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Annual Report Annual Report 2016 Portrait of the Group Strategic Report Performance Overview About this Report This annual report of Sberbank of Russia (“Sberbank” or the “Bank”) for the reporting period from January 1, 2016, to December 31, 2016, includes the results of Sberbank and its subsidiaries (together “Group” or “Sberbank Group”) for 2016. Main subsidiaries of the Group include the Russian and foreign commercial banks and other companies controlled by the Bank. List of key subsidiaries and affiliates of Sberbank is provided on pages 278-283 This report is based on the consolidated financial statements of the Group under the International Financial Reporting Standards (“IFRS”) in accordance with the requirements of the securities laws of Russia, recommendations of Bank of Russia Corporate Governance Code, and GRI Sustainability Reporting Guidelines.1 This annual report includes: Summarized consolidated financial statements based on the consolidated financial statements under the IFRS for 2016 and the audit report therein provided on pages 252–259 Main forms of annual financial (accounting) statements of the Bank under the RAS for the year 2016 are available on pages 260–277 This annual report was preliminary approved by the Supervisory Board of Sberbank (Minutes No 17 as of April 20, 2017) and approved by the Audit Commission of Sberbank. This annual report was approved by the annual General Shareholder Meeting of Sberbank as of May 26, 2017 (Minutes No 30 as of May 30, 2017). 1 This report is prepared in accordance with the laws of Russia, including: • Bank of Russia Ordinance No. 3533-U dated January 15, 2015, On the Terms and Procedure for Preparing and Submitting Statements by Professional Securities Market Participants to the Central Bank of the Russian Federation • Bank of Russia Corporate Governance Code recommended for joint-stock companies in Bank of Russia Letter No. 06-52/2463 dated April 10, 2014 • GRI G4 Sustainability Reporting Guidelines • Federal Law No. 39-FZ dated April 22, 1996, On the Securities Market • Federal Law No. 208-FZ dated December 26, 1995, On Joint-Stock Companies • Regulations on Additional Requirements for Preparing, Convening, and Holding the General Shareholders’ Meeting approved by Order No. 12-6/pz-n of the Federal Commission for the Securities Market of Russia dated February 2, 2012 Please visit Sberbank IR website • Bank of Russia Regulation No. 454-P dated December 30, 2014, On information disclosure by www.sberbank.com issuers of equity securities sberbank.com Information Technology Financial results Risk Management Annexes Disclaimer This annual report is prepared by Sberbank and does not represent—in full or in part—an offer for sale or issue, an invitation to submit offers for sale or issue, or a recommendation regarding the purchase, subscription, guarantee of placement, or other acquisition of any shares of Sberbank or any member of Sberbank Group, or any securities representing such shares, or any other securities of said entities and shall not be interpreted as such; neither this report, any part thereof, nor the fact of its presentation or distribution shall give the grounds for any contract, obligation, or investment decision and shall not be relied upon in connection with any contract, obligation, or investment decision. The information provided in this report or expressed in the oral communications of Sberbank management may contain forward-looking statements. Forward-looking statements can be made in respect to any facts, excluding facts attributed to prior periods, and include statements regarding the intentions, beliefs, and current expectations of Sberbank in relation to, among other things, the results of its activities, financial position, liquidity, prospects, growth, targets, strategy, and the industry, in which Sberbank conducts its activities. By their nature, forward-looking statements involve risks and uncertainties as they relate to events and depend on circumstances that may either occur or not occur in the future. Sberbank cautions readers of this report that forward-looking statements are not a guarantee of future performance, and the actual results of the Bank’s activities, its financial position, liquidity, and developments in the industry, in which Sberbank conducts its activities, may differ significantly from those expressly stated or implied in such forward-looking statements provided in this report or expressed in the oral statements of Sberbank management. In addition, even if the actual results of the activities, financial position, liquidity, and events in the industry, in which Sberbank conducts its activities, correspond to the forward-looking statements provided in this report or expressed in oral statements, these results or events cannot be viewed as an indicator of future performance and events. The information and opinions included in this report or expressed in the oral statements of Sberbank management are provided as of the date of this report and may be modified without notice. Annual Report | Sberbank 2016 2 3 Portrait of the Group Strategic Report Performance Overview Content Portrait of the Group Sberbank Today .......................................................................................... 4 Awards in 2016 ............................................................................................ 6 Key highlights .............................................................................................. 8 Sustainable Business Model .................................................................10 Deployment of Information Technology ............................................12 Developing Risk Culture in Sberbank ................................................14 Appeal for Investors..................................................................................16 Significant Subsidiary Banks of the Group .......................................18 Strategic Report Address of the Chairman of the Supervisory Board ....................22 Address of the CEO, Chairman of the Executive Board .............23 Market review .............................................................................................26 The Strategy and Its Implementation ................................................33 Performance Overview Information Technology Sberbank Technology Platform ......................................................... 170 Key achievements under strategic programs in 2016 .................................................................. 172 Breakthrough IT-developments of Sberbank............................... 175 Financial Results Major Performance Indicators of Sberbank Group under IFRS for five years ...................................................................... 178 Analysis of the Statement of Profit and Loss ................................180 Analysis of the Asset Structure of Sberbank Group under IFRS .........................................................189 Analysis of the Liability and Equity of the Group under IFRS ...................................................................... 193 Risk Management Risk Management of the Group .........................................................196 Material Risks ...........................................................................................201 sberbank.com 3 Information Technology Financial results Risk Management Annexes Clients ..............................................................................................46 Retail Clients ............................................................................................................46 Corporate Clients ...................................................................................................71 Financial Institutes .................................................................................................79 State Authorities .................................................................................................... 80 Shareholders ..................................................................................82 Corporate Governance ....................................................................................... 82 Sberbank Corporate Governanace Practice ...............................................87 Relationship with Shareholders and Investors .......................................... 141 Employees ....................................................................................144 Corporate Culture Development ................................................................... 144 Personnel Structure .............................................................................................147 Recruitment and Adaptation ............................................................................149 Training and Development ...............................................................................150 Motivation System ...............................................................................................152 Maintaining a Dialogue with Employees .....................................................154 Occupational Health and Safety ....................................................................155 Development of society and the state ....................................156 Charity and Sponsorship Projects .................................................................156 Corporate Volunteering ..................................................................................... 161 Enhancing Financial Literacy
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