www.pwc.ru/en/capital-markets Russian Eurobond statistics from 1 January 2014 till 15 June 2016 Introduction Number of issues and total proceeds* This analysis contains a selection of Eurobonds by Russian issuers from $ 46,452 1 January 2014 till 15 June 2016 and therefore may not be a full list of all Proceeds, Eurobond deals for this period. 81 USD mln The information was compiled from public Average deal size, sources, CBonds and BofA Merrill Lynch $ USD mln Global Research. $ 10,354 The Eurobond issues are presented by Number of issues pricing date and separately for financial services and corporate issuers. 573 Unless otherwise indicated, the analysis 431 includes credit ratings by Standard & Poor's. $ 5,162 $ 4,908 24 516 409 12 10 2013 2014 2015 YTD 2016 * excluding sovereign issues 3 Yield curves by Financial services issuers credit rating* Legend Issuers Trend BB+, BB, BB- (USD) 12% 10% 8% 6% Yield, Yield, % 4% 2% 0% 0 1 2 3 4 5 6 7 8 9 10 11 12 Duration, years B+, B, B- (USD) 35% 30% 25% 20% 15% Yield, Yield, % 10% 5% 0% 0 1 2 3 4 5 6 7 8 Duration, years 4 Corporate issuers BBB+, BBB, BBB- (USD) 6% 5% 4% 3% Yield, Yield, % 2% 1% 0% 0 2 4 6 8 10 12 14 16 Duration, years BB+, BB, BB- (USD) 8% 6% % , 4% Yield 2% 0% 0 1 2 3 4 5 6 7 8 9 10 Duration, years B+, B, B- (USD) 150% % , 100% Yield 50% 0% 0 1 2 3 4 5 6 Duration, years * Source: Сbonds database (c) 2001-2015 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 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-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 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 * Source: BofA Merrill Lynch Global Research 6 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 Effective Interest Rate,% Interest Effective 7 6 5 4 3 2 Jan 14 Mar 14 May 14 Jul 14 Sep 14 Nov 14 Jan 15 Mar 15 May 15 Jul 15 Sep 15 Nov 15 Jan 16 Mar 16 May 16 ** Source: Сbonds database (c) 2001-2015 LLC Cbonds.ru 7 Financial services issuers Size Listing Issuer Lead Managers Pricing Date Maturity Tenor CCY¹ Coupon Rating Type² (mln) Venue³ Senior Renaissance Capital Renaissance Capital, UBS 11-Apr-2016 14-Apr-2021 5 USD 200 9.500% unrated unsecured ISE notes (EO) SC Lowy Financial, Xiaxin Binbank 21-Mar-2016 27-Mar-2019 3 USD 150 8.500% B- LPN WBAG Securities (HK) Limited Deutsche Bank, Gazprom 16-Mar-2016 30-Nov-2018 3 CHF 500 3.375% BBB- (Fitch) LPN SIХ Gazprombank,UBS SovCo Capital Sovcombank 1-Feb-2016 3-Feb-2020 4 USD 150 9.000% unrated LPN WBAG Partners B.V. Alfa-Bank Alfa-Bank, Barclays, UBS 18-Nov-2015 27-Nov-2018 3 USD 500 5.000% BB LPN ISE Russian Standard Goldman Sachs, UBS, VTB 27-Oct-2015 27-Oct-2022 7 USD 451 13.000% CCC+ LPN (EO) FSE Bank Capital AK BARS Bank Credit Suisse, UBS 30-Jul-2015 6-Aug-2018 3 USD 350 8.000% B2 (Moody's) LPN ISE Peresvet Bank Otkritie bank 22-Jul-2015 22-Jan-2026 11 RUB 8,000 13.250% B+ LPN ISE URALSIB UBS 22-Jan-2015 22-Jul-2020 6 USD 77 10.500% SD LPN (OE) ISE Otkritie bank, BK Region, Moscow Credit bank 21-Nov-2014 26-May-2025 11 RUB 5,000 16.500% BB- LPN ISE Sberbank CIB Alfa-Bank, Bank of America Alfa-Bank Merrill Lynch, Goldman Sachs, JP 13-Nov-2014 18-Feb-2025 10 USD 250 9.500% BB LPN ISE Morgan, UBS Promsvyazbank Promsvyazbank 22-Sep-2014 unlimited N/A USD 100 12.500% BB- LPN ISE Tatfondbank Promsvyazbank 7-Aug-2014 unlimited N/A USD 60 12.500% B LPN WBAG 8 Size Listing Issuer Lead Managers Pricing Date Maturity Tenor CCY¹ Coupon Rating Type² (mln) Venue³ Goldman Sachs, ING, Promsvyazbank 15-Jul-2014 30-Jul-2021 7 USD 334 10.500% BB- LPN ISE Promsvyazbank, UBS 5% to 24 Oct 2019, VTB Credit Suisse, UBS, VTB Capital 3-Jul-2014 24-Oct-2024 10 CHF 350 then 5Y CHF Swap BBB- LPN SIX Rate + 4.64% Gazprombank, Credit Suisse, Gazprombank 26-Jun-2014 1-Jul-2019 5 EUR 1,000 4.000% BBB- LPN ISE Deutsche Bank, Societe Generale Barclays Capital, BNP Paribas, Sberbank 23-Jun-2014 15-Nov-2019 5 EUR 1,000 3.352% BBB (Fitch) LPN ISE Deutsche Bank, Sberbank CIB Alfa-Bank Alfa-Bank, Commerzbank, UBS 4-Jun-2014 10-Jun-2017 3 EUR 350 5.500% BB- LPN ISE M2M Private Bank Promsvyazbank 25-Apr-2014 25-Oct-2019 5 USD 34 9.000% unrated LPN OTC SovCo Capital VTB Capital 23-Apr-2014 25-Apr-2018 4 USD 100 12.500% unrated LPN OTC Partners B.V. Region, Bank of America Merrill Tatfondbank 22-Apr-2014 28-Apr-2017 3 USD 70 11.000% B LPN WBAG Lynch, Otkritie bank Goldman Sachs, ING, Promsvyazbank 14-Mar-2014 17-Mar-2021 7 USD 100 10.500% BB LPN ISE Promsvyzbank, UBS Sberbank Sberbank CIB 4-Mar-2014 7-Mar-2019 5 EUR 500 3.080% Baa1(Moody's) LPN OTC Sberbank Sberbank CIB 4-Mar-2014 6-Mar-2019 5 USD 500 4.150% Baa1(Moody's) LPN OTC Bank of America Merrill Lynch, Gazprombank 26-Feb-2014 5-Sep-2019 5 USD 750 4.960% BBB- LPN ISE Gazprombank, ING, JP Morgan 5.5% to 26 Feb Bank of America Merrill Lynch, 2019, then 5 Year Sberbank Credit Suisse, Deutsche Bank, 18-Feb-2014 26-Feb-2024 10 USD 1,000 Constant Maturity BBB (Fitch) LPN ISE Treasury Yield + Sberbank CIB 4.023% Russian Agricultural JP Morgan, RBS, VTB Capital 18-Feb-2014 25-Jul-2018 4 USD 500 5.100% BBB (Fitch) LPN ISE, BSE Bank VTB Capital, Sumitomo Mitsui Private VTB Banking Corporation Europe 31-Jan-2014 3-Aug-2018 4 RUB 10,900 N/A Baa2 (Moody's) Securitisation placement Limited BOC International Asia, GPB Gazprombank 23-Jan-2014 30-Jan-2017 3 CNY 1,000 4.250% BBB- LPN ISE, BSE Financial Services, HSBC Gazprombank Credit Suisse, Gazprombank, UBS 16-Jan-2014 13-May-2024 10 CHF 325 5.125% BBB- LPN SIX, BSE 9 Corporate issuers Size Listing Issuer Lead Managers Pricing Date Maturity Tenor CCY¹ Coupon Rating Type² (mln) Venue³ Barclays, ING, JP Morgan, Evraz Gazprombank, Societe Generale, 9-Jun-2016 31-Jan-2022 6 USD 500 6.750% BB- Notes ISE VTB Capital Citigroup, ING, JP Morgan, Sovcomflot 9-Jun-2016 16-Jun-2023 7 USD 750 5.375% BB+ Senior notes ISE Sberbank CIB, VTB Capital Deutsche Bank, ING, JP Morgan, NLMK 8-Jun-2016 15-Jun-2023 7 USD 700 4.500% BBB- (Fitch) LPN ISE Societe Generale Vympelcom Barclays, Citigroup, ING 11-May-2016 26-Apr-2020 4 USD 500 6.250% BB Senior notes LUX Vympelcom Barclays, Citigroup, ING 11-May-2016 26-Apr-2023 7 USD 700 7.250% BB Senior notes LUX Citigroup, Deutsche Bank, JP Severstal 26-Apr-2016 29-Apr-2021 5 USD 200 0.500% BB+ Guaranteed СB unlisted Morgan, Societe Generale ING, JP Morgan, RBI Group, Global Ports Sberbank CIB, UniCredit Group, 11-Apr-2016 25-Jan-2022 6 USD 350 6.872% BB +(Fitch) Guaranteed notes ISE VTB Capital Gazprombank, Renaissance Koks 16-Mar-2016 28-Dec-2018 3 USD 201 10.750% B- LPN (EO) ISE Capital, Sberbank CIB Barclays, Goldman Sachs, JP Evraz Morgan, Sberbank CIB, UniCredit 10-Dec-2015 28-Jan-2021 5 USD 750 8.250% BB- Notes ISE Group, VTB Capital Banca IMI, JP Morgan, UniCredit Gazprom 8-Oct-2015 15-Oct-2018 3 EUR 1,000 4.625% BB+ LPN ISE Group Barclays, Citigroup, ING, Norilsk Nickel UniCredit Group, Societe 6-Oct-2015 14-Oct-2022 7 USD 1,000 6.625% BBB- LPN ISE Generale Citigroup, Renaissance Capital, Koks 2-Jul-2015 28-Dec-2018 3 USD 136 10.750% B LPN (EO) ISE Sberbank CIB Guaranteed СB Petropavlovsk Deutsche Bank AG 18-Mar-2015 18-Mar-2020 5 USD 100 9.000% unrated LSE (EO) Barclays Capital, Citigroup, JP Russian Railways 27-Feb-2014 6-Mar-2023 9 USD 500 4.600% BBB LPN ISE Morgan, VTB Capital Gazprom CIBC, Gazprombank, JP Morgan 19-Feb-2014 26-Feb-2021 7 EUR 750 3.600% BBB LPN ISE 10 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.