CONTACT INFORMATION: Central office FSUE Russian Post Address: , Moscow, Varshavskoe shosse, 37 Phone number: +7 (495) Fax: +7 (495)

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1 Annualreport 2013

2 CONTACT INFORMATION: Central office FSUE Russian Post Address: , Moscow, Varshavskoe shosse, 37 Phone number: +7 (495) Fax: +7 (495) Website:

3 Dear ladies and gentlemen! Last year, a new dynamic team joined Russian Post. The process of a major transformation of the company was initiated, and today we can see and assess the first results. The development strategy was created, the logistics system was optimized, mail delivery was improved, and the wage increases were initiated. The development strategy of the company was created in collaboration with the Ministry of Communications of Russia and is designed for 10 years. It is very important to note that it does not involve budgetary funding. The Post should and will evolve by improving the efficiency of its work, by solving its problems through speedy postal deliveries and by eliminating the problem of long lines in post offices. In addition, the network of post offices in Russia must be maintained. In 2013, FSUE Russian Post opened new international post exchange offices in Yekaterinburg and Novosibirsk and a logistics postal center in Vnukovo. The project on decentralization of postal processing in Central Russia and Siberia is a significant step towards decreasing the times required to deliver post. These efforts have resulted in streamlined delivery of international postal items. For the first time, the Post also managed to avoid New Year s delays, which in 2012 amounted to two months. In addition, the fourth quarter of 2013 demonstrated a significant improvement in terms of the time required to send postal items. Russian Post is the second largest employer in the country. It employs approximately 350 thousand people and about 56% of the company s expenses are employee salaries. Employee salaries were increased from October 1, 2013 for the certain categories of postal workers and from January 1, 2014 for all employees of Russian Post. In 2013, salaries were increased in 17 branches from 15 to 30%, depending on the region. We have been regularly meeting with colleagues, discussing plans and ideas and visiting postal facilities during business trips to various regions of the country. Almost every one of them is confronted with the problem of energy efficiency. In order to solve this problem, in May 2014 we signed an agreement with the Ministry of Energy of the Russian Federation. The document provides for increasing energy efficiency of Russian Post. Energy saving is a way to save on expenses. It is also a way to increase employee salaries. It is clear that Russian Post is gradually changing. But there is much more work ahead of us as we keep moving towards our main goal to turn Russian Post into a modern and efficient company that provides citizens of the Russian Federation with high-quality services. I wish you all fruitful cooperation and success in achieving this goal! Nikolai Nikiforov Minister for Communications and the Media of the Russian Federation

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5 Dear ladies and gentlemen! In 2013, Russian Post started introducing major changes; the first results of these changes are now obvious to our customers, competitors and employees. Last year, we resolved top-priority operational challenges that Russian Post was facing in the spring of We had to take urgent and extraordinary steps in order to expand the infrastructure of international postal deliveries. Opening of the new Logistics Postal Center in Vnukovo allowed us to ramp up our production capacity and reduce the pressure that traditionally applies to the New Year s peak period. Today, up to 200 tons of international mail is arriving into the country daily, and it does not cause any problems with its processing and delivery to the recipients. Considerable efforts have been made to improve logistics, which resulted in shorter time periods required to deliver mail. Today, over 80% of letters within Moscow reach their addressees within three days, and almost 95% of letters within Moscow region reach their addressees within no more than five days. Russian Post has embarked on a program to improve the income of postal employees. From October 2013, two phases of the process of increasing employee salaries have been implemented for mail delivery personnel, telecommunications operators, sorters, drivers, and the heads of post offices. This year, the Development Strategy for Russian Post until 2023 was created, which will allow Russian Post to become a profitable, client-oriented and technological company that will be serving a social function of providing basic postal services to the public. Dmitry Strashnov General Director of FSUE Russian Post

6 4 RUSSIAN Post Annual report 2013 Table of contents Opening remarks by the Minister of Communications and the Media of the Russian Federation N. Nikiforov 1 Opening remarks by the General Director of FSUE Russian Post D. Strashnov 3 1. Company information 6 Main services of FSUE Russian Post 9 Russian Post: facts and figures 10 Credit rating 12 Structure of FSUE Russian Post Main events of Main work results of Postal services 28 Written correspondence 30 Periodicals distribution (subscriptions) 32 Delivery of bills and notices 33 Acceptance of immigration notices 34 Hybrid mail centers 35 Parcels, EMS, courier and shipping services (CEP) 36 International shipments 39 Financial services 41 Postal remittances 43 Payment of pensions and allowances 44 Receiving payments on behalf of third parties 45 Development of postal banking services 46 Selling goods (works, services) 47 Philately 48 Provision of public and municipal services New formats and technologies 52 Automated parcel terminals 53 SMS notifications 53

7 5 5. Modernization and development of infrastructure 54 Creating a network of logistics postal centers 57 Construction and reconstruction of postal service facilities 62 Capital construction 62 Post offices reconstruction project 63 Development of transportation and sorting network 64 Road transport deliveries in the network 64 Rail transport deliveries in the network 65 Air transport deliveries in the network 66 Transport facilities of FSUE Russian Post 67 Optimization of postal facilities network 70 Improving the quality of services 72 Meeting time requirements for postal deliveries 72 Economic efficiency of cooperation with the bodies of state and municipal authorities Personnel development 74 Employees 76 Salary increases 78 Personnel training and development 80 Social benefits 81 Non-governmental pension provision 81 Motivation 82 Occupational safety and health International activities Development strategy Glossary 96 Accounting statements 97

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9 1. Company information

10 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of FSUE Russian Post is a federal state unitary enterprise, a national postal operator that provides universal postal services and a range of modern financial and business services to the public throughout the Russian Federation. Russian Post is one of the largest and most important companies in the country that executes the most essential social functions.

11 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 9 Main services of FSUE Russian Post POSTAL SERVICES: acceptance, processing, shipment and delivery (hand delivery) of mail and parcels; universal postal services; international postal services, as well as the exchange of international mail between foreign postal operators (foreign postal administrations); storage of mail, cargo and goods, as well as warehousing services; hybrid mail services; subscription services, delivery and distribution of periodicals; receiving immigration notices. FINANCIAL SERVICES: postal money transfers; financial services through contractual arrangements with financial institutions pertaining to realization of their services through the network of post offices; receiving payments on behalf of third parties; delivery services and issue of pensions, allowances and other destination payments; accepting utility payments and other payments; postal banking services; collection of funds. OTHER SERVICES: retail and wholesale trade of different commodities; local and long-distance telephone, facsimile, telex and Internet access services; freight forwarding services; customs brokerage services, as well as customs declaration and clearance services.

12 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of Russian Post: facts and figures 54 75,4 deliveries and parcels)80 Over employees 37% of the CEP market types (courier, express Approximately 1,5 billion Approximately of services million parcels* million money transfers* copies of printed materialssold by subscription* Approximately stationary and mobile post offices road vehicles

13 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 11 of the 43,4% market for delivering pensions 439,8 million pension and benefits payments completed * ,6 rail cars branches Over billion letters* 80% of the market for the delivery of written correspondence 561,4 million payments accepted on behalf of third parties* *A year.

14 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of Credit rating On September 26, 2013, Fitch rating agency confirmed the following credit ratings for FSUE Russian Post: long-term foreign currency issuer default rating BBB, forecast stable ; long-term issuer default rating in national currency BBB, forecast stable ; short-term foreign currency issuer default rating -F3; national long-term rating AAA (rus). The confirmed credit ratings of FSUE Russian Post correspond to the sovereign credit ratings of the Russian Federation.

15 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 13 Structure of FSUE Russian Post CENTRAL OFFICE Postal business Parcel business and express delivery Financial business Operational management Logistics Information technology Equipment and safety Finance, economics, law and administration HR management, organizational development and internal communications BRANCHES 82 territorial administrative offices of the Federal Postal Service AFPA of the constituent territories of the Russian Federation The main center for longhaul shipments of the Post EMS Russian Post Automated sorting centers Hybrid postal centers Automated sorting centers Separate structural divisions: сenter for automated information technology systems; Pochtovik Resort SEPARATE STRUCTURAL UNITS OF THE BRANCH OFFICES 30 transport depots 4 rail way station post offices 767 post offices 5 postal transportation offices and postal air transportation offices 51 main sorting center POSTAL OFFICES stationary post offices mobile post offices

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17 2. Main events of 2013

18 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of An online payment service has been launched. This payment portal, which can be accessed from the website of Russian Post and its regional branches, allows the public to pay their utility, Internet, cable television, telephone and mobile telephone bills, as well as to locate and pay fines of the traffic police.. Pursuant to the order of the Ministry of Communications of Russia, Dmitry Strashnov, formerly the head of Teie2 Russia, one of the largest mobile operators in the country, was appointed General Director of FSUE Russian Post January February March April May Customer Service Center for EMS Russian Post was opened in Moscow. Russian Post introduced Forzash, an urgent service of addressless money transfers that will operate in the market of cross-border transfers. Now, funds can be transferred not only in Russia, but also abroad (in the neighboring countries and beyond), as well as online between foreign countries. EMS Russian Post launched new automotive routes Rostov Mineralnye Vody and Moscow Tula Voronezh Lipetsk. The introduction of these routes has reduced delivery times and increased security of deliveries.

19 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 17 XI International Exhibition Forum Postal Troika took place in St. Petersburg. It was primarily dedicated to international cooperation in the conditions of expansion of telecommunications and e-commerce market growth. Russian Post and Sviaz-Bank announced about the introduction of one-touch cashless payment innovative technology at the Universiade 2013 in Kazan. Within the framework of the project, POS-terminals with contactless payment technology were installed in 20 post offices in the capital of Tatarstan. Russian Post announced of its decision to redirect the post going from China to its destinations in Siberia and the Far East to the international post exchange office (IPEO) in Novosibirsk. This has greatly accelerated the speed of deliveries, since until then all post coming from China to Russian recipients went via Moscow June July Russian Post announced the start of You are not alone!, a program aimed to support elderly people. For four months, anyone can come at any post office and send a letter, postcard or parcel to people residing in assisted-living facilities without indicating a recipient s address. In Saransk, Russian Post Day was marked by moving a local post office to a new building. It is now a multifunctional center for public and municipal services.

20 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of The first results of the logistics optimization program in Moscow were announced: the number of local written mail delivered in the capital had increased 15 times during the period under review! Russian Post introduced a new service for its clients that is available in most offices repayment of credit loans of any Russian bank. The procedure is carried out by postal transfer of the funds to Rapida, Nko, OOO; afterwards, the funds are sent to the corresponding bank via bank transfer. Official ceremony of commissioning of the corporate aircraft of Russian Post took place in Yakutia. Regular postal flight schedule will cut mail delivery times in the remote areas of the republic. July August In the framework of the logistics optimization program, Russian Post moved the processing of all local mail operations in Moscow, Vladimir, Kaluga, Tver, Ryazan and Tula regions from the automated sorting center (ASC) in Podolsk to the regional branches. This allowed to reduce costs and ensure compliance with target dates for delivery of mail. National summer sports competitions of postal workers of Russia took place in Samara. Competitions were held in six kinds of sports: beach soccer, beach volleyball, long jump, arm wrestling, relay race and tug-of-war. First place in the team event was taken by the team of the Siberian Federal District, second by the Southern and North Caucasus FD, and third by the Volga FD. Post Office at Kazan railway station in Moscow opened a new processing facility for international mail, which specializes in handling and customs clearance of international packages. This allowed to open up more space in Moscow international post exchange office for processing of small packages from abroad that make up a large portion of the incoming mail.

21 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 19 Twenty-five postal employees received awards for working in extreme conditions during the spring flood. Those who risked their lives when delivering mail and money via flooded and washed-out roads to remote locations, received rewards for bravery and honorary certificates. In addition, by September 23, 2013 post offices collected 10 million rubles for the ones who suffered from the flood in the Far East; the money transfers were carried out free of charge. Postal employees also arranged for payments to compensate the population for the damaged and lost property. Russian Post embarked on the implementation of the program to raise staff members' salaries scheduled for In the first phase, starting from October 1, primary production employees received salary increases: mail delivery personnel, telecommunications operators, sorters, drivers and the heads of postal offices in 17 branches of the company September October In Moscow, a pilot project aimed at reducing delivery times for the correspondence within the city was launched. In 24 large metropolitan postal offices with the highest traffic, red mailboxes intended only for mail addressed to residents or organizations in Moscow were installed. Russian Post was elected to join the board of PostEurop, the Association of European Postal Operators. The scope of responsibilities of the Russian postal operator included developing the relationship between postal administrations of the countries of Eastern Europe, the CIS and EU countries and sharing with them the top practices and the best technology of the European countries. The first postal helicopter took off in Khabarovsk Krai. Its main task was mail delivery to remote locations of the region. MI-2 helicopter is capable of carrying up to 71 tons of cargo per year. Its commissioning would allow to substantially reduce mail delivery time.

22 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of Postal operators of Russia and China have agreed on measures to improve mail exchange and logistics and to develop the transport channels of exchange between the two countries. In particular, it has been decided to increase the number of road and air mail routes between the two countries, to expand the border mail exchange and to streamline the system of electronic data interchange, which will allow to speed up customs and primary processing of mail deliveries. During the official visit of the Prime Minister of Russia, Dmitry Medvedev, to the People s Republic of China, the General Director of FSUE Russian Post, Dmitry Strashnov, signed a memorandum with the President of ChinaPost group, Li Guohua, on mutual understanding and cooperation between the national postal operators of the two countries. The first batch of express EMS deliveries from abroad was processed at the facility of the international postal exchange of Novosibirsk Tolmachevo airport. The new IPEO became the fourth in the country and the first outside the two capitals that was constructed on the premises of the airport. It specializes in accepting mail for delivery to recipients residing in the Siberian, Ural and Far-East federal districts coming from China and the countries of South-East Asia. Traffic distribution of international express mail among various geographical areas has decreased the work load of Moscow site and allowed EMS Russian Post to reduce its mail delivery time October November Russian Post won the contest pertaining to printing and delivering copies of traffic regulations violation notices that was conducted by the public institution Center for traffic regulations control of the State Traffic Safety Inspectorate (STSI) of Russia. This was an important victory for FSUE, which initiated active work to attract new customers in B2B and G2C market. Russian Post entered into a cooperation agreement with the Federal Passenger Company (FPC) on coordinating schedules of passenger train mail cars. In St. Petersburg, a pilot project on creating specialized centers for hand delivery of parcels (PDC) was launched. In the various areas of the city, three such centers were opened; they operate around the clock, which significantly saves time on handing out correspondence. It takes them no more than three minutes to serve one client.

23 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 21 In the framework of the strategic objective to reduce the time of delivery of international mail and decentralize incoming mail traffic, new IPEO opened its doors in Ekaterinburg Koltsovo Airport. The largest Logistics Postal Center of Russian Post opened in Moscow Vnukovo airport. This is the first facility in the country, where customs clearance of international mail is aligned with its automated sorting by areas of delivery. Opening of the Logistics Postal Center has significantly increased throughput of international mail exchange, greatly reduced the time required for processing and helped avoid disruptions in the work during the peak period. In 2014, Russian Post signed an agreement on cooperation with UTair Aviation airline company. Under the terms of the agreement, the postal operator guarantees that it will provide airline s passenger aircrafts with 370 tons of postal shipments monthly, and UTair Aviation undertakes to guarantee the safe delivery of mail to its destination within 24 hours and its safe-keeping during transportation December At the meeting of the Prime Minister of the Russian Federation, Dmitry Medvedev, the development strategy for Russian Post was discussed; the key focus of this strategy would be to improve the efficiency of the company. It will be guaranteed by increased labor productivity, increased volumes of written correspondence and remote trade and development of postal banking services. The Post is looking at the task to increase its revenue two-fold over the next five years. During the official visit of the President of Russia Vladimir Putin to Italy, General Director of FSUE Russian Post, Dmitry Strashnov, signed a memorandum on further enhancing the cooperation with Poste Italiane and Selex ES company. The agreement provides for enhancing interaction for the development of hybrid mail in Russia, for sharing experiences in the field of e-commerce and for the use of new technologies in the sphere of logistics. The pilot project on sending SMS notifications to customers awaiting registered mail from abroad was initiated.

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25 3. Main work results of 2013

26 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of Main work results of 2013 In 2013, despite the decrease in economic growth in the country, Russian Post was able to increase its revenues by 3.2%. The company's net profit amounted to 24 million rubles. The main aspect driving the development of the company was the improved efficiency of the conducted work activities. Thus, the output of 1 employee increased by 6.2%, and the average monthly income of 1 post office by 3.5%. There was also an increase in volumes of several potential services. The most significant increase was demonstrated by «First-Class Deliveries (which increased by 89%) and processing of inbound international shipments (which increased by 94%). An increase in costs in 2013 was due to the initiation of the program for raising employee wages, and, consequently, an increase in labor costs of 3.7%. Indicators Growth rate Proceeds from the sale of goods, products, services (minus VAT, excise tax and similar mandatory payments) Production costs (total), including 128, ,092 3,2% 133, ,706 2,3% Cost of labor 57,293 59,391 3,7% Social security contributions 16,670 17,351 4,1% Tangible costs 20,855 20,484-2% Transportation costs ,8% Depreciation ,5% Other costs 27,961 27,405-2% Non-core business, interest and taxes balance % Net profit (loss) ,0% Average number of employees per year, persons 300, ,386-2,5% Average salary, rub. 15,347 16,689 8,7% Monthly average output per one employee, thousand rubles 32,9 34,9 6,2% Revenue per one office, thousand rubles ,5% Net assets, million rubles 12,218 13,470 10,2%

27 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 25 Revenue (billion rubles) Investment (billion rubles) EBITDA (billion rubles) Output per one staff member (rub. /mo.) ,522 32,872 34,915 2, * * ЗEBITDA value in comparable circumstances: while maintaining the state grants on the level of billion rubles, without taking into account the added costs of the increase (for the first three years) of employee salaries in 17 cities with million-plus population. 0

28 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of Revenue structure 1% from asset portfolio 13% from parcels, EMS, courier and delivery service 39% from postal services 35% from financial services 12% from sale of goods and services

29 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 27 Expenditure structure 7% Tangible costs 56% Labor costs with contributions 1% Consulting services 5% Other costs 6% Transportation costs 3% Rent 2% Depreciation 4% Utilities 8% Goods purchasing price 2% Communication services 6% Maintenance and repairs Increase in services (million units): +94% +89% ,596,200 units Incoming international mail (all types) 42,765,452 units All types of 1st class mail +11% 863,850,425 units Bill deliveries +1% 53,619,816 units Parcel deliveries +0,3% 23,540,043 units Deliveries of insured written correspondence

30 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of Postal services Providing postal services is the main activity of FSUE Russian Post, which in 2013 amounted for 39% of its income. As a federal postal operator, the company serves social functions by providing the population with universal services throughout the country at affordable tariffs regulated by the State. The cost of other services is determined by the market. In 2013, Russian Post was able to increase revenue among all types of postal services. The total profit from postal services grew by 6.7 %. The most positive momentum was demonstrated by the revenues from «First-class deliveries», settlements with foreign postal administrations (FPA) and deliveries of bills. Postal services revenue dynamics Indicator Revenue, million rubles deviation 2012 год 2013 год million rubles % Postal services sales, incl.: 48,612 51, ,7 Written correspondence, paid by state postage 30,453 30, ,2 First class deliveries Insured letters and parcels Income from settlements with FPA Subscription Bill deliveries Acceptance of immigration notices Other revenues (related services, PO box and others)

31 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 29 Postal services revenue structure First class deliveries, paid by state postage Insured first class deliveries 2% 4% 4% 4% Bill deliveries Insured letters and parcels Subscription Other revenues 7% 12% 8% Income from settlements with FPA 59% written correspondence, paid by state postage

32 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of Written correspondence The greatest share of the revenue from postal services is still originating from processing written correspondence, a substantial part of which is correspondence paid by state postage (SP). Tariffs for this service shall be governed by the Federal Tariff Service. In 2013, they have grown by 9.4% for basic correspondence and by 8.8% for certified correspondence. The most significant growth in revenue of 58% was demonstrated by the service of accelerated delivery of written correspondence «First class deliveries». Thanks to the optimal price and consumer properties, with each year this service becomes more popular among individuals and the Internet stores that consider the minimum delivery time of the product to the customer to be their main competitive advantage.

33 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 31 Written correspondence (without first-class deliveries) First-class deliveries Total share of various mail types 29.2% Certified 69.3% Basic Total share of various mail types 23% Insured 68% Basic 1.5% Insured 9% Certified

34 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of Periodicals distribution (subscription) In 2013, Russian Post revenues from subscriptions increased by 0.5 % in comparison with However, the service has remained unprofitable. The enterprise has been hampered fares to receive orders for subscriptions and delivery newspapers and magazines, receiving subsidies from the government for the losses, but these subsidies are not enough. For example, in 2013, they covered only 44% loss. The rates in the first half of the reporting period, there were saved to the second half of 2008, and, in the second half of 2013, have increased in relation to the level of 15 %. Distribution of periodicals sold by subscription, by the types: Newspapers Magazines units Books units units Number of periodicals sold by subscription in 2013 Period Consumer category Circulation, thousand copies Revenue, mln. rub. (with VAT) Subscription price, mln. rub. (with VAT) 1st half of 2013 Individuals 26, Legal entities Total 32, Second half of 2013 Individuals 25, Legal entities Total 30, Total ,497.8

35 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 33 Delivery of bills and notices FSUE Russian Post has been actively promoting the service of delivering bills, notices and payment document packages. In 2013, the volumes for this service grew by 82.4 million units (by 11 % ), and the revenues by 383 million rubles (plus 24 %). This was due to attracting new large corporate customers in Moscow and the regions. Thus, the contract on monthly distribution of the bills of Mosenergosbyt, JSC in the metropolitan region was concluded. Volume and revenue dynamics of the service for delivering bills, notices and payment document packages. 24% 2006 Revenue, mln. rub volume, mln. units %

36 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of Acceptance of immigration notices Acceptance of immigration notices is becoming more of a sought-after service of Russian Post with every day. In 2013, the revenue from this service amounted to 408 million rubles. Foreign citizens use the notices to notify the Federal Migration Service on their arrival into the country, confirm their residence in the Russian Federation and send notifications pertaining to their employment activities. The maximum growth rate of the volumes of immigration notices in comparison with 2012 (that is the maximum increase in migration activity) has been observed in the Moscow Region, Krasnodar Krai, Moscow, Sverdlovsk Region, Rostov Region, and some of the other constituent entities of the Russian Federation. This is due to the highly positive (in comparison with other regions) economic data for this constituent entities that are related to the ability to obtain work in the service industry and the construction sector. Volume dynamics for accepting immigration notices volume, mln. units %

37 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 35 Hybrid mail centers One of the fastest growing areas of the business is hybrid mail. This service is being developed by a specialized branch of the company the Center for Hybrid Mail (CHM). In 2013, it produced 40 million units of printed goods with the revenue amounting to million rubles. The largest customers of CHM are Sberbank, Center for Traffic Regulations Control, Rostelecom. In 2013, the Center for Hybrid Mail initiated active work with the aim to attract small and medium-sized businesses and also embarked on the regional expansion program. For example, a hybrid mail production facility was opened in St. Petersburg. In 2014, similar productions facilities should open for business in Novosibirsk, Krasnodar and Yekaterinburg.

38 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of Parcels, EMS, courier and shipping services (CEP) In 2013, revenues from parcels, services rendered to commercial companies, EMS, courier and delivery service amounted to 17,071 million rubles, which is 9.8% higher than the comparable indicator of This is a sufficiently large increase in view of the fact that this direction is one of the most competitive ones on the market. In order to maintain the mail volumes and increase the revenue, the company significantly intensified its work with the aim to attract new clients, increase quality of services and optimize logistics. According to the results of 2013, the share of these services in the overall revenues of the company amounted to 13%. Revenue dynamics for CEP services Indicator Revenue, million rubles Deviation million rubles % Revenues from parcels, services rendered to commercial companies, EMS, courier and delivery service, incl.: 15,544 17, % Parcels 11,700 13, EMS deliveries Services rendered to commercial companies Other revenues

39 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 37 Revenue structure of CEP services 77% 18% 4% 1% Parcels EMS deliveries Services rendered to commercial companies Other revenues

40 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of Parcels In 2013, Russian Post delivered 53.6 million parcel units, including containers and large loads registered as mailing units. Revenue from this service amounted to 13,117 million rubles, which constituted a 12.1% increase in comparison to Growth of the volumes and revenues was also attributed to the successful introduction of the C.O.D. parcel mailing service in the Russian Federation, which made it possible to attract a new market segment remote trade companies and caused a 2.2 times increase in the revenues of Russiаn Pоst FSUE branch of Russian Post in Berlin, when compared to EMS deliveries EMS Russian Post service of express mail delivery of correspondence and cargo has been in high demand already for quite some time both in Russia and abroad. The company has shown a steady growth in revenue in this direction, in spite of the growing competition, which effects the mail volumes. For example, the number of outgoing EMS deliveries in 2013 decreased by 5.6% and amounted to 4.5 million units. 1% decrease also occurred for international and domestic deliveries. Thus, at year-end, the revenues were increased by 3% up to 3,025 million rubles. Over 2,000 contracts were concluded with new customers, including Internet stores, in order to maintain mail volumes level. The effective work has been carried out in order to optimize logistics. In 2013, the branch has developed and partially implemented a plan of action to transfer the main production center from Moscow EMS sorting center to the settlement of Sharapovo in Moscow region. In addition, in 2013, Tolmachevo IPEO opened (in Novosibirsk), which has made it possible to separate import flows and reduce the time and costs associated with processing, shipping, and handling of international deliveries.

41 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 39 International shipments In 2013, the volume of incoming international mailing units continued to grow; thus, written correspondence volumes increased two-fold (from 5,470 to 10,952 tons) and parcel volumes by a third, up to 2.43 million units. However, the number of outgoing international written correspondence units decreased by 5 % in comparison to In 2013, revenues for postal services rendered to FPA increased by 38% in comparison with 2012 and amounted to 4,100 million rubles. Among them, the revenues for EMS delivery services rendered to FPA increased by 27.5 %. FSUE Russian Post is one of the main suppliers of remote trade goods ordered by Russian consumers from abroad, which contributes to permanent growth of the volumes of incoming international mail with merchandise units. In 2013, it amounted to 110 %.

42 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of Parcel distribution centers In 2013, Russian Post started offering a new service for its clients parcel distribution centers (PDC). Three such centers opened for business in St. Petersburg in the fourth quarter. The customers will be able to receive parcels quickly and at any time, convenient for them (these centers are either open later than regular post offices or around-the-clock). When parcels arrive in the center, the recipient will receive a notice and an SMS-message or an that will include address information, PDC business hours and the contact number for FSUE Russian Post. Picking a parcel up will only take three minutes. Customers will be able to get parcels delivered to their home by courier or fill out an application requesting to forward the parcel to a different post office. In the long term, it is expected to expand the specialization of the centers. Greetings via mail «Greetings from Father Frost» service from Russian Post is becoming more and more popular. In 2013, over 341 thousand greeting letters and presents were processed, which is 5% more than a year earlier. The number of sent greeting letters increased by 34%. In 2013, there were 18 holiday gift sets available. Approximately 27 thousand people ordered letters and gifts on the website of FSUE Russian Post. The orders were paid in the post offices or via «Yandex.Money» payment system.

43 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 41 Financial services In 2013, financial services provided for nearly 35% of the company's revenues. The main revenue (66%) is accounted for submitting payments for pensions and benefits. The share of revenues from receiving deposits from the public in favor of partnering banks and other services remained at the same level. Accepting payments in favor of third persons still prevails among the gross data. In 2013, over a billion of such payments were accepted. Collection of funds and remittance services demonstrated negative dynamics. In the latter case, this is due to outflow of customers in favor of commercial banks and international transfer systems. In connection with the ever-increasing competition in the market of accepting and forwarding of funds, Russian Post is taking a number of measures in order to maintain the same revenue level. Among them are development of partnerships with organizations, which settle payments with their customers with the help of remote payment systems, expansion of the range of services, and increasing the quality of service.

44 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of Revenue dynamics for different types of financial services Indicator Revenue, million rubles Deviation million rubles % Financial services sales 47,067 46, % Remittances (without pensions) % Payments of pensions and benefits 29,999 30, % Receiving payments on behalf of third parties % Accepting contributions from the public in favor of partnering banks ,2-0.1% Collection of funds % Other % Structure of revenue from financial services for % 17% 16% (2012 год 64%) (2012 год 19%) (no changes) million units 75.4 million units million units Payment of pensions and allowances Remittances Receiving payments on behalf of third parties 1% Other

45 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 43 Postal remittances In 2013, volume of postal remittances (with pension transfers) decreased by 15% (up to 75.4 million units) in comparison with 2012, which led to a 12.9 % revenue decrease for this type of service. In monetary terms, the revenue amounted to 8,218 million rubles. In these circumstances, Russian Post has taken a number of measures to rectify the situation. Throughout the year, the company entered into 502 federal contracts to accept postal remittances from the public in favor of banks, insurance companies, educational institutions, remote trade companies, and other organizations. In addition, conditions of cooperation with postal organizations of Armenia, Belarus, and Moldova have been changed, which made it possible to enhance opportunities for transfers of funds between the Russian Federation and the above-mentioned countries. Volume and revenue dynamics for the postal remittance service Indicator Unit off, % Number of accepted postal remittances (including pension transfers), total million units % in Russia million units % international million units % Total amount of accepted remittances, total billion rub % in Russia billion rub % international billion rub % Starting from , the following categories of remittances between Russia acting as one party, and Armenia, Belarus and Moldova, acting as the other party, have become available: from a physical person in cash to a physical person in cash or via cashless settlement (including C.O.D. remittances); from a physical person in cash to a legal entity via cashless settlement ( including C.O.D. remittances); from a legal entity in cash to a physical person in cash (including C.O.D. r e m i t t a n c e s).

46 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of Payment of pensions and allowances The Post takes up a leading position in the market of delivery of pensions and benefits in Russia with the share of 43.4 %. Thanks to the company, money consistently and in a timely manner is delivered to 17.8 million people, even in the face of force majeure circumstances (as it was at the time of the floods at end of the summer and the beginning of autumn of 2013). The payment of pensions and benefits provides FSUE with 2/3 of its revenue from financial services (66 %). In 2013, revenues in this category reached 30,214 million rubles and constituted a 2.9 % increase when compared to At the same time, the company has been experiencing an increasing pressure of the negative trends, which in the long term can lead to a decrease in the revenue from this service. For example, the number of payments in 2013 decreased by 8.8% down to million units. This is due to the fact that more and more pensioners get their pension payments deposited to their commercial bank accounts. In addition, in a number of regions, alternative pension transfer methods are also quite popular. In spite of these factors, as well as the fact that the commission for the delivery of pensions and benefits in 2013 was maintained at the level of 2012 (1.17 %), it still proved possible to increase the revenue thanks to the raise of an average pension payment. In order to maintain the leading positions in the market, Russian Post has been actively developing its infrastructure and services. In 2013, a joint project of the Russian Post and the Pension Fund was completed; the project focused on introducing e-document management technology in the process of payment distribution and delivery of pensions throughout the country. This allowed to address the critical social task of informing pensioners about the sources and amounts of all types of payments transferred to them. In addition, the Pension Fund of Russia received an opportunity to monitor pension payments distribution and delivery on the daily basis. In 2013, a similar project was launched, which will focus on distributing benefits and subsidies payments coming from social welfare bodies of the constituent entities of the Russian Federation.

47 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 45 Receiving payments on behalf of third parties Accepting payments in favor of third persons (payments for utility services, telecommunication services and cellular communications, Internet and cable TV, various duties, fines, etc.) remains one of the major directions of financial activity of FSUE Russian Post. At the same time, there is a decline in turnover and profitability of this service. For example, when compared with the previous year, the number of payments accepted in 2013 decreased by 7.7% (down to million units), and the revenues decreased by 3%, amounting to 7,406 million rubles. In these circumstances, Russian Post is actively seeking new sources of revenue. Currently, the service of accepting payments for children's pre-school institutions, educational institutions and State Traffic Safety Inspectorate fines is becoming increasingly popular. Volume and revenue dynamics for accepting payments in favor of third persons Indicator Unit off, % Number of payments accepted on behalf of third parties, total Number of payments accepted on behalf of third parties, total million units % billion rub %

48 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of Development of postal banking services Russian Post is rendering a number of postal banking services. The main postal banking service is still the distribution of cash payments to bank card holders on the post offices premises. For this purpose, the company installed over 17 thousands of POS terminals in 79 of its branches. Servicing of bank card holders is carried out within the framework of the centralized contract with OJSC Sviaz-Bank and within the regional agreements with various banks. The company does not charge their customer any additional commission (except for commissions, established by the issuing bank for the service in the network of a third-party bank). From the fourth quarter of 2013, mass installation of POS-terminals that support hands-free technologies Visa PаyWаve and Mastercard PаyPаss was initiated in the post offices. In addition, in the framework of the development of postal banking services, the company, together with the Russian Standard Bank, starting from the second quarter of 2012, has been implementing the Post Card project. By the end of 2013, over 8 thousand offices in 59 branches took part in the project. Over 527 thousands of «post cards» were issued.

49 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 47 Selling goods (works, services) Revenue dynamics from sales of goods (services) In 2013, the revenue from sales of goods (services) throughout the postal network amounted to 15,869 million rubles, which is a 0.9% decrease in comparison with Indicator Revenue, million rubles Deviation million rubles % Selling goods (works, services) 16,011 15, % Sales of goods in post offices 15,204 15, % Network services % CyberPost@ 29,7 19,1-10,6-35.8% Russian Post has historically been engaged in the sales of a number of everyday goods. For example, food items that do not require special storage conditions, household cleaning products and personal hygiene products, textiles, knitted wear, periodicals, print products, paper products and stationary. In connection with the permanent increase in the number of points of sale that are more closely located to people's places of residence, the trade volume in post offices has been steadily declining. At the same time, in the remote areas, post offices are often the only place where one can purchase essential supplies. Structure of revenue from the sales of consumer goods Share among the revenues of various product categories 70% million rubles Goods purchasing price 9% 1322 million rubles Commission for the sales of goods 21% 3,161 million rubles Revenues from sales of own goods 26% Food products 74% Non-food products

50 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of Philately Russian Post has historically been the sales center for stamps and marked products. Currently, the branches of the company have 50 philatelic stores, four of which opened in Particular attention in the year before the Winter Olympic Games in Sochi was placed on the fact that all post offices in all regions of the country were stocked with stamps, envelopes and cards with the Olympic theme. And from October 2013, during the Olympic torch relay in each constituent entity of the Russian Federation, special franking ceremonies were dedicated to this event. In the framework of the promotion program for marked products, over 170 editions of envelopes and cards were manufactured; they were dedicated to events and personalities of regional significance. All of this has made it possible to sell more than 26 million units of philatelic products in 2013, which is a 12% increase over the level of sales in 2012.

51 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 49 Opening of post offices in supermarkets In 2013, Russian Post continued the implementation of the project on placing mini post offices in supermarkets and shopping centers. These offices are open seven days a week, have no breaks for lunch, offer a wide range of services and do not occupy much space. The main objective of the project is to take the pressure off the nearest post offices, to create comfortable conditions for servicing regular customers and attracting new ones.

52 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of Provision of public and municipal services In accordance with federal law, FSUE Russian Post acts as an organization of multi-functional centers that offer public and municipal services (MFC). This allows for the achievement of the necessary performance to ensure the availability of public and municipal services to citizens based on their residence location. In 2013, the provision of such services was organized based on 50 windows of Federal Post Office Administration (FPOA) of the Republic of Mari El, 15 windows of FPOA of the Tomsk region and 146 windows of FPOA in the Ulyanovsk Region. In total, they provided services to 23,500 customers and earned revenue of 13.2 million rubles. In a few places, as experience has shown, state and municipal services were not in demand. In the Republic of Mari El, the annual revenue from them almost doubled, but in the Ulyanovsk region, where the services were provided on the basis of the agency contract, the revenue declined by almost a third. Therefore, it was decided to abandon this format. In order to standardize the process of public and municipal services on the premises of post offices, in 2013, a set of measures was introduced that included the implementation of a centralized information system, methodological and consulting support for operators, training and monitoring of the quality of services rendered.

53 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 51 Revenue from the provision of services (thousand rubles) FPOA of the Ulyanovsk region FPOA of the Republic of Mari El 300 FPOA of the Tomsk region Number of customers serviced (units) Consultations Generated circulation Consultations Generated circulation 95 Ulyanovsk region Mari El Republic Tomsk region

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55 4. New formats and technologies Automated parcel terminals In 2013, the project on issuing parcels through automated parcel terminals was still being implemented; parcels can be received via automated parcel terminals located in the post offices, as well as through leased terminals located in shopping centers and railway stations. In 2013, throughout the 47 regions of Russia, 145 automated parcel terminals were installed, and approximately 3,000 parcels were delivered with their help. In the second half of the year, compared with the first one, the volumes quadrupled. SMS notifications As part of the integrated program on improving quality and consumer properties services rendered by Russian Post, «SMS-notification», a new customer service type was introduced in It allows operators to promptly inform the sender/receiver of the registered postal item on when it arrived in the post office and when it was delivered to the addressee. In 2013, Russian Post sent out 287 thousand of such notifications, and their number is constantly increasing. This is also thanks to the expanding range of the offered services. For example, at the end of 2013, Russian Post launched a pilot project on sending SMS messages to recipients of international registered postal items, residing in Moscow.

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57 5. Modernization and development of infrastructure

58 56 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of 2013 In 2013, a total investment of FSUE Russian Post in the development of the company amounted to billion rubles, which exceeds the level of 2012 by 10.7% (1.20 billion rubles). More than half of this amount 56%, or 6.9 billion rubles was invested in the modernization of logistics. This is two times more than a year before that. Such significant financial investment allowed for constructing and equipping of the largest postal Logistics Center (LPC) in Vnukovo within a very short period of time. This launch fundamentally changed the situation with the delivery of international mail, and has become a symbol of change throughout FSUE Russian Post. Considerable funds have been invested in the development of the information and technological infrastructure and upgrading of postal facilities. For each of these areas, the company has allocated more than 2 billion rubles. Implementation of projects for the construction of new and expanding of the existing facilities of international postal exchange offices (IPEO) and offices for direct container exchange was also continued billion rubles (440 million rubles more than in 2012) was invested in the further development of the network. Information systems, designed to improve the efficiency of the operation of postal logistics, were actively implemented. In 2013, about 1 billion rubles were invested in equipment of the branches with modern computer equipment and servers for IT projects. Purchasing of new equipment for providing financial and postal banking services was also underway investment, by directions (mln. rub.) 6943 Modernization of postal logistics infrastructure Total amount 2051 Development of informational and technology infrastructure of the company Sources of investment 875 Providing technical means of postal infrastructure 541 Development of infrastructure for the provision of financial services 2022 Modernization of postal services and providing necessary facilities 21% Leasing 30% Borrowed funds 49% Own funds (depreciation, income, etc.)

59 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 57 Creating a network of logistics postal centers A key part of the development strategy of FSUE Russian Post is a project on creation of a network of logistics postal centers.

60 58 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of 2013 The first phase involves the creation of eight LPC's in each of the federal districts to be completed by Logistics Postal Centers will also handle international flows and domestic mail, as well as provide a full range of services for the e-commerce market. All production facilities will be interconnected through direct transport routes. The LPC network will allow us to reach target indicators for the speed of mail deliveries throughout the country: two or three days between regions and no more than ten days between any two locations in the country. The first phase of the logistics postal center near the Vnukovo airport was commissioned in November 2013.

61 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 59 LPC Vnukovo The first center in the country to include customs clearance of international mail combined with automated sorting in accordance with delivery destination. The first stage of LPC Vnukovo commissioning increased the throughput of locations for international mail exchanges and significantly reduced processing and delivery times of mail coming from abroad. Currently, up to 100 thousand pieces of mail is processed in the center each day. The introduction of additional capacity will enable the processing of additional volumes of international mail for the next three years. This project is unique not only for Russia but also for the world postal community: both in terms of implementation, and technology used to process mail. From conception to launch into operation, it took only six months. Kazan LPC In 2013, a plot of land was allocated for construction of an LPC at the airport; a lease agreement was being negotiated, draft SOW for the design and construction of the center was prepared, preliminary specifications for water, sewer, storm sewer were obtained; preliminary agreements about the possibility of provision of requested volumes of gas and electricity were being concluded. The project received support from the Cabinet of Ministers of the Republic of Tatarstan, which signed a bilateral cooperation agreement. Planned date for the implementation of the project Rostov LPC St. Petersburg ASC-based LPC The service area of the center will include St. Petersburg, Leningrad, Novgorod and Pskov regions. At the first stage, it will be able to handle more than 740,000 mail units a day, and after reaching full capacity more than 1 million mail units a day. In 2013, active works on preparing the necessary documentation were conducted and the draft contract for the lease of land was drawn up. Planned date for the implementation of the project 2016 Parameters and location of the land lot were defined. Procedure for registration of leased land with the Rostov Region administration and other services was established. In collaboration with the Ministry of Communications for the Rostov Region, a group was established for working on the draft project. A preliminary calendar plan and budget for construction were developed. Planned date for the implementation of the project 2016 Other objects Novosibirsk LPC In the course of collecting background data for the project, parameters and location of the new land lot were determined. Collection of background processing and logistics data for the project was arranged. Issue of availability of engineering networks for the project was addressed. Planned date for the implementation of the project 2016 Work has begun on land selection, definition phases, and the deadlines for the implementation of projects for the construction of LPCs in Ekaterinburg, Krasnoyarsk and Khabarovsk. Planned date for the implementation of the projects 2017

62 60 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of 2013 Zoning Diagram for production facilities of Logistics Postal Center

63 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 61 1 Mail units reception area 4 3 2, Registration and customs area Manual sorting area Sorting machine remote control 2 1 6, 7 8, 9 10 Area for collection of mail units and preparing them for shipment Shipping area

64 62 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of 2013 Construction and reconstruction of postal service facilities Capital construction In 2013, FSUE Russian Post spent million rubles on capital construction. This is 73% more than the year before. Nearly doubling the investment of the previous year allowed to build seven new post offices, complete the administrative building of the post office in Saransk and start building a new carpool for FPOA of Saint-Petersburg and Leningrad Region. In addition, under the federal targeted investment program, the construction of seven post offices for FPOA of the Chechen Republic was financed from the federal budget and implemented (in Chechen-Aul, Makhkety, Benoy, Tsotsin-Yurt, Kalinovskaya, Geghi, Zandak) at a combined total cost of 80.4 million rubles. Dynamics of expenditures for capital construction (million rubles, excluding VAT) %

65 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 63 Post offices reconstruction project In 2013, the program for the modernization of the post office network focused on comprehensive refurbishment (repairs, specialized equipment, specialized postal furniture and commercial equipment) of 464 offices in accordance with the branded style of the company. Out of them, 3 post offices were converted to business-class (in the cities of Smolensk, Penza, Kazan), 266 to standard class, and 195 to economy class. Works on 127 post offices were financed jointly with municipalities through agreements on cooperation in the development of postal services in the regions. Delivering uniformed brand image to post offices in 2013 Number of post offices 464 Reconstruction class*: Business 3 Standard 266 Economy 195 Total area sq. m 74,087 * Business Class the best. Standard class for densely populated areas. Economy class is designed for postal services offered in offices located in remote rural areas with low population density. The difference between the classes is in the size of the offices, finishing materials and furnishings, whereas the equipment functionality in the offices is the same.

66 64 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of 2013 Development of transportation and sorting network The service area of Russian Post is about 17 million square kilometers and the total length of the postal routes exceeds 2.8 million kilometers. For mail delivery the company uses all types of transport. The bulk of the cargo is currently transported by cars and trains. In 2013, the company continued systematic work on the optimization and development of the transportation and sorting network. Emphasis is placed on reducing costs and increasing the speed of delivery. Percentage by type of transport Percentage by shipment volume 5% Air transport 34% Rail transport Percentage by cost of transport 24% Road transport 34% Rail transport 61% 42% Road transport Air transport Road transport deliveries in the network In order to expedite delivery of mail sent by road, in 2013, Russian Post organized 20 new additional vehicular main lines, bringing the total number to 271. The company changed its approach to the bidding process for selection of suppliers for such services. Special attention was paid to reducing costs and improving the quality and reliability of transport in the requirements for contractors.

67 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 65 Rail transport deliveries in the network The overall scheme of rail transport for the company is built on the basis of the agreement between the Main Center for Mail Delivery (branch FSUE Russian Post) and the Federal Passenger Company, under which the plan on the use of mail-enabled transport cars in passenger trains for the whole year is developed and coordinated. Under the agreement, signed for the 2013/2014 years: 114 routes were coordinated, which is 8 routes more than in the previous chart; a total number of postal cars operating within the compositions of express trains increased from 28 to 34; new routes for the following areas were initiated: Tyumen Saint Petersburg, Novosibirsk Saint Petersburg, Novosibirsk Moscow; Moscow (Paveletsky Station) Voronezh; route Vorkuta Izhevsk Rostov was extended to Krasnodar; mail cars operating on the following routes were transferred to daily operating mode: Moscow Arkhangelsk, Moscow Krasnoyarsk, Moscow Khabarovsk; Moscow Kemerovo frequency was increased; shipping via Yekaterinburg Yaroslavl Novosibirsk was arranged based on express orders; direct contracts with OJSC FPC and SC Zheldor expedition for repair and maintenance of rolling stock were conducted; an agreement with JSC Russian Railways for leaseof locomotive traction for mail cars was reached.

68 66 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of 2013 Air transport deliveries in the network In order to optimize logistics, Russian Post has committed itself to direct contracts with airlines. In this regard, during the third quarter of 2013, negotiations were held with all carriers working with companies through authorized agents. In accordance with the results, an agreement was signed for air transportation of mail OJSC UTair. At the same time, there was a 2.5 times increase to mail sent with a national carrier «Aeroflot» through the expansion of the production area at Sheremetyevo Airport. In August 2013, the operational chartered mail plane L-410 was commissioned in the Republic of Sakha (Yakutia); the plane will provideregular transportation of mail throughout the region. Dynamics of air traffic

69 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 67 Airlines providing services for Russian Post Transport facilities of FSUE Russian Post Modernization and optimization of the existing fleet of vehicles is one of the priorities of FSUE Russian Post. Particular attention is paid to the purchase of cars as the primary means of transporting mail. The main objective of the company is equipping itself with modern, efficient and reliable cars of domestic and foreign production for use on mail routes. In 2013, the company acquired 150 vehicles, 38 of which were specifically acquired for Sochi and Adler post offices in connection with the Olympic and Paralympic Games. In general, at the end of 2013, the vehicle fleet of FSUE Russian Post totaled to 17,357 vehicles (in operation), of which 1311 machines were in use through longterm leases (leasing). Also in 2013, 10 cars were purchased. As a result, the total amount was 848 units.

70 68 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of 2013 Main vehicles GAZ Cargo vans from 1 to 1.5 tons 1828 units 216 units Cargo vans Cargo vans from 1.5 to 5 tons 190 units 1503 units Mercedes-Benz Vario Cargo vans from 4 to 5 tons ZIL GAZ GAZ «Volga» Cars IZH Cargo van up to 1 ton 737 units 636 units Fiat Ducato Cargo vans from 1.5 to 4 tons 190 units IVEKO Stralis Cargo vans from 5 to 10 tons 174 units GAZ Bus 182 units UAZ-3962 Cargo vans 2894 units Mercedes-Benz Sprinter Cargo vans from 1 to 1.5 tons 181 units Trailers and semi-trailers 159 units

71 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 69 UAZ-3303 ZIL Cargo vans up to 1 tons Other 103 units 266 units Toyota Cars 118 units KAMAZ Cargo vans up to 5 to 10 tons UAZ-3741 Cargo vans up to 1 ton 863 units 150 units UAZ-2206 Buses 178 units VAZ Other models Cars 587 units Snowmobiles 21 units VAZ Cars VAZ-2114 Cars 566 units UAZ-3909 Vans 2098 units Motor boats and boats 21 units 725 units UAZ-3151 Cars 1670 units Tractors 278 units

72 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of Optimization of postal facilities network In 2013, Russian Post continued to work on optimizing the network of post offices with a view to improve the efficiency of the operations, management and reduce costs. The main challenge of the company is to eliminate the imbalance between urban and rural post offices (there are too few urban ones and too many rural ones), as well as ensuring compliance with network facilities and needs of the market both in relation to the technical equipment and the level of service. The priority areas of activity for FSUE Russian Post in this regard are: increasing the number of post offices in cities; opening of mini post offices in supermarkets and shopping malls; improving the efficiency of rural post offices through transferring the service provided to consumers to new formats (mobile post offices and servicing by mail delivery personnel of the nearby post offices); maximizing the potential of the network of post offices to provide universal and public services. As part of the optimization of the network in 2013, the company continued the reorganization of post offices by their consolidation (merger). 20 post offices were dismantled and a new united one created. In addition, within the structure of the FSUE Russian Post appeared additional 18 post offices and 1 depot. 154 stationary offices were transferred to the category of mobile offices. Changes to the hours of operation based on actual work load were also under way; extra service windows were added, including as part of repair works or reconstruction of post offices.

73 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 71 Distribution of post offices by category 33,2% Post offices of 3rd category 767 Post offices 27,8% Post offices of the 2nd category 14,9% Post offices of 4th category 0,3% Post offices with no category 23,8% Post offices of the 1st category Post offices classified by classes* 41,7% post office of the 4th class * post office 40,4% post office of the 5th class 15,4% post office of the 3rd class 2,2% post office of the 2nd class 0,3% post office of the 1st class * In accordance with the approved order of business of the company from , the criteria and standards of classification of post offices were used to assign 41,723 postal facilities to a specific class, including 41,480 stationary post offices and 243 mobile post offices (with a zip code).

74 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of Improving the quality of services Timely postal deliveries One of the key elements of work to improve the quality of services and of the strategy of the company is to reduce the time of delivery correspondence. It is precisely in order to achieve this goal that Russian Post has taken extensive measures to optimize logistics and development of the transport and sorting network. In 2013, first serious results important results were achieved in connection with this. As shown by testing of regional administrations of Federal Supervision Agency for Information Technologies and Communications and FSUE Russian Post that were conducted during the entire reporting period, the improvements were registered in all major types of delivery. Meeting time requirements for postal deliveries Types of correspondence Q1. of 2013 Q2. of 2013 Q3. of 2013 Q4. of 2013 Basic written intraregional correspondence 86.8% 91.3% 91.1% 93.5% Basic written interregional correspondence 47.1% 53.5% 54.0% 64.7% EMS units 69.2% 77.6% 73.6% 79.2% FSUE Russian Post is involved in constant quality control of international mail through the Universal Postal Union, which provides for distribution of test letters six days a week. Information on their processing is handled by an independent body MB UPU, that allows us to obtain objective data on delivery times. According to the results of continuous monitoring for the end of 2013, there was a marked reduction in the average duration of the delivery of written correspondence coming to and from Russia.

75 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 73 Economic efficiency of cooperation with the bodies of state and municipal authorities FSUE Russia Post continuously establishes mutually beneficial cooperation with the state and municipal authorities. It is based on agreements with regional and local administrations. By the end of 2013, the company had signed contracts with 77 constituent entities of the Russian Federation. The main areas of cooperation include: administrations providing discounts for upkeep of postal facilities, gratis use, tax benefits, funding for the construction and reconstruction of post offices. For example, in 2013 Russian Post received 8,697 municipal properties, or 77% of all municipal real estate used by the post office on a grant or concessional basis. The company, in turn, maintains and develops the network of post offices in the regions, providing access to postal services for the population throughout the country from inhabitants of major cities to the most remote settlements. Russian Post also creates post office windows in order to provide public and municipal services. In 2013, the economic impact of such cooperation amounted to million rubles, an increase of 11% compared to Growth was achieved through the signing of new contracts and the renewal of the existing contracts. These include a total of five new signed agreements (Rostov, Orenburg, Tyumen Regions, St. Petersburg, the Republic of Khakassia), eight new versions of the agreements (the Republic of Karelia, Tyva, Leningrad, Orel, Magadan, Pskov, Irkutsk regions, Khanty-Mansi Autonomous Area) and an additional supplementary agreement with the Republic of North Ossetia Alania. All of these documents take into account issues related to the provision of public and municipal services on post office premises. Dynamics of economic efficiency indicators related to the cooperation of FSUE Russian Post with state and municipal authorities (million rubles). Indicators Off Benefits (total) % 1. Maintenance of postal facilities (total) % 2. Tax benefits % 3. Operational benefits (total) % 3.1 Assisting in the transport of mail and money % 4. Investment activities % 4.1 Donations of equipment and vehicles % 4.2 Financing of capital construction for post offices % 4.3 Volumes of targeted subsidies % 5. Other %

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77 6. Personnel development

78 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of Employees Russian Post is one of the largest employers in the Russian Federation. The employee workforce totals approximately 350,000 people. In 2013, the FSUE Russian Post started an ambitious new program to improve the attractiveness of the company as a place of employment. Salary increases were implemented for primary production employees. Costs for this endeavor combined with allocations for social expenditures amounted to 56% of all costs for the business in Russian Post pays particular attention to the welfare of company employees and their families. For example, the list of persons eligible for voluntary health insurance has been greatly expanded during the reporting period. Substantial funds are invested in the development of personnel. Over 80% of all employees participated in training in Gender composition (thousand persons) 15% % Men Women Distribution of staff according to major occupational categories 8% executives 8% specialists 0.5% officials 74.5% primary occupation employees 9% workers actual number (including external part-time employees)

79 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 77 Professional composition of primary occupation employees 260,404 total employees Staffing level dynamics Number of employees год Growth increase Staffing level 94.2% 94.6% 0.4% Number of filled positions 324, , % 48% mail delivery personnel 28% 8% 16% operators sorters other Number of vacant positions 18,706 17, %

80 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of Salary increases On October 1, 2013 Russian Post embarked on a strategic salary increase program for employees. At the first stage it included 100,096 workers of the main production personnel of post offices in cities with a population of over 1 million people in 17 branches. The most significant income gaps between postal workers salaries and average market salaries were observed in these cities. For salary increases in the fourth quarter of 2013, Russian Post spent 1.3 billion rubles (including insurance fund contributions), and in general, the amount of payroll costs (including benefits contributions) amounted to 76,742 million rubles, an increase of 3.8% compared to The average yearly salary in the company was 16,689 rubles per month. Salary structure was also revised at the same time: the permanent part of total employee salaries was increased in order to provide personnel with additional incentives. The principles for calculation of bonuses for employees of commercial units were also modified. The second phase of the program commencedon 1 January 2014 and raised the salaries of 287,000 postal employees. The current plan includes modernization of the system in order to more efficiently fulfill targets and ensure the quality of the services provided. In particular, in 2014, a bonus system based on the results of key performance indicators (KPI) will be implemented. Level of salary increases in the first stage 30% 25% 20% 15% FPOA of Moscow FPOA of Moscow Region St. Petersburg* Leningrad Region* * FPOA of St. Petersburg and Leningrad Regions Other cities with a population exceeding 1 million persons (14 branches) Salary increase programs thousand employees 20% average increase in salary 348 thousand employees 17% average increase in salary The first salary increase in four years 30% salary increase in the Far East

81 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 79 Dynamics of personnel expenditures Indicator Expenditures, million rubles million rubles Deviation %% Percentage of overall expenditures of the company, % ( * ) Salaries 57,293 59, % 43.5% Social benefits contributions 16,670 17, % 12.7%

82 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of Personnel training and development FSUE Russian Post annually develops and implements a personnel training program in view of the challenges related to efficient completion of business goals and objectives. Under this program, employees can improve their skills through attending trainings and short educational courses in order to obtain a secondary or higher education. In 2013, training classes have been attended by a total of 290,310 employees of the enterprise, which encompasses 83% of all personnel (this included fulltime and part-time training classes, as well as distance education). The majority of the classes are organized in individual post office classrooms, the number of which is constantly increasing. 65 additional classrooms were added to the program in There were 55 e-learning courses available for branch employees in the (DLS) Distance Learning Program in of them focused on the actual current services. 146,508 people completed DLS courses in The main topics of seminars for managers in the reporting period were: development of postal sub- scriptions, retail, network, banking and insurance services, sales; customer service quality; selection, adaptation, development and motivation of personnel. Within the framework of the project «Center for Competency Assessment», evaluation of the performance of the directors of 82 branches was conducted. Training commenced for workers of post offices (telecom operators, technicians and post office directors) in connection with the opening of LPC in Vnukovo and parcel distribution centers with the focus on the following topic: «Standards of service and stress-related skills». 260 employees, sent to work at Olympic venues in 2014, completed English language and standards of customer service training. Personnel training categories Type of training Total for 2013 Training completed by, including: 290,310 skills development 13,435 short seminars 245,146 higher education 1256 secondary vocational 625 vocational training 29,848

83 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 81 Social benefits As of January 2010, the company acts under a collective agreement, which in 2012 was extended to stay in effect until the end of The agreement provides an expanded list of benefits, workers' compensation and guarantees in accordance with the established labor legislation of the Russian Federation. In 2013, in order to finance social obligations to its employees, FSUE Russian Post spent 1.44 billion rubles, which is 14.4% or 181 million rubles higher than spending of The increase is due to the cost of partial payments for vacation packages for employees and their children, for anniversary bonuses, and for material assistance in connection with the death of close relatives. Russian Post provides a new type of assistance, which includes payments for funeral expenses in case of death of a single pensioner, a former employee of communications organizations. In addition, payments for non-governmental pension program were increased in There was a significant increase in costs in connection with the expansion of the list of employees eligible for the voluntary health insurance (VHI). This list was expanded to include assistant managers of the post offices, managers and assistant managers of the post offices of the 1st, 2nd and 3rd classes. Non-governmental pension provision Non-governmental pension program (NGPP) was launched in During this time, 163,600 pension accounts have been opened. By the end of 2013, regular pension contributions were paid in favor of 109,700 employees of FSUE Russian Post. Non-governmental pensions were granted to 5,168 former employees. 1,606 of them started to receive it in Company contributions in accordance with NGPP amounted to million rubles in 2013.

84 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of Motivation Russian Post constantly improves the system of material and non-material staff motivation. The company regularly hosts professional contests aimed at stimulating the highest performance indicators, promotion and acknowledgment of the best workers and promotion of primary production occupations. Contest winners, as well as employees who were awarded the title of «Master of Communication» receive free vacation packages to Pochtovik Resort. This allows the employee to go on vacation with one of his or her family members. In 2013, a total of 174 vacation packages were granted at the expense of the company. One of the main incentives for employees of the company is receiving various kinds of institutional and corporate awards. During 2013, 4,059 workers of FSUE Russian Post received such awards. This is a 32% increase (981 persons) from Number of Employees of FSUE Russian Post who were awarded state, departmental and corporate awards Name of award Letter of Appreciation from the Minister of Communications and the Media of the Russian Federation Quantity 118 Letter of Appreciation from FSUE Russian Post 1688 Certificate Appreciation from FSUE Russian Post 1488 «Labor Valor» award from FSUE Russian Post 6 Hall of Fame of FSUE Russian Post 20 Title of Honorary Worker of FSUE Russian Post 12 Courage award from FSUE Russian Post 21 Title of Master of Communications from the Ministry of Communications and the Media of the Russian Federation Certificate of Appreciation from the Ministry of Communications and the Media of the Russian Federation Total 4059

85 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 83 Occupational safety and health In 2013, the company spent over million rubles on labor protection measures. 231 million rubles were allocated for the purchase of personal protective equipment, special footwear and uniforms. In total, these items were provided for 223,000 people. As part of measures to reduce and prevent occupational injuries, 3,400 managers of all levels (including 61 heads of branches directors, deputy directors, heads of occupational health services), as well as workers employed in jobs with high risk, have been trained and tested on occupational safety requirements.

86

87 7. International activities

88 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of International activities FSUE Russian Post is a member of all major international postal organizations and therefore directly influences their agenda. At the same time, Russian Post develops bilateral cooperation with foreign postal administrations (FPA). In 2013, Russian Post attended 77 meetings with foreign partners from Kazakhstan, UAE, Japan, the United States, Estonia, Switzerland, China, Uzbekistan, Austria, Georgia, Abkhazia, Vietnam, Italy, Kyrgyzstan, Tajikistan, France, Spain, Ukraine, Montenegro, Turkey, Finland and Argentina. The main purpose of this activity is to expand the range, as well as to improve the availability and quality of international postal exchange services offered to customers. Activity in international organizations A regular session of the Postal Operations Council (POC) and the Administrative Council of Universal Postal Union was held in Bern, Switzerland, from 8 to 25 April, 2013 with the delegation of FSUE Russian Post in attendance. At the plenary meeting of POC, the final versions of the internal rules of procedure of the Council were approved, as well as regulations for written correspondence, postal parcels and agreements on remittances and their concluding protocols. Reservations were accepted from member countries, including the Russian Federation, which entered a reservation to the rules of written correspondence on leaving the right not to accept small packages with merchandise units. At the autumn session, which was held from October 28 to November 15, 2013, the fundamentals for determining the functions of the user group «Postal payment services» (UPPPS) and the committee of 5 POC, fundamentals for a multilateral agreement on postal payment services, as well as draft standards for quality and operational management of PPS were approved. Within the framework of the forum, representatives of the Russian delegations held bilateral meetings with representatives of FPA from the USA, UK, Germany, France, Finland, Switzerland, Norway, the Netherlands, Belgium, Singapore, Hong Kong, China and Japan. Russian Post also actively participated in the work conducted by PostEurop. At the plenary assembly of the organization, which was held from 17 to 20 September 2013 in Brussels (Belgium), the Russian Federation was re-elected to the board of the association.

89 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 87 Bilateral relations China On 22 October 2013, FSUE Russian Post and ChinaPost signed a memorandum of understanding, related to priority in areas of cooperation for the coming period, including: optimization of logistics routes; expansion and improvement of the quality of electronic data interchange; resumption and remittance exchange; support for the development of e-commerce between both countries. The work in these areas continued throughout the year. In particular, important projects that significantly influenced the optimization of mail traffic from China to Russia were implemented. The Chinese party implemented sorting and directing of mail to the major regional airports of Novosibirsk and Yekaterinburg as well as the electronic exchange of data. This has already greatly increased the speed of processing by customs authorities of the Russian Federation.

90 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of Italy In 2013, active and fruitful cooperation between the Federal State Unitary Enterprise Russian Post and Italian partners continued. Equipment for the first phase of LPC Vnukovo was delivered, installed and set up by leading Italian manufacturer Selex ES SpA. In addition, on 26 November 2013, FSUE Russian Post, Poste Italiane SpA and Selex ES S.p.A. signed a memorandum of understanding that was used in 2014 to establish working groups to explore and begin the implementation of possible joint projects in the following areas: direct mail, hybrid mail, document management; promote the development of e-commerce; the introduction of innovative logistics and commercial solutions for EMS express mail service between Russia and Italy.

91 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 89 Japan Throughout the year, regular contacts with the Japanese company, Sumitomo Corporation, continued, and in June and November 2013, Russian Post organized receptions in Russia for delegations of Japan Post. During the meetings, the Japanese delegation reviewed the process of production activities of Russian Post and expressed an interest in cooperation with the Russian designated postal agents in the directions of optimized logistics routes and enhancing e-commerce. Both sides expressed their intention to develop and sign a bilateral memorandum of understanding in 2014.

92

93 8. Development strategy

94 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of Development strategy In 2013, the Ministry of Communications and the Media submitted to the Government of the Russian Federation the strategy for the development of Russian Post and the postal industry. The document reflects the current state of the industry and discloses measures aimed at its innovative development, calculated up to By that time, Russian Post should become an attractive investment and competitive business with quality services that will rival foreign postal operators, which will enable the company to its pay employees better salaries. This assumes incorporation of FSUE and complete rejection of government support. The Minister for Communications and the Media, Nikolai Nikiforov, stated that Russian Post should and will be developed by improving the efficiency of the work of the business itself. The plan is to achieve this goal through enhancing productivity, improving the quality of traditional services and introducing of new products. In particular, it provides for the development of infrastructure on the basis of the Russian Post banking business. Among the defined main targets for the company are speed of delivery and customer satisfaction. By 2018, the time frame for delivery of mail within cities shall be reduced to 2 days, with 10 days as the established maximum time frame between outlying villages. At that time, 60% of the population should be regularly satisfied with the quality of mail delivery. Russian Post Strategy for CUSTOMER-ORIENTED, TECHNOLOGICALLY ADVANCED, HIGHLY PROFITABLE POSTAL OPERATOR Postal business Written correspondence Direct mailings Hybrid mail centers Development and monitoring of mail postage Subscriptions Retail trade Parcel business and EMS Development of online trading Parcel distribution centers Express-delivery development Financial business Payment of pensions Payments and transfers New banking products Advanced logistics Meeting delivery requirements Creating a network of international logistics postal centers Modern post office network Modernization and increase in the number of post offices in cities by 10% and optimization for villages Increased productivity through operating improvements by 30% Effective organization and 1T-update United corporate management structure Modern integrated IT-architecture An attractive employer Market-based salary up to 2018 (two-fold growth of average wages by 2018) Enhancement of professional-level personnel and labor productivity

95 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 93 Necessary steps for incorporation Dynamics of registration of property rights Inventory control PR balance establishment Registration of property in the Russian Federation Right of economic jurisdiction registration/pr rental PR property right registration for real estate units for the purpose of incorporation Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 0% 100% 42% 95% 27% 85% 95% 23% 95% 0% 95% Incorporation initialization 48.4 thousands of objects inventory control during 9 months of thousands of objects registered in 7 years ( ) 11.5 thousands of objects registered in 9 months ( )

96 RUSSIAN Post Annual report 2013 Company information Main events of 2013 Main work results of Future logistics scheme St. Petersburg Moscow Kazan Rostov-on-don Ekaterinburg Novosibirsk Krasnoyarsk Key elements Eight automated hubs for domestic and international exchange Consolidation centers for international mail in six countries up to 2017 Route and intra-regional aviation 300 km 700 km Sorting center radius of coverage Yearly correspondence volumes (millions): low high Potential areas of automation

97 New formats and technologies Modernization and development of infrastructure Personnel development International activities Development strategy 95 Khabarovsk Planned changes in the route logistics structure of the Russian Post for the period from 2013 to % reliable rate of delivery while reducing delivery time Introduction of a single planning system of mail traffic based on sorting centers and types of transport Construction of logistics hubs with access to key transport routes via air and ground transport Direct contracts with the major airlines and transport companies

98 96 RUSSIAN Post Annual report Glossary АSC DB EMS FDCE FPA FPOA FSUE HMC IPE LPC MCLPS PDC PО POC RPO UGPPU UPU Automated Sorting Center Detached branch Express Mail Service Facility for direct container exchange Foreign postal administration Federal Post Office Administration Federal state unitary enterprise Hybrid mail centers International postal exchange Logistics postal center Main center for long-haul postal shipments Parcel distribution centers Post office Postal Operations Council Railway Post Office User group of postal payment services Universal Postal Union

99 Accounting statements 97

100 Почта России Годовой отчет 2013 Вводная часть Итоги 2013 года Модернизация и развитие 98 Audit opinion on accounting standards for 2013 To authority that exercises the powers of the property owner of the Federal State Unitary Enterprise Russian Post Audited entity The federal state unitary enterprise Russian Post (abbreviated name FSUE Russian Post ). Location: , Russian Federation, Moscow, Russia, 37 Varshavskoe Shosse. Main state registration number (certificate series 77 No ), date of state registration: Auditor Limited Liability Company RSM RUS Location: , Moscow 4 Pudovkina St. Telephone: (495) ; fax: (495) Main state registration number is Limited Liability Company RSM RUS is a member of a self-regulatory organization (SRO) of auditors and a Noncommercial Partnership Auditing Association Commonwealth (membership certificate No. 6938, ORNZ ), location: , Moscow, 21 Michurinsky Prospect, building 4. We have conducted an audit of the accompanying financial statements of FSUE Russian Post prepared in accordance with Russian Accounting Standards. Accounting statements include the balance sheet as of 31 December 2013, financial results report, statements of changes in equity and statements of cash flows for 2013, and clarifications to the balance sheet and financial results report. Responsibility of the audited entity for the accounting statements FSUE Russian Post is responsible for the preparation and fair presentation of the specified accounting statements in accordance with Russian Accounting Standards and the internal control system required for the preparation of accounting statements that are free from significant misstatements, whether due to fraud or error.

101 Оптимизация управления Персонал Международная деятельность Стратегия развития Глоссарий Бухгалтерская отчетность 99 Auditor s responsibility Our responsibility is to express opinions on the reliability of these accounting statements on the basis of our audit. We conducted our audit in accordance with federal auditing standards. These standards require compliance with applicable ethical standards, as well as the planning and conduct of an audit in order to obtain sufficient confidence that accounting information does not contain any significant distortions. The audit involved conducting procedures to obtain audit evidence to confirm the accounting statements indicators and the disclosure of information contained therein. Selection of audit procedures is the subject of our judgment, which is based on assessment of risk of significant distortions resulted from unscrupulous actions and/or errors. In the process of evaluation of such risk, we reviewed the internal control system that provides the reliability and accuracy of the accounting statements, with a view to select the appropriate audit procedures, but not with the aim of expressing views on the effectiveness of the internal control system. The audit also included an assessment of the existing accounting policy and reliability of performance indicators, obtained by the leadership of the audited entity, as well as an assessment of the accounting records as a whole. We believe that the evidence obtained through the audit are sufficient grounds for an expression of opinion on the reliability of accounting. Auditor s opinion In our opinion, the accounting statements accurately represent, in all significant respects, the financial state of the Federal State Unitary Enterprise Russian Post as of 31 December 2013, as well as the results of its business operations and its cash flows for 2013 in accordance with Russian Accounting Standards. Important circumstances Without changing our opinion on the financial statements, we would like to draw attention to the following information: as of , process of registration of the federal property in possession of FSUE Russian Post and its registration in the registry of the federal property, was not yet completed: of 25,200 objects, 23,243 objects have a registry number of the registry of federal property; registry numbers for 1,957 objects that must be registered in the registry of federal property are currently being issued. Director of the Audit Board member, T.P. Gazeev Auditor qualification certificate No. K issued: on the basis of the decision of TsALAK of Ministry of Finance of 27 January 2000, protocol No. 76 in perpetuity. ORNZ in the register of auditors and audit organizations

102 Вводная часть Итоги 2013 года Модернизация и развитие

103 Оптимизация управления Персонал Международная деятельность Стратегия развития Глоссарий Бухгалтерская отчетность 101

104 Почта России Годовой отчет 2013 Вводная часть Итоги 2013 года Модернизация и развитие 102 Balance sheet as of 31 December 2013 Organization: FSUE Russian Post Type of activity: Postal services Organizational and legal form/form of ownership: Federal state unitary enterprise Unit of measure: thousand rubles Location (address): , Moscow, Varshavskoe Shosse, 37 Codes Form No. 1 of OKUD Date (year, month, day) OKUD INN OKVED 6411 OKOP/OKFS of OKEI 384 Clarifications ASSET Line code As of 31 December 2013 As of 31 December 2012 As of 31 December p FIXED ASSETS Intangible assets p 1 Results of research and development Intangible search assets Tangible search assets ,200-5,286 p. 1, p. 5.1 p. 2 Fixed assets ,220 p. 1, p p. 2 Profitable investments in tangible assets p. 1 Long-term financial investments Deferred tax assets Other non-current assets p. 1, p p. 2 Unfinished construction Assets related to non-governmental pension benefits TOTAL under section I

105 Оптимизация управления Персонал Международная деятельность Стратегия развития Глоссарий Бухгалтерская отчетность 103 p p. 2 II. CURRENT ASSETS Stocks, total , 5421 p. 1 Including: raw materials and other similar valuables , 5422 p. 1 Finished products and goods for resale , 5423 p. 1 Future expenses , 5424 p. 1 Other reserves and costs Value added tax for purchased valuables , 5552 p. 1, p p. 2 Receivables, total , 5531 p. 1 Including: purchasers and customers , 5532 p. 1 Prepayments , 5533, 5501, 5521 p. 1 Other debtors, including long-term receivables p. 1 Financial investments (excluding cash equivalents) Cash and cash instruments p p. 2 Other current assets, total Including other current assets for transfer operations TOTAL for Section II BALANCE

106 Почта России Годовой отчет 2013 Вводная часть Итоги 2013 года Модернизация и развитие 104 Clarifications Liability Line Code As of 31 December 2013 As of 31 December 2012 As of 31 December III. CAPITAL AND RESERVES Authorized capital (share capital, authorized capital, partners contributions) Personal shares redeemed from shareholders Revaluation of non-current assets Capital surplus (excluding revaluation) Reserve capital p h. 2 Retained earnings (accumulated losses) TOTAL for section III , 5572 p. 1, p p. 2 IV. LONG-TERM LIABILITIES Borrowed funds , 5573 p. 1 Deferred tax liabilities Estimated liabilities , 5575 p. 1 Other commitments TOTAL for Section IV , 5581 p. 1 V. SHORT-TERM LIABILITIES. Borrowed funds h. 1, p p. 2 Payables , 5582 p. 1 Including: Suppliers and Contractors , 5583 h. 1 Payable to personnel

107 Оптимизация управления Персонал Международная деятельность Стратегия развития Глоссарий Бухгалтерская отчетность , 5584 p. 1 Debt owed to state non-budgetary budget funds , 5585 p. 1 Taxes and fees , 5586 p. 1 Advances received Payable to the founders , 5587 p. 1 Other creditors p p. 2 Deferred revenue, total , 5951 p. 1 Incl. targeted financing p. 1, p p. 2 Estimated liabilities Other liabilities, total Including other liabilities for transfer operations TOTAL for Section V BALANCE

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