CAL BANKRoadshow Presentation

September 2009

Disclaimer This management presentation (“presentation”) contains promotional material and information concerning CAL Bank Limited (“the Company”) and the Rights Issue by the Company

announced on 2nd of September 2009 in respect of which a prospectus has been issued. This Presentation is not a prospectus or other offer document and does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any shares in the Company nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision in relation thereto. This Presentation does not constitute a recommendation regarding shares of the Company. Investors are advised to read and understand the prospectus issued in connection with the offer.

Neither this presentation nor any copy of it may be taken or transmitted into the US, Australia, Canada or Japan or to US or Canadian persons or to any securities analyst or other person in any of those jurisdictions. Any failure to comply with this restriction may constitute a violation of the US, Australian, Canadian or Japanese securities laws. The distribution of this Presentation in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.

The information and opinions contained in this Presentation are provided as at the date hereof and are subject to change without notice or duty to update. The information contained herein should not be considered to be comprehensive nor to comprise all information in relation to the Company or the Rights Issue or that may be required to evaluate the Company or its financial position. No reliance may be placed for any purpose whatsoever on the information or opinions contained in this Presentation or on its completeness. To the extent permitted by law, no representation or warranty, express or implied, is given by or on behalf of the Company or any of its directors, officers or employees or any other person as to the adequacy, accuracy, completeness or verification of the information or the opinions contained in this presentation and no liability is accepted for any such information or opinions. .

This Presentation has been prepared by, and is the sole responsibility of, Cal Bank Limited (the “Company”) on the terms of this disclaimer. Neither NewWorld Renaissance Securities Limited ("Renaissance") or IC Securities (Ghana) Limited (“IC Securities”), nor any affiliate of or member of the Renaissance and IC Securities group of companies shall have any responsibility for the information contained herein, nor makes any representations or warranties, express or implied, as to the adequacy, accuracy, verification or completeness of any statements, estimates or other information contained in this Presentation. 

This Presentation may include forward-looking statements. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as “anticipates”, “aims”, “could”, “may”, “should”, “expects”, “believes”, “intends”, “plans” or “targets”. By their nature, forward-looking statements are inherently predictive, speculative and involve substantial risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, such as a change in overall economic conditions in Ghana or a change in the Company’s financial condition. No assurances are or can be given that the forward-looking statements in this document will be realised. Neither the Company nor any of its affiliates intends to update these forward-looking statements. No securities regulatory authority has expressed an opinion about these securities or this Presentation.

These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States and the securities will not be offered or sold in the United States. 

Renaissance and IC Securities are acting as bookrunner to the Company.  Renaissance, IC Securities and/or its connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.  Renaissance and IC Securities may have access to information that is not reflected in this Presentation and it may have acted on or used the information prior to or immediately following its issue.  In addition, Renaissance, IC Securities, the directors and employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives, other financial instrument of any of the companies referred to in this Presentation and may from time to time and or dispose of such interests.

This Presentation and its contents are confidential and may not be reproduced, redistributed or passed on directly or indirectly to any other person or published, in whole or in part, for any purpose.

2

Presentation Team

3

Mr. Frank Adu Jnr., Managing Director & Chief Executive Officer Mr Adu Jnr. is an Investment Banker. He is a member of the Council of the Ghana Stock Exchange and its Listing

Committee and the Roman Ridge School. He is a member of the Board of Ghana Leasing Company and Okyeman Environmental Foundation

Mr. Kwasi Tumi, Executive Director & Chief Operating Officer Mr Tumi, is a Chartered Accountant with rich experience in the financial services sector . He is also a Board

member of Vanguard Life Assurance Company Limited and Ridge Alumetal Company Limited

Mr. Phillip Owiredu, General Manager & Chief Financial Officer Mr. Philip Owiredu is currently the General Manager, Finance & Administration at CAL Bank. Prior to this, he was

the Bank’s Director of the Financial Control Department, responsible for all financial and management accounting support and compliance with legal and regulatory requirements. Mr. Owiredu joined the Bank in December 2004 from KPMG where he was Senior Manager for 8 years. He is a fellow of the Association of Chartered Certified Accountants (UK)

Transaction Highlights

4

Issuer

Offer Size

Use of proceeds

Offer Structure

Pricing

Listing

Syndicate

CAL Bank Limited

GH¢ 30million

Strengthen capital base to support ongoing expansion of CAL Bank’s business

GH¢ 0.20 per share to qualifying shareholders in a ratio of 1:1.1275

New ordinary shares to be listed on Ghana Stock Exchange

International Bookrunners: NewWorld Renaissance / Renaissance Capital , IC Securities

Sponsoring Brokers: NewWorld Renaissance, IC Securities, CAL Brokers

Rights issue 150million shares offered

Lock-up 180 days for CAL Bank

18,341

37,428 37,829

2005 2008 1H09

97,129

338,902 387,023

2005 2008 1H09

2,670

9,068

3,239

2005 2008 1H09

CAL Bank – The Leading Independent Bank CAL Bank Limited commenced operations in July 1990 and received

a universal banking license in 2004

Listed on the Ghana Stock Exchange in November 2004

– Successful GH¢ 5.4 mn (US$ 7mn) IPO with 4.5x oversubscription

Provides a broad range of banking and financial products services to large corporations, small and medium-sized enterprises, public sector institutions and retail customers

– Products and services include: business loans, payment and account services, deposits, trade finance, consumer banking services, leases, mortgages and investment banking

One of the most innovative banks in Ghana and aims to become one of the leading retail banks in Ghana

– Current network of 13 branches (vs. 3 at IPO) and 40 ATM’s

– 309 employees (vs. 160 at IPO)

5

Net Income (GH¢’000) Asset (GH¢’000) Equity (GH¢’000)

CAGR 50%

CAGR 52%

Source: Company filings and websiteCAGR: Compounded Annual Growth Rate (Geometric mean growth rate on an annualised basis)

CAGR 27%

Top 10 Market Players by Assets

Source: Ghana Banking Survey 2009

Bank 2008 RankingGhana Commercial Bank 20.1% 1Barclays Bank 13.3% 2Standard Chartered Bank 8.5% 3Ecobank 7.3% 4Agricultural Development Bank 6.8% 5Merchant Bank 5.7% 6SG-SSB Bank 5.3% 7Stanbic Bank 4.5% 8CAL Bank 3.5% 9Intercontinental Bank 3.2% 10Total 78.2%  

Agenda Investment Highlights

Business Overview

Strategy

Summary Financials

Offer Details & Modalities

6

Key Investment Highlights

7

Attractive Emerging Region - Ghana1

Solid Platform for Financial Performance2

Focused Strategy to Build Retail Franchise3

5 Robust Risk Management

4 Experienced and Motivated Management Team

Attractive Emerging Region – Ghana

8

1

Appealing macro player in sub-Saharan Africa– Sizeable population: 24mn people– Strong economic potential: real GDP growth in

2008 of 7.3% versus 4.2% at the turn of the century

– Relatively high nominal GDP per head to support consumption: c.$640

– Historical financial market stability: Strong regulatory regime

– Political stability

Long term growth outlook positive – Economy expected to be transformed as a result of

the discovery of oil in commercial quantities– Positive impact on current account and fiscal

balances and likely positive impact on currency– Efficiency of sector improved significantly and

poised for further growth with implementation of reform measures being pursued by Bank of Ghana

Ghana Overview Real GDP Growth

Trade Balance Dynamics

Source: Economist Intelligence Unit

Source: Ghana Banking Survey 2009

Attractive Emerging Region – Ghana (Cont’d)

9

1

Strong potential of Ghanaian banking sector– Solid growth track record : CAGR 05-08 of

assets – 41%, loans – 49%• CAL Bank CAGR 05 – 08 of assets – 52%,

loans – 69%– Significant potential of retail segment (low

penetration level– Low exposure to international debt markets;

funding mainly through local deposits

Ghana Overview

Total Banking Assets Total Loans

Top 10 Market Players by Assets

Source: Central Bank Statistics Source: Central Bank Statistics

Source: Ghana Banking Survey 2009

Bank 2008 Ranking 2007 RankingGhana Commercial Bank 20.1% 1 20.2% 1Barclays Bank 13.3% 2 17.2% 2Standard Chartered Bank 8.5% 3 7.7% 4Ecobank 7.3% 4 7.8% 3Agricultural Development Bank 6.8% 5 6.2% 6Merchant Bank 5.7% 6 7.6% 5SG-SSB Bank 5.3% 7 5.7% 7Stanbic Bank 4.5% 8 5.3% 8CAL Bank 3.5% 9 3.1% 10Intercontinental Bank 3.2% 10 1.0% 17Total 78.2%   81.8%  

2,670 4,702 5,204

9,068

3,239

15%

24%

20%

26%

17%

3% 4% 3% 3%2%

0%

10%

20%

30%

0

4,000

8,000

12,000

2005 2006 2007 2008 1H09Profit after tax ROAE ROAA

39,792

85,680 114,918

190,938 201,705

2005 2006 2007 2008 1H09

Total Asset Growth (GH¢ ‘000)

97,129 157,008

235,727

338,902 387,023

2005 2006 2007 2008 1H09

12,971 18,417

23,204

34,595

17,077

6,863 8,844

14,646

21,178

11,150

53% 48%

63% 61%65%

0%

20%

40%

60%

0

10,000

20,000

30,000

40,000

2005 2006 2007 2008 1H09Operating Income Operating Expenses Expenses as a % of Income

CAL Bank - Solid platform for financial performance

10

2

2005 –08 CAGR: 52% 2005 – 08 CAGR: 69%

Loan and Advances (GH¢ ‘000)

Operating Efficiency (GH¢ ‘000) Sustained Strong Returns (GH¢ ‘000)

Source: Company fillings* 1H09 ROAE and ROAA annualised

*

*

Focused strategy to build strong retail franchise

11

3

Capital raised from IPO in 2004 (GH¢5.4 million) used to:– Finance the Bank's retail banking

operations – Support overall growth

Experienced tremendous growth in retail portfolio:– Accounts for 14% of entire loan portfolio

and 31% of total deposits

The Bank intends to use its branch expansion strategy and improved IT/electronic banking platform as a means of increasing retail deposits. This will:– Provide Bank access to low cost funds – Extends Banks footprint in areas where its

corporate clients operate– Increase retail market share

2008 Ghana Banking Awards: “Best Bank in Retail Banking”

Comments Growing Retail Deposits & Advances (GH¢ ‘000)

Growing client base

Source: Company fillings

Source: Company data

Growing Distribution Network

12

3

Most products are distributed through the head office, branch outlets, ATM, mobile sales and telephone banking

– 13 branches– 40 ATMs

CAL Bank continues with its strategic initiative of offering services and broadening customer base through technology

– Development of ATM network Target 50 ATM’s by end of 2009 and

a further 50 by end of 2011– Internet banking

Improved to real-time service in 2008

Aim to enhance features and product offering

Comments

2008 Ghana Banking Awards: “Best Bank in Product Innovation”

First Runner Up - “Best Bank in IT / Electronic Banking”

Motivated & Experienced Management Team

13

4

Source: Management data

RISK MANAGEMENTJOSEPH OFORI-TEIKO

(25 YRS BANKING EXPERIENCE)25 years experience in Credit Risk and Treasury Management

MANAGING DIRECTORFRANK B. ADU JNR

(19 YRS BANKING EXPERIENCE)Over 19 years career experience in Banking and Treasury Management

EXECUTIVE DIRECTORKWASI TUMI

(19 YRS BANKING EXPERIENCE)Over 26 years working experience in Auditing, Banking and Finance

GM (FINANCE & ADMIN)PHILIP OWIREDU(5 YEARS BANKING EXPERIENCE)16 years Accounting and Auditing career experience in Ghana and the UK. Was previously a Senior Manager in KPMG Ghana.

CORPORATE BANKINGJACQUELINE BENYAH

(8 YRS BANKING EXPERIENCE)19 years career experience in industry and Banking

CORPORATE FINANCE & ADVISORYKOFI NTOW AGYEMANG(7 YRS BANKING EXPERIENCE)19 years career experience in corporate banking and engineering

INVESTOR RELATIONSDZIFA AMEGASHIE

(10 YRS BANKING EXPERIENCE)19 years experience in development finance, consulting and banking

LEGALJOAN ESSEL-APPIAH(2 YRS BANKING EXPERIENCE)17 years career experience in private and corporate legal practice

FINANCIAL CONTROLTHOMAS BOANSI-SARPONG(3 YRS BANKING EXPERIENCE)12 years career experience in auditing and accounting

TREASURYPHILIP FYNN

(3 YRS BANKING EXPERIENCE)8 years career experience in Accounting and Banking

RETAIL BANKINGANASTASIA AKO-HAYFORD(25 YRS BANKING EXPERIENCE)25 years career experience in various banks in Ghana

14

Commentary NPL Ratio

Source: Company filings

The Bank has commenced a programme of migration to the Basel II framework for risk management with a completion deadline of end-March 2010

As prescribed under Basel II, the Bank has a Risk Management sub-committee of the Board.

The Bank has an Asset and Liability Management Committee responsible for ensuring optimal asset allocation whilst managing the following risks:- Liquidity - Interest rate- Currency risk

Capital Adequacy limits are set by Bank of Ghana at 10%. The Bank however has an internal limit of 12%.

The Bank maintains a single obligor limit of 25% of shareholders’ funds in accordance with Bank of Ghana requirements.

Exposure to related parties is regularly monitored by the Bank’s Asset and Liability Committee. Loans to related parties are strictly arms-length commercial transactions.

.

Capital Adequacy Ratio

Source: Company filings

Robust Risk Management5

Agenda Investment Highlights

Business Overview

Strategy

Summary Financials

Offer Details & Modalities

15

16

Business OverviewCorporate Banking

Corporate Banking customers consists primarily of :– reputable medium to large private local &

multinational companies– government-owned or quasi-government institutions– smaller private companies with trade finance focus

Corporate Banking products comprise largely trade, working capital, medium & long term loans and bank guarantees.

Corporate Finance provide a range of advisory services including Structured Finance, Mergers & Acquisitions, Syndicated Loans, Project Finance

Retail Banking Retail customers comprise:

– private individuals– small-end medium-sized enterprises (“SMEs”)

The Bank is increasing its efforts in retail banking by introducing new lending products (such as Auto Loans and Consumer Credit), new distribution channels and also by investing in its network branches and in E-banking

Treasury The Bank operates a robust treasury offering a variety of

products to both corporate and retail customers comprising call accounts, fixed deposits and negotiable certificates of deposit

Contribution of Corporate to Total Loans / Deposits

1H 2009 Contribution to Total Loans

1H 2009 Contribution to Total Deposits

Source: Management data

Corporate69%

Retail, 31%

Corporate86%

Retail, 14%

Agenda Investment Highlights

Business Overview

Strategy

Summary Financials

Offer Details & Modalities

17

18

Exceeding Expectations

IT

Distribution network

Employees

Strategy Rapid growth, emphasis on retail

banking Asset growth, 05-08 CAGR 52% Advanced internet banking and

mobile system introduced – CAL SMS, Mobile Money

Card based products – Visa Electron, EZWICH biometric based card, CAL Bill Payments

Increase in Bank’s footprint and market share:

- New branches opened, current total 13

- New ATMs installed, current total 40

Workforce expanded from 160 at IPO to 309

Investors

Rewarded through dividend distribution,

Average annual growth in dividends over the last 3 years was 38%

Clients 107% Growth in size of client base

since 2006

Total Assets (GH¢’000)

Net Income (GH¢’000), ROAE & ROAA

Source: Prospectus and annual fillings

2005 –08 CAGR: 52%

97,129 157,008

235,727

338,902 387,023

2005 2006 2007 2008 1H09

2,670 4,702 5,204

9,068

3,239

15%

24%

20%

26%

17%

3% 4% 3% 3%2%

0%

10%

20%

30%

0

4,000

8,000

12,000

2005 2006 2007 2008 1H09Profit after tax ROAE ROAA

Successful Strategy Implementation (2005 – 08)

Focused Strategic Priorities

19

…Leading independent bank in Ghana

Leverage strong and dedicated human capital

First class technology platform

Use heritage to mobilize and retain corporate and retail

clients

Retail Clients Use extensive and increasing

branch network to mobilise customer deposits so as to reduce cost of funding

25 branches across the country over the next two years

Corporate Clients Diversify sector expertise to be

able to provide services to corporate clients of increasing size and from a broader range of sectors including the oil and gas sector

Continue to identify key growth sectors in the economy so as to target effort to develop strong base in those sectors

The use of superior technology to deliver unrivalled quality services to its clients

Amplify the use of alternative delivery systems through the increase of branches and mini branches, the expansion of mobile banking platform and ATM network to increase the Bank’s footprint across the market

Develop human capital capabilities through recruitment, training and development and aligning them with growth in key strategic areas of the Bank

Acquisitions

Engage in profitable acquisitions to accelerate the Bank’s network growth and facilitate entry into new customer segments

Source: Prospectus

Agenda Investment Highlights

Business Overview

Strategy

Summary Financials

Offer Details & Modalities

20

9,445 12,039

16,436

5,000

15,000

25,000

35,000

45,000

55,000

2006A 2007A 2008A

GH¢ ('0

00)

Summary Financials

21

Net Interest Income (Actual) Net Interest Income (Forecast)

22,385

35,784

51,303

5,000

15,000

25,000

35,000

45,000

55,000

2009E 2010E 2011E

GH¢ ('0

00)

CAGR 32%

CAGR 51%

Non-Funded Income (Actual) Non-Funded Income (Forecast)

8,972 11,165

18,159

0

10,000

20,000

30,000

40,000

50,000

2006A 2007A 2008A

GH¢ ('0

00)

24,156

32,436

44,466

0

10,000

20,000

30,000

40,000

50,000

2009E 2010E 2011E

GH¢ ('0

00)

CAGR 42%

CAGR 36%

15,049

23,403

33,651

10,952

17,552

25,238

0

10,000

20,000

30,000

40,000

2009E 2010E 2011E

GH¢ ('0

00)

Profit before Tax Profit after Tax

6,803 7,116 11,499

4,702 5,204 9,068

0

10,000

20,000

30,000

40,000

2006A 2007A 2008A

GH¢ ('0

00)

Profit before Tax Profit after Tax

46,541

68,220

95,769

0

20,000

40,000

60,000

80,000

100,000

2009E 2010E 2011E

GH¢ ('0

00)

18,417 23,204 34,595

0

20,000

40,000

60,000

80,000

100,000

2006A 2007A 2008A

GH¢ ('0

00)

Summary Financials (cont’d)

22

Operating Income (Actual) Operating Income (Forecast)

CAGR 37%

CAGR 43%

Profits (Actual) Profits (Forecast)

PBT CAGR 30%

PAT CAGR 39%

PBT CAGR 50%

PAT CAGR 52%

415,457

565,280

734,061

0

200,000

400,000

600,000

800,000

2009E 2010E 2011E

GH¢ ('0

00)

157,008 235,727

338,902

0

200,000

400,000

600,000

800,000

2006A 2007A 2008A

GH¢ ('0

00)

85,680 114,918 190,938

0

100,000

200,000

300,000

400,000

500,000

600,000

2006A 2007A 2008A

GH¢ ('0

00)

Summary Financials (cont’d)

23

Loans and Advances (Actual) Loans and Advances (Forecast)

CAGR 49%

CAGR 43%

Total Assets (Actual) Total Assets (Forecast)

CAGR 47%

CAGR 33%

254,795

398,589

520,385

0

100,000

200,000

300,000

400,000

500,000

600,000

2009E 2010E 2011E

GH¢ ('0

00)

75,779 86,311

102,013

0

20,000

40,000

60,000

80,000

100,000

120,000

2009E 2010E 2011E

GH¢ ('0

00)

21,439 31,107

37,428

0

20,000

40,000

60,000

80,000

100,000

120,000

2006A 2007A 2008A

GH¢ ('0

00)

251,330

347,114

535,293

0

100,000

200,000

300,000

400,000

500,000

600,000

2009E 2010E 2011E

GH¢ ('0

00)

87,915 124,326

176,660

0

100,000

200,000

300,000

400,000

500,000

600,000

2006A 2007A 2008A

GH¢ ('0

00)

Summary Financials (cont’d)

24

Deposits (Actual) Deposits (Forecast)

CAGR 42%

CAGR 46%

Shareholders’ Funds (Actual) Shareholders’ Fund (Forecast)

CAGR 32%

CAGR 16%

Summary Financials (cont’d)

25

3.7% 2.7% 3.2%

23.6%19.8%

26.5%

0%

5%

10%

15%

20%

25%

30%

2006A 2007A 2008A

GH¢ ('0

00)

ROAA ROAE

Return on Average Assets & Average Equity (Actual) Return on Average Assets & Average Equity (Forecast)

2.9% 3.6% 3.9%

19.3%21.7%

26.8%

0%

5%

10%

15%

20%

25%

30%

2009E 2010E 2011E

GH¢ ('0

00)

ROAA ROAE

0.00750.0105

0.014525% 27%30%

0%

10%

20%

30%

40%

0

0.004

0.008

0.012

0.016

0.02

2006A 2007A 2008A

GH¢ 

Dividend Per Share Payout Ratio

Dividends

CAGR 39%

Agenda Investment Highlights

Business Overview

Strategy

Summary Financials

Offer Details & Modalities

26

27

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

4-Jan-09 4-Feb-09 4-Mar-09 4-Apr-09 4-May-09 4-Jun-09 4-Jul-09 4-Aug-09 4-Sep-09

Share Price 3-month Average Price Offer Price

An offer price of GH¢ 0.20 represents a discounts of 16.78 and 29.01 percent to its 3-month* and 6-month* average prices respectively.

• As at 4th September, 2009, CAL Bank’s share price had averaged GH¢ 0.24 and GH¢ 0.28 over the past three (3) months and six (6) months, respectively.

• The offer price of GH¢ 0.20 represents discount of 16.78% to its 3-month* average price and 29.01% to its 6-month* average price.

The Offer is priced at GH¢ 0.20 per share primarily based on recent trading dynamics

Source: IC Securities Research

* Period ending 4th September 2009

28

Offer Period Discount to 3 month average price CommentsCompany

• Over the past 24 months investors have committed about GHC200m to rights issues and a further GHC85m to initial public offers in Ghana. The total sum of ca. GHC 285m and is about 4% of the total market capitalisation of the GSE (excluding Anglogold Ashanti).

• Discounts on recent rights issues have been in the range of 10% - 40%.

• A CAL Bank rights issue that offers a 3-month* average price discount of 16.78% is at the lower end of the discount range

Ghana Com. Bank

HFC Bank Limited

Ecobank Transnational Incorporated

May – June 2007

5 May - 30 May 08

25 Aug. – 31 Oct. 08

8.33%

41.03%

33.83%

71.6% oversubscription; Actual proceeds amounted to GH¢ 60m.

14.7% oversubscription; Actual proceeds amounted to GH¢ 11.47m

Undersubscribed. Actual proceeds is estimated to be about USD 500m out of USD 2.5bn. About USD134m raised in Ghana, including USD85m from SSNIT

RecentRightsIssues

The Discount compares favourably with discounts applied on recent rights issues

Source: IC Securities Research, Offer Circulars and press releases

* Period ending 4th September 2009

29

Country Trailing P/E Price-to-BookCompany

• CAL Bank Limited• SG-SSB Bank Limited• Ecobank Ghana Limited• Standard Chartered Bank• HFC Bank Limited• Ghana Commercial Bank

• Mauritius Commercial Bank• State Bank of Mauritius

• Barclays • Equity Bank• Kenya Commercial Bank• National Bank of Kenya• Diamond Trust Bank• NIC Bank• SCB

MAURITIUS

• 4.61x• 10.65x• 18.67x• 15.38x• 12.96x• 5.57x

• 11.89x • 14.28x• 12.36x• 8.44x• 11.15x• 10.03x• 12.52x

• 8.54x• 9.22x

• 1.12x• 2.37x• 7.34x• 5.71x• 2.77x• 1.01x

• 3.23x • 3.79x• 3.74x• 1.53x• 1.93x• 2.41x• 3.36x

• 1.93x• 1.78x

The Implied Valuation Metrics also compare favourably with CAL Bank’s peers

GHANA

KENYA

* Top 4 listed banks by market capitalisation as at 04 September, 2009 Prices are as of 04 September, 2009 Source: IC Securities Research, Nigerian Stock Exchange, Nairobi Stock Exchange, Stock Exchange of Mauritius, Ghana Stock Exchange, Company Information

NIGERIA*• First Bank • Zenith Bank• Guarantee Trust Bank• United Bank of Africa

• 14.96x• 5.27x• 6.34x• 4.58x

• 0.82x• 0.85x• 0.99x• 0.97x

• CAL Bank’s P/E of 4.61x and Price-to-book of 1.12x depicts a relatively cheap stock compared to its peers on the GSE as well as the NSE and SEM.

• At the offer price of GH¢ 0.20, the multiples become even more attractive

The two main custodians in Ghana are Barclays Ghana Limited and Stanbic Bank Ghana Limited. Custodians must purchase shares under the Offer, for investors not resident in Ghana, in foreign currency. The price of a CAL Bank share under this Offer is US$ 0.14 for payment in United States Dollars, GB£ 0.09 for payment in Great British Pounds and € 0.10 for payment in Euros.

Funds should be remitted, for the benefit of CAL Bank Rights Issue, by bank transfer to:

Currency Account Number Bank Name and Address Swift Code

In US$ 0001714502 Ghana International Bank Plc67 Cheapside

London, EC2V 6AZUnited Kingdom

GHIBGB2LIn GB£ 0001714501

In € 0001714503

In US$ 35209949

CITIBANK N.A111 Wall Street

New York, NY 10043USA

CITIUS33

International shareholders and new investors should subscribe to the offer by contacting their custodian in Ghana

31

Non GSD Account Holders

Receive allotment letter

Trading of rights

Allotment of new shares

YES

YES

Successful applicants will have their accounts credited with their new shares.

YES

NO

Letters of Entitlement will be issued to successful applicants.

GSD Account HoldersIssue

The introduction of the central securities depository and the automation of the Ghana Stock Exchange has certain important implications for the process

32

Name Physical Address Telephone Number

NewWorld Renaissance Securities Limited

2nd Floor, Heritage Tower, Ambassadorial Enclave, Ridge, Accra.

Tel: +233 21 660163, 676979, 6Facsimile: +233 21 670518

IC Securities (Ghana) Limited 2, 2nd Ridge link, North Ridge, Accra. Tel: +233 21 252621, 925738Facsimile: + 233 21 252 517

CAL Brokers Limited 23 Independence Avenue, Ridge Accra.

Tel: +233 21 680051, 680052Facsimile: +233 21 680081

Shareholders and new investors can subscribe to the offer by contacting the Bank and / or any of the Sponsoring Brokers

33

Questions & Answers

33

Experienced and motivated management

teamFocused strategy to build a strong retail

franchise

Attractive emerging region - Ghana

Solid platform for financial performance

Robust risk management structures

34

Appendix

35

Board Members

35

Mr. Robert Ahomka-Lindsay, Chairman Mr Ahomka-Lindsay is a Banker and Entrepreneur with business interest s in the optical, financial services and real estate sectors. He is also Chairman of the

Board of Metropolitan Insurance Company

Mr. Frank Adu Jnr., Managing Director & CEO Mr Adu Jnr. is an Investment Banker. He is a member of the Council of the Ghana Stock Exchange and its Listing Committee and the Roman Ridge School. He is

a member of the Board of Ghana Leasing Company and Okyeman Environmental Foundation

Mr. Kwasi Tumi, Executive Director & COO Mr Tumi, is a Chartered Accountant with rich experience in the financial services sector . He is also a Board member of Vanguard Life Assurance Company

Limited and Ridge Alumetal Company Limited

Mr. James Brenner, Board Member Mr. Brenner is the President and CEO of Broad Cove Partners, and a Director of Ghana Home Loans Limited and is a member and founding Chairman of the

Board of the Overseas Vote Foundation.

Mr. Malcolm Pryor, Board Member Mr. Pryor is an Investment Banker and the Chairman and founding partner of Pryor, Counts & Co., Inc, an investment-banking firm in the USA. He is also a Board

member of Pepboys-Manny, Moe and Jack a New York Stock Exchange member firm, the Fox Cancer Orchestra in Philadelphia and the Wachovia Regional Foundation. He is the President and CEO of South African Economic Development Fund (SAEDF) based in South Africa.

36

Board Members

36

Mrs. L. Awua-Kyerematen, Board Member Mrs. Leonora Awua-Kyerematen is a member of the Ghana Bar Association and the International Federation of Women

Lawyers (FIDA). She serves on the Board of Directors of Rights and Voice Initiative (RAVI) an NGO and is an executive member of the Christian Council of Ghana.

Mr. Paarock A. VanPercy, Board Member Mr. VanPercy is the Managing Director of AIMAC Ltd, an investment management company. He is the Chairman of CAL Asset

Management Company Limited and is a member of the Board of Directors of Ghana Leasing Company, the Liberian Bank for Development and Investment, and Executive Director of Afri Holdings Ltd, a Mauritius based company.

Dr. Kobina Quansah, Board Member Dr. Kobina Quansah, a banker by profession is the Chairman of Vodafone Ghana. He is also a Trustee of the University of

Cape Coast Endowment Trust Fund. He serves as a Director of Newmont Gold Advisory Council, Unique Insurance Company Limited, Gold Coast Fruits Company Limited & the Finatrade Foundation,.

Summary Historical Financials

37

Source: Company fillingsNet Interest margin: calculated as net interest income divided by the average interest earning assets (loans and advances to customers, due from banks and other financial and investments in securities)Cost-to-income: calculated as operating expenses divided by operating income (before provision charge)

ROAA: calculated as net income divided by the average total assets (sum of opening and closing total assets divided by 2)

ROAE: calculated as net income divided by the average equity (sum of opening and closing equity divided by 2)

* Profit growth calculated versus 1H2008; ROAA and ROAE annualised

Summary Financials 2006 2007 2008   1H 2009*Loans and advances to customers 85,680 114,918 190,938 201,705Due from banks and other financial 25,952 47,754 46,959 56,407Invesment in securities 31,507 36,605 45,135 72,606Total Assets 157,008 235,727 338,902 387,023

Customer deposits 85,033 120,389 162,428 223,309Total Liabilities 135,569 204,620 301,474 349,194

Total Shareholders' Equity 21,439 31,107 37,428 37,829

Operating Income 18,417 23,204 34,595 17,077Operating Expenses (8,844) (14,646) (21,178) (11,150)Profit before tax 6,803 7,116 11,499 4,319Profit after tax 4,702 5,204 9,068 3,239

Financial ratios Net Interest Margin 6.6% 6.0% 5.8% 4.7%Cost-to-Income 48.0% 63.1% 61.2% 65.3%Profit growth 76.1% 10.7% 74.3% 29.7%Loans / Deposits 101% 95% 118% 90%ROAA 3.7% 2.7% 3.2% 1.7%ROAE 23.6% 19.8% 26.5%   16.8%

Summary Financial Forecasts

38

Source: ProspectusNet Interest margin: calculated as net interest income divided by the average interest earning assets (loans and advances to customers, due from banks and other financial and investments in securities)Cost-to-income: calculated as operating expenses divided by operating income (before provision charge)

ROAA: calculated as net income divided by the average total assets (sum of opening and closing total assets divided by 2)

ROAE: calculated as net income divided by the average equity (sum of opening and closing equity divided by 2)

Summary Financials (GH¢ '000) 2008 2009E 2010E 2011ELoans and advances to customers 190,938 254,795 398,589 520,385Due from banks and other financial 46,959 28,875 35,575 37,434Invesment in securities 45,135 72,720 55,188 71,226Total Assets 338,902 415,457 565,280 734,061

- Customer deposits 162,428 242,107 336,006 519,202Total Liabilities 301,474 339,678 478,970 632,048

- Total Shareholders' Equity 37,428 75,779 86,311 102,013

- Operating Income 34,595 46,541 68,220 95,769Operating Expenses (21,178) (28,236) (40,397) (55,449)Profit before tax 11,499 15,049 23,403 33,651Profit after tax 9,068 10,952 17,552 25,238

Financial ratios Net Interest Margin 5.8% 6.3% 7.3% 8.2%Cost-to-Income 61.2% 60.7% 59.2% 57.9%Profit growth 74.3% 20.8% 60.3% 43.8%Loans / Deposits 118% 105% 119% 100%ROAA 3.2% 2.9% 3.6% 3.9%ROAE 26.5% 19.3% 21.7% 26.8%