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As per the RF Ministry of Finance, in 2009 at 26% rate insurance premiums revenues made 5.93% of GDP and in 2011 at 34% rate 6.49% of GDP. In 2009 Individual Income Tax made 4.29% of GDP, in 2010 3.96%, and in 2011 3.67%. Aggregate IIT + insurance premiums revenues decreased from 10.22% of GDP down to 10.16%. It may be assumed, that the insurance premiums increase has led to increase in the latent salaries and mixed income.

RUSSIAN ECONOMY IN trends and outlooks Mitigation of labor market tension and recovery of demand for labor force in 2011 were the major outcomes of 20092010 anti-crisis program. The number of economically active population in 2011 was 75.7m persons, including 70.7m of gainfully employed and 5.0m of unemployed (using ILO methodology). The level of employment in 2011 made 63.8% exceeding the preceding year level by 1.1 p.p. in the context of the overall unemployment rates going down to 6.6% (by 0.9 p.p. versus 2010).

The total number of unemployed as of the end of 2011 exceeded the number of unemployed registered with government employment agencies 3.6 times in December 2011.

1,286,000 people were registered as unemployed with government employment agencies. The tension coefficient (the number of registered unemployed per 100 vacancies) in December 2011 was 175.9 (compare with 120.7 persons in January of the same year).

Table Labor market fundamentals dynamics in 2009 Quarters Quarters 2009 2010 Q1 Q2 Q3 Q4 Q1 Q2 Q3 QNumber of employed in economy, m pers. 69.4 69.8 68.0 70.0 71.1 70.1 70.7 69.4 70.7 71.9 70.Number of unemployed, m pers. 6.3 5.6 6.6 5.6 5.2 5.2 5.0 5.6 5.0 4.8 4.Unemployment level, % to economically 8.4 7.5 8.8 7.4 6.8 6.9 6.6 7.5 6.6 6.2 6.active population Number of unemployed registered with 2.1 2.2 2.2 2.0 1.7 1.5 1.4 1.6 1.5 1.3 1.government employment agencies, m pers.

Registered unemployment level, % to eco- 2.8 2.5 3.0 2.7 2.2 2.1 1.9 2.2 2.0 1.7 1.nomically active population Average monthly accrued nominal wages, 18,785 21,090 19,485 20,809 21,031 23,045 23,532 21,354 23,154 23,352 26,Rb % to the same period of the preceding year Number of employed in the economy 97.8 100.6 99.6 101.0 101.0 100.9 101.3 102.1 101.0 101.1 101.Number of unemployed 131.1 89.1 96.3 86.7 87.2 85.2 89.1 87.5 88.1 91.8 91.Number of unemployed registered with 148.0 90.0 114.2 91.1 81.0 74.9 73.6 73.1 75.4 78.0 80.government employment agencies Average monthly accrued nominal wages, 108.5 112.4 110.5 112.4 111.6 112.7 112.2 111.2 112.5 112.2 113.RB Average monthly accrued real wages, RB 97.2 105.2 103.1 105.1 104.2 102.4 104.2 101.6 102.7 103.8 105.9* * preliminary estimates.

Source: Federal Statistics Service.

During 20002011 deviations in the demand for labor force were based on shifting the majority of employed to the services sector. Employment decrease was registered in the industrial sector practically for all types of business. This decrease of employment was especially intensive in the manufacturing sector. During the last three years the situation became even more complicated due to 2008 crisis which caused abrupt decrease in number of jobs in trade and construction.

Comparing the dynamics of employment, wages and GDP one can see that outrunning growth of wages versus labor productivity resulted in increased load on the economy and impacted financial performance of companies.

In 2011 positive balanced financial result of companies performance was obtained in the amount of Rb 7,252.7bn, which is 20.0% above the preceding year performance. However, despite certain positive trends, overall in the economy the pre-crisis profitability level was not achieved. Profitability of goods sold, production output and work done as of the end of made 11.0% and were 2.0 p.p. below 2008 level. Extraction of mineral resources continued to remain the most profitable business activity in 2011.

Section The Real Sector of the Economy Table Labor productivity in Russia, % to the preceding year Code of business activity by 2003 2004 2005 2006 2007 2008 2009 All-Russian Classifier Total for the economy 107.0 106.5 105.5 107.5 107.5 104.8 95.9 102.including:

Agriculture, hunting and forestry A 105.6 102.9 101.8 104.3 105.0 110.0 104.4 89.Fishery and fish-breeding B 102.1 104.3 96.5 101.6 103.2 95.4 106.2 101.Extraction of commercial minerals C 109.2 107.3 106.3 103.3 103.1 100.9 108.5 101.Processing and manufacturing D 108.8 109.8 106.0 108.5 108.4 102.6 95.9 109.Production and distribution of electric energy, gas and water E 103.7 100.7 103.7 101.9 97.5 102.1 96.3 98.Construction F 105.3 106.8 105.9 115.8 112.8 109.1 94.4 94.Wholesale and retail G 109.8 110.5 105.1 110.8 104.8 108.1 99.0 98.Hotels and restaurants H 100.3 103.1 108.5 109.2 108.0 109.2 86.7 93.Transport and communications I 107.5 108.7 102.1 110.7 107.5 106.4 95.5 103.Real estate transactions, leasing and provision of services K 102.5 101.3 112.4 106.2 117.1 107.5 95.3 94.For reference:

110.9 110.6 112.6 113.3 117.2 111.5 96. real accrued wages 105.Source: Federal Statistics Service.

Favorable situation at the global market of hydrocarbons and mineral resources allowed for producing companies quick recovery. Their profits continued to grow across the entire (151.7% versus the preceding year). This trend was maintained in 2011, the financial performance of these companies made Rb 1981.0bn (148.7% versus 2010), the drivers of which were such as producers prices growth by 29.1% and global prices growth by 39.3% (Brent) in the context of production growth by 1.3% in 2011 versus the preceding year. The total profit margin for mineral resources extraction sector made 35.7% having grown by 2.2 p.p.

versus 2010. The cost-effectiveness of hydrocarbons production in 2011 made 32.1%, of other mineral resources extraction 64.5%, which was the maximum level starting from 2005.

Financial performance of processing and manufacturing companies in 2011 made Rb 1904.1bn, thus exceeding 2010 level by 20.4%, and production output growth made 6.5%. Let us note that given unstable external demand in H2 2011, reduction of balanced financial result by 3.1% to the respective period of the preceding year was registered due to weaker dynamics of export-oriented enterprises operations. The balanced financial result of companies trading in foreign markets increased by 15.1% in 2011, and for companies oriented towards domestic markets by 32.9%.

During the post-crisis period financial performance in oil refining were also gradually improving. As of the end of 2011, financial performance of oil refineries made Rb 735.0bn, which is 22.9% above the preceding year level. During 2011 oil refining output increased by 3.3%, and the producers prices grew by 17.6% versus 2010. However, the refining margin in 2011 went down to 19.8% versus 23.1% in the preceding year due to the increase of production costs and lack of positive trends in upgrading the feedstock processing technology.

Chemical enterprises have been demonstrating improvement of financial metrics since 2010. In 2011 balanced financial result of such enterprises made Rb 274.4bn having increased by 65.1% versus the same period of the preceding year. Let us note that in chemical sector the RUSSIAN ECONOMY IN trends and outlooks producers prices growth in 2011 was 110.3% and production output growth 105.2% versus the preceding year. High level of machines and equipment wear-and-tear, poor product mix and poor quality of domestic supplies versus the exported products had a very negative impact on chemical enterprises performance. Profitability in chemical sector in 2011 made 24.9% and exceeded the level of 2010 by 5.1 p.p. at the expense of intensive reduction of production costs due to reduction of the employed people number.

Table Profitability of goods sold, production output, work done, services rendered and assets of companies in 2008-2011 by types of business, % Profitability of goods/work/ Profitability of assets For reference services sold, December 2011 vs.

2011 versus December Finan- Gross cial Value Prices per- Added indices formanc physical e rate indices Total 13.0 11.5 11.4 11.0 5.4 5.7 6.8 7.0 120.0 104. including: 10 8.4 10.3 10.3 4.8 3.1 3.4 4.2 144.5 116.1 94.Agriculture, hunting and forestry Fishery and fish- 7.4 21.4 20.8 22.0 1.0 14.5 13.9 13.8 129.2 113.breeding Extraction of commercial 25.4 29.2 35.5 35.7 10.5 11.3 14.5 18.4 148.7 101.7 126.minerals Processing and manufac- 17.1 12.5 14.3 13.2 8.6 5.6 7.8 8.2 120.4 106.1 108.turing Production and distribu- 4.9 7.6 7.2 6.7 2.3 3.6 5.3 1.4 33.3 100.4 105.tion of electric energy, gas and water Construction 5.6 6.6 5.7 6.6 3.1 2.9 2.2 2.4 102.9 104.8 108.Wholesale and retail; 10.8 8.3 9.2 8.9 5.3 7.9 6.9 10.4 178.0 105.maintenance of motor vehicles, bikes, household appliances and individual supplies Transport and communi- 14.2 14.1 13.8 12.8 5.4 4.5 5.0 4.7 107.6 102.9 108.cations Source: Federal Statistics Service.

In metal industry balanced financial result in 2011 made Rb 370.9bn meaning 8.1% decrease versus the preceding year. Starting from H2 2011 external demand for Russian metallurgic products was going down, which became the cause for deterioration of balanced financial result. Production profitability in metal industry decreased by 2.8 p.p. versus 2010 and made 15.9%. As of the end of 2011 the production output level in metal manufacturing and metal goods manufacturing grew only by 2.9% versus 12.4% growth in the preceding year, and producers process growth went down from 122.4% to 104.7%.

In timber industry balanced financial result decreased by 12.3% versus 2010. In the environment of production rates slowing down in wood processing and in pulp-and-paper production the profitability level was maintained at the expense of increased producers prices.

Currently the pre-crisis levels of production capacity utilization have been achieved in processing sector. Hitting the intensive growth limit at the expense of increasing the capacity Section The Real Sector of the Economy utilization rates is accompanied by intensive import of foreign goods. Combination of these two factors leads to volatile dynamics of processing industries output.

Companies producing goods non-marketable in foreign markets are in the majority of cases inefficient. It is worth noting that despite financial performance improvement in business activities targeted at meeting the internal investment demand, the situation in these fields remains not quite favorable.

In construction materials production the profitability rate in 2011 was 11.8%, which is a 3.9 p.p. increase versus the preceding year. However, this indicator is still significantly lower than the pre-crisis level (18.9% in Q1 2008). Last year the profitability growth was driven by gradual growth of demand and by production output growth by 9.3% versus 2010, on one hand, and by facilitated growth of prices for products and services in this sector by 113.5% versus 103.6% a year earlier.

In the mechanic engineering sector the balanced financial result of 2011 exceeded the level of the preceding year 1.86 times, but significant differentiation by types of business may be observed here. Given a pretty much restrained pricing policy, indicative for this sector, the dynamics of production yield and the level of production costs had the dominating impact on the profitability level. Also, performance of mechanical engineering companies was significantly impacted by the outrunning growth of production costs in this sector versus the economy in general and processing enterprises in particular at the expense of labor costs growth.

The profitability of machines and equipment manufacturing in 2011 made 7.0% versus 7.3% in the preceding year, and the profitability of electric equipment, electronic and optical equipment manufacturing 10.0% versus 10.1% respectively.

In 2010-2011 significant growth was observed in transportation vehicles and equipment manufacturing, which was related with implementation of car-manufacturing anti-crisis support programs. In 2011 transportation vehicles and equipment manufacturing maintained its leading position with regard to production output growth rates versus other areas of mechanical engineering sector. As of the end of 2011 the balanced financial result in transportation vehicles and equipment manufacturing made Rb 86.4bn, and sales profitability exceeded the pre-crisis level making 7.5%, which was 2.7 p.p. versus the preceding year.

In consumer goods manufacturing output growth rates slowdown was accompanied by facilitated dynamics of manufacturers prices and gradual slowdown of wages growth rates.

Profitability of textile and clothing manufacturing in 2011 grew up to 7.1% versus 5.4% in the preceding year, and in leather and leather garments manufacturing profitability went down to 7.5% versus 8.0%. In food products manufacturing profitability decreased by 4.1 p.p. versus 2010 and made 8.1%. Slowdown of foods products manufacturing growth rates (down to 101.0%) in 2011 with simultaneous growth of the manufacturers prices by 1.8% became one of the key factors here determining poorer performance. Financial result in food products manufacturing in 2011 made Rb 147.0bn, which was 25.8% lower the result of 2010.

In general, the analysis of production dynamics and financial results allows for making a conclusion about gradual post-crisis recovery of the economy and overcoming of 2008phenomena. However, financial results were improving versus the preceding year mainly due to pricing factors. Given a slowdown in the economy growth rates, the production costs did not go down, and the efficiency of labor and capital utilization went down. Surely, the increase in labor costs and insurance premiums on salaries (from 26% up to 34% in 2011) impacted the financial performance of businesses and companies. In 2011 the financial result RUSSIAN ECONOMY IN trends and outlooks growth rate under the cumulative impact of all the above listed factors made 120.0% versus 142.8% in 2010, and profitability went down by 0.4 p.p. versus the preceding year.

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