Information Message on the Results of Investing Funds of the Reserve Fund and the National Wealth Fund

Russia’s Finance Ministry hereby informs about the results of investing funds of the Reserve Fund and the National Wealth Fund from January 1 toMarch 31, 2015.

As of April 1, 2015 the aggregate amount of the Reserve Fund was 4 425.75 billion rubles which is equivalent to 75.70billion US dollars. The amounts of balances in separate accounts to record funds of the Reserve Fund were:

• 37.26 billion US dollars
• 28.27 billion euros;
• 5.25 billion pounds sterlings.

The aggregate calculated income from placing funds of the Reserve Fund in foreign currency accounts of the Bank of Russia recalculated in dollars for a period from January 15 to March31, 2015 was 0.04 billion US dollars, which is equivalent to 2.14 billion rubles. The exchange rate difference from recalculating balances of funds in the said accounts for a period from January 1 toMarch 31, 2015 was a negative value of(-) 19.74billion rubles.

The National Wealth Fund

In March of 2015, in accordance with Resolutions of the Russian Government dated January 19, 2008 № 18 and dated November 15, 2013 № 990 financial resources of the National Wealth Fund were placed in securities associated with implementing infrastructure projectsprovided for by the List of infrastructure projects implemented by legal entities in financial assets of which financial resources of the National Wealth Fund and (or) pension savings under trust management of the state managing company are placed on a redeemable basis. The List was approved by Executive Order of the Russian Government dated November 2013, № 2044 r:

• in the amount of 50.00 billion rubles in preferred shares of OJSC RZHD in quantity of 50000 pieces, with par value of one share being 1000 rubles, in order to fund infrastructure project “Modernization of the Baikal-Amur and Trans-Siberian Mainline Railways with the development of throughput and traffic capabilities set forth in para 2 of the said List.
• In the amount of 57.50 billion rubles in preferred shares of JSC Atomenergoprom in quantity of 50000 pieces, with par value of one share being 100 rubles, in order to fund infrastructure project “Hanhikivi Nuclear Power Plant -1 Facilities in Finland” stipulated in para 11 of the said List.

In March of 2015, OJSC Bank VTB used financial resources of National Wealth Fund raised earlier for a subordinated deposit to purchase bonds OJSC RZHD with a total par value of 30.00 billion rubles in order to fund infrastructure project “Purchase of Traction Rolling Stock” stipulated in para 10 of the said list.

In March of 2015, in accordance with Resolutions of the Russian Government dated January 19, 2008 № 18 and dated January 30, 2015 № 80 in order to fund infrastructure project “the Central Ring Motorway (the Moscow region)” stipulated in para 1 of the said List, financial resources of the National Wealth Fund were placed on the deposit of OJSC Bank VTB to be repaid in December of 2018 at an interest rate of 8% per annum with interest payments to be made in July of 2015, and henceforth – every six months.

As of April 1, 2015, the aggregate amount of the National Wealth Fund was 4 346.94 billion rubles which is equivalent to 74.02 billion US dollars including:

1) In separate accounts to record funds of the National Wealth Fund with the Bank of Russia:

• 21.38 billion US dollars;
• 22.37 billion euros;
• 4.09 billion pounds sterlings;

2) 195.03 billion rubles and 6.25 billion US dollars were deposited with Vnesheconombank.

3) under an individual decision by the Russian Government 3.00 billion US dollars were placed in debt instruments of foreign states without placing demands on long-term credit ratings;

4) in the bonds of Russian issuers related to implementing infrastructure projects, a list of which is to be approved by the Russian government – 112.63 billion rubles and 1.21 billion US dollars;

5) in preferred shares of credit institutions – 278.99 billion rubles;

6) in deposits with OJSC Bank VTB to fund infrastructure projects, a list of which is to is to be approved by the Russian Government – 126.00 billion rubles.

The aggregate calculated income from placing funds of the National Wealth Fund in foreign currency accounts of the Bank of Russia recalculated in dollars for a period from January 15 to March 31, 2015, was 0.03 billion US dollars, which is equivalent to 1.78 billion rubles. The exchange rate difference from recalculating monetary resources of the Fundfrom January 1 to March 31, 2015 was a negative value of (-) 41.14 billion rubles including:

• balances in foreign exchange accounts with the Bank of Russia – (-) 57.13 billion rubles;
• funds deposited with Vnesheconombank in US dollars – 13.80 billion rubles;
• funds placed in debt instruments of foreign states under a separate decision of the Russian Government without placing demands on long-term credit ratings – 6.62 billion rubles.
• Russian issuers foreign-currency denominated bonds associated with implementing infrastructure projects, a list of which is to be approved by the Russian Government – (-) 4.43 billion rubles

In March of 2015, incomes from placing financial resources of the National Wealth Fund on OJSC Bank VTB’s subordinated depositin the amount of 3.58 billion rubles were transferred to the federal budget.

The aggregate income from placing the Fund’s financial resources on deposits with Vnesheconombank and OJSC Bank VTB from January to March 2015 was 5.97 billion rubles, which is equivalent to 0.10 billion US dollars.

Indicators of the aggregate amount of the Reserve Fund and the National Wealth Fund as well as of calculated incomes (losses) from placing funds of the Reserve Fund and the National Wealth Fund were calculated on the basis of official exchange rates of foreign currencies set by the Bank of Russia as of the date prior to the reporting date and of cross rates calculated on the basis of the said exchange rates.

Detailed statistics on transactions with funds of the Reserve Fund and the National Wealth Fund is posted on the Internet site of the Russian Finance Ministry in the following sections: “The Reserve Fund” and “The National Wealth Fund” in appropriate subsections in Russian and English, the statistics is updated on a regular basis.

Origin: Press Service of Russia’s Finance Ministry