RUONIA rate

Ruble OverNight Index Average is the reference weighted rate of overnight ruble loans (deposits), representing the assessment of the value of an unsecured overnight ruble borrowing made by a standard borrower being a Russian bank with a minimal credit risk. RUONIA is calculated by the Bank of Russia by the procedure developed by the National Foreign Exchange Association (NFEA) together with the Bank of Russia, on the basis of deposit transactions concluded by leading Russian banks included in the RUONIA® list among each other during a given day. The list of banks participating in RUONIA® (RUONIA® banks-participants) is formed by the NFEA Expert Council and is agreed with Bank of Russia. The RUONIA® list of banks includes at least 25 and no more than 35 banks. The information used for the calculation of RUONIA® is submitted by the RUONIA® banks-participants to the Bank of Russia. Transactions containing signs of errors or manipulativity are excluded from the calculation