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					BRS01       English                                               MFI FACTSHEET

                                       NAME OF INSTITUTION AGROINVEST CREDIT UNION - AZERBAIJAN
                                                                  PLEASE FILL IN ALL YELLOW-COLOURED CELLS

            Table A: Balance Sheet at period's end                 Actual year      2007

                                                                      Year          Year          Year          Year         Year-to-date
            Fill in money items in local currency !!                  2003          2004          2005          2006          #NAME?
Item ref.   ASSETS
   A01      CURRENT ASSETS                                            10,192.77         36.10     10,867.41      9,865.73     #NAME?
   A02      Cash on hand                                               10,192.77        36.10      10,867.41      9,865.73    #NAME?
   A03      Non-interest bearing deposits and clearing accounts                                                               #NAME?
   A04      Interest bearing deposits and investments < 1 year                                                                #NAME?
   A05      Prepaid expenses                                                                                                  #NAME?
   A06      Accounts receivable                                                                                               #NAME?
   A07      Interests receivable                                                                                              #NAME?
   A08      Other current assets                                                                                              #NAME?
   A09      NET LOAN PORTFOLIO                                       345,659.15    423,736.89    432,918.13    783,677.99     #NAME?
   A10      Gross Loan Portfolio (principal outstanding)              355,053.42    441,570.26    437,318.96    790,595.59    #NAME?
   A11      (Loan Loss reserves)                                       -9,394.27    -17,833.37     -4,400.83     -6,917.60    #NAME?
   A12      LONG TERM ASSETS                                           2,218.16      6,053.84      8,874.37      7,761.07     #NAME?
   A13      Investments > 1 year                                                                                              #NAME?
   A14      Net Property and Equipment                                  2,218.16      6,053.84      8,874.37      7,761.07    #NAME?
   A15      Other long term assets                                                                                            #NAME?
   A16      TOTAL ASSETS                                             358,070.08    429,826.83    452,659.91    801,304.79     #NAME?

            LIABILITIES
  A17       CURRENT LIABILITIES                                       13,267.72     14,531.51      9,571.96    172,788.61     #NAME?
  A18       Demand deposits                                                                                                   #NAME?
  A19       Short term Time Deposits (< 1 year)                                                                               #NAME?
  A20       Short term Borrowed Funds (< 1 year)                       10,276.86      6,379.77      3,441.11    160,869.86    #NAME?
  A21       Interests payable                                           1,745.28        583.52                        0.00    #NAME?
  A22       Other short term liabilities                                1,245.58      7,568.22      6,130.85     11,918.75    #NAME?
  A23       LONG TERM LIABILITIES                                    218,907.17    288,597.39    276,897.02    305,612.81     #NAME?
  A24       Long term Time Deposits (> 1 year)                                                                                #NAME?
  A25       Long term Borrowed Funds (> 1 year)                       218,907.17    288,597.39    276,897.02    305,612.81    #NAME?
  A26       Quasi Capital Accounts                                                                                            #NAME?
  A27       Other long term liabilities                                                                                       #NAME?
  A28       TOTAL LIABILITIES                                        232,174.89    303,128.90    286,468.98    478,401.42     #NAME?

            EQUITY
  A29       Paid-up share capital                                     107,922.00    102,280.23    113,494.44    254,721.14    #NAME?
  A30       Donated equity                                                                                                    #NAME?
  A31       Current year profit/loss                                    2,556.37     15,765.46     26,603.66     29,722.30    #NAME?
  A32       Reserves / retained earnings / accumulated losses          15,416.82      8,652.24     26,092.83     38,459.93    #NAME?
  A33       Other capital accounts                                                                                            #NAME?
  A34       TOTAL EQUITY                                             125,895.19    126,697.93    166,190.93    322,903.37     #NAME?

            TOTAL EQUITY AND LIABILITIES                             358,070.08    429,826.83    452,659.91    801,304.79     #NAME?
(A02+A03+A04+A05+A06+A07+A08)




(A10+A11)


(negative figure)
(A13+A14+A15)




(A01+A09+A12)



(A18+A19+A20+A21+A22)




(A24+A25+A26+A27)




(A17+A23)




(A29+A30+A31+A32+A33)


(A28+A34)
#NAME?




                                                   Year-to-date (cumulative for the current year)
  01          02          03          04          05              06               07               08          09

 11,345.36         0.00        0.00        0.00       0.00             0.00            0.00              0.00        0.00
  11,345.36




767,840.08         0.00        0.00        0.00       0.00             0.00            0.00              0.00        0.00
 774,765.63
  -6,925.55
  7,769.99         0.00        0.00        0.00       0.00             0.00            0.00              0.00        0.00

   7,769.99

786,955.43         0.00        0.00        0.00       0.00             0.00            0.00              0.00        0.00


156,120.18         0.00        0.00        0.00       0.00             0.00            0.00              0.00        0.00


 143,970.59
     367.65
  11,781.94
306,231.62         0.00        0.00        0.00       0.00             0.00            0.00              0.00        0.00

 306,231.62


462,351.80         0.00        0.00        0.00       0.00             0.00            0.00              0.00        0.00


 255,227.48

   1,218.98
  68,157.17

324,603.63         0.00        0.00        0.00       0.00             0.00            0.00              0.00        0.00

786,955.43         0.00        0.00        0.00       0.00             0.00            0.00              0.00        0.00
                                    Projection
10          11          12            2007

     0.00        0.00        0.00         0.00




     0.00        0.00        0.00         0.00


     0.00        0.00        0.00         0.00



     0.00        0.00        0.00         0.00


     0.00        0.00        0.00         0.00




     0.00        0.00        0.00         0.00




     0.00        0.00        0.00         0.00




     0.00        0.00        0.00         0.00

     0.00        0.00        0.00         0.00
STATEMENT OF CHANGES IN EQUITY as of 31 December, 2005
(Balance Sheet column-2005, lines A29-A33 )
(In US Dollars)

                            Share Capital    Retained      Grants Received       Total Equity
                               (A29)         Earnings        from NRC                and
                                            (A31+A32)        (A30+A33)            Resources
Balance 01.01.2005              5,175         253,999          713,654             972,828

Additions in 2005                             132,241            39,215             171,456

Changes arisen from re-         350           17,143             48,167             65,660
evaluation of currency
in 2005
Balance 01.01.2006              5,525         403,383           801,036            1,209,944

1. Accounting of in-kind donations- based on the field that the in-kind donations are used are transferred to the expenses directly and in portion

Loans, loan loss allowance and interest
(Balance Sheet line A11)

In 2004 loan losses allowance were created and the amount were written off by the end of the same year. In 2005 loan
losses allowance were done accouring to the regulations of National Bank
General reserve for outstanding loans were created as 2% of the portfolio and special reserves for loans overdue for more
than 30 days were done according the following table:

              Loan Status                                Amount                        Allowance (%)                   Amount
          30-59 days overdue                            12,766.00                           30%                        3,829.80
          60-179 days overdue                            4,190.00                           60%                        2,514.00

       More than 180 days ovedue                        11,736.00                             100%                     11,736.00

                    Total                               28,692.00                                                     18,079.80

Loan and Loan Loss Allowance
            Type of reserve                              Balance
 Special reserves for loans overdue for                  18,080
           more than 30 days
  General reserve for outstanding loans                  11,116


       Total Loan Loss Reserve                           29,196


Movements in loan loss reserves
            Type of reserve                              Balance
      Loan loss reserve,1 January                           0
Loan loss provision exoense for the year                  29196

    Loans written off during thr year                      0
    Loan loss reserve, 31 December                       29196

Debt as of December 31, 2005 and 2004 consisted of the following:
(In US Dollars)

 Name of the party        Date of loan      Final due     Annual Interest %   Balance at   Additionally Change Balance at
 providing the loan                           date                             31.12.04      received     due to  31.12.05
                                                                                             (Repaid)   change in
                                                                                            during the     the
                                                                                            year 2005 exchange
                                                                                                           rate
Long-term loans
        SFDI                11/8/2002       6/30/2008              0%           99,428      (17,690)     6,712     88,450
   Kolibri Kapital       15.11.04;16.02.0   8/9/2008               9%          100,000      100,000               200,000
                         5;08.09.05;23.12
                                .05
Total Long-term loans                                                          199,428       82,310      6,712    288,450

Short-term loans
 Caucasus Credit LLC       12/18/2003       12/30/2005             5%          50,223       (50,223)                ---
   Kolibri Kapital         12/23/2005       12/23/2006             9%           -----        75,000               75,000
Total short-term loans                                                         50,223        24,777               75,000
BRS02       English                                                        MFI FACTSHEET
                                               NAME OF INSTITUTION AGROINVEST CREDIT UNION - AZERBAIJAN
                                                                           PLEASE FILL IN ALL YELLOW-COLOURED CELLS

            Table B: Profit and Loss statement of the period

                                                                                Year            Year            Year         Year         Year-to-date
Item ref.   Fill in money items in local currency !!                            2003            2004            2005         2006          #NAME?
   B01      TOTAL FINANCIAL INCOME                                              27,884.22       77,488.88       67,839.75    96,760.38           #NAME?
   B02        Interest and fee income from loan portfolio                        27,884.22       65,037.73       62,362.07    81,471.19     #NAME?
   B03            Cash Interest and fee income                                   27,884.22       65,037.73       62,362.07    81,471.19     #NAME?
   B04            Accruals ( Interest receivable)                                                                                           #NAME?
   B05        Interest and fee income from investments                                                                        11,662.84     #NAME?
   B06        Other income from financial services                                               12,451.15        5,477.68     3,626.35     #NAME?
   B07      TOTAL FINANCIAL EXPENSES                                              1,411.94         396.29          544.31     8,549.46     #NAME?
   B08        Interest and fee expense                                             1,411.94         396.29          544.31     8,549.46     #NAME?
   B09            for Client Deposits                                                                                                       #NAME?
   B10            for Borrowed Funds                                              1,411.94          396.29          544.31     8,549.46     #NAME?
   B11        Other financial expenses                                                0.00            0.00            0.00                  #NAME?
   B12      GROSS FINANCIAL MARGIN                                              26,472.28       77,092.59       67,295.44    88,210.92     #NAME?
   B13      Loan loss provision expenses                                          9,394.27        8,439.10      -13,432.54     2,516.77     #NAME?
   B14      Exchange differences: gain/(loss)                                                                                               #NAME?
   B15      NET FINANCIAL MARGIN (after provisions)                             17,078.01       68,653.49       80,727.98    85,694.15     #NAME?
   B16      Other operating income (non-extraordinary)                                                                                      #NAME?
   B17      Operating expenses                                                  13,574.04       50,876.20       51,354.67    48,829.32     #NAME?
   B18          Personnel expenses                                                4,621.37        3,793.39        5,558.24    10,391.32     #NAME?
   B19          Administrative Expenses                                           8,952.67       47,082.81       45,796.43    38,438.00     #NAME?
   B20      NET OPERATING MARGIN                                                 3,503.97       17,777.29       29,373.31    36,864.83     #NAME?
   B21      Non-operating income (non-extraordinary)                                                                                        #NAME?
   B22      Non-operating expenses                                                    0.00            0.00            0.00         0.00     #NAME?
   B23        Inflation adjustment (if included in financial statements)              0.00                                                  #NAME?
   B24        Other non-extraordinary expenses                                        0.00                                                  #NAME?
   B25      NET INCOME (non-extraordinary)                                        3,503.97      17,777.29       29,373.31    36,864.83     #NAME?
   B26      Extraordinary income                                                      0.00                                                  #NAME?
   B27      Extraordinary expenses                                                    0.00                                                  #NAME?
   B28      NET INCOME (before donations and income-taxes)                        3,503.97      17,777.29       29,373.31    36,864.83     #NAME?
   B29      Donations                                                                                                                       #NAME?
   B30      Taxation on income and profits                                           947.59       2,011.83        2,769.65     7,142.53             0.00
   B31      NET INCOME                                                            2,556.38      15,765.46       26,603.66    29,722.30     #NAME?
(B02+B05+B06)
(B03+B04)




(B08+B11)
(B09+B10)




(B01-B07)



(B12-B13)


(B17+B18)



(B14+B15-B16)


(B22+B23)



(B19+B20-B21)



(B24+B25-B26)



(B27+B28-B29)
#NAME?




                                                 Year-to-date (cumulative for the current year)
  01         02          03          04          05            06             07             08        09          10          11
12,063.42         0.00        0.00        0.00      0.00          0.00           0.00           0.00        0.00        0.00        0.00
 11,731.39        0.00        0.00        0.00      0.00          0.00            0.00          0.00        0.00        0.00        0.00
 11,731.39


    332.03
 1,110.98         0.00        0.00        0.00      0.00          0.00           0.00          0.00         0.00        0.00        0.00
  1,110.98        0.00        0.00        0.00      0.00          0.00           0.00          0.00         0.00        0.00        0.00

  1,110.98

10,952.44         0.00        0.00        0.00      0.00          0.00           0.00          0.00         0.00        0.00        0.00
     0.00

10,952.44         0.00        0.00        0.00      0.00          0.00           0.00          0.00         0.00        0.00        0.00

 2,807.91         0.00        0.00        0.00      0.00          0.00           0.00          0.00         0.00        0.00        0.00
  1,023.67
  1,784.24
 8,144.53         0.00        0.00        0.00      0.00          0.00           0.00          0.00         0.00        0.00        0.00

     0.00         0.00        0.00        0.00      0.00          0.00           0.00           0.00        0.00        0.00        0.00


 8,144.53         0.00        0.00        0.00      0.00          0.00           0.00          0.00         0.00        0.00        0.00


 8,144.53         0.00        0.00        0.00      0.00          0.00           0.00          0.00         0.00        0.00        0.00

                  0.00                    0.00      0.00          0.00                         0.00
 8,144.53         0.00        0.00        0.00      0.00          0.00           0.00          0.00         0.00        0.00        0.00
            Projection
12            2007
     0.00          0.00
     0.00          0.00




     0.00         0.00
     0.00         0.00



     0.00         0.00


     0.00         0.00

     0.00         0.00


     0.00         0.00

     0.00          0.00


     0.00         0.00


     0.00         0.00


     0.00         0.00
BRS03       English                                                       MFI FACTSHEET
                                                      NAME OF INSTITUTION AGROINVEST CREDIT UNION - AZERBAIJAN
                                                                         PLEASE FILL IN ALL YELLOW-COLOURED CELLS

            Table C: Additional information

                                                                             Year          Year          Year            Year            Year-to-date
Item ref.   Fill in money items in local currency !!                         2003          2004          2005            2006             #NAME?
            MONETARY CONTEXT
   C01      Exchange rate local currency / USD (at period end)                     0.98          0.98          0.92          0.8714        #NAME?
   C02      Annual Inflation Rate (%)                                            2.30%         6.70%         7.10%           7.60%            #NAME?


            INSTITUTIONAL
   C03        Nbr. of branches                                                        3             4             4                  6     #NAME?
   C04        Nbr. of staff                                                           5             5             7                  8     #NAME?
   C05        Nbr. of staff in credit and front office operations                     3             3             4                  5     #NAME?
   C06        Nbr. of active borrowers                                              156           250           251                495     #NAME?
   C07            Male                                                              118           162           198                332     #NAME?
   C08            Female                                                             38            88            53                163     #NAME?
   C09        Nbr. of active clients                                                400           655           522              1,105     #NAME?
   C10            Male                                                              350           567           467                924     #NAME?
   C11            Female                                                             50            88            55                181     #NAME?


            LOAN PORTFOLIO
   C12      Gross loan portfolio (segmentation)
   C13           % for agricultural activities                                      57%           51%           28%              71%           #NAME?
   C14           % for production/craft activities                                   2%            9%            2%               5%           #NAME?
   C15           % for services/trade activities                                     1%           21%           70%              18%           #NAME?
   C16           % for consumption & others                                         40%           19%            0%               6%           #NAME?
   C17      Gross loan portfolio => portfolio quality reporting
   C18        On schedule ( no rescheduling, no arrears)                     345,659.00    423,737.00    432,918.00      695,162.00        #NAME?
   C19        Rescheduled portfolio (no current arrears)                                                                                   #NAME?
   C20        Defaulting portfolio                                             9,394.00     17,844.00      8,216.00        7,823.00        #NAME?
   C21                Aging schedule: Portfolio at Rick for
   C22                1-30 days                                                  680.00      2,041.00      2,826.00        1,224.00        #NAME?
   C23                31-60 days                                               8,714.00      5,102.00      1,935.00        2,036.00        #NAME?
   C24                61-90 days                                                   0.00      7,653.00      2,194.00            0.00        #NAME?
   C25                91-180 days                                                  0.00      1,007.00        435.00            0.00        #NAME?
   C26                181-365 days                                                 0.00      2,041.00        826.00        4,563.00        #NAME?
   C27                 + 365 days                                                  0.00          0.00          0.00            0.00        #NAME?
   C28      Gross loan portfolio => other aspects
   C29      Nbr. of loans outstanding end of period                                 156           250           251             495        #NAME?
   C30      Nbr. of loans disbursed during period                                   180           201           139             454        #NAME?
   C31      Value of loans disbursed during period                           315,052.00       260,902    324,711.32      526,582.00        #NAME?
   C32      Value of Write-Offs during period                                                                              3,626.00        #NAME?
            OTHER
   C33      Value of undrawn committed credit lines                                                                                        #NAME?
   C34      Value of undrawn stand-by lines                                                                                                #NAME?
   C35      Total value of in-kind donations                                                                                               #NAME?
   C36      Starting date fiscal year                                          01/01/03      01/01/04      01/01/05 01,01,2006             #NAME?
(C07+C08)



(C10+C11)




SUM(C25:C30)
   #NAME?




                                                           Year-to-date (cumulative for the current year)
     01           02          03          04          05               06             07              08           09          10          11

       0.8704




              6
             13
              7
            494          0           0           0             0              0              0                0           0           0           0
            331
            163
          1,109          0           0           0             0              0              0                0           0           0           0
            928
            181




          71%
           5%
          18%
           6%

   774,765.62

     8,806.30          0.00        0.00        0.00         0.00           0.00           0.00              0.00        0.00        0.00        0.00

     1,378.00
     2,289.75


     5,138.55


          494
          454
    33,149.19




01,01,2007
            Projection
12            2007




       0


       0




     0.00




       0
BRS04        English                                                     MFI FACTSHEET: PERFORMANCE INDICATORS
                                 NAME OF INSTITUTION AGROINVEST CREDIT UNION - AZERBAIJAN
                                                                         AUTOMATICALLY GENERATED

                                                            Factor of annualization                      1                1                1      #NAME?

                                                                             Year             Year             Year             Year            Year-to-date
 Item ref.   Money items in local currency!                                  2003             2004             2005             2006             #NAME?
             Variations to previous year
   D01                  in Total Assets                                          #VALUE!                            5.3%            77.0%         #NAME?
   D02                  in Net Portfolio                                         #VALUE!          22.6%             2.2%            81.0%         #NAME?
   D03                  in value of loans disbursed                              #VALUE!         -17.2%            24.5%            62.2%         #NAME?
   D04                  in Equity                                                #VALUE!           0.6%            31.2%            94.3%         #NAME?
   D05                  in Total Deposits                                        #VALUE!     #DIV/0!          #DIV/0!          #DIV/0!            #NAME?
   D06                  in Total Borrowed Funds                                  #VALUE!          28.7%            -5.0%            66.4%         #NAME?
   D07                  in Operational Income                                    #VALUE!         177.9%           -12.5%            42.6%         #NAME?
   D08                  in Operating Expenses                                    #VALUE!         274.8%             0.9%            -4.9%         #NAME?
   D09                  in Nbr. of Staff                                         #VALUE!           0.0%            40.0%            14.3%         #NAME?
   D10                  in Nbr. of Clients                                       #VALUE!          63.8%           -20.3%           111.7%         #NAME?
   D11                  Currency Variation                                       #VALUE!           0.7%            -6.7%            -5.1%         #NAME?


             Portfolio Quality
   D12       Portfolio at risk
   D13                     1-30 days                                                0.2%             0.5%             0.6%             0.2%       #NAME?
   D14                     31-60 days                                               2.5%             1.2%             0.4%             0.3%       #NAME?
   D15                     61-90 days                                               0.0%             1.7%             0.5%             0.0%       #NAME?
   D16                     91-180 days                                              0.0%             0.2%             0.1%             0.0%       #NAME?
   D17                     181-365 days                                             0.0%             0.5%             0.2%             0.6%       #NAME?
   D18                      + 365 days                                              0.0%             0.0%             0.0%             0.0%       #NAME?
   D19                     Rescheduled (no current arrears)                         0.0%             0.0%             0.0%             0.0%       #NAME?
   D20                     Total > 1 day (PAR1)                                     2.6%             4.0%             1.9%             1.0%       #NAME?
   D21                     Total > 30 days (PAR30)                                  2.5%             3.6%             1.2%             0.8%       #NAME?
   D22                     Total > 30 days + rescheduled                            2.5%             3.6%             1.2%             0.8%       #NAME?
   D23       Protection
   D24                     Loan loss reserve ratio                                  2.6%             4.0%           1.0%               0.9%       #NAME?
   D25                    Risk coverage ratio (of PAR30 + rescheduled)              108%             113%            82%               105%       #NAME?
   D26                    Provision expense ratio                                #VALUE!             2.1%          -3.1%               0.4%       #NAME?
   D27       Write-Off
   D28                    Loan loss rate                                         #VALUE!             0.0%             0.0%           0.6%         #NAME?
   D29                    Portfolio at risk write-off index                         0.0%             0.0%             0.0%          54.9%         #NAME?


             Financial Structure
   D30       Earning capacity of assets
   D31                    Net Portfolio / Total Assets                                97%              99%              96%              98%      #NAME?
   D32                    Non-earning assets / Total Assets                            3%               1%               4%               2%      #NAME?
   D33       Solvency
   D34                    Capital Adequacy                                            54%              42%              58%              67%      #NAME?
   D35                    Leverage                                                     1.8              2.4              1.7              1.5     #NAME?
   D36                    Working Capital                                             35%              27%              36%              40%      #NAME?
   D37       Liability Composition
   D38                    Total Client Deposits / Total Liabilities                    0%               0%               0%               0%      #NAME?
   D39                    Borrowed funds / Total Liabilities                          99%              97%              98%              98%      #NAME?
   D40                    ST Liabilities / Total Liabilities                           6%               5%               3%              36%      #NAME?
   D41       Gross Loan Portfolio / Total Clients Deposits                  #DIV/0!          #DIV/0!          #DIV/0!          #DIV/0!            #NAME?
   D42       Donated equity / Total equity                                             0%               0%               0%               0%      #NAME?


             Efficiency & Productivity
   D43       Portfolio Yield                                                     #VALUE!          16.3%            14.2%            13.3%         #NAME?
   D44       Operating expense ratio                                             #VALUE!          12.8%            11.7%             8.0%         #NAME?
   D45       Portfolio Rotation                                                  #VALUE!            66%              74%              86%         #NAME?
   D46       Average disbursed loan size                                            1,750          1,298            2,336            1,160        #NAME?
   D47       Cost per loan                                                             75            253              369              108        #NAME?
   D48       Number of loans per loan officer                                          52             83               63               99        #NAME?
   D49       Number of loans per staff member                                          31             50               36               62        #NAME?
   D50       Credit staff as % of staff                                              60%            60%              57%              63%         #NAME?


             Sustainability
   D51       Return on Equity (ROE)                                              #VALUE!          12.5%            18.2%            12.2%         #NAME?
   D52       Return on Equity (ROE) excluding donations                          #VALUE!          12.5%            18.2%            12.2%         #NAME?
   D53       Return on Assets (ROA)                                              #VALUE!           4.0%             6.0%             4.7%         #NAME?
   D54       Return on Assets (ROA) excluding donations                          #VALUE!           4.0%             6.0%             4.7%         #NAME?
   D55       Operational self-sufficiency (OSS)                                 114.4%           129.8%           176.4%           161.5%         #NAME?


             Profitability Analysis
   D56       Net Margin                                                             9.2%          20.3%            39.2%            30.7%         #NAME?
   D57       Interest Margin                                                     #VALUE!          16.2%            14.1%            11.9%         #NAME?
   D58       Operating Margin                                                    12.6%            22.9%            43.3%            38.1%         #NAME?
   D59       Net Financial Margin                                                61.2%            88.6%           119.0%            88.6%         #NAME?
   D60       Cost ratio                                                          79.5%            74.1%            63.6%            57.0%         #NAME?
   D61       Cost of funds
   D62                   Cost of Client Deposits                                 #VALUE!     #DIV/0!          #DIV/0!          #DIV/0!            #NAME?
   D63                   Cost of Borrowed Funds                                  #VALUE!           0.2%             0.2%             2.3%         #NAME?
   D64                   Funding expense ratio                                   #VALUE!           0.1%             0.1%             1.4%         #NAME?
20.0%
BRS06                   English                                                   MFI FACTSHEET: GRAPHS

                                  NAME OF INSTITUTION AGROINVEST CREDIT UNION - AZERBAIJAN
                                                                                  AUTOMATICALLY GENERATED

                                         Portfolio size                                                                            Average disbursed loan size (USD)


             900                                                                                600   3,000
                                                                                                                                                           2,543
             800
                                                                                                500   2,500
             700
 Thousands




             600                                                                                400   2,000        1,790
             500
                                                                                                300                                    1,318                                   1,331
             400                                                                                      1,500
             300                                                                                200
             200                                                                                      1,000
                                                                                                100
             100
                                                                                                       500
               0                                                                                0                                                                                                     0
                       2003           2004         2005         2006              0                      0
                                                                                                                   2003                 2004               2005                 2006                  0
                         Gross Loan Portfolio              Number of borrowers


                              Portfolio quality evolution                                                                              PAR 30 and risk coverage

             900                                                                      4.0%                4.5%                                                                                             150%
             800                         3.6%                                                             4.0%                      3.6%
                                                                                      3.5%                                                                                                                 125%
             700                                                                                          3.5%
                                                                                      3.0%                3.0%                                                                                             100%
                                                                                                                     2.5%
 Thousands




             600                                                                      2.5%
                            2.5%                                                                          2.5%
             500                                                                                                                                                                                           75%
                                                                                      2.0%                2.0%
             400                                                                                                                                        1.2%
                                                                                      1.5%                1.5%                                                                                             50%
             300                                       1.2%                                                                                                             0.8%
                                                                                      1.0%                1.0%
             200                                                     0.8%                                                                                                                                  25%
                                                                                                          0.5%                                                                             0.0%
             100                                                                      0.5%                0.0%                                                                                             0%
               0                                                                  0.0%0.0%                               2003            2004            2005                2006             0
                       2003         2004        2005          2006            0
                                                                                                                                                PAR30                                 Loan loss reserve ratio
                                  Gross Loan Portfolio            PAR30                                                                         Risk coverage of PAR30


                               Operational self-sufficiency                                                                                 Productivity of staff

                                              176.4%
                                                                161.5%                                                                                                        99
                              129.8%
                                                                                                                                  83
             114.4%                                                                                                                                      63                         62
                                                                                                              52                         50
                                                                                                                    31                                         36

                                                                                                                                                                                                  0       0

                                                                                      0.0%                       2003              2004                  2005                  2006                   0
                                                                                                                                          Number of loans per loan officer
              2003             2004             2005              2006                  0
                                                                                                                                          Number of loans per staff member



                      Portfolio yield & Operating expense ratio                                                                         Portfolio yield decomposition

                                      16.3%
                                                    14.2%
                                                                  13.3%                                                                                                                               Yield Margin
                                           12.8%                                                                  1.3%
                                                          11.7%                                                   2.1%                  5.4%
                                                                                                                  0.1%
                                                                                                                                        0.1%                   3.5%
      Portfolio Yield                                                    8.0%                                                                                                                         Provision
                                                                                                                                                               0.4%
                                                                                                                                                               1.4%                                   expense ratio

                                                                                                                 12.8%                 11.7%
                                                                                                                                                               8.0%                                   Funding
                                                                                                                                                                                                      expense ratio
      Operating
      expense ratio                                                                   0.0%0.0%                                                                                      0.0%
                                                                                                                 2004                   -3.1%
                                                                                                                                        2005                  2006                    0               Operating
                                         2004          2005          2006                0                                                                                                            expense ratio




                                      Savings evolution                                                                                         Funding structure

                                                                                                              0.0%              0.0%              0.0%              0.0%
             0                                                                              1200
             0                                                                                                                                                                                        Savings
             0                                                                              1000
             0                                                                                                64.8%                              63.3%           59.7%
 Thousands




                                                                                            800                                 70.5%
             0
             0                                                                              600                                                                                                       Borrowings
             0
             0                                                                              400
             0                                                                              200
             0                                                                                                35.2%                              36.7%           40.3%                                Equity
                                                                                                                                29.5%
             0                                                                              0
                     2003         2004          2005          2006            0                                                                                                     0.0%
                                                                                                              2003              2004              2005              2006              0
                              Total savings            Total active clients
                                                                           Belgian Raiffeisen Foundation (BRS)
                                                                                                        Philipssite 5 b 10
                                                                                                  3001 Leuven BELGIUM

                                                                                                   kurt.moors@brs-vzw.be
                                                                                                      Tel. +32 16 27 96 43
                                                                                                      Fax +32 16 27 96 91
                                                                                                         www.brs-vzw.be


                  BRS developed the MFI FACTSHEET in close cooperation with
                          INCOFIN (Belgium) and ADA (Luxembourg)
           With special acknowledgement to the ICT-department of KBC Bank of Belgium

USER INSTRUCTIONS FOR THE MFI FACTSHEET


    1.   INTRODUCTION


What is it?
The MFI Factsheet is an excel workbook containing 5 visible sheets and a number of hidden sheets. Together the five visible
sheets provide an easy to use tool for monitoring the financial performance of an MFI, consisting of tables and graphs.

For microfinance?
The MFI Factsheet uses to the highest possible extent terms and definitions on which consensus exists within the
microfinance industry. Still, as there is no complete standardisation across the industry, some terms and definitions may
differ from the ones used at any particular level or location.

Language options?
The MFI Factsheet currently functions in 4 languages, English, French, Portuguese and Spanish. At any time the user can
switch from one language to another, by choosing the selected language from the drop-down box, placed at the top of all the
sheets.

Easy to use?
Every item on the sheets has an item reference (e.g. A10). Many items have accompanying explanations that will appear in a
pop-up window when double clicking on the item reference.

Will it take up lots of time?
Data entry in the MFI Factsheet is straightforward and easy to perform by anyone who has general knowledge of accounting
and MFI reporting. It takes about two to three hours to set up a first report in a blank format, and as less as 15 minutes to
update a report.



    2.   USE OF THE MFI FACTSHEET



The MFI Factsheet is a reporting format that can be used both internally by managers of the MFI, as externally for purposes
of analysis and monitoring. It's fully compliant with best practices of the microfinance industry and simple to use.

It is based on accounting data and other institutional data of the MFI, to provide a set of indicators that cover most of the
critical areas of a MFI. A graphical component containing 10 different graphs enhances the usability of the MFI Factsheet for
analytical purposes.
     3.   STRUCTURE OF THE MFI FACTSHEET

Following is the order of the 5 visible sheets in the factsheet:
Sheet BRS01 : Balance Sheet
Sheet BRS02 : P&L (Profit & Loss)
Sheet BRS03 : Extras
Sheet BRS04 : Financial ratios
Sheet BRS06 : Graphs

Sheets 1, 2 and 3 are for data entering, Sheets 4 and 5 are generated automatically.



     4.   GENERAL REMARKS ABOUT DATA ENTRY

To get started, fill in the "Actual Year" in cell D6 of the sheet "BRS01 : Balance Sheet". This will automatically set up all the
periods.

Data entry cells are coloured in yellow. All other cells are protected. It is not required to fill in all cells, as some may not
apply (e.g. an MFI that does not take deposits will not report these in the balance sheet).

Entry of data is expected in the first 3 sheets only. These are structured as tables, in which data has to be entered for
several periods.

The first table on the left has 5 columns, 4 previous year periods and the last one for the year-to-date. In this table the data
for the 4 years must be entered.

The year-to-date data are taken from a second table, which will appear when moving to the right of the screen. This table
has 13 columns, the first dozen numbered from 1 to 12 for the respective months of this year, plus one more at the end for
the projection of the current year. All these columns are available for data entering.

The year-to-date column of the first table will automatically copy the last month of the second table for which data has been
entered. It is not necessary to fill in all months when wanting to look at one particular period (eg. first semester). But take
care to fill in the data in the correct column because this is important for annualising certain ratios. Be careful to do this in all
3 sheets.


It is important to fill in all these 3 sheets, as the ratios will use information from all 3 of them.

At the beginning of following years, the factsheet can automatically be adjusted for continued data entry in that year, by
clicking the button "Next Year" in the left top corner of the sheet "BRS01 : Balance Sheet". This will generate a new
factsheet in which the Actual Year is adjusted and all previous information moves one column to the left.



     5.   OVERVIEW OF THE DIFFERENT SHEETS


Sheet BRS01 : Balance Sheet

In this sheet the Balance Sheet of the MFI has to be entered. The structure of this Balance Sheet is a reduced form using
only main accounts.

Comprehensive explanations on individual accounts are provided through pop-up screens when double clicking on the item
reference.
Sheet BRS02 : P&L

In this sheet the Profit and Loss Statement of the MFI has to be entered. The structure of this Profit and Loss Statement is a
reduced form using only main accounts.

In the monthly columns of the current year cumulative figures have to be entered, e.g. in column 4 enter the data for a 4-
month period.

Comprehensive explanations on individual accounts are provided through pop-up screens when double clicking on the item
reference.


Sheet BRS03 : Extras

In this sheet additional information that does not come from the MFI’s accounting has to be provided. This information holds
relation to 4 areas:
              Monetary context: exchange rate to the euro and inflation.
              Institutional information: branches, staffing and clients
              Portfolio information: comprehensive data from the portfolio tracking system
              Others

Comprehensive explanations on individual items are provided through pop-up screens when double clicking on the item
reference.


Sheet BRS04 : Financial ratios

This sheet automatically generates a full set of indicators on a one-page report.

It provides to the user an institutional scorecard based on best practice performance indicators. The indicators have been
grouped in 6 areas, covering:
              Aspects of growth
              The quality of the loan portfolio
              The financial structure
              The efficiency and productivity
              Sustainability
              Aspects of profitability

Comprehensive explanations on individual ratios are provided through pop-up screens when double clicking on the item
reference.


Sheet BRS06 : Graphs

This sheet automatically generates a full set of graphs on a one-page report.



These graphs provide to the user a visual representation on 10 critical aspects of an MFI; They are based on one or a
combination of several ratios. The graphs next to each other cover the same aspect, resulting in five aspects covered:
              Portfolio evolution: growth and loan size
              Portfolio quality and risk coverage
              Operational self-sufficiency and staff productivity
              Portfolio yield and decomposition by costs
              Funding structure and savings evolution


Comprehensive explanations on the ratios used are available through pop-up screens in the Financial ratios sheet.

				
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