Euroclearable Certificates**

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Investing in a derivative strategy by means of a euroclearable certificate has several advantages:

• settlement via Euroclear / Clearstream;
• everyday pricing in REUTERS and BLOOMBERG;
• notes can be listed on Frankfurt Stock Exchange or Vienna Stock Exchange;
• the certificate format can be sold on to subinvestors without the need for a distribution agreement;
• Russian special custodians are capable of handling certificates;
• Capital-protected strategies nominated in Russian ruble can be easily set up.

ISIN & CFI codes are assigned to certificates upon fixing of the final terms and conditions of issue. Based on their CFI code, most issued notes can be classified as debt instruments based on Federal Financial Markets Service of Russia requirements:

In accordance with the “Statute of qualifying foreign financial instruments as a security” the note is classified as a bond if the CFI code assigned to it contains “D” as the first letter, “B”, “C”, “T” or “Y” as the second letter, and any sixth letter except “Z” and “A”.
The note is classified as a bond depositary receipt if the CFI code assigned to it contains “D” as the first letter, “B”, “C”, “T” or “Y” as the second letter, and “Z” or “A” as the sixth letter.

**Minimum issue size may apply.