Financial Sector Overview

The Central Bank of the Russian Federation Bank of Russia FINANCIAL SECTOR OVERVIEW SECURITIES MARKET (6) Russian equity market remains undervalued despite strong performance in recent years Figure 48: Russian MSCI index vs EM peers (05.01.15 = 100%) Figure 49: Forward P/E ratio (12m), MSCI Russia vs MSCI EM 175% 150% 125% 100% 75% 50% 25% 12.14 03.15 EM Russia China Brazil India -Turkey MSCI Russia, Ihs MSCI EM, Ihs Russia to EM P/E discount, rhs 14.0 -35% 12.3 12.0 -40% 06.15 09.15 12.15 03.16 06.16 09.16 12.16 03.17 06.17 09.17 12.17 03.18 06.18 09.18 12.18 03.19 Source: Bloomberg 10.0 8.0 6.0 4.0 2.0 12.14 03.15 06.15 09.15 12.15 03.16 06.16 09.16 12.16 03.17 06.17 09.17 12.17 03.18 06.18 09.18 12.18 03.19 -45% -50% -52% 5.8 -55% -60% -65% 40 40

View entire presentation