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Russian Eurobond statistics

from 1 January 2014 till 15 November 2016

Introduction Number of issues and total proceeds*

Proceeds, This analysis contains a selection of USD mln Eurobonds by Russian issuers from $ 46,452 1 January 2014 till 15 November 2016 and Average deal size, $ therefore may not be a full list of all USD mln Eurobond deals for this period. 81 Number of issues The information was compiled from public sources, CBonds and BofA Lynch $11,805 Global Research. $10,354 The Eurobond issues are presented by pricing date and separately for and corporate issuers. 573 437 Unless otherwise indicated, the analysis 431 $ 5,162 includes credit ratings by Standard & Poor's. 27 24 516

10

2013 2014 2015 10.5 months 2016

* excluding sovereign issues

3 Yield curves by Financial services issuers credit rating*

Legend

Issuers Trend

BB+, BB, BB- (USD) 10% 8% 6%

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

B+, B, B- (USD) 40%

30%

20%

Yield, Yield, % 10%

0% 0 1 2 3 4 5 6 7 8 Duration, years 4 Corporate issuers

BBB+, BBB, BBB- (USD) 5%

4%

3%

2%

Yield, Yield, % 1%

0% 0 2 4 6 8 10 12 14 16 Duration, years

BB+, BB, BB- (USD) 7% 6% 5% 4% 3%

Yield, Yield, % 2% 1% 0% 0 1 2 3 4 5 6 7 8 9 10 11 12 13 Duration, years

B+, B, B- (USD) 120% 100% 80% 60%

40% Yield, Yield, % 20% 0% 0 1 2 3 4 5 6 Duration, years * Source: Сbonds database (c) 2001-2016 LLC Cbonds.ru 5 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 8

7

6

5

4

3

2

Effective Interest Rate, Interest % Effective 1

0 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16

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 18 16 14 12 10 8 6

4 Effective Interest Rate, Interest % Effective 2 0 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 * Source: BofA Merrill Lynch Global Research 6 **

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 6

5 Effective Interest Rate, % Rate, Interest Effective 4 3 2 Feb 14 Mar 14 May 14 Jul 14 Sep 14 Nov 14 Jan 15 Mar 15 May 15 Jul 15 Sep 15 Nov 15 Jan 15 Mar 16 May 16 Jul 16 Oct 16

** Source: Сbonds database (c) 2001-2015 LLC Cbonds.ru 7 Financial services issuers

Listing Issuer Lead Managers Pricing Date Maturity Tenor CCY¹ Size (mln) Coupon Rating Type² Venue³ Binbank, Sberbank CIB, SC Lowy Tatfondbank Nov-2016 Nov-2019 3 USD 60 8.500% B LPN ISE Financial, Merdeka Capital Limited 8% until Alfa- Alfa-Bank, UBS Oct-2016 unlimited USD 400 BB+ (Fitch) LPN ISE 03.02.2022 , Sberbank CIB, Societe Credit Bank of Oct-2016 Nov-2021 5 USD 500 5.875% BB- LPN ISE Generale HSBC, ING, JP Morgan, Oct-2016 Oct-2019 3 USD 250 5.250% BB- LPN ISE Promsvyazbank Renaissance Capital , , JP Morgan, Sep-2016 Sep-2021 5 USD 350 8.250% B+ Notes ISE O1 Properties RBI, VTB Capital Citigroup, Commerzbank, ING, Otkritie Otkritie Bank Bank, RBI, Societe Generale, , Sep-2016 Nov-2019 3 USD 400 4.500% BB- LPN ISE VTB Capital

JP Morgan, Renaissance Capital, UBS, Guaranteed State Transport Leasing Jul-2016 Jul-2021 5 USD 500 5.950% BB- ISE Company VTB Capital notes Senior Renaissance Capital Renaissance Capital, UBS Apr-2016 Apr-2021 5 USD 200 9.500% unrated unsecured ISE notes (EO) SC Lowy Financial, Xiaxin Securities (HK) Binbank Mar-2016 Mar-2019 3 USD 150 8.500% B- LPN WBAG Limited SovCo Capital Partners Sovcombank Feb-2016 Feb-2020 4 USD 150 9.000% unrated LPN WBAG B.V. Alfa-Bank Alfa-Bank, Barclays, UBS Nov-2015 Nov-2018 3 USD 500 5.000% BB LPN ISE Russian Standard Goldman Sachs, UBS, VTB Capital Oct-2015 Oct-2022 7 USD 451 13.000% CCC+ LPN (EO) ISE Bank AK BARS Bank Credit Suisse, UBS Jul-2015 Aug-2018 3 USD 350 8.000% B2 (Moody's) LPN ISE Peresvet Bank Otkritie bank Jul-2015 Jan-2026 11 RUB 8,000 13.250% B+ LPN ISE URALSIB UBS Jan-2015 Jul-2020 6 USD 77 10.500% SD LPN (EO) ISE Credit Bank of Moscow Otkritie bank, BK Region, Sberbank CIB Nov-2014 May-2025 11 RUB 5,000 16.500% BB- LPN ISE Alfa-Bank, Bank of America Merrill Alfa-Bank Nov-2014 Feb-2025 10 USD 250 9.500% BB LPN ISE Lynch, Goldman Sachs, JP Morgan, UBS Promsvyazbank Promsvyazbank Sep-2014 unlimited N/A USD 100 12.500% BB- LPN ISE Tatfondbank Promsvyazbank Aug-2014 unlimited N/A USD 60 12.500% B LPN WBAG

8 Listing Issuer Lead Managers Pricing Date Maturity Tenor CCY¹ Size (mln) Coupon Rating Type² Venue³ Goldman Sachs, ING, Promsvyazbank, Promsvyazbank Jul-2014 Jul-2021 7 USD 334 10.500% BB- LPN ISE UBS 5% to 24 Oct 2019, then 5Y VTB Credit Suisse, UBS, VTB Capital Jul-2014 Oct-2024 10 CHF 350 CHF Swap Rate BBB- LPN SIX + 4.64% Gazprombank, Credit Suisse, Deutsche Gazprombank Jun-2014 Jul-2019 5 EUR 1,000 4.000% BBB- LPN ISE Bank, Societe Generale Barclays Capital, BNP Paribas, Deutsche Sberbank Jun-2014 Nov-2019 5 EUR 1,000 3.352% BBB (Fitch) LPN ISE Bank, Sberbank CIB Alfa-Bank Alfa-Bank, Commerzbank, UBS Jun-2014 Jun-2017 3 EUR 350 5.500% BB- LPN ISE M2M Private Bank Promsvyazbank Apr-2014 Oct-2019 5 USD 34 9.000% unrated LPN OTC SovCo Capital VTB Capital Apr-2014 Apr-2018 4 USD 100 12.500% unrated LPN OTC Partners B.V. Region, Bank of America Merrill Lynch, Tatfondbank Apr-2014 Apr-2017 3 USD 70 11.000% B LPN WBAG Otkritie bank Goldman Sachs, ING, Promsvyzbank, Promsvyazbank Mar-2014 Mar-2021 7 USD 100 10.500% BB LPN ISE UBS Sberbank Sberbank CIB Mar-2014 Mar-2019 5 EUR 500 3.080% Baa1(Moody's) LPN OTC Sberbank Sberbank CIB Mar-2014 Mar-2019 5 USD 500 4.150% Baa1(Moody's) LPN OTC Bank of America Merrill Lynch, Gazprombank Feb-2014 Sep-2019 5 USD 750 4.960% BBB- LPN ISE Gazprombank, ING, JP Morgan 5.5% to 26 Feb 2019, then 5 Bank of America Merrill Lynch, Credit Year Constant Sberbank Feb-2014 Feb-2024 10 USD 1,000 Maturity BBB (Fitch) LPN ISE Suisse, , Sberbank CIB Treasury Yield + 4.023% Russian Agricultural JP Morgan, RBS, VTB Capital Feb-2014 Jul-2018 4 USD 500 5.100% BBB (Fitch) LPN ISE, BSE Bank

VTB Capital, Sumitomo Mitsui Banking Private VTB Jan-2014 Aug-2018 4 RUB 10,900 N/A Baa2 (Moody's) Securitisation Corporation Europe Limited placement BOC International Asia, GPB Financial Gazprombank Jan-2014 Jan-2017 3 CNY 1,000 4.250% BBB- LPN ISE, BSE Services, HSBC Gazprombank Credit Suisse, Gazprombank, UBS Jan-2014 May-2024 10 CHF 325 5.125% BBB- LPN SIX, BSE

9 Corporate issuers

Listing Issuer Lead Managers Pricing Date Maturity Tenor CCY¹ Size (mln) Coupon Rating Type² Venue³

Gazprom Bank of China Limited, J.P. Morgan, Nov-2016 Nov-2023 7 EUR 1,000 3.125% BBB- (Fitch) LPN ISE UniCredit, Nomura

DME Airport Limited ING, Societe Generale, UBS Nov-2016 Nov-2021 5 USD 350 5.875% BB+ LPN ISE

LUKOIL Citigroup, JP Morgan Oct-2016 Nov-2026 10 USD 1,000 4.750% BBB- (Fitch) Notes LSE Gazprombank, JP Morgan, Renaissance Guaranteed Oct-2016 Mar-2022 5 USD 500 4.699% Ba1 (Moody's) LSE Capital, Sberbank CIB, VTB Capital notes

EuroChem Citigroup, Goldman Sachs, HSBC, ING, Oct-2016 Apr-2020 4 USD 500 3.800% BB- LPN ISE JP Morgan, Sberbank CIB Russian Railways JP Morgan, VTB Capital, Sberbank CIB Sep-2016 Oct-2023 7 RUR 15,000 9.200% BBB-(Fitch) LPN ISE Russian Railways JP Morgan, VTB Capital Sep-2016 Oct-2020 4 USD 500 3.450% BBB-(Fitch) LPN ISE ING, JP Morgan, RBI, Sberbank CIB, Guaranteed Global Ports Sep-2016 Sep-2023 7 USD 350 6.500% BB- (Fitch) ISE UniCredit, VTB Capital notes Barclays, ING, JP Morgan, Gazprombank, Evraz Jun-2016 Jan-2022 6 USD 500 6.750% BB- Notes ISE Societe Generale, VTB Capital Citigroup, ING, JP Morgan, Sberbank CIB, Senior Sovcomflot Jun-2016 Jun-2023 7 USD 750 5.375% BB+ ISE VTB Capital notes Deutsche Bank, ING, JP Morgan, Societe NLMK Jun-2016 Jun-2023 7 USD 700 4.500% BBB- (Fitch) LPN ISE Generale Senior Vympelcom Barclays, Citigroup, ING May-2016 Apr-2020 4 USD 500 6.250% BB LUX notes Senior Vympelcom Barclays, Citigroup, ING May-2016 Apr-2023 7 USD 700 7.250% BB LUX notes Citigroup, Deutsche Bank, JP Morgan, Guaranteed Apr-2016 Apr-2021 5 USD 200 0.500% BB+ unlisted Societe Generale СB ING, JP Morgan, RBI, Sberbank CIB, Guaranteed Global Ports Apr-2016 Jan-2022 6 USD 350 6.872% BB +(Fitch) ISE UniCredit, VTB Capital notes

10 Listing Issuer Lead Managers Pricing Date Maturity Tenor CCY¹ Size (mln) Coupon Rating Type² Venue³ Gazprombank, Renaissance Capital, Koks Mar-2016 Dec-2018 3 USD 201 10.750% B- LPN (EO) ISE Sberbank CIB Deutsche Bank, Gazprombank,UBS Mar-2016 Nov-2018 3 CHF 500 3.375% BB+ LPN SIХ

Barclays, Goldman Sachs, JP Morgan, Evraz Dec-2015 Jan-2021 5 USD 750 8.250% BB- Notes ISE Sberbank CIB, UniCredit, VTB Capital Gazprom Banca IMI, JP Morgan, UniCredit Oct-2015 Oct-2018 3 EUR 1,000 4.625% BB+ LPN ISE Barclays, Citigroup, ING, UniCredit, Oct-2015 Oct-2022 7 USD 1,000 6.625% BBB- LPN ISE Societe Generale Citigroup, Renaissance Capital, Koks Jul-2015 Dec-2018 3 USD 136 10.750% B LPN (EO) ISE Sberbank CIB Guaranteed Petropavlovsk Deutsche Bank AG Mar-2015 Mar-2020 5 USD 100 9.000% unrated LSE СB (EO) Barclays Capital, Citigroup, JP Morgan, Russian Railways Feb-2014 Mar-2023 9 USD 500 4.600% BBB LPN ISE VTB Capital Gazprom CIBC, Gazprombank, JP Morgan Feb-2014 Feb-2021 7 EUR 750 3.600% BBB LPN ISE

Legend ¹ CCY AUD – Australian dollar; CHF – Swiss franc; CNY – Chinese yuan; CZK – Czech koruna; EUR – euro; GBP – British pound sterling; RUB – Russian rouble; TRY – Turkish lira; USD – United States dollar

² Type Analysis excludes European Commercial Paper issues. CB – Convertible Bonds; EO – Exchange Offer; Dim Sum – bonds denominated in Chinese Yuan; LPN – Loan Participation Notes; SVGN – Sovereign bonds

³ Listing Venue BSE – Berlin Stock Exchange; FWB – Frankfurt Stock Exchange; ISE – Irish Stock Exchange; LSE – Stock Exchange; LUX – Luxemburg Stock Exchange; OTC – Over-the-counter market; SGX – Singapore Exchange; SIX – SIX Swiss Exchange; WBAG – Vienna Stock Exchange http://www.pwc.ru/en/capital-markets.html

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