Investor Presentation

Transcription

1 Investor Presentation Investor Presentation February May

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 11 Financial Performance 16 Appendix 22 3

4 CREDIT BANK OF MOSCOW at a glance Top-10 bank in Russia by total assets 1 Strategic focus on Moscow Area 2 Over 15,000 active corporate banking customers 3 Over 1,100,000 retail banking customers 3 92 offices and 24 cash offices, over 5,800 payment terminals and over 1000 ATMs in Moscow Area 3 Over 6,500 employees 3 CBM s credit ratings: BB/BB-/B1 from Fitch/S&P/ Moody s 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) Q2017 Total Assets 1, , ,488.7 Gross Loans Customer Deposits Shareholder s Equity Key Ratios NPL 90+ / Gross Loans 5.1% 2.3% 1.9% Total Basel Capital (Basel III) 16.5% 14.7% 19.0% Income Statement (RUB bln) 1Q2015 1Q2016 1Q2017 Net interest income Net Income Key Ratios RoAA 0.2% 0.5% 1.2% RoAE 1.9% 7.1% 17.4% NII/ARWA 5 6.1% 3.9% 4.3% Net Interest Margin 3.8% 3.1% 3.0% Cost / Income 29.3% 24.5% 26.0% Source: IFRS financial statements Business segment contribution (1Q2017) Bank of the year in Russia Bank of the year awards in 2014 and in 2015 by The Banker Gross Customer Loans 14% Retail Revenue 23% 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 86% Corporate 4 RUB 667 bln Corporate 4 77% RUB 135 bln Source: IFRS financial statements 1) Banki.ru ranking as of 1 May ) Moscow Area represents Moscow and the Moscow Region 3) Company data, as of 1 May ) Corporate revenues include corporate banking, treasury and cash operations 5) ARWA is a sum of opening and closing average risk weighted assets 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) Business Development 1994 Mr. Avdeev is Chairman of the Supervisory Board IFC acquired 7.5% stake EBRD acquired 7.5% stake The same year, IFC transferred to RBOF its 4.6% stake in CBM Russian Bank Opportunity Fund founded in 2012 by IFC, Russian government and VEB to invest in mid-sized commercial banks in Russia Since Mr. Avdeev acquired CBM in 1994 Participated in day-to-day operational management until 2008 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 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 IFC/RBOF representative 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 Genadi Lewinski Member of the Lawyers Chamber of Hamm and German Bar Association (DAV) 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) (FY2016) (3Q 2016, US$) % 5.5% Moscow City Russia Moscow City Russia Developed Markets EMEA Emerging Markets South America South-East Asia Low delinquency rates vs. Russia s Top 30 regions xx GDP per Capita (US$ 000) Source: Federal State Statistics Service, EIU, National Bureau of Credit Histories Data for Moscow and Moscow region is presented for

8 Russian largest privately owned banks: opportunities for growth Competitive advantages Diversification benefits for clients Fast decision-making process (due to nearness of HQ) Benefits from sanctions Full range of service in terms of cash handling Ability to analyze complex deals with difficult structure CBM demonstrated fastest organic growth among Top-5 privately owned banks Total assets growth in Q2017 (x) B&N bank * 13.5x Most significant growth is observed among top privately owned banks % share of total assets 2.1x Q2017 market gain of top-5 privately owned banks 6.5% 8.1% 13.6% CREDIT BANK OF MOSCOW FC Otkritie * 4.5x 6.5x 53.4% 59.1% 57.0% Promsvyazbank 2.7x 7.0% 33.1% 5.7% 4.8% 27.1% 24.6% Alfa - Bank 2.3x Q Other Foreign State-owned Top-5 privately owned * Grew primarily through M&A activities Source: CBR, INTRERFAX-100 as of 1Q2017 1) Foreign banks include: Unicredit, Rosbank, Raiffeisen, Citibank, Nordea and ING Bank 2) State-owned banks include: Sberbank, VTB Group, Gazprombank (state-controlled), Rosselkhozbank, NCC etc. 3) Privately-owned banks include: FC Otkritie, Alfa-Bank, Promsvyazbank, CBM and B&N Bank Group taking into account consolidations 8

9 Nearly tripling the market share since 2012 Top 20 banks Dec-2012, ranked by total assets (RUBbn) Top 20 banks Apr-2017, ranked by total assets (RUBbn) #1 14, % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % # % VTB Group incl VTB24 and Bank of Moscow Source: 9

10 Sustainable performance vs Russian peers Growth Margin Efficiency Return on Assets Loan portfolio quality Asset CAGR (2011-1Q2017) Net Interest Margin (1Q2017) Cost/Income Ratio (1Q2017) ROAA 1 Range (2011-1Q2017) NPL (1Q2017) 42% 3.0% 26% 0.2% 2.4% 1.9% 48% 4.6% 37% 0.1% 2.7% 4.8% Privatelyowned Russian Universal Banks 17% 41% 4.4% 2.8% 41% 48% 0.4% 0.2% 2.0% 2.0% 4.2% 6.1% 12% 2.7% 51% -1.0% 1.4% 4.4% 4% 1.2% 56% -1.4% 1.3% 8.5% Foreign- Owned Universal Banks 4% 3% 9% 4.6% 3.7% 3.2% 33% 46% 69 % -0.9% 0.7% 0.3% 3.2% 2.7% 1.7% N/A 3.6% 6.6% Russian Listed Large Caps 12% 19% 6.1% 3.7% 50% 43% 0.7% 0.0% 3.2% 1.6% 4.4% 6.4% Source: Company data, publicly available IFRS financial statements Financial data for FC Otkritie, Binbank, PSB, BSPB, Alfa-Bank, Unicredit, Raiffeisen Bank, Rosbank and Sberbank is calculated based on FY2016 IFRS financial statements 1) Calculated as Net Income for a period divided by opening and closing average of Total Assets 10

11 Introduction 3 Strategy and Business Overview 11 Financial Performance 16 Appendix 22 11

12 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 12

13 CBM competitive advantages Focus on Moscow/Moscow region (25% of Russian GDP) Cash handling strategic synergies with corporate banking business (FY2015) 16% Moscow 29% 21% 5% Moscow Region European part of Russia (excluding Moscow) Value for Customers Serves as an entry point to start new customer relationships and enhance customer loyalty High demand service for retail trade customers Volga Region and Ural 29% Siberia and Russian Far East Leading payment terminal network as a unique acquisition tool One of the market leaders in Moscow with over 5,700 devices in high traffic locations on 3,500 streets of Moscow according to Bank estimation 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 3,500 customers, of which 204 are banks 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 13

14 Corporate banking strong platform with the focus on increasing contribution of larger corporates Highlights Corporate loans breakdown by industry (1Q2017) 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 11% 4% 4% 6% 6% 8% 8% 9% 22% 10% 11% Business Focused on Growth Strategy and organisational structure designed to deliver sustainable growth Focus on increasing contribution of large corporates Oil&chemicals Property rental Financial Food and farm products Auto Residential and commercial construction Services Metallurgical Pharmaceutical and medical products 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 Q2017 Source: Company data, IFRS financial statements 14

15 Retail banking careful customer selection Highlights Approx. 1,100,000 retail banking customers 1 (1Q2017) Focus on high-yield retail products 1% Significant potential of the Moscow Area retail banking market Proper infrastructure for efficient customer acquisition and service 22% 4% General Purpose Loans Focus on high margin consumer loans 73% of the portfolio Mortgages Careful risk selection focused on high-quality customers Credit Cards Differentiated risk appetite based on customer segmentation Tight underwriting policies 73% Auto Loans Focus on quality customer segments, that offer high growth potential (% of new originations, volume) 2 (RUB bln) New Customers: Adequate Level Credit History Penetration 3 : 1.0% Approval rate: 36.4% New Customers: Corporate Employees Penetration 3 : 3.4% Approval rate: 62.3% 17% 6% 38% 32% 7% New Customers: Walk-in Customers Penetration 3 : 0.6% Approval rate: 16.8% Active Customers of the Bank Penetration 3 : 3.1% Approval rate: 63.2% Other Customers of the Bank Penetration 3 : 1.8% Approval rate: 56.5% % Controlled slowdown in lending dynamics 15% % Gross Retail Loan Portfolio Gross Retail Loans as a % of Total Gross Loan Portfolio Corporate Channel Target Customer Segments Q2017 Source: Company data, IFRS financial statements 1) As of 1 March ) As of YE2016 3) Active clients in each segment divided by potential client base in each segment 15

16 Introduction 3 Strategy and Business Overview 11 Financial Performance 16 Appendix 22 16

17 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 +74% % % 24.5% +44% % 26.0% 3.5 (RUB bln) m2015 3m2016 3m2017 Net fee and commission income 26.2% m2015 3m2016 3m2017 Net interest margin analysis 4.3% 18.9% % % % 3.7% 3.9% 3.1% 3.0% 3m m m 2017 Net fee and commission income Share in operating income 3m m m 2017 NIM NII / ARWA 2 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 17

18 Healthy assets and liabilities structure Liabilities breakdown 1,465 (RUB bln) 1, % 123 1, % % % % Q2017 Other Customer accounts Deposits by CBR Deposits by credit institutions Bonds issued Asset structure (RUB bln) 1,568 - Liquid assets 1, % 1, % % % % Q2017 Corporate loans Retail loans Due from credit institutions Securities Cash Other 1) Source: IFRS financial statements (RUB bln) Debt securities repayment schedule RUB 26 bln (USD 394 million) were repaid in April As at March 31, High quality securities portfolio Government and municipal bonds Corporate bonds 65 Domestic Bonds Eurobonds Securitization 95% 5% The securities portfolio is used as a liquidity buffer with 89% of the portfolio qualified in the Lombard list of the Central Bank of Russian Federation Liquid assets represent 56% of total assets Additional unused liquidity sources from the CBR amounted to RUB 306 bln as of 31 March

19 Loan portfolio quality is improving (RUB bln) Gross loan portfolio coverage by impairment allowance 6.5% 7.4% 5.6% % 6.1% Q2016 1H2016 3Q Q2017 NPL 1 and provisioning dynamics (RUB bln) 325% 263% 148% 122% 117% Q2016 1H2016 3Q Q2017 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 (% of Gross loans) Related party lending concentration 4.5% 5.2% 5.1% 4.6% 2.9% 2.9% 3 3.4% 5.4% 5.0% 4.8% 2.3% 1.9% 0.1% 0.6% 1.1% 1Q2016 1H2016 3Q Q2017 NPL 90+/gross loans 1 COR 2 1Q2016 1H2016 3Q Q2017 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 driven by acquisition of two major corporate borrowers 19

20 NPL coverage by provisions maintained at a safe level Corporate Loan Book Retail Loan Book % LLP / NPL % 411% 657% Cost of Risk % % 96% LLP / NPL % 99% % % 6.5% 5.1% % 5.8% 5.8% 8% 7% 6% % 1.4% 0.9% % 4% 3% 2% 1% 0% % 7.6% 7.5% 7.3% 7.9% 7.8% Q Gross Loans NPL 90+ Loan Loss Provisions Ratio Gross Loans NPL 90+ Loan Loss Provisions Ratio Corporate Cost of Risk Retail NPLs and LLPs, by product type (YE2016, % of gross loans) 5.8% 4.3% 2.5% Q2017 Cost of Risk 7.9% 99% 92% 51%¹ 114% 7.8% 5.7% 5.2% 8.6% 4.3% 7.7% 8.8% Retail Total Auto Loans Mortgage Loans Cash Loans and Credit Card Loans NPL LLP Loan Loss Provision Ratio 2.8% 1 5.6% 1.4% 1 2.7% % LLP / NPL 90+ 1) Source: IFRS financial statements 2) Exposure in the amount of RUB 0.7 bln, which is not considered as mortgage by nature 20

21 Strong capital position Recent changes IFRS capital adequacy ratios (Basel III) December, 2016: Issue of additional 3.2 bln ordinary shares with a nominal value of RUB1 each was registered with the CBR (RUB bln) 16.5% 14.7% 9.2% 9.4% 19.0% 10.7% April, 2017: Subordinated Eurobond T2 issue $600mln May, 2017: Perpetual subordinated Eurobond T1 issue $700mln Q2017 Tier I Capital Total Basel Capital Capital Adequacy Ratio Tier I CAR RAS capital adequacy ratios¹ (%) 16.1% 8.2% 8.2% % 12.6% 7.3% 7.3% 7.3% 7.3% Min N1.0=8% Min N1.2=6% Min N1.1=4.5% May 2017 N1.0 N1.1 N1.2 1) 1Q2017 IFRS numbers include USD 394 million tender and USD 600 million placement of T2 Eurobond issues 2) RAS CAR calculation does not include adjustments on capital relief suggested by CBR in December ) N1.0 ratio as of 1 May 2017 includes USD 394 million tender and USD 600 million placement of T2 Eurobond issues 21

22 Introduction 3 Strategy and Business Overview 11 Financial Performance 16 Appendix 22 22

23 Milestones of capital growth RUB bln Tier 2 Subordinated debt Retained earnings Share capital Tier 2 capital Tier 1 capital Q2017 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 Eurobond issue totalling USD 600 mln issued in April 2017 Tier 2 Eurobond issue maturing in 2018 was partially tendered in the amount of USD 394 mln in April 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 23

24 Delivering sustained profit Comments The main drivers for ROA and ROE growth are ROA ROE 24.4% Fee and commission income COR stabilization CTI remains at below 30% In 2015 a sharp decrease of ROA and ROE was primarily due to significant capital/total assets increase following: 17.2% 19.0% 18.2% 20.1% In 2015 the capital of the Bank increased significantly following substantial capital inflows 17.4% RUB20 bln - DIA s subordinated debt RUB 30 bln - IPO and SPO 8.9% 10.1% 11.1% USD 300 mln - Subordinated deposit from a corporate customer 2.4% 2.0% 2.0% 2.2% 2.4% 2.1% 1.1% 1.1% 1.2% 0.8% 0.2% q 2017 Source: IFRS financial statements 24

25 SKS Bank Rationale for investment business separation Overview IT-processing CBM Full range of banking services for corporate and individual customers Simple and effective risk management structure SKS Brokerage services for corporate and individual customers based on readymade IT-solutions Simple and effective operations management Acquired in August 2016 Synergy effect on the Group s fee and commission income growth Acquisition represents purchase of licenses, with no risk on the balance sheet Now it is Top-40 bank in Russia by total assets Total assets (as at 1Q2017): RUB 203 bln Current operational status Efficient decision-making via integration of CBM s managers into the current activities Improvement of corporate governance standards Information and methodological support Sharing stable customer base of CBM Target client base CBM s existing customers as well as new clients 1.1mln individual customers 15,000 corporates customers Prospective product offering Brokerage services to private and corporate clients Custody services Services for organizing the initial placement of equity securities Distribution channels Development of high-tech sales channels (development of remote banking systems; creation of a mobile bank). 25

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 The Banker magazine Best Bank in Russia in 2014 and 2015 October 2016 Senior Unsecured US$500m Eurobond 5.875% coupon Due Nov 2021 March 2017 Subordinated Tier II US$600m Eurobond 7.500% coupon Due October 2027 April 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