Investor Contacts and Regular Meetings Schedule

Bank of Russia RUSSIAN MACRO UPDATE The Central Bank of the Russian Federation INFLATION After two years of disinflationary policies inflation target successfully reached in 2017 Figure 9: Inflation is around 4% (YOY, %) 24% 20% 16% 12% 8% 4% CPI .....Non-food products .....Food ....Services Key rate Medium-term inflation target January 2016: Oil prices reach their lowest level in a decade 0% 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 Source: Bank of Russia, Rosstat 18

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