1. 1
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2. Political developments
 Although late in May 2016 EU decided to extend economic
sanctions against Russia, and Russian Government, in its turn,
prolonged its partial food embargo against the EU countries,
general intensity of mutual standoff is visibly abating;
 European non-corporate media, as well as most social networks
more and more often admit that Ukrainian conflict with Russia
supported by certain Western leaders was a mistake;
 Pardon by Russian president Putin and release of Ukrainian pilot
Nadezhda Savchenko in late May 2016 served as additional
evidence of Kremlin’s good intent to improve its relationships
with Ukraine and the West;
 Once the sanctions are lifted, and crude oil price stabilise, the
ruble will start to return to its fair exchange rate, and Russian
bond yields will go down, thereby eliminating currently existing
opportunities in this uniquely politicised fixed income market
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3. Current debt and rating
developments
 On April 22, 2016 Moody’s confirmed Russia’s
Sovereign Rating of Ba1. According to the Moody's
statement, the Russian economy has shown resilience
to the renewed drop in oil prices while "the fiscal
appears sufficient to reduce the 2016-18 deficits to a
level that can be financed in the domestic capital
markets and through fiscal reserve drawdowns.“;
 On May 23, 2016 Russia’s MinFin succesfully placed a
$1,75 billion 10 year eurobond with low benchmark
rate of 4,75%. Russia last tapped international markets
in 2013, raising $7bn.
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4. Unemployment in Russia
 Unemployment rate in Russia
was recorded at 5.9 percent in
April of 2016, down from 6.0
percent in the previous month
and below market expectations
of 6.0 percent. The number of
unemployed people decreased
by 47 thousand to 4.52 million
while economically active
increased by 0.2 million to 76.3
million (52 percent of
population).
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5. Inflation in Russia
 Consumer prices in Russia
increased 7.3 percent year-on-
year in April of 2016, the same
pace as in the preceding
month, staying at its lowest
level since April of 2014 and
below market expectations of
7.4 percent. Food and
transport prices growth
accelerated while housing and
transportation cost slowed
down. On a monthly basis,
prices edged up by 0.4
percent.
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6. Russia’ GDP: Slowly out of the
woods
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7. Ruble/USD exchange rate: back to
old devices
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8. Russia’s gold and currency
reserves: road to rebuilding (and
renovation, think gold)
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9. Russia’s CBR key interest rate
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10. Russia Sovereign Yield Curves:
Time Series
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11. Russian C-Bonds and the Sovereigns:
Typical Yield Curve
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12. Current growth prospects
 Russian borrowers are better positioned vis-a-vis their CIS
counterparts due to generally stronger credit metrics and the
more diversified and more resilient, largely due to ample ruble
devaluation in 2013-2015, domestic economy;
 Provided we will not face further deterioration of the geopolitical
situation or other adverse market conditions, we expect the
demand from investors on both markets for selected strong,
either export- or domestic service-oriented market leaders in
respective industries with healthy balance sheets and strong
liquidity positions;
 Strong pool of relationship banks will play an important role on
the syndicated market together with secure deal structures;
 Opportunity pricing is relevant for all Russia’s markets.
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13. Our Key Team Members
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14. Vladimir Rojankovski, LIFA
Working with HSBC James Capel in 1996, he was the first of the Russian-speaking employees who conducted broad-based in-house
presentation on Russia’s political and investment climate in London. He participated in preparation in the pre-IPO Gazprom investment
memorandum and due diligence clarification letter in conjunction with launch of Gazprom ADS on the London Stock Exchange.
In 1997-1998 Mr. Rojankovski worked in Russia, including with a then Top-5 stock market operators Regent European Securities (affiliated
with Regent Pacific). That period had brought a new practical experience in more sophisticated Russia’s domestic market research. It is
worth to mention that Regent Pacific was a member of well-known Tiger Funds family, one of which was recognized the best alternative global
fund in 1996. That period was particularly rich by extensive Russia-wide business trips, ranging from Krasnodar and Belgorod to Irkutsk and
Sayanogorsk – ones that delivered undistorted vision of Russia’s manufacturing process and shareholder rights’ enforcement, as well as
numerous valuable interpersonal contacts with top management of respective enterprises.
Until recently, Mr. Rojankovski was head of equity research of one of the oldest (since 1992) Russian international brokerage company. His
main management credo has been to provide maximum freedom to creative analytical work as far as accuracy of respective viewpoints is
concerned. An individual analyst responsibility was strictly enforced by creation and tracking of a benchmark analytical portfolio, solely based
on the analysts’ issued recommendations.
Mr. Rojankovski is a fluent speaker of several languages and graduated from Moscow Power Engineering Institute (now Moscow State
Technical University). He carries designation of NASD Registered Representative in the New York State (SEC Series 7, 63) and is a charter-
holder of LIFA.
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Vladimir ROJANKOVSKI has over 18 year track record in international (USA, UK, Russia) investment and
brokerage houses. Since the beginning of his career, Vladimir ROJANKOVSKI has written over 150
professional research reports and presentations dedicated to various industrial enterprises, banks and
macroeconomic issues both in Russian and English. In 1996 Mr. Rojankovski studied the SEC compliance and
fundamentals of the US securities law. Having dedicated several months to studying US GAAP, he had
returned to Russia with backpack of practical knowledge sufficient to participate in a number of top value
corporate investment projects such as Makheev Finance, Solikamsk Magnesium Plant, Lovozersk Ore-
Enrichment Plant, etc. In 1996 he enrolled in a Government-sponsored bilateral Russia /Great Britain financial
specialist exchange program entitled Chancellor’s Financial Sector Scheme. As part of the pilot program, he
completed express course (full equivalent of MBA) at Canterbury Business School and joined HSBC James
Capel in London. Working side by side with recognized front-runners of global financial and investment
industry, he acquired not only in-depth valuation skills, but adherence to high corporate ethic standards. His
first publications in a number of front-end Russian and international (UK, USA) financial press also dated
back to that time. In particular, he published an extensive article unveiling “bubble stocks” demonstrated
their real speculative nature during the Asian stock market flu in October 1997.

15. Roman Dmitriev
Roman Dmitriev is graduated with honor from Russian State Academy of
Management with specialty of World economy. Having started his extensive
bond market trading career in 1996 being one of the frontliners at one of the
world’s most talked about GEM institutional investors/brokers, MFK-
Renaissance, Roman obtained thorough understanding and hands-on experience
in EM bond selection, valuation, execution and settlement. Roman, then, worked
as VP of “Russkie Fondy” – also very prominent local market securities dealer –
for six years thereon.
His experience on bond trading desk with Nord Capital further threatened his
market grasp and intuition, allowing to create complex short/long derivative-
enhanced bond strategies, which greatly enhanced implied and realized fixed
income yields. Atmosphere of family office gave opportunity to participate in
every step of trade initiation, settlement, depository and coupon collection
tracking activities. Roman has always been very ethical in avoiding most common
trading pitfalls simultaneously caring about each particular client’s needs and
promptly addressing his or her relevant queries. Finally, his position with NC was
upgraded to Managing Director of companywide fixed income portfolios.
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His latest job at Specter Invest as Head of trading desk and portfolio management has enabled him to
reach level of fully accomplished, ‘self-contained’ professional with tons of practical experience –
including in such areas as regulatory interaction and compliance. His expertise with Specter Invest not
only covered Russian bonds and derivatives, but spread far throughout entire Global Emerging Market
universe, which eventually lead to formation of bond-oriented in-house hedge fund, which
performance in late 2000’s greatly exceeded all applicable GEM bond benchmarks.
Roman Dmitriev holds Russian Secutiries and Exchanges Regulator’s (FSFR’s) certificates of 1.0 and 5.0
series, along with certificate of an accredited Moscow Exchange (MOEX) trader/dealer.

16. Ross Stoukalov
Ross Stoukalov has over 15 years of international HNWI consulting
experience througout Europe and Russia, having secured several
dozen low-risk high-return accounts. Having started his career in
1993 with Lehman Brothers (London) and then further
strenthening his professional path through experience with
Oppenheimer International Fund in London in 1997-1999, Ross
restlessly strived to complete his professional roundup by
successfully passing all pertinent regulatory exams - such as U.S.'s
SEC Series 7 and 63, those from Chartered Institute for Securities &
Investment (UK) and Chartered Institute of Insurance (UK). Being
graduated with M.Sc.from St Petersburg's School of Economics and
Political Science, Mr. Stoukalov boasts by extremely unique
bilingual/bicultural combination of his background and talent,
which allows him to be always finely tuned in terms of global
market opportunities and individually tailored private investors'
needs and aspirations. His perfect bilingualism/biculturalism has
always made him standing out of the crowd and greatly above an
average Western school graduate with typical “your next door”
professional experience.
For the past 5 years Ross have been preemptively focused on sales
of life protection products by various European providers to
international expatriates and their families, with emphasis on
long-term savings and pension plans, and children's education
planning. Professional growth has been aimed at developing and
maintaining a broad international client base in the EU and
overseas
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17. Securities Disclaimer
This Presentation is for informational purposes only and does not constitute an
offer or solicitation to sell shares or securities in the Company or any related or
associated company. Any such offer or solicitation will be made only by means of
the Company's confidential Offering Memorandum and in accordance with the
terms of all applicable securities and other laws. None of the information or
analyses presented are intended to form the basis for any investment decision,
and no specific recommendations are intended. Accordingly this Presentation
does not constitute investment advice or counsel or solicitation for investment in
any security. This website does not constitute or form part of, and should not be
construed as, any offer for sale or subscription of, or any invitation to offer to buy
or subscribe for, any securities, nor should it or any part of it form the basis of, or
be relied on in any connection with, any contract or commitment whatsoever. The
Company expressly disclaims any and all responsibility for any direct or
consequential loss or damage of any kind whatsoever arising directly or indirectly
from: (i) discretionary, frivolous reliance on any information contained in the
Presentation, (ii) any error, omission or inaccuracy in any such information or (iii)
any action resulting therefrom.
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18. Thank you for your time and attention!
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