Guidelines for the Development of the Russian Financial Market

175% 150% 125% 100% 75% 50% 25% 12.14 03.15 The Central Bank of the Russian Federation Bank of Russia FINANCIAL SECTOR OVERVIEW SECURITIES MARKET (2) Russian equity market remains undervalued despite strong performance in recent years Figure 20: Russian MSCI index vs EM peers (05.01.15= 100%) 06.15 09.15 12.15 03.16 EM EMEA -China India Russia Brazil -Turkey South Africa 9 Source: Thomson Reuters, Moscow Exchange 06.17 09.17 12.17 03.18 3 4 5 6 7 8 Figure 21: Forward P/E ratio of just 5.9x and a dividend yield above 5.4% 12.14 03.15 06.15 09.15 12.15 03.16 06.16 09.16 Forward P/E, Ihs -Div/Yield, rhs 6 12.16 03.17 06.17 09.17 12.17 03.18 3 3.5 4 4.5 5 5.5 31

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