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Independent Due Diligence of the Banking System of Cyprus

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Independent Due Diligence of the Banking System of Cyprus PIMCO Europe Ltd 11 Baker Street London W1U 3AH England Tel: +44 20 3640 1000 Independent Due Diligence of the Banking System of Cyprus March 2013 Legal Disclaimer and Limiting Conditions This report sets forth information contemplated by the engagement of PIMCO Europe Ltd (together with its affiliates, “PIMCO”) by the Steering Committee (as defined herein) and is prepared in the form contemplated by the agreement between PIMCO Europe Ltd and the Central Bank of Cyprus (the “Agreement”). This report is intended to be read and used as a whole and not in parts. Separation or alteration of any section or page from the main body of this report is expressly forbidden. This report has been prepared exclusively for the Steering Committee. There are no third party beneficiaries with respect to this report, and PIMCO expressly disclaims any liability whatsoever (whether in contract, tort or otherwise) to any third party. PIMCO makes no representation or warranty (express or implied) to any third party in relation to this report. A decision by the Steering Committee to release this report to the public shall not constitute any permission, waiver or consent from PIMCO for any third party to rely on this report. Access to this report and its use by any third party implies acceptance by the third party of the terms and conditions contained in this section and other parts of this report. This report is, in all cases, subject to the limitations and other terms and conditions set forth herein and in the Agreement, in particular exclusions of liability. This report has been produced by using and in reliance on information furnished by third parties, including the Central Bank of Cyprus and the Participating Institutions to which this report relates. In preparing this report, PIMCO has used information and advice provided by third party professional advisers including lawyers and real estate valuers. All such information has not been independently validated, verified or confirmed by PIMCO and PIMCO makes no representation or warranty as to the accuracy or completeness of any information provided by third parties. This document has been prepared for information purposes only and is not a solicitation of any offer to buy or sell any security, commodity or instrument or related derivative or to participate in any trading strategy. PIMCO is not responsible for any decisions made in connection with the implementation or use of this report. This report does not provide any opinion regarding the fairness of any transaction. No investor or security holder should rely on the content of this report in any way in connection with the purchase or sale of any security. The report sets out and is based upon certain assumptions which have been agreed with the Steering Committee. No representation is made that the assumptions are reasonable or are likely to be obtained. The use of such assumptions may suggest a valuation for an asset which differs considerably from its market value. PIMCO does not represent that any such assumptions will reflect actual future events or that all assumptions have been considered or stated. Actual events are beyond PIMCO's control, difficult to predict and may differ materially from those assumed. Changes to any assumptions may have a material impact on analyses, projections or estimates. All information included is based on information available on the date hereof and PIMCO is under no obligation to update the information herein. This document contains information which is proprietary and/or commercially sensitive to PIMCO. PIMCO Europe Ltd (Registered in England and Wales, Company No. 2604517), Registered Office 11 Baker Street London W1U 3AH Tel: +44 20 3640 1000. Authorized and regulated by the Financial Services Authority (25 The North Colonnade, Canary Wharf, London E14 5HS). BANKING SYSTEM OF CYPRUS | INDEPENDENT DUE DILIGENCE REPORT 1 Table of Contents 1 EXECUTIVE SUMMARY ............................................................................................................................. 6 1.1 OVERVIEW AND OBJECTIVES ....................................................................................................................... 6 1.2 BACKGROUND AND CONTEXT ..................................................................................................................... 8 1.2.1 Overview of Cyprus Banking System .............................................................................................. 8 1.2.2 Summary Findings....................................................................................................................... 10 1.2.3 Significant Findings ..................................................................................................................... 13 1.3 PIMCO APPROACH TO INDEPENDENT DUE DILIGENCE .................................................................................... 15 1.4 AGGREGATE RESULTS ............................................................................................................................. 16 1.4.1 Base Scenario ............................................................................................................................. 17 1.4.2 Adverse Scenario ........................................................................................................................ 19 2 LOSS ABSORPTION CAPACITY ............................................................................................................... 21 2.1 OVERVIEW ........................................................................................................................................... 21 2.2 DELEVERAGING AND NEW LENDING ............................................................................................................ 22 2.2.1 Methodology .............................................................................................................................. 22 2.3 INTEREST INCOME .................................................................................................................................. 24 2.3.1 Methodology .............................................................................................................................. 24 2.3.2 Results ........................................................................................................................................ 25 2.4 INTEREST EXPENSE .................................................................................................................................. 27 2.4.1 Methodology .............................................................................................................................. 27 2.4.2 Results ........................................................................................................................................ 28 2.5 NON-INTEREST INCOME ........................................................................................................................... 36 2.5.1 Methodology .............................................................................................................................. 36 2.6 NON-INTEREST EXPENSE .......................................................................................................................... 38 2.6.1 Methodology .............................................................................................................................. 38 2.6.2 Results ........................................................................................................................................ 39 2.7 LOAN LOSSES AND PROVISIONS ................................................................................................................. 41 2.7.1 Methodology .............................................................................................................................. 41 2.7.2 Results ........................................................................................................................................ 43 2.8 DEFERRED TAX ASSETS ............................................................................................................................ 44 2.8.1 Methodology .............................................................................................................................. 44 2.8.2 Results ........................................................................................................................................ 44 2.9 RISK-WEIGHTED ASSETS .......................................................................................................................... 46 2.9.1 Methodology .............................................................................................................................. 46 2.9.2 Results ........................................................................................................................................ 47 2.10 SECURITIES ........................................................................................................................................... 49 2.10.1 Methodology .............................................................................................................................. 49 2.11 NON-BANK SUBSIDIARIES ......................................................................................................................... 50 2.11.1 Methodology .............................................................................................................................
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