum50%acceptable clarity with the payout ratio has varying from 0% to 60% in recent years. rangethereforecoveringthe However with the incoming financing we expect the bank to be able to bankfromfluctuationinother financegrowthandatthesametimepayoutdividends. incomes. Balancesheetskewedtowardscorporatesegment TheRwandaneconomyhas As at FY10, net loans accounted for 51% of its assets and the bank has a beenconsistentinitsgrowth relativelyliquidbalancesheet,with37%ofitsassetbaseincash,interbank momentumofferingastrong andliquidsecurities.Thecreditportfoliocomprisesmorethan70%ofloans investmentplatform. tocorporatecustomerswithretailloansaccountingforonly20%.
CurrentOwnership
GovernmentofRwanda SocialSecurityfundofRwanda Others 66.33% 33.66% 0.01%

Banksmarketshare

The 4 year to 2010 loan book CAGR stands at 27.7% with the corporate Profitability 56.5% CAGRandretailloanbookCAGRwere27.3%and29.4%,respectively.Credit BankProfitability portfolioishighlyexposedtothecommerce,restaurantsandhotels(46%) Netinterestmargin 8.1% and construction (29%) sectors. Other big exposures are to the ReturnonAverageEquity 24.5% manufacturingsector(11%)andtransportandcommunication(7%). ReturnonAverageAssets 3.5% Althoughinvestmentsintherestaurantsandhotelsisrelativelyvolatileand Source;Companyfilings dependsonthepoliticalenvironment,italsopresentsahighgrowthsegment and hence may expand further as more international organizations set up localoffices.
Deposits 25.9%
Dyer & Blair may do business with companies covered in its research reports. Although the views expressed in this document are solely those of the Research Department and are subject to change without notice, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. We do not guarantee the accuracy or completeness, nor will the company be held liable whatsoever for the information contained herein. Dyer & Blair may deal as principal in or own or act as market maker for securities/instruments mentioned or may advise the issuers. Members of the firm may have pecuniary interest the listed companies. The document is exclusively for our clients and duplication is not allowed.

TotalAssets

27.4%

BankofKigali|BK|Exchange:RSE|FinancialInstitution(Bank)|LargeCap|May2011 Fig;Loanbookgrowthbysegment

TheBankreportedNetIncome ofRwF6,140millionin2010, up16.1%yoy.ClientDeposits reachedRwF135,677million, up24.2%in2010and7.4%qo q.NetLoans/TotalAssetsratio stoodat51.3%asat31 December2010vs.50.8%asat YE2009.NetLoans/Client Depositsratioreached74.7%as Source;Companyfilings at31December2010vs.70.6% Nonperformingloansandassetquality asatYE2009. NPLs have been gradually falling to around 8.5% level at YE10. In quarter one of 2011, management moved to boost cash provisioning levels, transferring into balance sheet provisions direct from equity a general provision of RWF 1billion, which in addition to the ongoing specific provisionbuilduplifteddirectcashcoverageto65%. Fig;NPLsbysegment

Operatingcostsandincome Thebanksnetinterestmarginhasbeenonadownwardtrendsinceitspeak of8.9%in2008tothe2010s8.1%possiblyasaresultofthe risingcostof deposits and relatively constant lending rates. Generally the asset margins haveremainedstableoverthepastthreefinancialyears,andthebankscost offundinghasrisenfrom1.8%in2008to3%. In2010totalrecurringoperatingcostsgrewby56.1%yoyto RwF10,193 in 2010, as the Bank pressed ahead with its strategy of aggressively expandingtheretailfootprint.Cost/Incomeratioreached47.5%in2010,up from 44.1% in 2009. Profit Before Provisions increased by 15.5% yoy to RwF 10,940 million in 2010. Profit before Tax amounted to RwF 9,113 in 2010,up14.3%yoy.
Dyer & Blair may do business with companies covered in its research reports. Although the views expressed in this document are solely those of the Research Department and are subject to change without notice, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. We do not guarantee the accuracy or completeness, nor will the company be held liable whatsoever for the information contained herein. Dyer & Blair may deal as principal in or own or act as market maker for securities/instruments mentioned or may advise the issuers. Members of the firm may have pecuniary interest the listed companies. The document is exclusively for our clients and duplication is not allowed.

Source;Companyfilings

BankofKigali|BK|Exchange:RSE|FinancialInstitution(Bank)|LargeCap|May2011

Financialforecasts

Dyer & Blair may do business with companies covered in its research reports. Although the views expressed in this document are solely those of the Research Department and are subject to change without notice, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. We do not guarantee the accuracy or completeness, nor will the company be held liable whatsoever for the information contained herein. Dyer & Blair may deal as principal in or own or act as market maker for securities/instruments mentioned or may advise the issuers. Members of the firm may have pecuniary interest the listed companies. The document is exclusively for our clients and duplication is not allowed.

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BankofKigali|BK|Exchange:RSE|FinancialInstitution(Bank)|LargeCap|May2011

SWOTAnalysis
STRENGTHS Strongmarketshareamarketshareof about30%intermsoftotalassets,loans, depositsandprofitabilitygivesbankastrong marketposition. MostcapitalizedbankinRwandaallows strongrelationshipwithbigcorporateclients Strongbrandandimagewonseveral awardsandistheonlycreditratedbankin Rwanda. Widebranchcoverageenvisagedtoget 500,000accountsthroughthe100branches OPPORTUNITIES Lowbankingpenetrationlevelcurrently standsat22%(14%withoutMFI).Likelyto risewithincreaseinawareness. Growingeconomyandstabilizingprices withanestimatedlongtermgrowthof7% andinflationheavingto6.5%. Technologybankingthecountryisyetto fullyutilizethebenefitsofmobileand internetbankingwhichhasapotentialto reducecostsandgrowmarkets THREATS GrowingcompetitionGlobalizationand technologytrendsareposingasnew competitionfronts.Newbanksareinterested intheRwandanmarketaswellastelcom (includingMTN)companiesofferingmoney transfersolutions. Scarcityofskilledbankingprofessionals bankscompeteforfewstaffputtingastrainin theircapacitytoexpandandalsopushingup staffcosts. WEAKNESSES AssetsLiabilitiesdurationmismatchbank hasbeendependingoncustomerdepositto fundbothlongtermandshorttermloans.Set tobetackledbyIPOandlongtermfunding. SmallclientbaseTheBankhasasmall numberofcustomerscomparedtoitspeers constrainingbothinterestandfeeincome. 60,000accountvs.2Millionsectoraccounts.

Dyer & Blair may do business with companies covered in its research reports. Although the views expressed in this document are solely those of the Research Department and are subject to change without notice, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. We do not guarantee the accuracy or completeness, nor will the company be held liable whatsoever for the information contained herein. Dyer & Blair may deal as principal in or own or act as market maker for securities/instruments mentioned or may advise the issuers. Members of the firm may have pecuniary interest the listed companies. The document is exclusively for our clients and duplication is not allowed.

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BankofKigali|BK|Exchange:RSE|FinancialInstitution(Bank)|LargeCap|May2011

Otherdataandforecasts

Dyer & Blair may do business with companies covered in its research reports. Although the views expressed in this document are solely those of the Research Department and are subject to change without notice, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. We do not guarantee the accuracy or completeness, nor will the company be held liable whatsoever for the information contained herein. Dyer & Blair may deal as principal in or own or act as market maker for securities/instruments mentioned or may advise the issuers. Members of the firm may have pecuniary interest the listed companies. The document is exclusively for our clients and duplication is not allowed.

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