Financing Structure

Total finance in Phase 1: AZN382.3m

Total finance in Phase 2: AZN280.5mn (Debt and Equity contributions)

Phase 1 financing structure:

GC financed the construction costs of the Phase 1 incurred till the Analysis date through the credit lines of BANK and as of the Analysis Date GC has the following debt outstanding:

■ Credit line 1: AZN173.5mn (including AZN 145.5 mn principal and AZN

28.0 mn capitalized interest) – 8% pa

■ Credit line 2: AZN204.5mn – 12% pa

■ Current interest payable balance AZN4.3mn

■ Total AZN378.0mn + AZN4.3mn interest payable

As at the Analysis date GC does not have sufficient cash-flows for the debt service payments and new terms for debt are required

It is expected that:

■ BANK will provide grace period of 10 years for the credit line of AZN 204.5 mn.

■ Interest will be capitalized during the provided grace period for this credit line

■ Interest rate will be considered 8% for all credit lines taken from the BANK

For completion phase 1 AZN 6.5 mn investment is required, which will be financed through local financing

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