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Imexbank S&P – Moody’S B3 Fitch – Profile Update on 2007 UAS Results Credit Rating Uaa Imexbank (–/B3/–) Has Placed a Second, UAH150 Mln, Three Year Bond

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Imexbank S&P – Moody’S B3 Fitch – Profile Update on 2007 UAS Results Credit Rating Uaa Imexbank (–/B3/–) Has Placed a Second, UAH150 Mln, Three Year Bond Ukraine Fixed Income March 26, 2008 Issuer ratings Imexbank S&P – Moody’s B3 Fitch – Profile Update on 2007 UAS Results Credit rating uaA Imexbank (–/B3/–) has placed a second, UAH150 mln, three year bond. The Key data issue is to trade in the middle of banking sector paper’s second tier. The yield Placement Dec 3, 2007 is likely to fall to among the tier’s lowest as the bank develops as a nationwide Maturity Nov 29, 2010 universal financial institution or as a result of a takeover/consolidation deal. Put options Dec 1, 2008 We estimate the bond’s fair yield at around 13.25 13.50%. Nov 30, 2009 Volume UAH150 mln Imexbank was Ukraine’s 31st largest bank as of January 1, with assets of around Coupon rate 13.5% $795 mln. The bank intends to strengthen its positions in banking’s second tier Coupon frequency 91 days by actively developing SME and retail lending through its network, which is one Fair YTP 13.25 13.50% of the 10 largest in Ukraine (541 outlets in all of the country’s regions). Key financials, IFRS, $ ’000 Imexbank was originally an Odesa.based regional bank, connected with the 2005 2006 2007* Primorye group, controlled by Leonid Klimov. Over time, the bank has BALANCE SHEET transformed into a universal financial institution, and has begun to expand Total assets 313,998 494,902 795,153 throughout the country. However, most of its business is still connected with Loans to customers 178,502 277,384 469,755 Loan loss reserves 4,201 6,168 7,232 Odesa, the most developed region after Kyiv in retail lending per capita. The NPLs 968 891 2,971 bank has very strong positions in the south of the country in terms of retail Total shareholder equity 29,844 53,633 95,719 network, corporate lending and brand recognition. Total liabilities 284,153 441,269 699,434 Deposits and customers’ The bank has healthy capitalization and good asset quality, though it needs to accounts 247,754 364,993 503,966 FINANCIAL INDICATORS strengthen its asset growth to achieve its goal of taking the top position among Net interest income 8,757 19,212 21,994 second.tier banks under the National Bank’s criteria. We expect the bank’s Net fee and commission margins to improve as it strengthens its SME and retail lending businesses and income 6,727 9,988 17,744 Net income 561 3,573 7,998 diversifies its funding base. FINANCIAL RATIOS ROAA 0.2% 0.9% 1.2% We estimate the fair yield to one.year put of the Imexbank 2 at 13.25.13.50% ROAE 2.2% 8.6% 10.9% (close to the middle of the second.tier yield range). If the bank achieves its target NIM 4.7% 5.8% 4.0% growth and approaches its strategic goal of being a top 20 bank, we would Cost/income 93.2% 82.7% 71.1% Overdue loans/ expect the yield to fall to among the second tier’s lowest. gross loans 0.5% 0.3% 0.6% Loan loss reserves/ gross loans 2.4% 2.2% 1.5% Loan loss reserves/ NPLs 433.8% 692.3% 243.4% Equity/assets 9.5% 10.8% 12.0% Capital adequacy ratio* 18.0% 17.0% 14.7% * UAS, unaudited Source: Company [email protected] Phone: +380 (44) 207 3780 www.troika.ru MARCH 26, 2008 IMEXBANK: PROFILE UPDATE ON 2007 UAS RESULTS Overview Imexbank was established in 1994 in Odesa, originally with the purpose of servicing the Primorye financial.industrial group (which is involved in trade, construction, construction materials, hotels, and other businesses in southern Ukraine), controlled by Leonid Klimov, the bank’s main shareholder. Klimov is also the honorary president of the Odesa Banking Union and a Rada deputy. Nominally, the shareholder structure comprises 58 legal entities and 158 individuals, each of which owns a stake of less than 10%. However, over time the bank has transformed into a universal financial institution with 541 outlets and branches throughout the country, with the Odesa area remaining its core market. It ranks 31st out of 173 banks in Ukraine. Imexbank shareholder structure 81% Legal entities Individuals 19% Source: Company The bank’s assets grew 58% y.o.y in 2007 (compared with 55% y.o.y in 2006), which is lower than that of the entire sector (76%). With this growth, the bank was able to climb two rungs from 33rd to 31st largest bank in the country. Imexbank will need to reinforce its asset growth, as its goal is to take the top position among second.tier banks, and to enter the first tier in several years. Thus, we expect the pace of asset growth to increase as a result of new outlets being opened and the SME and private.customer base gaining strength. The growth will be supported by continuous capital increases and the attraction of new resources from IFIs, banks and shareholders. Imexbank’s nationwide regional network is one of the 10 largest in Ukraine. It includes a total of 541 outlets in all regions, though the largest portion is still located in Odesa (269 units). Successful regional development and steady network efficiency improvement are among the bank’s most important competitive advantages. Imexbank plans to enlarge its network and targets 700 branches by 2009. The bank is focused on its corporate business, with 73% of its loan portfolio occupied by corporate loans (construction, trade, agriculture and others). This exposure is defined by the bank’s relationship with the Primorye group, which is involved in the construction and hotel businesses, both of which are developing rapidly in southern Ukraine. The breadth of Imexbank’s branch network has led to an increase in the amount of corporate lending not connected with the group’s business, though at the moment, the bulk of corporate loans still come from the head office in Odesa. The bank plans to focus on SME lending to bolster its margins, which should help maintain healthy asset quality. Going forward, plans also include participation in the EBRD’s SME lending program. The average weighted interest rate for legal entities totaled 19.42% in 2007. 2 MARCH 26, 2008 IMEXBANK: PROFILE UPDATE ON 2007 UAS RESULTS Imexbank loan portfolio breakdown 21% Wholesale Construction 20% Hotels and restaurants 5% Automobile 5% Real estate 4% Agriculture 4% 28% Individuals Energy 3% Other 10 % Source: Company A strong retail network could also help Imexbank develop retail lending (currently 28% of its loan portfolio, up from 13.6% as of January 1, 2007). We note that Odesa Region, in which the bank has the strongest network and brand recognition, is Ukraine’s second most developed after Kyiv in terms of retail lending per capita. In Imexbank’s portfolio of loans to individuals, 64% consists of mortgage loans. In 2006, Imexbank concluded an agreement with the State Mortgage Agency that provided access to longer.term resources to finance mortgages. Other types of lending are being actively developed, though, and we expect the bank to continue boosting automobile loans ($7 mln, 6% of loans to individuals) and consumer loans ($39 mln, 30% of loans to individuals), which have both risen tenfold since 2005. Imexbank is also working on new products for individuals, such as loans for educational purposes, as well as mobile and e.banking. The bank is also developing its card business (more than 970,000 payment cards outstanding and 332 ATMs) and plans to implement an internal processing center. It is currently a member of Visa and MasterCard and has a national system of electronic payments. The bank has not changed its conservative approach toward risk taking, though, and the management assures that most of its card business is connected with salary projects rather than higher.risk credit cards. The average weighted interest rate for individuals totaled 16.38% in 2007. Imexbank’s asset quality is very healthy, with overdue loans at 0.63% of the portfolio as of January 1, 2008. Of these problem loans, 0.87% are in corporate and 0.43% in individual portfolios. Loan loss reserves cover NPLs by more than 2.5 times. Regional lending structure 30 3.0 25 2.5 20 2.0 15 1.5 10 1.0 5 0.5 0 0.0 Crimea Kyiv City Kyiv Lviv Region Lviv Kyiv Region Kyiv Rivne Region Sumy Region Volyn Region Volyn Odesa Region Odesa Poltava Region Poltava Kharkiv Region Ternopil Region Ternopil Lugansk Region Lugansk Kherson Region Kherson Donetsk Region Mykolaiv Region Mykolaiv Cherkasy Region Cherkasy Chernigiv Region Vinnytsya Region Vinnytsya Zhytomyr Region Zhytomyr Chernivtsi Region Kirovograd Region Kirovograd Zaporizhya Region Zaporizhya Zakarpattya Region Zakarpattya Khmelnytsk Region Khmelnytsk Dnipropetrovsk Region Dnipropetrovsk Ivano.Frankivsk Region Ivano.Frankivsk Corporate loans, $ bln Retail loans per capita, $ ’000 (r. h. scale) Individual loans, $ bln Source: National Bank, Ukrstat 3 MARCH 26, 2008 IMEXBANK: PROFILE UPDATE ON 2007 UAS RESULTS The bank has two main sources of income: net interest income (around 48%) and fee and commission income (38%). The main source of interest income is lending; fee and commission income comes from currency exchange operations, customer account services, money transferring, plastic cards and other sources. The large share of non.interest income provides the bank with competitive advantages, making it able to withstand price competition without cutting into ROA and ROE. Imexbank revenues, $ mln 25 1.5% 20 1.2% 15 0.9% 10 0.6% 5 0.3% 0 0.0% 20052006 2007 Net interest income ROAA Net fee and commission income (r. h. scale) Source: Company SWOT analysis Strengths Weaknesses Large market share in the region Need to diversify funding base 10th largest retail network Regional status of the brand name Healthy profitability Slightly below.average asset growth Opportunities Threats Regional expansion Very strong competition in the group Development of SME and individual business Increasing competition in the region through regional network Increasing costs of funding Cooperation with the EBRD and other international financial institutions As of January 1, 2008, loans to private individuals and businesses constituted 59% of assets (up from 55% as of January 2007).
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