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Post-IPO analysis of Russian issuers

As of 30 June 2016 This analysis contains a selection* of IPOs by Russian issuers, and therefore is not a complete list of all Russian public companies. The analysis covers post-IPO performance in the period from the date of an IPO (or from This publication contains historical data on changes in stock (shares and/or depository receipts) prices, 1 January 2005 for pre 2005 IPOs) market index, liquidity and other statistical information for a selection of Russia-based listed companies. to 30 June 2016. MSCI EM index – MSCI Emerging Markets Index, also referred to as the “market” in this publication. This is our third issue of Post-IPO analysis of Russian issuers. Our prior Change in the MSCI EM index – from the date of an IPO up untill 30 June 2016 for issuers that listed after 31 December 2004. For issuers listed prior to 1 January 2005, changes in the MSCI EM index are calculated issues covered the post IPO periods from 1 January 2005. from IPO to 31 December 2013 and to 30 June 2015. Liquidity /Average liquidity –– average daily traded value of a stock on all listing platforms over the previous 12 months multiplied by the number of trading days of a listing venue in the last 12 months or since an In this issue we also cover certain IPO (for recently listed companies), divided by its average market capitalisation at the end of each month during aspects regarding the impact of the the last 12 months. economic crisis on Russian issuers' Daily traded value (Ave) Х N of trading days in the last 12 months Average Liquidity = performance. Market capitalisation (Ave)

Outperformer – a stock that had a higher increase or a lower decrease in price since an IPO compared to a change in the MSCI EM index.

Underperformer – a stock that had a lower increase or a higher decrease in price since an IPO compared to a change in the MSCI EM index.

Change in stock price – is defined as a change in an issuer’s stock price:

a) since an IPO for companies listed after 31 December 2004;

b) from the first business day of 2005, for companies listed prior to 1 January 2005; or

c) since a significant corporate restructuring.

Analyst coverage for dual listed companies is taken as a sum of all listing venues.

*Selected issuers with market capitalisation greater than USD25 mln and available offer price, current price, trading value and other data. Information was compiled from public sources, including Bloomberg, msci.com, PREQVECA and company websites and has not been independently verified by AO PricewaterhouseCoopers Audit. PwC Post-IPO analysis of Russian issuers 2 Outperformers

12 issuers stock price +189% increased by 189%

72 issuers -60% stock price decreased by 60%

Overview Underperformers

At the end of 2013, 27 out of 88 Russian issuers outperformed the MSCI EM index, on average, by 120% compared to 61 issuers who underperformed by 52% over Outperformers the same period. Despite the economic crisis that began in early 2014, as of 30 June 2016, 18 out of 82 issuers have still outperformed the market by a staggering 132%. Novatek became the best performing stock, followed by EPAM Systems and Magnit. Companies in the Retail sector performed best with Magnit as the sector leader. The Oil & Gas and Technology & Communications sectors also provided +132% positive returns to investors. 10 companies were delisted since 31 December 2013: Uralkali/LSE (remained on MOEX), Polyus/LSE (remained on MOEX), CTC Media/NASDAQ, Kusbussenergo/ MOEX, Eurasia Drilling Company/LSE, IBS Group/Deutsche Borse, Integra GK/ LSE, Nomos Bank/LSE, Veropharm/MOEX, ROSE GROUP/LSE

Only 5 IPOs were held since 31 December 2013 including: 64 issuers’ 18 issuers’ stock price stock price United decreased by 60% increased by 132% Credit Bank Lenta Wagon Company of Moscow US$1,095 million/ US$180 million/ US$238 million/ Retail/ Transportation & Financial Services/ January 2014/ Logistics/ June 2015/ (60%) LSE April 2015/ MOEX MOEX

Underperformers Novorossiysk Europlan Grain Plant US$47 million/ US$52 million/ Financial Services/ Transportation Outperformers December 2015/ & Logistics/ MOEX December 2015/ MOEX

12 issuers stock price +189% increased by 189% PwC Post-IPO analysis of Russian issuers 3

72 issuers -60% stock price decreased by 60%

Underperformers Sector analysis

The best performing sectors and companies remain largely unchanged from December 100% 2013 to June 2016. NOVATEK, EPAM and Magnit are the best in their industries and

index are the top-3 outperformers.

M Technology & E Communications

C I 50% S Retail

M 6 8

e Oil & Gas t h 8 n i

e Financial services g Metals & Mining n a

h 0% d c Average

o 0.20 0.40 i 0.60 0.80 1.00 t o r 15

liquidity

e 10 d

p Food &

e r e

a Beverage

m Transportation & p a s m 7 5 Logistics o e

c (50%) t h e

c r i r f o p

k 7 c 6 Utilities t o s

i Real Estate

e (100%) g n a h c

e g a r Liquidity has dropped from 2013 e v

A (150%) across all sectors, except Technology & Communications. Only sectors with more than 5 issuers are included in the analysis above - number of companies (outperformers) - number of companies (underperformers)

PwC Post-IPO analysis of Russian issuers 4 Analysis by stock exchange

Companies listed on the US New York London Moscow exchanges were ahead of other 210% 2.1 x e

markets by both liquidity and d n i 180% 1.8 post-IPO stock price change M E 2

compared to change in the C I S

M 150% 1.5 MSCI EM index. Historically, e 1.32 t h London was the most popular n i 120% 5 1.2 e 1.08

market for Russian issuers, while g n a

in recent years companies prefer h c

90% 0.9 s on a stock exchange r t o e

Moscow Exchange. u d s e s r i

a n p 60% 5* 0.6 a

57** i m

0.43 s o 36 s c e 1 R u

c r

i 0.3 for the same period 30% Average liquidity of London listed r 0.17 0.2 f o p 0.2 k t y c i

issuers was negatively affected d i t o 0% 0 s u

q n i

by the economic crisis. The US i l

e e g listed issuers saw improved g n (30%) (0.3) a r a e h v liquidity, while the liquidity c

A e g

in Moscow stayed relatively flat. a (60%) (0.6) r e v A (90%) NASDAQ NYSE LSE LSE LSE Moscow (0.9) (Premium) (GDRs) (AIM) Exchange

Average change in stock price compared to change in the MSCI EM index for the same period Average liquidity for Russian issuers in each listing centre Number of issuers *Includes companies which moved up from LSE (GDRs) to LSE (Premium). Average liquidity in this market (last 12 months ended 30 June 2016) ** Includes issuers with dual listing on other stock exchanges. Average liquidity in this market (last 12 months ended 31 December 2013)

PwC Post-IPO analysis of Russian issuers 5 Top 18 Russian IPOs by change in stock price compared to change in the MSCI EM index

(80%) 20% 120% 220% 320% 420% 520% 620% Novatek

EPAM Systems

Magnit

Luxoft

Tatneft

Polyus

Polymetal International

Moscow Exchange

ALROSA

M.Video

Uralkali

Phosagro

Rusagro

United Wagon Company Credit bank of Moscow Change in the MSCI EM index as of 30 June 2016

Yandex Change in stock price compared to change in the MSCI EM index as of 30 June 2016

Bank Change in the MSCI EM index as of 31 December 2013 Vozrozhdenie Change in stock price compared to change in the MSCI EM index as of 31 December 2013 Europlan

PwC Post-IPO analysis of Russian issuers 6 Bottom 20 Russian IPOs by change in stock price compared to change in the MSCI EM index

(180%) (130%) (80%) (30%) 20% 70% 120%

Petropavlovsk

RBC

Vimpelcom

Mechel

Raven Russia

Belon

Sistema

MTS

Irkut

HALS-Development

TMK

Gazprom

AFI Development

RusHydro

TGС-1 Change in the MSCI EM index as of 30 June 2016 Enel Russia Change in stock price compared to change in the MSCI EM index as of 30 June 2016 Volga Gas Change in the MSCI EM index as IRC (Petropavlovsk) of 31 December 2013 Change in stock price compared to change in PIK Group the MSCI EM index as of 31 December 2013 RUSAL

PwC Post-IPO analysis of Russian issuers 7 Top 20 Russian issuers by market capitalisation Analysts were mainly interested in Russian issuers with a large market capitalisation, regardless of the exchange or post-IPO stock price change.

120,000 42

36 100,000 ) l n m 29 30

S D 28 28 28 80,000 27 27 ( U 26 26 26 n o i

t 24

s a 22 22 22 l coverage i

l 21 a a 60,000 20 c t t i i

19 y p 18 l a a 18

17 17 n c 17

A t

e 15

r k 40,000 a

M 12

20,000 6 Issuer's market capitalisation as of 30 June 2016 Issuer's market capitalisation 0 0 as of 31 December 2013 MTS Number of analysts Lukoil NLMK Rusal MMK Rosneft Novatek Magnit Tatneft Yandex Gazprom Sberbank VTB Bank Severstal ALROSA Megafon Phosagro as of 30 June 2016 Vimpelcom X5 Retail Group

Polymetal International

PwC Post-IPO analysis of Russian issuers 8 Appendix Sector analysis Company name Average change in stock Average sector Number of listed Average analyst Average company Average company Market cap price compared to change liquidity companies in coverage market capitalisation market capitalisation change in the MSCI EM index since sector as of 30 June 2016 as of 31 December IPO (USD mln) 2013 (USD mln) Retail 51% 0.33 6 17 4,444 8,445 (47%) Oil & Gas* 48% 0.37 8 18 22,995 27,206 (15%) Technology & Communications 35% 1.14 8 17 4,721 9,300 (49%) Financial services (9%) 0.61 10 11 7,199 13,068 (45%)

Metals & Mining (22%) 0.27 15 9 3,846 3,504 10% Transportation & Logistics (33%) 0.26 7 4 673 1,743 (61%) Food & Beverage** (34%) 0.20 5 3 578 415 39% Real Estate (63%) 0.09 7 3 793 969 (18%) Utilities (67%) 0.17 6 5 1,308 2,322 (44%) Average (10%) 0.38 8 10 5,173 7,441 (30%)

* Including Oil & Gas services sector ** Including Agricultural sector Retail Retail Company name Exchange Listing date Change in stock price Change in stock Analyst Liquidity Market capitalisa- Market capitalisation Market cap compared to change in the price since IPO coverage tion as of 30 June as of 31 December change MSCI EM index since IPO 2016 (USD mln) 2013 (USD mln) MagnitOil & Gas LSE (GDRs) 15.04.08 319% 291% 26 0.72 15,707 31,300 (50%) M.Video MOEX 01.11.07 115% 76% 8 0.13 848 1,629 (48%) DIXY Group MOEX 18.05.07 (2%) (20%) 18 0.16 583 1,539 (62%) LentaTechnology & LSE (GDRs) 28.02.14 (13%) (28%) 17 0.34 – 3,503 4,238* (17%) O’KEYCom mGROUPunicationLSEs (GDRs) 02.11.10 (53%) (79%) 13 0.16 619 3,202 (81%) X5 Retail Group LSE (GDRs) 11.05.05 (58%) (7%) 18 0.45 5,404 4,554 19% AverageTransportation & logistics 51% 39% 17 0.33 4,444 7,744 (43%) Median (8%) (13%) 18 0.25 2,176 3,720 (42%) * For comparison purposes, market capitalisation as of IPO date is used instead of 31 December 2013 / Increase/decrease in average liquidity for 12 months ended 30 June 2016 compared with 12 months ended 31 December 2013 PwC Metals & Mining Post-IPO analysis of Russian issuers 9

Food & beverage

Financial services

Utilities

Real Estate

Only sectors with more than 5 issuers are included in the analysis above - number of companies (outperformers) - number of companies (underperformers) Retail

Oil & Gas Oil & Gas Company name Exchange Listing date Change in stock price Change in stock Analyst Liquidity Market capitalisation Market capitalisation Market cap compared to change price since IPO coverage as of 30 June 2016 as of 31 December change in the MSCI EM index (USD mln) 2013 (USD mln) Technology & since IPO NOVATEKCommunicationsLSE (GDRs) 21.07.05 470% 509% 28 0.29 30,970 41,567 (25%) Tatneft LSE (GDRs) 13.12.96 208% 260% 26 0.46 11,566 13,881 (17%) LUKOILTransportation &LSE lo (GDRs)gistics 04.12.02 (14%) 38% 29 0.88 35,528 53,118 (33%) Exillon Energy LSE (Premium) 14.12.09 (21%) (36%) 1 0.19 208 460 (55%) Rosneft LSE (GDRs) 14.07.06 (45%) (32%) 26 0.27 54,263 80,705 (33%) C.A.T.Meta oills & MiningDeutsche Borse 04.05.06 (51%) (55%) 2 0.10 363 1,362 (73%) Volga Gas LSE (AIM) 20.04.07 (71%) (86%) 1 0.08 45 133 (66%) Retail Gazprom LSE (GDRs) 22.10.96 (88%) (36%) 28 0.65 51,016 101,204 (50%) Food & beverage Average 48% 70% 18 0.37 22,995 36,554 (37%) Median (33%) (34%) 26 0.28 21,268 27,724 (23%) Oil & Gas

Financial services Technology & Communications Technology & CompanyCommu namenications Exchange Listing date Change in stock price Change in stock Analyst Liquidity Market capitalisation Market capitalisation Market cap compared to change price since IPO coverage as of 30 June 2016 as of 31 December change Utilities in the MSCI EM index (USD mln) 2013 (USD mln) Transportation & logistics since IPO EPAMRea lSystems Estate NYSE 07.02.12 457% 436% 17 2.22 3,258 1,625 101% Luxoft NYSE 26.06.13 213% 206% 11 2.23 1,711 1,244 38% Yandex NASDAQ 23.05.11 15% (13%) 20 2.28 6,976 14,061 (50%) Metals & Mining Mail.ru Group LSE (GDRs) 05.11.10 (6%) (34%) 17 0.44 4,005 9,326 (57%) MegaFon LSE (GDRs) 28.11.12 (31%) (48%) 27 0.30 6,448 20,770 (69%) OMTSFnoloy dse &ct obresv weritahg meNYSEore than 5 issu29.06.00ers are included in the an(92%)alysis above (40%) 28 0.96 8,555 22,348 (62%) VimpelCom- number of compNYSEanies (outperfo15.11.96rmers) (133%) (81%) 17 0.30 6,786 22,732 (70%) RBC- n umber of compMOEXanies (underpe18.04.02rformers) (143%) (91%) – 0.38 29 63 (54%)

AverageFinancial services 35% 42% 17 1.14 4,721 11,521 (59%) Median (18%) (37%) 17 0.70 5,227 11,693 (55%)

PwC Post-IPO analysis of Russian issuers 10 Utilities

Real Estate

Only sectors with more than 5 issuers are included in the analysis above - number of companies (outperformers) - number of companies (underperformers) Retail

Oil & Gas

Technology & Communications

Transportation & logistics

Metals & Mining

Food & beverage

Financial Services CompanyFinanc inameal services Exchange Listing Change in stock price Change in stock Analyst Liquidity Market capitalisation Market capitalisation Market cap date compared to change in the price since IPO coverage as of 30 June 2016 as of 31 December change MSCI EM index since IPO (USD mln) 2013 (USD mln) Moscow Exchange MOEX 15.02.13 127% 105% 14 0.77 4,010 4,668 (14%)

CreditUtili bankties of Moscow MOEX 30.06.15 24% 10% – 0.15 – 1,486 1,766* (16%) Bank Vozrozhdenie MOEX 11.05.07 6% (11%) 5 0.11 239 319 (25%)

EuroplanReal Estate MOEX 10.12.15 5% 9% – 0.66 – 223 187* 19% QIWI NASDAQ 03.05.13 (2%) (23%) 12 1.51 792 2,917 (73%)

Sberbank LSE (GDRs) 18.09.12 (10%) (28%) 27 1.70 – 47,006 67,891 (31%) Retail Bank Saint Petersburg MOEX 01.11.07 (23%) (61%) 10 0.08 356 559 (36%) TCS Group LSE (GDRs) 22.10.13 (51%) (72%) 11 0.19 931 2,845 (67%) VTB Bank LSE (GDRs) 10.05.07 (63%) (81%) 21 0.47 13,310 19,408 (31%) OSistemanOlyi ls &ec tGoarss with more LSEtha n(GDRs) 5 issuer09.02.05s are included in the analys(106%)is above (56%) 14 0.41 3,633 15,498 (77%) Average- number of companies (outperformers) (9%) (21%) 11 0.61 7,199 11,606 (38%) Median- number of companies (underperformers) (6%) (26%) 12 0.44 1,209 2,881 (58%) * ForTe comparisonchnology purposes, & market capitalisation as of IPO date is used instead of 31 December 2013 Communications

TransportationTransportation & log &ist iLogisticscs Company name Exchange Listing Change in stock price Change in stock Analyst Liquidity Market capitalisation Market capitalisation Market cap date compared to change in the price since IPO coverage as of 30 June 2016 as of 31 December change MSCI EM index since IPO (USD mln) 2013 (USD mln)

UnitedMet aWagonls & MCompanyining MOEX 29.04.15 27% 4% 1 0.79 – 1,206 76* 1,482% TransContainer LSE (GDRs) 09.11.10 (15%) (44%) 1 0.22 621 1,251 (50%) Novorossiysk LSE (GDRs) 02.11.07 (37%) (75%) 3 0.08 1,233 1,605 (23%) Commercial Sea Port Food & beverage Globaltrans LSE (GDRs) 30.04.08 (40%) (70%) 11 0.45 701 2,842 (75%) Novorossyisk Grain Plant MOEX 15.12.15 (46%) (39%) – 0.12 329 444* (26%) Global Ports LSE (GDRs) 24.06.11 (56%) (81%) 8 0.05 535 2,671 (80%) FESCOFinancial services MOEX 03.08.07 (62%) (86%) 1 0.09 87 348 (75%) Average (33%) (56%) 4 0.26 673 1,320 (49%) Median (40%) (70%) 1 0.12 621 1,251 (50%)

* For comparison purposes, market capitalisation as of IPO date is used instead of 31 December 2013 Utilities

PwC Real Estate Post-IPO analysis of Russian issuers 11

Only sectors with more than 5 issuers are included in the analysis above - number of companies (outperformers) - number of companies (underperformers) Retail

Oil & Gas

Technology & Communications

Transportation & logistics

Metals & Mining Metals & Mining Company name Exchange Listing Change in stock price Change in stock Analyst Liquidity Market capitalisation Market capitalisation Market date compared to change in the price since IPO coverage as of 30 June 2016 as of 31 December cap MSCI EM index since IPO (USD mln) 2013 (USD mln) change PolyusFood & beverage MOEX 15.05.06 194% 191% – 0.01 14,000 4,495 211% Polymetal International LSE (Premium)* 07.02.07 169% 158% 15 0.30 5,921 3,710 60% ALROSA MOEX 28.10.13 118% 98% 17 0.29 7,981 7,813 2% SeverstalFinancial services LSE (GDRs) 08.11.06 (11%) (12%) 22 0.50 9,165 8,277 11% NLMK LSE (GDRs) 09.12.05 (31%) (10%) 22 0.29 7,791 10,123 (23%) EVRAZ LSE (Premium)** 07.11.11 (40%) (57%) 18 0.38 2,584 2,730 (5%) MMK LSE (GDRs) 24.04.07 (45%) (61%) 17 0.07 4,152 2,576 61% KuzbasskayaUtilities MOEX 30.04.10 (50%) (69%) 1 0.03 – 91 165 (45%) Toplivnaya Company Raspadskaya MOEX 09.11.06 (51%) (52%) 2 0.59 313 644 (51%) ChelyabinskReal Est Zincate Plant LSE (GDRs) 07.11.06 (62%) (64%) – 0.01 331 187 77% RUSAL HKEX 22.01.10 (63%) (79%) 19 0.03 4,523 4,507 0% IRC (Petropavlovsk) HKEX 13.10.10 (68%) (93%) – 0.23 98 456 (78%) Belon MOEX 05.06.06 (107%) (100%) – 0.06 77 88 (12%) Mechel NYSE 28.10.04 (129%) (77%) 5 0.76 350 1,066 (67%) PetropavlovskOnly sectors with morLSEe th (Standard)***an 5 issuers a29.04.02re included in the analys(151%)is above (99%) 4 0.49 320 238 34% Average (22%) (22%) 9 0.27 3,846 3,138 23% - number of companies (outperformers) Median- number of companies (underperformers) (50%) (61%) 5 0.29 2,584 2,576 0%

* The company moved up to the Premium segment of the LSE subsequent to the IPO (GDRs) on the Standard segment. The listing date is the date of the initial offering. ** IPO (GDRs) in 2005. For the purpose of this analysis performance is tracked from the move up to the Premium segment of the LSE in 2011. *** The company moved up to the Standard segment of the LSE subsequent to the IPO on AIM. The listing date is the date of the initial offering.

PwC Post-IPO analysis of Russian issuers 12 Retail

Oil & Gas

Technology & Communications

Transportation & logistics

Metals & Mining Retail

Food & beverage Oil & Gas

TFeincahncoilaolg sye r&vices Communications Utilities TUrtailnitsipeosrtation & logistics Company name Exchange Listing date Change in stock Change in stock Analyst Liquidity Market capitalisation Market capitalisation Market cap price compared price since IPO coverage as of 30 June 2016 as of 31 December change to change in the (USD mln) 2013 (USD mln) Real Estate MSCI EM index Metals & Mining since IPO TGC-7 MOEX 14.03.08 (56%) (81%) – 0.01 – 371 1,710 (78%) Federal Grid Company LSE (GDRs) 28.03.11 (57%) (85%) 5 0.46 2,804 3,421 (18%) Food & beverage OGK-2 MOEX 28.09.07 (61%) (93%) 4 0.15 482 852 (43%) OEnelnly Russiasectors with moreMOEX than 5 issuers are10.11.06 included in the ana(74%)lysis above (76%) 8 0.03 – 371 1,201 (69%) TGC-1- number of companMOEXies (outperformer30.03.07s) (75%) (87%) 4 0.07 303 769 (61%) RusHydroF-innaunmcbiaelr soef rcvoimcepsanLSEies (GDRs)(under perform06.07.09ers) (80%) (72%) 10 0.31 3,515 6,667 (47%) Average (67%) (82%) 5 0.17 1,308 2,437 (46%) Median (68%) (83%) 5 0.11 427 1,456 (71%) Utilities

RealReal E Estatestate Company name Exchange Listing date Change in stock Change in stock Analyst Liquidity Market capitalisation Market capitalisation Market cap price compared price since IPO coverage as of 30 June 2016 as of 31 December change to change in the (USD mln) 2013 (USD mln) MSCI EM index since IPO World Trade Center MOEX 29.10.07 (8%) (45%) – 0.00 169 354 (52%) Only sectors with more than 5 issuers are included in the analysis above Etalon Group LSE (GDRs) 15.04.11 (35%) (65%) 10 0.22 714 1,548 (54%) - number of companies (outperformers) LSR Group LSE (GDRs) 08.11.07 (44%) (81%) 9 0.18 1,445 2,156 (33%) - number of companies (underperformers) PIK Group LSE (GDRs) 31.05.07 (66%) (84%) 4 0.05 2,569 1,532 68% AFI Development LSE (Premium)* 03.05.07 (84%) (99%) – 0.01 120 799 (85%) HALS-Development LSE (GDRs) 03.11.06 (92%) (92%) – 0.02 202 247 (18%) Raven Russia LSE (Premium)** 29.07.05 (116%) (79%) – 0.17 332 735 (55%) Average (63%) (78%) 3 0.09 793 1,053 (25%) Median (66%) (81%) 0 0.05 332 799 (58%)

* The company moved up to the Premium segment of the LSE subsequent to the IPO (GDRs) on the Standard segment. The listing date is the date of the initial offering. ** The company moved up to the Premium segment of the LSE subsequent to the IPO on AIM. The listing date is the date of the initial offering.

PwC Post-IPO analysis of Russian issuers 13 Retail

Oil & Gas

Technology & Communications

Transportation & logistics

Metals & Mining

FoodFood & & be Beverageverage Company name Exchange Listing Change in stock price Change in stock Analyst Liquidity Market capitalisation Market capitalisation Market date compared to change in the price since IPO coverage as of 30 June 2016 as of 31 December cap MSCI EM index since IPO (USD mln) 2013 (USD mln) change Rusagro LSE (GDRs) 08.04.11 30% (1%) 8 0.53 2,023 761 166% Financial services Cherkizovo Group LSE (GDRs) 11.05.06 (36%) (42%) 3 0.21 587 811 (28%) Synergy MOEX 15.11.07 (41%) (77%) 1 0.00 154 567 (73%) Russian Aquaculture MOEX 15.04.10 (59%) (80%) – 0.01 43 82 (48%) BlackUtil iEarthties Farming NASDAQ OMX 19.12.07 (62%) (93%) 1 0.25 84 212 (61%) Average (34%) (59%) 3 0.20 578 487 19% Median (41%) (77%) 1 0.21 154 567 (73%) Real Estate

Other sectors Only sectors with more than 5 issuers are included in the analysis above Company name Industry Exchange Listing date Change in stock price Change in Analyst Liquidity Market Market Market cap - number of companies (outperformers) compared to change stock price coverage capitalisation as capitalisation as of change - number of companies (underperformers) in the MSCI EM since IPO of 30 June 2016 31 December 2013 index since IPO (USD mln) (USD mln) Uralkali Chemicals & Fertilisers MOEX 20.11.2007 78% 45% 14 0.20 8,026 15,620 (49%)

PhosAgro Chemicals & Fertilisers LSE (GDRs) 13.07.2011 32% 5% 22 0.28 5,731 3,802 51%

Protek Group Pharmaceuticals MOEX 27.04.2010 (2%) (22%) – 0.04 659 807 (18%)

Acron Chemicals & Fertilisers LSE (GDRs) 05.08.2008 (16%) (34%) 13 0.05 2,392 1,281 87%

Mostotrest Engineering & Construction MOEX 02.11.2010 (25%) (51%) 2 0.13 414 1,142 (64%)

MD Medical Group Healthcare LSE (GDRs) 12.10.2012 (29%) (46%) 6 0.06 487 849 (43%) SOLLERS Industrial Manufacturing MOEX 22.04.2005 (50%) 3% 4 0.06 232 887 (74%)

Pharmstandard Pharmaceuticals LSE (GDRs) 03.05.2007 (59%) (75%) – 0.03 561 1,499 (63%)

TMK Industrial Manufacturing LSE (GDRs) 31.10.2006 (90%) (87%) 11 0.29 677 2,764 (76%)

Irkut Industrial Manufacturing MOEX 26.03.2004 (92%) (40%) – 0.04 175 198 (12%)

Average (25%) (30%) 7 0.12 1,935 2,885 (33%)

Median (27%) (37%) 5 0.06 610 1,211 (50%)

PwC Post-IPO analysis of Russian issuers 14 Company name Industry Exchange Listing date Change in stock price Change in Analyst Liquidity Market Market Market cap compared to change stock price coverage capitalisation as capitalisation as of change in the MSCI EM since IPO of 30 June 2016 31 December 2013 index since IPO (USD mln) (USD mln) Uralkali Chemicals & Fertilisers MOEX 20.11.2007 78% 45% 14 0.20 8,026 15,620 (49%)