Russian Eurobond statistics

from 1 March 2019 to 31 March 2021 Introduction Number of issues and total proceeds*

Proceeds, USD mln

This analysis contains a selection of Eurobonds by Average deal size, Russian issuers from 1 March 2019 to 31 March 2021 and $ USD mln therefore may not be a full list of all Eurobond deals for this period. Number of issues 46,452 The information was compiled from public sources, CBonds and BofA Merrill Lynch Global Research. The Eurobond issues are presented by pricing date and 81 20,608 separately for financial services and corporate issuers. Unless otherwise indicated, the analysis includes credit ratings by Standard & Poor's. 16,341

13,001 41 13,046

10,354 7,818 5,980 5,162 29 28 24 25 17 10 8

2013 2014 2015 2016 2017 2018 2019 2020 3m 2021 573 431 516 448 503 460 466 654 747

* excluding sovereign issues

PwC 2 Yield curves by credit Financial services issuers rating* Issuers Trend BBB+, BBB, BBB- (USD) 6%

4%

Yield % Yield 2%

0% 0 1 2 3 4 5 6 7 8 9 10 11 Duration, years

BB+, BB, BB- (USD) 6%

4%

2% Yield % Yield

0% 0 1 2 3 4 5 6 7 Duration, years

B+, B, B- (USD) 12%

8%

4% Yield % Yield

0% 0 1 2 3 Duration, years

PwC 3 Corporate issuers

Issuers Trend

BBB+, BBB, BBB- (USD) 6%

4%

2% Yield % Yield

0% 0 1 2 3 4 5 6 7 8 9 10 11 12 Duration, years

BB+, BB, BB- (USD) 6%

4%

2% Yield % Yield

0% 0 1 2 3 4 5 6 7 Duration, years

B+, B, B- (USD) 6%

4%

2% Yield % Yield

0% * Source: Сbonds database (c) LLC Cbonds.ru 0 1 2 3 4 5 Duration, years

PwC 4 Market Indices Emerging Markets*

EMCB - Emerging Markets Corporate Plus Index EMFS - Financial Emerging Markets Corporate Plus Index EMNS - Non-Financial Emerging Markets Corporate Plus Index 10 9 8 7 6 5 4 3

2 Effective Interest Rate, % Rate,Interest Effective 1 0 Oct-14 May-15 Dec-15 Jul-16 Feb-17 Sep-17 Apr-18 Nov-18 Jun-19 Jan-20 Aug-20 Mar-21

EM1B - AAA-A Emerging Markets Corporate Plus Index EM2B - BBB Emerging Markets Corporate Plus Index EM3B - BB Emerging Markets Corporate Plus Index EM4B - B & Lower Emerging Markets Corporate Plus Index 20 18 16 14 12 10 8 6

4 Effective Interest Rate, % Rate,Interest Effective 2 * Source: BofA Merrill Lynch Global Research 0 Oct-14 May-15 Dec-15 Jul-16 Feb-17 Sep-17 Apr-18 Nov-18 Jun-19 Jan-20 Aug-20 Mar-21

PwC 5 Russia**

Euro-Cbonds Sovereign – Indices of Russian sovereign Eurobonds Euro-Cbonds IG - Indices of Eurobonds with investment grade ratings issued by Russian institutions Euro-Cbonds NIG - Indices of Eurobonds with upper non-investment grade ratings issued by Russian institutions

17 16 15 14 13 12 11 10 9 8

7 Effective Interest Rate, % Rate,Interest Effective 6 5 4 3 2

** Source: Сbonds database (c) LLC Cbonds.ru

PwC 6 Financial services issuers

Pricing Size Listing Issuer Lead Managers Date Maturity Tenor CCY¹ (mln) Coupon Rating Type² Venue³ Sovcombank Emirates NBD, Gazprombank, HSBC, JP Morgan, Jan-2021 Jan-2025 4 USD 300 3.400% Ba1 LPN ISE Renaissance Capital, ING Bank, Sber CIB, Sova (Moody's) Capital, UniCredit, VTB Capital, Sovcombank Credit Bank of Citigroup, Societe Generale, БК Регион, Renaissance Jan-2021 Jan-2026 5 EUR 600 3.100% BB (Fitch) LPN ISE Moscow Capital, Sovcombank, Emirates NBD, Sova Capital, JP Morgan State Transport JP Morgan, Gazprombank, Renaissance Capital, VTB Oct-2020 Feb-2028 7 USD 500 4.800% BB+ (Fitch) Guaranteed ISE Leasing Company Capital, Sovcombank notes ABH Financial Alfa-bank, JP Morgan, UBS Jun-2020 Jun-2023 3 EUR 350 2.700% BB (Fitch) LPN ISE Limited State Transport Citigroup, Gazprombank, JP Morgan, Renaissance Mar-2020 Mar-2027 7 USD 600 4.650% BB+ (Fitch) Guaranteed ISE Leasing Company Capital, Sova Capital, Sovcombank, VTB Capital notes Sovcombank JP Morgan, Alfa-bank, Emirates NBD, Gazprombank, Jan-2020 perpetual N/A USD 300 7.750% until 06.05.2025, BB+ (Fitch) LPN ISE Renaissance Capital, Sberbank CIB, VTB Capital then 5Y UST Yield + 6.380% Alfa-Bank Alfa-bank, Citigroup Jan-2020 Jan-2025 5 RUB 15,000 6.750% BB+ LPN ISE Credit Bank of Commerzbank, Emirates NBD, RBI Group, Sova Jan-2020 Jan-2025 5 USD 600 4.700% BB (Fitch) LPN ISE Moscow Capital, Citigroup, ING, Societe Generale, UBS Alfa-Bank Alfa-bank, JP Morgan, UBS Nov-2019 Apr-2030 10 USD 850 5.950% until 15.04.2025, BB+ LPN ISE then 5Y UST Yield + 4.546% Home Credit & BCS, JP Morgan, Renaissance Capital, UBS, VTB Oct-2019 perpetual N/A USD 200 8.800% until 07.02.2025, BB- (Fitch) LPN ISE Finance Bank Capital, Alfa-bank then 5Y UST Yield + 7.362% Sovcombank Gazprombank, Renaissance Capital, VTB Capital, Sep-2019 Apr-2030 11 USD 300 8.000% until 07.04.2025, BB (Fitch) LPN ISE Sberbank CIB, JP Morgan, Citigroup, UBS then 5Y CMT+ 6.427% State Transport JP Morgan, Gazprombank, Renaissance Capital, VTB Sep-2019 Feb-2026 6 USD 550 4.949% BB+ (Fitch) LPN ISE Leasing Company Capital Renaissance Renaissance Capital Jun-2019 Dec-2024 6 EUR 50 10.000% B LPN ISE Credit State Transport Gazprombank, JP Morgan, Societe Generale, VTB Apr-2019 Apr-2025 6 USD 500 5.950% BB (Fitch) Guaranteed ISE Leasing Company Capital, Sovcombank, Renaissance Capital notes Credit Bank of Citigroup, Societe Generale, Commerzbank, ING, Mar-2019 Jun-2024 5 USD 500 7.121% BB- LPN ISE PwC 7 Moscow Credit Bank of Moscow Corporate issuers

Pricing Size Listing Issuer Lead Managers Date Maturity Tenor CCY¹ (mln) Coupon Rating Type² Venue³ Russian Railways Credit Suisse, Sberbank CIB, VTB Capital Mar-2021 perpetual N/A CHF 250 3.125% until 23.06.2027, BBB (Fitch) LPN (GB) SIX then 5Y CHF SARON Swap rate + 3.439% until 23.06.2032, then 5Y CHF SARON Swap rate + 3.439% + 0.250% until 23.06.2047, then 5Y CHF SARON Swap rate + 3.439% + 1.000% Russian Railways VTB Capital, Gazprombank, JP Morgan, Sova Capital, Mar-2021 Sep-2028 8 RUB 20,000 7.450% BBB (Fitch) LPN ISE Eurasian Development Bank Ozon Morgan Stanley, Goldman Sachs Feb-2021 Feb-2026 5 USD 750 1.875% unrated CB

Gazprom Gazprombank, JP Morgan, Intesa Sanpaolo, SMBC Feb-2021 Feb-2027 6 EUR 1,000 1.500% BBB (Fitch) LPN ISE Nikko Capital, VTB Capital DME Airport JP Morgan, RBI Group, Societe Generale, Alfa-bank, Feb-2021 Feb-2028 7 USD 453 5.350% BB (Fitch) LPN ISE Limited Renaissance Capital, Sovcombank Gazprom Gazprombank, VTB Capital, JP Morgan, Intesa Jan-2021 Jan-2029 8 USD 2,000 2.950% BBB (Fitch) LPN ISE Sanpaolo, SMBC Nikko Capital Mercury Sberbank CIB Dec-2020 Dec-2030 10 RUB 4,000 9.400% unrated Notes WBAG

Russian Railways Gazprombank, JP Morgan, Credit Bank of Moscow, Dec-2020 Mar-2028 7 RUB 25,000 6.598% BBB (Fitch) LPN ISE Sova Capital, UniCredit, VTB Capital Gazprom Gazprombank, Credit Agricole CIB, JP Morgan, Oct-2020 perpetual N/A EUR 1,000 3.897% to 26.01.2026, then BBB (Fitch) LPN ISE Sberbank CIB 5Y EUR Swap rate + 4.346% to 26.01.2031, then 5Y EUR Swap rate + 4.346% + 0.250% to 26.01.2046, then 5Y EUR Swap rate + 4.346% + 1.000% Gazprom Gazprombank, Credit Agricole CIB, JP Morgan, Oct-2020 perpetual N/A USD 1,400 4.5985% to 26.01.2026, then BBB (Fitch) LPN ISE Sberbank CIB 5Y UST Yield + 4.264% to 26.01.2031, then 5Y UST Yield + 4.264% + 0.250% to 26.01.2046, the then 5Y UST Yield + 4.264% + 1.000% Mail.ru Group Morgan Stanley Sep-2020 Oct-2025 5 USD 400 1.625% unrated CB TISE

PwC 8 Corporate issuers

Pricing Size Listing Issuer Lead Managers Date Maturity Tenor CCY¹ (mln) Coupon Rating Type² Venue³ Koks Alfa-bank, Gazprombank, Sberbank CIB, VTB Capital, Sep-2020 Sep-2025 5 USD 350 5.900% B (Fitch) LPN ISE Renaissance Capital, Citigroup Mercury Sberbank CIB Sep-2020 Sep-2030 10 RUB 3,000 9.750% unrated Notes WBAG

Borets Goldman Sachs, Barclays, Sberbank CIB, RBI Group Sep-2020 Sep-2026 6 USD 350 6.000% BB- (Fitch) Guaranteed ISE International notes Norilsk Nickel Bank of America Merrill Lynch, VTB Capital, Sberbank Sep-2020 Sep-2025 5 USD 500 2.550% Baa2 LPN ISE CIB, UniCredit, Gazprombank, Societe Generale, UBS, (Moody's) Citigroup SIBUR Citigroup, Goldman Sachs, JP Morgan, VTB Capital, Jun-2020 Jul-2025 5 USD 500 2.950% Baa3 Guaranteed ISE Gazprombank (Moody's) notes Gazprom Gazprombank, JP Morgan, Banca IMI, Natixis, VTB Jun-2020 Jun-2027 7 USD 1,000 3.000% BBB (Fitch) LPN ISE Capital ALROSA JP Morgan, VTB Capital, Gazprombank, Societe Jun-2020 Jun-2027 7 USD 500 3.100% Baa2 Notes ISE Generale (Moody's) LUKOIL Citigroup, Societe Generale Apr-2020 May-2030 10 USD 1,500 3.875% BBB+ (Fitch) Notes LSE

Gazprom Gazprombank, JP Morgan, UniCredit Apr-2020 Apr-2025 5 EUR 1,000 2.950% BBB (Fitch) LPN ISE

Russian Railways JP Morgan, UBS, VTB Capital Mar-2020 Mar-2026 6 CHF 250 0.840% BBB (Fitch) GB SIX

Yandex Goldman Sachs, JP Morgan, Morgan Stanley, UBS, Feb-2020 Mar-2025 5 USD 1,250 0.750% unrated CB TISE VTB Capital Gazprom Gazprombank, JP Morgan, UniCredit Feb-2020 Feb-2030 10 USD 2,000 3.250% BBB (Fitch) LPN ISE

ТМК JP Morgan, Renaissance Capital, Alfa-bank, Bank of Feb-2020 Feb-2027 7 USD 500 4.300% BB- LPN ISE America Merrill Lynch, Gazprombank, Sova Capital, UBS, VTB Capital PhosAgro Bank of America Merrill Lynch, Citigroup, Jan-2020 Jan-2025 5 USD 500 3.050% BBB-(Fitch) LPN ISE Gazprombank, JP Morgan, Renaissance Capital, Sberbank CIB, VTB Capital RusHydro JP Morgan, Gazprombank, Sberbank CIB, VTB Capital Nov-2019 Nov-2024 5 RUB 15,000 6.800% BBB- LPN ISE

PwC 9 Corporate issuers

Pricing Size Listing Issuer Lead Managers Date Maturity Tenor CCY¹ (mln) Coupon Rating Type² Venue³ Norilsk Nickel Citigroup, JP Morgan, Societe Generale, Oct-2019 Oct-2024 5 USD 750 3.375% Baa2 (Moody's) LPN ISE Gazprombank, ING, Sberbank CIB, VTB Capital Uralkali Credit Agricole CIB, ING, Natixis, Renaissance Capital, Oct-2019 Oct-2024 5 USD 500 4.000% Ba2 (Moody's) LPN ISE UBS, UniCredit, JP Morgan, Societe Generale, VTB Capital, Sberbank CIB Nordgold Citigroup, JP Morgan, Societe Generale, Oct-2019 Oct-2024 5 USD 400 4.125% Ba2 (Moody's) Guaranteed ISE Gazprombank, ING, Sberbank CIB, VTB Capital notes Russian Railways UBS, VTB Capital Sep-2019 Oct-2025 6 CHF 350 0.898% BBB (Fitch) LPN SIX

Russian Railways UBS, VTB Capital Sep-2019 Apr-2028 9 CHF 150 1.195% BBB (Fitch) LPN SIX

SIBUR Goldman Sachs, JP Morgan, Sberbank CIB, Sep-2019 Sep-2024 5 USD 500 3.450% BBB- Guaranteed ISE Gazprombank, Banca IMI notes ChelPipe Group Citigroup, Gazprombank, JP Morgan, Societe Sep-2019 Sep-2024 5 USD 300 4.500% BB- (Fitch) LPN ISE Generale, Renaissance Capital Severstal JP Morgan, Citigroup, Societe Generale, ING, Sep-2019 Sep-2024 5 USD 800 3.150% BBB (Fitch) LPN ISE Sberbank CIB, VTB Capital Russian Railways JP Morgan Jul-2019 Sep-2026 7 RUB 15,000 7.675% BBB (Fitch) Notes WBAG

Petropavlovsk JP Morgan, Gazprombank, Renaissance Capital, VTB Jun-2019 Jul-2024 5 USD 125 8.250% B- Guaranteed LSE Capital CB MMK Citigroup, JP Morgan, Societe Generale Jun-2019 Jun-2024 5 USD 500 4.375% Baa2 (Moody’s) Guaranteed ISE notes NLMK Societe Generale, JP Morgan, UniCredit, ING May-2019 May-2026 7 USD 500 4.700% Baa2 (Moody’s) LPN ISE

Russian Railways JP Morgan, UniCredit, VTB Capital May-2019 May-2027 8 EUR 500 2.200% Baa2 (Moody's) LPN (GB) ISE

ALROSA Gazprombank, JP Morgan, VTB Capital Apr-2019 Apr-2024 5 USD 500 4.650% Baa2 (Moody's) Notes ISE

Russian Railways JP Morgan, Sberbank CIB, VTB Capital Mar-2019 Oct-2025 7 RUB 20,000 8.800% Baa2 (Moody's) LPN ISE

Evraz Bank of America Merrill Lynch, Gazprombank, ING, JP Mar-2019 Apr-2024 5 USD 700 5.250% BB+ Notes ISE Morgan, Sberbank CIB EuroChem Citigroup, JP Morgan, Sberbank CIB, Societe Mar-2019 Mar-2024 5 USD 700 5.500% BB (Fitch) Notes ISE Generale, UniCredit, VTB Capital PwC 10 Legend

¹ CCY CHF – Swiss franc; EUR – euro; RUB – Russian rouble; USD – United States dollar

² Type Analysis excludes European Commercial Paper issues. CB – Convertible Bonds; GB – Green Bonds; LPN – Loan Participation Notes.

³ Listing Venue ISE – Irish Stock Exchange; LSE – London Stock Exchange; SIX –Swiss Exchange; TISE – The International Stock Exchange; WBAG – Vienna Stock Exchange

PwC 11 http://www.pwc.ru/en/capital-markets.html

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