kpmg

Citibank (Trinidad & Tobago) Limited

Year End: 31 December 2021
Loan Fees
48000 CORE LENDING FEES ON LOANS
Schedule K-405

DATE DESCRIPTION DATE

22.07.21 TRINIDAD CEMENT 102601009 22.07.21

08.10.21 MASSY GAS PRODUCTS HOLDINGS LTD 999 08.10.21
29.12.21 TRANSFER [Caribbean Bottlers] 3213634202 28.12.21

Balance per GL

Note: This Variance of $3,571,992.66, is above AMPT of $460,000 therefore, the adjustment was posted to SAM (see AM4)
Proposed Adjustment Debit Credit
Loan fee income 3,571,992.66
Advances (3,571,992.66)

Audit Tickmark Explanations:

^ Footed
>> Cross Footed
 IFRS 9 Non-Compliance Impact
LOAN FEE INCOME
Fee Income earned
AMOUNT Difference
in period
K-405.1 2,227,500.00 281,597.30 K-405.1 1,945,902.70 >>
K-405.1 241,109.68 (59,138.22) K-405.1 300,247.90 >>
K-405.1 1,325,842.06 - K-405.1 1,325,842.06 >>

Total 3,794,451.74 222,459.08 3,571,992.66 Note

^ ^ ^

Balance per GL (3,794,451.74)

K-300

Difference -
^

as posted to SAM (see AM4)

mpliance Impact
CARRYING AMOUNT
Carrying Amount
Difference
1,945,902.70 K-405.1
300,247.90 K-405.1
1,325,842.06 K-405.1

3,571,992.66
^
 kpmg
Citibank (Trinidad & Tobago) Limited
Year End: 31 December 2021
Loan Fees
48000 CORE LENDING FEES ON LOANS
Impact of IFRS 9 Non-compliance K-405.1

Procedures performed:
(a) Recalculate the loan fee income earned on the loan.
(b) Calculate the cashflows expected on the loan (i.e. interest & principal payments)
(c) Calculate the effective interest rate on the loan
(d) Calculate the interest amount on the loan
(e) Calculate the Gross carrying amount on the loan (taking into account any principal repayments made)
(f) Calculate the difference between the Gross carrying amount calculated (in (e) above) & the balance recorded in
(g) Calculate the amortised loan fee income amount
(h) Calculate the difference between the amortised loan fee income calculated (in (g) above) and the balance record

Note based on details in Signed Loan Agreement:

Interest Period: means, in relation to the Loan, each successive three (3) month period occurring after the Closing Date
Interest: Interest shall be calculated on the basis of a 360 day year consisting of 12 months of 30 days each and shall be

1 Name of Investment Trinidad Cement Limited Ỻ

Account Number 8221293600 K-105

Currency TTD Ỻ
Loan Amount 135,000,000 K-420 Pg 7

Arranger Fee 0.65% Ꞙ

(a) Loan Fee 2,227,500 © / [1]

Net Loan Proceeds 132,772,500 ©

Interest Rate 3.370% ₳
Start Date 22-Jul-21 K-420 Pg 7
Maturity Date 21-Jul-23 K-420 Pg 7
Tenor (in years) 2.0 ©

Breakdown of cash flows

(b)
Date Cash flow
22-Jul-21 (132,772,500) ©
22-Oct-21 1,137,375 ©
24-Jan-22 1,137,375 ©
22-Apr-22 1,137,375 ©
22-Jul-22 1,137,375 ©
24-Oct-22 1,137,375 ©
23-Jan-23 1,137,375 ©
24-Apr-23 1,137,375 ©
21-Jul-23 1,137,375 ©
21-Jul-23 135,000,000 ©

(c) Effective Interest Rate 4.3078% ©

Financial
Year Opening balance
Year
 22-Jul-21 132,772,500
31-Dec-21
22-Oct-21 132,772,500
24-Jan-22 133,054,097
22-Apr-22 133,369,785
31-Dec-22
22-Jul-22 133,595,478
24-Oct-22 133,870,270
23-Jan-23 134,194,871
31-Dec-23 24-Apr-23 134,475,998
21-Jul-23 134,760,097

2 Name of Investment Massy Gas Products Ỻ

Account Number 8221274600 K-105

Currency USD Ỻ
Loan Amount 5,000,000 K-410 Pg 3
Structuring Fee 0.75% K-410 Pg 12
(a) Loan Fee (37,500) © / [1]
Net Loan Proceeds 4,962,500 ©
Interest Rate 2.831% ₳
Start Date 30-Sep-21 ₳
Maturity Date 29-Mar-23 ₳
Tenor (in years) 1.5 ©

Principal repayments (USD)

Dates (see section 6.1 of Loan
agreement [K-410 Pg 11])
29-Dec-21 833,333 ₳
29-Mar-22 833,333 ₳
29-Jun-22 833,333 ₳
29-Sep-22 833,333 ₳
29-Dec-22 833,333 ₳
29-Mar-23 833,333 ₳

Breakdown of cash flows

(b)
Date Cash flow
30-Sep-21 (4,962,500) ©
29-Dec-21 35,386 ©
29-Mar-22 29,488 ©
29-Jun-22 23,591 ©
29-Sep-22 17,693 ©
29-Dec-22 11,795 ©
29-Mar-23 5,898 ©
29-Mar-23 5,000,000 ©

(c) Effective Interest Rate 2.1962% ©

Financial Opening balance

Year
Year (USD)
 30-Sep-21 4,962,500 >>
31-Dec-21
29-Dec-21 4,962,500 >>
29-Mar-22 4,953,768 >>
29-Jun-22 4,950,887 >>
31-Dec-22
29-Sep-22 4,954,480 >>
29-Dec-22 4,963,991 >>
31-Dec-23 29-Mar-23 4,979,154 >>

3 Name of Investment Caribbean Bottlers (T & T) Ltd Ỻ

Account Number 8221363600 K-105

Currency TTD Ỻ
Loan Amount 16,686,567 K-105
Structuring Fee 1.00% K-415 Pg 10
Undrawn Fee 0.75% K-415 Pg 10

Total Loan Facility 82,700,000 K-415 Pg 17

Undrawn Amount 66,013,433 E-205.1

Structuring Fee Amount 827,000 ©

Undrawn Fee Amount 498,842 ©
(a) Loan Fee 1,325,842 [1]
^
Net Loan Proceeds 15,360,725 ©
Interest Rate 5.120% ₳
Start Date 28-Dec-21 ₳
Maturity Date 15-Dec-25 ₳
Tenor (in years) 4.0 ©

Note: Repayment- The Principal Sum shall be repayable by twelve (12) equal consecutive quarterly instalments commen

Principal & Interest

repayments
Dates
(see section 4.1 of loan
agreement [see K-415 Pg 5])
28-Mar-23 1,390,547 ₳
28-Jun-23 1,390,547 ₳
28-Sep-23 1,390,547 ₳
28-Dec-23 1,390,547 ₳
28-Mar-24 1,390,547 ₳
28-Jun-24 1,390,547 ₳
30-Sep-24 1,390,547 ₳
30-Dec-24 1,390,547 ₳
28-Mar-25 1,390,547 ₳
30-Jun-25 1,390,547 ₳
29-Sep-25 1,390,547 ₳
15-Dec-25 1,390,547 ₳

Breakdown of cash flows

(b)
Date Cash flow
1 28-Dec-21 (15,360,725) ©
 2 28-Mar-22 213,588 ©
3 28-Jun-22 213,588 ©
4 28-Sep-22 213,588 ©
5 29-Dec-22 213,588 ©
28-Mar-23 213,588 ©
28-Jun-23 195,789 ©
28-Sep-23 177,990 ©
28-Dec-23 160,191 ©
28-Mar-24 142,392 ©
28-Jun-24 124,593 ©
30-Sep-24 106,794 ©
30-Dec-24 88,995 ©
28-Mar-25 71,196 ©
30-Jun-25 53,397 ©
29-Sep-25 35,598 ©
15-Dec-25 17,799 ©
15-Dec-25 16,686,567 ©
K-305
(c) Effective Interest Rate 5.8682% ©

Financial
Year Opening balance
Year

31-Dec-21 28-Dec-21 15,360,725 >>

28-Mar-22 15,360,725 >>
28-Jun-22 15,364,649 >>
31-Dec-22
28-Sep-22 15,373,499 >>
29-Dec-22 15,382,476 >>
28-Mar-23 15,391,583 >>
28-Jun-23 15,393,506 >>
31-Dec-23
28-Sep-23 15,420,572 >>
28-Dec-23 15,465,829 >>
28-Mar-24 15,527,089 >>
28-Jun-24 15,607,025 >>
31-Dec-24
30-Sep-24 15,708,379 >>
30-Dec-24 15,833,978 >>
28-Mar-25 15,971,706 >>
30-Jun-25 16,121,613 >>
31-Dec-25
29-Sep-25 16,306,724 >>
15-Dec-25 16,504,617 >>
principal payments)

account any principal repayments made)

calculated (in (e) above) & the balance recorded in the loan sub-ledger

me calculated (in (g) above) and the balance recorded in the schedule (see K-405)

three (3) month period occurring after the Closing Date and ending with the Maturity Date;
ar consisting of 12 months of 30 days each and shall be calculated on the amount of the Loan outstanding from time to time until final repayment of the Loa

Net Loan Proceeds

Interest Payment
Interest Payment
Interest Payment
Interest Payment
Interest Payment
Interest Payment
Interest Payment
Interest Payment
Principal

Gross Carrying
Gross Carrying
Interest per income statement Cash flow Amount Less Principal
Amount
Repayments
(d) (e)
 - © - © 132,772,500 >> -
1,418,972 © (1,137,375) © 133,054,097 >> -
1,453,063 © (1,137,375) © 133,369,785 >> -
1,363,068 © (1,137,375) © 133,595,478 >> -
1,412,167 © (1,137,375) © 133,870,270 >> -
1,461,976 © (1,137,375) © 134,194,871 >> -
1,418,503 © (1,137,375) © 134,475,998 >> -
1,421,474 © (1,137,375) © 134,760,097 >> -
1,377,277 © (136,137,375) © (0) >>

Outstanding Principal Balance (USD)

4,166,667
3,333,333
2,500,000
1,666,667
833,333
-

Net Loan Proceeds

Interest Payment
Interest Payment
Interest Payment
Interest Payment
Interest Payment
Interest Payment
Principal

Gross Carrying
Interest per income statement Cash flow Gross Carrying
Amount Less Principal
(USD) (USD) Amount (USD)
Repayments (USD)
(d) (e)
 - © - © 4,962,500 >> - >>
26,654 © (35,386) © 4,953,768 >> 4,120,435 >>
26,607 © (29,488) © 4,950,887 >> 4,117,553 >>
27,184 © (23,591) © 4,954,480 >> 4,121,147 >>
27,204 © (17,693) © 4,963,991 >> 4,130,657 >>
26,959 © (11,795) © 4,979,154 >> 4,145,821 >>
26,743 © (5,005,898) © (0) >>

see section 12.1 of loan agreement

see section 12.2 of loan agreement

e (12) equal consecutive quarterly instalments commencing on the fifth (5th) Interest Payment Date.

Outstanding Principal Balance

15,296,020 ©
13,905,472 ©
12,514,925 ©
11,124,378 ©
9,733,831 ©
8,343,283 ©
6,952,736 ©
5,562,189 ©
4,171,642 ©
2,781,095 ©
1,390,547 ©
- ©

Net Loan Proceeds

Interest Payment
Interest Payment
Interest Payment
Interest Payment
Interest Payment
Interest Payment
Interest Payment
Interest Payment
Interest Payment
Interest Payment
Interest Payment
Interest Payment
Interest Payment
Interest Payment
Interest Payment
Interest Payment
Principal

Gross Carrying
Gross Carrying
Interest per income statement Cash flow Amount Less Principal
Amount
Repayments
(d) (e)
- © - © 15,360,725 >> -
217,512 © (213,588) © 15,364,649 >> -
222,437 © (213,588) © 15,373,499 >> -
222,566 © (213,588) © 15,382,476 >> -
222,695 © (213,588) © 15,391,583 >> -
215,511 © (213,588) © 15,393,506 >> 14,002,959 >>
222,855 © (195,789) © 15,420,572 >> 14,030,025 >>
223,247 © (177,990) © 15,465,829 >> 14,075,282 >>
221,451 © (160,191) © 15,527,089 >> 14,136,542 >>
222,328 © (142,392) © 15,607,025 >> 14,216,478 >>
225,946 © (124,593) © 15,708,379 >> 14,317,831 >>
232,394 © (106,794) © 15,833,978 >> 14,443,431 >>
226,723 © (88,995) © 15,971,706 >> 14,581,159 >>
221,103 © (71,196) © 16,121,613 >> 14,731,066 >>
238,507 © (53,397) © 16,306,724 >> 14,916,176 >>
233,492 © (35,598) © 16,504,617 >> 15,114,070 >>
199,748 © (16,704,366) © (0) >>
 Audit Tickmark Explanations:
^ Footed
>> Cross Footed
© Calculated
ncm Not Considered Material. Below AMPT of $460,000
FX Agreed to Client's FX Rate Sheet for December 31, 2021
₳ Agreed to Availment
Ỻ Agreed to Signed Loan Agreement
Ꞙ Agreed to Funds Transfer Memo

time until final repayment of the Loan.

Outstanding Loan Balance Amortised Loan Balance per

Difference
per Loan Sub-Ledger Fee Schedule
(TTD)
(TTD) (TTD) (TTD)
(f) (g)
 - >>
135,000,000 K-105 1,945,903 >> K-405 281,597 >> 2,227,500 K-405
315,688 >>
225,693 >>
274,792 >>
324,601 >>
281,128 >>
284,099 >>
239,902 >>
[2] 2,227,500
^
Difference [3] = [1] - [2] 0
^

USD FX Rate 6.7725 FX

Outstanding Loan Balance Amortised Loan Amortised

Difference
per Loan Sub-Ledger Fee Loan Fee
(TTD)
(USD) (USD) (TTD)
(f) (g)
 © - >> -
4,166,667 K-105 300,248 >> © (8,732) >> (59,138)
© (2,881) >> (19,514)
© 3,593 >> 24,336
© 9,511 >> 64,412
© 15,164 >> 102,696
© 20,845.67 >> 141,177
[2] 37,500 253,969
^ ^
Difference [3] = [1] - [2] (0) (12,859) due to differences in FX rate u
^ ^ncm
Outstanding Loan Balance Amortised Loan
Difference Balance per
per Loan Sub-Ledger Fee
(TTD) Schedule
(TTD) (TTD)
(f) (g)
16,686,567 K-105 1,325,842 >> K-405 - >> 1,325,842
3,924.10 >>
8,849.34 >>
8,977.45 >>
9,107.42 >>
1,922.53 >>
27,066.11 >>
45,256.95 >>
61,260.09 >>
79,936.27 >>
101,353.29 >>
125,599.78 >>
137,727.55 >>
149,907.31 >>
185,110.29 >>
197,893.67 >>
181,949.48 >>
[2] 1,325,842
^
Difference [3] = [1] - [2] 0
^
Difference

(h)
 1,945,903 >>

Balance per
Difference
Schedule
(TTD)
(TTD)
(h)
 241,110 K-405 300,248 >>

due to differences in FX rate used

Difference

(h)
1,325,842 >>