Green Bond Fact Sheet
Russian Railways

Date: 23/05/2019

Issue date: 23-05-2019 Maturity date: 23-05-2027 Tenor: 8Issuer NameRZD Capital PLC, wholly owned
subsidiary of Russian Railways

Amount Issued

EUR500m/USD558m

Country of risk

RussiaCBI Database

IncludedIssuer Type1

Government-backed entity

Bond TypeUse of proceeds

Green Bond Framework

Green Bond Framework

Second party opinion

SPO

Certification Standard

Climate Bonds Standard Version
2.1 including Sector Criteria for:Low Carbon Land Transport

Assurance report

Pre Issuance Verification

Certification Verifier

Sustainalytics

Green bond ratingN/A☐ Energy☐ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ Waste to energy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Buildings☐ Certified Buildings☐ HVAC systems☐ Energy performance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☒ Transport☐ Electric vehicles☐ Low emission vehicles☐ Bus rapid transit☒ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewater treatment☐ Water storage☐ Storm water mgmt
☐ Flood protection☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Land use &agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose & paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation & resilience☐ ICT☐ Industry: process

Issue details
ReportingCompany information

Firsts, records andcertifications
Proceeds description

Annual reports on the use and allocation of proceeds will be made publicly available on the issuer’s
website. The reports will also include estimates of number of passengers and the avoided CO2emissions that result from displacing fossil fuel private vehicle use.
Russian Railways (“RZD”) is the company that owns and operates Russia’s railway network andinfrastructure. The 85,500 km rail network is the third longest in the world. RZD became a memberof the UN Global Compact in 2007 and is increasingly focusing on sustainability issues in recentyears.
This is the first internationally available Green Bond to be issued from an entity in Russia.
The proceeds will be used to refinance the procurement of wholly electrified passenger rolling stock.
This rolling stock is named Lastochka – “Swallow” and is built by a joint venture between Siemens
and Ural Locomotives. First introduced in Russia in 2013, these trains operate on many commuterand intercity routes. It is currently the most common high-speed train model operating in Russia.
Depending on the mode of operation, the trains have capacities of 400 or 800 seated passengers
and maximum speeds of 160 km per hour (100 miles per hour).

Climate Bonds view

This bond will be issued by Russian Railway’ Irish subsidiary, RZD Capital PLC, which exists primarily
to access offshore debt financing for the parent.
This is the first Certification from a Russian issuer, and the first Russian green bond by CBI’sdefinition. The first labelled green bond issued in Russia was a USD 16 million issuance for thedomestic market in January 2019. This other bond did not meet the requirements for inclusion in
the CBI Green Bond Database, because of its use of proceeds (general landfill project).

Underwriters

JPMorgan, Unicredit, VTB Capital

Deal comments
Credit Rating
Pricing summary
Investors summary

Moody’s Baa2

1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign