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RUSSIA EQUITY DAILY JUNE 29, 2015 1 Copyright © 2003-2015. Gazprombank (Joint Stock Company) Research Department RTS, MICEX, MSCI EM Indices 1 610 1 620 1 630 1 640 1 650 1 660 1 670 1 680 920 930 940 950 960 970 980 990 1 000 1 010 1 JUN 6 JUN 11 JUN 16 JUN 21 JUN 26 JUN MS CI E M RTS MICEX (RHS) 0 500 1 000 1 500 1 JUN 6 JUN 11 JUN 16 JUN 21 JUN 26 JUN MICEX VOL. ($ MLN) LSE VOL. ($ MLN) Source: Bloomberg RTS, MICEX, MSCI EM Indices Close Day YtD RTS 943.0 0.18% 19.3% M ICEX 1,644.5 0.76% 17.7% Dow Jones 17,946.7 0.31% 0.7% S&P 500 2,101.5 -0.04% 2.1% NIKKEI* 20,150.5 -2.68% 15.5% Shanghai Comp.* 4,013.1 -4.29% 24.1% FTSE 6,753.7 -0.80% 2.9% Straits Times 3,272.6 -1.87% -2.8% DAX 11,492.4 0.17% 17.2% M SCI EM 980.6 -0.76% 2.5% Bovespa 54,017.0 1.58% 8.0% * as at 9 a.m. (Moscow time) Source: Bloomberg Commodity, FX Close Day YtD WTI 59.6 0.13% 11.9% Brent 62.4 -1.50% 8.9% Gold 1,183.7 0.78% -0.2% Copper 5,755.0 -0.26% -8.7% Aluminium 1,704.0 -1.10% -8.0% Nickel 12,450.0 -1.97% -17.8% USD/RUB 55.45 1.26% -5.0% EUR/USD 1.10 -1.77% -9.2% UST10 2.30 -9 bps 13 bps Source: Bloomberg Outperformers and underperformers Global Ports, GDR M.Video CTC Media OGK-5 O'KEY, GDR RTS Uralkali Magnit Sistema Sistema, GDR Rostelecom, GDR -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% Source: Bloomberg MARKET COMMENT Russian Market Russian equities logged marginal gains on Friday, capping a three- day decline. The best performers included Magnit and Uralkali, which surged by more than 4%. Global Markets Greek PM Alexei Tsipras broke off debt talks over the weekend and called a nationwide referendum for July 5 on whether or not to accept the terms of the bailout. Yesterday, Greek authorities imposed capital controls, and all banks and the stock market are set to remain closed for a week. The PBoC over the weekend cut both the benchmark lending rate and the reserve requirement ratio for some banks in response to the recent brutal sell-off on the Chinese equity market. Commodities and currencies Oil is down over 1% this morning on the bank of the Greek crisis and a rising dollar, with Brent trading around $62.5/bbl. The ruble was steady ahead of the weekend, but looks set to fall today as the dollar is trading back above RUB 55. Forecast for today Global equity markets are down 1.5-2.0% across the board, while China is 3.2% in the red despite the measures taken by the country’s central bank. The local bourse will not avoid a pullback and we expect the Russian market to gap 1.5-2.0% lower at the opening. Economic data. Macro data will be on the back burner today, all the more since the only key data are due out of the Eurozone, including EU consumer confidence (12:00 Moscow time) and Germany’s CPI (15:00). Alexander Nazarov +7 (495) 980 43 81 NEWS Inter RAO may sell assets in Armenia. Neutral

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Page 1: RTS, MICEX, MSCI EM Indices MARKET · PDF fileRTS, MICEX, MSCI EM Indices 1 610 ... Rosneft ROSN RX RUB 229,9 311,7 36% N 43 976 -3,6% -8,0% -1,8% ... Tatneft pref TATNP RX RUB 157,6

RUSSIA EQUITY DAILY

JUNE 29, 2015

1

Copyright © 2003-2015.

Gazprombank (Joint Stock Company)

Research Department

RTS, MICEX, MSCI EM Indices

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MICEX VOL. ($ MLN) LSE VOL. ($ MLN)

Source: Bloomberg

RTS, MICEX, MSCI EM Indices Close Day YtD

RTS 943.0 0.18% ▲ 19.3% ▲

M ICEX 1,644.5 0.76% ▲ 17.7% ▲

Dow Jones 17,946.7 0.31% ▲ 0.7% ▲

S&P 500 2,101.5 -0.04% ▼ 2.1% ▲

NIKKEI* 20,150.5 -2.68% ▼ 15.5% ▲

Shanghai Comp.* 4,013.1 -4.29% ▼ 24.1% ▲

FTSE 6,753.7 -0.80% ▼ 2.9% ▲

Straits Times 3,272.6 -1.87% ▼ -2.8% ▼

DAX 11,492.4 0.17% ▲ 17.2% ▲

M SCI EM 980.6 -0.76% ▼ 2.5% ▲

Bovespa 54,017.0 1.58% ▲ 8.0% ▲

* as at 9 a.m. (Moscow time) Source: Bloomberg

Commodity, FX Close Day YtD

WTI 59.6 0.13% ▲ 11.9% ▲

Brent 62.4 -1.50% ▼ 8.9% ▲

Gold 1,183.7 0.78% ▲ -0.2% ▼

Copper 5,755.0 -0.26% ▼ -8.7% ▼

Aluminium 1,704.0 -1.10% ▼ -8.0% ▼

Nickel 12,450.0 -1.97% ▼ -17.8% ▼

USD/RUB 55.45 1.26% ▲ -5.0% ▼

EUR/USD 1.10 -1.77% ▼ -9.2% ▼

UST10 2.30 -9 bps ▼ 13 bps ▲

Source: Bloomberg

Outperformers and underperformers

Global Ports, GDR

M.Video

CTC Media

OGK-5

O'KEY, GDR

RTS

Uralkali

Magnit

Sistema

Sistema, GDR

Rostelecom, GDR

-20% -15% -10% -5% 0% 5% 10% 15% 20% 25% Source: Bloomberg

MARKET COMMENT

Russian Market

Russian equities logged marginal gains on Friday, capping a three-

day decline.

The best performers included Magnit and Uralkali, which surged by

more than 4%.

Global Markets

Greek PM Alexei Tsipras broke off debt talks over the weekend and

called a nationwide referendum for July 5 on whether or not to

accept the terms of the bailout. Yesterday, Greek authorities

imposed capital controls, and all banks and the stock market are

set to remain closed for a week.

The PBoC over the weekend cut both the benchmark lending rate

and the reserve requirement ratio for some banks in response to

the recent brutal sell-off on the Chinese equity market.

Commodities and currencies

Oil is down over 1% this morning on the bank of the Greek crisis

and a rising dollar, with Brent trading around $62.5/bbl.

The ruble was steady ahead of the weekend, but looks set to fall

today as the dollar is trading back above RUB 55.

Forecast for today

Global equity markets are down 1.5-2.0% across the board, while

China is 3.2% in the red despite the measures taken by the

country’s central bank. The local bourse will not avoid a pullback

and we expect the Russian market to gap 1.5-2.0% lower at the

opening.

Economic data. Macro data will be on the back burner today, all

the more since the only key data are due out of the Eurozone,

including EU consumer confidence (12:00 Moscow time) and

Germany’s CPI (15:00).

Alexander Nazarov +7 (495) 980 43 81

NEWS

Inter RAO may sell assets in Armenia. Neutral

Page 2: RTS, MICEX, MSCI EM Indices MARKET · PDF fileRTS, MICEX, MSCI EM Indices 1 610 ... Rosneft ROSN RX RUB 229,9 311,7 36% N 43 976 -3,6% -8,0% -1,8% ... Tatneft pref TATNP RX RUB 157,6

RUSSIA EQUITY DAILY

JUNE 29, 2015

2

Copyright © 2003-2015.

Gazprombank (Joint Stock Company)

Research Department

UTILITIES

INTER RAO

Ticker IRAO RX

Current Price RUB 1.21

Target Price RUB 1.50

Upside 24%

Rating OVERWEIGHT

Inter RAO may sell assets in Armenia. Neutral

News: Inter RAO may be forced to sell its stake in the company Electric

Networks of Armenia, according to today’s Kommersant.

Effect on the company: In addition to Electric Networks of Armenia, the

Armenia segment of Inter RAO’s consolidated financials includes OAO

RazTES. Overall, this segment accounted for 2% of Inter RAO’s

consolidated revenues and 1.7% of consolidated EBITDA in 2014.

Effect on shares: The possible sale of the assets in Armenia should not

have a significant impact on the company’s share price due to the low

share of Armenian assets in the group’s consolidated financial results

Matvey Tayts

+7 (495) 980 43 89

Page 3: RTS, MICEX, MSCI EM Indices MARKET · PDF fileRTS, MICEX, MSCI EM Indices 1 610 ... Rosneft ROSN RX RUB 229,9 311,7 36% N 43 976 -3,6% -8,0% -1,8% ... Tatneft pref TATNP RX RUB 157,6

RUSSIA EQUITY DAILY

JUNE 29, 2015

3

Copyright © 2003-2015.

Gazprombank (Joint Stock Company)

Research Department

COVERAGE UNIVERSE

Issuer Ticker Currency Price TP Upside Rating Mcap 1D 5D 1M 3M 1Y MTD YTD P/E 14 P/E 15 EV/EBITDA 14 EV/EBITDA 15 Oil & Gas Gazprom GAZP RX RUB 145,2 201,2 39% OW 62 031 1,0% -1,3% 4,5% 7,6% -2,8% 4,5% 11,4% 1,9 2,0 2,0 1,9 NOVATEK NVTK LI USD 100,5 161,0 60% OW 30 515 2,0% -0,5% -0,4% 37,3% -20,2% -0,4% 28,2% 9,0 6,4 8,1 6,6 Rosneft ROSN RX RUB 229,9 311,7 36% N 43 976 -3,6% -8,0% -1,8% -3,1% -7,9% -1,8% 17,4% 5,9 5,5 3,2 2,9 Lukoil LKOD LI USD 44 54 25% N 37 042 -1,4% -5,1% -9,2% -2,9% -27,2% -9,2% 9,4% 7,8 13,3 2,6 3,7 Surgutneftegaz SNGS RX RUB 33,5 31,8 -5% N 21 601 0,2% -1,1% 8,1% -4,6% 25,9% 8,1% 42,4% 7,1 7,4 1,8 1,8 Surgutneftegaz prefs SNGSP RX RUB 42,5 28,3 -33% N 5 911 0,5% 1,0% 14,3% 2,0% 50,5% 14,3% 44,2% Gazprom Neft SIBN RX RUB 136,6 201,2 47% OW 11 689 0,8% -0,8% -0,9% -12,3% -7,6% -0,9% -4,5% 2,4 2,3 1,4 1,6 Tatneft (ADR) ATAD LI USD 32,8 32,1 -2% N 11 921 1,2% 3,0% -2,1% 16,6% -16,3% -2,1% 34,0% 9,7 7,6 6,1 5,0 Tatneft pref TATNP RX RUB 157,6 216,9 38% OW 420 0,2% 2,3% 1,7% -1,7% 20,3% 1,7% 17,5% Bashneft BANE RX RUB 1890 2323 23% N 5 043 0,1% -1,9% -5,5% 0,0% -21,4% -5,5% 51,2% 3,3 3,4 2,3 2,5 Bashneft pref BANEP RX RUB 1415 1861 32% N 761 3,1% -2,1% -6,5% 7,5% -14,3% -6,5% 53,5%

Transneft pref TRNFP RX RUB 129600 76309 -41% UW 3 637 0,5% -0,8% 5,0% 4,4% 75,1% 5,0% 2,9% C.A.T. oil O2C GR EUR 10,1 u/r u/r 542 1,0% 1,0% -14,0% -4,5% -45,5% -14,0% -31,5% Eurasia Drilling Co. EDCL LI USD 17,0 u/r u/r 2 497 1,2% -5,0% -15,0% -11,2% -46,0% -15,0% -4,5% IGSS IGSS LI USD 9,5 u/r u/r 99 0,0% 0,0% -5,0% -5,0% -64,8% -5,0% -28,0% Metals Norilsk Nickel MNOD LI USD 17,5 26,2 50% OW 27 638 1,1% -2,4% -0,9% 0,4% -12,3% -0,9% 22,8% 8,8 6,9 6,1 5,0 Alrosa ALRS RX USD 1,1 1,5 31% OW 8 434 1,0% 1,5% 0,3% -9,7% 51,1% 0,3% 0,7% 7,2 6,2 5,5 4,8 Rusal 486 HK HKD 3,9 4,7 20% N 7 682 0,3% -9,9% -7,6% -19,8% 10,1% -7,6% -24,9% 26,2 4,4 5,5 4,3 NLMK NLMK LI USD 13,6 20,5 51% OW 8 151 -0,4% 0,4% -3,6% 7,9% -2,5% -3,6% 18,5% 12,9 10,4 6,2 5,6 Evraz EVR LN GBp 127,7 120,0 -6% N 2 824 -5,7% -13,0% -24,3% -32,7% 37,6% -24,3% -17,4% neg. neg. 5,0 4,3 Severstal SVST LI USD 10,7 13,5 26% OW 8 947 -0,4% -2,0% -11,6% -4,7% 42,1% -11,6% 17,4% 11,8 9,3 5,8 5,1 ММК MMK LI USD 3,5 4,7 36% OW 2 974 0,6% -0,3% -6,5% 11,4% 32,5% -6,5% 44,2% neg. neg. 4,9 4,3 Polyus Gold PGIL LN USD 2,8 3,2 17% N 8 429 0,1% 0,4% -4,1% -6,0% -0,1% -4,1% -2,3% 17,9 12,8 9,4 8,2 Polymetal POLY LN USD 8,4 9,31 10% N 3 564 0,9% -3,3% -3,7% -4,9% -3,6% -3,7% -6,9% 12,6 9,2 6,9 6,7 Nordgold NORD LI USD 3,2 u/r u/r 1 195 0,2% 0,5% 4,8% 20,2% 76,9% 4,8% 112,3% Raspadskaya RASP RX USD 0,7 u/r u/r 458 0,3% -1,6% -5,0% -4,9% 83,3% -5,0% 57,0% TMK TMKS LI USD 4,4 u/r u/r 1 091 2,8% 6,9% 5,4% 45,7% -54,4% 5,4% 89,7% Utilities Inter RAO IRAO RX RUB 1,21 1,50 24% OW 2 280 2,4% 2,5% -3,1% 30,0% 27,8% -3,1% 69,9% 12,9 5,2 2,8 2,8 RusHydro HYDR RX RUB 0,54 0,47 -13% N 3 768 1,9% -6,8% -8,0% 7,0% -20,5% -8,0% -0,2% 8,7 5,4 5,0 4,4 OGK-2 OGKB RM RUB 0,28 u/r u/r 558 2,3% -6,8% 5,3% 27,9% 23,9% 5,3% 74,1% E.ON Russia EONR RM RUB 2,97 u/r u/r 3 380 1,4% 5,7% -1,3% 2,4% 4,2% -1,3% 30,3% Enel Russia ENRU RX RUB 0,89 u/r u/r 568 -8,2% -8,9% -1,9% 12,5% -13,4% -1,9% 20,4% FGC FEES RX RUB 0,063 u/r u/r 1 450 -2,0% -4,2% -3,2% 3,3% 6,8% -3,2% 38,0% ROSSETI RSTI RX RUB 0,48 u/r u/r 1 395 0,0% -1,7% -9,2% -3,5% -12,4% -9,2% 15,6% ROSSETI pref RSTIP RX RUB 0,48 u/r u/r 18 -0,2% -4,0% -6,4% -5,7% 6,7% -6,4% -14,1% MOESK MSRS RX RUB 0,88 u/r u/r 769 0,6% -2,2% -1,7% -12,9% -28,9% -1,7% -30,0% MRSK Center MRKC RX RUB 0,26 u/r u/r 197 0,0% -2,3% -3,2% 11,9% 15,9% -3,2% 2,4% MRSK Center and Volga MRKP RX RUB 0,070 u/r u/r 142 -1,4% -1,0% -0,3% -1,7% -25,7% -0,3% -27,7% MRSK Volga MRKV RX RUB 0,024 u/r u/r 78 -1,6% -2,8% 0,2% 5,2% 30,3% 0,2% -13,3% MRSK Urals MRKU RX RUB 0,081 u/r u/r 127 -4,7% -3,7% 5,9% 23,6% 35,9% 5,9% 31,7% MRSK North-West MRKZ RX RUB 0,030 u/r u/r 51 -1,0% -10,8% -1,3% -0,7% 6,5% -1,3% 17,4% Lenenergo LSNG RX RUB 3,01 u/r u/r 90 0,5% -11,9% 31,2% 37,4% 9,9% 31,2% 72,0% Lenenergo pref LSNGP RX RUB 11,75 u/r u/r 20 -2,9% -8,6% 20,5% 17,5% -21,7% 20,5% 4,9% MRSK Siberia MRKS RX RUB 0,061 u/r u/r 105 -0,7% -0,3% -7,4% -8,8% -19,6% -7,4% -32,1% Kubanenergo KUBE RX RUB 43,00 u/r u/r 220 1,2% 0,7% -2,3% -5,3% -36,8% -2,3% 0,2% MRSK South MRKY RM RUB 0,032 u/r u/r 29 1,3% 0,3% -2,4% 0,9% -9,8% -2,4% 4,9% MRSK North Caucasus MRKK RX RUB 16,00 u/r u/r 45 -1,8% -0,6% -6,4% -3,3% -7,4% -6,4% 32,2% Telecommunications / Media Sistema SSA LI USD 8,8 9,0 2% OW 4 251 4,6% 9,0% 15,9% 19,1% -71,8% 15,9% 69,1% 4,3 9,9 3,0 4,8 Yandex YNDX US USD 15,8 19,2 22% N 5 110 -0,6% -5,7% -12,3% 2,3% -55,0% -12,3% -12,0% 16,6 26,2 11,9 14,1 MegaFon MFON LI USD 14,2 16,0 13% N 8 773 -2,1% -3,7% -7,8% -11,0% -55,5% -7,8% 2,7% 9,1 10,4 4,2 4,4 MTS MBT US USD 9,7 12,0 23% N 10 053 2,1% -3,6% -7,0% -1,2% -50,7% -7,0% 35,5% 10,8 8,5 4,1 4,2 VimpelCom Ltd VIP US USD 5,1 u/r u/r 8 959 -1,2% -5,5% -17,9% -2,1% -40,1% -17,9% 22,2% Mail.ru MAIL LI USD 21,2 22,0 4% UW 4 661 -1,5% -0,6% -7,5% 5,6% -40,6% -7,5% 29,9% 4,1 23,8 15,9 14,2 Rostelecom RTKM RX RUB 91,0 u/r u/r 4 384 1,8% 0,0% 12,4% 15,9% 7,5% 12,4% 4,6% Rostelecom pref RTKMP RX RUB 62,8 u/r u/r 275 -0,5% -0,5% 8,7% 11,0% 3,5% 8,7% 9,9% QIWI QIWI US USD 29,7 32,5 9% OW 1 743 0,4% 2,5% -1,7% 27,0% -25,5% -1,7% 47,2% 41,0 32,1 18,9 14,6 Transport Aeroflot AFLT RX RUB 39,2 43,0 10% UW 785 2,3% 3,3% -4,7% 19,8% -29,6% -4,7% 21,5% 3,3 2,1 3,2 2,5 NCSP NCSP LI USD 2,4 u/r u/r 616 0,0% 0,8% -9,4% 31,9% -51,9% -9,4% 20,6% TransContainer TRCN LI USD 4,5 u/r u/r 625 0,0% 0,0% 0,0% 28,6% -21,1% 0,0% 2,3% Globaltrans GLTR LI USD 4,5 5,7 27% N 805 -2,1% -8,1% -21,4% -5,4% -60,6% -21,4% -10,8% 7,1 10,6 3,4 5,1 FESCO FESH RX RUB 3,2 u/r u/r 168 -1,6% -3,4% 8,6% 6,4% -7,6% 8,6% 12,1% Global Ports GLPR LI USD 4,7 u/r u/r 888 -18,0% -4,7% -20,1% 17,0% -55,5% -20,1% 89,4% Fertilizers Uralkali URKA LI USD 13,1 18,6 42% N 7 716 3,8% -6,1% -3,6% 0,5% -43,7% -3,6% 11,5% - 8,1 5,8 6,1 PhosAgro PHOR LI USD 13,1 14,6 11% OW 5 090 0,4% 4,0% -1,1% 13,9% 6,1% -1,1% 28,4% 9,0 8,5 6,4 6,1 Acron AKRN RX RUB 2270 1568 -31% N 1 661 0,4% 2,3% 2,4% 3,5% 86,8% 2,4% 26,2% 6,4 5,5 5,0 4,4 Consumer X5 Retail Group FIVE LI USD 17,3 u/r u/r 4 698 2,7% -1,7% -11,1% 16,9% -19,7% -11,1% 41,8% Magnit MGNT LI USD 56,5 u/r u/r 26 714 3,4% 6,5% 8,3% 13,0% -4,9% 8,3% 24,5% Dixy Group DIXY RX RUB 329,0 u/r u/r 741 0,0% -5,2% -12,5% -30,7% -19,7% -12,5% -8,5% O'Key OKEY LI USD 2,4 u/r u/r 640 -6,7% 0,4% -29,5% -37,7% -73,4% -29,5% -45,8% Financials P/E 14 P/E 15 P/BV 14 P/BV 15 Sberbank SBER RX RUB 70,6 82,1 16% OW 27 507 -1,15% -1,34% -3,95% 15,74% -16,28% -3,95% 28,60% 5,4 8,5 0,8 0,7 Sberbank pref SBERP RX RUB 49,4 50,5 2% OW 892 -0,6% 0,6% 2,4% 11,9% -29,7% 2,4% 31,1% VTB VTBR RX RUB 0,078 0,024 -69% UW 18 246 0,00% -2,52% -2,80% 31,09% 85,14% -2,80% 16,42% - - 1,3 1,4 FC Otkritie Bank OFCB RX RUB 1100 u/r u/r 2 856 -1,1% -2,1% 3,6% 1,1% 22,2% 3,6% -5,3% Bank St Petersburg BSPB RX RUB 39,1 31,8 -19% N 310 0,26% 1,56% -1,88% 22,96% 2,87% -1,88% 59,92% 3,6 9,0 0,3 0,3 Bank Vozrozhdenie VZRZ RX RUB 463 228 -51% UW 198 -0,9% 9,5% 9,7% 7,9% 14,9% 9,7% 12,7% 9,4 27,1 0,5 0,5 Bank Vozrozhdenie pref VZRZP RX RUB 220,0 91,0 -59% N 5 -4,14% 3,77% 22% 144% 99% 21,9% 212% Moscow Exchange MOEX RX RUB 69,6 99,6 43% OW 2 861 2,0% -2,2% -3,4% 4,4% 5,2% -3,4% 17,8% 9,9 8,9 1,7 1,6

OW – OVERWEIGHT UW – UNDERWEIGHT N – NEUTRAL u/r – under review

Source: company data, Gazprombank estimates, Bloomberg

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RUSSIA EQUITY DAILY

JUNE 29, 2015

4

Copyright © 2003-2015.

Gazprombank (Joint Stock Company)

Research Department

MACROECONOMIC CALENDAR

DATE EVENT PERIOD TIME PREVIOUS

USA

29.06.2015 Pending Home Sales NSA YoY May 17:00 -

29.06.2015 Dallas Fed Manufacturing Activity June 17:30 -

EUROZONE

29.06.2015 Consumer Confidence June F 12:00 -

30.06.2015 Unemployment Rate May 12:00 -

30.06.2015 CPI estimate YoY June 12:00 -

USA

30.06.2015 S&P/CaseShiller 20-City Index NSA April 16:00 -

CHINA

01.07.2015 Manufacturing PMI June 04:00 50.2

01.07.2015 Non-manufacturing PMI June 04:00 53.2

EUROZONE

01.07.2015 Markit Eurozone Manufacturing PMI June F 11:00 -

USA

01.07.2015 MBA Mortgage Applications June 26 14:00 -

01.07.2015 ADP Employment Change June 15:15 201K

01.07.2015 Markit US Manufacturing PMI June F 16:45 -

01.07.2015 Construction Spending MoM May 17:00 2.2%

01.07.2015 ISM Manufacturing June 17:00 52.8

EUROZONE

02.07.2015 ECB account of the monetary policy meeting - 14:30 -

USA

02.07.2015 Change in Nonfarm Payrolls June 15:30 280K

02.07.2015 Unemployment Rate June 15:30 5.5%

02.07.2015 Initial Jobless Claims June 27 15:30 -

02.07.2015 ISM New York June 16:45 54.0

02.07.2015 Factory Orders May 17:00 -0.4%

CHINA

03.07.2015 Markit China Services PMI June 04:45 53.5

EUROZONE

03.07.2015 Markit Eurozone Services PMI June F 11:00 -

03.07.2015 Retail Sales YoY May 12:00 2.2%

USA

06.07.2015 Markit US Services PMI June F 16:45 -

06.07.2015 ISM Non-manufacturing Composite June 17:00 55.7

07.07.2015 Trade Balance May 15:30 -$40.90B

08.07.2015 MBA Mortgage Applications July 3 14:00 -

08.07.2015 US Fed Releases Minutes from June 16-17 FOMC Meeting - 21:00 -

09.07.2015 Initial Jobless Claims July 4 15:30 -

CHINA

09.07.2015 CPI YoY June 04:30 1.2%

13.07.2015 Trade Balance June - $59.49B

13.07.2015 Exports YoY June - -2.5%

13.07.2015 Imports YoY June - -17.6%

EUROZONE

14.07.2015 Industrial Production WDA YoY May 12:00 0.8%

14.07.2015 ZEW Survey Expectations July 12:00 53.7

CHINA

15.07.2015 Retail Sales YoY June 05:00 10.1%

15.07.2015 Industrial Production YTD YoY June 05:00 -

15.07.2015 GDP YoY 2Q15 05:00 7.0%

Source: Bloomberg

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RUSSIA EQUITY DAILY

JUNE 29, 2015

5

Copyright © 2003-2015.

Gazprombank (Joint Stock Company)

Research Department

CORPORATE CALENDAR

DATE EVENT PERIOD

30.06.2015 MegaFon: AGM

30.06.2015 RusHydro: IFRS results 1Q15

June 2015 Enel Russia: AGM

June 2015 RusHydro: AGM

03.07.2015 Rostelecom: Dividend record date

07.07.2015 MTS: Dividend record date

13.07.2015 MegaFon: Dividend record date

15.07.2015 NLMK: operating results 2Q15

17.07.2015 Evraz: operating results 2Q15

21.07.2015 Alrosa: operating results 2Q15

23.07.2015 Severstal: IFRS results 2Q15

23.07.2015 RusHydro: operating results 2Q15

28.07.2015 E.ON Russia: RAS results 1H15

29.07.2015 Polymetal: operating results 2Q15

29.07.2015 Enel Russia: IFRS results 1H15

30.07.2015 RusHydro: RAS results 1H15

July 2015 RusHydro: Dividend record date

04.08.2015 Enel Russia: RAS results 1H15

06.08.2015 VimpelCom: IFRS results 2Q15

13.08.2015 E.ON Russia: operating results, IFRS results 1H15

17.08.2015 MTS: IFRS results 2Q15

19.08.2015 Rostelecom: IFRS results 2Q15

21.08.2015 Raspadskaya: IFRS results 1H15

27.08.2015 Evraz: IFRS results 1H15

28.08.2015 Alrosa: IFRS results 2Q15

28.08.2015 RusHydro: IFRS results 1H15

06.10.2015 Evraz: operating results 3Q15

10.10.2015 VimpelCom: Investor Day

15.10.2015 Raspadskaya: operating results 3Q15

21.10.2015 Alrosa: operating results 3Q15

22.10.2015 RusHydro: operating results 9M15

28.10.2015 E.ON Russia: RAS results 9M15

29.10.2015 Enel Russia: IFRS results 9M15

29.10.2015 RusHydro: RAS results 9M15

05.11.2015 Enel Russia: RAS results 9M15

06.11.2015 VimpelCom: IFRS results 3Q15

12.11.2015 E.ON Russia: IFRS results 9M15

25.11.2015 Alrosa: IFRS results 3Q15

15.12.2015 RusHydro: IFRS results 9M15

Source: Bloomberg

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HQ: 16/1 Nametkina St., Moscow 117420, Russia. Office: 7 Koroviy val St.

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