Commercial Bank Financial Model

Project title: SavingsBox Date: 31-Jul-19

Responsible: Mr Green Time: 8:18 PM
Commercial Bank Financial Model

Contents For Training Purposes Only

© Big 4 Wall Street Ltd
 Commercial Bank Financial Model All rights reserved

q Manual See our websites for more information:

q Balance Sheet Assumptions www.big4wallstreet.com
q Income Statement Inputs www.big4wallstreet.org
q Regulatory Inputs Important Disclaimer:
q Calculations The Model has been constructed for a specific purpose and is not
q Financial Statements intended for distribution to third parties.
q Cost of Equity
q Valuation The Model's use is intended solely for training and educational
q Metrics purposes in order to support customers of Big 4 Wall Street Ltd
q Graphs ("B4WS").
q Checks
Big 4 Wall Street does not assume any responsibility or liability /
damages whatsoever - real or perceived - to the client or to any third
party, for any other use or purpose.

No part of this document can be reproduced or shared

in any way without the prior written permission of B4WS.

In case of copyright infringement B4WS will contemplate pursuing all

available legal remedies, including seeking monetary damages,
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Commercial Bank Financial Model
Manual
Actual Forecast Forecast Forecast Forecast Forecast Forecast
1.0 2.0 3.0 4.0 5.0 6.0
The Model is fully functional 01-Jan-19 01-Jan-20 01-Jan-21 01-Jan-22 01-Jan-23 01-Jan-24
Model Checks are OK - ######## ######## ######## ######## ######## ######## ########

1 . Timelines
1.1 Period Considered
Model Start Date Date 31-Dec-18
Months in Period Months 12
Ending Date Date
Start of Forecast Date 01-Jan-19
1.2 Useful date flags
End date for model flag Date 31-Dec-24
Months in year Months 12
Actual days in period Days 365
2 . Model Info
2.1 Information
Project title Name SavingsBox
Responsible Name Mr Green
Multiplier USD 1,000
Model name Name Commercial Bank Financial Model
2.2 Cells Color Coding
Model Input Data 100
Call Ups 100
Calculations 101
2.3 Worksheets / Tabs Color Coding
Input Sheets
Calculations Sheets
Output Sheets
Admin Sheets

Error Control OK Err

2.4 Other conventions

Percentage %
Currency USD
End of Sheet
Commercial Bank Financial Model
Bal. Sheet Inputs Actual Forecast Forecast Forecast Forecast Forecast Forecast
1.0 2.0 3.0 4.0 5.0 6.0
The Model is fully functional OK Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24
Model Checks are OK - Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24

1 . Balance Sheet Assumptions

1.1 Assets
Cash % of Deposits 8.50% 8.50% 8.50% 8.50% 8.50% 8.50%
Risk Weight of Assets Value Growth
Property, Plant & Equipment % / USD 0% 20,000,000
Cash % / USD 0% 10,000,000
Funds to Central Bank % / USD 0% 10,000,000
Available for Sale Securities % / USD 100% 9,000,000 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Trading Assets / Other Securities % / USD 100% 8,000,000 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Housing / Mortgage % / USD 82% 15,000,000 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Consumer % / USD 90% 8,000,000 15.00% 15.00% 15.00% 15.00% 15.00% 15.00%
Business % / USD 100% 80,000,000 15.00% 15.00% 15.00% 15.00% 15.00% 15.00%
Other % / USD 100% 9,000,000 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
Gross Loans % / USD 97% 112,000,000
Loans as % of Deposits % 96.55% 97.13% 97.82% 98.62% 99.50% 100.48% 101.53%

Loan Losses Allowance % / USD 5,600,000.00

Net Loans % / USD ##########
Goodwill % / USD 0% 1,000,000
Other Assets % / USD 100% 2,000,000 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total Assets % / USD ##########
1.2 Liabilities and Equity
Senior Debt % of Loans 9.00% 9.00% 9.00% 9.00% 9.00% 9.00%
Subordinated Notes % of Loans 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%
Convertible Bonds % of Loans 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%
Trading Liabilities % of Trading Assets 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
Other Borrowings % of Loans 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%
Value Growth
Funds from Central Bank USD 10,000,000
Checking Accounts % / USD 35,000,000 15.00% 15.00% 15.00% 15.00% 15.00% 15.00%
Savings Accounts % / USD 39,000,000 12.00% 12.00% 12.00% 12.00% 12.00% 12.00%
Term Deposits % / USD 42,000,000 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Total Deposits USD ##########
Senior Debt USD 10,000,000
Subordinated Notes USD 5,000,000
Convertible Bonds USD 3,000,000
Trading Liabilities USD 2,000,000
Other Borrowings USD 5,000,000
Total Liabilities USD ##########
Share Capital USD 11,400,000
Retained Earnings to Common USD 2,000,000
Preferred Stock USD 2,000,000
Total Equity USD 15,400,000
Total Liabilities & Equity USD ##########
Check OK

2 . Tangibles Assets & Goodwill, Capex & Depreciation

Capex as % of Net Revenue % 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Capex Depreciation in Years Years 5.00
Capex Depreciation as a % % 20%
Existing Tangible Assets Depreciation in Years Years 20.00
Existing Tangible Assets Depreciation as a % % 5%
Goodwill Impairment USD 100,000 100,000 100,000 100,000 100,000 100,000
3 . Dividends, Stock Issuances, Repurchase & Preferred Stock
Commercial Bank Financial Model
Bal. Sheet Inputs Actual Forecast Forecast Forecast Forecast Forecast Forecast
1.0 2.0 3.0 4.0 5.0 6.0
The Model is fully functional OK Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24
Model Checks are OK - Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24
Dividend Payout Ratio % 60.00% 60.00% 60.00% 60.00% 60.00% 60.00%
Proposed New Common Stock Issuance USD 100,000 100,000 100,000 100,000 100,000 100,000
New Common Stock Issuance USD OK 100,000 100,000 100,000 100,000 100,000 100,000
Common Stock Repurchases USD 0 200,000 200,000 200,000 200,000 200,000
New Preferred Stock Issuance USD 1,000,000 2,000,000 3,000,000 3,000,000 3,000,000 3,000,000
Preferred Stock Coupon Payment % 10% 10% 10% 10% 10% 10%

End of Sheet
Commercial Bank Financial Model
Inc. Statement Inputs Actual Forecast Forecast Forecast Forecast Forecast Forecast
1.0 2.0 3.0 4.0 5.0 6.0
The Model is fully functional OK Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24
Model Checks are OK - Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24

1 . Income Statement Assumptions

1.1 Allowance Provision, ChargeOffs, Recoveries
Allowance for Loan Losses - Bf USD 5,600,000
Allowance Provision
Housing / Mortgage % on Gross Loans 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
Consumer % on Gross Loans 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Business % on Gross Loans 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Other % on Gross Loans 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%

Written off as uncollectable (ChargeOffs)

Housing / Mortgage % on Gross Loans 0.38% 0.38% 0.38% 0.38% 0.38% 0.38%
Consumer % on Gross Loans 2.25% 2.25% 2.25% 2.25% 2.25% 2.25%
Business % on Gross Loans 0.75% 0.75% 0.75% 0.75% 0.75% 0.75%
Other % on Gross Loans 1.13% 1.13% 1.13% 1.13% 1.13% 1.13%

Recoveries
Housing / Mortgage % on Gross Loans 0.11% 0.11% 0.11% 0.11% 0.11% 0.11%
Consumer % on Gross Loans 0.66% 0.66% 0.66% 0.66% 0.66% 0.66%
Business % on Gross Loans 0.22% 0.22% 0.22% 0.22% 0.22% 0.22%
Other % on Gross Loans 0.33% 0.33% 0.33% 0.33% 0.33% 0.33%
1.2 Interest Revenues
Cash % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Funds to Central Bank % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Available for Sale Securities % 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
Trading Assets / Other Securities % 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%
Housing / Mortgage % 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%
Consumer % 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Business % 7.00% 7.00% 7.00% 7.00% 7.00% 7.00%
Other % 8.00% 8.00% 8.00% 8.00% 8.00% 8.00%
Other Assets % 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%

1.3 Interest Expenses

Funds from Central Bank % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Checking Accounts % 0.10% 0.10% 0.10% 0.10% 0.10% 0.10%
Savings Accounts % 0.40% 0.40% 0.40% 0.40% 0.40% 0.40%
Term Deposits % 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Senior Debt % 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
Subordinated Notes % 6.50% 6.50% 6.50% 6.50% 6.50% 6.50%
Convertible Bonds % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Convertible Bonds % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Other Borrowings % 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
Preferred Equity % 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%

1.4 Non Interest Revenues

Investment Banking Fees USD / % Growth 1,000,000 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
Transactions Fees USD / % Trading Assets 80,000 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Banking Fees USD / % Loans and Deposits 500,000 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%
Asset Management & Other Fees USD / % Growth 1,000,000 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

1.5 Non Interest Expenses

Wages USD / % Growth 2,000,000 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Rent USD / % Growth 100,000 0.00% 0.00% 10.00% 0.00% 0.00% 10.00%
Office Equipment USD / % Growth 300,000 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
Professional Sevices USD / % Growth 400,000 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
Other USD / % Growth 400,000 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
Commercial Bank Financial Model
Inc. Statement Inputs Actual Forecast Forecast Forecast Forecast Forecast Forecast
1.0 2.0 3.0 4.0 5.0 6.0
The Model is fully functional OK Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24
Model Checks are OK - Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24
1.6 Taxation
Tax Rate % 35.00% 35.00% 35.00% 35.00% 35.00% 35.00%
End of Sheet
Commercial Bank Financial Model
Regulatory Inputs Actual Forecast Forecast Forecast Forecast Forecast Forecast
1.0 2.0 3.0 4.0 5.0 6.0
The Model is fully functional OK Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24
Model Checks are OK - Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24

1 . Regulatory Assumptions (assumes Basel III)

Min. Common Equity Tier 1 Ratio % 7.0% Includes: Capital Conservation Buffer Countercyclical Buffer
Min. Tier 1 Capital Ratio % 8.5% Includes: Capital Conservation Buffer Countercyclical Buffer
Min. Total Capital Ratio % 10.5% Includes: Capital Conservation Buffer Countercyclical Buffer
Min. Leverage Ratio % 3.0%
Apply?
Capital Conservation Buffer % 2.5% Yes
Countercyclical Buffer % 0.0% Yes
Loan Losses Allowance for Tier 2 Capital % 50.0%

2 . Regulatory Capital Calculations (assumes Basel III)

Share Capital USD 11,400,000 11,400,000 11,400,000 11,400,000 11,400,000 11,400,000 11,400,000
Retained Earnings to Common USD 2,000,000 3,027,931 4,012,300 5,140,940 6,408,865 7,853,213 9,528,580
Goodwill, Other Intangibles USD 1,000,000 900,000 800,000 700,000 600,000 500,000 400,000
Tangible Common Equity USD 12,400,000 13,527,931 14,612,300 15,840,940 17,208,865 18,753,213 20,528,580
Qualifying % of Noncontrolling Interests USD 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common Equity Tier 1 (CET 1) USD 12,400,000 13,527,931 14,612,300 15,840,940 17,208,865 18,753,213 20,528,580
Preferred Stock USD 2,000,000 3,000,000 5,000,000 8,000,000 11,000,000 14,000,000 17,000,000
Qualifying % of Noncontrolling Interests USD 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Tier 1 Capital USD 14,400,000 16,527,931 19,612,300 23,840,940 28,208,865 32,753,213 37,528,580

Subordinated Notes USD 5,000,000 5,687,888 6,428,245 7,274,556 8,242,295 9,349,215 10,615,693
Convertible Bonds USD 3,000,000 3,159,938 3,571,247 4,041,420 4,579,053 5,194,009 5,897,607
Loan Losses Allowance USD 2,800,000 3,093,750 3,427,192 3,806,051 4,236,898 4,727,273 5,285,832
Qualifying % of Noncontrolling Interests USD 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Tier 2 Capital USD 10,800,000 11,941,575 13,426,683 15,122,027 17,058,246 19,270,497 21,799,133
Total Capital USD 25,200,000 28,469,506 33,038,984 38,962,968 45,267,111 52,023,711 59,327,713
Risk-Weighted Assets USD ######### ######### ######### ######### 202,184,152 227,857,155 257,175,859
Total Interest Earning Assets USD ######### ######### ######### ######### 257,083,792 292,437,827 331,906,550
Risk-Weighted Assets % 84.44% 82.83% 81.25% 79.73% 78.65% 77.92% 77.48%

Tangible Assets USD ######### ######### ######### ######### 262,082,790 294,432,879 330,618,838
Tangible Common Equity Ratio % 7.50% 7.33% 7.06% 6.80% 6.57% 6.37% 6.21%
Common Equity Tier 1 Ratio % 9.73% 9.48% 9.13% 8.82% 8.51% 8.23% 7.98%
Tier 1 Capital Ratio % 11.29% 11.58% 12.26% 13.27% 13.95% 14.37% 14.59%
Total Capital Ratio % 19.76% 19.95% 20.65% 21.68% 22.39% 22.83% 23.07%
Leverage Ratio % 8.71% 8.95% 9.47% 10.23% 10.76% 11.12% 11.35%

Common Equity Tier 1 Ratio Check OK OK OK OK OK OK OK OK

Tier 1 Capital Ratio Check OK OK OK OK OK OK OK OK

Total Capital Ratio Check OK OK OK OK OK OK OK OK

Leverage Ratio Check OK OK OK OK OK OK OK OK

Regulatory Thresholds Check OK

3 . Regulatory Capital Surplus

Minimum CET 1 USD 9,987,600 11,198,229 12,578,421 14,152,891 15,950,001 18,002,310

Minimum Tier 1 Capital USD 12,127,800 13,597,850 15,273,797 17,185,653 19,367,858 21,859,948
Minimum Total Capital USD 14,981,400 16,797,344 18,867,632 21,229,336 23,925,001 27,003,465
CET 1 Surplus USD 3,540,331 3,414,071 3,262,519 3,055,975 2,803,213 2,526,270
Tier 1 Surplus USD 4,400,131 6,014,451 8,567,143 11,023,212 13,385,355 15,668,632
Total Capital Surplus USD 13,488,106 16,241,640 20,095,335 24,037,775 28,098,709 32,324,248

Additional Equity Required USD 0 0 0 0 0 0

4 . Common Dividends
Commercial Bank Financial Model
Regulatory Inputs Actual Forecast Forecast Forecast Forecast Forecast Forecast
1.0 2.0 3.0 4.0 5.0 6.0
The Model is fully functional OK Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24
Model Checks are OK - Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24
Minimum CET 1 Required USD 8,925,000 9,987,600 11,198,229 12,578,421 14,152,891 15,950,001
Dividend Payout Ratio % 60.00% 60.00% 60.00% 60.00% 60.00% 60.00%
Net Income to Common USD 2,319,828 2,710,923 3,071,599 3,419,813 3,860,870 4,438,418
Dividend Payout Target USD 1,391,897 1,626,554 1,842,960 2,051,888 2,316,522 2,663,051
Allowed Dividends USD 3,475,000 3,540,331 3,414,071 3,262,519 3,055,975 2,803,213
Issued Dividends USD 1,391,897 1,626,554 1,842,960 2,051,888 2,316,522 2,663,051

End of Sheet
Commercial Bank Financial Model
Calcs Actual Forecast Forecast Forecast Forecast Forecast Forecast

1.0 2.0 3.0 4.0 5.0 6.0

The Model is fully functional OK 01-Jan-19 01-Jan-20 01-Jan-21 01-Jan-22 01-Jan-23 01-Jan-24
Model Checks are OK - 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24

1 . Balance Sheet Calculations

1.1 Assets
Property, Plant & Equipment USD 20,000,000 19,229,187 18,426,406 17,588,939 16,713,456 15,796,214 14,890,298
Available for Sale Securities % Growth 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Trading Assets / Other Securities % Growth 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Cash % of Deposits 8.50% 8.50% 8.50% 8.50% 8.50% 8.50%

Cash USD 10,000,000 11,061,050 12,412,474 13,933,609 15,646,347 17,575,471 19,749,051
Funds to Central Bank USD 10,000,000 14,619,182 20,177,747 26,947,240 33,901,018 41,047,738 48,347,976
Available for Sale Securities USD 9,000,000 9,270,000 9,548,100 9,834,543 10,129,579 10,433,467 10,746,471
Trading Assets / Other Securities USD 8,000,000 8,240,000 8,487,200 8,741,816 9,004,070 9,274,193 9,552,418

Housing / Mortgage % Growth 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%

Consumer % Growth 15.00% 15.00% 15.00% 15.00% 15.00% 15.00%
Business % Growth 15.00% 15.00% 15.00% 15.00% 15.00% 15.00%
Other % Growth 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%

ChargeOffs USD 0 937,500 1,064,175 1,209,125 1,375,044 1,565,029 1,782,636

Recoveries USD 0 275,000 312,158 354,677 403,346 459,075 522,907

Housing / Mortgage USD 15,000,000 16,500,000 18,150,000 19,965,000 21,961,500 24,157,650 26,573,415
Consumer USD 8,000,000 9,200,000 10,580,000 12,167,000 13,992,050 16,090,858 18,504,486
Business USD 80,000,000 92,000,000 105,800,000 121,670,000 139,920,500 160,908,575 185,044,861
Other USD 9,000,000 9,360,000 9,734,400 10,123,776 10,528,727 10,949,876 11,387,871
Gross Loans USD 112,000,000 126,397,500 142,849,883 161,656,811 183,162,114 207,760,342 235,904,288
Loans as % Deposits % 97% 97% 98% 99% 100% 100% 102%
Loan Losses Allowance USD 5,600,000 6,187,500 6,854,383 7,612,101 8,473,795 9,454,546 10,571,665
Net Loans USD 106,400,000 120,210,000 135,995,500 154,044,710 174,688,319 198,305,796 225,332,623
Goodwill Impairment USD 100,000 100,000 100,000 100,000 100,000 100,000
Other Assets % Growth 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Goodwill USD 1,000,000 900,000 800,000 700,000 600,000 500,000 400,000
Other Assets USD 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000
Total Assets USD 166,400,000 185,529,419 207,847,426 233,790,858 262,682,790 294,932,879 331,018,838

1.2 Liabilities and Equity

Checking Accounts % Growth 15.00% 15.00% 15.00% 15.00% 15.00% 15.00%
Savings Accounts % Growth 12.00% 12.00% 12.00% 12.00% 12.00% 12.00%
Term Deposits % Growth 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Funds from Central Bank USD 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000
Checking Accounts USD 35,000,000 40,250,000 46,287,500 53,230,625 61,215,219 70,397,502 80,957,127
Savings Accounts USD 39,000,000 43,680,000 48,921,600 54,792,192 61,367,255 68,731,326 76,979,085
Term Deposits USD 42,000,000 46,200,000 50,820,000 55,902,000 61,492,200 67,641,420 74,405,562
Total Deposits USD 116,000,000 130,130,000 146,029,100 163,924,817 184,074,674 206,770,247 232,341,774

Senior Debt % of Loans 9.00% 9.00% 9.00% 9.00% 9.00% 9.00%

Subordinated Notes % of Loans 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%
Convertible Bonds % of Loans 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%
Trading Liabilities % of Trading Assets 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
Other Borrowings % of Loans 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%

Senior Debt USD 10,000,000 11,375,775 12,856,489 14,549,113 16,484,590 18,698,431 21,231,386
Subordinated Notes USD 5,000,000 5,687,888 6,428,245 7,274,556 8,242,295 9,349,215 10,615,693
Convertible Bonds USD 3,000,000 3,159,938 3,571,247 4,041,420 4,579,053 5,194,009 5,897,607
Trading Liabilities USD 2,000,000 2,060,000 2,121,800 2,185,454 2,251,018 2,318,548 2,388,105
Other Borrowings USD 5,000,000 5,687,888 6,428,245 7,274,556 8,242,295 9,349,215 10,615,693
Total Liabilities USD 151,000,000 168,101,488 187,435,126 209,249,917 233,873,925 261,679,666 293,090,257
Share Capital USD 11,400,000 11,400,000 11,400,000 11,400,000 11,400,000 11,400,000 11,400,000
Retained Earnings to Common USD 2,000,000 3,027,931 4,012,300 5,140,940 6,408,865 7,853,213 9,528,580
Preferred Stock USD 2,000,000 3,000,000 5,000,000 8,000,000 11,000,000 14,000,000 17,000,000
Total Equity USD 15,400,000 17,427,931 20,412,300 24,540,940 28,808,865 33,253,213 37,928,580
Total Liabilities & Equity USD 166,400,000 185,529,419 207,847,426 233,790,858 262,682,790 294,932,879 331,018,838
Commercial Bank Financial Model
Calcs Actual Forecast Forecast Forecast Forecast Forecast Forecast

1.0 2.0 3.0 4.0 5.0 6.0

The Model is fully functional OK 01-Jan-19 01-Jan-20 01-Jan-21 01-Jan-22 01-Jan-23 01-Jan-24
Model Checks are OK - 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24
Check OK OK OK OK OK OK OK OK

1.3 Central Bank Funds

Total Assets less funds to central bank USD 180,910,237 202,288,862 227,021,364 255,729,012 287,786,159 323,718,600
Total Liabilities & Equity less funds from central bank USD 185,529,419 207,847,426 233,790,858 262,682,790 294,932,879 331,018,838
Increase in Funds to Central Bank USD 4,619,182 5,558,565 6,769,494 6,953,778 7,146,720 7,300,238
Increase in Funds from Central Bank USD 0 0 0 0 0 0

1.4 Tangibles Assets & Goodwill, Capex & Depreciation

1.4.1 Capital Expenditure

Capex as % of Net Revenue % 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Total Net Revenue USD 9,549,455 10,604,843 11,810,761 13,179,462 14,734,411 16,502,541
Capex USD 286,484 318,145 354,323 395,384 442,032 495,076
Capex Depreciation in Years Years 5.00
Capex Depreciation as a % % 20.00%

Year Capex / Year Depreciation

2019 286,484 57,297 57,297 57,297 57,297 57,297 -
2020 318,145 63,629 63,629 63,629 63,629 63,629
2021 354,323 70,865 70,865 70,865 70,865
2022 395,384 79,077 79,077 79,077
2023 442,032 88,406 88,406
2024 495,076 99,015
Total 2,291,444 OK 57,297 120,926 191,790 270,867 359,274 400,992

1.4.2 Existing Tangible Assets

Property, Plant & Equipment USD 20,000,000

Existing Tangible Assets Depreciation in Years Years 20.00
Existing Tangible Assets Depreciation as a % % 5%

Existing Assets Depreciation USD 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

1.4.3 Net Book Value

Opening Balance USD 20,000,000 20,000,000 19,229,187 18,426,406 17,588,939 16,713,456 15,796,214
Capex USD 286,484 318,145 354,323 395,384 442,032 495,076
Depreciation USD 1,057,297 1,120,926 1,191,790 1,270,867 1,359,274 1,400,992
Property, Plant & Equipment USD 20,000,000 19,229,187 18,426,406 17,588,939 16,713,456 15,796,214 14,890,298
Commercial Bank Financial Model
Calcs Actual Forecast Forecast Forecast Forecast Forecast Forecast

1.0 2.0 3.0 4.0 5.0 6.0

The Model is fully functional OK 01-Jan-19 01-Jan-20 01-Jan-21 01-Jan-22 01-Jan-23 01-Jan-24
Model Checks are OK - 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24
2 . Income Statement Calculations
2.1 Interest Revenues
Cash USD 10,000,000 11,061,050 12,412,474 13,933,609 15,646,347 17,575,471 19,749,051
Funds to Central Bank USD 10,000,000 14,619,182 20,177,747 26,947,240 33,901,018 41,047,738 48,347,976
Available for Sale Securities USD 9,000,000 9,270,000 9,548,100 9,834,543 10,129,579 10,433,467 10,746,471
Trading Assets / Other Securities USD 8,000,000 8,240,000 8,487,200 8,741,816 9,004,070 9,274,193 9,552,418
Housing / Mortgage USD 15,000,000 16,500,000 18,150,000 19,965,000 21,961,500 24,157,650 26,573,415
Consumer USD 8,000,000 9,200,000 10,580,000 12,167,000 13,992,050 16,090,858 18,504,486
Business USD 80,000,000 92,000,000 105,800,000 121,670,000 139,920,500 160,908,575 185,044,861
Other USD 9,000,000 9,360,000 9,734,400 10,123,776 10,528,727 10,949,876 11,387,871
Other Assets USD 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000
Total Interest Earning Assets USD 151,000,000 172,250,232 196,889,920 225,382,985 257,083,792 292,437,827 331,906,550

Cash % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Funds to Central Bank % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Available for Sale Securities % 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
Trading Assets / Other Securities % 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%
Housing / Mortgage % 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%
Consumer % 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Business % 7.00% 7.00% 7.00% 7.00% 7.00% 7.00%
Other % 8.00% 8.00% 8.00% 8.00% 8.00% 8.00%
Other Assets % 4.50% 4.50% 4.50% 4.50% 4.50% 4.50%
Total Interest Income % 4.93% 4.87% 4.80% 4.76% 4.74% 4.74%
Total Interest Income USD 8,490,000 9,580,200 10,824,894 12,246,638 13,871,322 15,728,659

2.2 Interest Expenses

Funds from Central Bank USD 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000
Checking Accounts USD 35,000,000 40,250,000 46,287,500 53,230,625 61,215,219 70,397,502 80,957,127
Savings Accounts USD 39,000,000 43,680,000 48,921,600 54,792,192 61,367,255 68,731,326 76,979,085
Term Deposits USD 42,000,000 46,200,000 50,820,000 55,902,000 61,492,200 67,641,420 74,405,562
Senior Debt USD 10,000,000 11,375,775 12,856,489 14,549,113 16,484,590 18,698,431 21,231,386
Subordinated Notes USD 5,000,000 5,687,888 6,428,245 7,274,556 8,242,295 9,349,215 10,615,693
Convertible Bonds USD 3,000,000 3,159,938 3,571,247 4,041,420 4,579,053 5,194,009 5,897,607
Trading Liabilities USD 2,000,000 2,060,000 2,121,800 2,185,454 2,251,018 2,318,548 2,388,105
Other Borrowings USD 5,000,000 5,687,888 6,428,245 7,274,556 8,242,295 9,349,215 10,615,693
Total Interest Earning Liabilities USD 151,000,000 168,101,488 187,435,126 209,249,917 233,873,925 261,679,666 293,090,257

Funds from Central Bank % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Checking Accounts % 0.10% 0.10% 0.10% 0.10% 0.10% 0.10%
Savings Accounts % 0.40% 0.40% 0.40% 0.40% 0.40% 0.40%
Term Deposits % 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Senior Debt % 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
Subordinated Notes % 6.50% 6.50% 6.50% 6.50% 6.50% 6.50%
Convertible Bonds % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Convertible Bonds % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Other Borrowings % 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
Total Interest Expense % 0.97% 0.98% 0.99% 0.99% 1.00% 1.00%
Commercial Bank Financial Model
Calcs Actual Forecast Forecast Forecast Forecast Forecast Forecast

1.0 2.0 3.0 4.0 5.0 6.0

The Model is fully functional OK 01-Jan-19 01-Jan-20 01-Jan-21 01-Jan-22 01-Jan-23 01-Jan-24
Model Checks are OK - 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24
Total Interest Expense USD 1,636,000 1,842,987 2,067,964 2,322,703 2,611,277 2,938,326

2.3 Net Interest Income

Net Interest Income USD 6,854,000 7,737,213 8,756,930 9,923,935 11,260,045 12,790,333
Interest Rate Spread % 3.96% 3.88% 3.81% 3.77% 3.75% 3.74%
2.4 Non Interest Revenues
Investment Banking Fees % Growth 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
Transactions Fees % Trading Assets 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Banking Fees % Loans and Deposits 0.20% 0.20% 0.20% 0.20% 0.20% 0.20%
Asset Management & Other Fees % Growth 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
Investment Banking Fees USD 1,000,000 1,050,000 1,102,500 1,157,625 1,215,506 1,276,282 1,340,096
Transactions Fees USD 80,000 82,400 84,872 87,418 90,041 92,742 95,524
Banking Fees USD 500,000 513,055 577,758 651,163 734,474 829,061 936,492
Asset Management & Other Fees USD 1,000,000 1,050,000 1,102,500 1,157,625 1,215,506 1,276,282 1,340,096
Non Interest Revenues USD 2,580,000 2,695,455 2,867,630 3,053,831 3,255,527 3,474,366 3,712,208

2.5 Total Net Revenue

Total Net Revenue USD 9,549,455 10,604,843 11,810,761 13,179,462 14,734,411 16,502,541

2.6 Allowance Provision, ChargeOffs, Recoveries

Allowance for Loan Losses - Bf USD 5,600,000 5,600,000 6,187,500 6,854,383 7,612,101 8,473,795 9,454,546
Allowance Provision USD 1,250,000 1,418,900 1,612,166 1,833,392 2,086,705 2,376,848
ChargeOffs USD 937,500 1,064,175 1,209,125 1,375,044 1,565,029 1,782,636
Recoveries USD 275,000 312,158 354,677 403,346 459,075 522,907
Allowance for Loan Losses USD 5,600,000 6,187,500 6,854,383 7,612,101 8,473,795 9,454,546 10,571,665
Allowance Provision % 0.99% 0.99% 1.00% 1.00% 1.00% 1.01%
ChargeOffs % 0.74% 0.74% 0.75% 0.75% 0.75% 0.76%
Recoveries % 0.22% 0.22% 0.22% 0.22% 0.22% 0.22%

Allowance Provision
Housing / Mortgage % on Gross Loans 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
Consumer % on Gross Loans 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Business % on Gross Loans 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
Other % on Gross Loans 1.50% 1.50% 1.50% 1.50% 1.50% 1.50%
Written off as uncollectable (ChargeOffs)
Housing / Mortgage % on Gross Loans 0.38% 0.38% 0.38% 0.38% 0.38% 0.38%
Consumer % on Gross Loans 2.25% 2.25% 2.25% 2.25% 2.25% 2.25%
Business % on Gross Loans 0.75% 0.75% 0.75% 0.75% 0.75% 0.75%
Other % on Gross Loans 1.13% 1.13% 1.13% 1.13% 1.13% 1.13%
Recoveries
Housing / Mortgage % on Gross Loans 0.11% 0.11% 0.11% 0.11% 0.11% 0.11%
Consumer % on Gross Loans 0.66% 0.66% 0.66% 0.66% 0.66% 0.66%
Business % on Gross Loans 0.22% 0.22% 0.22% 0.22% 0.22% 0.22%
Other % on Gross Loans 0.33% 0.33% 0.33% 0.33% 0.33% 0.33%
2.7 Non Interest Expenses
Wages % Growth 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Rent % Growth 0.00% 0.00% 10.00% 0.00% 0.00% 10.00%
Office Equipment % Growth 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
Professional Sevices % Growth 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
Other % Growth 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
Wages USD 2,000,000 2,060,000 2,121,800 2,185,454 2,251,018 2,318,548 2,388,105
Rent USD 100,000 100,000 100,000 110,000 110,000 110,000 121,000
Office Equipment USD 300,000 301,500 303,008 304,523 306,045 307,575 309,113
Professional Sevices USD 400,000 402,000 404,010 406,030 408,060 410,101 412,151
Other USD 400,000 402,000 404,010 406,030 408,060 410,101 412,151
Non Interest Expenses USD 3,200,000 3,265,500 3,332,828 3,412,037 3,483,183 3,556,325 3,642,520
End of Sheet
Commercial Bank Financial Model
Statements Actual Forecast Forecast Forecast Forecast Forecast Forecast

1.0 2.0 3.0 4.0 5.0 6.0

The Model is fully functional OK 01-Jan-19 01-Jan-20 01-Jan-21 01-Jan-22 01-Jan-23 01-Jan-24
Model Checks are OK - 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24

1 . Income Statement
Total Interest Income USD 8,490,000 9,580,200 10,824,894 12,246,638 13,871,322 15,728,659
Total Interest Expense USD 1,636,000 1,842,987 2,067,964 2,322,703 2,611,277 2,938,326
Net Interest Income USD 6,854,000 7,737,213 8,756,930 9,923,935 11,260,045 12,790,333
Interest Rate Spread % 4% 4% 4% 4% 4% 4%

Non Interest Revenues USD 2,695,455 2,867,630 3,053,831 3,255,527 3,474,366 3,712,208

Total Net Revenue USD 9,549,455 10,604,843 11,810,761 13,179,462 14,734,411 16,502,541

Allowance Provision USD 1,250,000 1,418,900 1,612,166 1,833,392 2,086,705 2,376,848

Non Interest Expenses USD 3,265,500 3,332,828 3,412,037 3,483,183 3,556,325 3,642,520

Depreciation USD 1,057,297 1,120,926 1,191,790 1,270,867 1,359,274 1,400,992

Goodwill Impairment USD 100,000 100,000 100,000 100,000 100,000 100,000
Earnings Before Tax (EBT) USD 3,876,658 4,632,190 5,494,768 6,492,020 7,632,108 8,982,181

Taxes USD 1,356,830 1,621,266 1,923,169 2,272,207 2,671,238 3,143,763

Net Income USD 2,519,828 3,010,923 3,571,599 4,219,813 4,960,870 5,838,418

Retained Earnings b/f USD 4,000,000 6,027,931 9,012,300 13,140,940 17,408,865 21,853,213
Net Income USD 2,519,828 3,010,923 3,571,599 4,219,813 4,960,870 5,838,418
Common Dividends USD 1,391,897 1,626,554 1,842,960 2,051,888 2,316,522 2,663,051
Stock Issuances USD 100,000 100,000 100,000 100,000 100,000 100,000
Stock Repurchases USD 0 200,000 200,000 200,000 200,000 200,000
Preferred Stock Issuance USD 1,000,000 2,000,000 3,000,000 3,000,000 3,000,000 3,000,000
Preferred Dividends USD 200,000 300,000 500,000 800,000 1,100,000 1,400,000
Retained Earnings USD 4,000,000 6,027,931 9,012,300 13,140,940 17,408,865 21,853,213 26,528,580

Profit & Loss Check OK OK OK OK OK OK OK

Commercial Bank Financial Model
Statements Actual Forecast Forecast Forecast Forecast Forecast Forecast

1.0 2.0 3.0 4.0 5.0 6.0

The Model is fully functional OK 01-Jan-19 01-Jan-20 01-Jan-21 01-Jan-22 01-Jan-23 01-Jan-24
Model Checks are OK - 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24
2 . Balance Sheet
% Risk
Property, Plant & Equipment USD 0% 20,000,000 19,229,187 18,426,406 17,588,939 16,713,456 15,796,214 14,890,298

Cash USD 0% 10,000,000 11,061,050 12,412,474 13,933,609 15,646,347 17,575,471 19,749,051

Funds to Central Bank USD 0% 10,000,000 14,619,182 20,177,747 26,947,240 33,901,018 41,047,738 48,347,976
Available for Sale Securities USD 100% 9,000,000 9,270,000 9,548,100 9,834,543 10,129,579 10,433,467 10,746,471
Trading Assets / Other Securities USD 100% 8,000,000 8,240,000 8,487,200 8,741,816 9,004,070 9,274,193 9,552,418

Housing / Mortgage USD 82% 15,000,000 16,500,000 18,150,000 19,965,000 21,961,500 24,157,650 26,573,415
Consumer USD 90% 8,000,000 9,200,000 10,580,000 12,167,000 13,992,050 16,090,858 18,504,486
Business USD 100% 80,000,000 92,000,000 105,800,000 121,670,000 139,920,500 160,908,575 185,044,861
Other USD 100% 9,000,000 9,360,000 9,734,400 10,123,776 10,528,727 10,949,876 11,387,871
Gross Loans USD 97% 112,000,000 126,397,500 142,849,883 161,656,811 183,162,114 207,760,342 235,904,288
Loans as % Deposits % 97% 97% 98% 99% 100% 100% 102%
Loan Losses Allowance USD 5,600,000 6,187,500 6,854,383 7,612,101 8,473,795 9,454,546 10,571,665
Net Loans USD 106,400,000 120,210,000 135,995,500 154,044,710 174,688,319 198,305,796 225,332,623

Goodwill USD 0% 1,000,000 900,000 800,000 700,000 600,000 500,000 400,000

Other Assets USD 100% 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000

Total Assets USD 166,400,000 185,529,419 207,847,426 233,790,858 262,682,790 294,932,879 331,018,838
Risk Weighted Assets USD 127,500,000 142,680,000 159,974,700 179,691,735 202,184,152 227,857,155 257,175,859

Funds from Central Bank USD 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000
Total Deposits USD 116,000,000 130,130,000 146,029,100 163,924,817 184,074,674 206,770,247 232,341,774
Senior Debt USD 10,000,000 11,375,775 12,856,489 14,549,113 16,484,590 18,698,431 21,231,386
Subordinated Notes USD 5,000,000 5,687,888 6,428,245 7,274,556 8,242,295 9,349,215 10,615,693
Convertible Bonds USD 3,000,000 3,159,938 3,571,247 4,041,420 4,579,053 5,194,009 5,897,607
Trading Liabilities USD 2,000,000 2,060,000 2,121,800 2,185,454 2,251,018 2,318,548 2,388,105
Other Borrowings USD 5,000,000 5,687,888 6,428,245 7,274,556 8,242,295 9,349,215 10,615,693
Total Liabilities USD 151,000,000 168,101,488 187,435,126 209,249,917 233,873,925 261,679,666 293,090,257

Share Capital USD 11,400,000 11,400,000 11,400,000 11,400,000 11,400,000 11,400,000 11,400,000
Retained Earnings to Common USD 2,000,000 3,027,931 4,012,300 5,140,940 6,408,865 7,853,213 9,528,580
Preferred Stock USD 2,000,000 3,000,000 5,000,000 8,000,000 11,000,000 14,000,000 17,000,000
Total Equity USD 15,400,000 17,427,931 20,412,300 24,540,940 28,808,865 33,253,213 37,928,580

Total Liabilities and Equity USD 166,400,000 185,529,419 207,847,426 233,790,858 262,682,790 294,932,879 331,018,838

Balance Sheet Check OK OK OK OK OK OK OK OK

- - - - - - -
Commercial Bank Financial Model
Statements Actual Forecast Forecast Forecast Forecast Forecast Forecast

1.0 2.0 3.0 4.0 5.0 6.0

The Model is fully functional OK 01-Jan-19 01-Jan-20 01-Jan-21 01-Jan-22 01-Jan-23 01-Jan-24
Model Checks are OK - 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24
3 . Cash Flow Statement

Earnings Before Tax (EBT) USD 3,876,658 4,632,190 5,494,768 6,492,020 7,632,108 8,982,181
Taxes USD -1,356,830 -1,621,266 -1,923,169 -2,272,207 -2,671,238 -3,143,763
Add back: Allowance Provision USD 1,250,000 1,418,900 1,612,166 1,833,392 2,086,705 2,376,848
Add back: Depreciation USD 1,057,297 1,120,926 1,191,790 1,270,867 1,359,274 1,400,992
Add back: Goodwill Impairment USD 100,000 100,000 100,000 100,000 100,000 100,000
Gross Operating Cash Flow USD 4,927,125 5,650,749 6,475,556 7,424,072 8,506,849 9,716,258
(Increase) / Decrease in Gross Loans USD (14,397,500) (16,452,383) (18,806,928) (21,505,303) (24,598,228) (28,143,946)
ChargeOffs USD -937,500 -1,064,175 -1,209,125 -1,375,044 -1,565,029 -1,782,636
Recoveries USD 275,000 312,158 354,677 403,346 459,075 522,907
(Increase) / Decrease in Funds to Central Bank USD (4,619,182) (5,558,565) (6,769,494) (6,953,778) (7,146,720) (7,300,238)
(Increase) / Decrease in Trading Assets / Other Securities USD (240,000) (247,200) (254,616) (262,254) (270,122) (278,226)
(Increase) / Decrease in Other Assets USD - - - - - -
Increase / (Decrease) in Funds from Central Bank USD - - - - - -
Increase / (Decrease) in Total Deposits USD 14,130,000 15,899,100 17,895,717 20,149,857 22,695,573 25,571,526
Increase / (Decrease) in Trading Liabilities USD 60,000 61,800 63,654 65,564 67,531 69,556
Cash Flow from Operations USD (802,057) (1,398,516) (2,250,559) (2,053,542) (1,851,071) (1,624,798)

Capital Expenditures USD (286,484) (318,145) (354,323) (395,384) (442,032) (495,076)

Available for Sale Securities USD (270,000) (278,100) (286,443) (295,036) (303,887) (313,004)
Cash Flow from Investment USD (556,484) (596,245) (640,766) (690,420) (745,920) (808,080)

Senior Debt Increase / (Decrease) USD 1,375,775 1,480,714 1,692,624 1,935,477 2,213,841 2,532,955
Subordinated Notes Increase / (Decrease) USD 687,888 740,357 846,312 967,739 1,106,920 1,266,478
Convertible Bonds Increase / (Decrease) USD 159,938 411,310 470,173 537,633 614,956 703,599
Other Borrowings Increase / (Decrease) USD 687,888 740,357 846,312 967,739 1,106,920 1,266,478
Share Capital Increase / (Decrease) USD - - - - - -
Common Dividends USD (1,391,897) (1,626,554) (1,842,960) (2,051,888) (2,316,522) (2,663,051)
Stock Issuances USD 100,000 100,000 100,000 100,000 100,000 100,000
Stock Repurchases USD - (200,000) (200,000) (200,000) (200,000) (200,000)
Preferred Stock Issuance USD 1,000,000 2,000,000 3,000,000 3,000,000 3,000,000 3,000,000
Preferred Dividends USD (200,000) (300,000) (500,000) (800,000) (1,100,000) (1,400,000)
Cash flow from Financing USD 2,419,591 3,346,185 4,412,461 4,456,700 4,526,115 4,606,458

Opening Cash Balance USD 10,000,000 11,061,050 12,412,474 13,933,609 15,646,347 17,575,471
Cash Inflow / (Outflow) USD 1,061,050 1,351,424 1,521,136 1,712,738 1,929,124 2,173,580
Cash Balance USD 10,000,000 11,061,050 12,412,474 13,933,609 15,646,347 17,575,471 19,749,051

Cash Flow Check OK OK OK OK OK OK OK OK

End of Sheet
Commercial Bank Financial Model
CoE
The Model is fully functional
Model Checks are OK -

1. Cost of Equity

Risk-free rate 2.2%

Selected asset beta 1.50
Equity market risk premium 5.5%
Country specific risk premium 1.5%
Cost of equity capital 11.9%

End of Sheet
Commercial Bank Financial Model
Valuation Forecast Forecast Forecast Forecast Forecast Forecast Perpetuity
1.0 2.0 3.0 4.0 5.0 6.0
The Model is fully functional OK 01-Jan-19 01-Jan-20 01-Jan-21 01-Jan-22 01-Jan-23 01-Jan-24
Model Checks are OK - 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24
2018 2019 2020 2021 2022 2023 2024
1 . Dividend Discount Model
Selection of Discounting Period 2
End of Year Months 12 24 36 48 60 72 72
Mid Year Months 6 18 30 42 54 66 66
Valuation Date 31-Dec-18
Cost of Equity 11.94%
Growth Rate to Perpetuity (GRP) 0.5%
Dividends USD 1,391,897 1,626,554 1,842,960 2,051,888 2,316,522 2,663,051 2,676,366
Cash Flow from Perpetuity USD 23,394,806
Discount Factor USD 94.5% 84.4% 75.4% 67.4% 60.2% 53.8% 53.8%
Present Value USD 1,315,571 1,373,379 1,390,121 1,382,627 1,394,449 1,432,057 12,580,569
Equity Value USD 20,868,773
Sensitivity Analysis
Minimum USD 19,836,811 20,868,773 11.69% 11.9% 12.19%
Central USD 20,868,773 CoE 2,500.00% - 20,746,608 20,281,980 19,836,811
Maximum USD 22,042,363 0.5% 21,365,536 20,868,773 20,393,661
GRP 5,000.00% 1.00% 22,042,363 21,509,204 21,000,273
End of Sheet
Commercial Bank Financial Model
Metrics Forecast Forecast Forecast Forecast Forecast Forecast

1.0 2.0 3.0 4.0 5.0 6.0

The Model is fully functional 01-Jan-19 01-Jan-20 01-Jan-21 01-Jan-22 01-Jan-23 01-Jan-24
Model Checks are OK - 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24
2018 2019 2020 2021 2022 2023 2024
1 . Commercial Bank Metrics & Ratios
Net Loans / Total Assets 63.9% 64.8% 65.4% 65.9% 66.5% 67.2% 68.1%

Deposits
Loan &
Deposits / Total Liabilities & Equity 69.7% 70.1% 70.3% 70.1% 70.1% 70.1% 70.2%

Net Loans / Deposits 91.7% 92.4% 93.1% 94.0% 94.9% 95.9% 97.0%

Loan Losses
0.5% 0.5% 0.5% 0.5% 0.5% 0.5%

Allowance
Net Charge-Off Ratio
Net Charge-Offs / Loan Loss Allowance 10.7% 11.0% 11.2% 11.5% 11.7% 11.9%

Allowance % on Gross Loans 5.0% 4.9% 4.8% 4.7% 4.6% 4.6%

Return on Common Equity 16.1% 17.6% 18.6% 19.2% 20.1% 21.2%

Returns on

Return on Tangible Common Equity 17.1% 18.6% 19.4% 19.9% 20.6% 21.6%
Equity &
Assets

Return on Equity 14.5% 14.8% 14.6% 14.6% 14.9% 15.4%

Return on Assets 1.4% 1.4% 1.5% 1.6% 1.7% 1.8%
Return on Tangible Assets 1.4% 1.5% 1.5% 1.6% 1.7% 1.8%

Net Interest Margin 4.0% 3.9% 3.9% 3.9% 3.9% 3.9%

Margins
Interest

Interest Income Margin 4.9% 4.9% 4.8% 4.8% 4.7% 4.7%

Interest Expense Margin 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%
Spread 4.0% 3.9% 3.8% 3.8% 3.7% 3.7%

Net Interest / Net Revenue 71.8% 73.0% 74.1% 75.3% 76.4% 77.5%
Ratios
Other

Fixed Expenses Ratio 34.2% 31.4% 28.9% 26.4% 24.1% 22.1%

Dividend Payout Ratio 60.0% 60.0% 60.0% 60.0% 60.0% 60.0%
End of Sheet
Commercial Bank Financial Model
Graphs

The Model is fully functional

Model Checks are OK -
* Graphs in USD mil. unless otherwise stated

Equity Value Dividends Interest Bearing Assets & Interest Revenues

Total Interest Earning Assets Total Interest Income
20.87

USD mil.

USD mil.
332
2.7 292
2.3 257
2.1 225
1.8 172 197
1.6 151
1.4
0 8 10 11 12 14 16
Equity Value
2018 2019 2020 2021 2022 2023 2024
Interest Bearing Liabilities & Interest Expenses Non Interest Expenses Breakdown (2019) & Evolution
Other, 12%
Total Interest Earning Liabilities Total Interest Expense 3.64
3.56
Professional 3.48
Sevices, 12%
3.41
3.33
293 3.27
262 Office
234 Equipment,
187 209 9% Wages, 63%
151 168
Rent, 3%
0 2 2 2 2 3 3

2018 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024

Allowance for Loan Losses & Provision, ChargeOffs & Recoveries as % of Gross Loans Loans & Deposits
12.00 1.20
10.57 0.01
1.00% 94% 95% 96% 97%
9.45 1.00 92% 92% 93%
10.00 0.01
8.47
0.80 70%
8.00
7.61 0.75% 70%
65%
70%
65% 66%
70% 67% 70% 67% 70% 68% 70%
6.85 0.01 64%
USD MIL.

6.19 0.60
5.60
6.00 0.01
0.40
4.00 0.00
0.22% 0.20
2.00 0.00
0.00

0.00 0.00 2018 2019 2020 2021 2022 2023 2024

2018 2019 2020 2021 2022 2023 2024 Allowance ProvisionChargeOffs Recoveries Net Loans / Total Assets Deposits / Total Liabilities & Equity Net Loans / Deposits
Commercial Bank Financial Model
Graphs

The Model is fully functional

Model Checks are OK -
* Graphs in USD mil. unless otherwise stated

Returns on Equity & Assets Interest Rate Margins

21%22%
19%20% 20%21%
19%19% 4.9%
18%19% 4.9% 4.8% 4.8% 4.7% 4.7%
16%17% 15%
14% 15% 15% 15% 15% 4.0% 4.0% 3.9% 3.9% 3.9% 3.8% 3.9% 3.8% 3.9% 3.7% 3.9% 3.7%

1% 1% 1% 1% 2% 2% 2% 2% 2% 2% 2% 2%
1.0% 1.0% 1.0% 1.0% 1.0% 1.0%
2019 2020 2021 2022 2023 2024
Return on Common Equity Return on Tangible Common Equity 2019 2020 2021 2022 2023 2024
Return on Equity Return on Assets
Return on Tangible Assets Net Interest Margin Interest Income Margin Interest Expense Margin Spread

Regulatory Capital & Minimums Loans Breakdown

Leverage Ratio Total Capital Ratio Tier 1 Capital Ratio Common Equity Tier 1 Ratio Tangible Common Equity Ratio
22.8% 23.1% Business Housing / Mortgage Consumer Other 11
21.7% 22.4%
20.7% 19
19.8% 20.0%
11
16 27
14.4% 14.6% 11
13.3% 14.0% 14 24
11.6% 12.3% 11.4% 10
11.3% 10.8% 11.1% 22
9.7% 9.0% 9.5% 9.5% 10.2% 12
8.7% 9.1% 8.8% 8.5% 8.2% 10
7.5% 7.3% 8.0% 11 20
7.1% 6.8% 6.6% 6.4% 9
9 18
9
8 17
15

2018 2019 2020 2021 2022 2023 2024

Min. Leverage Ratio 3.0%

80 92 106 122 140 161 185
Min. Total Capital Ratio 10.5%
Min. Tier 1 Capital Ratio 8.5%
2018 2019 2020 2021 2022 2023 2024
Min. Common Equity Tier 1 Ratio 7.0%

Deposits Breakdown Net Interest Income, Net Revenue & Net Income

Net Interest Income Total Net Revenue Net Income

17
74 15
68 13 13
61 12 11
56 11
51 77 10 10
46 69 9
42 61 8
49 55 7
39 44 6
81 4 5
53 61 70 4
35 40 46 3
3
2018 2019 2020 2021 2022 2023 2024
2019 2020 2021 2022 2023 2024
Checking Accounts Savings Accounts Term Deposits

End of Sheet
Commercial Bank Financial Model
Checks
The Model is fully functional
Model Checks are OK -

1 . Model Completion Alert

Is the model complete? Option Yes
Has the Model been tested? Option Yes
The Model is fully functional
2 . Checks
Profit & Loss Check OK
Balance Sheet Check OK
Initial Balance Sheet Check OK
Cash Flow Check OK
Calculations Check OK
CET 1 Ratio Check Check OK
Tier 1 Ratio Check Check OK
Total Capital Ratip Check Check OK
Leverage Ratio Check Check OK
Regulatory Thresholds Check OK
Overall Model Checks are OK
Overall OK
End of Sheet