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aware, inflation for 2016 was record low at 5.4%, while annualised inflation for January slowed down to 5%. Our plans envision for inflation to

aware, inflation for 2016 was record low at 5.4%, while annualised inflation for January slowed down to 5%. Our plans envision for inflation to

more prolonged period of moderately tight monetary policy. Thus, growth of the inflation expectations was limited and they remained at the level seen in December

high. Inflation continues to decline in line with the Bank of Russia’s forecast, as this is partially attributed to Ruble appreciation. Analysts’ inflation forecasts

RUSSIA 11 PRESENTATION FOR INVESTORS Inflation is Slowing Down in Line with the Bank of Russia’s Forecast Inflation, % (YoY) Inflation, % (MoM SA) 25 25

and become sustainable. Inflation risks. Risks remain that inflation will be above the target level of 4% in 2017; having said that, inflation risks are

inflation, tapered off. As a result, inflation pressure was somewhat up, seasonality factored in, while annual inflation settled around 7.3% YoY. To put inflation

for inflation in Russia _______________________________________________________ 11 1.1.3. Inflation expectations in March: the drop has not been persistent ______________ 14 1.1.4. Underlying inflation is

4 1.1. Inflation ________________________________________________________ 4 1.1.1. Inflation is moving closer to its optimal path _________________________________ 4 1.1.2. Underlying inflation in October: the

actual inflation was gradually moving closer to underlying inflation, and for January it even turned out lower. The long-term inflation component, which underlying inflation captures,