1. The Sovereign Wealth Funds in Russia June 2011 Alexey Moiseev Tel: +7 (495) 660 4269 E-mail: alexey.moiseev@vtbcapital.com

2. 2 The welfare funds in Russia

3. 3 Saving and Spending Source: Ministry of Finance, VTB Capital Research Reserve fund spending structure 2008-2010 National welfare fund spending structure 2008- 2010

4. 4 Spending during the 2008-2010 crisis vs oil prices Source: Ministry of Finance, VTB Capital Research

5. 5 Reserve Fund – official projections Will Russian Wealth Funds Marginalize in The Future? National Welfare Fund - official projections

6. Will Russian Wealth Funds Marginalize in The Future? 6 Source: Ministry of Finance, VTB Capital Research