DAILY BONDS REVIEW 17 September 2018

Daily Bonds Review FSK 19 RZD 19 RZD 23 VIP 19 RSHB 18 DAILY BONDS REVIEW 17 September 2018 Foreign market Core assets showed growth at the foreign grounds on Friday. Yield of the 10Y UST added 3 bps reaching the psychologically important level of 3.0 annually. Russian foreign loans added in price slightly, showing yields reduction in the sovereign segment by 2-3 bps. Domestic market OFZ market was mixed last Friday. The state bonds opened showing buying backed by the demand of risk that preserved at the global grounds. Later on, quite an unexpected decision by the CBR to toughen the monetary conditions has provided for a sell-off at the debt market. Given drove the long-term issues down by approximately 0.3-0.4 pps of the face value. However, the market rebounded back upwards quite fast, going sideways afterwards. Money market CBR upgraded the rate and inflation forecast, promising not to buy currency at the market until the end of the year. No comments Market results +7 (495) 258-19-88 bonds@veles-capital.ru Debt and money markets Close Change, b.p. day week month OFZ 26214 8.05 11-9 -5 OFZ 26215 8.44 1-45 -21 Russia 2023 4.42-6 -4 7 UST 10-2.97-10 13 UST 30-3.11-5 11 Germany 10 0.45 3 6-126 Italy 10 2.98 3-5 748 Spain 10 1.48 2 2-38 MOSPRIME O/N, 7.30-1 2-2 MOSPRIME 1 week, 7.45-1 5 11 LIBOR O/N, 1.92 0 0 1 LIBOR 1 month, 2.16 2 3 10 Source: market data; estimation: Veles Capital Commodity and currency markets Close Change, day week month Brent, USD/bbl 78.16-0.36 1.92 11.20 RUR/USD, ЦБ 68.16-0.21-2.49 1.99 RUR/EUR, ЦБ 79.14-0.85-2.10 4.12 Source: market data; estimation: Veles Capital 6 000 5 000 4 000 Ruble liquidity figures Europlan leasing company set the rate of the 11-12th coupons of MB-01 series bonds at 9.5 annually. The notes were placed in October of 2013. 3 000 2 000 1 000 0 07.30.18 08.13.18 08.23.18 09.04.18 09.14.18 Total volume Correspondent Accounts Bank deposits with BOR 10 8 6 4 2 0-2 -4-6 Liquid ruble Eurobond yield change 8,95 8,25 8,12 12,00 11,00 10,00 Changes 1d, bps YTM, - right Given analytic materials of Veles Capital can only be used in information purposes. The company does not guarantee completeness of given information and its reliability, as well as it is not responsible for any straight or consequential loss resulting from a non-purpose use. Given document cannot be considered as the reason for buying or selling either, one or another shares. All rights on this bill belong to Veles Capital. Reproduction and/or spreading of the analytic materials Veles Capital cannot take place without a company s authorization. Veles Capital 2018

Core assets show ed growth at the foreign grounds on Friday. Yield of the 1 0Y UST added 3 bps reaching the psychologi cally important level of 3.0 annually. Russian foreig n loans a dde d in price slightly, showing yields reduction i n the sovereign segme nt by 2-3 bps. D a i l y b o n d s r e v i e w Foreign market Market situation. Core assets showed growth at the foreign grounds on Friday. Yield of the 10Y UST added 3 bps reaching the psychologically important level of 3.0 annually. The stronger stats on the industrial production and the preserving confrontation between the US and China on the trade matters were responsible for that. For August, the volume of the US industrial production grew 0.4 MoM vs the expected 0.3. Debt instrument of EM moved mixed. The Russian foreign loans added in price slightly, showing yields reduction in the sovereign segment by 2-3 bps. The bonds of the corporate borrowers indicated buying at large. Polyus gold mining group announced a buyback offer on Eurobonds due in 2020, 2022 and 2023 for sum USD 300 mn. Forecast. This morning, the appetite to risk was shrinking while waiting for the new fees on Chinese goods to be announced by the US. The Russian sovereign Eurobonds were modestly negative from the morning. As for the stats, today we expect the stat on inflation in the EZ for August. Ivan Manaenko, Julianna Lukyanova bonds@veles-capital.com 17 September 2018 Page 2

OFZ market was mi xed last Friday. The state bonds opened showi ng buying ba cked by the de mand of risk that preserve d at the global grounds. Later on, quite an une xpe cted de cision by the CBR to t oughe n the monetary conditions ha s provide d for a sell-off at the debt market. Give n drove the long-ter m issue s dow n by appr oxi mately 0.3-0.4 pps of the fa ce value. H owever, the market rebounded back upwards quite fast, goi ng sideways a fterwards. Domestic market Market situation. Friday, the OFZ market was mixed. The state bonds opened with buying at the back of the demand of risk preserving at the global grounds. Later on, a relatively unexpected decision of the CBR to toughen the monetary conditions has provided for a sell-off at the debt market. Given drove the long-term issues down by approximately 0.3-0.4 pps of the face value. However, the market rebounded back upwards quite fast, going sideways afterwards. Thus, today the long-term end of the sovereign curve slipped approximately 2 bps in yield while the short and mid-term notes showed rates upping by 3-5 bps. The floaters showed more connatural trends. OFZ with a flexible coupon reacted to the decision to build up the rate with a price adding. The best dynamics indicated the 29008 issues having added about 1 at the back of a considerable trade turnover. At large, the market activity reduced significantly on Friday. The daytime turnover was about RUB 22 bn, which was nearly twice lesser than the previous day estimate. The liquidity was distributed non-contiguously between the notes. The highest turnover indicated the shortterm series 25083 (YTM 8.26, +5 bps). For the week, the local bonds managed to show positive results, recovering 35-45 bps in terms of yield at the middle and far-off segments of the curve and 15-25 bps at the nearest segment. The angle of the curve declined significantly: the spread at 2 to 10Y formed approximately 84 bps, while it was above 105 bps a week ago. D a i l y b o n d s r e v i e w Ivan Manaenko, Julianna Lukyanova bonds@veles-capital.com 17 September 2018 Page 3

Money Markets Friday, the Bank of Russia made a decision to upgrade the key rate 25 bps to 7.50 annually. The regulator justified the rate upping mainly be change of the external conditions, indicating the risks balance shifting towards the inflation-related risks. Moreover, the CBR upgraded all forecasts on inflation comparing to the previous session held out on July 27 and extended the targeted term of the inflation return to the 4 target. The CBR expects inflation to total 3.8-4.2 annually by the end of 2018 (vs the 3.5-4.0 target at the session on July 27). For 2019, the inflation will form 5.0-5.5, however, previously the regulator forecasted a temporary upping if the 4 target in 2019. Finally, for now the Bank of Russia accounts on the inflation return to 4 in 1H 2020 only, yet at the previous session the regulator expected the growth rates to return to the target price in early 2020. CBR kept the forecast on the GDP growth until the end of 2018 at 1.5-2.0, however, it expects a light restraining impact on the business activity mainly in early 2019 due to the planned upping of VAT. GDP growth rate in 2019 will total 1.2-1.7 according to the targets set by the regulator. Previously, the regulator indicated that it will be making decisions on the key rate valuating the inflation risks, dynamics of inflation and development of the economy in comparison with the consensus, However the CBR indicated in the press release on Friday that it will be valuating practicability of the further rate upping, acknowledging the inflation and economy dynamics versus the consensus and considering the risks on behalf of the foreign conditions and reaction of the financial markets to them. Right after the regulator announced RUBUSD set the new high from early September. Participants overreacted not just because of the official upping of the rate by 25 bps, but due to the CBR promising not to buy currency for the Finance Ministry at the public market up until the end of 2018, and due to the harsh rhetoric of the CBR regarding the inflation risks and the new passage on expediency of the further upping of the key rate Ivan Manaenko, Yury Kravchenko bonds@veles-capital.com 17 September 2018 Page 4

Ruble bonds trade results Turnover leaders Trades leaders Price, Price. chg, p.p. Trade Volume, mln RUR Num of Trades Dur., Price, Price. chg, p.p. Trade Volume, mln RUR Num of Trades Dur., Credit Bank of Moscow БО- 100.10-1,413.87 42 9.18 0.10 OFZ 26207 96.93-0.45 1,213.40-8.86 6.15 OFZ 26212 89.75-0.29 773.45-8.86 6.79 OFZ 26209 98.23-0.18 748.72-8.31 3.36 OFZ 26214 97.67-0.21 408.77-8.04 1.60 OFZ 26218 98.31-0.43 260.81-8.91 7.77 OFZ 26215 94.88-0.20 133.18-8.46 4.20 Gazpromneft 10 98.58-0.42 112.33 10 8.44 2.19 OFZ 26210 99.03-0.06 109.54-7.77 1.19 OFZ 26208 100.13-0.00 84.18-7.32 0.45 OFZ 26205 99.40-0.23 65.93-8.02 2.32 OFZ 26217 98.85-0.04 53.11-8.10 2.66 VEB-Leasing 09 100.64 0.34 50.57 4 9.68 1.03 Credit Bank of Moscow БО- 100.10 0.01 37.90 43 9.48 0.12 VEB-Leasing 08 100.64-0.11 21.13 3 9.68 1.03 OFZ 26211 95.26-0.41 12.70-8.49 3.78 RSHB 16 99.25 0.22 5.23 5 8.15 0.54 Karelia 34016 99.98 0.08 5.18 17 7.55 0.37 Smolensk Obl 34001 100.11-3.10 12 7.85 0.09 Alliance Oil 06 90.40-0.72 2.80 3 69.71 0.22 VEB 06 98.99 0.12 2.51 6 9.12 1.88 OFZ 46018 97.11 0.13 2.49-8.14 2.11 RZD 32 96.33 0.16 2.03 15 17.35 0.32 Hakasiya 35003 99.98 0.13 1.67 41 8.69 1.07 OFZ 52002 (CPI) 93.73 0.08 1.62-3.31 8.37 Credit Bank of Moscow БО- 100.10 0.01 37.90 43 9.48 0.12 Credit Bank of Moscow БО- 100.10-1,413.87 42 9.18 0.10 Hakasiya 35003 99.98 0.13 1.67 41 8.69 1.07 Mechel 14 100.24 0.03 0.92 38 11.99 0.45 TGK2 БО-02 100.33 0.14 0.26 23 11.25 0.35 GTLK БО-02 100.00-0.07 21 9.88 0.01 Mechel 13 100.31-0.09 1.20 17 11.81 0.45 Karelia 34016 99.98 0.08 5.18 17 7.55 0.37 RZD 32 96.33 0.16 2.03 15 17.35 0.32 Mechel 16 90.19 0.44 0.36 13 13.28 2.21 Volgogradskaya Obl 35004 99.90-0.10 0.50 12 8.32 0.13 Smolensk Obl 34001 100.11-3.10 12 7.85 0.09 Mechel 19 96.89-0.02 11 9.73 1.31 Samarskaya Obl 35009 99.53-0.37 0.42 11 9.14 0.68 Gazpromneft 10 98.58-0.42 112.33 10 8.44 2.19 Credit Bank of Moscow БО- 99.99-0.16 10 9.34 0.79 Kostromskaya Obl 34007 100.01 0.06 0.15 9 7.64 0.03 Sovcombank БО-01 99.71 0.50 1.59 9 9.18 0.39 Bashneft 06 97.48 2.73 0.03 8 8.57 3.76 Voronezskaya Obl 34006 99.93-0.08 0.75 8 8.12 0.10 RUSAL 08 99.93 1.04 0.10 8 9.32 0.54 Mechel 18 96.85-1.15 7 9.75 1.29 VEB 06 98.99 0.12 2.51 6 9.12 1.88 Mechel 04 97.74-0.01 6 2.24 1.41 Mechel 17 96.91-0.07 6 9.70 1.30 Top leaders Down leaders Price, Price. chg, p.p. Trade Volume, mln RUR Num of Trades Dur., Price, Price. chg, p.p. Trade Volume, mln RUR Num of Trades Dur., BINBANK БО-03 61.90 3.47 0.00 5 7.28 6.83 RusHydro 08 68.94 2.80 0.02 6 8.98 4.37 Bashneft 06 97.48 2.73 0.03 8 8.57 3.76 OFZ 46005 99.61 2.14 0.00 - - - RSHB 15 100.26 1.96 0.03 1 7.97 1.50 Tele2 07 102.56 1.67 0.02 5 9.29 2.96 OFZ 46019 98.99 1.49 0.12-4.04 0.51 Uranium One 02 100.74 1.43 0.00 1 10.05 1.77 RSHB 10 101.90 1.41 0.02 2 6.93 1.31 RUSAL 08 99.93 1.04 0.10 8 9.32 0.54 Pravourmiyskoe 01 101.00 0.64 0.20 1 8.32 1.23 Rosneft 07 93.50 0.61 0.04 4 9.31 3.88 Sovcombank БО-01 99.71 0.50 1.59 9 9.18 0.39 Bashneft 04 99.50 0.47 0.01 1 8.45 0.40 Mechel 16 90.19 0.44 0.36 13 13.28 2.21 OFZ 52001 (CPI) 97.87 0.35 1.33-2.99 4.65 VEB-Leasing 09 100.64 0.34 50.57 4 9.68 1.03 RZD 23 99.70 0.28 0.00 1 7.75 0.84 Lenta 03 88.24 0.23 0.17 6 9.17 1.44 RSHB 16 99.25 0.22 5.23 5 8.15 0.54 VEB 19 101.50 0.20 0.10 1 9.28 2.24 Udmurt Resp 35001 99.78 0.19 0.00 1 7.91 0.70 RZD 32 96.33 0.16 2.03 15 17.35 0.32 TGK2 БО-02 100.33 0.14 0.26 23 11.25 0.35 OFZ 46018 97.11 0.13 2.49-8.14 2.11 Oktritie 04 12.17-5.88 0.01 6 ######## 0.26 Lenta 01 87.84-2.60 0.00 2 9.38 1.46 Alliance Oil 04 84.84-1.94 0.01 4 129.26 0.22 OFZ 48001 99.12-1.39 0.43-11.16 0.12 RSHB 20 98.41-0.79 0.00 1 9.68 0.56 Alliance Oil 06 90.40-0.72 2.80 3 69.71 0.22 Rosneft 04 101.50-0.50 0.01 5 7.60 3.47 Tele2 04 101.00-0.50 0.54 3 10.34 1.74 OFZ 26207 96.93-0.45 1,213.40-8.86 6.15 OFZ 26218 98.31-0.43 260.81-8.91 7.77 Gazpromneft 10 98.58-0.42 112.33 10 8.44 2.19 OFZ 26211 95.26-0.41 12.70-8.49 3.78 Samarskaya Obl 35009 99.53-0.37 0.42 11 9.14 0.68 OFZ 26212 89.75-0.29 773.45-8.86 6.79 FGC UES 22 95.73-0.25 0.41 5 17.78 0.37 OFZ 26205 99.40-0.23 65.93-8.02 2.32 OFZ 26214 97.67-0.21 408.77-8.04 1.60 OFZ 26215 94.88-0.20 133.18-8.46 4.20 OFZ 26209 98.23-0.18 748.72-8.31 3.36 VEB-Leasing 08 100.64-0.11 21.13 3 9.68 1.03 Volgogradskaya Obl 35004 99.90-0.10 0.50 12 8.32 0.13 Mechel 13 100.31-0.09 1.20 17 11.81 0.45 Voronezskaya Obl 34006 99.93-0.08 0.75 8 8.12 0.10 Irkut БО-04 99.90-0.07 0.01 1 9.74 0.16 OFZ 26210 99.03-0.06 109.54-7.77 1.19 17 September 2018 Page 5

State and municipal bonds market atlas 8,50 OFZ Yield Curve OFZ 46014 OFZ 46019 OFZ 46020 OFZ 25081 OFZ 26208 OFZ 46021 OFZ 26214 OFZ 46018 OFZ 26217 26204 OFZ 26209 OFZ 46022 OFZ 26210 OFZ 26205 OFZ 26215 OFZ 26211 OFZ 26207 OFZ 26212 OFZ 26218 OFZ 46023 7,50 6,50 OFZ 46012 5,50 0,0 2,0 4,0 6,0 8,0 10,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR OFZ OFZ 25081 6.20-31.01.2018 99.18 0.03 49,749 8.05 0.49 65 81 OFZ 26204 7.50-15.03.2018 99.79 0.08 43,807 7.99 0.60 44 73 OFZ 26205 7.60-14.04.2021 99.36 1.36 1,852 7.95 3.23-64 OFZ 26205 7.60-14.04.2021 - - - - 7.95 3.23 - - OFZ 26207 8.15-03.02.2027 103.15 1.15 203,667 7.83 6.61-81 OFZ 26208 7.50-27.02.2019 99.39 1.39 72,520 8.07 1.47 15 79 OFZ 26209 7.60-20.07.2022 98.93 0.93 865,431 8.02 4.22-81 OFZ 26210 6.80-11.12.2019 97.89 0.39 51,616 7.94 2.20-47 OFZ 26211 7.00-25.01.2023 96.92 1.92 3,774 7.85 4.47-47 OFZ 26212 7.05-19.01.2028 95.25 0.55 122,644 7.87 7.23-80 OFZ 26214 6.40-27.05.2020 96.25 0.25 356,659 8.06 2.59 2 85 OFZ 26215 7.00-16.08.2023 96.08 1.08 61,269 7.98 4.85-80 OFZ 26215 7.00-16.08.2023 - - - - 7.98 4.85 - - OFZ 26217 7.50-18.08.2021 98.65 0.65 220,961 8.05 3.45-85 OFZ 26218 8.50-17.09.2031 106.45 1.00 103,838 7.89 8.45-80 OFZ 46005 - - 09.01.2019-94.48-5 - - 37 16 OFZ 46010 10.00-17.05.2028 - - - - - - - - OFZ 46011 10.00-20.08.2025 - - - - - - - 1 OFZ 46012 3.28-05.09.2029 - - - - 6.02 7.50-7 OFZ 46014 7.00-29.08.2018 99.18 0.18 134 8.20 0.79 49 24 OFZ 46018 6.50-24.11.2021 96.04 0.59 10,015 8.07 3.03 1 27 OFZ 46019 2.01-20.03.2019-93.60-1 8.18 1.11 34 19 OFZ 46020 6.90-06.02.2036 89.82 0.77 422 8.14 9.74-34 OFZ 46021 5.00-08.08.2018 98.59 0.00 212 8.03 0.50 62 29 OFZ 46022 6.00-19.07.2023 90.03 0.00 351 8.04 4.71-21 OFZ 46023 8.16-23.07.2026 - - - - 7.75 3.58-16 OFZ 48001 6.40-31.10.2018-99.25-5 3.19 0.71-17 OFZ 52001 (CPI) 2.50-16.08.2023 97.00 0.10 744 3.07 5.58-84 17 September 2018 Page 6

Sub-federal and municipal bonds 10,00 Vologodskaya Obl 34003 Mordovia 34001 Ryazan Obl 34002 Voronezskaya Kostromskaya Obl 34006 Karelia Obl 34007 34016 Hakasiya 35003 Krasnodar Tverskaya Kr Sakha 34004Resp 35005 Orenburg Reg 35001 Nizegorodskaya Obl 34009 Volgogradskaya Obl 34008Obl 35003 Smolensk Obl 34001 Udmurt Resp 35001 Novosibirsk 35006 Samarskaya Obl Yaroslavskaya 35008 Obl 34012 Samarskaya Stavropol Obl 35009 Kr 34002 Lipetsk Obl 35008 Volgograd Krasnoyarsk 34006 Tomsk Kr Obl 34006 Krasnoyarsk 34045 Novosibirsk Kr 34007Obl 34015 Bashkortostan 34008 Volgogradskaya Obl 35004 Udmurt Resp 34006 Nizegorodskaya Obl 34008 Novosibirsk 34005 Orenburg Reg 34001 Voronezskaya Obl 34005 Stavropol Kr 34001 Moscow Yield Curve Sverdlovsk Obl 34002 Belgorodskaya Obl 34006 Karelia 34015 4,00 0,0 0,5 1,0 1,5 2,0 2,5 3,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR Municipal bonds Bashkortostan 34008 7.75-18.09.2020-100.19 - - 7.97 1.79-11 Belgorodskaya Obl 34006 6.00-08.08.2017 100.02-0.01 892 5.23 0.02 7,251 24 Volgograd 34006 9.37-23.08.2017 100.08-0.11 39 8.18 0.06 405 20 Vologodskaya Obl 34003 9.75-05.12.2017 100.25-0.41 12 9.29 0.34 223 20 Voronezskaya Obl 34005 5.85-17.12.2017 99.72 0.81 80 6.74 0.37-25 Voronezskaya Obl 34006 7.53-23.10.2018 99.11-0.85 5,285 8.93 0.70 129 24 Tverskaya Obl 34008 9.70-18.12.2017 100.50 0.01 1 8.61 0.37 145 19 Kostromskaya Obl 34007 8.25-28.09.2018 99.27 0.08 112 8.97 0.82 125 22 Krasnodar Kr 34004 8.85-09.11.2017 100.13-0.02 1,332 8.65 0.27 189 16 Krasnoyarsk Kr 34006 8.00-19.10.2017-99.99-213 8.12 0.22 171 19 Krasnoyarsk Kr 34007 7.95-19.09.2018-99.60 - - 8.08 0.54 60 7 Lipetsk Obl 35008 7.39-17.04.2020 - - - - 8.41 1.63 46 10 Volgogradskaya Obl 35003 7.27-14.06.2018-99.53-116 8.60 0.44 129 17 Volgogradskaya Obl 35004 7.55-01.11.2018 99.87-0.01 24 7.83 0.58 31 17 Samarskaya Obl 35008 9.00-13.12.2017-100.20 - - 8.38 0.36 125 13 Samarskaya Obl 35009 8.15-31.07.2020-100.00-1,394 8.40 1.07 58 16 Stavropol Kr 34001 8.20-12.12.2017 - - - - 6.47 0.36-16 Stavropol Kr 34002 8.09-04.11.2020 100.00 0.50 70 8.34 1.29 45 13 Mordovia 34001 9.25-22.10.2018 100.33-1.95 52 9.27 1.17 141 21 Sakha Resp 35005 8.45-24.04.2018 100.00-0.19 1 8.71 0.51 128 6 Nizegorodskaya Obl 34008 9.45-29.08.2017-100.08 - - 7.43 0.08 305 20 Nizegorodskaya Obl 34009 7.87-26.08.2020 98.80-0.10 98 8.73 1.77 76 18 Novosibirsk 34005 6.94-06.09.2017-100.14 - - 7.19 0.10 248 16 Novosibirsk 35006 8.50-22.07.2020 100.15-0.33 2 8.53 1.56 59 6 Novosibirsk Obl 34015 7.79-30.10.2018-99.95 - - 8.10 0.72 44 12 Orenburg Reg 34001 9.20-14.12.2017 - - - - 7.07 0.24 47 10 Orenburg Reg 35001 8.50-19.06.2019-100.20 - - 8.77 1.30 88 4 Karelia 34015 8.75-22.10.2017 101.00-0.02 63 4.34 0.22-14 Karelia 34016 7.49-29.01.2019 98.73 0.01 765 8.95 1.07 112 23 Hakasiya 35003 8.40-27.10.2020-99.55-5,958 8.97 1.59 103 26 Ryazan Obl 34002 9.50-14.12.2017 100.26-0.13 4,791 9.05 0.36 192 28 Sverdlovsk Obl 34002 7.95-04.12.2017 - - - - 5.40 0.34-11 Smolensk Obl 34001 8.90-20.10.2018-100.46 - - 8.63 0.93 86 18 Tomsk Obl 34045 8.60-19.12.2017 100.29 0.20 37 8.04 0.38 87 18 Udmurt Resp 34006 6.90-05.12.2017-99.34 - - 7.66 0.35 58 14 Udmurt Resp 35001 7.45-01.10.2020 98.67 0.10 19,677 8.68 1.27 80 7 Chuvashia 34010 7.00-07.06.2018 - - - - - 0.46-13 Yaroslavskaya Obl 34012 7.35-13.07.2018-99.48-4 8.41 0.65 82 14 17 September 2018 Page 7

Corporate bonds market atlas Oil and gas 8,50 Rosneft 05 Gazpromneft Bashneft 12 Rosneft 08 04 Rosneft 09 Gazpromneft 10 Rosneft 06 Rosneft 04 Bashneft Rosneft Bashneft 08 07 06 Gazprom Gazpromneft Capital Rosneft 04 04 10 Transneft 03 Bashneft 07 09 OFZ Yield Curve 7,50 Transneft 01 6,50 5,50 0,0 0,5 1,0 1,5 2,0 2,5 3,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR Oil & Gas Bashneft 04 0.10 15.02.2018 P 04.02.2022-95.00 - - 8.61 0.53 115 9 Bashneft 06 8.65 12.02.2018 P 31.01.2023-100.20 - - 8.20 0.50 79 14 Bashneft 07 8.85 10.02.2020 P 31.01.2023 101.00-0.20 42,858 8.58 2.22 56 3 Bashneft 08 8.65 12.02.2018 P 31.01.2023 - - - - 8.24 0.50 83 10 Bashneft 09 8.85 10.02.2020 P 31.01.2023 101.00-0.20 3,016 8.58 2.22 56 1 Gazprom Capital 04 7.55-15.02.2018-99.79 - - 8.10 0.52 65 3 Gazpromneft 04 8.20 16.04.2018 P 09.04.2019-100.14 - - 8.10 0.67 49 11 Gazpromneft 09 - - 26.01.2021 - - - - - - - - Gazpromneft 10 8.90 05.02.2018 P 26.01.2021-100.35 - - 8.39 0.50-14 Gazpromneft 11 - - 25.01.2022 - - - - - - - - Gazpromneft 12 8.50 05.12.2017 P 23.11.2022 100.00-0.17 501 8.62 0.33 160 16 Alliance Oil 03 0.01-21.07.2020 - - - - - - - 0 Alliance Oil 04 11.25 08.06.2018 P 01.06.2021-89.47 - - 52.83 0.35 4,575 17 Alliance Oil 06 11.25 13.06.2018 P 04.06.2021-87.16-17 63.35 0.35 5,625 10 Rosneft 04 8.60 27.10.2017 P 17.10.2022 100.09 0.04 9,208 8.26 0.23 176 15 Rosneft 05 8.60 27.10.2017 P 17.10.2022 100.00 0.10 1 8.68 0.23 218 18 Rosneft 06 7.95 11.06.2018 P 30.05.2023 99.80 0.80 1 8.35 0.82 63 11 Rosneft 07 8.00 22.03.2018 P 10.03.2023 - - - - 8.26 0.60 71 17 Rosneft 08 8.00 22.03.2018 P 10.03.2023 - - - - 8.66 0.60 111 13 Rosneft 09 7.95 11.06.2018 P 30.05.2023-99.80 - - 8.48 0.82 76 6 Rosneft 10 7.95 11.06.2018 P 30.05.2023 - - - - 8.15 0.82 43 14 Transneft 01 0.01 16.05.2018 P 13.05.2019 - - - - 7.53 0.78-3 Transneft 02 11.00 05.10.2017 P 01.10.2019 - - - - - - - 3 Transneft 03 12.05-18.09.2019-106.60 - - 8.40 1.84 43 15 17 September 2018 Page 8

Power industry 8,50 RusHydro 07 FGC UES 09 RusHydro 08 FGC UES 15 RusHydro 02 FGC UES 18 FGC UES FGC 25 UES 24 FGC UES RusHydro 07 01 FGC UES 06 FGC UES 13 FGC UES 08 FGC UES 21 OFZ Yield Curve 7,50 FGC UES 10 6,50 FGC UES 11 5,50 FGC UES 19 0,0 1,0 2,0 3,0 4,0 5,0 6,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR Utilities Volzhskaya TGK 01 (ранее 9.50-06.10.2017 - - - - - - - 10 Volzhskaya TGK 01 (ранее 9.50-24.08.2017 - - - - - - - 11 Volzhskaya TGK 01 (ранее 8.10-07.08.2017 - - - - - 0.02-12 Kuzbassenergo 01 - - 14.06.2021 - - - - - - - - Kuzbassenergo 02 - - 15.04.2021 - - - - - - - - RusHydro 01 9.50-12.04.2021 - - - - 8.43 3.13 37 1 RusHydro 02 9.50-12.04.2021 - - - - 8.63 3.13 57 1 RusHydro 07 8.50 13.02.2018 P 02.02.2023 100.25 0.05 2 8.15 0.50 73 14 RusHydro 08 8.50 13.02.2018 P 02.02.2023-100.23 - - 7.91 0.50 48 15 TGK1 03 5.90-14.12.2021 - - - - - - - - TGK2 БО-02 12.00-26.04.2019 93.36-0.28 1,879 20.83 0.89 1,308 25 FGC UES 06 8.25-15.09.2020-100.25-100 8.32 2.74 27 2 FGC UES 07 7.50-16.10.2020 - - - - 8.38 2.85 33 0 FGC UES 08 8.25-15.09.2020 - - - - 8.13 2.74 8 1 FGC UES 09 7.99 24.10.2017 P 16.10.2020 - - - - 8.07 0.23 155 1 FGC UES 10 7.75-15.09.2020 - - - - 7.02 2.77-22 FGC UES 11 7.99 24.10.2017 P 16.10.2020 - - - - 6.25 0.23-11 FGC UES 12 8.10-19.04.2019 - - - - - - - 10 FGC UES 13 8.50-22.06.2021 - - - - 8.36 3.37 29 4 FGC UES 15 8.75 24.10.2018 P 12.10.2023 - - - - 7.81 1.15-25 FGC UES 18 8.50 07.06.2019 P 27.11.2023-100.20 - - 8.55 1.72-13 FGC UES 19 7.95 18.07.2018 P 06.07.2023-100.00 - - 5.45 0.94-15 FGC UES 21 7.40 16.04.2024 P 06.10.2027-97.82 - - 8.72 5.24 61 9 FGC UES 22 7.90 03.08.2022 P 21.07.2027-93.15 - - 22.06 0.48 1,468 19 FGC UES 23 5.10-27.04.2048 - - - - - - - 1 FGC UES 24 8.00 24.01.2020 P 07.01.2028 99.47 0.02 2,337,600 8.41 2.28 39 34 FGC UES 25 9.00 01.10.2019 P 14.09.2027 - - - - 8.45 1.96 46 2 FGC UES 26 5.30 09.07.2047 P 30.06.2048 - - - - - - - 1 FGC UES 27 5.30 09.07.2047 P 30.06.2048 - - - - - - - 1 FGC UES 28 5.10-27.04.2048 - - - - - - - 2 17 September 2018 Page 9

Telecommunications 10,00 9,50 Tele2 01 Tele2 03 Tele2 02 Tele2 04 Tele2 07 MTS 07 MTS БО-01 Vympelcom 04 8,50 MegaFon 07 Rostelecom MegaFon 18 06 Rostelecom 17 OFZ Yield Curve 7,50 Rostelecom 19 Vympelcom 01 Vympelcom 02 6,50 5,50 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 4,5 5,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR TMT Rostelecom 11 11.70-24.07.2019 - - - - - - - - Rostelecom 15 8.20-24.01.2018 - - - - - 0.48 110 2 Rostelecom 16 10.50-07.06.2018 - - - - - - - 0 Rostelecom 17 10.50-02.11.2017-100.00 - - 8.01 0.25 133 3 Rostelecom 18 8.20-24.01.2018 100.04 0.04 2,402 8.27 0.48 88 6 Rostelecom 19 10.50-06.03.2018 100.94 0.09 2 7.77 0.33 73 16 Vympelcom 01 7.00 13.03.2020 P 08.03.2022 - - - - 7.56 2.37-7 Vympelcom 02 7.00 19.03.2020 P 14.03.2022 - - - - 7.12 2.38-1 Vympelcom 04 7.00 13.03.2020 P 08.03.2022-95.50-10 9.17 2.36 115 13 MegaFon 05 - - 29.09.2022 - - - - - - - - MegaFon 06 8.00 13.03.2018 P 01.03.2023-99.91 - - 8.30 0.58 78 4 MegaFon 07 8.00 13.03.2018 P 01.03.2023-99.70 - - 8.50 0.58 98 11 MTS 03 10.00-12.06.2018 - - - - - - - 1 MTS 07 8.70-07.11.2017 99.95-0.01 53,638 9.00 0.27 224 26 MTS 08 9.25 09.11.2017 P 03.11.2020 - - - - - 0.27-10 MTS БО-01 8.25 02.04.2018 P 22.03.2023-99.50-29,989 9.23 0.64 165 9 Tele2 01 11.25 19.06.2018 P 11.06.2021-101.40 - - 9.74 0.84 200 8 Tele2 02 11.30 18.06.2019 P 11.06.2021 103.15 0.15 2,687 9.63 1.72 167 18 Tele2 03 11.30 18.06.2019 P 11.06.2021-102.50 - - 10.00 1.72 204 12 Tele2 04 10.70 06.08.2020 P 31.01.2022-103.00 - - 9.65 2.53 162 11 Tele2 05 10.70-31.01.2022 - - - - - - - 0 Tele2 07 9.95-05.04.2022 101.21-0.23 9,428 9.85 3.75 176 20 17 September 2018 Page 10

Transport 8,50 TransKontainer 04 RZD 17 RZD 23 RZD 28 OFZ Yield Curve 7,50 6,50 5,50 4,50 RZD 12 4,00 0,0 0,5 1,0 1,5 2,0 2,5 3,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR Transport FESCO БО-02 12.25-28.11.2017 - - - - - - - - RZD 12 0.10-16.05.2019-92.87-1 4.33 1.79-12 RZD 17 11.60 17.01.2018 P 16.07.2018 101.60-0.18 561 8.11 0.46 76 44 RZD 18 8.45-15.07.2019-99.55 - - 8.89 - - 12 RZD 19 8.15 18.07.2018 P 08.07.2024 - - - - - - - 1 RZD 23 11.75 02.08.2018 P 16.01.2025 103.61-0.01 326 8.02 0.96 23 17 RZD 28 8.20 03.04.2020 P 21.03.2028-99.59 - - 8.41 2.39 39 19 RZD 32 6.20 13.07.2022 P 25.06.2032 91.23 0.04 192 30.29 0.45 2,296 30 RZD БО-09 5.10-08.06.2028 - - - - - - - 2 RZD БО-12 5.40-18.08.2033 - - - - - - - 2 RZD БО-13 5.40-19.09.2033 - - - - - - - 2 RZD БО-18 5.40-29.04.2043 - - - - - - - 2 TRANSAERO БО-03 - - 25.10.2018-1.57-4 ####### 1.23 279,833 20 TransKontainer 04 8.35-26.01.2018-99.76 - - 8.21 0.49 81 7 17 September 2018 Page 11

Trade 11,00 OKEY БО-04 10,00 Lenta 02 Lenta 03 Lenta 01 OFZ Yield Curve OKEY 02 0,0 0,2 0,4 0,6 0,8 1,0 1,2 1,4 1,6 1,8 2,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR Retail & food production Lenta 01 11.75 06.09.2018 P 03.03.2020 - - - - 8.00 1.01 19 0 Lenta 02 11.00 07.03.2019 P 03.03.2020 - - - - 9.83 1.44 191 0 Lenta 03 11.75 30.08.2018 P 25.02.2020 - - - - 8.53 0.99 73 12 OKEY 02 11.60-12.12.2017 101.62-0.60 26 7.09 0.36-15 OKEY БО-04 8.90-09.10.2018 98.72 3.64 10 10.30 1.13 245 12 17 September 2018 Page 12

Machinery 11,00 10,00 Power Machines 02 Irkut БО-04 Russian Helicopters 02 OFZ Yield Curve 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR Industrials Russian Helicopters 01 8.25-20.04.2018 - - - - - - - 9 Russian Helicopters 02 8.25-20.04.2018 - - - - 8.41 0.70 77 3 HMS 03 - - 30.01.2018 - - - - - - - - Irkut БО-04 9.00 14.11.2018 P 06.11.2023 100.10 0.10 2 9.09 1.22 122 11 UAC 01 8.00-17.03.2020 - - - - - - - 5 Power Machines 02 9.30 08.10.2020 P 28.09.2023 98.00-0.80 1 10.29 2.73 225 14 Oboronprom 01 8.00-24.04.2020 - - - - - - - - 17 September 2018 Page 13

Metallurgy 10,00 17 RUSAL Mechel 08 18 19 Pravourmiyskoe 01 NLMK БО-13 Metalloinvest 02 03 RUSAL 07 Mechel 15 OFZ Yield Curve Metalloinvest 05 Metalloinvest 06 4,00 0,0 1,0 2,0 3,0 4,0 5,0 6,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR Metal & Mining Evraz 01 - - 13.03.2020 - - - - - - - - Evraz 02 - - 19.10.2020 - - - - - - - - Evraz 03 - - 13.03.2020 - - - - - - - - Evraz 04 - - 19.10.2020 - - - - - - - - Evraz 05 - - 27.05.2021 - - - - - - - - Evraz 07 - - 25.05.2021 - - - - - - - - Mechel 04 11.75-15.07.2021 - - - - 1.24 2.02-1 Mechel 05 - - 09.10.2018 - - - - - - - - Mechel 13 14.00-25.02.2020 98.99 0.01 346 16.68 0.49 928 21 Mechel 14 14.00-25.02.2020 98.75-0.24 592 17.23 0.49 982 30 Mechel 15 8.00-09.02.2021 - - - - 8.16 3.03 10 0 Mechel 16 8.00-09.02.2021 - - - - - - - 0 Mechel 17 12.13-27.05.2021-94.71-688 9.45 1.69 149 19 Mechel 18 12.13-27.05.2021-94.79-1,964 9.39 1.69 144 23 Mechel 19 12.13-01.06.2021-94.71-471 9.37 1.71 141 24 MMK 18 - - 22.11.2022 - - - - - - - - MMK 19 - - 13.07.2023 - - - - - - - - NLMK 07 - - 05.09.2022 - - - - - - - - NLMK 08 - - 25.11.2022 - - - - - - - - NLMK БО-11 - - 20.07.2023 - - - - - - - - NLMK БО-12 - - 25.07.2023 - - - - - - - - NLMK БО-13 8.05 11.10.2017 P 02.10.2023-99.95 - - 8.37 0.19-1 Pravourmiyskoe 01 9.00-26.12.2019-100.00-30 9.18 2.11 118 7 Evraz 01 - - 10.10.2019 - - - - - - - - Evraz 02 - - 10.10.2019 - - - - - - - - Metalloinvest 01 0.01-07.03.2022 - - - - - - - 0 Metalloinvest 02 8.90 07.02.2018 P 27.01.2023-100.35 - - 8.35 0.49 95 10 Metalloinvest 03 8.90 07.02.2018 P 27.01.2023-100.35 - - 8.35 0.49 95 12 Metalloinvest 05 0.01-07.03.2022-71.95 - - 7.07 4.60-7 Metalloinvest 06 0.01-10.03.2022 - - - - 4.41 4.61-1 RUSAL 07 12.00-22.02.2018-101.96 - - 7.96 0.53 49 23 RUSAL 08 9.00 10.04.2019 P 05.04.2021 - - - - 9.32 1.56 139 15 17 September 2018 Page 14

Metallurgy 11,00 SUEK 05 10,00 SUEK 01 Uranium One 02 OFZ Yield Curve 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR Metal & Mining SUEK 01 8.25 04.07.2018 P 26.06.2020-98.50 - - 10.25 0.89 250 10 SUEK 05 8.25 20.08.2019 P 10.08.2023-93.86 - - 10.75 1.84 277 11 Uranium One 01 - - 24.11.2021 - - - - - - - 1 Uranium One 02 10.25 19.08.2020 P 11.08.2023-100.00 - - 10.31 2.57 227 10 17 September 2018 Page 15

Other 10,00 9,50 Russian Post 02 8,50 EuroChem 03 Russian Post 04 Russian Post 03 OFZ Yield Curve 7,50 EuroChem 02 Acron 04 6,50 5,50 0,0 0,5 1,0 1,5 2,0 2,5 3,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR Chemistry & Fertilizers Acron 04 10.20 21.05.2020 P 18.05.2021-104.10 - - 7.36 2.48-16 Acron 05 10.20 21.05.2020 P 18.05.2021 - - - - - 2.47-12 EuroChem 02 12.40-26.06.2018-104.20 - - 7.62 0.87-14 EuroChem 03 8.25-14.11.2018-99.79-3 8.59 1.23 71 2 Other EDC 01 8.40-20.06.2018 - - - - - - - - TMT Profmedia БО-03 0.01-23.08.2018 - - - - - - - - Profmedia БО-04 0.01-23.08.2018 - - - - - - - - Other TPGC 01 12.75-13.09.2018 - - - - 12.61 1.03 480 1 Transport Russian Post 02 9.50 23.10.2018 P 18.10.2019 100.51-0.69 1 9.23 1.15 138 8 Russian Post 03 9.45 23.04.2019 P 18.10.2019 - - - - 8.00 1.59 6 3 Russian Post 04 9.35-18.10.2019 - - - - 8.37 2.00 38 6 17 September 2018 Page 16

Food industry AgroComplex БО-01 60000 50000 40000 30000 20000 10000 OFZ Yield Curve 0,0 0,1 0,2 0,3 0,4 0,5 0,6 0,7 0,8 0,9 1,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR Retail & food production Baltijskij Bereg 01 - - 22.12.2017 - - - - - - - - Other AgroComplex БО-01 0.10 15.12.2017 P 08.12.2022 4.33-0.21 5 ####### 0.36 ######### 17 Novoplastunovskoe 01 - - 04.10.2019 - - - - - - - - Retail & food production Razgulay Group БО-01 11.30-03.10.2018 - - - - - - - - 17 September 2018 Page 17

Construction and property 13,00 12,00 O1 Properties 01 11,00 10,00 LenSpetsSMU 02 OFZ Yield Curve 0,0 0,2 0,4 0,6 0,8 1,0 1,2 1,4 1,6 1,8 2,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR Construction & Development LSR 03 0.10-08.09.2017 - - - - - - - 0 LSR 04 0.10-20.10.2017 - - - - - - - 0 O1 Properties 01 12.00-02.08.2018 100.00 2.99 600,104 12.36 0.92 459 19 LenSpetsSMU 02 12.90-12.12.2017 100.90 0.32 103 9.42 0.24 282 20 Glavnaya Doroga 03 4.40-30.10.2028-68.05-1 281.46 0.28 27,015 5 Glavnaya Doroga 07 4.40-30.10.2029 - - - - - 0.29 - - WHSD 01 10.44-13.05.2031 - - - - - - - 0 WHSD 02 10.44-13.05.2031 - - - - - - - 0 WHSD 03 9.84-06.02.2032 - - - - - 13.86 172 6 WHSD 04 9.84-06.02.2032 - - - - - 13.86 178 0 WHSD 05 9.84-06.02.2032 - - - - - 13.86 179 0 NWCC 03 7.60 09.10.2020 C 26.09.2031 - - - - - - - 0 NWCC 04 7.60 09.10.2020 C 26.09.2031 - - - - - 0.20-0 17 September 2018 Page 18

Mortgage companies 10,00 9,50 AIZhK 21 8,50 AIZhK 11 AIZhK 19 AIZhK 08 AIZhK 10 AIZhK 16 AIZhK 25 AIZhK 17 AIZhK 20 OFZ Yield Curve 7,50 6,50 5,50 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 duration, Coup., Next Put/Call date** Maturity date Price, p.p. Trade Volume, thd RUR Mortgage companies AIZhK 08 7.63-15.06.2018-99.60 - - 8.34 0.84 61 10 AIZhK 10 8.20-15.09.2020-99.99 - - 8.29 1.22 42 3 AIZhK 11 8.05 15.09.2017 C 15.11.2018 - - - - 8.45 1.21 58 11 AIZhK 13 12.25-15.04.2018 - - - - 0.08 0.21-12 AIZhK 14 11.75-15.05.2023 - - - - - 0.29-12 AIZhK 15 12.50-15.09.2028-108.78-530,160-0.12-24 AIZhK 16 8.25-15.09.2021-99.85 - - 8.33 1.50 40 11 AIZhK 17 9.05-15.04.2022-101.90 - - 8.17 2.47 14 11 AIZhK 18 10.30 17.04.2018 P 15.07.2023 - - - - - - - 1 AIZhK 19 9.50 15.11.2017 C 15.11.2024 - - - - 8.41 1.84 43 5 AIZhK 20 8.60-15.12.2027 - - - - 8.67 6.42 55 0 AIZhK 21 8.80-15.02.2020-101.10 - - 9.09 1.85 111 1 AIZhK 22 9.25 17.10.2017 P 15.07.2024 - - - - - - - 1 AIZhK 25 9.25 03.04.2018 P 01.10.2026 - - - - 8.13 0.65 53 16 AIZhK 1А 9.50-15.03.2040 - - - - - - - - DeltaCredit Bank 12-ИП 8.00-30.08.2018 - - - - - - - 0 Mortgage companies AIZhK А 11.50-20.02.2041 - - - - - - - - GPB-Ipoteka 01 8.00-29.12.2036 - - - - - - - - AIZhK 1А 6.94-15.02.2039 - - - - - - - - 17 September 2018 Page 19

Financial companies 14,00 13,00 Oktritie 04 INVESTPRO 01 Oktritie 05 12,00 Oktritie 02 11,00 10,00 Europlan VEB-Leasing 03 11 VEB-Leasing 10 VEB-Leasing 13 12 VEB-Leasing GTLK БО-01 БО-02 03 RUSNANO GTLK 03 01 02 RESO Garantia 03 VEB-Leasing 08 VEB-Leasing 09 Rosgosstrah 02 RESO Garantia 02 OFZ Yield Curve 0,0 0,5 1,0 1,5 2,0 2,5 3,0 duration, Coup., Next Put/Call Trade Volume, Maturity date Price, date** p.p. thd RUR VEB-Leasing 12 8.25-06.11.2018-98.68 - - 9.62 0.74 196 11 VEB-Leasing 13 8.25-06.11.2018 99.12 0.44 34 9.67 0.74 200 13 VEB-Leasing БО-01 8.65 25.01.2019 P 16.01.2024 - - - - - - - 0 VTB Capital 01 0.10-09.08.2022 - - - - - - - - VTB Capital 11 0.10-27.05.2022 - - - - - - - - VTB Capital 13 0.10-14.09.2023 - - - - - - - - INVESTPRO 01 13.00-31.12.2018 100.10-0.08 19 13.29 0.93 551 17 IFC SOUZ 02 10.00 27.06.2018 P 09.12.2027-99.50 - - 10.56 - - 1 Oktritie 02 11.25 26.06.2018 P 10.12.2026 99.66-0.25 82 11.97 0.86 423 17 Oktritie 04 10.50 25.09.2017 P 20.12.2017 99.83-0.17 40 13.30 0.14 801 11 Oktritie 05 12.00 14.05.2018 P 25.04.2028 99.64-0.41 6,421 13.09 0.72 544 27 Mortgage companies Prime Finance 01 10.59 16.01.2018 13.07.2021 - - - - - 0.46-7 RTC 02 - - 08.07.2027 - - - - - - - - RUSNANO 01 8.90-20.12.2017 - - - - - 0.39 189 1 RUSNANO 02 8.90-20.12.2017-99.20 - - 11.25 - - 1 RUSNANO 03 8.90-20.12.2017 100.00 0.11 503 9.05 0.39 186 12 RUSNANO 04 6.90-10.04.2019 - - - - 2.90 1.64-13 RUSNANO 05 6.90-10.04.2019-95.55-2 3.60 1.64-12 Finstandart 01 7.50 31.05.2018 P 22.05.2020 - - - - - 2.78-1 VTB Leasing 09 10.75-02.08.2017 - - - - - 0.01-11 VEB-Leasing 01 10.10 04.01.2018 02.07.2020 - - - - - - - - VEB-Leasing 03 10.10 11.04.2018 P 02.04.2021 - - - - 9.50 0.66 190 6 VEB-Leasing 04 10.10 11.04.2018 P 02.04.2021 - - - - - - - 11 VEB-Leasing 05 10.10 11.04.2018 P 02.04.2021-96.51-10 16.25 0.65 865 9 VEB-Leasing 08 10.10 25.10.2019 P 19.10.2021 - - - - 10.05 2.00 206 6 VEB-Leasing 09 10.10 28.10.2019 P 20.10.2021 - - - - 9.54 2.00 155 1 VEB-Leasing 10 8.50-01.03.2018 - - - - 9.70 0.40 247 6 VEB-Leasing 11 8.50-01.03.2018 99.52-0.05 1,280 9.91 0.40 269 9 GTLK 01 15.00-23.01.2018 102.79-0.63 15 9.11 0.48 173 25 GTLK 02 15.00-26.01.2018 102.84-0.06 1,078 9.11 0.49 171 21 GTLK БО-01 9.50-18.09.2018 100.21 0.12 1,226 9.52 0.73 187 31 GTLK БО-02 9.50-20.09.2018 100.25 0.25 804 9.47 0.73 181 26 Europlan 03 11.50-31.10.2017 - - - - 9.89 0.25 324 1 Uralsib LC БО-10 10.25-21.03.2019 - - - - - - - - RESO Garantia 01 0.01-22.08.2022 - - - - - - - - RESO Garantia 02 12.00 22.09.2017 P 13.09.2022 - - - - 7.63 0.13 238 7 RESO Garantia 03 11.75 03.04.2019 P 24.03.2023 - - - - 9.96 1.50 203 9 Rosgosstrah 02 9.10-02.11.2017 100.20 0.36 1 8.37 0.25 169 11 17 September 2018 Page 20

Banks 10,00 9,50 RSHB 20 Sviaz-Bank 03 8,50 RSHB 16 RSHB 04 VEB 09 RSHB RSHB 15 RSHB 05 14 VEB GPB 06 БО-07 RSHB 12 RSHB 09 RSHB RSHB 0807 RSHB 21 VEB БО-14 RSHB 17 VEB 21 RSHB 18 VEB 18 VEB 10 VEB 08 VEB 19 RSHB 10 RSHB 11 RSHB Eurasian 06 Development Bank 06 OFZ Yield Curve 7,50 Eurasian Development Bank 07 GPB 11 6,50 GPB БО-08 5,50 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 duration, Coup., Next Put/Call Trade Volume, Maturity date Price, date** p.p. thd RUR GPB БО-07 9.20 22.04.2019 22.10.2023 - - - - 8.58 0.22 210 6 GPB БО-08 9.18 29.06.2021 P 23.05.2024 - - - - 5.94 0.31-2 VEB 06 7.90 19.10.2017 P 13.10.2020-99.89 - - 8.51 0.21 215 3 VEB 08 9.70-13.10.2020-102.48 - - 8.94 2.76 89 14 VEB 09 11.40 25.09.2017 P 18.03.2021 100.35-0.02 30,125 8.83 0.14 349 26 VEB 10 9.85 26.03.2020 P 21.09.2021 - - - - 8.96 2.32 94 1 VEB 18 9.80 08.10.2019 P 17.09.2032 102.05 0.25 5 8.92 1.96 94 14 VEB 19 9.75 12.04.2021 P 23.09.2032 - - - - 8.97 3.11 90 6 VEB 21 10.00 07.03.2019 P 17.02.2032-101.43 - - 8.82 1.46 90 19 VEB БО-14 8.10-27.09.2018-99.47-30,220 8.86 1.11 102 14 GPB 10 10.75-12.10.2017 - - - - - - - 1 GPB 11 9.25 16.04.2018 P 10.10.2019 - - - - 7.05 0.20 84 10 GPB 12 9.50 16.04.2018 P 06.10.2022 - - - - - - - 7 Eurasian Development Ban 9.50 22.07.2019 P 15.07.2020 - - - - - 1.83-1 Eurasian Development Ban 9.50 02.04.2018 P 23.09.2020 - - - - 8.03 0.63 45 0 Eurasian Development Ban 9.35 01.10.2018 P 23.09.2020 - - - - 7.63 1.09-0 Eurasian Development Ban 8.00 16.10.2017 P 07.10.2020 - - - - - - - 0 Russian Bank for Developm 9.25 26.03.2018 P 17.03.2022 - - - - 4.04 0.62-6 Russian Bank for Developm 9.75 19.02.2018 P 11.08.2022 - - - - - - - 0 RSHB 04 9.55-27.09.2017-99.12 - - 8.94 0.16 335 16 RSHB 05 10.75 30.11.2017 P 27.11.2018-100.70 - - 8.79 0.33 178 9 RSHB 06 9.90-09.02.2018-101.03 - - 8.04 0.50-10 RSHB 07 8.70-05.06.2018-100.33 - - 8.55 0.82 83 13 RSHB 08 10.90 21.05.2018 P 14.11.2019 101.84 0.49 5 8.59 0.77 91 12 RSHB 09 10.90 21.05.2018 P 14.11.2019 - - - - 8.78 0.77 110 12 RSHB 10 11.95 04.08.2017 P 29.01.2020-99.83 - - 8.58 2.18-23 RSHB 11 11.95 07.08.2017 P 30.01.2020-99.99 - - 8.50 2.18-9 RSHB 12 9.90 10.01.2018 P 01.07.2021-100.20 - - 8.46 0.43 117 13 RSHB 13 9.90 10.01.2018 P 02.07.2021 - - - - - 0.43-6 RSHB 14 9.90 10.01.2018 P 29.06.2021 - - - - 8.82 0.42 154 10 RSHB 15 11.00 02.11.2017 P 26.10.2021-100.55-1 8.79 0.25 214 17 RSHB 16 11.25 11.04.2018 P 04.04.2022 101.50-0.10 8,362 9.11 0.66 150 16 RSHB 17 8.50 18.10.2018 P 11.10.2022 - - - - 8.57 1.15 72 13 RSHB 18 9.35 22.04.2019 P 13.10.2022 - - - - 8.43 1.58 48 11 RSHB 20 11.10 19.04.2018 P 11.04.2023 101.04-1.16 9 9.73 0.68 211 17 RSHB 21 10.00 26.07.2018 P 18.07.2023-101.20 - - 9.10 0.95 132 12 Sviaz-Bank 03 9.75 18.06.2018 P 09.12.2021-100.33 - - 9.69 0.85 196 7 Sviaz-Bank 05 10.00 16.04.2018 P 07.04.2022 - - - - 3.75 0.67-0 17 September 2018 Page 21

8,50 Rusfinance Bank 15 DeltaCredit Bank 09-ИП DeltaCredit Rusfinance Bank 10-ИП 13 Banks UniCredit Bank БО-21 DeltaCredit Bank БО-05 OFZ Yield Curve 7,50 6,50 Absolut Bank БО-03 5,50 0,0 0,5 1,0 1,5 2,0 2,5 3,0 duration, Coup., Next Put/Call Trade Volume, Maturity date Price, date** p.p. thd RUR UniCredit Bank БО-21 9.00-17.05.2019 - - - - 8.31 1.67 36 1 Absolut Bank БО-03 11.00-28.05.2018 - - - - 6.01 0.80-6 DeltaCredit Bank 09-ИП 11.60-05.12.2017 - - - - 8.55 0.35 148 3 DeltaCredit Bank 10-ИП 8.65-04.07.2018 - - - - 8.64 0.90 88 1 DeltaCredit Bank БО-05 9.85 23.04.2020 P 21.10.2023 102.80 0.14 77,100 8.85 2.40 83 7 Raiffeisen Bank БО-01 0.01 31.10.2017 P 29.10.2018 - - - - - 0.25-5 Rusfinance Bank 13 9.90-18.07.2018-100.80 - - 8.64 0.94 86 10 Rusfinance Bank 15 10.90 10.10.2017 P 02.10.2018-100.35-50 8.85 0.17 301 2 Rusfinance Bank БО-07 8.90-24.04.2018 - - - - - 0.71-1 17 September 2018 Page 22

Banks 14,00 13,00 Petrocommerce Bank 09 BINBANK БО-03 12,00 Vostochny Express Bank БО-07 11,00 10,00 Zenit 08 Zenit 10 Credit Bank of Moscow 12 Credit Bank of Moscow 11 Credit Bank of Moscow БО-06 Credit Bank of Moscow БО-10 Promsvyazbank 13 Credit Bank of Moscow БО-07 Credit Bank of Moscow БО-11 OFZ Yield Curve 0,0 0,5 1,0 1,5 2,0 2,5 3,0 duration, Coup., Next Put/Call Trade Volume, Maturity date Price, date** p.p. thd RUR Credit Bank of Moscow БО10.15-24.10.2018 100.65-0.25 100,650 9.78 1.16 193 21 Credit Bank of Moscow БО11.00 15.01.2018 P 10.07.2019 100.73 0.08 105,368 9.46 0.44 214 22 Credit Bank of Moscow БО 9.15-10.07.2019 99.99-0.01 3,499,676 9.36 1.81 139 27 Zenit 08 10.75-23.08.2017 100.10 0.10 2 9.03 0.06 490 19 Zenit 10 10.25-30.05.2018 100.13 0.13 4 10.30 0.80 259 20 Petrocommerce Bank 09 10.05 31.10.2017 P 11.11.2023 99.32-0.01 24,792 13.28 0.24 670 14 Uralsib Bank 05 - - 25.08.2017 - - - - - - - - Bank FK Otritie 12 10.70-28.08.2017 99.66-0.05 70,180 15.72 0.07 1,138 26 Vostochny Express Bank 0 13.60-09.08.2018-65.00 - - 66.24 0.90 5,848 6 Vostochny Express Bank Б 11.70-17.07.2018 - - - - 12.03 0.93 426 1 Credit Bank of Moscow 1112.25-05.06.2018 - - - - 10.05 0.82 234 7 Credit Bank of Moscow 1212.25-22.08.2018 102.18-0.13 808 10.26 0.97 247 26 Credit Bank of Moscow БО10.30-30.10.2018 101.44 0.40 72 9.23 1.17 137 16 Promsvyazbank 13 12.25-01.02.2018 - - - - 9.34 0.48 196 11 BINBANK БО-03 11.15 19.07.2018 P 16.07.2025 98.63 0.13 43 13.10 0.93 533 11 17 September 2018 Page 23

Banks 1 UBRD BO-5 14,00 13,00 BINBANK БО-04 BINBANK БО-02 12,00 Russian International Bank БО- 01 11,00 10,00 National Standard Bank БО-02 Loсko-Bank БО-05 Renaissance Credit БО-05 Sovcombank 02 Transcapitalbank БО-02 OFZ Yield Curve 0,0 0,5 1,0 1,5 2,0 2,5 3,0 duration, Coup., Next Put/Call Trade Volume, Maturity date Price, date** p.p. thd RUR BINBANK БО-04 12.00 14.02.2018 P 07.02.2020 99.19 0.26 37 14.09 0.50 668 21 KB MIA БО-02 9.90 23.03.2018 P 07.03.2025 - - - - - - - 7 Sovcombank БО-01 11.50 15.08.2017 P 07.02.2019-100.00 - - 3.25 0.02 5,493 2 National Standard Bank БО10.00 23.01.2018 P 18.07.2018-99.70 - - 9.99 0.47 263 6 Soyuz Bank 06 10.50 19.04.2018 P 11.10.2018 - - - - - - - - BINBANK БО-02 12.00 27.09.2018 P 24.09.2025 98.79 0.03 1,277 13.56 1.06 574 27 Vneshprombank БО-03 - - 22.06.2018 - - - - - - - - Renaissance Credit БО-05 10.85 04.08.2017 P 30.07.2018 99.99 0.02 1 9.40 0.97-17 Loсko-Bank БО-05 9.75 19.01.2018 P 11.07.2023-99.99 - - 9.73 0.46 238 7 Sovcombank 02 9.00 25.12.2017 P 24.06.2021 - - - - 9.15 0.39 195 2 Svyaznoy Bank БО-01 - - 08.06.2018 - - - - - - - - Tatfondbank БО-11 13.00 12.09.2017 07.09.2021 - - - - - - - - Transcapitalbank 03 13.00-06.06.2018 - - - - - - - - Transcapitalbank БО-02 9.00 07.06.2019 P 30.05.2023 - - - - 9.19 1.72 123 - UBRD BO-5 12.00 18.10.2017 P 10.04.2020-99.50 - - 14.72 0.20-12 KMB Otkritie 01 (бывш. Ба11.50-13.12.2017-99.90 - - 12.04 - - 6 Derzhava Bank БО-01 10.25 12.10.2017 P 10.07.2023 - - - - - - - 1 Oil Alliance Bank 01 11.00-27.04.2022 - - - - - - - - Russian International Bank 12.00 21.05.2018 P 14.11.2021 - - - - 12.30 0.76 462 6 Russlavbank 01 - - 30.07.2018 - - - - - - - - FPB Bank 01 - - 02.10.2018 - - - - - - - - Expobank 03 12.50-12.07.2019 - - - - - - - 0 17 September 2018 Page 24

Sovereign and corporate eurobonds. Maturity in 3. Rating over BBB+ 4,80 4,60 Russia Curve 4,40 Lukoil 2020 4,20 4,00 3,80 Lukoil 2019 (LPN) 3,60 3,40 3,20 3,00 1,0 1,2 1,4 1,6 1,8 2,0 2,2 2,4 2,6 2,8 3,0 duration, Currency Coupon, Next Coupon date Maturity date Next Put/ Call date* Price, b.p. Maturity, volume International Investment Bank 1.593 25sep2020, EUR EUR 1.593 25.09.2018 25.09.2020 - - - - - - 60 International Investment Bank 4.1 27oct2019, RON RON 3.4 27.09.2018 27.09.2019 - - - - - - 300 International Investment Bank FRN 25sep2020, RON RON 4.45 25.09.2018 25.09.2020 - - - - - - 300 Oil & Gas Lukoil 2019 (LPN) USD 7.25 05.11.2018 05.11.2019-103.773 0.001 1.09 3.85 600 Lukoil 2020 USD 6.125 09.11.2018 09.11.2020-103.489 0.038 2.01 4.44 1,000 *C-Call P-Put 17 September 2018 Page 25

Sovereign and corporate eurobonds. Maturity in 3. Rating below BBB+ D a i l y b o n d s r e v i e w AFK Sistemа 2019 (LPN) ТМК 2020 (LPN) GTLK 5.95 19jul2021, USD 4,00 DME Airport 2018 (LPN) Vympelcom 2019 Polyus 2020 Evraz 2020 EuroChem 3.95 5jul2021, Metalloinvest EuroChem 3.8 2020 12apr2020, USD EDC 2020 USD Severstаl 3.85 27aug2021, USD Norilsk Vympelcom Nickel 2020 2021 (LPN) Gazprom (LPN25) Russia Curve MTS 2020 (LPN) NOVATEK 2021 (LPN) Oktritie 4.5 Gazprom 11nov2019, 2020 (LPN28) USDALROSA 2020 NLMK 2019 (LPN) RZD 3.45 6oct2020, USD Russia 2020 3,00 Russia 2019 Gazprom 2020, GBP (LPN 33) Alfa-Bank 2.626 28apr2020, EUR 2,00 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 duration, 17 September 2018 Page 26

Currency Coupon, Next Coupon date Maturity date Next Put/ Call date* Price, b.p. Maturity, volume Alfa-Bank 2.626 28apr2020, EUR EUR 2.626 28.04.2019 28.04.2020-100.000 0.013 1.59 2.62 400 Oil & Gas Borets 7.625 26sep2018, USD USD 7.625 26.09.2018 26.09.2018-99.959-0.003 0.03 9.31 420 Transport DME Airport 2018 (LPN) USD 6 26.11.2018 26.11.2018-100.051-0.033 0.19 5.76 300 Oil & Gas Petrobras 2019, EUR EUR 3.25-01.04.2019 - - - - - - 1,300 Retail & food production X5 9.25 18apr2020, RUR RUB 9.25 18.10.2018 18.04.2020-100.317-0.109 1.46 9.23 20,000 Alfa-Bank 8.9 20jul2021, RUB RUB 8.9 20.01.2019 20.07.2021-99.957-0.215 2.54 9.11 10,000 Oktritie 4.5 11nov2019, USD USD 4.5 11.11.2018 11.11.2019-100.006 0.007 1.12 4.54 400 BCS 1 2mar2027, USD USD 3.0339 02.03.2019 02.03.2027 02.03.2019 - - - - - 200 BCS 12.5 10oct2019, RUR RUB 12.5 10.10.2018 10.10.2019 - - - - 0.98 12.32 500 BCS 13 24may2024, RUR RUB 13 24.11.2018 24.05.2019 - - - - - - 1,000 BCS 5.75 1dec2023, USD RUB 12 16.02.2019 16.08.2020 16.02.2019 C - - - 1.75 12.33 700 BCS FRN 27dec2020, RUB RUB 0-29.01.2021 - - - - 2.37-300 TMT Vympelcom 2019 USD 5.2 13.02.2019 13.02.2019-100.392 0.007 0.41 4.23 600 Oil & Gas Gazprom 2020 (LPN28) USD 3.85 06.02.2019 06.02.2020-99.171 0.062 1.36 4.51 800 Metal & Mining Norilsk Nickel 2020 USD 5.55 28.10.2018 28.10.2020-101.279 0.046 1.99 4.96 1,000 GTLK 5.95 19jul2021, USD USD 5.95 19.01.2019 19.07.2021-98.428-0.117 2.63 6.67 500 Chemistry & Fertilizers EuroChem 3.8 12apr2020, USD USD 3.8 12.10.2018 12.04.2020-97.797 0.073 1.52 5.35 500 EuroChem 3.95 5jul2021, USD USD 3.95 05.01.2019 05.07.2021-96.242 0.064 2.66 5.48 500 Promsvyazbank 5.25 19oct2019, USD USD 5.25 19.10.2018 19.10.2019 - - - - - - 250 Transport RZD 3.45 6oct2020, USD USD 3.45 06.10.2018 06.10.2020-98.892-0.063 1.97 4.05 500 Metal & Mining Severstаl 0 16feb2022, USD (Conv.) USD 0-16.02.2022 16.02.2020 P 103.219 0.247 3.42-0.92 250 Severstаl 3.85 27aug2021, USD USD 3.85 27.02.2019 27.08.2021-96.560 0.006 2.81 5.19 500 Tatfondbank 8.5 12nov2019, USD USD 8.5 12.11.2018 12.11.2019 - - - - - - 60 Utilities FGC UES 2019, RUB (LPN) RUB 8.446 13.03.2019 13.03.2019-100.133-0.018 0.49 8.40 17,500 Government sector Russia 2019 USD 3.5 16.01.2019 16.01.2019-100.040 0.008 0.33 3.39 1,500 Russia 2020 USD 5 29.10.2018 29.04.2020-101.767 0.065 1.55 3.90 3,500 Russia 2020, EUR EUR 3.625 16.09.2019 16.09.2020-106.102-0.056 1.97 0.55 750 Oil & Gas Alliance Oil 2020 USD 7 04.11.2018 04.05.2020 - - - - - - 500 Other EDC 2020 USD 4.875 17.10.2018 17.04.2020-99.545 0.032 1.52 5.24 600 Metal & Mining ALROSA 2020 USD 7.75 03.11.2018 03.11.2020-106.430 0.051 1.96 4.59 1,000 TMT AFK Sistemа 2019 (LPN) USD 6.95 17.11.2018 17.05.2019-100.051 0.009 0.65 7.01 500 Vympelcom 2021 (LPN) USD 7.748 02.02.2019 02.02.2021-106.300 0.056 2.21 4.95 1,000 Oil & Gas Gazprom 2020, EUR (LPN30) EUR 3.389 20.03.2019 20.03.2020-103.675 0.030 1.48 0.92 1,000 Gazprom 2021 (LPN25) USD 5.999 23.01.2019 23.01.2021-102.689-0.014 2.22 4.82 600 Transport FESCO 2020 USD 8.75-02.05.2020 - - - - - - 325 Metal & Mining Evraz 2020 USD 6.5 22.10.2018 22.04.2020-100.885-0.050 1.51 6.00 1,000 TMT MTS 2020 (LPN) USD 8.625 22.12.2018 22.06.2020-106.514-0.087 1.65 4.79 750 Oil & Gas NOVATEK 2021 (LPN) USD 6.604 03.02.2019 03.02.2021-104.064 0.005 2.23 4.82 650 Metal & Mining NLMK 2019 (LPN) USD 4.95 26.09.2018 26.09.2019-100.976-0.032 0.99 4.01 500 Polyus 2020 USD 5.625 29.10.2018 29.04.2020-99.402 0.056 1.54 6.11 750 Transport RZD 2019, RUB (LPN) RUB 8.3 02.10.2018 02.04.2019-100.143-0.025 0.52 8.21 37,500 RZD 2021, EUR (LPN) EUR 3.3744 20.05.2019 20.05.2021-104.206-0.003 2.58 1.75 1,000 Metal & Mining ТМК 2020 (LPN) USD 6.75 03.10.2018 03.04.2020-99.616 0.023 1.45 7.13 500 Metalloinvest 2020 USD 5.625 17.10.2018 17.04.2020-100.339 0.103 1.51 5.47 1,000 Oil & Gas Gazprom 2020, GBP (LPN 33) GBP 5.338 25.09.2018 25.09.2020-104.330-0.027 1.90 3.14 500 *C-Call P-Put 17 September 2018 Page 27

Sovereign and corporate eurobonds. Maturity in 3 to 5. D a i l y b o n d s r e v i e w Credit Bank of Moscow Koks 7.5 4may2022, 5.55 USD14feb2023, USD Credit Bank of Moscow 5.875 7nov2021, USD Credit Bank of Moscow 7.5 Borets 6.5 7apr2022, Polyus USD5.25 7feb2023, USD Global Polyus Ports 4.699 6.872 28mar2022, 5oct2027, USD 25jan2022, USD Vympelcom Evraz DME Sovkomflot 5.375 Airport 7.25 20mar2023, 5.075 5.375 USD DME Evraz Airport 6.75 5.875 31jan2022, 26apr2023, USD 15feb2023, 16jun2023, USD USD USD 11nov2021, USD Fosagro 3.949 24apr2023, Norilsk Nickel USD 4.1 Norilsk Norilsk Nickel Nickel 3.849 6.625 Fosagro 3.95 3nov2021, 11apr2023, USD Vympelcom 8apr2022, 14oct2022, USD USD NLMK 4.5 15jun2023, USD USD Gazpromneft 2022 (LPN) Gazprom Gazprom 2022 (LPN9) 2022-2 (LPN) Russia Curve RZD 2022 (LPN) Lukoil 2022 4,00 Russia 2022 Russia 2023 Alfa-Bank 2.875 9nov2022, CHF 3,00 2,0 3,0 4,0 5,0 6,0 7,0 8,0 duration, 17 September 2018 Page 28

Currency Coupon, Next Coupon date Maturity date Next Put/ Call date* Price, b.p. Maturity, volume Alfa-Bank 2.875 9nov2022, CHF CHF 2.875 09.11.2018 09.11.2022-95.709-0.014 3.87 4.01 165 Oil & Gas Borets 6.5 7apr2022, USD USD 6.5 07.10.2018 07.04.2022-98.940-0.362 3.14 6.95 330 Transport DME Airport 5.075 15feb2023, USD USD 5.075 15.02.2019 15.02.2023-94.963-0.254 3.98 6.50 300 DME Airport 5.875 11nov2021, USD USD 5.875 11.11.2018 11.11.2021-98.897-0.244 2.87 6.35 350 Global Ports 6.872 25jan2022, USD USD 6.872 25.01.2019 25.01.2022-100.706 0.009 3.03 6.73 350 O1 Properties 8.25 27sep2021, USD USD 8.25 27.09.2018 27.09.2021-66.022-0.336 2.52 26.38 350 Oil & Gas Petrobras 5.875 7mar2022, EUR EUR 5.875 07.03.2019 07.03.2022-111.315-0.015 3.17 2.43 600 Alfa-Bank 9.25 16feb2022, RUR RUB 9.25 16.02.2019 16.02.2022-100.158-0.112 2.99 9.39 10,000 BCS 1.5 15mar2022, USD USD 10 14.12.2018 15.03.2022 - - - - - - 5 BCS 6 1nov2022, USD USD 6-01.11.2022 - - - - - - 10 BCS 6.5 22jun2023, USD USD 6.5 13.12.2018 22.06.2023 - - - - - - 20 BCS 7 20apr2023, USD USD 7 20.10.2018 20.04.2023 - - - - - - 10 TMT Vympelcom 7.25 26apr2023, USD USD 7.25 26.10.2018 26.04.2023 26.01.2023 C 103.283-0.205 3.91 6.52 700 Oil & Gas Gazprom 1.45 6mar2023, CHF CHF 1.45 06.03.2019 06.03.2023-96.496 0.011 4.33 2.28 750 Gazprom 2.25 19jul2022, CHF CHF 2.25 19.07.2019 19.07.2022-100.778-0.041 3.71 2.04 500 Gazprom 2.75 30nov2021, CHF CHF 2.75 30.11.2018 30.11.2021-103.286 0.022 3.05 1.69 500 Metal & Mining Norilsk Nickel 3.849 8apr2022, USD USD 3.849 08.10.2018 08.04.2022-94.418-0.019 3.30 5.68 500 Norilsk Nickel 4.1 11apr2023, USD USD 4.1 11.10.2018 11.04.2023-93.358 0.048 4.12 5.86 1,000 Norilsk Nickel 6.625 14oct2022, USD USD 6.625 14.10.2018 14.10.2022-103.527 0.034 3.55 5.72 1,000 Evraz 5.375 20mar2023, USD USD 5.375 20.09.2018 20.03.2023-95.725-0.084 3.94 6.59 750 Evraz 6.75 31jan2022, USD USD 6.75 31.01.2019 31.01.2022-101.197-0.081 3.06 6.44 500 Koks 7.5 4may2022, USD USD 7.5 04.11.2018 04.05.2022-99.363 0.042 3.16 7.85 500 Credit Bank of Moscow 5.55 14feb2023, USD USD 5.55 14.02.2019 14.02.2023-91.469 0.052 3.93 8.02 500 Credit Bank of Moscow 5.875 7nov2021, USD USD 5.875 07.11.2018 07.11.2021-96.557 0.083 2.85 7.23 500 Credit Bank of Moscow 7.5 5oct2027, USD USD 7.5 05.10.2018 05.10.2027 05.10.2022 C 80.238 0.096 6.55 7.01 600 Metal & Mining NLMK 4.5 15jun2023, USD USD 4.5 15.12.2018 15.06.2023 - - 95.832-4.27 5.58 700 Petropavlovsk 8.125 14nov2022, USD USD 8.125 14.11.2018 14.11.2022 14.08.2022 C - 76.816-3.41 16.57 500 Polyus 4.699 28mar2022, USD USD 4.699 28.09.2018 28.03.2022-94.031 0.223 3.21 6.73 500 Polyus 5.25 7feb2023, USD USD 5.25 07.02.2019 07.02.2023-94.016 0.207 3.95 6.96 800 Transport RZD 2023 (LPN), EUR EUR 4.6 06.03.2019 06.03.2023-109.642-0.015 4.07 2.30 500 Metal & Mining Rusal 4.85 1feb2023, USD USD 4.85 01.02.2019 01.02.2023 - - - - - - 500 Rusal 5.125 2feb2022, USD USD 5.125 02.02.2019 02.02.2022 - - - - - - 600 Rusal 5.3 3may2023, USD USD 5.3 03.11.2018 03.05.2023 - - - - - - 500 Utilities RusHydro 8.125 28sep2022, RUB RUB 8.125 28.09.2018 28.09.2022-97.655-0.088 3.38 9.02 20,000 Transport Sovkomflot 5.375 16jun2023, USD USD 5.375 16.12.2018 16.06.2023-96.032 0.129 4.19 6.45 900 Chemistry & Fertilizers Fosagro 3.949 24apr2023, USD USD 3.949 24.10.2018 24.04.2023-91.981 0.018 4.17 6.05 500 Fosagro 3.95 3nov2021, USD USD 3.95 03.11.2018 03.11.2021 - - 95.534-2.93 5.59 500 Government sector Russia 2022 USD 4.5 04.10.2018 04.04.2022-100.887 0.073 3.26 4.27 2,000 Russia 2023 USD 4.875 16.03.2019 16.09.2023-102.035 0.282 4.51 4.46 3,000 TMT Vympelcom 2022 USD 7.5043 01.03.2019 01.03.2022-106.265-0.060 3.11 5.57 1,500 Oil & Gas Gazprom 2022 (LPN9) USD 6.51 07.03.2019 07.03.2022-104.443 0.119 3.17 5.16 1,300 Gazprom 2022-2 (LPN) USD 4.95 19.01.2019 19.07.2022-99.543 0.162 3.52 5.15 1,000 Gazpromneft 2022 (LPN) USD 4.375 19.09.2018 19.09.2022-96.553 0.028 3.63 5.41 1,500 Lukoil 2022 USD 6.656 07.12.2018 07.06.2022-106.144 0.013 3.32 4.89 500 Transport RZD 2022 (LPN) USD 5.7 05.10.2018 05.04.2022-102.449-0.005 3.19 5.00 1,400 *C-Call P-Put 17 September 2018 Page 29