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INVESTOR PRESENTATION

Financial investmentsJuly 2017


CONTENTS

CONTROLLING SHAREHOLDER – SAFMAR GROUP

SECTION 1. BUSINESS DESCRIPTION

SECTION 2. INVESTMENT PORTFOLIO

ANNEX

CONTACTS

3

5

14

22

26

Financial investments


CONTROLLING SHAREHOLDER –SAFMAR GROUP

Other assetsFinancial institutions

Real estate, development and logistics

Natural resources and chemical industry

SAFMAR GROUP IS ONE OF THE LARGEST BUSINESS GROUPS IN RUSSIA, INCLUDING:

Presentation

This presentation (the ‘Presentation’) contains information, documents and other materials regarding PJSC Europlan (SAFMAR Financial investments) in general, as well as individual PJSC Europlan businesses.

The Presentation is intended for informational purposes only and does not constitute an offer or an invitation to make an offer to buy or sell any goods, work, services as well as any securities and other investment instruments.

The Presentation may include assessments and/or judgments, specifically in relation to the financial results of selected businesses of PJSC Europlan and to other matters of operation thereof.

Ownership and title to the contents of the Presentation belong to JSC INDUSTRIAL FINANCIAL GROUP SAFMAR and/or a specific company within PJSC Europlan and/or specific persons, who are employees, officers, agents, proxies, partners and those otherwise related to JSC INDUSTRIAL FINANCIAL GROUP SAFMAR and/or specific companies within PJSC Europlan (each individually referred to as “SAFMAR”).

The Presentation, including text and graphic images, comprise SAFMAR intellectual property and/or may be protected otherwise.

The ‘SAFMAR’ designation is a registered trademark.

Limitation of Liability

SAFMAR is under no obligation to ensure, and is not liable for, the accuracy, up-to-dateness and completeness of the Presentation.

SAFMAR is not liable for any explicit, implicit, accidental, consequential, punitive or any other damages (including loss of use, data loss or loss of profit) regardless of the form of action, including, without limitation, arising from contract, negligence or tort, arising in connection with the Presentation, its contents or from other use of the Presentation.

SAFMAR’s liability to users of the Presentation is limited to the fullest extent permitted by applicable law.

Use of Presentation

The Presentation is not to be reproduced or transmitted in any manner using any means whatsoever without prior written consent of SAFMAR, unless otherwise provided by applicable law.

DISCLAIMER


GROUP BUSINESS OVERVIEW

SAFMAR GROUP IS ONE OF THE LARGEST AND MOST SUCCESSFUL PRIVATELY-OWNED BUSINESS GROUPS IN RUSSIA

Controllingshareholders

Mikhail Gutseriev

MikailShishkhanov

Sait-Salam Gutseriev

Financial institutions

InsuranceTop 10 insurance company in Russia by gross written premiums

BanksTop 5 privately-owned Russian banking group by assets

Leasing#1 privately-owned car leasing company in Russia

Non-Governmental Pension Funds (NPF)

Natural resources, chemical industryand other assets

Oil and gas productionTop 10 oil producer in Russia(1)

Oil refining and petrochemicals

Coal production#7 by coal production in Russia

Potassium fertiliser industryDevelopment of a major industry player in Belarus

Household appliances and consumer electronics retailLargest retail chains in Russia by sales volumes and number of stores

Media8 radio stations – top 5 by audience numbers in Russia TV holding company

Construction and developmentOne of the major market players in Russia

Hotels#1 in Moscow(2)

9 luxury hotels in Moscow, 2 in CIS

Business centers and shopping malls43 properties

Logistics centersMajor market player with 18% market share in Russia

Real estate, development and logistics

NOTES: (1) Consolidated data based on CDU TEK figures for crude oil production in Russia(2) By number of rooms in internationally branded hotels

#4 participant on the market of compulsory pension insurance (CPI)

and others

and others

and others


SECTION 1. BUSINESS DESCRIPTION



SAFMAR FINANCIAL INVESTMENTS AT A GLANCE

HOLDING STRUCTURE

SAFMAR Group Free-float

SAFMAR Financial investments (SFI)

• The largest private car leasing company in Russia

• Leasing portfolio is RUB 27+ bn

• Net profit(1): RUB 2.75 bn

• Auditor:

• Top-10 insurance company in Russia

• RUB 53+ bnof gross written premiums in 2016

• Net profit(1): RUB 3.8 bn

• Auditor:

• #4 participant on the market of compulsory pension insurance (CPI)

• RUB 194+ bnof pension assets under management

• Net profit(1):RUB 1.6 bn

• Auditor:

• Investment of funds raised during the SPO

• Possible reinvestment of profits of portfolio companies

New projects

NOTES:

(1) Consolidated financial statements (IFRS) of PJSC Europlan (excluding figures attributed to JSC NPF SAFMAR and VSK), NPF SAFMAR and VSK respectively as at 31 December 2016

(2) Starting from the SPO of PJSC Europlan in December 2016

(3) PJSC Europlan IFRS consolidated annual financial statements for the year ended 31 December 2016 are available at: safmarinvest.ru/docs

SHARE PRICE PERFORMANCE, RUB(2)

680

700

720

740

760

780

800

03.0

7.2

017

21.0

6.2

017

08.0

6.2

017

29.0

5.2

017

17.0

5.2

017

03.0

5.2

017

20.0

4.2

017

10.0

4.2

017

29.0

3.2

017

17.0

3.2

017

06.0

3.2

017

21.0

2.2

017

09.0

2.2

017

30.0

1.2

017

18.0

1.2

017

06.0

1.2

017

26.1

2.2

016

14.1

2.2

016

02.1

2.2

016

Market capitalization as of 03.07.2017: RUB 86.1 bn

100% 100% 49%

SPO price

SFI IFRS FINANCIALPERFORMANCE(3) (2016)

7.0 RUB bn

Total income from operations and finance income

3.3 RUB bn

Net profit

29.7 RUB

Earnings per share


INVESTMENT HIGHLIGHTS

1

2

3

4

5

6

The first public diversified investment holding in Russia with exclusive focus on the financial sector

High resilience to macroeconomic fluctuations owing to the diversified investment portfolio

Clear development strategy to ensure strong portfoliosynergies

Value creation model based on long-term growth and sustained increases in dividend yields

Focus on leaders in every dedicated segment

Professional investment team with unique expertise and competencies in the financial industry

RATIONALE FOR SETTING UP A HOLDING COMPANYTo establish a large public financial holding which pursues investments and transparent management of assets in the Russian financial sector.


HOLDING CREATION STAGES

STAGE 1. FORMATION OF THE HOLDING STRUCTURE

STAGE 2. ADDITIONAL SHARE ISSUANCE (SPO)

STAGE 3. TARGET HOLDING STRUCTURE

• Structure formation and strategy development for the future holding company

• Shares exchange ratios were determined by an independent BIG Four advisor

• Full compliance with the rights of minority shareholders and creditors

• PJSC Europlan share issuance with payment in shares of NPF SAFMAR, shares of VSK Insurance House and in cash via public offering (SPO)

• Additional capital raised for the expansion of the holding company’s investment portfolio

• Minority shareholder base was significantly expanded

• To achieve its target structure the holding company has completed the spin-off of the leasing business from the existing PJSC Europlan into a separate legal entity (JSC Leasing company Europlan) with 100% equity participation of SFI effective from 30 June 2017

• PJSC Europlan’s actual changes of its name to PJSC SAFMAR Financial investments is planned for August 2017


NON-BANKING SEGMENTS OF THE FINANCIAL MARKET (1/2)

MARKET PENETRATION(1)

• Penetration levels of financial services in Russia (insurance, leasing, asset management) are significantly lower than in CEE and Western European countries

• Significant growth of the banking sector in Russia over the past 10 years allowed the banking services penetration in the country to exceed the respective level in CEE. However, comparing to the developed markets significant growth potential remains

• Historically non-banking segments of the financial market show higher profitability and trade with premium to banks

NON-BANKING SEGMENTS OF THE FINANCIAL MARKET

BUSINESS MODEL RESILIENT TO MACROECONOMIC FLUCTUATIONS

Sources: Central bank of Russia, Raiffeisen, Allianz – Global Insurance Markets, WCG Global Leasing Report, EFAMA

NOTE:

(1) Banking sector data is for 2015 (assets/GDP); Insurance market data is for 2015 (GWP/GDP); Leasing market data is for 2015 (new lease volume/GDP);

Asset management market for 4Q 2015 (AUM of open-ended funds/GDP)

278%

7%

13%

111%

103%

1%

7%

5%

95%

2%

14%

6%

Западная Европа

Россия

Страны ЦВЕ

Banking sector

Insurance

Leasing

Asset management

Western Europe

Russia

CEE


15%

12%

12%

11%

9%

Лизинг

Страхование

Ср. показатель (индекс)

Управление активами

Банки

NON-BANKING SEGMENTS OF THE FINANCIAL MARKET (2/2)

PERFORMANCE OF INDICES (P/E MULTIPLE)

Jan-12 Sep-12 May-13 Jan-14 Sep-14 May-15 Jan-16 Sep-16 May-17

11.3x

15.1x

13.5x

11.4x

Russell 3000 Rental and LeasingRussell Asset Management

MSCI World BanksMSCI World Insurance

INSURANCE, LEASING AND ASSET MANAGEMENT INDICES

Source: Bloomberg

Jan-12 Sep-12 May-13 Jan-14 Sep-14 May-15 Jan-16 Sep-16 May-17

Reconciled t

o 1

00%

InsuranceAsset management

AverageLeasing

72%80%

84%

83%

PREMIUM TO THE BANKING SECTOR

RETURN (ANNUALIZED)

VOLATILITY (ANNUALIZED)

1%

18%

34%


Лизинг


14%

16%

18%

18%

26%


Банки

Ср. показатель (индекс)


Лизинг

Source: Bloomberg

Asset management

Leasing

Insurance

Leasing

Insurance

Average (index)

Asset management

Banks

Leasing

Asset management

Average (index)

Banks

Insurance


MARKET POSITIONS OF PORTFOLIO COMPANIES IN 2016CAR LEASING

SHARE IN THE VOLUME OF CAR LEASING DEALS

Европлан

• The largest private car leasing company in Russia

• Outstanding operational effectiveness with historical ROE of 23% and NPL less than 0.08% (2016)

• Rating by Fitch: BB-(Outlook – «stable»)

INSURANCE

BY GROSS WRITTEN PREMIUMS

NON-STATE PENSION FUNDS

BY RETIREMENT SAVINGS UNDER MANAGEMENT

14.3%

13.3%

11.4%

7.7%

6.1%

5.8%

Европлан

ВЭБ лизинг

ВТБ лизинг

Сбербанк лизинг

Балтийский лизинг

Ресо-лизинг

12.1%

10.4%

7.5%

7.3%

5.5%

5.3%

5.3%

4.5%

3.8%

2.8%

СОГАЗ

РГС

РЕСО

Ингосстрах

Сбербанк-Жизнь

Альфа

ВТБ

ВСК

РСГ-Жизнь

Согласие

16.6%

12.2%

11.8%

8.7%

7.8%

7.7%

НПФ Сбербанка

НПФ БУДУЩЕЕ

НПФ ЛУКОЙЛ-ГАРАНТ

НПФ САФМАР

НПФ ГАЗФОНД

НПФ РГС

Европлан

• Top-10 insurance company in Russia

• Excellent operating performance –combined ratio is below 100%, while ROE exceeds 29% at year-end

• Rating by Fitch: BB-(Outlook – «stable»)

Европлан

• NPF SAFMAR is among the Top-4 largest funds on the market of compulsory pension insurance (CPI)

• Return on investment of retirement savings is on par with the market or better than market average

• Expert RA’s rating of reliability is A++

Europlan

VEB Leasing

VTB Leasing

Sberbank Leasing

Baltiyskiy Leasing

Reso-Leasing

SOGAZ

RGS

RESO

Ingosstrakh

Sberbank-Life

Alfa

VTB

VSK

RGS-Life

Soglasie

NPF Sberbank

NPF BUDUSHEE

NPF LUKOIL-GARANT

NPF SAFMAR

NPF GAZFOND

NPF RGS


INVESTMENT STRATEGY

KEY PRINCIPLES OF OUR INVESTMENT STRATEGY

KEY INVESTMENT CONSIDERATIONS

Focus on the financial industry only

TARGET INDUSTRY

Leasing, insurance, pension funds, financial technologies, banks, etc.

TARGET SEGMENTS

Mainly Russian-based assets of federal or regional significance

GEOGRAPHY

Desirable but not a prerequisite for investment decisions

CROSS-BUSINESS SYNERGIES

Rapidly growing companies or mature business models with a steady dividend flow

MATURITY OF THE TARGET COMPANIES

A sizeable minority interest or a controlling stake

TARGET OWNERSHIP

Three years or more

INVESTMENT HORIZON

Developed investment policy allows to implement value creation model based on long-term growth and consistently increasing dividend yield.


9 Members of the BoD

3 Independent Directors

2 Board committees: Audit

Committee and Remuneration Committee

BoD also controls Internal Audit Department

CORPORATE GOVERNANCE

• In 2016, the Board of Directors held 29 meetings, including five meetings held in person and 31Committee meetings.

• Adaptation of the current corporate governance system and re-focus on investment management

• Focus of maximum business disclosure and observation of minority rights

COMPLETE ALIGNMENT WITH THE LEADING INTERNATIONAL CORPORATE GOVERNANCE PRACTICES

BOARD OF DIRECTORS

Oleg Vyugin

Chairman of the Board of Directors

The current Board of Directors was elected by the resolution of the Annual General Meeting of Shareholders of Europlan (SAFMAR Financial investments) dated 26 June 2017. The authority of the sole executive body of the company is exercised by an asset management company – JSC SAFMAR GROUP.

AllaGryaznova

Independent Director

Said Gutseriev

Alexander Lukin

Alexander Myakenky


Sergey Nazarov


AvetMirakyan

BilanUzhakhov

MikailShishkhanov


SECTION 2. INVESTMENT PORTFOLIO



KEY VALUE DRIVERS AND STRATEGIC OBJECTIVES

For each asset SAFMAR Financial investments has a deep industry expertise and a clear strategy to create value for the holding’s shareholders.

NOTES:

(1) According to the Central Bank of Russia, the data on retirement savings are indicated in accordance with the market value

(2) Taking into account restrictions in the Russian legislation in respect to regulation of Non-State Pension Funds

INVESTMENT DESCRIPTION STRATEGYAPROACH TO VALUE CREATION

• One of the largest car leasing companies in Russia

• Leasing portfolio: RUB 27+ bn in 2016

• Own client base: over 65,000 companies,1.5 mln potential clients-legal entities

• Preserving of leadership positions in car leasing both for companies / SME and for individuals

• Business growth

• Dividends

• Universal insurance company with a well-balanced product portfolio

• Client base: 15.8 mln individuals and over 230,000 companies across Russia

• In 2016, gross written premiums amounted to RUB 53.3 bn

• Regional network comprises 400 branches and representative offices

• Preserve / enhance positions in profitable segments of insurance market

• Business growth

• Dividends

• Assets under management: RUB 186+ bnof retirement savings and RUB 8+ bn of pension reserves as of 31.12.2016(1)

• Ca. 2.3 m clients under compulsory pension insurance (CPI) and 75,000 customers under non-state pension plans (NSPP)

• Top 4 by retirement savings and Top 16 by pension reserves, Top 5 by the number of clients

• Preserve / enhance positions in compulsory pension insurance

• Improve positions in voluntary pension insurance (NSPP)

• Business growth

• Dividends(2)


Europlan is the largest by volume of business car leasing company in Russia with the market share of more than 14%

The company handles over 37,000 active leasing agreements and has own client base which includes more than 65,000 companies and 1.5 mln potential corporate clients (ca. 35% of all legal entities registered in Russia)

Due to the efficient risk management system the share of NPLs is extremely low – less than 0.08% (for example, share of NPLs in banking business accounts for 7-9%)

The company has 72 representative offices across Russia, over 500 own managers and more than 6,500 agents.

Europlan cooperates with 4,000 dealers throughout the country

PORTFOLIO QUALITY: NPL 60+ BEFORE IMPAIRMENT ALLOWANCE (IFRS)

0.40%

0.99%

0.74%

0.08%

2013 2014 2015 2016

42%

18%

11%

10%

9%

7%3%

Центр. Россия

Поволжье

Северо-Запад

Юг

Сибирь

Урал

Северо-Кавказский

и другие

LEASING PORTFOLIO STRUCTURE, % (NIL, 2016)

By regions

56%

25%

8%

7%3%

1% Легковые

автомобили

Коммерч.

автотрансп.

LCV

Самоход. техника

Автобусы

Прочее

By the type of leased assets

LEASING BUSINESS – EUROPLAN (1/2)

Central Russia

Volga region

North-West

South

Siberia

Ural

North Caucasus and others

Passenger cars

Commercial vehicles

LCV

Self-propelled machines

Buses

Other


30.4

41.6

47.1

37.639.9 40.3

24.4

30.1

34.5

25.8 27.528.9

6.6 7.99.9 10.7

13.414.1

3.3х

4.0х

3.2х

2.2х1.8х 1.6х

2012 2013 2014 2015 2016 3M 2017

Активы

NIL

Капитал

Долг/капитал

NOTE: (1) 3 months ratios have been annualized2017 – interim consolidated financial statements (IFRS) of PJSC Europlan on the leasing and insurance (LLC IC Europlan) segments2016 – consolidated financial statements (IFRS) of PJSC Europlan excluding figures attributed to NPF SAFMAR and VSK2014 and 2015 – consolidated financial statements (IFRS) of PJSC Europlan, excluding financial result from discontinued intragroup operations of Europlan Bank2013 – combined financial statement (IFRS) of PJSC Europlan and its controlled companies 2012 – combined financial statement (IFRS) of EUROPLAN HOLDINGS LIMITED

BALANCE SHEET FINANCIAL INDICATORS DYNAMICS(1) (RUB BN)

P&L FINANCIAL INDICATORS AND PROFITABILITY DYNAMICS(1) (RUB BN)

Credit ratings

Fitch: BB-

Expert RA: ruA

LEASING BUSINESS – EUROPLAN (2/2)

3.54.1 4.4

4.0

4.3

1.1

1.31.6 1.6

1.9

2.8

0.7

5.0% 4.5%3.6%

4.6%

7.1% 7.3%

20.5%

22.6%

18.2% 18.9%

22.9%21.2%

2012 2013 2014 2015 2016 3M 2017

Чистый процентный доход

Чистая прибыль

ROAA

ROAE

Net interest income

Net profit

Assets

NIL

Equity

Debt/Equity


0.6

1.3

3.1

3.8

1.2

11.2%

18.0%

32.3%

29.3%31.5%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

30,0%

35,0%

0

1

2

3

4

5

2013 2014 2015 2016 3M2017

Чистая прибыль

RoE

30%

27%

13%

10%

10%

7%3% ОСАГО

КАСКО

ДМС

Имущество ЮЛ

НС

Ответственность

Имущество ФЛ

61% 60% 61% 55% 53%

30% 30% 28%

27% 29%

12% 12% 12%12% 12%

103% 101% 101%94% 94%

2013 2014 2015 2016 3M 2017

Коэфф. операц. расходов

Коэфф. аквизиц. расходов

Коэфф. убыточности

13.6 RUB bn

INSURANCE BUSINESS – VSK (1/2)

COMBINED RATIO (%)

KEY FINANCIALS (IFRS)

VSK Insurance House is a universal insurance company providing services to individuals and corporate clients in Russia

VSK consistently ranks in the Top 10 insurance companies in Russia by gross written premiums

Well-balanced product portfolio

The company demonstrates high operational efficiency – combined ratio is below 100%, return on equity for 3M 2017 exceeded 31% (annualized)

NET PROFIT (RUB BN) AND ROE (%)DYNAMICS(1)

Gross written premiums, RUB bn

Insurance portfolio structure, 3М 2017

NOTE: (1) Figures are based on IFRS financial statements. 3 months ratios have been annualized

38.0 37.5

47.9

53.3

13.6

2013 2014 2015 2016 3M2017

Credit ratings

Fitch: BB-

Expert RA: ruAA

Net profit

Operating expenses ratio

Acquisition ratio

Loss ratio

CMTPL

Motor hull insurance

VMI

Commercial property

Accidents

Liability

Residential property


33%

22%

18%

10%

10%6%

1%Прямые

Агенты

Автоилеры

Нефинансовые посредникиБанки

Лизинг

Интернет

48%

13%

10%

8%

8%

7%5%

1%Центральный ФО

Приволжский ФО

Северо-Западный ФО

Сибирский ФО

Южный ФО

Уральский ФО

Дальневосточный ФО

Северо-Кавказский ФО

INSURANCE BUSINESS – VSK (2/2)

Insurance portfolio of VSK is vastly diversified by regions

The majority of sales are generated via direct sales (35% of total), as well as sales by agents (22% of total)

CLIENTS

MARKET SHARE IN KEY SEGMENTS (2016)

CMTPL MOTOR HULL INSURANCE VMI

VSK IS ONE OF THE LEADERS IN AUTO INSURANCE AND RANKS IN THE TOP 10 IN VMI SEGMENT

PORTFOLIO STRUCTURE BY REGIONS (2016)

PORTFOLIO STRUCTURE BY SALES CHANNELS (2016)

>230,000companies

REGIONAL NETWORK COMPRISES

>400 branches and offices across the country

>15 mln

retail clients

Source: Central Bank of Russia, company data

23.5%

15.1%

12.1%

8.7%

5.7%

4.5%

3.5%

2.6%

2.2%

2.2%

РГС

РЕСО


ВСК

Альфа

Согаз

Согласие

Макс

ГК Ренессанс

Югория

16.9%

16.4%

13.5%

8.0%

7.9%

7.9%

4.9%

4.3%

2.4%

1.7%


РЕСО

РГС

ВСК

Согласие

Альфа


СОГАЗ

ЭРГО

Энергогарант

32.2%

8.5%

7.0%

6.5%

5.8%

5.6%

4.2%

3.8%

3.3%

3.1%

СОГАЗ

РЕСО

Альянс жизнь

Альфа

РГС



ЖАСО

ВТБ

ВСК

RGS

RESO

Ingosstrakh

VSK

Alfa

Sogaz

Soglasie

Maks

Renaissance

Yuzhural-ASKO

Ingosstrakh

RESO

RGS

VSK

Soglasie

Alfa

Renaissance

Sogaz

ERGO

Energogarant

Sogaz

RESO

Allianz Life

Alfa

RGS

Ingosstrakh

Renaissance

JHASO

VTB

VSK

Direct

Agents

Car dealerships

Non-financial brokers

Banks

Leasing

Internet

Central Russia

Volga region

North-West

Siberia

South

Ural

Far-East

North Caucasus


80.2

84.486.2

81.3

74.9 74.8

2012 2013 2014 2015 2016 3M2017

CLIENTS UNDER VOLUNTARY PENSION INSURANCE(2)

RETIREMENT SAVINGS AND PENSION RESERVES (RUB BN)(2)

CLIENTS UNDER COMPULSORY PENSION INSURANCE(2)

THE FUND’S CORE BUSINESSES INCLUDE COMPULSORY PENSION INSURANCE (CPI) AND PROVISION OF CORPORATE AND INDIVIDUAL NON-STATE PENSION PLANS FOR ITS CLIENTS (VOLUNTARY PENSION INSURANCE)

In August 2016, NPF SAFMAR completed consolidation of three other Group NPFs: NPF Europeyskiy, NPF Regionfond, NPF Obrazovaniye and Nauka

TOTAL ASSETS UNDER MANAGEMENT AS OF 31.03.2017

NOTES: (1) According to the Central Bank of Russia, the data on retirement savings are indicated in accordance with the market value(2) Historical data is provided on the aggregated basis in respect of all NPFs (disregarding the date of NPF acquisition)

Source: Central Bank of Russia

> 188 RUB bn

retirement savings

> 8.5 RUB bn

pension reserves

> 2.3 mln

clients under CPI

75,000clients under voluntary pension insurance

~ 197 RUB BN(1), including:

PENSION BUSINESS – NPF SAFMAR (1/2)

19.939.9 42.1

103.8

186.0 188.3

7.0

7.9 8.8

9.5

8.4 8.5

26.9

47.8 50.9

113.3

2012 2013 2014 2015 2016 3M 2017

Пенсионные резервы

Пенсионные накопления

194.4 196.8

0.5

0.7 0.7

1.4

2.3 2.3

2012 2013 2014 2015 2016 3M2017

Credit rating

Expert RA: A++

Pension reserves

Retirement savings


RETURN ON INVESTMENT OF RETIREMENT SAVINGS(1)

NPF SAFMAT COMPETITIVE POSITION:

TOP 4by retirement savings

TOP 16by pension reserves

TOP 5by number of insured clients

NPF SAFMAR pension funds have a solid track record of market average and above-average historical returns

In 2016, the return on investment of retirement savings was in line with the market and accounted for 9.4%

INVESTMENT PORTFOLIO STRUCTURE (CPI, 3M 2017)

NOTES:(1) For merged NPFs up to and including 2015, weighted average rate of return is indicated(2) IFRS data

KEY FINANCIALS(2)

(2016, RUB BN)

213.4

22.2

Активы Капитал

PENSION BUSINESS – NPF SAFMAR (2/2)

8.3% 8.0%6.3%

11.7%9.4%

2012 2013 2014 2015 2016

52%

24%

11%

5%8% Облигации

Акции

Депозиты

ИСУ

Прочие

Bonds

Shares

Deposits

MPC

Other

Assets Equity


ANNEX



NOTES: (1) PJSC Europlan (SAFMAR Financial investments). The ticker will be altered after Europlan’s actual changes of its name to SAFMAR Financial investments(2) As of 31.03.2017

SHARE CAPITAL STRUCTURE

Market capitalization (as at 3 July 2017): RUB 86.1 bn

Total number of ordinary shares (pcs): 111,637,791

SAFMAR Group75%

Free-float25%

SAFMAR Group65.1%

Free-float34.9%

AFTER SPO(2)AFTER IPOBEFORE IPO

SAFMAR Group100%

The company’s shares are traded on the Moscow Exchange (ticker: EPLN)(1).

On 16 June 2017, the company’s shares were included into the MICEX index, the capitalization-weighted composite index based on prices of the 50 most liquid Russian stocks of the largest and dynamically developing Russian issuers. Company’s shares are also included into the Broad Market index and the Financial Industry index.


NOTES: (1) Prepared on the basis of IFRS principles in the assumption of asset consolidation (incl. PJSC Europlan, NPF SAFMAR and other affiliated pension funds, VSK Insurance House) as of 01.01.2015 with a view of presenting comparable data(2) Investments to VSK Insurance House using the equity method based on the actual valuation of shares of VSK Insurance House during SPO of PJSC Europlan and accounting for the financial result of the associate for 2015 and 2016(3) Goodwill was calculated based on the actual valuation of shares of NPF SAFMAR during SPO of PJSC Europlan and the value of net identifiable assets of NPF SAFMAR and other affiliated pension funds as of 01.01.2015

CONSOLIDATED FINANCIAL RESULTS (1/2)

PROFORMA OF CONSOLIDATED STATEMENT OF FINANCIAL POSITION (IFRS), RUB MLN(1)

31.12.2015 31.12.2016

ASSETS

Cash and cash equivalents 18,780 54,801

Financial instruments at fair value through profit or loss 85,617 150,116

Bank deposits 27,992 14,351

Net investment in leases after impairment allowance 25,832 27,471

Investments in associates(2) 17,588 19,493

Goodwill(3) 31,243 31,243

Other assets 6,965 6,570

Total assets 214,017 304,045

LIABILITIES

Obligations under compulsory pension insurance agreements 101,694 181,893

Obligations under non-government pension agreements 9,042 7,882

Borrowings 9,921 10,205

Bonds issued 7,167 11,208

Other liabilities 5,059 4,221

Total liabilities 132,883 215,409

EQUITY 81,134 88,636

Total liabilities and equity 214,017 304,045


NOTE: (1) Prepared on the basis of IFRS principles in the assumption of asset consolidation (incl. PJSC Europlan, NPF SAFMAR and other affiliated pension funds, VSK Insurance House) as of 01.01.2015 with a view of presenting comparable data

CONSOLIDATED FINANCIAL RESULTS (2/2)

PROFORMA OF CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

(IFRS), RUB MLN(1)

31.12.2015 31.12.2016

Continuing operations

Interest income 7,560 6,893

Interest expense (3,261) (2,299)

Net interest income 4,299 4,594

Net interest income after impairment charges of interest earning assets 4,204 4,583

Contributions on pension activities 60,484 81,635

Payments on pension activities (8,077) (14,847)

Net income of the pension fund from the placement of own funds, retirement savings and pension reserves

10,306 15,908

Change in obligations for pension activities (60,253) (79,052)

Other income, net 1,366 1,955

Total income from operations and finance income 8,131 10,184

Staff expenses (2,816) (2,497)

Other operating expenses (1,275) (1,203)

Acquisition costs (1,005) (22)

Impairment charges on other assets (77) (35)

Other non-operating income (expenses) 245 (530)

Share in net profit of associates 1,502 1,865

Profit before income tax from continuing operations 4,704 7,763

Income tax expense (533) (1,659)

Net profit 3,644 6,105

Share in other comprehensive income of associates 14 40

Total comprehensive income for the period 3,658 6,144


CONTACTS

For more information please visit our web site: www.safmarinvest.ru

Contact us:

Investor Relations Department

[email protected]

tel.: +7 (495) 909 89 69


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