April 6-7, London

EM largest bond market event Hosted by: Official partner:

Sponsor:

With contribution from: Reasons to attend

• To take part in engaging discussions on acute issues related to EM fixed income markets with expert speakers • To make new connections and further relations with Russian and СIS issuers Sergey Lyalin, • To find new opportunities for investing in promising EM assets CEO of Cbonds • To meet up with peers and discuss current and future market trends Group • To hold productive meetings and establish new contacts with a wide range of EM investors Dear colleagues! We are happy to invite you to the next Gunter Deuber, Bond Conference Cbonds Emerging Markets Bond Conference to Head of CEE Research, Raiffeisen Bank be held in London on April 6-7, 2017. Since 2010, the Cbonds Emerging Markets Bond Conference has been the most engaging event connected to the EM capital market and bringing together professionals’ expertise. Over A well-received event for the large CIS markets and the broader CEE/EM universe six years, the conference has been attended by (including smaller markets) with diverse and high-quality participations, offering superior over 600 unique participants from the UK, opportunities for networking and finding mutually beneficial solutions. Russia, the CIS, and Europe. This year, key sessions will feature reputed speakers on macroeconomic issues, FI analysts, Luca Bagato, representatives of DCM, and managers who will Head of Sales and Business Development, EuroTLX share their forecasts on capital market condi- tions and on separate sectors of economy. We are pleased to provide you with the A very nice and professionally rich experience about emerging markets in a 360-degree opportunity to meet with colleagues and analysis from macro to micro perspectives and trends. It was also a singular occasion to business partners, to take part in engaging meet relevant people working in the sector and to exchange ideas about evolution of discussions on acute issues related to EM fixed the bond business. I consider this event a must for people interested or involved in income markets with expert speakers, to hold emerging markets business. productive meetings and establish new contacts with a wide range of EM investors, to find new opportunities for investing in promis- ing EM assets. Olga Gorokhovskaya, Managing Director, Capital Markets Department, Sberbank CIB VI Cbonds Emerging Markets

I believe that reopening of the Cbonds forum in London is the very good sign of market reopening for Russia and CIS borrowers. Debut issuers vs newcomers, liability management as a trigger for increased demand, investor appetite and market trends, new structures and exotic currencies – all those topics will be discussed by bankers, investors, lawyers, and borrowers. Having unrivalled access to the local market Cbonds is able not only to gather all the relevant participants of the market but also to raise the 2 most interesting questions for the benefit of all parties involved. Among this year speakers

Sergei Guriev, Gunter Deuber, Michal Dybula, Viktoria Chief Economist, Head of CEE Chief Economist Beromelidze, EBRD Research, Central and Head of Raiffeisen Bank Eastern Europe, Origination, Debt BNP Paribas Capital Markets Bank Polska Centre (EMEA), Bank of Limited London

Branch Bond Conference

Sebastien Barbe, Brigitte Le Bris, Muge Eksi, Qinwei Wang, Head of EM Managing Director, Managing Director, Economist, Global Research and Head of Global FX Unicredit Asset Allocation Strategy, and EM Fixed Research, Pioneer Credit Income, Investments Agricole CIB Natixis Asset Management

Dmitri Petrov, Shahzad Hasan, Ranko Milic, Gustavo Neffa, EM Macro Trading Portfolio Manager, Executive Director, Partner and Desk Strategy , Allianz Global Head of CEEMEA Director, Nomura Investors DCM, UBS Research for International Traders

Michael Ganske, David Saab, Maxim Vydrine, Andrey Solovyev,

Partner, Head of Managing Director, Portfolio Manager, Global Head of VI Cbonds Emerging Markets Emerging Markets, JP Morgan Amundi Asset DCM, Axa Investment Management VTB Capital Managers 3 This year: • Allianz Global Investors Who will you meet? • Amundi • Ashmore Investment Management 60+ companies • BlackRock InternaƟonal from buy-side, • Gulf InternaƟonal Bank Last years attendee breakdown • JP Morgan Asset Management 2% including: 2% 2% • NaƟxis Asset Management Financial & Investment • PineBridge Investments Companies 5% • Pioneer Investments

• VR Capital Group etc. Bond Conference Banks 7% Insituons & 37% Infrastructure 10% Organizaons Corporate & FI Issuers Stefan Benedetti, Media Portfolio Manager, Pioneer Investments Rang Agencies 35% Law & Consulng Firms I think extending the focus of the conference to all EM from CIS was a very good idea. As fund Others managers we are looking at the wider EM, and 3% you are taking that into account. The panels were all interesting and the speakers engaging. Participants geography in 2016 11%

7% Alexey Tretjakov, UK CEO, Aricapital Russia 48% CIS & Caucasus VI Cbonds Emerging Markets The agenda, number of participants and their Europe profile were much above our expectations. We Others 31% established new contacts with investors from emerging markets and got valuable insight. 4 Companies that attended Cbonds Emerging Markets Bond Conference

Analycal Credit Rang Agency (ACRA) Business News Media Fusion Asset Management Mitsubishi UFJ Securies Holdings SEB A3E Capital SICAV Caliburn Capital Partners Galt and Taggart Mizuho Financial Group SEB Wealth management ABLV Bank Capital Credit Bank Gamma Finance LLP Moody's Analycs Segezha Group ABLV Capital Markets CapitalOne Garan Securies Moody's Investors Service Septem Capital Absolut Bank Cass Business School Gazprombank Morgan Capital Advisors Setl Group ADG Capital Management CBH Generali PPF Holding Exchange Severgazbank Agrippa Capital Cbonds Group Global Capital MTS SG CIB Agro Holding MRIYA CEIC Data Global Fund Management NASDAQ OMX Armenia Shibui Data Agro Standard CentroCredit Bank GMSA Investments Naonal Bank of Ukraine Sigma Broking Akin Gump Strauss Hauer & Feld LLP Citadele Asset Management Goldman Sachs Naonal Factoring Company SMBC Alcantara Asset Management Cibank Government Debt Management Agency Naonal Selement Depository Societe Generale Aleinikov&Partners Cigroup Gryphon Investment Bank Naxis Sovcombank Alfa-Bank Clearstream Holding Gulf Internaonal Bank (UK) Nest Capital Sparta-Finance IK Alfa-Bank Ukraine Cleary Golieb Steen & Hamilton Haberman Ile Nikolaus & Co Spiro Sovereign Strategy

Alloro Capital Coin Capital Limited Halyk Finance Nomura Internaonal Standard & Poor's Bond Conference Amundi Commerzbank Home Credit Bank Norvik Banka Standard Bank Ardshinban Concorde Capital HSBC Novikom Bank Standard Chartered Bank Argo Capital Management Copernicus Securies IC Center Capital NRG Capital State Bank of Maurius Aricapital Asset Management Credit Agricole CIB ICBC ONEXIM State Street Global Advisors Armenian Development Bank Credit Dnepr Bank ICMA Oppenheimer Stavropol Management Company Ashton Rose Asset Management Credit Europe Bank ICU Otkrie Bank Sturgeon Fund Asset Management Consulng AG Credit Suisse ING Bank Otkrie Capital Svyazinvest Associaon of Securies Market Parcipants De Pardieu Brocas Maffei ING Commercial Banking Russia Otkrie Capital Internaonal TCB Capital (Belarus) Debtwire ING Wholesale Banking London Oxford Porolio Advisers Tenzor Ltd. ATLAS ADVISORS Demirbank Ingosstrakh Investments Pala Investments TGK-14 ATON Deposit Insurance Agency Inter RAO Group PAM Global Investments The Federal Service for Insurance Aton Asset Management Derzhava Bank Interfax PEB Leasing Supervision Avila Capital Markets Deutsche Bank Internaonal Investment Bank PF Capital The Russian Embassy in the UK AVTOVAZ Development Bank of Internaonal Monetary Fund PFTS Stock Exchange The Trade Delegaon of the Russian AXA Investment Managers Dom Inwestycyjny Investors S.A. Investec Asset Management PineBridge Investments Federaon in the United Kingdom AxeTrading Dragon Capital Irish Consulng Partners Pioneer Asset Management S.A. Thomson Reuters B Capital Partners LLP Eastland Consulng Irish Stock Exchange Pioneer Investments Threadneedle Asset Management Ltd Baillie Gifford Eavex Capital ISI Emerging Markets PPF banka Trade Delegaon of the Russian Baker & McKenzie LLP EBRD J&T BANK Premex Federaon in the UK Baker Tilly Russia Eden Financial JASPEN CAPITAL PARTNERS Prime Capital Transaero Balc Credit Trading Group EFFAS JP Morgan Principal Global Investors Troika Dialog UK BALYASNY EUROPE ASSET MANAGEMENT Egorov Puginsky Afanasiev & Partners JSC Freight One Promeritum Investment Management Trust Bank Banco Finana Ellio Capital Kalugatransmash Promsvyazbank Tulle Prebon plc Bank Finasta Empire Capital Kapital Bank (Azerbaijan) RAF Leasing UBS Bank IBA-Moscow Eurasian Development Bank KCG Raiffeisen Bank Internaonal AG UFK Open Life Bank of America Merrill Lynch Euroclear KIT Finance Raiffeisen Bank Internaonal AG London UFS IC Bank of Russia EuroRang KIT Finance Invest Branch Ukraine-Invest Barclays Capital EuroTLX Kommersant Raiffeisen Zentralbank Osterreich UkrSibbank Bashne EuroWeek Larrain Vial RBC Daily Unibank (Armenia) BCP Securies EVROFINANCE MOSNARBANK LENSPECSMU RBS Unica Finance Belarusbank Exchange Data Internaonal LEONTEQ SECURITIES Record Currency Management UniCredit Bank AG Beta Capital Management Exox Liberty Bank REGION brokerage company UniCredit Bank UK BFA Fabien Pictet & Partners Locko Bank Renaissance Group Univer Capital BGC Partners FactSet Europe Limited London Stock Exchange Renessance Capital University College London BINBANK FAM Luxemburg Stock Exchange RGL Capital LLP Uralsib Bank Blackfish Capital Management Federal Grid Company Macquarie RMS Fingroup UTI Internaonal Bloomberg Fenix Capital Marathon Asset Management Rogge Global Partners Valorem Investment Management VI Cbonds Emerging Markets BlueCrest Capital Management Fidelity Internaonal (FIL) Marime Bank Ronin Trust Vantage Capital Markets Bne IntelliNews FIDOBANK Markit Group ROSNANO Veles Capital BNI London Fidocombank Maximus Capital Rostelekom Visor Capital BNP Paribas Finansovy Dom investment company Maxis Securies RR Donnelley Vnesheconombank BNY Mellon Finasta Asset Management UAB Medical Investment Center RusGidro Volat Capital Broughton Capital FinEx Capital Management MeritKapital Russian Informaon Agency VTB BSB Bank Finprombank Metropol Russian-Kyrgyz Development Fund VTB Capital BT Radianz Fireland Capital Ministry of Economic Development of the Saxo Capital Markets WBG Investment banking 5 BTG PACTUAL (UK) Fitch Rangs Russian Federaon Sberbank Asset Management WestLB Bunge CIC FOW Events Ministry of Finance CR Sberbank CIB Wheelabrator Technologies Business New Europe Frontera Capital Group Mint Partners Schildershoven (Head office) Whitecliff Investment Management Key topics

April 6 Yury Kiselev, Macroeconomic and EM fixed income analysts panel Director, • Monetary policy across developed markets and its impact on EMs. How will the Fed rate hike impact the EM Eurobond CEEMEA DCM, market? Further rate hike possibilies. The new president’s economic agenda and its implicaons for the Federal Reserve Societe Generale • The outlook for 2017: inflaon, GDP, EM exchange rates. The BRICS countries: performance of macroeconomic indicators. • The implicaons of the new geopolics – where are the risks for investors? • Key opportunies / investment ideas on EMs in 2017 It is a timely and well organized

• Brexit? The impact on Emerging Markets conference providing a good Bond Conference opportunity to discuss and share InsƟtuƟonal investors panel • EM prospects in 2017. What are major risks / catalysts of growth? views with market participants. • Discussing performance in 1Q17 • Appeal of markets, sectors and segments. Investment ideas • Lan America, Africa, Asia, Eastern Europe, - what are regions of your preference? What regions should be avoided?

DCM panel • Disncve features of the EM Eurobond primary market in 1Q2017 and forecasts for 2017 • Opportunies for euro denominated bond issuance taking into account the EU QE program. What other currencies will be popular in 2017? Relave aracveness of USD vs EUR vs niche markets (CHF, Asia, local currencies). • Risks to market access for EM issuers in 2017 (Brexit, oil prices, US interest rate hike, geopolics) • Alternave capital: the rise of hybrid, green bonds Natalja Tocelovska, Head of Brokerage, EM bond market • Emerging markets local debt: China, India, , South Africa, Argenna SEB banka • Is the expansion of the Chinese bond market laying a foundaon for long term growth? • Local sovereign debt in Chile, Peru and Colombia • How do local currency markets make themselves more aracve to foreign investors? Cbonds comeback to London was definitely a success - a very dynamic 1.5-day event with well April 7 selected speakers, reasonable mixture of buy- and sell-side participants as well as the market Russian bond market • Russia macro fundamentals geography, which made the event valuable for me. • The Finance ministry’s comeback to the global market. Plans for external sovereign borrowings in 2017 • Acvity of Russian companies in the Eurobond market VI Cbonds Emerging Markets • Parcipaon of Russian investment banks in arranging deals in the global market • Russian issuers in foreign local markets • The rang agency reform and the Russian bond market For more details of the agenda, please get in touch with: CIS and Caucasus region bond market 6 • Ukrainian, Armenian and Georgian local bond markets Ekaterina Gritsenko Dmitry Alekseev • Expectaons for 2017: interest rates, risks, liquidity [email protected], [email protected], • CIS and Caucasus new internaonal bond issues +7 (812) 336-97-21 *223 +7 (812) 336-97-21 *116 Additional marketing opportunities

The conference offers a unique opportunity to market and promote your company's services. Cbonds-Congress pays great aenon to the Sponsorship packages choice of topics discussed and the level of speakers. Our conferences are are limited noted for challenging discussions and interesng presentaons on hot topics. We strive to make sure that our conference aendees are a diverse community represenng all major players of the financial indus- Contact Sergey Zobov, try, so that our sponsors and partners can achieve maximum effect from Commercial Director of Cbonds Bond Conference business communicaons and promoonal efforts at the conference. Group, to secure your position [email protected] +7 812 336 97 21 *103 Оptions for participants How to attend • An opportunity to share your expert opinion in the framework of one of working sessions Participation fee EUR 900/GBP 800 • A stand or banner in the conference lobby The fee includes: • Adding handout materials to the delegate pack • participation in the conference, • Organizing and hosng business lunches, one-to-one meengs and • handouts, other events in the framework of the congress • coffee breaks and lunch; • informal activities. We will create a tailor-made package for any company in line with specific objecƟves! To book your place please visit: http://cbonds-congress.com/events/361/registration

If you have any questions about participation in the VI Cbonds Emerging Markets event, please contact:

Ksenia Ardelyan [email protected] 7 +7 (812) 336-97-21 *132