H IFRS Results. August 2015

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1 H 5 IFRS Results August 5

2 Disclaimer By attending the meeting where the presentation is made, or by reading the presentation slides, you agree to the following limitations and notifications and represent that you are a person who is permitted under applicable law and regulation to receive information of the kind contained in this presentation. This presentation has been prepared by MDM Bank ( MDM ). MDM has obtained the information in this presentation from sources it believes to be reliable. Although MDM has taken all reasonable care to ensure that the information herein is accurate and correct, MDM makes no representation or warranty, express or implied, as to the accuracy, correctness or completeness of such information. Furthermore, MDM makes no representation or warranty, express or implied, that its future operating, financial or other results will be consistent with results implied, directly or indirectly, by such information or with MDM s past operating, financial or other results. Any information herein is as of the date of this presentation and may change without notice. MDM undertakes no obligation to update the information in this presentation. In addition, information in this presentation may be condensed or incomplete, and this presentation may not contain all material information in respect of MDM. Certain numbers in this presentation may be based on non-audited financial statements. MDM makes no representation, direct or implied, that these figures are true and correct, and you should not rely on such numbers as having been audited or otherwise independently verified. Certain numbers may be presented differently once audited, and MDM takes no responsibility and accepts no liability for such changes and accepts no responsibility for providing the final audited financial statements to you once the audit has been completed. This presentation may also contain forward-looking statements that relate to, among other things, MDM s plans, objectives, goals, strategies, future operations and performance. Such forward-looking statements may be characterized by words such as anticipates, estimates, expects, projects, believes, intends, plans, may, will and should and similar expressions but are not the exclusive means of identifying such statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause MDM s operating, financial or other results to be materially different from the operating, financial or other results expressed or implied by such statements. Although MDM believes the basis for such forward-looking statements to be fair and reasonable, MDM makes no representation or warranty, express or implied, as to the fairness or reasonableness of such forward-looking statements. Furthermore, MDM Bank makes no representation or warranty, express or implied, that the operating, financial or other results anticipated by such forward-looking statements will be achieved. Such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. MDM undertakes no obligation to update the forward-looking statements in this presentation. This presentation is for informational purposes only, is not intended for potential investors and does not constitute, or form part of, and should not be construed as, an offer to sell or issue, or invitation to purchase or subscribe for or the solicitation of an offer to buy, acquire or subscribe for, any securities of MDM or any of its subsidiaries, joint ventures or affiliates in any jurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its presentation or distribution, should form the basis of, or be relied on in connection with, any offer, contract, commitment or investment decision whatsoever and it does not constitute a recommendation regarding the securities of MDM. Nothing in this presentation constitutes an offer of securities for sale in any jurisdiction where it is unlawful to do so. Neither the presentation nor any part or copy of it may be published, transmitted or distributed, directly or indirectly, in or into the United States, its territories or possessions or to any U.S. person as such terms are defined in Regulation S under the United States Securities Act of 933, as amended (the Securities Act ), except to Qualified Institutional Buyers as defined in Rule 44A under the Securities Act. Any failure to comply with this restriction may constitute a violation of United States securities laws. By attending the meeting where the presentation is made, or by reading the presentation slides, you represent and warrant that you are either () a Qualified Institutional Buyer or () a non-u.s. person located outside the United States and to the extent you purchase any Securities in MDM you will be doing so pursuant to Rule 44A or Regulation S under the Securities Act. This presentation should not be treated as advice relating to legal, taxation, financial, accounting or investment matters. By attending this presentation you (i) acknowledge that you will be solely responsible for your own assessment of the market and the market position of MDM and of the risks and merits of any investment in MDM s shares and securities, and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of MDM s business and (ii) agree to be bound by the foregoing terms.

3 Overview of key recent developments As announced on 3 June 5, the shareholders of B&N Bank, Mikail Shishkhanov and Mikhail Gutseriev, have entered into an agreement to acquire a majority shareholding in MDM Bank from Sergei Popov On 4 July 5, the Board of Directors appointed Mikail Shishkhanov CEO of MDM Bank Acquisition of majority shareholding in MDM Bank by B&N Bank shareholders, creating one of the largest privately-owned banking groups in Russia As at July 5, the B&N banking group, including MDM Bank, on a pro forma consolidated basis had total assets of circa.3 trillion and ranked amongst the largest privately-owned banking groups in Russia: Indicator Ranking Privately-owned Russian banks All Russian banks Total assets #3 #7 Retail deposits #3 #6 Corporate loans #4 #8 Retail loans #5 #9 Corporate deposits #6 # By the end of 5, the strategic development plan for MDM Bank as part of B&N banking group is to be approved, with operational integration of the banks to take place over the next -3 years MDM is in the process of implementing a major capital-raising programme, including: MDM Bank is in the process of strengthening its capital base In June 5, the Bank received the first tranche of a subordinated loan in the amount of US$ 56 mln, which was converted into a Tier capital instrument in July 5 and transferred from the current majority shareholder to the incoming majority shareholders In July 5, the Bank received the second tranche of a subordinated loan in the amount of US$ 77 mln from the incoming majority shareholders In May 5, the Bank submitted its application to the Deposit Insurance Agency to participate in the State s OFZ recapitalisation programme in the amount of 9 bln This capital raising is intended to provide the Bank with an additional capital buffer in the current challenging macroeconomic environment, whilst supporting its prudent risk-driven growth strategy Total assets and rankings based on Fitch Russian Banks Datawatch data (6M 5) consolidated by group; rankings exclude subsidiaries of foreign banks

4 H 5 key highlights Challenging macro environment impacting sector margins, asset quality and growth Significant ruble devaluation in 4 led to a series of CBR key rate increases (including a 6.5 percentage point rate hike to 7% in December 4), putting strong upward pressure on funding costs and weakening loan demand. In H 5, with the ruble tentatively stabilising, the CBR made four rate cuts to.5% (cf. CBR key rate range in H 4: 5.5%-7.5%) CPI inflation of 5.3% in H 5 y-o-y Real GDP contraction of.% y-o-y in Q 5 and 4.6% y-o-y in Q 5 In line with broader sector trends, the key drivers of MDM Bank s H 5 financial performance were: (i) net interest margin (NIM) compression due to elevated funding costs outstripping asset repricing; and (ii) an increase in cost of risk stemming from the economic downturn: H 5 NIM of.% down from 5.% in H 4; however, NIM recovered in Q 5 to.4%, primarily attributable to active repricing of the loan book H 5 cost of risk of 5.8% up from.% in H 4 (and 3.% in H 4) driven by a combination of the economic downturn and the Bank s conservative provisioning policy H 5 MDM financial highlights P&L Despite the challenging operating conditions, however, the Bank s total operating income only decreased by 8% y-o-y in H 5, supported by strong interest income, net fee & commission income and net trading / FX income growth: Gross interest income growth of 34% y-o-y, as per above, driven primarily by active repricing of the loan book Net fee & commission income growth of 5% y-o-y, mainly driven by an increase in settlement, guarantee and factoring fees (factoring fees increased almost 6-fold year-on-year, albeit from a low base) Net gains from trading and FX operations of.8 bln, compared to a net loss of. bln in H 4 (+ bln) H 5 operating expenses increased y-o-y, however remained materially below inflation for the period: Operating expenses increased by 8% y-o-y and were moderately down compared to H 4 (-5%) Overall, the Bank reported a net loss of 4.6 bln and total comprehensive loss of. bln for H 5: Net other comprehensive income of.6 bln was due to gains from revaluation of the Bank s available-for-sale securities portfolio Q 5 GDP figure based on preliminary Russian State Statistics Service data 3

5 H 5 key highlights (cont d) Moderate H 5 loan portfolio contraction, in line with broader sector trends, due to a combination of tightening credit risk controls and subdued loan demand caused by the high interest rate environment: Net loan portfolio contraction of circa 7% Marginal corporate loan contraction (-4%), whilst retail and SME loan portfolio contraction was 4%-5% as lending in these segments was strictly curbed to control risk Well-matched balance sheet currency structure, with the Bank adhering to a strict policy of currency matching: FX-denominated assets and liabilities accounted for circa 3% of the Bank s total assets and liabilities as at end H 5 Capital position strengthened through subordinated debt capital injections in June / July 5 End-H 5 IFRS Basel total CAR of 3.5% (5.3% pro forma ratio, including the July 5 capital injection) and Tier ratio of.7%, the latter being amongst the highest in the Bank s peer group H 5 MDM financial highlights balance sheet CBR total regulatory capital ratio of.6% and Common Equity Tier / Tier ratios of 7.8% as at August 5 are in line with peers Robust funding and liquidity position maintained, despite numerous reductions in deposit interest rates in H 5 aimed at reducing funding costs and protecting the Bank s operating profitability: The total customer funding base remained flat in H 5, whilst the share of retail in total customer funding increased from 68% to 73% and depositor concentration continued to decrease Continuing low dependence on market funding, comparing favourably to peers: net loan / deposit ratio of 76% Liquid assets stood at circa 33% of total assets as at end H 5 and the Bank comfortably met the CBR s regulatory liquidity requirements Proactive problem loan management continues to be a key focus of management attention, particularly in the context of an economic downturn Asset quality followed broader macro / sector trends with the total NPL ratio increasing by.5 percentage points to 3.9% as at end H 5 The provision coverage ratio was maintained at a comfortable 44% as at end H 5 Alongside strengthened monitoring and preventative measures at the pre-problem stage, management executed a number of successful restructurings and sales of problem loans in H 5 4

6 Assets and liabilities overview PRELIMINARY DRAFT Assets Liabilities 33% 8% 3% 34% 33% In H 5, total assets contracted moderately 84 bln 89 bln 39 bln +7.% 34 bln 35 bln 48 bln 5 bln 95 bln +.3% 9 bln 73 bln Strong liquidity position maintained, in line with conservative liquidity management policy: liquid assets stood at 33% of total assets as at end H 5 4% % 4% 6% % 3% 56% 6% 9% 8% % % 4% % % % % 55% 54% 55% % 8% 74% 76% 6% 4% 76% 79% 3% 8% Well-matched balance sheet currency structure: FX-denominated assets and liabilities accounted for circa 3% of the Bank s total assets and liabilities as at end H 5 FX share of customer loans 3% and of customer funding 5% as at end H 5 % % 3% % % H 4 Q3 4 YE 4 Q 5 H 5 Loans to customers AFS financial assets Interbank Cash Other assets Liquid assets / Total assets Currency breakdown end-h 5 % 5% 8% % 3% 3% % % % 3% 6% 5% 5% H 4 Q3 4 YE 4 Q 5 H 5 Debt securities Customer accounts Due to banks Other liabilities Currency breakdown end-h 5 5% 8% 77% 77% USD EUR Other USD EUR 5

7 Balanced and diversified loan portfolio Net Loan Portfolio H 5 net loan portfolio contraction of circa 7% due to a combination of tighter credit controls and subdued loan demand resulting from the high interest rate environment: Corporate loan portfolio: - 4.% Retail loan portfolio: - 4.7% SME loan portfolio: - 3.6% 6 bln bln bln +5.% 76 bln H 4 Q3 4 YE 4 Q 5 H 5 Corporate loans SME loans Retail loans 68 bln 3% 5% 7% Disciplined approach to sector diversification: no single corporate sector accounts for more than 5% of total lending book Exposure to higher risk sectors maintained at relatively modest levels Transport % Oil and gas % Food and agriculture % Chemicals 3% Gross Loan Portfolio by Sector, 3 June 5 Healthcare % Construction 5% Wholesale trade Manufacturing 7% 8% Tourism % Other 7% Individuals % Real estate 5% Net Retail Loan Portfolio by Product, 3 June 5 Credit cards: 4% Mortgage loans: 5% Auto loans: % Cash loans: 59% Retail trade % Finance 5% Loan portfolio product breakdown based on management account data 6

8 Proactive problem loan management remains a key focus Total customer loan portfolio: NPLs (9 days +), Provisions, Provision Coverage and Cost of Risk bln % 47% 45% 5% 44% 7.9% 9.% 9.9% 8.4% 7.% 3.9%.4%.7%.%.5% % 5.3%.%.7%.% H 4 Q3 4 YE 4 Q 5 H 5 Provisions NPLs Cost of risk (cum) Provision coverage ratio Asset quality followed broader macroeconomic / sector trends, with the total NPL ratio increasing by.5 percentage points to 3.9% as at end H 5 Nonetheless, the total provision coverage ratio was maintained at a comfortable 44% as at end H 5 Alongside strengthened monitoring and preventative measures at the pre-problem stage, management executed a number of successful restructurings and sales of problem loans in H 5 7

9 Robust customer deposit-based funding model % % % 3% 3% % % 7% 6% % 5% 5% 36% 37% Structural Funding Breakdown 93% 8% 77% 76% 3% 7% 6% bln 5 5 Customer Funding by Segment +.8% % 55% 54% 9% 95% 93% 65% 66% 68% 94% H 4 Q3 4 YE 4 Q 5 H 5 H 4 Q3 4 YE 4 Q 5 H 5 Retail accounts Corporate accounts Due to banks Debt securities in issue Loan/Deposit ratio Mass retail customers VIP customers Corporate customers SME customers Primary focus on customer deposit funding, providing a level of insulation against market volatility Loan/Deposit ratio maintained comfortably below %: 76% as at end H 5 Total FX-denominated external wholesale / interbank funding amounted to <% of total liabilities as at end H 5 CBR funding equal to circa 9% of total liabilities as at end H 5, which is matched against short-term interbank and liquid securities (effectively arbitrage; not part of the structural funding base) On 9 April 5, the Bank repaid its only outstanding ruble bond in the amount of 5. bln In H 5, total customer funding base remained flat, despite numerous reductions in deposit interest rates targeted at reducing the Bank s funding costs The structural funding breakdown shows only that portion of interbank borrowing which is used to fund the Bank s core lending business (i.e. it excludes short-term interbank borrowing up to 3 days and overnight repo operations) Segmental breakdown between mass retail / private banking and corporate / SME based on management account data 8

10 Decreasing deposit concentration, balanced FX and maturity profile Customer Deposit Concentration Customer Accounts Currency Breakdown, H 5 % 5 6% 6% 68% 7% 73% 6% 5 9.% 9.4% 9% 5 3.9%.5% 9.9%.%.3%.4%.3%.6 % H 4 3Q 4 YE 4 Q 5 Н 5 Top depositors / Total customer accounts Related party funding / Total liabilities Retail customer accounts / Total customer accounts 75% USD EUR Ongoing decrease in deposit concentration and improvement in the granularity of the customer deposit base, supported by the material inflow of mass retail deposits in 4, which continued in H 5 As at end H 5, c. 4% of total customer accounts had a maturity of one year or more Current accounts represent circa 6% of total customer funding as at end H 5 Customer Accounts Maturity Breakdown, H 5 From to 3 years: 3.8% More than 3 years:.% Less than month:.9% From 6 to months: 4.7% From to 6 months: 39.5% Related party funding as at end H 5 includes a US$ 56 mln subordinated loan from the majority shareholder 9

11 Capital position strengthened through new capital injection IFRS Basel I Tier and Total CAR vs. Peers CBR Basel III Capital Ratios (RAS) vs. Peers 8 7.% % 6.% 3.5% 3.7% 4.6%.8% 3.4%.%.7%.7%.3% 4.%.4% 6.% 4.% 8.3% 8.% %.7% 7.6% 3.5% 9.% 9.% 5.4%.6% 7.% 3.9%.% 7.8% 7.%.% 4.8%.%.6% 4.%.3% 6.3% 6.% N. regulatory minimum N. regulatory minimum N. regulatory minimum CBM MDM MDM pro BSPB Otkritie USIB forma Tier Tier BSPB CBM MDM Otkritie PSB USIB Common equity tier (N.) Additional tier Tier Based on latest available consolidated financial statements of peer banks; data for all peer banks as at YE 4 except for CBM and BSPB as at Q 5 Based on CBR data as at.8.5 In H 5, the Bank s capital position was strengthened through: A US$ 56 mln subordinated debt capital injection in June 5 by the current majority shareholder, transferred to the incoming majority shareholders and converted into a Tier instrument in July 5 (under Basel III) A US$ 77 mln subordinated debt capital injection in July 5 by the incoming majority shareholders On a pro forma basis, including the July 5 capital injection, the total IFRS Basel I capital adequacy ratio as at 3 June 5 was 5.3%, putting the Bank s total and Tier capital ratios at the higher end of its peer group CBR total regulatory capital ratio (N.) of.6%, Common Equity Tier (N.) and Tier (N.) ratios of 7.8% as at August 5 are in line with the Bank s peer group Key: MDM MDM Bank; CBM Credit Bank of Moscow; USIB Uralsib Bank; BSPB Bank Saint Petersburg; Otkritie Bank Otkritie FC ; PSB Promsvyazbank MDM s pro forma capital adequacy ratios include the US$ 77 mln Tier capital injection in July 5

12 NIM and operating income on recovering trend bln 6 5.% % Operating Income and NIM 5.4% 4.%.6%.4% Q 4 Q 4 Q3 4 Q4 4 Q 5 Q 5 Net interest income Other operating income 4. Net interest margin (quarterly) Net fee & commission income Net trading & FX gains / Losses In line with broader sector trends, MDM s net interest margin (NIM) contracted materially in Q 5 primarily due to the impact on funding costs of the +6.5 percentage point year-end CBR key rate hike, as repricing of liabilities outstripped asset repricing. However, in Q 5, the Bank s NIM began to recover, increasing by 8bps to.4%, on the back of active loan book repricing Despite challenging macro conditions, the Bank s total operating income only decreased by 8% y-o-y in H 5, supported by strong growth of gross interest income, net fee & commission income and net trading / FX income: Gross interest income growth of 34% y-o-y, driven by active repricing of the loan book Net fee & commission income growth of 5% y-o-y, mainly driven by an increase in settlement, guarantee and factoring fees Net gains from trading and FX operations of.8 bln vs. a net loss of. bln in H bln bln 3 bln Total Operating Income H 4 H 5 Net interest income Net fee & commission income Other operating income Net trading & FX gains / Losses Net Fee & Commission Income.4. H 4 H 5 Net Trading & FX Operations Gains / Losses.8 -. H 4 H 5

13 Continuing focus on operating efficiency and cost control bln Quarterly Operating Expenses and Cost / Income Ratio 9% 84% 74% 9% 7% 7% 67% 79% 74% 7% 68% % bln Year-on-Year Operating Expenses and Cost / Income Ratio 84% 7% % -.5% Q 4 Q 4 Q3 4 Q4 4 Q 5 Q 5 H 4 H 5 Staff costs Сost / Income ratio (cum) Other opex Сost / Income ratio (quarterly) Staff costs Other opex Cost / Income ratio In H 5 operating expenses increased year-on-year, although remained materially below inflation for the period and were moderately down compared to H 4 (-5%) Key ongoing initiatives to drive cost / operating improvements include optimisation of the Bank s branch network through closing a number of loss-making branches and reformatting / downsizing other branches

14 H 5 balance sheet summary Balance Sheet Summary (IFRS), mln min H 5 YE 4 Change H 5 / YE 4 Assets Cash and cash equivalents ,8% Due from banks ,4% Available-for-sale financial assets ,3% Loans and advances to customers ,4% Corporate % Retail % SME % Investment property ,% Other ,3% Total Assets ,4% Liabilities Due to banks ,9% Total customer accounts ,% Retail ,7% Corporate ,9% Debt securities in issue ,9% Subordinated debt 3 7 n.m. Other ,5% Total Liabilities ,6% Total equity ,% Key ratios Liquid assets / Total assets 33.% 3.5%.5 pp Net loans / Deposits 75.6% 8.6% -5. pp NPL ratio 3.9%.4%.5 pp Provision coverage ratio 43.8% 44.8% -. pp Tier Capital ratio (Basel I).7%.6% -.9 pp Total Capital ratio (Basel I) 3.5%.%.3 pp CBR total regulatory capital ratio.%.4% -.4 pp Source: Based on IFRS Consolidated Financial Statements Including Mandatory cash balances with the CBR Including Due to the CBR 3

15 H 5 income statement summary min H 5 H 4 H 4 Change H 5/ H 4 Change H 5/ H 4 Net interest income % -56% Gains less losses from trading, available-for-sale financial assets and foreign exchange, net n.m. 5% Net fee and commission income % -4% Other income, net % 59% Total operating income % -5% Operating expenses (5 75) (6 9) (5 3) 8% -5% Staff costs (3 64) (3 639) (3 34) -% -% Administrative and other operating costs ( 46) ( 38) ( 987) 4% 3% Net operating income before impairment losses % -65% Loan impairment losses (6 75) (3 3) ( 7) 436% 94% Other (impairment losses)/provision reversals (65) % -8% Loss from investment property () (9) (4) 5% -8% Loss on fair value adjustment for financial instruments - (87) - n.m. n.m. (Loss)/profit before tax (5 97) (345) 97 n.m. n.m. (Loss)/profit after tax (4 63) (7) 738 n.m. n.m. Other comprehensive income/(loss) 576 ( 77) (8) n.m. n.m. Total comprehensive income / (loss) ( 7) ( 987) 658 n.m. n.m. Key ratios Income Statement Summary (IFRS), mln Net interest margin (annualised).% 4.8% 5.% -3. pp -.8 pp Cost / income ratio (CIR) 84.3% 66.4% 7.%. pp 7.9 pp Cost of risk (annualised) 5.8% 3.%.% 4.6 pp.7 pp Source: Based on IFRS Consolidated Financial Statements 4

16 Contact: Tel (ext ) or ir@mdmbank.com MDM Bank 33/ Kotelnicheskaya Embankment Moscow 57 Russia

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