Building a Premier African Gold Mining Company Dr. John Clarke, President & CEO October 2014 Cautionary Notes This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Banro Corporation (“Banro” or “the Company”). Cautionary Note Concerning Forward-Looking Statements: This presentation contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding estimates and/or assumptions in respect of gold production, revenue, cash flow and costs, estimated project economics, mineral resource and mineral reserve estimates, potential mineralization, potential mineral resources and mineral reserves, projected timing of possible gold production and the Company's exploration and development plans and objectives with respect to its projects) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: uncertainty of estimates of capital and operating costs, gold production estimates and estimated economic return; the possibility that actual circumstances will differ from the estimates and assumptions used in the economic studies of Company gold properties; failure to establish estimated mineral resources or mineral reserves; fluctuations in gold prices and currency exchange rates; uncertainties relating to the availability and costs of any financing needed in the future; inflation; gold recoveries being less than those indicated by the metallurgical test work carried out to date (there can be no assurance that gold recoveries in small scale laboratory tests will be duplicated in large tests under on-site conditions or during production) or less than those expected following the expansion of the Twangiza plant; changes in equity markets; political developments in the Democratic Republic of the Congo; lack of infrastructure; failure to procure or maintain, or delays in procuring or maintaining, permits and approvals; lack of availability at a reasonable cost or at all, of plants, equipment or labour; inability to attract and retain key management and personnel; changes to regulations affecting the Company's activities; the uncertainties involved in interpreting drilling results and other geological data; and the other risks disclosed under the heading "Risk Factors" and elsewhere in the Company's annual information form dated March 26, 2013 filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Cautionary Note Concerning Resource and Reserve Estimates: The Company’s mineral resource and mineral reserve figures are estimates and no assurances can be given that the indicated levels of gold will be produced. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. While the Company believes that its mineral resource and mineral reserve estimates are well established, by their nature mineral resource and mineral reserve estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such estimates are inaccurate or are reduced in the future, this could have a material adverse impact on the Company. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that mineral resources can be upgraded to mineral reserves through continued exploration. Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration. Confidence in the estimate is insufficient to allow meaningful application of the technical and economic parameters to enable an evaluation of economic viability worthy of public disclosure (except in certain limited circumstances). Inferred mineral resources are excluded from estimates forming the basis of a feasibility study. The United States Securities and Exchange Commission (the "SEC") permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Certain terms are used by Banro, such as "measured", "indicated", and "inferred" "resources", that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in Banro's Form 40-F Registration Statement, File No. 001-32399, which may be secured from Banro, or from the SEC's website at http://www.sec.gov/edgar.shtml. Additional information regarding Banro and its gold properties is included in the Company’s annual information form dated March 29, 2014, a copy of which has been filed on, and can be obtained from, SEDAR at www.sedar.com and EDGAR at www.sec.gov. Qualified Person: Daniel K. Bansah, a Member and a Chartered Professional of The Australasian Institute of Mining and Metallurgy (MAusIMM(CP))who is Head of Projects & Operations of the Company and a "qualified person" (as such term is defined in Canadian National Instrument 43-101), has reviewed and approved the technical information in this presentation. All dollar amounts herein are expressed in US dollars. 1 Corporate summary TSX, NYSE-MKT: BAA 252 million shares outstanding Debt: US$235.2 million Offices Toronto (Corporate) Bukavu (Operations) Kinshasa (Government Relations) Democratic Republic of the Congo 2014 Production • 111,000 to 122,000 oz gold from 2 mines 2014 Strategy • Twangiza – continue to reduce costs and optimize efficiencies • Namoya – continue limited gold production while optimizing plant to accommodate ore grain size Twangiza – Targeting up to 100,000 ounces of gold in 2014 2 The Opportunity – Extensive gold resource potential with 4 mining licensed properties Lake Kivu Bukavu 750000 mE 700000 mE 650000 mE 600000 mE 550000 mE 500000 mE 210km Twangiza-Namoya Gold Belt (DRC) • Walungu Shabunda 9700000 mN • N2 KAMITUGA TWANGIZA N5 Mwenga 9650000 mN N Uvira LUGUSHWA N2 • 9600000 mN N5 NAMOYA 9550000 mN Fizi Track Lac 50 Kilometres 700000 mE Kabambare 650000 mE 0 600000 mE Deposit location and Name 550000 mE 500000 mE Permits Under Application 750000 mE 9500000 mN Permits for Exploitation Banro’s Expl. Permits Tanganyika Legend Rivers Main Roads and Towns Secondary/other roads Road under construction 12% of concession area explored to date Prospective structural corridor from Namoya, through Lugushwa & Kamituga to Twangiza Multiple exploration targets in the vicinity of both Twangiza and Namoya mines already recognized Key near-term objectives Twangiza  Optimize plant & processes to increase throughput & recoveries  Achieve steady state production for 90,000 to 100,000 oz in 2014 Namoya  Continue production from gravity, current CIL and heap leach operations while optimizing CIL and other plant components to accommodate a higher than anticipated volume of fine grained ore  Target gold production in 2014 of 21,000 to 22,000 ounces Banro Operations  Continue to build critical spares inventory, manage workforce numbers, continuous contract reviews, reduce cash costs  Continue to build high-quality operations teams in the DRC 4 Key issues for 2014  Intense focus on managing cash flow, debt repayments and accounts payable • Continuously examine all options to manage cash flow & service debt  Continue waste reduction and cost containment – ongoing review of all contracts, expenditures & budgets at Namoya & Twangiza  Optimize all processes to contain costs  Target production of 111,000 to 122,000 ounces of gold for 2014  Twangiza 90,000 to 100,000 oz for 2014  Namoya 21,000 to 22,000 oz for 2014 5 Twangiza TWANGIZA Key features & targets     Average grade – 2.7g/t Au to 2.9g/t Au for 2014 & 2015 Target throughput rate of up to 1.7 mtpa Target recoveries of up to 90% & production of 9 -10,000oz/mo Covered stockpile & ore handling area to mitigate effects of heavy rains nearing completion Partially constructed cover for ore handling area to stockpile one week’s volume of ore adjacent to the primary crusher. Twangiza open pit – active mining area Primary crusher foreground, covered ore handling area background 6 See Appendix for Resources & Reserves Table Twangiza Creating efficiencies & cutting costs TWANGIZA Production statistics Ore mined (t) Q3 2014 589,288 Q2 2014 485,276 Q1 2014 296,324 Q4 2013 366,625 Q3 2013 494,535 Waste mined (t) TBA** 386,573 381,245 535,791 674,340 Strip ratio 0.74 0.80 1.29 1.69 1.36 Ore milled (t) 394,500 340,654 252,691 282,831 266,320 Head grade 2.60g/t Au 2.44g/t Au 2.73g/t Au 3.15g/t Au 2.83g/t Au Recovery 82.2% 84.30% 84.97% 84.4% 82.9% Gold produced 27,171 oz 21,431 oz 20,137 oz 22,858 oz 20,784 oz Gold sales TBA** 20,537 oz 24,427 oz 21,379 oz 20,410 oz Cash cost TBA** $720/oz $978/oz US$760/oz US$821/oz (Adjusted*) All-in cost TBA** ($751/oz*) $893/oz ($807/oz*) $1,035/oz US$841/oz US$1,059/oz ($932/oz*) ($853/oz*) (Adjusted*) * Adjusted to a sales basis (rather than production basis, as was used for previous quarters). ** To be reported with Q3 Financial Reporting, mid-November 2014 7 Namoya – oxide open pit mining NAMOYA Activity  First gold pour Dec 2013 during commissioning of heap leach loaded carbon, elution and electrowinning operations  Targeting production of 9-10,000 oz/mo. following plant enhancements (H2 2015) Update  Current gold production from gravity, CIL & heap leach circuits  Higher than anticipated volume of fine ore was identified during the hot commissioning process - modifications are required to some components of the plant to accommodate these fines Plant Enhancements  To take place during H2 2014 and H1 2015  Anticipated 21,000 to 22,000 ounces of gold for 2014 and roughly 78,000 ounces for 2015 (30,000 oz in H1 and 48,000 oz in H2) See Appendix for Resources & Reserves Table 8 Namoya process flow sheet 9 Social Development: Ensuring the long term development of the belt  The Foundation is the mechanism to deliver Banro’s commitment to corporate social responsibility throughout its communities in the DRC  Registered in the DRC as a charity with a mandate to support  Education  Health  Infrastructure  Humanitarian assistance  Planned funding formula  1% of net profits  $1/ounce of gold produced  External funding events  Full pipeline of community projects for 2014 with budget of approximately $1.58 million  Completion of women’s university residence in Kindu  Expansion of market area at Luhwindja  3 new medical facilities at Namoya, Lugushwa & Kamituga  Engaging with civil society and NGOs 10 Share Structure Share Structure** Common shares : Options: 252,100,672 16,051,744 Warrants: 8,400,000 @ US$6.65 (exp. Mar 2017) = US$55,860,000 13,300,000 @ CAD$0.269 (exp. Aug 2017) = CAD$3,577,700 Broker Warrants: 735,000 @ CAD$3.25 (exp. Feb 2015) = CAD$2,388,750 Convertible Preference Shares: 63,000,0001 Series A Preference Shares2: 116,000 ** As at September 2014 1 Represents the number of common shares into which convertible shares are exchangeable 2 Not convertible to common shares 11 Banro - Building a Premier African Gold Mining Company Further information on Banro please contact: 12 Naomi Nemeth - Investor Relations E: [email protected] T: +1 416 366 9189 TF: +1 800 714 7938, Ext. 2802 Twitter: banrocorp www.banro.com Resources & Reserves Mineral Resources Property Twangiza Oxide Twangiza Fresh Rock Namoya Oxide/FM Lugushwa Oxide Lugushwa Fresh Kamituga Surface Kamituga UG TOTAL (Moz) Measured Tonnage Grade (Mt) (g/t Au) 6.56 2.62 0.55 Indicated Tonnage Grade (Mt) (g/t Au) 9.00 1.89 Ounces Moz Ounces Moz Inferred Tonnage (Mt) 0.55 Ounces (Moz) 1.27 Grade (g/t Au) 1.35 0.06 5.97 2.23 0.43 92.87 1.43 4.26 12.10 1.22 0.47 23.75 1.98 1.51 6.03 1.62 0.31 6.52 1.61 0.34 16.91 1.35 0.73 6.17 1.56 0.31 65.01 1.54 3.22 4.14 2.4 0.32 3.12 6.00 0.60 Measured & Indicated – 8.35 Moz of gold Namoya Mineral Reserves* Twangiza Mineral Reserves* Category Proven Probable Proven + Probable Tonnage (Mt) 9.98 15.60 25.58 Grade (g/t) 2.36 1.56 1.87 Ounces (Moz) 0.76 0.78 1.54 Inferred – 5.32 Moz of gold Category Proven Probable Proven + Probable * included in above mineral resources 13 Tonnage (Mt) 22.39 1.31 23.70 Grade (g/t) 1.78 1.34 1.75 Ounces (Moz) 1.28 0.06 1.34 Project Highlights - Lugushwa Banro’s Lugushwa project in line with Banro strategy - oxide resource LUGUSHWA Status  Minimal exploration work while resources are focused on Namoya Resources (oxide)  Indicated: 0.73Moz; 17.03Mt @ 1.32g/t Au  Inferred: 0.4Moz; 8.86Mt @ 1.39g/t Au Resources (non-oxides)  4.48Moz; 107Mt @ 1.34g/t 14 Project Highlights - Kamituga Banro’s Kamituga project – a focus on oxide and free-milling material KAMITUGA Status  Significant exploration program in 2012, limited program in 2013 and 2014  3 main +100 ppb Au in soil anomalies (each up to 1.0 km x 0.5 km) outlined by 10 x 3 km grid geochemical sampling completed in 2011 Resources  Inferred: 0.92 Moz; 7.26 Mt @ 3.9g/t Au Next Steps  Exploration drilling has confirmed the potential of a number of targets including Kibukila, Filon 20 and G22. 15