3Q 2021 Financial Overview

Local institutional investors: the potential of pension funds Pension assets in Russia Non-state pension funds asset allocation dynamics¹ RUB trn +6% +10% +20% +4% +5% +9% +1% +1% 15% 12% 10% 15% 22% 29% 37% 47% 49% 6.5 6.5 6.2 5.6 5.7 5.3 1.5 1.5 4.8 1.4 3.8 4.0 1.1 1.2 1.3 1.0 69% 51% 63% 76% 77% 81% 82% 46% 0.8 0.9 1.7 2.5 2.1 2.6 2.9 3.0 3.0 37% 36% 1.1 1.1 1.9 1.9 2.1 2.0 1.9 1.8 1.9 2.0 2.0 16% 15% 17% 20% 15% 9% 8% 8% 7% 2013 2014 2015 2016 2017 2018 2019 2020 2Q'21 2013 2014 2015 2016 2017 2018 2019 2020 2Q'21 State Pension Fund. Mandatory savings Non-state pension funds. Mandatory savings Deposits and other assets Bonds Equities Non-state pension funds. Reserves Key highlights of the pension reform ■ Bank of Russia became a regulator of the pension system in 2013 ■ Adopted changes in non-state pension fund regulation: "One year non-loss" rule was abolished Investment horizon of NPFS was extended to 5 years Customers are now incentivized to stay with the fund for not less than 5 years Guarantee fund mechanism (similar to the Deposit Insurance Agency in the banking system) New allocations to NPFs remained under moratorium, leaving room for organic growth only ☑ MOSCOW EXCHANGE Source: Bank of Russia 1 Including NPFs Mandatory savings and NPFs Reserves 24 24

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