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Corporate PresentationSeptember 2019

Asdrúbal Zamora Corrales

Investment Advisor & Expat Liaison

azamora@asesorcoopenae.fi.crFB: CD Investments in Costa Rica

Relevant Figures- Total assets (Sept 2019), $1.392 million.- More than 135,700 Members (Sept 2019), only 647 employees.- Wide range of competitive products, almost equal to leading banks.- Largest credit union in Costa Rica and Central America- The 6th largest credit union in Latin America- Rated by Fitch Ratings, F1+(cri), AA-, outstanding performance- Audited by KPMG-Peat Marwick, world wide banks audit company- Supervised by SUGEF (C. R. Government) in an excellent way: 1,03- Credit default rate, one of the lowest of the financial system in C. R.- Target market: personal loans mostly to government employees- Interest rates for CD´s always higher than C.R. banks, today 10% on

a 3-years term colones certificate of deposit (CD).- Investors English customer service all over C. R. by Asdrúbal Zamora

Background Information of Costa Rica

• Population, approximately 5 million

• Land area: 51,000 square kilometers

• Annual inflation for: 2018 was 2.03%; 2017 was 2,57%;

2016 was 0,77%.

• Exchange rate, US$ 1 to ¢600 (colons)

• Assets of Financial Institutions represent 90% of our

annual GDP (we call it PIB)

Balance Sheet- USD millions -

Assets 1,392 100.0 1,312 100.0 79 6.05

Current Assets 1,311 94.2 1,210 92.2 101 8.4 Net Loans 951 68.3 870 66.3 81 9.3

Investments 361 25.9 340 25.9 20 6.0

Improductive Assets 81 5.8 102 7.8 -22 -21.3

Capital and Liabilities 1,392 100.0 1,312 100.0 79 6.1

Total Liabilities 1,160 83.3 1,106 84.3 53 4.8

Liabilities with financial cost 1,109 79.6 1,056 80.4 53 5.0

Savings 804 57.8 733 55.8 72 9.8

Debts with other banks 304 21.9 323 24.6 -19 -5.8

Liabilities with out financial cost 51 3.7 51 3.9 0 0.4

Shareholder's Equity 232 16.7 206 15.7 26 12.8

Equity capital 152 10.9 144 11.0 8 5.5

Share premium and others 80 5.8 62 4.7 18 29.7

Variationsep.-19 dic-18

Financial Revenues 153 100.0% 173 100.0% 23 13.1%

Financial Expenses 110 72.3% 123 70.9% 19 15.5%

Goss Financial Profits 42 27.7% 50 29.1% 4 7.4%

Services result 6 4.0% 6 3.2% 2 40.0%

Other operating result -2 -1.4% 1 0.4% -4 -532.3%

Profits before OE 46 30.3% 57 32.7% 2 4.3%

Total operating expenses 32 20.7% 40 22.9% 1 1.6%

Personnel expenses 16 10.6% 21 12.0% 0 0.1%

Other Operating Expenses 15 10.0% 19 11.0% 1 3.4%

Net Profits 15 9.6% 17 9.8% 2 10.5%

Annual Variation dic.-18sep-19

Income Statement- USD millions -

Source : COOPENAE database

33144

600

1,198 1,240 1,280 1,3121,392

2000 2005 2010 2015 2016 2017 2018 sep-19

Total Assets Growth- USD millions -

135,745

79,715

Members

2011 Sept-2019

Source: www.sugef.fi.cr september 2019 data

C.R. National Financial System

4Banks owned by the

Government or created by Special

law46,91%

11Private Banks

33,29%

2Mutual

association(Housing)

3,64%

5Other financial

companies1,13%

1Caja de Ande

4,18%

23Credit Unions

10,84%

46FinancialEntities

Market Share - Credit Unions -

Source : www.sugef.fi.cr september 2019 data

3,23%

3,97%

5,23%

7,42%7,85%

8,27%

9,16%9,83% 9,89% 9,89%

10,26%

10,84%

2001 2003 2005 2007 2009 2011 2013 2015 2016 2017 2018 sep-19

Ranking – Private Financial System- USD millions -

Amount # Amount # Amount # Amount #Bac Credomatic 6.147 1 3.356 1 727 1 74 1

Scotiabank 3.674 2 1.783 2 450 2 8 6

Davivienda Bank 3.075 3 1.304 3 298 3 13 4

Promerica Bank 2.008 4 1.061 5 133 8 3 15

Coopenae 1.392 5 783 6 232 4 15 3

ProfitsLoansCompany Assets Equity

Source : www.sugef.fi.cr September 2019 data

104 times A government bank

20 timesA Special law bank

9 timesPrivate bank

On 1995

8.8 timesA government bank

4.5 timesA Special law bank

4.8 timesPrivate bank

On 2018

6

Assets: USD 1.312

4CREDICITRUS

Assets: USD 1.457

5CC VALE DO ITAJAI –

VIACREDIAssets: USD 1.3642

COOPEUCHAssets: USD 2.363

3JUVENTUD ECUATORIANA

PROGRESISTA LTDAAssets: USD 1.920

1CAJA POPULAR MEXICANA

(*)

Assets: USD 2.723

(*) = September 2018 data

Credit Unions RankingLatin America - 2018

Sugef limit: <= 3.00%

Credit default rate(loans late more than 90 days)

Coopenae

Source : COOPENAE database

1,04% 1,05% 1,05%1,14% 1,14% 1,14%

1,28% 1,25% 1,25% 1,25%1,35%

oct-18 nov-18 dic-18 ene-19 feb-19 mar-19 abr-19 may-19 jun-19 jul-19 ago-19

Credit default rate (loans late more than 90 days)National Financial System

3,22%

2,33% 2,27%

1,90%

1,50%

4,06%

2,47%

1,35%

Bancos delEstado

Banco Leyespecial

BancosPrivados

Financieras Cooperativas Mutuales SFN TOTAL CoopenaeGovernment

BanksSpecial law

BankPrivate

BankCredit Unions Total NFS CoopenaeMutual

association (Housing)

Other financial

companies

Source : www.sugef.fi.cr August 2019 data

Liquidity

11.0%

13.0%

15.0%

17.0%

19.0%

21.0%

23.0%

25.0%

27.0%

29.0%

31.0%

33.0%oc

t.-17

nov.

-17

dic.-

17

ene.

-18

feb.

-18

mar

.-18

abr.-

18

may

.-18

jun.

-18

jul.-

18

ago.

-18

sep.

-18

oct.-

18

nov.

-18

dic.-

18

ene.

-19

feb.

-19

mar

.-19

abr.-

19

may

.-19

jun.

-19

jul.-

19

ago.

-19

sep.

-19

Inversiones / Activo SFN Inversiones / Activo Coopenae

Source : www.sugef.fi.cr September 2019 data

Investment / Assets NFS Investment / Assets Coopenae

Source : COOPENAE database

Certificates of deposit Coopenae Portfolio - USD millions -

269

339

398

515 534

599624 609 622

688

2010 2011 2012 2013 2014 2015 2016 2017 2018 sep-19

Source: • Public Banks and Private Banks: at june 2019

• Coopenae: at june 2019

Capital Adequacy Ratio (CAR)

9.0%

10.0%

11.0%

12.0%

13.0%

14.0%

15.0%

16.0%

17.0%

18.0%

19.0%

20.0%

21.0%

22.0%

ago.

-15

oct.

-15

dic.

-15

feb.

-16

abr.

-16

jun.

-16

ago.

-16

oct.

-16

dic.

-16

feb.

-17

abr.

-17

jun.

-17

ago.

-17

oct.

-17

dic.

-17

feb.

-18

abr.

-18

jun.

-18

ago.

-18

oct.

-18

dic.

-18

feb.

-19

abr.

-19

jun.

-19

Publico Privado CoopenaeGovernmentBanks

Private Bank

Best practices• FITCH Risk Rating, since 2007• Optimal qualification as local Borrower• Internationally recognized external auditors• Internal Audit unit• Self Regulation:

Ratio SUGEF CoopenaeCredit Default Rate < 3% < 2,00%

Liquidity over savings 15 % > 25 %

ROE > 0 % 300 bp over inflation rate

CAR >= 10% > 18%

Interest rate risk 5% 1%

Foreign exchange risk 5% 0,80%

CAMELS – Risk model 1,75 Normal 1,03

Asdrúbal Zamora Corrales

Investment advisor & expat liaison

azamora@asesorcoopenae.fi.cr

FB page: CD Investments in Costa Rica