www.pwc.ru/capital-markets Russian Eurobond statistics from 1 January 2017 to 30 June 2019 Introduction Number of issues and total proceeds* Proceeds, USD mln This analysis contains a selection of $ Average deal size, Eurobonds by Russian issuers from $ USD mln 1 January 2017 to 30 June 2019 and therefore may not be a full list of all Number of issues 46,452 Eurobond deals for this period. The information was compiled from public 81 sources, CBonds and BofA Merrill Lynch 20,608 Global Research. The Eurobond issues are presented by pricing date and separately for financial services and corporate issuers. 13,001 41 Unless otherwise indicated, the analysis 10,354 includes credit ratings by Standard & Poor's. 7,818 6,917 5,162 29 24 17 10 14 2013 2014 2015 2016 2017 2018 6m 2019 573 431 516 448 503 460 494 * excluding sovereign issues 3 Yield curves by Financial services issuers Legend Issuers credit rating* Trend BBB+, BBB, BBB- (USD) 8% 6% % 4% Yield Yield 2% 0% 0 1 2 3 4 5 6 7 8 9 10 11 Duration, years BB+, BB, BB- (USD) 18% 15% 12% % 9% 6% Yield Yield 3% 0% 0 1 2 3 4 5 6 Duration, years B+,B+, B, B, B B--(USD)(USD) 60% 40% % % Yield Yield 20% Yield Yield 0% 0 1 1 2 2 3 43 Duration,Duration, years years 4 Corporate issuers BBB+, BBB, BBB- (USD) 6% 5% 4% % 3% 2% Yield Yield 1% 0% 0 1 2 3 4 5 6 7 8 9 10 11 12 Duration, years BB+, BB, BB- (USD) 6% 4% % 2% Yield Yield 0% 0 1 2 3 4 5 Duration, years B+, B, B- (USD) 10% 8% 6% % 4% Yield Yield 2% 0% 0 1 2 3 4 Duration, years * Source: Сbonds database (c) 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 Effective Interest Rate, Interest Effective % 2 1 0 Jan-14 Jun-14 Nov-14 Apr-15 Sep-15 Feb-16 Jul-16 Dec-16 May-17 Oct-17 Mar-18 Aug-18 Jan-19 Jun-19 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 * Source: BofA Merrill Lynch Global Research Jan-14 Jun-14 Nov-14 Apr-15 Sep-15 Feb-16 Jul-16 Dec-16 May-17 Oct-17 Mar-18 Aug-18 Jan-19 Jun-19 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 7 6 Effective Interest Rate, Interest Effective % 5 4 3 2 ** Source: Сbonds database (c) LLC Cbonds.ru 7 Financial services issuers Listing Issuer Lead Managers Pricing Date Maturity Tenor CCY¹ Size (mln) Coupon Rating Type² Venue³ Renaissance Credit Renaissance Capital Jun-2019 Dec-2024 6 EUR 50 10.000% B LPN ISE Gazprombank, JP Morgan, Societe State Transport Guaranteed Generale, VTB Capital, Sovcombank, Apr-2019 Apr-2025 6 USD 500 5.950% BB (Fitch) ISE notes Leasing Company Renaissance Capital Citigroup, Societe Generale, Credit Bank of Moscow Commerzbank, ING, Credit Bank of Mar-2019 Jun-2024 5 USD 500 7.121% BB- LPN ISE Moscow Citigroup, Societe Generale, Gazprombank, Credit Bank of Moscow Feb-2019 Feb-2024 5 EUR 500 5.150% BB- LPN ISE ING, Credit Bank of Moscow Alfa-Bank Alfa-Bank, JP Morgan Jan-2019 Aug-2022 4 RUB 10,000 9.350% BB+ LPN ISE Floating rate BCS BCS Apr-2018 Apr-2028 10 USD 150 0% B+ ISE notes BK Region, Credit Suisse, JP Morgan, ING, Credit Bank of Moscow Feb-2018 Feb-2023 5 USD 500 5.550% BB- LPN ISE Societe Generale, UniCredit 6M LIBOR USD + Floating rate BCS BCS Feb-2018 Feb-2028 10 USD 100 B+ ISE 0.5% notes 6M LIBOR USD + Floating rate BCS BCS Jan-2018 Jan-2028 10 USD 300 B+ ISE 0.5% notes 6.95% until 30.04.2023, Index + Alfa-Bank Alfa-Bank, UBS Jan-2018 perpetual N/A USD 500 4.572% from B (Fitch) LPN ISE 30.04.2023 to maturity Alfa-Bank UBS Oct-2017 Nov-2022 5 CHF 165 2.875% BB (Fitch) LPN SIX 8.75% to 2023, 5Y Gazprombank, RBI Group, Renaissance Promsvyazbank Jul-2017 perpetual N/A USD 500 USD Swap Rate + BB- LPN ISE Capital 6.807% after Alfa-Bank Alfa Bank, Citigroup Jul-2017 Jul-2021 4 RUB 10,000 8.900% BB+ (Fitch) LPN ISE SimpleFinance Renaissance Capital Jun-2017 Jul-2020 3 USD 30 10.500% unrated no data FWB BCP Securities, Renaissance Capital, UBS, 9.25% to 2022, 5Y Tinkoff Bank BK Region, Pareto Securities, JP Morgan, Jun-2017 perpetual N/A USD 300 UST Yield + 7.592% BB- (Fitch) LPN ISE BCS after Alfa-bank, Gazprombank, JP Morgan, State Transport Guaranteed Renaissance Capital, Societe Generale, May-2017 May-2024 7 USD 500 5.125% Ba2 (Moody’s) ISE notes Leasing Company VTB Capital Citigroup, Credit Suisse, HSBC, JP 8.875% till 2022, Credit Bank of Moscow Morgan, RBI Group, BК Region, Societe Apr-2017 perpetual N/A USD 700 5Y USD Swap Rate BB (Fitch) LPN ISE Generale + 6.942% after Citigroup, HSBC, Credit Suisse, ING, JP 7.5% till Oct 2017, Credit Bank of Moscow Morgan, RBI Group, BК Region, Societe Mar-2017 Oct-2027 11 USD 600 5Y USD Swap Rate BB (Fitch) LPN ISE Generale, UniCredit + 5.416% after Alfa-Bank Alfa-bank, ING, UBS Mar-2017 Apr-2020 3 EUR 400 2.626% BB+ (Fitch) LPN ISE Alfa-Bank Alfa-bank, JP Morgan Feb-2017 Feb-2022 5 RUR 10,000 9.250% BB+ (Fitch) LPN ISE 8 Corporate issuers Listing Issuer Lead Managers Pricing Date Maturity Tenor CCY¹ Size (mln) Coupon Rating Type² Venue³ JP Morgan, Gazprombank, Renaissance Guaranteed Petropavlovsk Jun-2019 Jul-2024 5 USD 125 8.250% B- LSE Capital, VTB Capital CB Guaranteed MMK Citigroup, JP Morgan, Societe Generale Jun-2019 Jun-2024 5 USD 500 4.375% Baa2 Moody's ISE notes Societe Generale, JP Morgan, UniCredit, NLMK May-2019 May-2026 7 USD 500 4.700% Baa2 Moody's LPN ISE ING Russian Railways May-2019 May-2027 8 EUR 500 2.200% Baa2 (Moody's) LPN ISE JP Morgan, UniCredit, VTB Capital ALROSA Gazprombank, JP Morgan, VTB Capital Apr-2019 Apr-2024 5 USD 500 4.650% Baa2 (Moody's) Notes ISE Russian Railways JP Morgan, Sberbank CIB, VTB Capital Mar-2019 Oct-2025 7 RUB 20,000 8.800% Baa2 (Moody's) LPN ISE Bank of America Merrill Lynch, Evraz Gazprombank, ING, JP Morgan, Sberbank Mar-2019 Apr-2024 5 USD 700 5.250% BB+ Notes ISE CIB Citigroup, JP Morgan, Sberbank CIB, EuroChem Mar-2019 Mar-2024 5 USD 700 5.500% BB (Fitch) Notes ISE Societe Generale, UniCredit, VTB Capital Gazprombank, JP Morgan, Banca IMI, Credit Gazprom Agricole CIB, Mizuho Financial Group, Renaissance Capital, SMBC Nikko Capital, Feb-2019 Feb-2026 7 USD 1,250 5.150% BBB- LPN ISE VTB Capital JP Morgan, Mizuho Financial Group, Guaranteed Gazprom Dec-2018 Dec-2028 10 JPY 65,000 1.010% BBB- not listed SMBC Nikko Capital, Gazprombank bonds Gazprombank, VTB Capital, JP Morgan, RusHydro Nov-2018 Jan-2022 3 RUB 15,000 8.975% BBB- LPN ISE Sberbank CIB RusHydro Gazprombank, VTB Capital, JP Morgan Nov-2018 Nov-2021 3 CNY 1,500 6.125% BBB- LPN ISE Gazprom Gazprombank, JP Morgan, UniCredit Nov-2018 Jan-2024 5 EUR 1,000 2.949% BBB- LPN ISE Deutsche Bank, Gazprombank, JP Morgan, Gazprom Mar-2018 Mar-2026 8 EUR 750 2.500% BBB- LPN ISE Renaissance Capital, VTB Capital Gazprombank, Renaissance Capital, UBS, Gazprom Feb-2018 Mar-2023 5 CHF 750 1.450% BBB- (Fitch) LPN SIX VTB Capital Credit Suisse, RBI Group, Societe DME Airport Limited Feb-2018 Feb-2023 5 USD 300 5.075% BBB- (Fitch) LPN ISE Generale, UBS Gazprombank, JP Morgan, VTB Capital, RusHydro Feb-2018 Feb-2021 3 RUB 20,000 7.400% BB+ LPN ISE Sberbank CIB Citigroup, Credit Bank of Moscow, Credit Senior Suisse, Gazprombank, JP Morgan, Natixis, unsecured RUSAL Jan-2018 Feb-2023 5 USD 500 4.850% BB- (Fitch) ISE Renaissance Capital, Sberbank CIB, guaranteed Sovcombank, UniCredit, VTB Capital notes Gazprombank, JP Morgan, Renaissance Guaranteed Polyus Jan-2018 Jan-2024 6 USD 500 4.700% Ba1 (Moody's) LSE Capital, Sberbank CIB, VTB Capital notes Guaranteed Polyus Deutsche Bank, JP Morgan, Sberbank CIB Jan-2018 Jan-2021 3 USD 250 1.000% Ba1 (Moody's) LSE CB 9 Corporate issuers Listing Issuer Lead Managers Pricing Date Maturity Tenor CCY¹ Size (mln) Coupon Rating Type² Venue³ Bank of America Merrill Lynch, Citigroup, JP PhosAgro Morgan, RBI Group, Renaissance Capital, Sberbank CIB, Societe Generale, UBS, Jan-2018 Apr-2023 5 USD 500 3.949% BBB- LPN ISE UniCredit, VTB Capital Credit Agricole CIB, Deutsche Bank, Gazprom Nov-2017 Nov-2024 7 EUR 750 2.250% BBB- (Fitch) LPN ISE Gazprombank, UniCredit, VTB Capital Citigroup, JP Morgan, VTB Capital, Guaranteed Petropavlovsk plc Nov-2017 Nov-2022 5 USD 500 8.125% B- ISE Sberbank CIB notes Russian Railways Barclays, Sberbank CIB, VTB Capital Oct-2017 Oct-2024 7 RUB 15,000 7.900% BBB- (Fitch) LPN ISE Gazprombank, Goldman Sachs, ING, JP Guaranteed SIBUR Sep-2017 Oct-2023 6 USD 500 4.125% BB+ (Fitch) ISE Morgan, Sberbank CIB notes Gazprombank, VTB Capital, JP Morgan, RusHydro Sep-2017 Sep-2022 5 RUB 20,000 8.125% BB+ LPN ISE Sberbank CIB ING, JP Morgan, Societe Generale, NLMK Sep-2017 Sep-2024 7 USD 500 4.000% BBB- LPN ISE UniCredit Russian Railways Credit Suisse, JP Morgan, VTB Capital Sep-2017 Oct-2023 6 CHF 450 2.100% BBB- (Fitch) LPN SIX China International Capital Corporation RUSAL Plc Sep-2017 Sep-2020 3 CNY 500 5.500% BB- (Fitch) Panda bonds SSE (CICC) Deutsche Bank, Gazprombank, JP Morgan, Gazprom Jul-2017 Jul-2022 5 CHF 500 2.250% BBB- (Fitch) LPN SIX VTB Capital Citigroup, Credit Agricole CIB, JP Morgan, EuroChem Jun-2017 Jul-2021 4 USD 500 3.950% BB (Fitch) Notes ISE Sberbank CIB, Societe Generale, UniCredit VEON Holdings Barclays, HSBC,