Investor Presentaiton

Return Sovereign Bonds (OFZ): macro and EM debt 10Y Yields, % 15 12 9 6 3 0 Nominal Yield Real Yield Indonesia Brazil South Africa India Malaysia Expected Return / Risk 10,0 90 Mexico Colombia Russia Nigeria Chile Vietnam Philippines China South Korea Brazil South Africa 9,0 Russia 8,0 India Indonesia 7,0 Mexico Colombia 6,0 5,0 4,0 Malaysia 3,0 2,0 8,0 10,0 12,0 14,0 16,0 18,0 Debt (public) to GDP 84 11 10 9 80 7 65 5 Yield Russia 10 Y OFZ Bloomberg Barclays EM Aggregate Non-resident share ~27% as of 2018. Top fund holders: BlackRock Stone Harbor Investment Fidelity Investment ◉ Allianz ◉ Pitcet Funds 4 04.01.2016 04.01.2017 04.01.2018 04.01.2019 10Y CDS Currency performance 3 year horizon 2016-2019 South Africa 258 Russia 10% Brazil 257 South Africa 9% Malaysia 5% Mexico 198 Brazil 4% Russia 182 20,0 22,0 Colombia 3% Standard deviation Colombia 180 -3% Indonesia Indonesia 165 70,2 28,9 52,7 54 54,2 49,4 -5% India India 146 -11% Mexico Malaysia 103 Indonesia South Africa Malaysia Mexico Colombia 17,4 Russia Brazil India MOSCOW EXCHANGE Source: Bloomberg, MOEX ☑ 10

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