Russian Railways positioning - international peer group Among largest railway companies globally… Peers Revenue 2013, US$bn1 55,3 51,9 42,8 22,0 12,0 RZD baa33 DB aa33 SNCF Baa1 10,6 UNP CSX CN A3 Baa2 A3 6,1 5,7 5,2 2,4 CPR Transnet Kaz zd NSB ba23 a33 3,1x 3,2x 3,3x NSB Deutsche Bahn Transnet Baa1 a33 …with one of the lowest leverage levels Peers Net Debt/EBITDA2 2013YE 2,6x 1,5x 1,7x 1,9x 2,0x 2,2x RZD CSX Kazakh Temir Zholy Canadian Pacific 0,9x Union Pacific CN SNCF Source: Company data, publicly available audited financials Notes: peer set includes rail companies with public credit rating 1 Converted into USD using average for 2013 USD/RUB FX rate of 30.749 2 EBITDA = operating profit + depreciation and amortization; Net Debt = loans and borrowings + financial lease liabilities - cash and cash equivalents 3 Standalone (BCA) rating is applied 1 Russian Railways in 2008 and 2013: profile For the period since 2008 to 2013 financial and operational profile of RZD has become significantly stronger: Operational results: improved Net Debt leverage: decreased Debt structure: flat currency profile and fundamentally improved duration 606 606 585 20,4% 34% 438 18,2% 1,8x 295 295 32% 2,0x 66% 68% 219 333 2008 2013 EBITDA² 71% 24% 20% 56% 22% 7% 2008 2013 2008 2013 Note: JSCo RZD standalone Net Debt (Consolidated) Net Debt/EBITDA Rubles Hard Currency 2008 2013 Note: JSCo RZD standalone Less than 1 year 1 – 3 years More than 3 years 2 Russian Railways in 2008 and 2013: profile and ratings For the period since 2008 to 2013 financial and operational profile of RZD has become significantly stronger: Operational results: improved Net Debt leverage: decreased Debt structure: flat currency profile and fundamentally improved duration 606 606 585 20,4% 34% 438 18,2% 295 295 1,8x 32% 2,0x 66% 68% 219 333 2008 2013 EBITDA² 71% 24% 20% 22% 56% 7% 2008 2008 2013 2013 2008 Net Debt (Consolidated) Net Debt/EBITDA Rubles Hard Currency 2013 Note: JSCo RZD standalone Note: JSCo RZD standalone Less than 1 year 1 – 3 years More than 3 years However, issuer ratings did not reflect this progress - on the opposite, they have been downgraded: Ratings as 31 December 2008 2013 S&P BBB BBB Moody’s A3 Fitch BBB+ downgrade Baa1 BBB 3
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