results of the ahml group of companies' performance for...

Results of the AHML Group of Companies'

Performance for the first half of 2015

30.06.2015

This presentation and the information contained herein are not an offer of securities for sale in the United States. Thesecurities have not been, and will not be, registered under the US Securities Act of 1933 (The "Act") and may not beoffered or sold within the United States either to or for the account or benefit of US persons (as defined in Regulation Sunder the Act) without registration or without exemption from registration under the Securities Act. The Issuer of thesecurities has not registered and does not intend to register any part of the issue, and does not intend to perform apublic offering of securities in the United States of America.

In the European Economic Area in respect of each State Party having implemented Directive 2003/71/EC (as amended andsupplemented) (together with all the measures for its implementation into the laws of any State Party - ProspectusDirective), this document is addressed to and intended for only qualified investors in that State Party within the meaningof the Prospectus Directive.

This document is not an offer and does not form part of any offer for sale or attempt to attract an offer to buy the securitiesreferred to in this document. In this regard there will not be any sale of the securities referred to herein in any country inwhich such an offer or such an attempt to attract an offer to buy or sell can be unlawful prior to registration, exemptionfrom the registration requirement, or the performance of other necessary conditions in accordance with the lawsgoverning the securities market of any such country.

This document is provided and directed only to (a) persons who are outside the United Kingdom, (b) persons who haveprofessional experience in matters relating to investments and falling within Article 19 (5) of the Financial Services andMarkets Act 2000 (Financial Promotion) Order 2005 (hereinafter referred to as the Order), or (c) companies withsubstantial equity, as well as other persons to whom it may lawfully be directed, subject to paragraphs (a) - (d) of Article49(2) of the Order (all such persons together referred to as Relevant Persons). Any investment or investment activityto which this document relates is available only to Relevant Persons and can be carried out only by such RelevantPersons. Any person who is not a Relevant Person should not base its actions on this document or act in reliance on thisdocument or any part of its contents.

Disclaimer

2

Overview of the Russian mortgage market

Overview of the Russian mortgage market (I)

Mortgage Market

* Assessment of AHML according to data of Rosreestr on the number of registered rights to residential premisesSource: Central Bank of Russia, Rosreestr

Price Index in Housing Market at the Quarter End, in % to the Preceding Quarter End

Source: The Federal State Statistics Service

717 1 032 1 354 1 764 461

11,9%12,3% 12,4% 12,5%

14,0%

17,6%

20,9%

24,6%26,7%

22,9%

0%

5%

10%

15%

20%

25%

30%

0200400600800

1 0001 2001 4001 6001 8002 0002 200

2011 2012 2013 2014 I полугодие 2015

RU

Bb

n

Объем выданных ипотечных кредитов, млрд руб.

Средневзвешенная ставка по кредитам в рублях, % (правая шкала)

Доля сделок с ипотекой на рынке жилья, % (правая шкала)*

101 102 102

102 103

103

102101

102101 101

101

102 102

100101

102

99101 101101

102103

103

103 103

102101 100 100

101 101

101 102

101

9998

100

102

104

106

108

I квартал

II к

вартал

III

квартал

IV к

вартал

I квартал

II к

вартал

III

квартал

IV к

вартал

I квартал

II к

вартал

III

квартал

IV к

вартал

I квартал

II к

вартал

III

квартал

IV к

вартал

I квартал

II к

вартал

2011 2012 2013 2014 2015

ИПЦ, %

индекс цен на первичном рынке жилья, %

индекс цен на вторичном рынке жилья, %

RU

Bbn

Volume of granted mortgage loans, RUB bn

Weighted average interest rate on loans in RUB, % (right scale)

Share of transactions with mortgage loans in housing market, % (right scale)*

1st half year of

CPI, %

Price Index in New Housing Market, %

Price Index in Existing Housing Market, %

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q1

Q2

Q2

Q3

Q4

Share of Overdue Debts, %

Source: The Central Bank of Russia, AHML analysis

Dynamics of Monthly Rates for Mortgage Loans in RUB, %

Source: The Central Bank of Russia

Overview of the Russian mortgage market (II)

0,0

2,0

4,0

6,0

8,0

10,0

12,0

14,0

16,0

18,0

по рублевым кредитам

по валютным кредитам

общая

12,7

%

12,8

%

12,9

%

12,6

%

12,7

%

12,6

%

12,5

%

12,4

%

12,4

%

12,3

%

11,9

%

12,1

%

12,3

%

12,3

%

12,0

%

12,3

%

12,2

%

12,2

%

12,2

%

12,3

%

12,4

%

12,9

%

12,6

%

13,2

%

14,2

%

14,7

%

14,7

%

14,1

%

13,5

%

13,3

%

11,0%

12,0%

13,0%

14,0%

15,0%

16,0%

январь

февраль

март

апрель

май

ию

нь

ию

ль

авгу

ст

сентябрь

октябрь

ноябрь

декабрь

январь

февраль

март

апрель

май

ию

нь

ию

ль

авгу

ст

сентябрь

октябрь

ноябрь

декабрь

январь

февраль

март

апрель

май

ию

нь

2013 2014 2015

On rouble loans

On foreign currency loans

total

January

Febru

ary

Marc

h

April

May

June

July

August

Septe

mber

Octo

ber

Novem

ber

Decem

ber

January

Febru

ary

Marc

h

April

May

June

July

August

Septe

mber

Octo

ber

Novem

ber

Decem

ber

January

Febru

ary

Marc

h

April

May

June

AHML Group's Development Strategy

In accordance with the Federal Law On Facilitation of Development and Improvement of the Management in the Housing Sphere and On Amendments to Separate Legal Acts of the Russian Federation (FZ no. 225 of July 13, 2015), an AHML-based Single Development Institute in the Housing Sphere is created.

Strategic Goals of the Single Development Institute in the Housing Sphere

• Facilitation of development of housing construction and housing mortgage lending, including the promotion of economy class housing, rent houses;

• Promotion of development of the mortgage-backed securities and other finance instruments market, increase of their liquidity;

• Cooperation with the state and municipal bodies in the realisation of state and/or municipal programs in the housing sphere;

• Provision of assistance in the development of territories including in the framework of land improvement, creation of industrial parks, technoparks, business-incubators;

• Provision of assistance in the creation of engineering, social and transport infrastructure for the land property given for the housing or other construction;

• Promotion of development and implementation of advanced, energy-efficient and clean technologies and materials, as well as creating conditions for application thereof in the housing construction;

• Mitigating risks arising in the housing construction, mortgage and mortgage-backed securities markets;

AHML Group's Strategic Goals

AHML Group Business Overview

Key Activities

Mortgage Refinancing

Purchase of MBS and provision of bridge financing

Provision of loans to banks for housing construction financing (within the framework of the Stimulus programme)

Total assets: 350.8 RUB bn Total off-balance obligations: 125.8 RUB bn

59%15%

3%

22%

Key Activities,

% of assets

(as of 30.06.2015)

Рефинансирование ипотечных кредитов

Покупка ИЦБ и предоставление промежуточного финансирования

Предоставление займов банкам на финансирование строительства жилья (в рамках программы Стимул)Прочие активы

11%

35%

3%

51%

Key Activities,

% of off-balance obligations

(as of 30.06.2015)

Обязательства по выкупу закладных

Соглашение о приобретении облигаций с ипотечным покрытием и форвардные контракты

Соглашение о фондировании и рефинансировании по программе Стимул

Поручительства по ИЦБ

Mortgage Refinancing

Purchase of MBS and provision of bridge financing

Provision of loans to banks for housing construction financing (within the framework of the Stimulus programme)

Other assets

Collaterals repurchase obligations

Mortgage-backed bonds purchase agreement and forward contracts

Agreements on Funding and Refinancing under the Stimulus Programme

Guarantees for MBS

Source: AHML Management Reporting Source: AHML Management Reporting

Source: AHML Management Reporting

Mortgage Portfolio (I)

57%34%

9%

Mortgage portfolio breakdown

(as of 30.06.2015)

Стандарт (в т.ч. Новостройка)

Военная ипотека

Иное

Standard (including Newly Constructed Building)

Military Mortgage Program

Other

Indicatorsas of as of

Credit ProgrammeVolume of loans as of Volume of loans as of

RUB'000 RUB'000

Volume of Mortgages Portfolio, RUB'000

Volume of Mortgages Portfolio, units

Weighted Average Interest Rate,%

Weighted Average Term to Maturity, months

Weighted Average Current Loan-to-Value Ratio, %

Standard (including Newly Constructed Building)

Military Mortgage Program

Other

Total

Source: AHML IFRS, CBR site, www.cbr.ru

Mortgage portfolio (II)9,34%

8,91%8,31%

7,18%6,82%

5,55%5,03% 4,97% 4,83% 4,82% 4,96% 4,85% 4,60%

4,04%4,53%

7,10%

6,25%

4,74%4,06%

3,36%

2,52% 2,50% 2,47% 2,33%2,04% 2,18% 2,06% 2,00% 2,13%

2,72%

0%

2%

4%

6%

8%

10%

0

50

100

150

200

250 NPL share

Объем портфеля АИЖК Просрочка 90+ в портфеле АИЖК Просрочка 90+ по данным ЦБ РФ

11,22% 10,94%9,98%

9,44%

8,30%7,78%

6,28%5,93% 5,91% 5,86% 5,55%

6,40% 6,16% 5,90%5,12%

5,87%8,76% 8,49% 8,29%

7,64%

6,61%6,21%

5,07%4,52% 4,38% 4,30% 4,35% 4,27% 4,13% 3,95%

3,49% 3,63%

0%

2%

4%

6%

8%

10%

12%

-

50

100

150

200

250

31.12.2009 30.06.2010 31.12.2010 30.06.2011 31.12.2011 30.06.2012 31.12.2012 31.03.2013 30.06.2013 30.09.2013 31.12.2013 31.03.2014 30.06.2014 30.09.2014 31.12.2014 30.06.2015

NPL evolution

Объем портфеля АИЖК Просрочка 30+ Просрочка 90+ Просрочка 180+

AHML portfolio volume NPL 90+ (AHML portfolio) NPL 90+ (Central Bank of Russia data)

AHML portfolio volume NPL 90+NPL 30+ NPL 180+

Early Default Rate Mortgage portfolio composition by LTV

Early default rate demonstrates the share

of refinanced mortgages under various

Agency's programmes, which is affected by default

(90 days and over past due) during the first year

Source: AHML Management Reporting Source: AHML Management Reporting

Mortgage portfolio (III)

2,85%

5,92%

7,02% 6,93%

6,14%

5,21%

1,91%

0,85%

0,61%

0,65%

0,97%

1,76%

0,98%

0,41%

0,44%0,62%

0,91%0,95%

0,81%

0,55%0%

1%

2%

3%

4%

5%

6%

7%

8%

01.0

4.0

9

01.0

7.0

9

01.1

0.0

9

01.0

1.1

0

01.0

4.1

0

01.0

7.1

0

01.1

0.1

0

01.0

1.1

1

01.0

4.1

1

01.0

7.1

1

01.1

0.1

1

01.0

1.1

2

01.0

4.1

2

01.0

7.1

2

01.1

0.1

2

01.0

1.1

3

01.0

4.1

3

01.0

7.1

3

01.1

0.1

3

01.0

1.1

4

01.0

4.1

4

01.0

7.1

4

01.1

0.1

4

01.0

1.1

5

01.0

4.1

5

01.0

7.1

5

Current LTV 0-50

Current LTV 50-70

Current LTV 70-

Loans for the military

High-risk loans

With mortgage insurance


Securitization Transactions in Russian

Mortgage Assets

2006

2007

2008

2009

2010

2011

2012

2013

2014

1H 2015

ИСУ, млрд руб. 0 0 0 0 0 0 1 13 63 16

Внутр. внебал. сделки иных ориг., млрд руб. 3 0 0 17 0 11 39 86 192 19

Внутр. внебал. сделки АИЖК, млрд руб. 0 3 22 0 14 20 18 22 25 20

Внутр. бал. сделки, млрд руб. 0 2 0 15 0 15 11 33 36 8

Трансгр. сделки, млрд руб. 10 26 25 0 0 0 0 0 0 0

Количество сделок секьюритизации, шт. 4 6 8 3 1 7 12 24 45 15

0

5

10

15

20

25

30

35

40

45

50

0

50

100

150

200

250

300

350

Num

ber

of deals

, units

RU

Bbn

Mortgage participation certificates, RUB bn

Dom. off-bal. sheet deals of other originators

Dom. off-balance sheet deals of AHML, RUB bn

Domestic balance sheet deals, RUB bn

Cross-border deals, RUB bn

Number of securitization deals

Share of MBS issues with AHML participation

31,7

13,5

46,5

68,3

140,6

230,8

47,1

17,2 34,4 43,770,8

152,1

44,6

54,4%

100%

74,0%

64,0%

50,3%

65,9%

94,7%

0,0%

10,0%

20,0%

30,0%

40,0%

50,0%

60,0%

70,0%

80,0%

90,0%

100,0%

0,0

50,0

100,0

150,0

200,0

250,0

2009 2010 2011 2012 2013 2014 I полугодие

2015Объем выпусков ИЦБ, всего, млн руб.

Объем выпусков ИЦБ с той или иной формой участия АО "АИЖК", млн руб.

Доля выпусков ИЦБ с той или иной формой участия АО "АИЖК", %

Volume of MBS Issues, in total, RUB mln

Volume of MBS issues with any form of AHML participation, RUB mln

Share of MBS issues with any form of AHML participation, %

1st half year of

AHML provides solidary guarantees for MBS senior tranches.

The guarantees give an opportunity of inclusion of MBS to the Lombard list, toinvestment declarations of key institutional investors.

Guarantees Provision for Mortgage-Backed Bonds

-

20,00

40,00

60,00

80,00

100,00

120,00

140,00

160,00

31.12.2013 31.12.2014 30.06.2015

AHML Obligations Volume on Provided Guarantees, YTD, RUB bn

In line with its programme and multi-originator securitization platform, AHML purchases MBS senior tranchesrated no lower than BBB- (Fitch / S&P) or Baa3 (Moody's), or secured by AHML

Within the period of their implementation, the Agency is ready to provide bridge financing for the accumulation ofmortgage collateral and the completion of securitization transactions

Guarantees of AHML for repurchasing senior tranches of mortgage-backed securities and bridge financing of theAgency allow the participants of the Programme to grant mortgage loans, even at considerable interest rates growth andlimited liquidity.

Statutory risk mitigants for MBS:

• LTV ratio capped at 80%

• CDO (collateralized debt obligations) are prohibited, only MBS are allowed• Full disclosure of information on a monthly basis

Source: Management Reporting, AHML IFRS Source: Management Reporting, AHML IFRS

Mortgage-Backed Securities (MBS) Purchasing Programme

and Multi-Originator Securitization Platform

MBS repurchased from the beginning of the year, RUB bn

Contract liabilities for the end of the period, RUB bn

Granted from the beginning of the year, RUB bn

Outstanding debt for the end of the period, RUB bn

MBS repurchase obligations, RUB bn Bridge financing provided, RUB bn

AHML's Subsidiaries

17

Subsidiaries (OJSC AFHC)

18

The Agency for Financing of Housing Construction (earlier — the Agency for Restructuring of Housing Mortgage Loans, OJSC ARHML)

ARHML was established in February 2009 in line with the initiative of the Russian Government to support temporarily distressedmortgage borrowers.

On December 20, 2012, AHML's Supervisory Board decided to focus ARHML's business on stimulation of bank lending forhousing construction, development of rental housing, issuance of guarantees to buy unsold housing, management and selling ofresidential housing accepted to the balance of AHML Group and other types of activities non-core to AHML's mortgage marketdevelopment objectives.

On July 16, 2013, ARHML was renamed to the Agency for Financing of Housing Construction (hereinafter referred to as OJSCAFHC or AFHC)

AFHC's activities strategic priority is development and implementation of instruments for residential premisesprices reduction, namely: Development and improvement of mass lending technologies for housing construction

Development of engineering infrastructure financing mechanisms for low-income housing construction projects

Development of mortgage products for legal entities

Functions of AFHC within AHML's Strategy profile directions implementation: Participation in implementation of the Russian Family Housing Programme

Stimulation of housing construction by providing target loans under the Programme for promotion of residentialconstruction lending (the Stimulus Programme) for the construction of low-income housing, engineering and technicalfacilities in projects involved in Russian Family Housing Programme, as well as for rental housing construction

Development of a market of affordable rental housing - implementation of Rental Housing mortgage loan product

Management of housing objects, owned by AHML Group

Pilot projects implementation

Bad debts management

AFHC's focus areas, targets, and objectives for

2015 (I)

19

Implementation of the Russian Family Housing programme

The Government of the Russian Federation approved the State Programme "Provision of citizens of theRussian Federation with affordable and comfortable housing and communal services" (Resolution of theGovernment of the Russian Federation No. 323 of April 15, 2014), under which it is provided to implementthe Russian Family Housing programme for the construction and commissioning of at least 25 millionsquare meters of housing, complying with the terms established by the Ministry of Construction of theRussian Federation for referencing residential housing to low-income one up to July 1, 2017.

Parameters and conditions of the Russian Family Housing Programme are approved by Resolution of theGovernment of the Russian Federation No. 404 of May 5, 2014 On Some Issues of Implementation of theRussian Family Housing programme within the State Programme "Provision of Citizens of the RussianFederation with affordable and comfortable housing and communal services".

The general algorithm of the Russian Family Housing programme implementation:Agreement

The Ministry of Construction of

Russia:Russian region

AHML

Offer for Infrastructure

Purchase

SPFA Infrastructure Purchase

Transfer of RCO into Leasing

Issue of SPFA Bonds

3-6 months

Adoption of regulating acts, selection of projects

and lists generation

12-18 months

Construction and commissioning of low-income housing, engineering and technical facilities

3-6 months

Accumulation of SPFA purchased objects for bonds issuing


2015 (III)

20

Main Results of the Russian Family Housing programme, as implemented as of August 1, 2015

In 67 subjects of the Russian Federation tripartite agreements were signed on provision of low-incomehousing construction with engineering and technical facilities within the Russian Family Housing programme,concluded between the Ministry of Construction of the Russian Federation, AHML and state authorities of theRussian Federation subjects in accordance with Resolution No. 404.

In 66 regions regulatory acts were adopted covering the order of land and housing projects selection for theparticipation in the programme.

56 subjects of the Russian Federation have successfully performed the first selection of land plots, housingprojects and developers, bringing the total area of planned projects of low-income housing to 14.2 millionsquare meters*.

* Including 1.8 mln. square meters planned on federal, regional and municipal land plots, as well as land plots not allocated to a certain type of ownership, for which auctions for entering into integrated development contracts have not been held (i.e. projects and developers have not been selected yet and the area of planned projects has been determined by expertise).

Within the work on conclusion of preliminary contracts under the housing construction project in theChechen Republic, thirty four preliminary contracts were signed on sale and lease of engineering andtechnical facilities within the Russian Family Housing programme by all types of utility resources.

A new version of the Russian Family Housing programme Website программа-жрс.рф was activated, which isdesigned for citizens participating in the programme. On the Website one can find information on the terms,participants, regulatory framework of the programme, as well as contact details and data on the results of landplots selection, projects and developers.

Source: AFHC Management Reporting

http://программа-жрс.рф/






2015 (IV)

21

Stimulus ProgrammeAssistance to low-income housing construction projects financing

Housing

Low-Income Housing

Engineering and Technical Facilities

Rental Housing

The Russian Family Housing Programme

Financing Arrangements under Stimulus Programme

AFHC, OJSC Crediting Bank DeveloperTarget Loan

Up to full amount of a loan

Credit

Bank margin limitation to 3.5%

Direct financing of the construction costs (up to 80%) against a security, as provided by the Programme

In order to support the implementation of the Russian Family Housing Programme, AHMLcontinues to implement its own Stimulus Programme to support only projects of theRussian Family Housing Programme, providing the construction of low-income housing.


2015 (V)

22

Stimulation of housing construction - implementation of the Programme for promotion ofresidential construction lending (Stimulus Programme)

The Stimulus Programme was designed by AHML Group pursuant to the Decision of the GovernmentCommission on Sustainable Development of the Russian economy to stimulate crediting for developersimplementing low-income housing construction projects and individuals buying housing, constructedwithin these projects.

On July 1, 2014 a version of Stimulus Programme came into force that makes it possible for AFHC toparticipate in the implementation of State Programme "Provision of citizens of the Russian Federationwith affordable and comfortable housing and communal services", including the Russian Family HousingProgramme, and aims to provide affordable funding for the construction of low-income housing andengineering and technical facilities, to an increase in rental housing construction.

During 2015, in line with the version of the Stimulus Programme effective from July 1, 2014, creditingbanks have received special-purpose loans to the amount of 2.27 RUB bn for the construction of low-income housing of 85 thsd. square meters in area. In June 2015, in view of a deteriorating financialcondition of banks participating in the implementation of low-income housing construction projects, thefunds were subject to early withdrawal by AFHC.

As of July 1, 2015, applications for nine construction projects under the Russian Family HousingProgramme to the amount of 1.6 RUB bn were under consideration.

Source: AFHC Management Reporting


2015 (VI)

23

2013—2015 2016 2017 2018 Total

Volume of rental housing, constructed due to the financing of AHML, million square meters

0.172 0.801 1.06 1.16 3.3

Development of a market of affordable rental housing - implementation of Rental Housing mortgage loan product

Key objectives of AHML Group in rental housing construction development:

Under AHML's long-term development programme, it is planned to construct up to 30% of the total volume of rental housing with AHML

participation by 2018*:

Expected volume of project financing by AHML amounts to 105 RUB bn of which 3.8 RUB bn are expected in 2015.* Volume of commissioning of rental housing is determined in line with the State Programme "Provision of Citizens of the Russian Federationwith affordable and comfortable housing and communal services"; rental housing accounts for 3.8% of apartment buildings in 2015, 7.4% in2017 and 9.4% in 2020. The total volume of projects is 350 RUB bn.

Proposed project sponsors Expected project geography

Regional administrations for certain social categories+Enterprises addressing the issue of provision of employees with housing+Market demand

Cities:Nizhny Novgorod, KazanUfa, Samara, Rostov-on-DonYekaterinburg, OmskKrasnoyarsk, VolgogradVoronezh, PermNovosibirsk+Special Economic Zones+ In close proximity to enterprises

AFHC's focus areas, targets, and objectives for 2015

(VII)

24

Bank

Special-purpose vehicle (controlled by a

regional operator or entity)or IE

Citizens -renters

Housing Construction for

Leasing

Housing Transfer

Construction Financing

Renta

l fe

e

Housing

Credit/refinancing Mortgage loan

originating

Development of a market of affordable rental housing -implementation of Rental Housing mortgage loan product

Results as of 30.06.2015:

17 implementation agreements to the total amount of 2.1 RUB bn were signed;

Agreements of intent were entered into with 22 Russian regions;

18 mortgages to the total amount of 990 RUB bn were purchased, of which 1 was repaid and 3 were sold;

5 projects of rental housing are in operation:

Irkutsk Region

Rostov Region

Samara Region

Khanty-Mansi Autonomous Region

6 projects with total area of 37 thsd. square meters are underway:

Republic of Tatarstan

Republic of Altai

Irkutsk Region

Chelyabinsk Region

Krasnoyarsk Territory

Khanty-Mansi Autonomous Region

AFHC

Core Information on OJSC AHML Insurance

25

Establishment: In 2010 under the AHML's Mortgage Insurance DevelopmentProgramme (developed in line with the Initiative of President of the RussianFederation D.A. Medvedev No. Пр-1890 of 27.07.2009 following the resultsof the meeting of the Council for the Implementation of Priority NationalProjects and Demographic Policy).

Share capital: 3 RUB bn

Shareholders and their shares:

AHML - 99.98%;

Association of Russian Banks - 0.017%;

National Insurance Guild, Non-Profit Partnership - 0.0017%.

AHML Insurance's licences:

License for re-insuring activities (R No. 4210 77, issued on 20.05.2010);

License for two types of insuring activities (S No. 4210 77, issued on27.11.2012):

• civil liability insurance for any failure to perform obligations undercontracts on

• financial risks insurance.

Ratings: Moody's:

Global scale – Ba2 (confirmed on 02.03.2015).

National scale - Aa2.ru (confirmed on 03.03.2015).

Regulator: The Central Bank of Russia

Web-site: ahml-insurance.ru, helpipoteka.ru

Dynamics of the mortgage insurance market in Russia

26

Dynamics of changes in the number of mortgage insurance contracts and the share of insured mortgage loans (at issuance)

0,20,6 0,6

1,32,0

3,1

1,92,3 2,4 2,2

1,62,2

2,73,5

2,9

4,14,6 4,4

0,04 0,1

0%

1%

2%

3%

0

1

2

3

4

5

3 кв. 2010

4 кв. 2010

1 кв. 2011

2 кв. 2011

3 кв. 2011

4 кв. 2011

1 кв. 2012

2 кв. 2012

3 кв. 2012

4 кв. 2012

1 кв. 2013

2 кв. 2013

3 кв. 2013

4 кв. 2013

1 кв. 2014

2 кв. 2014

3 кв. 2014

4 кв. 2014

1 кв. 2015

2 кв. 2015

thousand u

nits

Количество застрахованных кредитов/займов в РФ, тыс. шт.

Доля кредитов с ипотечным страхованием от общего объема выданных ипотечных кредитов в РФ, %

Q3 and Q4 20100.7 thousand units

0.3% of the mortgage loans market

20117.0 thousand units








– Key reasons for decrease in figures of the mortgage insurance market in the first half-year of 2015:

General decrease in the volume of mortgage lending in the Russian Federation from the end of 2014;

Modification by lenders of mortgage lending programmes with regard to increase in the amount of thedown-payment up to 30-50%, which led to drastic reduction of lending at the risky end subject tomortgage insurance.

– Positive developments: due to the launch of the mortgage rates subsidizing state programme and gradual easingby banks of mortgage loan terms demand for mortgage lending products is growing. Demand for mortgageinsurance is likely to grow where banks extend mortgage loans with a low down-payment more eagerly.

* Q2 2015 – preliminary data as of the report date

Number of insured loans in Russia, thousands

The share of loans with mortgage insurance out of the total volume of granted mortgage loans in Russia, %

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

AHML Insurance in the mortgage insurance market

(I)

27

Volume of insured/re-insured mortgage loans and value of agreements for participation in shared-equity construction with insurance coverage provided by AHML Insurance

0

5

10

15

20

25

30

2010 2011 2012 2013 2014 1 плг. 2015

Ипотечное (пере)страхование: СОЗ и СФР

на этапе выдачи ипотечных жилищных

кредитов

Ипотечное (пере)страхование: страхование

в сделках секьюритизации и портфелей на

балансах кредиторов

Страхование гражданской ответственности

застройщиков

RUBbn

Key Results for H1 2015:

Mortgage borrowers' civil liability and financial risks insurance and re-insurance:

as of 30.06.2015, all 29 insurance companies which offered mortgage insurance contracts (apart from AHMLInsurance) were provided with re-insurance coverage by AHML Insurance.

In H1 2015, AHML Insurance accepted 1.2 thousand loans amounting to 2.1 RUB bn for insurance/re-insurance(at issuance).

Securitization Transactions Insurance (Re-insurance):

in securitization transactions:

1.5 thousand loans amounting to 2.63 RUB bn out of Far Eastern Mortgage Lending Center, OJSC mortgageportfolio;

1.8 thousand loans amounting to 3.57 RUB bn out of ZhilFinance Bank, JSC mortgage portfolio.

Mortgage insurance led to increase in the efficiency of MBS by Far Eastern Mortgage Lending Center, OJSC

and ZhilFinance Bank, JSC: increase in the amount of senior tranches by 5%.

Mortgage insurance (re-insurance): Borrower's civil liability insurance and financial risks insurance at issuance of mortgage loans

Mortgage insurance (re-insurance): securitization transactions and lenders' portfolios insurance

Developers' civil liability insurance

H1 2015

AHML Insurance in the mortgage insurance and re-

insurance market (II)

28

Key Results for H1 2015:

Developers' Civil Liability Insurance:

In H1 2015, AHML Insurance continued to re-insure risks under civil liability insurance contracts with developers.

7.4 thousand agreements for participation in shared-equity construction were re-insured (6-fold growth on2014);

45.9 RUB m of re-insurance premium were received

(4.7-fold growth on 2014);

total liability (YTD) for accepted re-insured risksamounted to 6.447 RUB bn.

Apartment

Developer

Interest-Holder

Money

Investment

Developer Civil Liability

Insurance

In the first half of 2015, AHML Insurance' re-insurance of developers' civil liability risks was concentrated onconstruction projects implemented under the Russian Family Housing Programme*. AHML Insurance' participated inthe Programme through provision of re-insurance coverage to insurance companies which accepted for insurancecivil liability of developers under the Russian Family Housing Programme.

* The Russian Family Housing Programme is implemented as part of the State Programme "Provision of Citizens of the Russian Federation with affordable and comfortable housing and communal services" approved by the Decree of the Government of the Russian Federation No. 404 of May 05, 2014 On Some Issues of Implementation of the Russian Family Housing Programme within the State Programme "Provision of Citizens of the Russian Federation with affordable and comfortable housing and communal services" with amendments made as per Decree of the Government of the Russian Federation of November 29, 2014. No. 1278;

AHML Insurance' Investing Activities

29

Assets

Carrying Value of Investment Assets as of 30.06.2015, RUB mln

Total

Group 1 Group 2 Group 3Group 4 +Group 5 + Group 6

RUB mln %

Deposits 860.00 1,281.00 470.00 - 2,611.00 75.35%

Corporate Bonds 242.90 288.19 59.73 20.18 611.00 17.63%

Federal Loan Bonds 134.57 - - - 134.57 3.89%

Sub-Federal Bonds 65.09 43.48 - - 108.57 3.13%

Total1,302.56 1,612.67 529.73 20.18 3,465.14 100.00%

37.59% 46.54% 15.29% 0.58% 100.00%

Structure of the investment portfolio of AHML Insurance.

Group 1 rated at least Baa3 Group 3 rated at least B1 Group 5 rated at least Саа2Group 2 rated at least Ba2 Group 4 rated at least B3 Group 6 rated at least Caa3

According to the results of H1 2015, credit quality of the investment portfolio assets broken down by credit riskgroup grew due to reinvestment of temporarily available monetary funds grew. As of the reporting date, theweighted average portfolio return amounted to 11% per annum.

As of 30.06.2015:

Financial investment by AHML Insurance is compliant with the requirements set by Central Bank of Russia. All assets meet the principles of repayment, liquidity, maturity, and profitability; Delays of payments under the obligations of issuers/counterparties are absent.

Financial Performance

30

Structure of Assets and Its Dynamics

31

28,4

41,98

17,16

2,48

47,89

2,24

208,17

2,44

Assets structure as of 30.06.2015, RUB bn

Денежные средства и их эквивалентыСредства в кредитных учрежденияхЗаймы выданныеНедвижимость для продажиИнвестиционные ценные бумагиТребования по налогу на прибыльЗакладныеПрочие активы

187,05 205,02 219,38208,17

38,60 45,7932,44

41,98

37,38 33,20

37,75

17,16

6,585,84

17,30

28,41

18,82 28,01 34,9247,89

7,43 6,12 7,70 7,16

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2012 2013 2014 6m2015

Прочие активы

Инвестиционные ценные бумаги

Денежные средства и их эквиваленты

Займы выданные

Средства в кредитных учреждениях

Закладные

Other assets

Investment mortgage-backed securities

Monetary funds and their equivalents

Granted loansFunds in credit institutions

Mortgages

Monetary funds and their equivalents

Funds in credit institutions

Granted loansReal estate for sale


Profit tax requirementsMortgages

Other assets

Structure of Liabilities and its Dynamics

32

128,5153,6 150,4 159,6

0,2 2,41,3

121,0

127,0 126,1130,4

43,9

41,768,6

55,92,4

1,5

2,0 3,6

0,0

50,0

100,0

150,0

200,0

250,0

300,0

350,0

400,0

2012 2013 2014 6м2015

Dynamics of liabilities structure, RUB bn

Облигации выпущенные

Производные финансовые обязательства

Собственные средства

Кредиты банков и прочие заемные средства

Прочие обязательства

107,5

1,3 37,0

3,6

21,5

18,9

15,4

15,2

Liabilities structure as of 30.06.2015

RUB bn

Облигации с госгарантиямиПроизводные финансовые обязательстваЗаемные средства ВЭБПрочие обязательстваИпотечные ценные бумагиКредиты банковЕврооблигацииБиржевые облигации

Issued bonds

Derivative financial liabilities

Equity

Bank loans and other borrowings

Other Liabilities

Issued bonds

Derivative financial liabilities

VEB borrowingsOther LiabilitiesMortgage-Backed Securities

Bank Loans

Eurobonds

Exchange-Traded Bonds

Profitability and efficiency

33

11,61 11,86

2,053,961,571,811,50

1,98

0

5

10

15

20

25

6м2014 6м 2015

Interest income by type of assets,

RUB bn

Инвестиционные ценные бумаги

Займы выданные

Средства в кредитных учреждениях

Закладные и стабилизационные займы

6м2014

6м2015

23,00%23,09%

Cost to Income3

6м2014

6м2015

2,6%2,0%

6,6%

5,5%

ROA¹ and ROE²ROA

ROE

6м2014

6м2015

5,28%5,37%

Net Interest Margin (NIM)⁴

Net Interest Margin Level decreased due to faster growth of an average

assets generating interest profit (8%) compared to the growth of net interestincome (7%)

⁴ (Annualized net interest income / average assets yielding interest)

For an average rate = (period start + period end) / 2

ROA of AHLM Group was down to 2.0% for the first half of 2015 due to thedecrease of net income by 17%, while average assets grew by 8%.

ROE of AHLM Group is down to 5.4% for the first half of 2015 due to thedecrease of net income by 17%, while equity remained unchanged.

¹ (Annualized net income / Average assets)¹ (Annualized net income / Average equity)

For an average rate = (period start + period end) / 2

3 The ratio of general administrative expenses to net interest income


Granted loans

Funds in credit institutions

Mortgages and stabilization loans

6m2014 6m2015

6m2014

6m2015

6m20146m2015

6m20146m2015

Key Financial Indicators

34

Indicators 6m2015 6m2014

Profit and Loss Statement, RUB bn

Net interest income 9.2 8.6

Operating income 7.1 7.2

(Creation) / recovery of reserve (0.5) (0.1)

Administrative expenses (2.1) (2.0)

Net profit 3.5 4.2

Key ratios, %

Net Interest Margin (NIM) 5.37 5.28

Cost/Income Ratio 23.09 23.00

Equity/Assets 37.16 38.17

ROE 5.5 6.6

ROA 2.0 2.6

Activities Financing Sources

35

Parameters of AHML's Bond Issues Outstanding as

of 30.06.2015 (I)

36

SeriesIssue Volume, RUB

bn

Coupon Rate,% per annum

Placement Date Maturity DateTerm to

maturity, yearsDuration,

years

А7 4.000 7.68% 04.10.2006 15.07.2016 1.0 0.5

А8 5.000 7.63% 04.10.2006 15.06.2018 3.0 2.2

А9 5.000 7.49% 08.02.2007 15.02.2017 1.6 1.1

А10 6.000 8.05% 11.12.2007 15.11.2018 3.4 2.1

А11 10.000 8.20% 31.01.2008 15.09.2020 5.2 1.7

А13 7.000 CRB 27.08.2009 15.04.2018 2.8 0.3*

А14 7.000 refinancing 27.08.2009 15.05.2023 7.9 0.4*

А15 7.000 rate + 2.5% 27.08.2009 15.09.2028 13.2 0.2*

А16 10.000 8.25% 30.06.2010 15.09.2021 6.2 3.1

А17 8.000 9.05% 09.02.2011 15.04.2022 6.8 3.8

А18 7.000 8.00%* 05.04.2011 15.07.2023 8.0 0.8*

А19 6.000 12.5%* 19.04.2011 15.11.2024 9.4 1.1*

А20 5.000 8.60% 28.12.2010 15.12.2027 12.5 6.9

А21 15.000 8.80% 09.04.2012 15.02.2020 4.6 2.2

А22 15.000 13.49%* 29.03.2012 15.07.2024 9.0 -

А23 14.000 11.03%* 07.12.2011 15.12.2029 14.5 -

А24 6.000 8.25%* 05.12.2013 01.11.2022 7.3 0.3*

А25 6.000 7.75%* 29.04.2013 01.10.2026 11.3 1.6*

*Coupon rate for reporting date** Duration to the last known coupon payment date


Parameters of AHML's bond issues outstanding

as of 30.06.2015 (II)

37

SeriesIssue Volume

RUB bnCoupon Rate,% per annum

Placement Date Maturity DateTerm to

maturity, yearsDuration,

years

А26 6.000 15.3%* 26.06.2013 01.11.2029 14.4 3.1*

А27 4.000 12.55%* 13.06.2013 01.11.2032 17.4 -

А28 4.000 13.49%* 19.05.2014 15.01.2029 13.6 -

А29 5.000 13.49%* 17.04.2014 15.10.2030 15.3 -

А30 6.000 9.60%* 28.04.2014 01.03.2033 17.7 2.2*

А31 7.000 17.8%* 13.01.2015 01.02.2034 18.6 -

EB-01 5.000 7.60% 25.09.2013 21.09.2016 1.2 1.2*

EB-02 5.000 9.65%* 27.05.2014 23.05.2017 1.9 0.9

EB-03 5.000 12.5%* 22.04.2015 18.04.2018 2.8 1.2*

Total 190.000*Coupon rate for reporting date** Duration to the last known coupon payment date

IssueIssue Volume,

RUB bnCoupon Rate, % per

annumForm of Issue

Placement Date Maturity DatePlacement

Format

AHML, 2018 15.0 7.75% LPN 13.02.2013 13.02.2018 Reg S/144 A


Basic Parameters of AHML's MBS Issues as of

30.06.2015 (I)

38

*From 22.10.2014 the coupon is increased


BondsFace value as at the registration

date, RUB

Current face value, RUB

Issue structure (Initial

/Current)

Credit support of the issue

(Initial / Current)

Current Rating

(Moody’s/S&P)

Public

Offer of AHML

Coupon, %

Lombard List

Securities

AHML Guarantee

Listing (Moscow

Exchange)

1. Issuer: CJSC Mortgage Agent of AHML 2010-1 (2010-1), date of state registration 22.06.2010, legal final maturity 20.11.2042

A1 Class 6,096,000,000 Repaid 45.0%/ 0.0% 20.7%/ n/a n/a n/a n/a n/a n/a n/a

A2 Class 6,096,000,000 2,717,048,160 45.0%/ 70.7% 20.7%/ 45.3% Ваа3 23.03.2020 9 + - Second level

Class B 1,354,706,000 1,354,706,000 10.0%/ 29.3%

(incl. junior tranche, reserve,

AHML financial aid) - - - - - -


A1 Class 7,457,000,000 Repaid 45.0%/ 0.0% 22.7%/ n/a n/a 15.04.2015 8.25 + n/a n/a

A2 Class 7,457,000,000 5,288,504,400 45.0%/ 76.1% 22.7%/ 37.9% Baa3/BB+ 15.04.2020 9 + -Second

level

Class B 1,657,195,000 1,657,195,000 10.0%/ 23.9%(incl. junior tranche,

reserve, AHML financial aid)

- - - - - -


A1 Class 5,932,000,000 Repaid 45.0%/ 0.0% 22.7%/ n/a% n/a 23.11.2015 9 + -Thirdlevel

A2 Class 5,932,000,000 5,455,245,160 45.0%/ 80.5% 22.7%/ 31.9% Baa3 - 5.5/9* - -Thirdlevel

Class B 1,318,781,000 1,318,781,000 10.0%/ 19.5%(incl. junior tranche,

reserve, AHML financial aid)

- - - - - -

Basic Parameters of AHML's MBS Issues as of

30.06.2015 (II)

39

BondsFace value as at the registration

date, RUB

Current nominal value,

roubles

Issue structure (Initial

/Current)

Credit support of the issue

(Initial / Current)

Current Rating

(Moody’s/S&P)

Public

Offer of AHML

Coupon, %

Lombard List

Securities

AHML Guarantee

Listing (Moscow

Exchange)


A1 Class 8,916,000,000 5,924,771,160 60.0% / 45.1% 7.2% / 10.9% Ba1 09.04.2018 8.5 + +Thirdlevel

A2 Class 4,978,000,000 4,978,000,000 33.5% / 45.9% 7.2% / 10.9% Ba1 - 3/9+ - +Thirdlevel

Class B 967,031,000 967,031,000 6.5% / 8.9%(including junior tranche, reserve)

- - - - - -


A1 Class 6,323,000,000 3,079,364,230 32.2% / 9.5% 4.1% / 6.1% Baa3 11.04.2016 8.5 + +Thirdlevel

A2 Class 6,323,000,000 6,323,000,000 32.2% / 43.0% 4.1% / 6.1% Baa3 - 8.5 + +Thirdlevel

A3 Class 6,323,000,000 6,323,000,000 32.2% / 43.0% 4.1% / 6.1% Ba1 - 3/8.5++ + +Thirdlevel


- - - - - -

6. Issuer: CJSC Mortgage Agent of AHML 2014-2 (2014-2), date of A1, A2, A3 issues state registration 15.01.2015, B – 25.12.2014,

legal final maturity 13.06.2047

A1 Class 8,425,000,000 6,874,294,500 42.0% / 37.1% 4.1% / 4.4% Ba1 - 10.5 + +Thirdlevel

A2 Class 4,493,000,000 4,493,000,000 22.4% / 24.3% 4.1% / 4.4% Ba1 - 10.5 + +Thirdlevel

A3 Class 6,459,000,000 6,459,000,000 32.2% / 34.9% 4.1% / 4.4% Ba1 - 6/10.5+++ + +Thirdlevel


- - - - - -

+Step-up from the 8th coupon (starting from 09.06.2015)++Step-up from the 10th coupon (starting from 11.06.2016)+++Step-up from the 10th coupon (from starting 14.06.2017)


Contacts

40

Agency for Housing Mortgage Lending

Address: 69, Novocheremushkinskaya Street, 117418, Moscow

Tel.: +7(495)775-47-40Fax: +7(495)775-47-41

www.ahml.ruwww.rosipoteka.ru

Reuters: 0#RUCORP=AHMLBloomberg: AHML (GO)

For all inquiries please contact:[email protected]

http://www.ahml.ru/

http://www.rosipoteka.ru/

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