EFTA01387445

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 I - m . 1 I 11 . 1111 50 0 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Fets18 Apr-18 Jun-16 • Inflation dynamics remains favorable in Russia IRussia law+ wia 01 344.4 Procbccillkeiadlc lop trierpouricn Mouaittar,10%,%4Shiels *AS% lottror WOW Goat:fa Strati eanuon LOd6at lava ettnet stri Taco %saki herit.aaalat. %aft Curetnalcc iatels,trfesass balsa Edicapro Wttit*g mist OftralS E;5555“55;t55 Ac ST. 2015 LT 11% 3% 7.% t% 2.4% 17% 7.1% 13% V% St 7.5 43% 47% 41% 6% 4.2% la 71% V% 23% 5114 911 fa S 1% /1.191 71% (0% 1/34 91% 6% 111E IS 93% 1126 let 25% LS ta 11% 71% 724 7.2% 1.7% 13% Ill 2.4% 33% 63% fa 11% 15 519E 1304 'Russia asax • 223% 2003E OS% 11 0% 123% • ND% 23% 5.0% • 2.1% 00% eaenene ; • 7 •—Cart CPI (pod Prodaasithoriataalok Pe ASS Stilton T•rE 2 2: ; as Cral """•"'19q/9tYpr -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) CONFIDENTIAL DB-SDNY-0090082 SDNY GM_00236288 EFTA01387445