5

Appendix A: Performance relative to RTS since 3Q18 release vs. 3Q18 EBITDA (NI for Banks) surprise

December

15%

2018

For more detail,

please see below

10%

QIWI

release

5%

YNDX

earnings

UPRO*

MAIL

TGKA*

0%

OGKB*

NLMK

since

ENRU

TCS

RTSvs

-5%

IRAO

MSNG*

performace

-10%

-15%

LXFT

-20%

-30%

-20%

-10%

0%

10%

20%

30%

40%

EBITDA (NI for Banks) surprise vs cons

Source: Company data, Bloomberg, Interfax, VTB Capital Research; for any stocks marked with an ‘*’, the surprise is shown vs. the VTBC forecast

Equities

Russia

5

Appendix A: Performance relative to RTS since 3Q18 release vs. 3Q18 EBITDA (NI for Banks) surprise (continued)

December

2018

10%

FIVE

8%

LKOH

6%

TATN

release

PLZL

EPAM

PHOR

4%

ALRS

SBER

earnings

2%

AGRO

BSPB

since

ROSN

MOEX

VEON

0%

SIBN

RTS

CHMFTMKS

-2%

MBT

vs

TRNFP*

NVTK

RTKM

performace

-4%

AKRN*

MAGN

MGNT

-6%

-8%

AFLT

-10%

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

Equities

Russia

5

Appendix B: 3Q17-3Q18 consensus* earnings surprises

December

results

3Q17

4Q/2H17

1Q18

2Q/1H18

3Q18

3Q17

4Q/2H17

1Q18

2Q/1H18

3Q18

3Q17

4Q/2H17

1Q18

2Q/1H18

3Q18

BBG ticker

Performance vs

Results vs. cons* deviation (%)

RTS since 3Q18

Sales*

EBITDA

NI

2018

Energy

GAZP RX

-4.6%

1

0

3

0

-1

5

6

5

4

6

10

3

7

11

10

NVTK LI

-3.4%

1

3

1

2

5

1

-2

0

3

2

10

1

5

3

5

ROSN RX

0.4%

1

2

-2

1

1

-4

-4

-5

1

-4

-2

1

1

15

-3

LKOH RX

6.6%

4

5

-1

3

5

5

0

1

4

2

6

10

2

-2

0

SNGS RX

1*

0*

-6*

1*

-13*

9*

SIBN RX

-0.8%

1

0*

0

0

1

4

0*

2

3

4

7

0*

4

1

3

TATN RX

5.7%

-1

10

10

1

-2

-11

4

1

3

3

-18

-10

4

8

0

TRNFP RX

-3.2%

-2*

4

-3*

1*

0*

-2*

-10

-5*

-1*

1*

10*

-29

-9*

154*

15*

TMKS LI

-1.7%

0

4

5

0*

0

3

-14

-1

-4*

1

9

n/m

-10

18*

n/a

Materials

CHMF RX

-1.6%

1

2

1

-2

0

0

4

0

2

0

-4

1

0

n/a

n/a

NLMK LI

0.6%

2

5

0

1

3

1

9

2

0

12

-2

5

4

8

24

MAGN RX

-4.5%

3

-2

1

0

0

2

5

-3

3

4

-10

16

-20

8

5

EVR LN

4

4

5

1

18

n/a

GMKN RX

-1

1

-6

4

-18

13

ALRS RX

2.7%

4

3

2

1

3

0

1

8

11

3

n/a

0

14

10

-5

PLZL RX

4.3%

-1

-1

-1

-2

0

2

-1

2

0

0

2

-12

-6

n/a

-4

POLY LN

n/a

0

1

0

1

-2

HGM LN

6*

-7*

-13*

-15*

-18*

-26*

Fertilizers

PHOR LI

4.3%

2

-1

0

-1

2

3

-6

-5

7

9

n/a

-35

7

62

6

AKRN RX

-4.1%

-2*

2*

-1*

2*

1*

-2*

0*

-1*

-1*

2*

-16*

-26*

9*

n/m*

3*

Industrials

AFLT RX

-9.8%

0

0

-1*

2

0

-9

3

-14*

60

8

-13

-2

n/m*

143

15

NCSP LI

6.1%

0*

n/a

n/a

n/a

n/a

5*

n/a

n/a

n/a

n/a

22*

n/a

n/a

n/a

n/a

GLTR LI

-2

4

7

9

7

8

GLPR LI

-2

2

0

4

n/a

n/a

SVAV RX

-5*

n/a

-40*

n/a

-62*

n/a

Consumer

FIVE LI

8.2%

0

0

0

0

0

-4

-1

-2

4

3

1

13

-13

-8

4

LNTA LI

0

n/a

-2

n/a

10

n/a

OKEY LI

n/a

n/a

n/a

n/a

n/a

n/a

DSKY RX

-0.6%

n/a

-4*

0

n/a

n/a

n/a

4*

6

n/a

n/a

n/a

2*

n/a

n/a

n/a

AGRO LI

0.9%

-1*

24*

3

-1

4

3*

27*

-22

27

-3

19*

13*

n/m

42

-28

MDMG LI

-10*

n/a

-10*

n/a

-14*

n/a

Equities

Russia

5

Appendix B: 3Q17-3Q18 consensus* earnings surprises (continued)

December

3Q18 results

3Q17

4Q/2H17

1Q18

2Q/1H18

3Q18

3Q17

4Q/2H17

1Q18

2Q/1H18

3Q18

3Q17

4Q/2H17

1Q18

2Q/1H18

3Q18

BBG ticker

Performance

Results vs. consensus* deviation (%)

vs RTS since

Operating income

EBITDA

NI

2018

Banks

SBER RX

2.5%

5

4

1

-1

6

16

0

3

5

7

TCS LI

-0.9%

n/a

n/a

n/a

n/a

n/a

2

19

4

-3

12

BSPB RX

1.6%

9

-1

n/a

n/a

7

44

-6

3

27

2

Sales

Other financials

MOEX RX

0.1%

0

2

3

0

-1

0

3

4

-1

-1

1

5

-12

-9

0

Media & IT

YNDX US

5.7%

0

3

2

4

6

-5

25

0

8

18

-21

15

6

27

19

MAIL LI

1.5%

n/a

6

1

3

1

n/a

-1

-21

-21

-12

n/a

4

-30

-78

-13

QIWI US

9.5%

5

23

6

5

10

1

20

2

-1

13

8

46

1

-14

19

LXFT US

-16.0%

0

-2

2

0

0

5

0

-6

26

16

8

3

-5

36

19

EPAM US

4.8%

3

1

2

0

0

1

-4

0