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21 25 29 33 37 41 45 49 -0.6 Oct Nov Dec Mar Apr Jan Feb May Jun Jul Aug Sep number of week

14 Central Bank Survey (millions of rubles, end of period) Dec, 2015 Dec, 2016 Dec, 2017 NET FOREIGN ASSETS 26,210,965 22,343,040

rate introduced Floating exchange announced targeting management set rate introduced communications Since Dec. 2017 Inflation targeting is Instruments are “Floating rate and Inflation below 4

Jun.17 Jul.17 Aug.17 Sen.17 Oct.17 Nov.17 Dec.17 Jan.18 Feb.18 Mar.18 Apr.18 May.18 Jun.

6 Dec 05 Dec 10 Dec 03 Jun 04 Dec 04 Jun 05 Jun 06 Dec 06 Jun 07 Dec 07 Jun 08 Dec 08

14 Central Bank Survey (millions of rubles, end of period) Dec, 2015 Dec, 2016 Dec, 2017 NET FOREIGN ASSETS 26,210,965 22,343,040

2018F Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: AITC. Source: Romir. Romir Research Holding's data8 point to a

7 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017