UPDATE ON CBN LEVY AGAINST DIAMOND BANK PLC

LAGOS, NIGERIA

September 7, 2018

THE CENTRAL BANK OF NIGERIA'S LEVY AGAINST DIAMOND BANK PLC

On August 30, 2018, we made an announcement to the Nigerian Stock Exchange (NSE) and the public in respect of a fine of N250,000,000.00 (Two Hundred and Fifty Million Naira Only), imposed on Diamond Bank Plc, by the Central Bank of Nigeria (CBN), following its investigation of foreign exchange remittances on behalf of MTN Communications Nigeria Limited. We hereby update the NSE, and the public that the CBN has debited Diamond Bank's accounts with CBN for the full amount of the fine levied against it.

Nevertheless, the Bank will continue to engage, and co-operate with the CBN, and furnish it with every information necessary to reaffirm our stand that the Bank carried out the subject transaction in full compliance with all rules, regulations and guidelines.

Please note that the payment of this fine does not impact our capacity to offer normal banking services, nor our clients ability to access these, including transactions that have to do with capital importation.

The Bank will continue to uphold its high standard of compliance with the laws of the land.

Thank you.

Yours faithfully,

For: DIAMOND BANK PLC

Uzoma Uja

Company Secretary