ETI IS THE MAJORITY SHAREHOLDER IN ALL THE SUBSIDIARIES BUT HOST COUNTRY CITIZENS AND INSTITUTIONS ARE TYPICALLY INVESTORS IN THE LOCAL SUBSIDIARIES.

COUNTRY BOARDS OF DIRECTORS

Ecobank subsidiaries operate as separate legal entities in their respective countries. ETI is the majority shareholder in all the subsidiaries but host country citizens and institutions are typically investors in the local subsidiaries. Each subsidiary has a board of directors, the majority of whom are non- executive directors.

The Group Governance Charter requires that country boards be guided by the same governance principles as the parent company. As a rule, but subject to local regulations and the size of the board, the boards of directors of subsidiaries have the same number of committees as the parent company.

The boards of directors of the subsidiaries are accountable to the subsidiaries' shareholders for the proper and effective administration of the subsidiary in line with the overall group direction and strategy. These boards also have statutory obligations based on company and banking laws in the respective countries. In the event of any conflict between the group policies and local laws, the local laws prevail.