Annual Report 2014

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Vnesheconombank’s 2011-2015 Development Strategy: Progress in 2014

RUB 1,360 bn

Development Bank’s loan portfolio
as at 01.01.2015

Development Bank's Loan Portfolio, RUB bn

In general, the sectoral structure of the Development Bank’s loan portfolio corresponds
to that envisaged by the Strategy for the year-end 2015.

Development Bank’s Loan Portfolio: Sectoral Structure, %

Loans extended for investment projects,
RUB bn

RUB 1,227 bn

Loans extended for investment projects, as at 01.01.2015.


RUB 193 bn

Loans extended to finance projects in priority areas of economic modernisation specified
in the Strategy as at 01.01.2015.

Promotion of innovations is viewed by Vnesheconombank as one of the key strategic priorities.

The share of innovative projects in the Development Bank’s loan portfolio as at 01.01.2015 accounted for 25.4%, with the minimum Strategy target for the year-end 2015 running
at a minimum of 20%.

Furthermore, Vnesheconombank stepped up its efforts to support national exporters
and foreign importers of Russian high-tech products.

The Bank’s loan portfolio earmarked for export support:

RUB 51.9 bn

A more than twofold increase on the Strategy's target for the year-end 2014 (RUB 24 bn).

The Bank's guarantee portfolio earmarked for export support:

RUB 206.5bn

An almost eightfold increase on the Strategy's target for the year-end 2014 (RUB 26.4 bn).

The above-mentioned guarantee support to exports includes the contingent liabilities assumed by Vnesheconombank under the USD 10 bn guarantee issued to secure
the obligations of EXIAR under the agreements designed to provide insurance support
to exports.

Among Vnesheconombank’s other priority objectives, the Strategy formulates the task of aid to SMEs (via SME Bank) engaged in innovative projects, and projects aimed at production modernisation and increased energy efficiency. As at 01.01.2015, the amount of loans extended to SMEs engaged in the above-mentioned activities reached RUB 62.6 bn
(as at 01.01.2014 — RUB 57.6 bn).

Despite a negative impact of the constraints imposed on Vnesheconombank in 2014
by a number of foreign states, and overall unfavourable situation on financial markets, Vnesheconombank succeeded in raising substantial amounts of medium- and long-term resources both in domestic and international capital markets. The funds attracted
by Vnesheconombank in 2014 by bond placement on the internal market (except for those placed as part of refinancing) amounted to RUB 10 bn and USD 0.5 bn, whereas the resources raised in 2014 on capital markets in the form of loans from banks (excluding the Bank
of Russia) were equivalent to USD 4.0 bn.

Vnesheconombank’s 2011-2015 Strategy Action Plan: Progress in 2014

The 2011-2015 Strategy Action Plan as updated in 2013 (hereinafter, the Plan) provides
for projects and measures to be implemented in various areas of the Bank's operations
and aimed at accomplishing the objectives declared in the Strategy.

The projects and measures are designed to contribute to the Strategy's objectives, as well
as help reinforce and stimulate Vnesheconombank's activities, in particular, those related
to investment project finance, support for investment projects and Russian exports, promotion of SMEs, PPPs, integrated territorial development and single industry towns,
and Vnesheconombank's functions of the Agent for the Russian Government.

The Plan provides for 85 projects and measures to be delivered by the year-end 2015, with 3 of them — on a yearly basis. As at 01.01.2015, 74 items of the Plan were delivered including 4 projects (measures) of the next reporting period.

In connection with Vnesheconombank's 2015-2020 Development Strategy approved
in October 2014 by Vnesheconombank's Supervisory Board, projects and measures
of the Plan that are still relevant to the Bank's goals and objectives have been included
into the draft Strategy Action Plan on the new strategic period horizon as separate items
of the Plan or within consolidated measures.

More details about Vnesheconombank’s activities by priority lines in compliance
with the Strategy are to be found in the respective sections of the Report.

Development Dynamics: Major Financial Highlights1, RUB bn

1In the given report, all the values of financial indicators are calculated based on the accounting data (formats 0409101 and 0409102).

2With consideration for income/expense balance, as well as positive and negative revaluation
of securities available for sale (total balance sheet by sub-ledger accounts).

3Portfolio of loans extended by VEB to non-credit institutions, public authorities and municipalities (including the respective bodies of foreign states) exclusive of the loans extended using the funds of he CBR and NWF.

4Debt and equity securities (excluding equity investment), and units in investment funds.

Vnesheconombank's ratings as at 01.01.2015

  Fitch Ratings Standard&Poor’s Moody's
Long-term ratings      
In national currency BBB
(assigned on 25.06.2010)
(assigned on 29.04.2014)
(assigned on 20.10.2014)
in foreign currency BBB
(assigned on 04.02.2009)
(assigned on 29.04.2014)
(assigned on 20.10.2014)
Short-term ratings      
In national currency   A-2
(assigned on 16.12.2005)
(assigned on 23.03.2009)
in foreign currency F-3
(assigned on 04.02.2009)
(assigned on 29.04.2014)
(assigned on 23.03.2009)