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    Anne Milne

    Research Analyst at Bank of America Merrill Lynch

    Anne Milne is Managing Director and Head of Global Emerging Markets Corporate Credit Research at Bank of America Merrill Lynch, specializing in emerging markets corporate debt. She covers a wide range of leading companies across Latin America, Eastern Europe, and Asia, and has repeatedly led research teams ranked number one globally. Milne began her career at Bankers Trust in 1989, moved through roles at Trust Company of the West, ING, and JP Morgan Chase (as Head of Latin American Corporate Bond Research), then served as Managing Director at Deutsche Bank Securities before joining Bank of America Merrill Lynch in 2010. She holds a master's degree in international economics from Johns Hopkins and holds significant industry credentials, including experience at the World Bank and leadership in global credit research.

    Anne Milne's questions to ECOPETROL (EC) leadership

    Anne Milne's questions to ECOPETROL (EC) leadership • Q2 2025

    Question

    Anne Milne of Bank of America Merrill Lynch inquired about the current status of gasoline and diesel prices in Colombia and the expected impact on the Fuel Price Stabilization Fund (FEPEC) balance going forward.

    Answer

    An executive explained that recent fuel price increases have helped reduce the FEPEC balance, which stood at COP 2.5 trillion at the end of the first half. They noted discussions are ongoing for further diesel price hikes in early 2026. The company expects the year-end FEPEC balance to be around COP 5 trillion, supported by timely payments from the nation.

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    Anne Milne's questions to GeoPark (GPRK) leadership

    Anne Milne's questions to GeoPark (GPRK) leadership • Q2 2025

    Question

    Anne Milne asked about Brazil's strategic importance, valuation changes for Argentine assets, potential operator roles in Argentina, and financial details regarding further bond buybacks and minimum cash levels.

    Answer

    CEO Felipe Bayon confirmed the primary focus remains on Colombia and Argentina, with Brazil under review. CFO Jaime Caballero Uribe addressed the financial questions, stating the current cash position of $266 million is strong, well above the $30-40 million minimum operational need, which provides ample flexibility for organic CapEx, M&A, and potentially opportunistic debt repurchases.

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    Anne Milne's questions to CEMEX SAB DE CV (CX) leadership

    Anne Milne's questions to CEMEX SAB DE CV (CX) leadership • Q2 2025

    Question

    Anne Milne of Bank of America Merrill Lynch asked about the company's current thinking on the path and timing to reach its 1.5x net leverage target, and which levers—EBITDA growth or debt reduction—would be prioritized.

    Answer

    CFO Maher Al-Haffar responded that EBITDA growth is the most important lever, driven by Project Cutting Edge savings, incremental earnings from growth projects, and a focus on free cash flow conversion. He stated that this combination of EBITDA improvement and some debt reduction should allow CEMEX to reach its leverage target within the next 12 to 24 months.

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    Anne Milne's questions to CEMEX SAB DE CV (CX) leadership • Q1 2025

    Question

    Anne Milne from Bank of America asked about the company's financial strategy following the redemption of its 9.125% perpetual notes, including plans for other notes and potential new financing.

    Answer

    CFO Maher Al-Haffar stated that the primary goal is reducing interest expense through continued deleveraging. He confirmed that perpetual notes remain part of the capital structure and they will monitor markets to refinance the called notes at a lower cost. He added there are no immediate plans to call the other perpetual note and that the company is exploring refinancing options for some euro-denominated debt.

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    Anne Milne's questions to CEMEX SAB DE CV (CX) leadership • Q4 2024

    Question

    Anne Milne from Bank of America asked via webcast about CEMEX's current export levels from Mexico to the U.S. and how potential tariffs on Mexican imports could impact operations and product flows.

    Answer

    Executive Lucy Rodriguez stated that Mexico's exports to the U.S. were about 5% of its volume in 2024, with plans to reduce this to 2.5% in 2025 for economic reasons, independent of tariff discussions. She noted that broad-based tariffs would likely be positive for domestic pricing by raising import parity, while targeted tariffs would have a neutral effect.

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    Anne Milne's questions to CEMEX SAB DE CV (CX) leadership • Q2 2024

    Question

    Anne Milne asked about the primary drivers behind CEMEX Europe meeting its emission targets ahead of schedule and whether other regions were on a similar trajectory.

    Answer

    Executive Fernando Olivieri attributed the success in Europe to the 'reduce before capture' strategy. Key drivers included high usage of alternative fuels, achieving a clinker factor below 70%, and using decarbonated raw materials. He noted that progress is company-wide, as CEMEX has already surpassed its 2025 global target for sales of its lower-carbon 'Vertua' products, indicating that other regions are also contributing significantly to decarbonization goals.

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    Anne Milne's questions to GRAN TIERRA ENERGY (GTE) leadership

    Anne Milne's questions to GRAN TIERRA ENERGY (GTE) leadership • Q4 2024

    Question

    Anne Milne inquired about the drivers of higher 2024 cost of sales and the outlook for 2025, long-term production potential for 2026-2027, and the sales destinations for production from Colombia, Ecuador, and Canada, including the potential impact of tariffs.

    Answer

    EVP and CFO Ryan Ellson responded, stating that costs are expected to decrease in 2025 as production ramps up, particularly in Ecuador. He projected a potential 5-10% production growth rate post-2025, contingent on capital allocation. Regarding tariffs, Ellson explained that Gran Tierra is well-insulated and could be a net beneficiary, as tightening differentials in South America would more than offset any negative impacts from tariffs on its Canadian production.

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    Anne Milne's questions to GRAN TIERRA ENERGY (GTE) leadership • Q3 2024

    Question

    Anne Milne asked about Gran Tierra's confidence in meeting its 2024 EBITDA guidance, the timing for 2025 guidance, the expected increase in 2025 CapEx, the outlook for oil price differentials, and the long-term production mix between Canada and South America.

    Answer

    EVP & CFO Ryan Ellson expressed confidence in meeting 2024 guidance and said 2025 guidance will be released in early January. He anticipates Canada will be cash flow neutral in 2025, with CapEx driving production growth. He attributed wider differentials to market competition, partly from Canada's Trans Mountain pipeline, and confirmed South America will remain the majority EBITDA contributor for the foreseeable future.

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    Anne Milne's questions to BRASKEM (BAK) leadership

    Anne Milne's questions to BRASKEM (BAK) leadership • Q2 2024

    Question

    Anne Milne requested an update on global supply and demand dynamics, particularly regarding China and potential capacity shutdowns, and asked about the status of the due diligence by the Kuwait Investment Authority.

    Answer

    Executive Pedro van Langendonck Teixeira de Freitas confirmed that the Kuwait Investment Authority is the only party currently conducting due diligence. On market dynamics, he noted a more balanced polyethylene market but sees new polypropylene capacity coming from China. He highlighted that players like Sabic and Exxon are reducing production in Europe and that Braskem has idled a PP line in the U.S., with a slow global recovery expected.

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    Anne Milne's questions to BRASKEM (BAK) leadership • Q2 2024

    Question

    Anne Milne from Bank of America requested an update on global supply and demand dynamics, particularly regarding new capacity from China and the Middle East, and asked about the status of the Kuwait Investment Authority's due diligence on the company.

    Answer

    Executive Pedro van Langendonck Teixeira de Freitas confirmed that the Kuwait Investment Authority is the only party currently conducting due diligence and the process is ongoing. On market dynamics, he noted a better balance in polyethylene but sees more polypropylene capacity coming from China. He observed players globally reviewing assets and pointed to low operating rates in China (under 70%) and production cuts in Europe. He expects a slow recovery with global PE and PP rates remaining around 80%.

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    Anne Milne's questions to BRASKEM (BAK) leadership • Q2 2024

    Question

    Asked for an update on global supply/demand dynamics, particularly regarding new capacity and shutdowns in China and the Middle East. Also inquired about the status of the due diligence by the Kuwait Investment Authority and if other potential buyers have emerged.

    Answer

    The executive noted that polyethylene supply/demand is more balanced, but polypropylene faces new capacity from China. The industry is responding with low operating rates and asset reviews globally. Braskem has hibernated one PP line in Marcus Hook. Regarding the sale process, the Kuwait Investment Authority is the only company currently conducting due diligence, and the process is ongoing.

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