Investor Presentation. Investor Presentation

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1 Investor Presentation Investor Presentation February August 2017

2 Disclaimer This presentation may contain forward-looking statements, which are statements related to the future business and financial performance and future events or developments involving CREDIT BANK OF MOSCOW. Such forward-looking statements are based on the current expectations and certain assumptions of CREDIT BANK OF MOSCOW management, and, therefore, should be evaluated with consideration taken into of risks and uncertainties inherent in CREDIT BANK OF MOSCOW s business. A variety of factors, many of which are beyond CREDIT BANK OF MOSCOW s control, can materially affect the actual results, which may differ from the forward-looking statements. This presentation includes information presented in accordance with IFRS, as well as certain information that is not presented in accordance with the relevant accounting principles and/or that has not been the subject of an audit. CREDIT BANK OF MOSCOW does not make any assurance, expressed or implied, as to the accuracy or completeness of any information set forth herein. Past results may not be indicative of future performance, and accordingly CREDIT BANK OF MOSCOW undertakes no guarantees that its future operations will be consistent with the information included in the presentation. CREDIT BANK OF MOSCOW accepts no liability whatsoever for any expenses or loss connected with the use of the presentation. Please note that due to rounding, the numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. Information contained in the presentation is valid only as at the stated date on the cover page. CREDIT BANK OF MOSCOW undertakes no obligation to update or revise the information or any forward-looking statements in the presentation to reflect any changes after such date. This presentation is for information purposes only. This presentation does not constitute an offer or sale of securities in any jurisdiction or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities of CREDIT BANK OF MOSCOW. If this presentation is provided to you in electronic form, although reasonable care was used to prepare and maintain the electronic version of the presentation, CREDIT BANK OF MOSCOW accepts no liability for any loss or damage connected to the electronic storage or transfer of information. 2

3 Introduction 3 Strategy and Business Overview 10 Financial Performance 15 Appendix 23 3

4 CREDIT BANK OF MOSCOW at a glance #9 bank in Russia by total assets 1 Strategic focus on Moscow Area 2 Over 15,000 active corporate banking customers 3 Over 1,200,000 retail banking customers 3 97 offices and 26 cash offices, over 6,080 payment terminals and over 1050 ATMs in Moscow Area 3 Over 8,450 employees 3 CBM s credit ratings: BB-/BB-/B1/A- from Fitch/S&P/ Moody s/acra MOEX included shares of CBM in the constituent lists of the MICEX Index and the RTS Index Free-float is 25% Overview Awards Key Financials Balance sheet (RUB bln) 1H Total Assets 1, , ,208.2 Gross Loans Customer Deposits Shareholder s Equity Key Ratios NPL 90+ / Gross Loans 1.9% 2.3% 5.1% Total Basel Capital (Basel III) 21.8% 14.7% 16.5% Income Statement (RUB bln) 6m2017 6m2016 6m2015 Net interest income Net Income Key Ratios RoAA 1.3% 0.8% 0.4% RoAE 18.5% 10.7% 3.6% NII/ARWA 4 4.3% 4.5% 3.8% Net Interest Margin 2.9% 3.5% 3.6% Cost / Income 29.2% 22.5% 29.5% Source: IFRS financial statements Business segment contribution (1H2017) Bank of the year in Russia Bank of the year awards in 2014 and in 2015 by The Banker Gross Customer Loans 13% Retail Revenue 24% Retail Best Bank in Russia The World s Best EM Banks in CEE 2016, by Global Finance Best Bank in Russia Awards for Excellence 2014, by Euromoney 87% Corporate RUB 761 bln Corporate 5 76% RUB 70 bln Source: IFRS financial statements 1) Banki.ru ranking as of 1 August ) Moscow Area represents Moscow and the Moscow Region 3) Company data, as of 1 August ) ARWA is a sum of opening and closing average risk-weighted assets classified into the banking book and trading book 5) Corporate revenues include corporate banking, treasury and cash operations 4

5 Transparent ownership structure and business development Roman Avdeev controlling shareholder Reputable minority shareholders Born in 1967 in Odintsovo, Moscow Region Education: Lipetsk State Technical University (1996) and Moscow International University of Business and Information Technologies (1994) Pursued entrepreneurship in late 1980s, the key investment in Mr. Avdeev s portfolio is CREDIT BANK OF MOSCOW (CBM) Other Minority Shareholders 38% EBRD 5% Rossium 57% Business Development 1994 Mr. Avdeev is Chairman of the Supervisory Board International financial institutions, incl. EBRD acquired a 15% stake Since Mr. Avdeev acquired CBM in 1994 Participated in day-to-day operational management until Mr. Avdeev is a member of the Supervisory Board with oversight over key strategic decisions Continuously provided support to CBM s growth through capital injections 2012 Additional share issues were placed on MOEX during the IPO and the SPO in 2015 Source: Company data 5

6 High standards of corporate governance Best international corporate governance practices Supervisory Board Audit Panel Supervisory Board Audit Panel reports directly to shareholders 4 INEDs out of 10 Board members 2 representatives of minority shareholders INEDs have been present on the Board since 2008 Roman Avdeev Controlling shareholder of CBM William Owens Chairman of the Supervisory Board Served as INED for multiple companies, including FESCO Chairman of the Compensation, Corporate Governance and Nominations Committee Committees Audit and Risk Committee Compensation, Corporate Governance and Nominations Committee Strategy and Capital Markets Committee Thomas Grasse EBRD representative Board member on Board of Directors in other banks in Russia, Central Asia and the EU6 Ilkka Seppo Salonen In was Chairman of the Management Board of Bank Uralsib Chairman of the Audit and Risk Committee Ownership disclosure Corporate and Financial information disclosure Beneficiaries are fully disclosed on CBM s corporate website IFRS statements are audited semi-annually since 2017 and reviewed on a quarterly basis Mikhail Kuznetsov INED for OJCS «EHO» (Roskosmos) Andrew Gazitua >20 years of investment banking experience in Europe Board member of Web Financial Group Chairman of the Strategy and Capital Markets Committee Chairman of the Management Board of CBM Non-executive member of Boards of Komercijalna Banka a.d. and Nova Ljubljanska banka d.d. Best corporate governance system in Russia 1 Vladimir Chubar Andreas Klingen Best Annual report in financial sector in Russia 2 Best Corporate Annual Report 3 Best Annual Report in Financial Sector 3 Sergey Menzhinsky Chairman of the Board of Directors of REGION Investment Company Marina Nastashkina Vice President of LLC MCB Capital Chairperson of Board of Directors at INGRAD JSC Representatives of Minority Shareholders Independent Non-Executive Directors (INED) 1) 2015, according to Rus Rating 2) 2015, according to XVIII Annual Contest of Annual Reports organized by Moscow Stock Exchange and RCB media group 3) 2015, according to marketing and communication contest, MarCom 6

7 Moscow and Moscow Area Finland Portugal New Zealand Israel Egypt Czech Rep. Hungary Colombia Chile Thailand Malaysia Hong Kong Philippines Moscow region dominates by economic indicators in Russia Moscow and Moscow Region constitute more than 25% of Russian GDP Consumer oriented economy in Moscow (FY2015) (FY2015) 29% 16% 29% 21% 5% Moscow Moscow Region European part of Russia (excluding Moscow) Volga Region and Ural Siberia and Russian Far East 9% 7% 21% 6% 5% 1% Retail and Wholesale Trading Real Estate Manufacturing Transportation and Communications 51% State-financed institutions Construction Other GDP comparison Unemployment Average monthly income (US$ bln, 2015) (1H2017) (FY 2016, US$) % 5.2% Moscow City Russia Moscow City Russia Developed Markets EMEA Emerging Markets South America South-East Asia Low delinquency rates vs. Russia s Top 30 regions xx GDP per Capita (US$ 000) Source: Federal State Statistics Service, EIU, National Bureau of Credit Histories Data for Moscow and Moscow region is presented for

8 CBM tripling its market share since 2012 Top 20 banks Dec-2012, ranked by total assets (RUBbn) Top 20 banks July-2017, ranked by total assets (RUBbn) #1 14, % #1 23, % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % Source: 8

9 Sustainable performance vs Russian peers Growth Asset CAGR (2011-1H2017) Margin Efficiency Return on Assets Net Interest Margin (1H2017) Cost/Income Ratio (1H2017) ROAA 1 Range (2011-1H2017) Loan portfolio quality NPL (1H2017) 42% 2.9% 29.2% 0.2% 2.4% 1.9% Privatelyowned Russian Universal Banks 10% 16% 4.6% 3.9% 39.9% 43.4% 0.1% 0.4% 2.7% 2.0% 4.4% 5.5% 4% 2.8% 48.0% -1.4% 1.3% 8.3% 8% 6.4% 30.8% 1.0% 4.0% 3.6% Foreign- Owned Universal Banks 5% 4% 3.6% 4.6% 39,8% 69,8% -0.9% 1.1% 1.7% 2.7% N/A 7.6% Russian Listed Large Caps 12% 17% 4.2% 6.3% 34.9% 44.5% 0.7% 0.0% 1.6% 3.2% 4.7% 6.3% Source: Company data, publicly available IFRS financial statements Financial data for and Alfa-Bank is calculated based on FY2016 IFRS financial statements; Financial data for PSB, BSPB and Sberbank is calculated based on 1Q2017 IFRS financial statements; Financial data for CBM, UniCredit, Raiffeisen bank, Rosbank and VTB on 1H2017 IFRS financial statements 1) Calculated as Net Income for a period divided by opening and closing average of Total Assets 9

10 Introduction 3 Strategy and Business Overview 10 Financial Performance 15 Appendix 23 10

11 Strategic Pillars In The Medium Term Objective To Cement Position as Top 3 Private Russian Bank Providing Full Range of Quality Banking Services to Moscow Area Customers Core Market Strategic Focus on Moscow Area Corporate Interbank Retail Growth Pillars Preferred choice for high quality large and medium-sized corporates, belonging to target segments of CBM Expand servicing of Russian bluechip clients Further develop new commission products to increase commission income and ensure strong cross-sell efficiency Focus on low-risk deals with high quality counterparties allowing for efficient use of capital Maintaining high balance sheet share of interbank assets to minimize liquidity risk Diversification of assets and liabilities Strong interbank franchise Further cement position as bank of first choice for retail customers in Moscow area Keeping the share of retail loans in total portfolio flat Expand into new acquisition channels and customer segments Enhance service quality and promote brand value Drivers Above market growth Further decreasing funding costs Focus on enhancing operating excellence and productivity Maintaining strong balance sheet 11

12 CBM competitive advantages (FY2015) Focus on Moscow/Moscow region (25% of Russian GDP) 29% 16% Moscow 29% 21% 5% Moscow Region European part of Russia (excluding Moscow) Volga Region and Ural Cash Handling Market Share (% share by cash handled, Russia, 2016) Others FGUP GCSS 7% 8% Rosinkas 34% INKAKHRAN / CBM 17% 34% Sberbank Source: Association of organizations involved in cash turnover, handling and valuables transportation Leading payment terminal network as a unique acquisition tool Cash handling strategic synergies with corporate banking business One of the market leaders in Moscow and Moscow region with over 6,080 devices in high traffic locations Value for Customers Serves as an entry point to start new customer relationships and enhance customer loyalty High demand service for retail trade customers Superior functionality (mini-branch basis) in comparison to competitors devices Unique advertising and acquisition channel off-loading branches and contributing to CBM s risk metrics improvement through comprehensive data collection on individuals Strategic benefits to CBM 3,523 customers, of which 203 are banks 835 armoured vehicles with various carrying capacity Powerful tool for monitoring customer cash flows Permanent customer balances allow for direct debiting in case of distress situation Servicing CBM s network of payment terminals and ATMs In November 2015 CREDIT BANK OF MOSCOW acquired INKAKHRAN, one of the biggest cash handling companies in Russia Source: Federal State Statistics Service, EIU, National Bureau of Credit Histories 12

13 Corporate banking: focus on increasing contribution of larger corporates Highlights Corporate loans breakdown by industry (1H2017) Strong and Quality Customer Base Over 15,000 active corporate customers Focus on large and medium-sized corporates Historically strong expertize in retail and wholesale trading sector 3% 10% 4% 4% 6% 7% 7% 8% 12% 27% 12% Business Focused on Growth Strategy and organisational structure designed to deliver sustainable growth Focus on increasing contribution of large corporates Oil&chemicals Financial Property rental Construction Auto Food & farm Services Pharma Metallurgical Industrial construction Other (RUB bln) Gross corporate loan portfolio evolution Risk Management as Key Priority Well-diversified loan portfolio Gradual extension of the loan book maturity profile under strict supervision of the risk management division Synergies with cash handling business, enabling effective credit monitoring H2017 Source: Company data, IFRS financial statements 13

14 Retail banking careful customer selection Highlights Approx. 1,200,000 retail banking customers 1 (1H2017) Focus on high-yield retail products 4% 1% Significant potential of the Moscow Area retail banking market Proper infrastructure for efficient customer acquisition and service Focus on high margin consumer loans 74% of the portfolio Careful risk selection focused on high-quality customers 21% General Purpose Loans Mortgages Credit Cards Differentiated risk appetite based on customer segmentation Tight underwriting policies 74% Auto Loans Focus on quality customer segments, that offer high growth potential (% of new originations, volume) 2 (RUB bln) Controlled slowdown in lending dynamics Target Customer Segments Active Customers of the Bank Penetration 3 : 3.1% Approval rate: 71.1% Other Customers of the Bank Penetration 3 : 1.8% Approval rate: 62.5% New Customers: Walk-in Customers Penetration 3 : 0.6% Approval rate: 15.1% 27% 27% 6% 7% 34% Corporate Channel New Customers: Corporate Employees Penetration 3 : 3.4% Approval rate: 71.1% New Customers: Adequate Level Credit History Penetration 3 : 1.0% Approval rate: 47.8% 19% 15% 13% H2017 Gross Retail Loan Portfolio Gross Retail Loans as a % of Total Gross Loan Portfolio Source: Company data, IFRS financial statements 1) As of 1 August ) As of 1 July ) Active clients in each segment divided by potential client base in each segment 14

15 Introduction 3 Strategy and Business Overview 10 Financial Performance 15 Appendix 23 15

16 Outstanding efficiency Operating income Operating expenses (RUB bln) Net interest income Net fee and commission income Other net income (loss) (RUB bln) Salaries and employment benefits Administrative expenses Other expenses 1 Cost-to-income ratio +96% -1% m2015 6m2016 6m2017 Net fee and commission income (RUB bln) 23.9% 20.2% 18.3% +29% m m m 2017 Net fee and commission income Share in operating income 29.5% % 22.5% % , m2015 6m2016 6m % 3.6% Net interest margin analysis 4.5% 3.5% 4.3% 2.9% 6m m m 2017 NIM NII / ARWA % 1) Other expenses consist of depreciation of property and equipment and of provision for impairment of other assets and credit related commitments 2) ARWA is a sum of opening and closing average risk-weighted assets classified into the banking book and trading book 16

17 Emphasis on highly liquid assets Asset structure Deposits in credit and other financial institutions (RUB bln) - Liquid assets represent 52% of total assets 1, % 1,568 1, % 3% 4% 96% Repo Term deposits The fair value of securities that serve as collateral under reverse REPO is 710 RUB bln or 122% of the underlying value of such deals % % The debt securities portfolio is used as a liquidity buffer with 63% of the bond portfolio qualified in the Lombard list of the Central Bank of the Russian Federation H2017 Corporate loans Retail loans Deposits in credit and other financial institutions Securities 1 Cash Other Additional unused liquidity sources from the CBR amounted to RUB 323 bln as of 30 June ) Cash includes cash on hand, correspondent account with the CBR and nostro accounts with other banks 17

18 Loan portfolio quality is improving Gross loan portfolio coverage by impairment allowance (RUB bln) % % 6.1% % % H2016 3Q Q2017 1H2017 LLP/NPL 1 coverage (RUB bln) 325% 303% 263% 148% 117% H2016 3Q Q2017 1H2017 Loans to customers, gross LLP/Gross loans NPL (Corporate loans) NPL (Retail loans) LLP/NPL 90+ LLP (Loss Loan Provision) Cost of risk and NPL dynamics Related party lending concentration (% of Gross loans) 5.2% 5.1% 4.6% 2.9% 2.1% 2.8% 3 3.4% 3.4% 5.0% 4.8% 2.3% 1.9% 1.9% 0.6% 1.1% 1H2016 3Q Q2017 1H2017 NPL 90+/gross loans 1 COR 2 1H2016 3Q Q2017 1H2017 1) NPLs are loans with payments that are overdue >90 days 2) Cost of risk ratio is calculated as impairment allowance net charge (annualised) to average loan portfolio for the period 3) Increase in related party lending was mostly driven by acquisition of a corporate borrower by CBM s majority shareholder in 4Q

19 NPL coverage by provisions maintained at a healthy level Corporate Loan Book Retail Loan Book % LLP / NPL % 411% 536% Cost of Risk % % 96% LLP / NPL % 98% % 5.8% 5.3% 4.5% 1.4% 1.0% H2017 Gross Loans (RUB bln) NPL 90+ Loan Loss Provisions Ratio 9,0% 8,0% 7,0% 6,0% 5,0% 4,0% 3,0% 2,0% 1,0% 0,0% % 6.5% 5.1% % 7.5% 7.7% 7.6% 7.3% 7.6% H2017 Gross Loans (RUB bln) NPL 90+ Loan Loss Provisions Ratio 0,1 0,1 0,1 0,1 0,1 0,1 0,1 Corporate Cost of Risk (1H2017, % of gross loans) Retail NPLs and LLPs, by product type 5.8% 4.3% 1.6% 98% 92% 45% 114% 7.6% 7.7% 8.3% 7.6% 5.3% 4.9% 3.1% 1 3.7% 5.2% 1.4% 1 2.3% 8.7% H2017 Cost of Risk Retail Total Auto Loans Mortgage Loans Cash Loans and Credit Card Loans NPL LLP % LLP / NPL Source: IFRS financial statements 1) Exposure in the amount of RUB 0.7 bln, which is not considered as mortgage by nature 19

20 Customer deposits are main source of funding Liabilities breakdown Deposits by credit institutions (incl. CBR) (RUB bln) -2% 1,466 1,436 16% Repo with Fis 1, % 28% 56% Repo with CBR Term deposits % % 10% 19% Fair value of securities provided as collateral under reverse repo transactions is 468 RUB bln or 116% of the underlying value of such deals. Debt securities repayment schedule H2017 Other Corporate deposits Retail deposits Deposits by credit institutions + 20% Bonds issued Deposits by CBR 36% 1% (RUB bln) Local bonds Senior Eurobonds Sub Eurobonds 1 Perp sub Eurobonds Source: IFRS financial statements 1) Perpetual subordinated Tier I Eurobond issue is included in Total equity 20

21 Strong capital position Recent changes April, 2017: USD 500 mln CBOM 18 subordinated T2 Eurobond issue was partially redeemed in the amount of USD394 mln April, 2017: USD 600 mln CBOM27 new subordinated T2 Eurobond issue was placed May, 2017: USD 700 mln perpetual subordinated Tier I Eurobond issue was placed (RUB bln) IFRS capital adequacy ratios (Basel III) 21.8% 16.5% 14.7% 14.3% 9.2% 9.4% H2017 Tier I Capital Total Basel Capital Capital Adequacy Ratio Tier I CAR RAS capital adequacy ratios 16.1% 17.5% 8.2% 12.6% 7.3% 10.2% Min N1.0=8% Min N1.2=6% Min N1.1=4.5% 8.2% 7.3% 6.8% August 2017 N1.0 N1.1 N1.2 Source: IFRS and RAS financial statements 21

22 Overview of the Current Capital Adequacy Regulatory Framework in Russia Capital Adequacy Ratios 1 Reported Regulatory minimums CBM as of 1-Aug-2017 Since 1-Jan Total capital (N1.0) 17.5% Min 8% Min 10% Min 10% - Tier 1 Capital (N1.2) Total 10.2% Min 6% Min 6% Min 5.5% - Common Equity Tier 1 (N1.1) 6.8% Min 4.5% Min 5% Min 5% - Additional Tier 1 3.4% No limitations on minimum/maximum amount Capital buffers Capital conservation buffer, countercyclical buffer and buffer for systemically important banks legislation came into force on 1 January 2016 Banks are required to report the buffers quarterly. The buffers have effect on payment of dividends only. If the minimum buffer requirement is not satisfied, payment of dividends to shareholders is prohibited If the minimum quarterly buffer requirement is reached, the CBR has established the percentage of profits that may be paid out to shareholders each quarter Source: IFRS financial statements and Credit Bank of Moscow company investor relations 1) Calculated on the basis of the Russian non-consolidated tax reporting 2) Expressed as cumulative addition to the applicable minimum capital adequacy ratios, not as incremental additions per period 22

23 Introduction 3 Strategy and Business Overview 10 Financial Performance 15 Appendix 23 23

24 Milestones of capital growth RUB bln Tier 2 Subordinated debt 234 Additional capital Retained earnings Share capital Tier 2 capital Tier 1 capital H2017 Tier 2 domestic bond issue totaling RUB 3 bln Tier 2 Eurobond issue totaling USD 500 mln Additional share issue in the total amount of RUB 7.5 bln was purchased by the Bank s beneficial owners proportionally to their stakes Additional share issue in the amount of RUB 5 bln acquired by the the majority shareholder Tier 2 Eurobond issue totaling RUB 5 bln IPO and SPO placed on Moscow Exchange enabled the Bank to attract about RUB 30 bln Tier 2 debt from Deposit Insurance Agency (DIA) in the total amount of RUB 20.2 bln Tier 2 deposit from one of the Bank`s corporate clients amounting USD 300 mln Issue of additional 3.2 bln ordinary shares with a nominal value of RUB1 each was registered with the CBR Tier 2 Eurobonds totalling USD 600 mln issued in April 2017 Perpetual T1 subordinated Eurobond totalling $700mln issued in May 2017 Source: IFRS financial statements Data for is calculated according to Basel III regulations and does not include adjustments due to immaterial effect: 1) Intangible assets 2) Revaluation 24

25 Delivering sustained profit Comments The main drivers for ROA and ROE growth are Fee and commission income ROA ROE COR stabilization 24.4% CTI remains at below 30% 17.2% 19.0% 18.2% 20.1% IPO and SPO on MOEX % 8.9% 10.1% 11.1% 2.0% 2.4% 2.0% 2.2% 2.4% 2.1% 1.1% 1.1% 1.3% 0.8% 0.2% H2017 Source: IFRS financial statements 1) ROE calculation does not include Perpetual Eurobonds as at 30 June

26 History of international capital markets transactions October 2006 Senior Unsecured US$100m Eurobond 10.25% coupon Due October 2009 August 2011 Senior Unsecured US$200m Eurobond 8.25% coupon Due August 2014 Eurobond issues February 2013 Senior Unsecured US$500m Eurobond 7.70% coupon Due February 2018 May 2013 Subordinated Tier II US$500m Eurobond 8.70% coupon Due November 2018 November 2014 Subordinated Tier II RUB 5 bln Eurobond 16.5% coupon Due May 2025 EMEA Finance Achievement Awards Best Financial Institution Bond in 2013 Euromoney magazine Highly commended CEE deal in 2013 Awards Global Banking & Finance Review Best Eurobond issuer in 2013 and best Russian borrower on syndicated loan market in 2014 CBONDS Financial sector issuer among Top 10 CIS international bond issuers, 1H 2017 October 2016 Senior Unsecured US$500m Eurobond 5.875% coupon Due Nov 2021 April 2017 Subordinated Tier II US$600m Eurobond 7.500% coupon Due October 2027 May 2017 Subordinated Tier I US$700m Eurobond % coupon Perpetual Syndicated loans January 2005 September 2005 August 2006 September 2006 May 2007 August 2007 September 2007 Loan facility in amount of US$10m, arranged by a syndicate of Asian, European and US banks Due July 2005 US$40m, arranged by a syndicate of European banks Due September 2006 Loan facility in amount of US$20m, arranged by a syndicate of Asian and European banks Due August 2007 Loan facility in amount of US$53m, arranged by a syndicate of Asian and European banks Due September 2007 Loan facility in amount of US$80m, arranged by a syndicate of Asian, European and US banks Due May 2008 Loan facility in amount of US$30m, arranged by a syndicate of European banks Due February 2009 Loan facility in amount of US$50m, arranged by a syndicate of Asian, European and US banks Due September 2008 August 2008 October 2010 October 2011 November 2012 March 2014 March 2017 Loan facility in amount of US$100m, arranged by a syndicate of 12 European and US banks Due August 2011 US$170m A/B loan: US$40m 5-year A loan from IFC, US$130m 1-year B loan from syndicate of 13 banks CBM fully refinanced the B loan and obtained a new US$131m 1-year B loan Due November 2012 Loan facility in amount of US$308m, arranged by a syndicate of 16 European and US banks Due November 2013 Loan facility in the amount of up to US$500m, arranged by a syndicate of 18 banks Due March and September 2015 Loan facility in amount of US$500m, arranged by a syndicate of Asian, European and US banks Due March