Annual Report 2014

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Assisting the Development of the National Economy

In 2014, the Russian economy was influenced by a confluence of negative factors such
as structural constraints of the past years, deteriorating trade and investment links
with major foreign partners and sharp volatility in commodity and foreign exchange markets.

In order to put Russia's foreign policy under pressure, the US, the EU and a number of other countries used economic sanctions aimed at restraining involvement of Russian businesses
in international trade and economic relations.

First restrictive measures against Russia targeted at military-technical cooperation and research and development work in respective spheres and were reinforced by summer 2014 sectoral sanctions affecting the finance and fuel and energy sectors.

In such a challenging landscape, the role of Vnesheconombank as a bank for development has been more vital than ever. In the reporting year, the Bank continued to fully meet its commitments to fund large-scale investment projects with a focus on removing infrastructure constraints for national economy and to ensure development and modernisation of manufacturing enterprises in a variety of sectors. It also maintained its financial support for defence industry enterprises, export-oriented companies as well
as for small and medium-sized businesses.

In 2014, Vnesheconombank's governing bodies approved financing for 24 investment, export support and other projects and transactions with a total value of RUB 265.6 bn,
with Vnesheconombank’s commitment standing at over RUB 216.3 bn. RUB 9.6 bn were provided in the reporting year to fund these projects.

Particular efforts have been put into financing import-substitution projects and large strategic businesses, especially in the most disadvantaged regions.

Vnesheconombank's loan portfolio increased over the year by 39.5%, from RUB 974.6 bn
to RUB 1,359.6 bn (the previous year's increase — 35.3%).

The overall amount of bank lending in support of export activity more than doubled
for 2014, reaching RUB 53.4 bn.

As at the reporting date, loans to companies engaged in implementation (execution) of state defence orders amounted to RUB 31.3 bn, almost twice the amount as at the start of 2014.

Notably, within the period under review, by far the biggest increase in lending came
from the defence industry (130%), electronics (106%) and rocket and space complex
(about 100%).

Bank's loan portfolio: Sectoral Structure, %

Loans to customers (by maturity), %