Forsideslide, farvet eller med billede Indsæt billede: 1. Vælg EKF-fanen 2. Klik på ‘Insert or replace title image’ 3. Vælg billede Vælg Printer version 1.Marker alle slides i din præsentation 2.Vælg ‘Design’- fanen 3.Under ‘Tema’, højreklik på ‘Eksport Kredit Fonden print’ 4.Vælg ‘Applicer på alle slides’ Project financing with Denmarks Exportcredit Fund

FINANCING IN RUSSIA, UKRAINE & CIS Bullet tekst Brug ‘Forøge / Formindske indryk’ for at skifte mellem de forskellige niveauer Danish Export Credit Agency 93 years of experience Global figures 2014 –8.7 BUSD in exposure –2.2 BUSD in newly issued guarantees Russia was first coverage in 1922 Owned and guaranteed by the Danish State (AAA rated) Operated on private business terms SLIDE 2

FINANCING IN RUSSIA, UKRAINE & CIS Key figures SLIDE 3

FINANCING IN RUSSIA, UKRAINE & CIS Slide med bullets Brug ‘Forøge / Formindske indryk’ for at skifte mellem de forskellige niveauer EKF’s sectors Wind Cement Infrastructure & supply Ships & ports Manufacturing industry Oil and gas industry Other Agricultural & food technology Guarantee ExposureNumber of customers SLIDE 4

FINANCING IN RUSSIA, UKRAINE & CIS Area of operation Time Risk Private Banks & insurance EKF > 180 days in Russia / CIS Financial guarantee Risk coverage/ insurance

FINANCING IN RUSSIA, UKRAINE & CIS Tekstslide med bullets Brug ‘Forøge / Formindske indryk’ for at skifte mellem de forskellige niveauer Overall Eligibility Underlying export contract Danish-based exporter Goods must be exported from Denmark or from the overseas hub of the Danish exporter 180 days rule Min 15% down payment SLIDE 6

FINANCING IN RUSSIA, UKRAINE & CIS A world of wind SLIDE 7

EKF cover policy in Russia SLIDE 8

FINANCING IN RUSSIA, UKRAINE & CIS Tekst starter uden punktopstilling For at få punktopstilling på teksten (flere niveauer findes), brug forøg listeniveau For at få venstrestillet tekst uden punktopstilling, brug formindsk listeniveau Ændre farve på mellemrubrik 1. Markere ordet 2. Vælg den femte farve i farveskemaet fra PowerPoints topmenu Cover policy Sanctions No, sanctions do not prohibit cooperation unless you or your shareholders or the products in question are directly listed No, we cannot refinance the banks, but we are allowed to fund the banks with underlying export contracts Macro economic impact Letter of Credit or Bank Guarantee from VEB, VTB, Sberbank, Alfabank or Gazprombank Smaller tickets – with banks with a minimum credit of BB- SLIDE 9

FINANCING IN RUSSIA, UKRAINE & CIS Financing for the customer SLIDE 10 EKF counter guaranteeing bank or L/C Bank Guarantee/ Letter of Credit Guarantee 95% Funding Contract Commercial risk and loan Risk Funding from DK Federal Bank or Pension Funds

Jørgen Bollesen Vælg Printer version 1.Marker alle slides i din præsentation 2.Vælg ‘Design’- fanen 3.Under ‘Tema’, højreklik på ‘Eksport Kredit Fonden print’ 4.Vælg ‘Applicer på alle slides’ International Project Financing with EKF SLIDE 11

FINANCING IN RUSSIA, UKRAINE & CIS Tabel tekst EKF Medium 13 pkt Project finance – non-recourse SLIDE 12 Contract Guarantee Loan Risk SPONSORS Investment SPV

FINANCING IN RUSSIA, UKRAINE & CIS Maximum financing 100% investment in project SPV 30% Sponsor equity injection 70% Senior debt financing 20% Bank risk without coverage 80% EKF Guarantee and funding

FINANCING IN RUSSIA, UKRAINE & CIS Tekst starter uden punktopstilling For at få punktopstilling på teksten (flere niveauer findes), brug forøg listeniveau For at få venstrestillet tekst uden punktopstilling, brug formindsk listeniveau Ændre farve på mellemrubrik 1. Markere ordet 2. Vælg den femte farve i farveskemaet fra PowerPoints topmenu Project finance - Detailed information  In project finance the debt is non-recourse. The asset of the project (SPV) generate the cash flow to repay the loan.  EKF coordinates and participates in financing of the project to facilitate financing for purchasing Danish equipment.  Risk sharing with commercial and development banks  Alignment in term with the banks  Cover between 50 – 80 pct. of senior debt  Pricing based on risk profile and tenor  Full documentation risk  Political and commercial risk  Non-payment guarantee

FINANCING IN RUSSIA, UKRAINE & CIS Tekst starter uden punktopstilling For at få punktopstilling på teksten (flere niveauer findes), brug forøg listeniveau For at få venstrestillet tekst uden punktopstilling, brug formindsk listeniveau Ændre farve på mellemrubrik 1. Markere ordet 2. Vælg den femte farve i farveskemaet fra PowerPoints topmenu Project finance - Guiding principles  EKF will typically require the Agent bank to hold considerable risk of the transaction on its own books, and such bank is expected to have considerable knowledge and expertise within project finance, the sector and with operating in the country  Professional partners sharing considerable risk pari passu and pro rata with EKF (conditions, securities, price, rights and obligations, decision power)  Strong professional sponsor providing high degree of comfort.  Strong security package and secure cash flow structure (legally exercisable under relevant legislation) and cost overrun facility. The lenders typically have full rights over all assets including shares. Clear access to the cash flow (“Cash water fall”) will have to be arranged in combination with the possibility of a cash sweep  Mitigation of technical, legal, financial and political risks  Experienced project management with positive track record  Positive market outlook/competitive position

FINANCING IN RUSSIA, UKRAINE & CIS Bullet tekst Brug ‘Forøge / Formindske indryk’ for at skifte mellem de forskellige niveauer Funding of the guarantee Traditional bank funding Pension funds Export loan funding SLIDE 16

FINANCING IN RUSSIA, UKRAINE & CIS Export Loans/ELO Funding Slide 17 Danish federal bank Guarantee

FINANCING IN RUSSIA, UKRAINE & CIS Bullet tekst Brug ‘Forøge / Formindske indryk’ for at skifte mellem de forskellige niveauer Contact Jørgen Bollesen Chief Representative of EKF M SLIDE 18