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					      European Bank for
Reconstruction and Development

       Partner of Choice
          February 2013




                 0
Agenda


     Introduction to the EBRD
     EBRD Co-financing Statistics
     A/B Loans and Preferred Creditor Status
     Selected Recent Co-financings
     Selected Co-financings in the Pipeline
     Top Commercial Participants
     Loan Syndications Team
     Syndicated Loan Administration (SLA) Team


                               1
Overview of EBRD

              Cumulative                                IFI established in 1991
            Business Volume                             63 national and supranational
80     EUR billion
                                                         shareholders
                                                        HQ in London, 38 local offices
70
                                                        Promotes market-based economies in
60                                                       33 countries in Central & Eastern
                                                         Europe, CIS, Mongolia, Turkey, Southern
50
                                                         & Eastern Mediterranean region
40                                                      The largest single investor in the private
                                                         sector in the region
30
                                                        Committed cumulatively EUR 79 billion
20                                                       for 3,644 projects as of end-2012
10
                                                        EUR 30 billion authorised share capital of
                                                         which EUR 6.2 billion is paid-in
 0                                                      Reserves and retained earnings EUR 8
     1999    2001 2003 2005 2007 2009 2011               billion as at end 31 December 2012
                Annual Business Volume
                                                        EUR 59.1 billion cumulatively disbursed
                Net Cumulative Business Volume
                                                        AAA/Aaa/AAA rating with stable outlook
                                                 2
             EBRD - a Catalyst for Change


Cumulative additional funds
     EUR 156 billion
240                                                            EBRD investments have
210
               EBRD                                             attracted an additional
                                                                EUR 156 billion from
               Additional
180                                                             domestic and foreign
               Funds
150                                                             investors

120                                                            Loan syndications is a
                                                                crucial element in
 90                                                             mobilisation
 60                                                            Every EUR invested by
 30                                                             EBRD mobilised EUR 2 in
                                                                total project cost
  0
      1999   2001   2003    2005   2007   2009       2011

                                                 3
     Net Cumulative Volume by Country




       Eastern Europe
                                                                       Russia, 29%
       and Caucasus,
            18%
                                                                                                    Turkey, 1%




                                                                                                South-Eastern
          Central Europe                                                                         Europe, 20%
                                                                    Central Asia, 9%
         and Baltics, 21%

- Eastern Europe & Caucasus comprises Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine
- South-Eastern Europe comprises Albania, Bosnia & Herzegovina, Bulgaria, Kosovo, Macedonia and Montenegro, Romania and Serbia
- Central Europe & Baltics comprises Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia
- Central Asia comprises Kazakhstan, Kyrgyzstan, Mongolia, Tajikistan, Turkmenistan and Uzbekistan


  EUR 79 billion in cumulative commitments as at end-2012


                                                              4
 Net Cumulative Volume by Sector



                                   Agribusiness, 9%             M&S, 11%
                                                                           Property & Tourism,
                                                                                   3%
 FIs, 35%
                                                                                       Telecoms, 4%

                                                                                            MEI, 6%




                                                                               Transport, 13%


                  Power & Energy, 10%                     Natural Resources,
                                                                  6%


EUR 79 billion in cumulative commitments as at end-2012



                                            5
Agenda


     Introduction to the EBRD
     EBRD Co-financing Statistics
     A/B Loans and Preferred Creditor Status
     Selected Recent Co-financings
     Selected Co-financings in the Pipeline
     Top Commercial Participants
     Loan Syndications Team
     Syndicated Loan Administration (SLA) Team


                                 6
                   EBRD Co-financing – Main Statistics



                                  Volumes (EUR million)        No. projects         No. partners         200
                   10,000




                                                                                                               Number of projects / partners
                    8,000                                                                                150
Volumes (EUR mm)




                    6,000
                                                                                                         100

                    4,000

                                                                                                         50
                    2,000


                       0                                                                                 0
                            1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012




                                                               7
    EBRD Co-financing Highlights in 2012

   Co-financed 80 projects throughout 20 countries for a total of EUR 4.12 billion, via such instruments as
    bonds, credit lines, equity, grants, IFI and other parallel loans, funded and unfunded risk participations
   16 projects in Russia totalling EUR 2.1 billion, accounting for almost half of the total co-financed amount
   EBRD completes the only “new money” FI sector syndicated loan for a private bank in Russia in 2012,
    with the amount of the loan nearly doubling following robust interest among commercial banks
   100% oversubscribed syndicated loan for a debut FI sector borrower in Mongolia, with EBRD attracting
    1-, 3- and 5-year money from co-financiers from Germany, the Netherlands and Russia
   In the agribusiness sector EBRD arranges the first syndicated loan in Mongolia and the largest
    syndicated corporate loan in the Balkans in 2012
   EBRD supports infrastructure transactions in Poland and Russia through the provision of long-term zloty-
    denominated and rouble-denominated syndicated loans
   EBRD syndicates an airport project in Turkey by raising 15-year B loans on a project finance basis
   A Chinese bank co-finances with EBRD for the first time in a rouble-denominated transaction and
    Sberbank participates as a B lender for the first time for a transaction in the CIS
   B loan participations signed with banks from Turkey, the Gulf, Czech Republic, USA and Japan, in
    addition to the more traditional stable of eurozone banks


                                                        8
             EBRD Co-financing by Country in 2012


                                                                             Total = EUR 4.12 billion

                                                                 Volumes (EUR mm)                        Number of projects
                   2,500                                                                                                                                      25




                                                                                                                                                                   Number of projects / partners
                   2,000                                                                                                                                      20
Volumes (EUR mm)




                   1,500                                                                                                                                      15

                   1,000                                                                                                                                      10


                    500                                                                                                                                       5


                      0                                                                                                                                       0
                                      d                ia     lia        us                    n         ia          a                                   er
                          ss
                             ia
                                   lan       ey     an                             ne       sta       en          in          ia       tia       ia
                                           rk               go       lar       rai                              ov          an      oa        rb       th
                       Ru       Po      Tu         m      on      Be        Uk           kh         ov        eg       Al
                                                                                                                          b      Cr        Se         O
                                                Ro       M                            za         Sl        rz
                                                                                  Ka                   He
                                                                                                     &
                                                                                                nia
                                                                                            B os




                                                                                           9
                   EBRD Co-financing by Sector in 2012


                                                                  Total = EUR 4.12 billion

                                                   Volumes (EUR mm)                      Number of projects
                   2,000                                                                                                                            25




                                                                                                                                                         Number of projects / partners
                                                                                                                                                    20
                   1,500
Volumes (EUR mm)




                                                                                                                                                    15
                   1,000
                                                                                                                                                    10

                    500
                                                                                                                                                    5


                      0                                                                                                                             0
                                    t                            ss      EI                                                      es            ds
                                 or     FI    &S                                          gy                  ism             rc
                              sp             M                 ne       M              er                  ur                                un
                            an                               si                     En                  To                 ou               F
                       Tr                             ri   bu                   &                   &                   es             uity
                                                   Ag                        er                ty                     lR            Eq
                                                                            w               er                      ra
                                                                         Po              op                   tu
                                                                                      Pr                   Na




                                                                         10
 Continued Rationale for Co-financing
           with the EBRD

• Strong EBRD B Loan portfolio performance

 - Total B Loans committed = EUR 12,297 mm

 - Gross write-offs/Total B Loans committed = 0.18%

 - Net write-offs/Total B Loans after recoveries /write-backs =
   0.14%

  Key assumptions/provisos:
  1. That a commercial bank writes off the same percentage of its B Loan as the EBRD writes off
  on its A Loan
  2. Currencies vary, and thus precise percentages may vary
  3. Information and data as per end of December 2012 (subject to confirmation by auditors)



                                                  11
Agenda


     Introduction to the EBRD
     EBRD Co-financing Statistics
     A/B Loans and Preferred Creditor Status
     Selected Recent Co-financings
     Selected Co-financings in the Pipeline
     Top Commercial Participants
     Loan Syndications Team
     Syndicated Loan Administration (SLA) Team


                                 12
Preferred Creditor Status: What It Means



    Loans not subject to moratoria, rescheduling or
     restrictions on convertibility or transferability of hard
     currency
    Exemption from country provisioning requirements
     (where applicable) for participant banks
    EBRD Loans not in Paris Club or London Club
    May allow rated transactions to pierce the sovereign
     ceiling



                                  13
    Preferred Creditor Status (PCS):
        What It Does Not Mean


   A guarantee or letter of comfort from the government,
    or from the EBRD, that the loan will perform
    commercially
    – if a loan does not perform for commercial reasons,
      PCS does not protect the loan
   An indicator of the loan’s creditworthiness per se
    – co-financiers must carry out their own due diligence
      in the normal manner



                               14
 Preferred Creditor Status Has Been
               Tested


Following the Russian moratorium of 17 August 1998, the
      Russian Central Bank issued this exemption:

[the moratorium]... “does not cover ... obligations of Russian
    residents under financial loans from the EBRD, including
   those involving resources from foreign banks and financial
                   and investment institutions”


   During the moratorium, all payments to the
  EBRD and its B lenders came through on time

                              15
Recognized Mitigant under Basle II



                    The use of domestic currency
                    rating for participation in EBRD
                    A/B Loans reconfirms that
                    EBRD’s Preferred Creditor
                    Status mitigates the
                    convertibility and transferability
                    risks of hard currency



                     16
A/B Loans – EBRD as Lender of Record



  • EBRD is lender of record and contracts with the
    borrower to provide the funds

  • Commercial banks are participants in the EBRD loan

  • EBRD is a preferred creditor and banks benefit from
    this status
     - EBRD portion:        A Loan

     - Banks portion:       B Loan


                            17
A/B Loans – EBRD as Lender of Record


                         Borrower


             EBRD A Loan           Banks B Loan

• EBRD is lender of record for entire loan, BUT commits
  only to the A Loan

• Participation agreement transfers all risks to B lender (B
  Loan)

• B lenders share Preferred Creditor Status

                              18
      EBRD as a Parallel Lender



                        Borrower


        EBRD Loan                   Parallel Loan


• Each lender/group of lenders enters into direct contractual
  relationships with the Borrower

• Parallel lenders do not share Preferred Creditor Status

• Suitable for domestic banks and ECAs

                             19
Agenda


     Introduction to the EBRD
     EBRD Co-financing Statistics
     A/B Loans and Preferred Creditor Status
     Selected Recent Co-financings
     Selected Co-financings in the Pipeline
     Top Commercial Participants
     Loan Syndications Team
     Syndicated Loan Administration (SLA) Team


                                 20
   Selected Syndicated Loans in 2012



Financial Institutions     Financial Institutions                Food Retail             Financial Institutions             Transport                     Automotive
      Romania                         Russia                       Romania                        Armenia              Izmir Airport, Turkey             PCMA, Russia


 2012: EUR 11.4 mln        2012: USD 68.75 mln                2012: EUR 210 mln             2012: USD 30 mln           2012: EUR 145 mln               2012: EUR 260 mln


                                        `




    Agribusiness           Financial Institutions               Agribusiness                 Manufacturing                 Agribusiness                     Power
       Russia                         Russia                       Ukraine                        Russia                     Mongolia                   EDPR, Romania


2012: USD 149.5 mln            2012: USD 290 mln              2012: USD 125 mln             2012: EUR 70 mln            2012: USD 57 mln               2012: EUR 50 mln




             Financial Institutions                Property                      Property                   Agribusiness                       Power
                    Mongolia                Retail Park Pulkovo,             Golden Ring Retail       Croatia, Serbia, Slovenia    Bares Wind Farm Turkey
                                                   Russia                     Centre, Russia

                                                                                                       2012: EUR 231.6 mln              2012: EUR 91 mln
                2012: USD 46 mln               2012: EUR24.7mln              2012: USD 130mln




                                                                                        21
Agenda


     Introduction to the EBRD
     EBRD Co-financing Statistics
     A/B Loans and Preferred Creditor Status
     Selected Recent Co-financings
     Selected Co-financings in the Pipeline
     Top Commercial Participants
     Loan Syndications Team
     Syndicated Loan Administration (SLA) Team


                                 22
    Selected Co-financings in the Pipeline


 Borrower / Type                Location   Type             A Loan       B / Parallel
                                                                         Loan
 Oyu Tolgoy                     Mongolia   Natural          USD 300 mm   USD 700 mm
                                           Resources
 Sibcement                      Russia     Manufacturing    USD 50 mm    USD 170 mm
                                           & Services
 Ukrelevatortrans               Ukraine    Transportation   USD 30 mm    USD 32 mm

 A greenfield cement            Mongolia   Manufacturing    USD 65 mm    USD 65 mm
 plant                                     & Services

 A bank                         Romania    Financial        EUR 50 mm    EUR 100 mm
                                           Institutions




Information & data as of February 2013

                                                  23
Agenda


     Introduction to the EBRD
     EBRD Co-financing Statistics
     A/B Loans and Preferred Creditor Status
     Selected Recent Co-financings
     Selected Co-financings in the Pipeline
     Top Commercial Participants
     Loan Syndications Team
     Syndicated Loan Administration (SLA) Team


                                 24
             Top Commercial Participants


1. UniCredit Group                               11. Bayern LB
2. Raiffeisen Bank International                 12. Rabobank
3. ING Group                                     13. Kommunalkredit
4. Erste Group                                   14. Commerzbank
5. Credit Agricole                               15. Raiffeisenlandesbank
                                                     Oberösterreich
6. Societe Generale
                                                 16. Bankia
7. Nordea
                                                 17. FMO (Netherlands Dev. Fin.)
8. Intesa Sanpaolo
                                                 18. Hypo NOE Gruppe Bank
9. BNP Paribas
                                                 19. Skandinaviska Enskilda Banken
10. Cordiant Capital
                                                 20. RBS Group

 * Active commitments for funded participations as per end of December 2012


                                            25
Agenda


     Introduction to the EBRD
     EBRD Co-financing Statistics
     A/B Loans and Preferred Creditor Status
     Selected Recent Co-financings
     Selected Co-financings in the Pipeline
     Top Commercial Participants
     Loan Syndications Team
     Syndicated Loan Administration (SLA) Team


                                 26
                Loan Syndications Team


                  Michael Delia            Joerg          Daniel Borrego       Muzaffar             Christian
                                         Zinnecker                             Zukhurov             Kleboth



Sector           Power & Energy        Transport          Power & Energy    Financial             Agribusiness
                 (joint with DB)                          (joint with MD)   Institutions (joint   (joint with DB)
                                       Property &
                                                                            with MD)
                 Natural               Tourism            Agribusiness
                 Resources                                (joint with CK)
                                       Telecom &
                 Municipal &           Media
                 Environmental
                 Infrastructure
                 Financial
                 Institutions (joint
                 with MZ)

Manufacturing                          Russia             Turkey, Eastern   Central Asia &
& Services by                                             Europe &          Mongolia
                                                          Caucasus
country
                                                          Central & South
                                                          Eastern Europe




                                                     27
             Loan Syndications Team


Lorenz Jorgensen – Director, Head of Loan Syndications
E-mail: jorgensl@ebrd.com Tel: +44 20 7338 6902

Michael Delia – Deputy Head of Loan Syndications
E-mail: deliam@ebrd.com Tel: +44 20 7338 6535

Joerg Zinnecker – Senior Banker
E-mail: zinneckj@ebrd.com Tel: +44 20 7338 6036

Daniel Borrego – Senior Banker
E-mail: borregod@ebrd.com Tel: +44 20 7338 7463

Muzaffar Zuhurov – Principal Banker
E-mail: zuhurovm@ebrd.com Tel: +44 20 7338 7026

Christian Kleboth – Principal Banker
E-mail: klebothc@ebrd.com Tel: +44 20 7338 7797

Ruth Porter – Executive Secretary
E-mail: porterr@ebrd.com Tel: +44 20 7338 6019

Team fax: +44 20 7338 6804




                                                   28
Agenda


     Introduction to the EBRD
     EBRD Co-financing Statistics
     A/B Loans and Preferred Creditor Status
     Selected Recent Co-financings
     Selected Co-financings in the Pipeline
     Top Commercial Participants
     Loan Syndications Team
     Syndicated Loan Administration (SLA) Team


                                 29
Syndicated Loan Administration (SLA)
               Team

 Point of contact after signing of the Participation
 Agreement for:

  • Disbursements
  • Waivers, amendments, consents & novations/transfers
  • Covenant reporting
  • Ad hoc enquiries
             Tel: +44 20 7338 6795 or 6413 / Fax: 7017

              Email: group-gc-oau-slateam@ebrd.com

                                *part of the Operation Administration Unit (OAU)


                               30
Notice and Disclaimer



•Views expressed herein are the views of the author and not
necessarily those of the EBRD

•EBRD makes no representation, express or implied, as to the
accuracy or completeness of the information contained in this
presentation and liability therefor is expressly disclaimed

•All data relating to the loan markets are sourced from a
combination of Dealogic LoanAnalytics, LoanRadar and other public
sources


                                                                    31
                                   31

				
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