NCSP Signs Covenant Change Agreement with Sberbank

Press-release

NCSP Signs Covenant Amendment Agreement with Sberbank

20.03.2015

Novorossiysk Commercial Sea Port Group (NCSP Group or the Group) (LSE: NCSP, Moscow Exchange: NMTP) announces that according audited unconsolidated financial statements under RAS released today, on March 18, 2015 PJSC NCSP and Sberbank signed an agreement to change share-price covenant calculation and loss calculation procedures under $1950 million loan from Sberbank.

Under the new agreement share-price covenant shall be tested once a year on the basis of the independent appraiser's report by June 30 replacing the exchange closing price that applied originally.

The loan in due by January 18, 2018 with floating interest rate of LIBOR 3M +5%, and remaining debt amount is $1650 million.

About NCSP Group

NCSP Group is the largest port operator in Russia and the third-largest in Europe, in terms of cargo turnover. NCSP shares are traded on Russia's Moscow Exchange (ticker: NMTP) and on the London Stock Exchange in the form of GDRs (ticker: NCSP). NCSP Group cargo turnover in 2014 totalled 131 million tonnes. Consolidated revenue to IFRS in 2013 totalled USD 928 million and EBITDA was USD 510 million. NCSP Group consolidates the following companies: PJSC Novorossiysk Commercial Sea Port, LLC Primorsk Trade Port, PJSC Novorossiysk Grain Terminal, OJSC Novorossiysk Ship Repair Yard, OJSC NCSP Fleet, OJSC NLE, OJSC IPP, CJSC Baltic Stevedore Company, and CJSC SFP.

Contacts

Kristina Senko, Public Relations; [email protected]

Mikhail Shchur, Investor Relations; [email protected]