Standard Bank Group Limited · JSE:SBK
Standard Bank — Investor Day (August 2021)
178 slides from Standard Bank's investor day presentation, Aug 20, 2021
Slide 1: Standard Bank Group Strategic Update
STANDARD BANK GROUP STRATEGIC UPDATE 20 August 2021
Slide 2: Welcome
WELCOME
Slide 3: Agenda for the day
Agenda for the day iS) 01 O02 O03 O04 STRATEGY TRANSFORM CLIENT EXECUTE WITH DRIVE SUSTAINABLE UPDATE EXPERIENCE EXCELLENCE GROWTH AND VALUE Strategy Consumer and High Net Worth Client Solutions Sustainability Sim Tshabalala Funeka Montjane Margaret Nienaber David Hodnett Business and Commercial Cli
Slide 4: Strategic update programme
— Strategic update programme Welcome remarks (link to section), 11:00 Anchor . “Strategy update (link to section) 11:05 Sim Tshabalala Consumer and High Net Worth clients (link to section) 11:40 Funeka Montjane Transform Business and Commercial clients (link to section) 12:00 David Hodnett client ex
Slide 5: Strategy Update
5 STRATEGY UPDATE Sim Tshabalala, Group Chief Executive Officer, Standard Bank Group (SBG)
Slide 6: Key take-aways
Key take-aways Why invest in the Standard Bank Group? e e e e We have updated our strategic We have changed We are creating We have set priorities. We will Wahavenowerfal our structures and new solutions and ambitious new transform client oatoa Fit — ways of working to new partnerships financial tar
Slide 7: Agenda: SBG today and strategic progress
“ay Agenda iS) 1 SBG today and strategic progress Context and trends 3 Our 2025 ambition Translating ambition into execution 7 ITCANBE..
Slide 8: SBG today and strategic progress
-SBG TODAY AND STRATEGIC PROGRESS
Slide 9: Standard Bank Group today
Strategy update | SBG today and strategic progress “=v Standard Bank Group TODAY Our purpose: Africa is our home, we drive-her growth = ITCANBE..
Slide 10: We are the largest financial services group in Africa
Strategy update | SBG today and strategic progress = Weare the largest financial services group in Africa! R215bn R1.3trn R1.6trn Capital Lending Deposits USD15bn USD87bn USDI111bn ‘ R1.2trn Supported by Leading pension fund AUA/AUM? _ international offices in administration USD83bn Isle of Man and
Slide 11: High Net Worth clients growing existing investments
High Net Worth clients are predominately growing their existing investments and are preserving inter-generational wealth. Affluent clients have high disposable income and are growing assets Main market clients have a need for simple, low cost but meaningful solutions
Slide 12: We recognise that we have had our challenges
Strategy update | SBG today and strategic progress We recognise that we have had our challenges... ie aa Client attrition and loss of market share in Consumer and High Net Worth South Africa client franchise Ef) South Africa core banking modernisation journey too long and costly 8X Slow progress on
Slide 13: We have made good strategic progress
Strategy update | SBG today and strategic progress ... but we have made good strategic progress ie fe) 20 {)}) Consumer and High Net Worth South Africa client franchise growing again, +4% in 1H21 =) ie) Ongoing client acquisition, deposit gathering and lending growth in Africa Regions Ef) Modern cor
Slide 14: Our intention to buy out Liberty minority shareholders
Strategy update | SBG today and strategic progress “=” Our intention to buy out Liberty minority shareholders iS) Transaction highlights (~ ~ » Standard Bank to acquire all remaining ordinary shares in Liberty, not held by the Group NN S f- ‘\ ) Liberty minority shareholders will hold circa 3.5% of
Slide 15: Unlocking the potential through Liberty integration
Strategy update | SBG today and strategic progress “=v Unlocking the potential through Liberty integration STANLIB | @) | iS) Transaction imperatives Business case drivers ( ) ( ~ ) Aligning and leveraging our strengths Risk business Asset management SS JS rc ~ NS J \ J Enhancing our client value pr
Slide 16: Context and Trends
CONTEXT AND TRENDS
Slide 17: 2010-2019: Key trends in Africa
Strategy update | Context and trends “=v 2010 — 2019: Key trends underpinning recent developments in Africa Growing Shaped by increasing Expanding markets Rapid and sustained F r mobile penetration 7 focus on for financial en economic r canis and digital payment aye sustainable solutions adoption 8
Slide 18: 2020-2030: Fundamental drivers remain intact
Strategy update | Context and trends “=v 2020 - 2030: The fundamental drivers remain intact, which will support ongoing economic growth, as well as strong growth in financial services . rowin: : . Increasin; Expanding markets F = an Rapid and sustained easing F r mobile penetration 7 focus on for fi
Slide 19: Navigating change, challenge and complexity
Strategy update | Context and trends — However, financial service firms will have to navigate change, challenge and complexity * Constantly changing + Threats from incumbents + Significant regulatory, + “Basics” set by digital native + Threats from adjacent governance and compliance corporates indus
Slide 20: Maintaining the status quo would mean decline
Strategy update | Context and trends “” Maintaining the status quo would mean decline; there are attractive opportunities for us as we embrace change No change Undifferentiated, narrow offering + Lose clients to competitors — traditional and non-traditional Be disintermediated from clients and becom
Slide 21: Our 2025 Ambition
OUR 2025 AMBITION
Slide 22: SBG 2025 is centred around serving client needs
Strategy update | Our 2025 ambition SBG 2025 is centred around serving the needs of our clients ie Konno rrr nnn renee nn nnn nnn cence cnn n nna n enema nanan * Client Segments ¢-------------------------- 22-22 n nanan nnn nn > CONSUMER AND HIGH NET WORTH BUSINESS AND COMMERCIAL CLIENTS WHOLESALE C
Slide 23: SBG is transforming beyond financial services
Strategy update | Our 2025 ambition “av SBG is transforming beyond financial services PAST PRESENT Trusted financial services Trusted bank in South Africa provider across sub-Saharan Africa 1A coordinated network of participants and devices (Internet of Things) combining Standard Bank Group's own of
Slide 24: Prioritised ecosystems accessing value pools
Strategy update | Our 2025 ambition “=” Our 10 prioritised ecosystems: accessing value pools totaling USD1.0trn - USD1.2trn 5 ecosystems we will drive Trader Home Global citizen Trade Agriculture Activities of small Sale and rent of personal Participation in a global International and All agricultur
Slide 25: Ecosystems we will drive and contribute to
Ecosystems we will drive Ecosystems we will contribute to
Slide 26: Our strategic priorities are the framework for delivery
Strategy update | Our 2025 ambition == Our strategic priorities are the framework for delivery @ee6 Dp Our Client Segments will: + DEFEND our current client Our Client Solutions, Engineering and Innovation capabilities will: We will be purposeful in: + Having a POSITIVE IMPACT 26 franchise and marke
Slide 27: Translating Ambition into Execution
TRANSLATING AMBITION INTO EXECUTION
Slide 28: Client segments defending and growing franchises
Strategy update | Translating-ambition into execution | Transform client experience “=” Our client segments are focused on defending and growing their franchises (=) z ; q Global MNC2 client franchise Lu Sain Nite ane enaliniNocltant South African SME! client franchise Tr GEINeAlet Leading position
Slide 29: Client Solutions capability
Strategy update | Translating ambition into execution | Execute with excellence “=v Our Client Solutions capability will deliver innovative, open architecture iS) and cost-effective solutions to the Client Segments and our partners Service the Solution Build Solution Build Distribution needs of the
Slide 30: Engineering capability enables the platform
Strategy update | Translating ambition into execution | Execute with excellence “=v Our Engineering capability enables the Group’s platform iS) Engineering provides the always Technology and Operations on, always secure, digital foundation required to enable new revenues and a superior client experi
Slide 31: Dedicated Innovation capability
Strategy update | Translating-ambition into execution | Execute with excellence “=v Our dedicated Innovation capability will generate and incubate new solutions and business models with speed and rigour Culture of innovation Promote and foster a culture of innovation and provide expertise and skills
Slide 32: Partnerships with FinTechs
Strategy update | Translating ambition into execution | Execute with excellence We have developed a number of partnerships with FinTechs to enhance ie our ability to be disruptive DIFFER ENTAL LQ Strategic FOUNDERS investments F ACTO RY AFRICA to enhance our offering FOUNDERS gouges | a cenriry eazy
Slide 33: Accelerating skills development
Strategy update | Translating-ambition into execution | Execute with excellence “=” Weare focused on accelerating skills development in key areas to develop, attract and retain critical skills and drive platform-thinking Xv Fostering a growth-mindset across the Group Defined a set of priority future
Slide 34: Committed to positive SEE impact
Strategy update | Translating-ambition into execution | Drive sustainable growth and value “=” Weare committed to making a positive impact — delivering sustainable iS) social, economic and environmental (SEE) value across sub-Saharan Africa * Drive positive impact across * Published a number of * Co
Slide 35: ESG risk management framework
Strategy update | Translating ambition into execution | Drive sustainable growth and value “=v Our ESG commitments are embedded in our day-to-day decisions via our iS) thorough and robust ESG risk management framework and processes © SGriskassessment == Thorough process with multi-stage assessment +
Slide 36: Execution requires capital re-allocation
Strategy update | Translating-ambition into execution | Drive sustainable growth and value “=v Execution requires capital re-allocation iS) Resource allocation approach to deliberately tilt our portfolio Protect, Grow capital Invest in high Scale new streamline and efficient growth markets business
Slide 37: Committed to delivering 2025 financial targets
Strategy update | Translating-ambition into execution | Drive sustainable growth and value “= Weare committed to delivering our challenging 2025 financial targets * Banking 7% - 9%! + Beyond financial services ~50% Approaching 50% Disciplined cost and risk management 70 bps-100bps 4 17% —- 20% ~) _
Slide 38: Transform Client Experience
TRANSFORM CLIENT EXPERIENCE
Slide 39: Strategic priorities: client segments
Transform client experience - “=v Our strategic priorities are the framework for delivery iS) (a ) Our Client Segments will: + DEFEND our current client franchise and market positions * GROW as we capture the opportunities, with specific \_ foeus on our ten ecosystems / 39 ITCANBE..
Slide 40: Consumer and High Net Worth Clients
TRANSFORM CLIENT EXPERIENCE CONSUMER AND HIGH NET WORTH CLIENTS Funeka Montjane, Chief Executive Officer, Consumer and High Net Worth Clients ITCANBE.. 40
Slide 41: Agenda: CHNW client segment
Transform client experience | CHNW client segment “® Agenda 1 CHNW client segment - today Strategic progress to date 3 Focus areas going forward 4 Measures of success Key take-aways 41 ITCANBE..
Slide 42: CHNW: who we service
Transform client experience |.CHNW client segment | 1. CHNW client segment - today “~~ Who we service The Consumer and High Net Worth (CHNW) client segment is responsible for the end- to-end lifecycle of clients. CHNW services clients across the main market, affluent and high net worth segments acro
Slide 43: South Africa: large client base, solid market shares
Transform client experience | CHNW client segment | 1. CHNW client segment - today ~ South Africa | We have a large client base, solid market shares and a low risk profile Scale Active clients, ‘000 #1 Loyalty and rewards? 4% # Call centre Mobile app! On AT™ Mobile P@F Internet? Jun-20 Dec-20 Jun-21
Slide 44: South Africa: client segments growing
Transform client experience | CHNW client segment | 1. CHNW client segment - today “2” South Africa | Our client segments are growing and doing more business iS) with us Active clients Solution sales Transactions flows # of clients YTD volumes, ‘000 R’bn 4% 139% 12% Main market Jun-20 Jun-21 1H19 1H
Slide 45: Africa Regions: growing franchise
Transform client experience | CHNW client segment | 1. CHNW client segment - today “® Africa Regions | We have a growing franchise with attractive prospects Client growth Banking market shares?! # of clients, ‘000 % 51% South and East West Central 23% 11% Jun-19_ Dec-19_ Jun-20_~—Dec-20 ge « s = s s
Slide 46: Driving digital adoption and engagement
Transform client experience |.CHNW client segment | 1. CHNW client segment - today “~~” We continue to drive digital adoption and increased engagement Improving client Increasing digital Increasing delivery offering engagement cadence 4.7 sting trom29 33% DAU/MAU! 2 pe a aa ee ae deployed? Engaged t
Slide 47: Pivoting South African franchise, growing Africa Regions
Transform client experience |.CHNW client segment | 2. Strategic progress to date “~~” Weare pivoting the South African franchise and growing scale in Africa Regions Growth in Growth in Delivery of Innovative client Partnerships South African digital adoption personalised client offerings main marke
Slide 48: Growing client franchise through scale and engagement
Transform client experience |.CHNW client segment | 3. Focus areas going forward “® Weare growing our client franchise through scale and increased engagement Retain and grow clients within the South African affluent and HNW market 48 Scale and retain main market clients in South Africa Scale and mai
Slide 49: Defend: retain and grow affluent and HNW clients
“Defend | Retain and grow clients within the South African affluent and 49 HNW market + Increase usage of solutions capabilities Chosen ecosystems Home (A) Global citizen i) Education L Deepen client engagement + Leverage personalised Transform client experience | CHNW client segment | 3. Focus area
Slide 50: Grow: scale and retain main market clients
Transform client experience | CHNW client segment | 3. Focus areas going forward “7 Grow | Scale and retain main market clients in South Africa 50 X CONTINUE TO GROW THE FRANCHISE + Offer workforce solutions for BCC and Wholesale clients + Increase digital engagement + Increase engagement of new MyM
Slide 51: Grow: main market and affluent clients in Africa Regions
Transform client experience |.CHNW client segment | 3. Focus areas going forward “” Grow | Scale and retain main market and affluent clients in Africa Regions Through locally-relevant propositions and digital solutions Our approach for success >1.3bn * Ecosystem value chain banking - Bank the value
Slide 52: Grow: scale ecosystems and platforms
Transform client experience | CHNW client segment | 3. Focus areas going forward “”” Grow | Scale ecosystems and platforms Africa's first home management platform - reducing the cost of home ownership "had LOOKS EE Targets by ie) Standard Bank + Leverage SBG and partner data to Collateral >5m provid
Slide 53: Grow: optimise distribution in South Africa
Transform client experience | CHNW client segment | 3. Focus areas going forward “#” Grow | Continue to optimise distribution in South Africa To deliver client convenience and drive lower cost to serve a \ lawencoetion Lower distribution costs by > Ribn ®—) distribution + Drive cash to alternative c
Slide 54: CHNW 2025 financial targets
Transform client experience | CHNW client segment | 4. Measures of success “@” CHNW 2025 financial targets iS) * Top quartile client satisfaction! * Client base from 15m to >25m 6% - 8% (South Africa >1.6X, Africa Regions >1.9X) * Cross sell improvement >4.0% * Drive engagement through ecosystems an
Slide 55: Key take-aways
Transform client experience | CHNW client segment | 5. Key take-aways ~“® Key take-aways iS) * Our prospects across the continent are vast * Targeting more clients to increase client base to >25m, targeting more transactions and more solutions * Looking to leverage platforms and ecosystems * Optimis
Slide 56: Business and Commercial Clients
56 TRANSFORM CLIENT EXPERIENCE BUSINESS AND COMMERCIAL CLIENTS David Hodnett, Interim Chief Executive Officer, Business and Commercial Clients ITCANBE..
Slide 57: Agenda: BCC client segment
Transform client experience | BCC client segment == Agenda 1 BCC client segment - today Strategic progress to date Focus areas going forward 4 Measures of success Key take-aways 57 ITCANBE..
Slide 58: BCC: who we service
Transform client experience | BCC client segment | 1. BCC client segment - today m= 6Who we service The Business and Commercial Clients (BCC) segment provides broad-based client solutions to a wide spectrum of Individuals Companies small, medium and large commercial businesses. High Net Worth ¢ > Wh
Slide 59: Solid South Africa franchise, growing Africa Regions
Transform client experience | BCC client segment | 1. BCC client segment - today ™© We have a solid franchise in South Africa and a growing, but subscale franchise in Africa Regions Client base Client growth Market shares # of clients, ‘000 # of clients, ‘000 based on # of clients! Business / been +
Slide 60: Attractive funding base
Transform client experience | BCC client segment | 1. BCC client segment - today = We have an attractive funding base with upside as interest rates increase Customer Loans and advances Customer Deposits Loan / deposit R'bn R’bn ratio +11% Important source of ore low-cost funding, SOUTH +9% lower int
Slide 61: Capital-light flows supporting revenues and ROEs
Transform client experience | BCC client segment | 1. BCC client segment - today == Capital-light trade and transactional flows supporting revenues and iS) driving competitive ROEs SOUTH AFRICA AFRICA REGIONS Transactional activity Volumes ‘m 0.5 te) te) 1H19 1H20 1H21 Digital mam Branch maaATM ——%
Slide 62: Building front-line capabilities
Transform client experience |-BCC client segment | 2. Strategic progress to date = Weare building front-line capabilities to enhance client servicing and deliver improved client solutions Focused on trade and related solutions, including Invested in engagement solutions to enhance Invested in digita
Slide 63: Five focus areas
Transform client experience | BCC client segment | 3. Focus areas going forward == Looking ahead, we will harness this growth potential through five focus areas Defend Grow Retain and grow Drive Support the Partner Scale platforms our South African African Enterprise segment to drive and ecosystems
Slide 64: Defend: retain and grow South African franchise
Transform client experience |-BCC client segment | 3. Focus areas going forward == Defend | Retain and grow our South African franchise Be the leading partner for business and commercial clients in South Africa Enterprise Direct Team of virtual and remote business bankers readily available to assist
Slide 65: Grow: drive African trade
Transform client experience |-BCC client segment | 3. Focus areas going forward == Grow | Drive African trade Dominate trade through leveraging local expertise, connections and networks, and digital capabilities Servicing local client needs Leveraging our connections Our Trade Solutions and networks
Slide 66: Opportunity to partner African businesses
Transform client experience |-BCC client segment | 3. Focus areas going forward == Grow | A sizeable opportunity exists to partner African businesses to accelerate their growth journeys SME!s representation Low penetration in sizeable market Sub-Saharan African context Busi 150m usiness >150 m infor
Slide 67: Grow: support the Enterprise segment
Transform client experience |-BCC client segment | 3. Focus areas going forward == Grow | Support the Enterprise segment holistically Enhance our proportion of this sub-segment through virtual relationships, ease of access and digital solutions Supporting the growth of enterprises Serviced by a futu
Slide 68: Grow: partner to drive growth
Transform client experience | BCC client segment | 3. Focus areas going forward == Grow | Partner to drive growth Partnering to drive Africa’s growth by sourcing new solutions and innovative partners FOUNDERS FACTORY MERCHANT AFRICA CAPITAL R100 m Offers flexible cash flow-based A financial services
Slide 69: Grow: scale platforms and ecosystems
Transform client experience | BCC client segment | 3. Focus areas going forward == Grow | Scale platforms and ecosystems Attract clients to our BCC platforms through a differentiated offering and drive the network effect to scale TRADERS Leverage Wholesale client relationships and Client Service Tea
Slide 70: BCC 2025 financial targets
Transform client experience |-BCC client segment | 4. Measures of success == BCC 2025 financial targets iS) » Average active clients 2.0.x, with Africa Regions ~~ expected to grow faster than South Africa » BCC average market share target, 1O% 8% - 10% is oon » Increase client engagement by 15% — -
Slide 71: Key take-aways
Transform client experience |.BCC client segment | 5. Key take-aways m= Key take-aways iS) * Astrong existing franchise * Significant opportunities for growth in Africa Regions, Trade and Enterprise as well as through emerging platforms * Drive acquisition, in collaboration with CHNW and Wholesale,
Slide 72: Wholesale Clients
TRANSFORM CLIENT EXPERIENCE WHOLESALE CLIENTS Kenny Fihla, Chief Executive Officer, Wholesale Clients
Slide 73: Agenda: Wholesale Client segment
Transform client experience | Wholesale Client segment “ay Agenda 1 Wholesale Client segment - today Strategic progress to date Focus areas going forward 4 Measures of success 4 Key take-aways 73 ITCANBE..
Slide 74: Wholesale Client segment: who we service
Transform client experience |-Wholesale Client segment | 1. Wholesale Client segment - today may Who we service The Wholesale Client segment serves large companies (multinational, regional and domestic), governments, parastatals and institutional clients Individuals Companies across Africa and inter
Slide 75: Delivering value to targeted clients
Transform client experience | Wholesale Client segment | 1. Wholesale Client segment - today “=v We deliver value to our targeted clients where we have strong sector capabilities and presence Focus on targeted clients... ..by delivering compelling client .. through deep expertise in propositions...
Slide 76: Revenues underpinned by geographic and product diversification
Transform client experience | Wholesale Client segment | 1. Wholesale Client segment - today “® Our sizeable and resilient revenues are underpinned by geographic and product diversification Scale Diversification Quality revenue streams Revenue 2020, R’m R'bn R'bn Client revenue Regional revenue >5%
Slide 77: Multinationals and large corporations drive growth
Transform client experience | Wholesale Client segment | 1. Wholesale Client segment - today “=” Multinationals and large local corporations continue to be our engine for iS) growth Revenue split by client Revenue growth 2018-2020 CAGR% Multinational corporates 1% The foundation of the franchise 5%
Slide 78: Diversified credit risk portfolio
Transform client experience | Wholesale Client segment | 1. Wholesale Client segment - today may We have a diversified and well-managed credit risk portfolio Shape of portfolio! Credit loss ratio to customers bps R44bn R47bn Mining and Metals llamas 77 R62bn Power and Infrastructure R316bn R97bn Sov
Slide 79: Recognised as a leader in the market
Transform client experience | Wholesale Client segment | 1. Wholesale Client segment - today “ay Weare recognised as a leader in the market Selected deals Ethiopia | Telecomms sector + Supporting clients across Africa + Innovative solutions in complex markets South Africa | Debt Capital Markets | Su
Slide 80: Sustainable finance evolving with strong origination growth
Transform client experience |-Wholesale Client segment | 1. Wholesale Client segment - today “=” Sustainable finance is evolving with strong growth in originations Origination growth Revenue growth R'm R'000 Total 2021 origination expected to peak at R20bn, representing a 9196 000 2x growth from 202
Slide 81: Progress retaining and growing client relationships
Transform client experience |-Wholesale Client segment | 2. Strategic progress to date “=v We have made significant progress in retaining and growing our client relationships Acquired new clients and strengthened our existing Retained and grew product Leveraged our sector market share in our experti
Slide 82: Strategic focus areas going forward
Transform client experience |-Wholesale Client segment | 3. Focus areas going forward “=” Going forward, our strategic focus areas are Maintain our Retain our Grow large local Capture regional, Respond to multinational leadership in corporates in sector and product emerging client relationships Sout
Slide 83: Defend: maintain multinational relationships and South Africa leadership
Slide 84: Diagram headline
DIAGRAM HEADLINE
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Slide 86: Grow: respond to emerging client needs (OneHub)
Slide 87: Grow: PowerPulse digital energy platform
Slide 88: Grow: sustainable finance opportunities
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Slide 91: Questions and Answers
Slide 92: Questions and answers - session 1
Slide 93: Execute with Excellence
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Slide 95: Client Solutions
Slide 96: Agenda
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Slide 98: Our focus is clear
Slide 99: Modularise
Slide 100: Adaptable and modular value proposition: Honeycomb
Slide 101: Unpacking the Honeycomb
Slide 102: How we define being modular
Slide 103: Modularise: lower our cost to serve
Slide 104: Partnerships
Slide 105: Scaling through partnerships
Slide 106: Beyond Partners: complementing client value proposition
Slide 107: Strategic distribution partners: scaling our solutions
Slide 108: Scaling digital assets across the continent
Slide 109: Liberty Integration
Slide 110: Liberty Integration: unlocking the potential
Slide 111: 1% 77%
1 1% 77%
Slide 112: 4% 16% 5% 1% 1% 1% 13% 4% 3% 5% 6% 2% 1% 40%
1 4% 16% 5% 1% 1% 1% 13% 4% 3% 5% 6% 2% 1% 40%
Slide 113: Investments: top 3 asset managers on the continent
Slide 114: Key Take-aways
Slide 115: Key take-aways
Slide 116: Engineering
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Slide 121: Creating Engineering capabilities to support the platform organisation
Slide 122: Engineering capabilities
Engineering capabilities ¹ Small and medium sized businesses
Slide 123: Engineering capabilities
Engineering capabilities
Slide 124: Key success measures aligned to executing with excellence
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Slide 126: Drive Sustainable Growth and Value
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Slide 128: Sustainability
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Slide 130: Job Creation & Climate Change
Job Creation & Climate Change & Enterprise Development Sustainable Finance MERCIA GEISES SASHA COOK CE: Namibia Sustainable Finance
Slide 131: Appendix
Slide 132: Africa is our home, we drive her growth
Slide 133: Our SEE Impact areas
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Slide 135: Our progress and milestones
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Slide 137: Our SEE impact in 2020
Slide 138: Read more about our SEE and ESG journey
Slide 139: Financial Roadmap
Slide 140: Agenda
Slide 141: Resource Allocation
Slide 142: R'bn
R’bn
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Slide 147: ¹ Small and medium sized businesses, ² Multinational corporates,
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Slide 154: Excluding incentive-related costs
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