National Welfare Fund - in bn USD
100.00
90.00
80.00
70.00
60.00
50.00
30.00
▪ 'a it
450 Russia FinMin FX purchases under budgetrule, RUB bn
400
New rule
350
300
250
200
150
100
50
0 - I m . 1 I 11 . 1111
Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Fets18 Apr-18 Jun-16
• Inflation dynamics remains favorable in Russia
IRussia 'Russia
law+ Wttit*g mist OftralS ST. 2015 LT
Ac asax •
E;5555“55;t55
wia 11% 3% 7.% t% 223%
01 2.4% 17% 7.1% 13% 2003E
344.4 Procbccillkeiadlc lop V% St 7.5 OS%
trierpouricn 43% 47% 41% 6% 110%
Mouaittar,10%,%4Shiels 4.2% la 71% V% 123% •
*AS% lottror 23% 5114 911 fa ND%
WOW Goat:fa Strati S 1% /1.191 71% 23%
eanuon LOd6at (0% 1/34 91% 6% 5.0% • eaenene
lava ettnet stri Taco 111E IS 93% 1126 2.1%
%sakiherit.aaalat. let 25% LS ta 00%
2 2:
%aft 11% 71% 724 ; ;
• 7 as
Curetnalcc 7.2% 1.7% 13% Ill
•—Cart CPI Cral
iatels,trfesass balsa 2.4% 33% 63% fa (pod Prodaasithoriataalok Pe """•"'19q/9tYpr
Edicapro 11% 15 519E 1304 ASS Stilton T•rE -a- OD Filtrate.%
• The Russian economy is noticeably less vulnerable to external shocks than EM (EMEA1.
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0090082
CONFIDENTIAL SDNY GM_00236288
EFTA01387445