Investor Presentaiton

Russian macro (1/2) Real GDP growth % y-o-y 0.7% -0.2% 1.8% 1.8% 1.5% -2.5% 2014 2015 2016 2017 2018F 2019F Industrial production growth % y-o-y 3.5% 3.3% 2.2% 2.1% 1.7% Inflation year average % y-o-y 15.7% 7.8% 7.1% 4.3% 3.0% 3.0% 2014 2015 2016 2017 2018F 2019F Gross fixed investment % y-o-y -1.8% 4.5% 3.6% 2.5% 0.8% -0.8% -11.2% 2014 2015 2016 2017 2018F 2019F 2014 2015 2016 2017 2018F 2019F ☑ MOSCOW Source: Sberbank CIB as of 12.12.2018 EXCHANGE 6

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