1. М ] ф 18th Annual Meeting of the American-Russian Business Council Deputy Minister of Finance Russian Federation Alexander Novak October 21, 2010 San Francisco

2. М ] ф Main Indicators, seasonally adjusted (index 2008=100) 2 2 GDP Industrial Production Investments Retail Trade

3. М ] ф Seasonally adjusted GDP Growth Rate 3 3

4. М ] ф Developed Countries, GDP Growth Rate (related to Q4 2006) 4 4

5. М ] ф 5 5 The recovery of investment activity sharply shifted into low gear in 2010

6. М ] ф 6 6 index 2008=100, seasonally adjusted Consumption is the main driver of growth in 2010. Retail trade turnover is supported by the population income growth and reduction of the savings rate…

7. М ] ф Contribution to domestic demand growth, % YoY 7 7 ….at the same time domestic demand growth has become more import oriented

8. М ] ф Oil prices provided for the most part of the post-crisis growth. Dependence of the economy on oil grew significantly. 8 8 % USD/barrel share of the oil and gas sector grew from 14% of GDP in 1998 to 21% of GDP in 2008. share of oil and gas revenues in the federal budget grew from 15% in 1998 to 47% in 2008.

9. М ] ф % GDP growth is likely to stabilize at around 4% during the next 3 years 9 9

10. М ] ф 10 In the forecast period labor productivity growth will be comparable with the wages growth.

11. М ] ф % % Improvement of the energy efficiency and structural changes in the economy will provide for decline in the energy intensity of the economy by 2-3% annually. 11

12. М ] ф 20092010201120122013 Urals, USD/barrel61,175767879 GDP, %-7,94,04,23,94,5 Inflation, % Dec/Dec8,88,87-86-75-64,5-5,5 Manufacturing, %-9,37,63,93,84,9 Investment, %-16,22,510,03,57,4 Real wage, %-3,54,93,54,04,7 Real disposable income, %2,34,43,6 4,2 Exports, bln. USD303378389412432 Imports, bln.USD192241278303334

13. М ] ф 13 Federal Budget Revenues (bln. rub.) -20,9% +7,1% +12,5% +7,5% +9,2% 112% 200820092010201120122013 USD bln. 373,1230,5258,6290,0309,6334,8

14. М ] ф 14 Federal Budget Revenues (real terms, 2008 = 100%) 100,0% 72,7% 72,1% 76,2% 77,2% 80,0%

15. М ] ф 15 Federal Budget Expenditure (bln. rub.) +27,6% +5,9% +4,2% +5,4% +8,3% 200820092010201120122013 USD bln.304,6303,5336,6349,5366,1392,8

16. М ] ф 16 Federal Budget Expenditure (real terms, 2008 = 100%)

17. М ] ф 17 Deficit (Proficit) of the Federal Budget (% of GDP)

18. М ] ф 18 Sources for Federal Budget Deficiency Payment (bln. rub.) 20092010201120122013 USD bln.-73,0-78,0-59,5-56,5-57,9

19. М ] ф 19 Volume of Borrowings (bln. rub.) 200820092010201120122013 Net borrowings 56,9315,4933,91 432,91 651,81 636,7 200820092010201120122013 Borrowings, USD bln. 10,916,441,863,373175,0 Payments, USD bln. 8,66,411,116,319,322,2 Net borrowings, USD bln. 2,310,030,747,053,852,8

20. М ] ф 20 Privatization Revenues of the Federal Budget (bln. rub.) 200820092010201120122013 USD bln. 0,270,070,239,89,010,0

21. М ] ф 21 778,5 млрд. руб. 2 094,7 млрд. руб. 3 280,8 млрд. руб. 4 256,3 млрд. руб. 4 740,7 млрд. руб. 1 064,9 млрд. руб. 1 301,2 млрд. руб. 1 499,8 млрд. руб. 875,4 млрд. руб. 3 166,3 млрд. руб. 2 201,4 млрд. руб. 1 138,4 млрд. руб. 1 796,8 млрд. руб. 2 327,9 млрд. руб. 2 884,5 млрд. руб. 1 101,7 млрд. руб. 1 370,5 млрд. руб. 1 192,0 млрд. руб. Russian Federation Volume of Debt % of GDP 23,2% 14,2% 9,0% 7,2% 6,5% 8,3% 11,0% 13,6% 16,0% 18,0% 778,5 bln.rub. 3 166,3 bln.rub. 875,4 bln.rub. 2 201,4 bln.rub. 1 064,9 bln.rub. 1 370,5 bln.rub. 1 301,2 bln.rub. 1 101,7 bln.rub. 1 499,8 bln.rub. 1 192,2 bln.rub. 2 094,7 bln.rub. 1 138,4 bln.rub. 3 499,4* bln.rub. 1 485,0* bln.rub. 5 148,4* bln.rub. 1 696,3* bln.rub. 6 976,4* bln.rub. 2 000,4* bln.rub. 8 826,3* bln.rub. 2 344,1* bln.rub. * Forecast as of Oct. 6, 2010

22. М ] ф Budget Allocations on Innovative Development Programs (bln. rub.) 22 2010201120122013 Federal Special Vehicle on Innovations 454,4604,3630,4668,3 USD bln. 15,019,820,521,6 in % compared to the previous period133,0104,3106,0 plus: Innovation Center of Skolkovo 15,022,017,1 USD bln. 0,50,70,6 Projects of the President’s Special Commission on Modernization and Technological Development of the Russian Federation 5,010,0 6,3 USD bln. 0,20,3 0,2

23. М ] ф Thank you for your attention!