#1AA ☑ MOSCOW EXCHANGE July 2018 Investor presentation#2History of MOEX 1992 Moscow Interbank Currency Exchange 1997 National Settlement Depository (NSD) established 2006 National Clearing Centre (NCC) established 2012 Launch of Central Securities Depository (CSD) (MICEX) established Currency Government securities →→REPO → Corporate securities Derivatives ☑ 1995 Russian Trading System (RTS) 1997 MICEX Index launched 2011 Merger of MICEX and RTS established - - Moscow Exchange (MOEX) established ✓ SS $ ☑ MOSCOW EXCHANGE Operates in one of the worlds' largest economies and covers all major asset classes Uniquely diversified and vertically-integrated business model Resilient in alternating macro conditions, features low- cost product scalability ୪୧ % 2013 The Central Bank of Russia becomes mega-regulator of financial markets Commodities 2013 IPO of Moscow Exchange (MOEX) 2013 & onwards Persistent development of financial infrastructure Commitment to transparency and high standards of corporate governance Established track record of solid financial performance and attractive dividend policy Successfully implemented infrastructure and regulatory reforms put MOEX on par with global peers 2#3109 MOEX share price, RUB 160 140 120 100 80 60 55 MOEX share price performance and financial market reforms MOEX completes its IPO; REPO with CCP launched; Repository services commenced New dividend policy with a minimal payout ratio of 55% Individual Investment Accounts (IIAS) are introduced for retail clients, providing tax incentives for long-term investments Global banks connect to DMA service for securities trading on MOEX; equity trading moves to T+2 settlement Precious metals start SPO of MOEX trading on MOEX ICBC Standard follows BofAML to become an international clearing member Corporate actions reform BofAML becomes the first international clearing member Matching on MOEX FX Fixing launched Sugar starts trading on MOEX MOEX migrates to DataSpace1 data center Corporates granted direct access to the FX Market Phase 1 Phase 2 Launch of the Unified Collateral Pool Launch of REPO with General Collateral Certificates Feb-13 40 Euroclear and Clearstream gain Trading in government bonds moves to T+1 settlement access to corporate bonds in Eurobonds admitted to trading on MOEX Grain trading 20 20 0 addition to government bonds Implementation of listing rules based on the new code of corporate governance May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14 ☑ MOSCOW EXCHANGE Share prices up to 29 June 2018 Nov-14 commences on MOEX Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Corporates admitted to deposits via REPO with CCP; MOEX introduces interim dividend Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 3#4☑ ☑ Business overview 2 Corporate governance and dividends Market position and competitive strategy 3 4 Financial track record 5 1Q 2018 update MOSCOW EXCHANGE 4#5☑ On-exchange market: capturing the entire value chain. Pre-trading International Local Retail investors Corporates institutions $ ✓ MOEX captures the entire value chain for end-customers, offering a one-stop shop for listing, risk management, market data, multi-asset trading, clearing, settlement and custody. MOEX is strategically positioned to benefit from the development of Russia's capital markets in the coming years. Trading Collateral: Cash $ ☑ CCP + Clearing - Securities ☑ Settlement, Depository services ☑ MOSCOW EXCHANGE Licensed professional market participants: banks and brokers Moscow Exchange: listing and electronic trading, including DMA services, market data and indexes National Clearing Centre: CCP, risk management, collateral management, clearing, risk netting, OTC derivatives clearing National Settlement Depository: CSD, settlement and depository, safekeeping, corporate information center, corporate actions, repository Fully vertically integrated infrastructure with regulation and oversight by the Bank of Russia (CBR). Single-tier clearing system requires all participants to provide eligible collateral to trade any asset class, while pre-trade risk checks forestall any "fat fingers"/"flash crash" problems. The market has always been open for competition (except the CSD), but entry barriers are very high due to MOEX's post- trade infrastructure and on-exchange market efficiency. OTC is the key source of competition. Investors trade through brokers and banks, which are licensed locally and have access to MOEX markets. Foreign investors have DMA, SMA and ICM services at their disposal. 5#6Highly diversified product offering ☐ Investing and trading ▪ Listing ■Local and foreign shares, DRS ■ International ETFs EQUITIES ☑ Hedging ■ Indexes ■ FX ■Local and foreign single stocks ■ Commodities ■ Interest rates Currency conversion + FX swaps ■ Swap instruments ■ Spot instruments (USD, EUR, CNY, HKD, GBP, CHF, TRY and CIS currencies) ■ Deliverable futures MOSCOW EXCHANGE DERIVATIVES FX FIXED INCOME Investing and trading ■ Government bonds Municipal bonds ■ Corporate bonds ABS, MBS ■ Eurobonds ☐ ☑ COMMODITIES MONEY MARKET Investing and trading Spot and swap precious metals ■ Grain market ■ Sugar market Funding ■Repo with CCP (including repo with general collateral certificates) Repo with CBR (both with and without collateral management) ■ Inter-dealer repo ■ Credit & deposit operations 6#7☑ Diversified investor base across different markets Trading volumes Equities Market RUB trn Volume breakdown by investor types 2013 2014 2015 2016 2017 6M'17 6M'18 2013 2017 6M'18 +18% -9% -1% -1% +20% 10% 8% 5% 4% 3% 2% 10.3 8.7 9.4 9.3 9.2 11% 10% 9% 34% 32% 35% 5.5 4.6 48% 40% 48% +23% +53% -27% Derivatives +26% Market 115.3 1% -1% 11% 9% 93.7 84.5 15% RUB trn 61.3 46% 42% 43% 48.6 42.8 42.4 38% 47% 47% Fixed Income Market RUB trn FX Market RUB trn Money Market¹ RUB trn MOSCOW EXCHANGE 1 +79% +31% +34% 9% 12% 10% -31% +5% 8% 11% 12% 26.2 2% 18% 7% 7% 15.3 14.6 15.7 17% 15% 10.6 11.2 11.7 63% 54% 56% +36% +6% +5% +46% 10% -3% 310.8 330.0 347.7 3% 2% 2% 3% 13% 12% 228.5 179.6 173.6 156.0 82% 83% 90% +10% +47% +11% 4% 7% 9% -1% 1% 3% 6% 419.8 -9% 381.2 11% 12% 10% 234.7 261.6 260.1 194.5 177.5 85% 78% 73% Source: Moscow Exchange data Trading volumes include repo with collateral management through NSD. Investor structure is based on on-exchange repo trading volumes only Local funds Local retail investors Foreign investors Local banks and brokers Local corporates 7#8SETTLEMENT & DEPOSITORY CLEARING Robust post-trade infrastructure Central Counterparty (CCP) and Central Securities Depository (CSD) National Clearing Centre (NCC) proprietary funds (capital)¹ CCP cleared value based on ADTV (6M 2018) RUB bln RUB bln 61.6 56.6 58.7 57.4 FX 1,400 28.8 39.5 Repo with CCP² 917 ◉ Derivatives 342 Fixed income 13.2 Equities Commodities 44 ■ 0.5 1 Jan 1 Jan 1 Jan 2013 2014 2015 1 Jan 1 Jan 1 Jan 2016 2017 1 Jul 2018 2018 National Settlement Depository (NSD) proprietary capital³ RUB bln Assets on deposit4 RUB trn 11.3 9.4 8.8 8.9 7.8 7.3 6.0 1 Jan 2013 1 Jan 2014 1 Jan 1 Jan 1 Jan 2015 2016 2017 1 Jan 2018 1 Jul 2018 126 Comments Well-capitalized NCC acts as a CCP for all asset classes Solid risk management has ensured smooth operations amid high volatility The only qualified CCP in Russia. The status was granted by the CBR in 2013 BBB local currency rating from Fitch - one notch higher than Russia's sovereign rating - 43.0 39.4 36.4 31.7 24.9 21.8 12.3 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 30 Jun 2012 2013 2014 2015 2016 2017 2018 ■ ☐ Comments NSD is the Central Securities Depository in Russia Safekeeping and settlement services Collateral management services for repo transactions Repository for OTC trades Russian bonds and equities ■ Links to Euroclear and Clearstream for ■ AA- rating from Thomas Murray5 1 ☑ MOSCOW Source: Moscow Exchange Figures in accordance with Russian Accounting Standards as reported to and disclosed by the CBR on a monthly basis. Figures from the end of 2015 onwards include skin in the game and other deductions in accordance with the regulation of CCPs by the CBR EXCHANGE 2 Including GCC repo 3 4 Figures in accordance with Russian Accounting Standards as reported to and disclosed by the CBR on a monthly basis Assets on deposit based on Company's operational data 5 Thomas Murray is the leading global agency for depository services 8#91 Business overview ☑ Corporate governance and dividends 3 Market position and competitive strategy 4 Financial track record 5 1Q 2018 update ☑ MOSCOW EXCHANGE 6#10Best-in-class corporate governance standards Out of 12 members of the 2018-2019 Supervisory Board, 7 are independent (58% vs a minimum threshold of 20%¹) Four of the six Supervisory Board committees are chaired by independent directors The 2018-2019 Supervisory Board does not include any executive directors MOEX was a pioneer to adopt the new criteria of Director Independence aligned with the new Corporate Governance Code Supervisory Board members Anatoly Braverman First Deputy CEO at Russian Direct Investment Fund Andrey Golikov - Deputy Chairman Deputy Chairman of the Supervisory Board at Moscow Exchange Valery Goreglyad Chief Auditor at the Bank of Russia Yuriy Denisov Chairman of the Supervisory Board at National Clearing Centre Bella Zlatkis Deputy Chairman of the Executive Board at Sberbank of Russia Mikhail Bratanov Head of Securities Services in Russia and CIS at Société Generale Oleg Viyugin - Chairman Professor at Higher School of Economics Maria Gordon Member of the Supervisory Board at Alrosa Alexander Izosimov Director General at DRCAdvisors AB Anatoly Karachinsky President at IBS LLC Duncan Paterson Strategy Planning Audit Nomination and Remuneration Budget Technical Policy² Risk Management Chair Company Secretary at Talent First Limited Rainer Riess Chair Director General at Federation of European Securities Exchanges (FESE) Chair Chair Chair Chair ☑ MOSCOW * Independent directors EXCHANGE 10 1 2 The threshold is for stocks listed in the First level of the Quotation list as per the Listing Rules of Moscow Exchange The Technical Policy committee includes key industry IT professionals#11Dispersed ownership with one of the highest free-floats in Russia Dispersed ownership with no controlling shareholder... as of 3 April 2018¹ ...and one of the highest free-floats in Russia³ Others 47.5% CBR 11.8% Free float - 57.5% Sberbank 10.0% The Capital Group Co. 5.0% VEB 1 8.4% EBRD .6.1% RDIF 5.0% MICEX Finance² 1.2% J.P.Morgan Chase & Co 5.0% Growing liquidity of MOEX shares4 RUB mln 24 Rank among the most liquid shares listed on MOEX5 Average daily trading volume 8 10 Magnit Moscow Exchange Sberbank MTS Gazprom Lukoil VTB Norilsk Nickel Alrosa Tatneft Rostelecom Inter RAO Novatek Surgutneftegaz RusHydro 66% 58% 48% 48% 46% 46% 39% 38% 34% 32% 32% 29% 27% 25% | 25% Transparency and international recognition 17 17 946 ◉ 802 468 352 159 2013 2014 2015 2016 2017 International index providers MSCI and MVIS include MOEX shares in their indices Voluntary disclosures and regular updates of investor materials, including monthly trading results Annual MOEX Forums in Moscow, New York, London and Shanghai have become well-know venues to maintain dialogue with international market participants Robust investor relations program: ✓ 355 investor meetings in 2017 ✓ IR activities in Russia, the UK, Europe and the US to maintain dialogue with overseas investors ✓ IR awards in Russia in 2014-2017 Stakes of MICEX Finance, OppenheimerFunds, Capital Group, J. P. Morgan Chase & Co are as reported in most recent mandatory disclosure forms 100% owned subsidiary of the Moscow Exchange 1 2 ☑ MOSCOW 3 Largest locally registered Russian companies by market capitalization included in the MOEX Index EXCHANGE 4 Trading volumes in the main trading mode (TO, T+2) 5 The ranking includes ordinary and preferred shares 11#12☑ MOSCOW EXCHANGE 1 2017: dividend payout of 89% History of dividend growth Dividend yields of MOEX and exchange peers, 2018E¹ DPS for the financial year, RUB XX% Payout ratio Interim dividend 35% CAGR of DPS '13-17 % 89% 69% 58% 7.68 7.96 7.11 55% 47% 35% 5.47 3.87 MOEX IPO 2.38 1.22 0.16 0.14 0.16 0.16 0.31 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 3.3 3.6 2.8 2.2 2.3 1.6 1.8 1.1 2.49 5T LSE Comments Dividend policy approved in September 2015 sets 55% of net profit as the minimum payout ■ In 2017 Moscow Exchange switched to more frequent dividend payments, paying out its first ever interim dividend " In April 2018 MOEX's AGM voted to pay out a dividend of RUB 7.96 per share, or 89% of 2017 net profit Sources: Bloomberg, Moscow Exchange As of 21 June 2018 Exchange Japan 12 Euronext JSE CME MOEX 6.5#13☑ 1 Business overview 2 Corporate governance and dividends ☑ Market position and competitive strategy 4 Financial track record 5 1Q 2018 update MOSCOW EXCHANGE 13#14Leading positions in a global context in 2017 2nd largest exchange in fixed income¹ 5th largest exchange in derivatives² Rank Exchange Country Trading vol. (USD bln) Incl. Contracts traded Rank Exchange Country REPOS (min) 123 456 7 8 9 LSE Group UK 9,196 ✗ 1 CME Group USA 4,089 Moscow Exchange Russia 4,818 2 NSE India India 2,482 BME Spain 4,804 ✓ 3 BM&FBOVESPA Brazil 1,638 Korea Exchange Korea 2,144 4 Deutsche Boerse Germany 1,597 Johannesburg SE South Africa 2,083 5 Moscow Exchange Russia 1,585 Nasdaq OMX USA 1,704 6 CBOE USA 1,274 Oslo Borse Norway 1,041 7 Nasdaq OMX USA 1,101 Shanghai SE China 355 8 Korea Exchange Korea 1,015 Bolsa de Valores de Colombia Colombia 312 9 ICE&NYSE USA 742 10 Tel-Aviv SE Israel 241 10 BSE India India 608 Among top 25 exchanges by equity trading volumes globally³ 13th largest publicly listed exchange by Mkt Cap4 Rank Exchange Country Mkt Cap (USD bln) Securities Trading vol. listed (USD bln) Mkt Cap Rank Exchange Country (USD bln) 1 1 ICE&NYSE USA 22,081 2,286 14,535 2 CME ICE&NYSE USA 57.3 USA 43.4 2 Nasdaq OMX USA 10,039 3,933 12,138 3 HKEX Hong Kong 38.8 3 Shenzhen SE China 3,622 2,089 9,112 4 Deutsche Boerse Germany 25.7 4 Shanghai SE China 5,090 1,396 7,563 5 LSE Group UK 20.5 56 Japan Exchange Japan 6,223 3,604 5,813 6 Nasdaq OMX USA 15.7 LSE Group UK 4,290 2,498 2,330 7 BM&Fbovespa Brazil 10.6 7 HKEX Hong Kong 4,226 2,118 1,957 8 CBOE USA 11.7 68 Euronext EU 4,371 1,255 1,943 9 Japan Exchange Japan 10.4 Korea Exchange Korea 1,731 2,134 1,920 10 ASX Australia 9.2 10 Deutsche Boerse Germany 2,245 499 1,482 11 SGX Singapore 5.7 ... 12 Euronext EU 4.5 25 Moscow Exchange Russia 619 234 144 13 Moscow Exchange Russia 3.9 Sources: Moscow Exchange, WFE, Bloomberg 1 ☑ MOSCOW EXCHANGE 2 3 Due to different methodologies applied, data on fixed income trading may not be directly comparable among exchanges. Data for 2017 Data for 2017 Top equity trading exchanges are ranked by trading volume. Ranking without BATS (excluded due to absence of data for market capitalization and number of listed companies). Data for 2017 14 4 Market capitalization of public exchanges based on Bloomberg data as of 21 June 2018#15High and increasing market share versus OTC trading Share on the local market 83% 100 79% 78% Equities Market 54% +29 p.p. 2012 2016 2017 5M 2018 100 Derivatives X% 60% 51% 48% Market¹ 2012 2016 2017 5M 2018 100 Fixed 90% 90% 90% 90% Income Market 2012 2016 2017 5M 2018 100 53% 55% 55% FX Market 26% +29 p.p. 2012 2016 2017 5M 2018 Money X% 79% 81% 87% 100 Market² ☑ MOSCOW EXCHANGE 1 2 2012 2016 2017 5M 2018 Source: Moscow Exchange data Data before the launch of obligatory reporting to repository are unavailable Repo trading volumes only. Data before the launch of obligatory reporting to repository are unavailable 15#16☑ Competitive strategy 2015-2020: key pillars (1) Diversification Market penetration Strategy Optimization Drivers and initiatives Sophistication Equities Fixed income Derivatives Market data MOSCOW EXCHANGE Standardization Benefits from infrastructure put in place, tax and regulatory reforms (T+2, CSD and access of ICSDS, IIA) ✓ Growth of the retail investor base New listings and IPOS, repatriation of capital ✓ Further simplification of access for international investors (SMA, ICM) Aggressive growth: development of the equity market ✓ Aggressive growth: bonds to substitute bank loans as a funding tool ✓ Development of short-term and ultra short-term bonds, securitization ✓ Easier access to the bond market for corporates ✓ Growth of the retail investor base ✓ Benefits from completed reforms (shift to T+1 for OFZs, large block auctions, ICSDs) ✓ Development of an OTC platform Aggressive growth through new asset classes and tariff reform ✓ Tariff reform to increase effective fees ✓ Development of commodity derivatives ✓ Approval of CFTC registration application in order to permit access for US market participants Options market development Synergies with spot markets via a unified collateral pool OTC derivatives clearing Aggressive growth through enhancement of the product offering Growth of market data sales ✓ Improvement of data dissemination: development of a real-time and non- real time data platform ✓ Development of the corporate information center ✓ Development of the pricing center ✓ Expansion of the repository offering 16#17☑ Competitive strategy 2015-2020: key pillars (2) Diversification FX Market Market penetration Strategy Protecting market share through further expansion Optimization Drivers and initiatives Sophistication Development of international clearing membership ✓ Direct access of corporates to the market ✓ Development of SMA services Standardization Money Market Protecting market share through further product development ✓ Further enhancement of the existing product portfolio - collateral management services, repo with the General collateral pool ✓ Direct access of corporates to repo with CCP in the "net creditor" mode Depository services Treasury business Steady growth via development of new services Gradual replacement of NII with F&C income IT Ongoing enhancement of IT systems Corporate actions reform Launch of the corporate information center ✓ Expansion of the repository offering ✓ Reduction of NII's contribution to revenue through implementation of the single collateral pool as a fee-based service, including single account, single limit transfer, netting, cross-margining functionality Focus on reliability of hardware Improved processes of software development and installation Initiatives to foster fintech startups that develop technologies complementary to MOEX's product offering MOSCOW EXCHANGE 17#18☑ Global products and international investors MOEX offers global products to Russian investors ... Global Products Plans 2018 Trading volumes of derivative contracts on international benchmarks on MOEX FX Market Trading links with key FX platforms RUB bln Brent ICE Brent Index 22.3x Derivatives Market Major global benchmarks Equities Market ✓ Top global stocks 14.6 13.3 Gold LBMA Gold Price 2.4x 1.9 1.7 0.7 0.8 0.6 3.5 0.6 0.3 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 ... and Russian products to international investors Plans 2018 FX Market Development of SMA: introduction of pre-trade controls Development of ICM ☐ Tradable FX Fixing instruments for international participants Declaration of adherence to FX Global Code Derivatives Market MOSCOW EXCHANGE Equities and Fixed Income Markets ☐ Launch of ICM: remote clearing membership for international banks Launch of SMA: introduction of pre-trade controls and cancellation of orders on disconnection Onboarding of international HFT clients Development of SMA Launch of ICM Onboarding of international HFT clients 18#19Local institutional investors: the potential of pension funds Pension assets in Russia Pension system asset allocation dynamics¹ RUB trn +10% +6% +20% 5.6 5.3 +4% 4.8 1.2 1.1 4.0 3.8 1.0 0.9 66% 0.8 2.1 2.5 1.7 1.1 1.1 31% 27% 22% 35% 35% 60% 60% 68% 57% 57% 1.9 1.9 2.1 2.0 1.9 8% 8% 10% 12% 10% 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 State Pension Fund. Mandatory savings Non-state pension funds. Mandatory savings Non-state pension funds. Reserves Key highlights of the pension reform ■ Bank of Russia became a regulator of the pension system in 2013 ■ Adopted changes in non-state pension fund regulation: "One year non-loss" rule was abolished Investment horizon of NPFS was extended to 5 years Deposits and other assets Bonds Equities Customers are now incentivized to stay with the fund for not less than 5 years Guarantee fund mechanism (similar to the Deposit Insurance Agency in the banking system) New allocations to NPFs remained under moratorium until 2019, which reduced growth potential and left room for organic growth only ☑ MOSCOW Source: Bank of Russia EXCHANGE 1 Including State Pension Fund, NPFs Mandatory savings and NPFs Reserves. As of the end of 9M 2017 19#20☑ Retail money: aiming to grow the culture of investing Number of retail broker accounts as % of population² Russians hold majority of savings in banks and cash¹ 12% 13% 12% 23% 6% 42% 13% 53% 27% 50% 61% 10.9% 10.0% 51% Russians hold RUB 25 trn with banks RUB 5 trn in cash ...vs RUB 35.9 trn of the Russian equity market's market cap 37% 61% 23% 6% 69% 25% 32% 21% 59% 39% 41% 32% 24% 20% 18% 14% USA 1.4% 1.3% 0.3% China South Korea Turkey Russia Brazil UK Germany Italy Brazil Mexico China India Russia Other Securities Insurance and pension assets Cash Bank deposits Newly opened retail accounts of first-time (unique) clients thousand Individual investment accounts (IIA) as the first broker account Other broker accounts as the first broker account Net change in the number of retail accounts thousand Individual Investment Accounts Other broker accounts +95% +65% Tax incentives through Individual investment 394 +44% 252 accounts +23% 107 +94% +48% 74 -16% -32% +22% +64% 152 +36% -46% 102 106 45 86 72 22 178 59 70 107 84 2011 2012 2013 2014 2015 2016 2017 202 163 106 287 84 89 51 38 74 96 2011 2012 2013 2014 2015 2016 2017 MOSCOW EXCHANGE Sources: EIU, World Bank, IMF, central banks of South Korea, Turkey, Mexico, National Bureau of Statistics of China, Allianz, SZSE Factbook, CBR, Moscow Exchange 1 As of the end of 2016 2 Russia - 2017, South Korea, Turkey, Brazil - 2014, China - 2015 20#21Retail clients: a growing segment of the Russian financial market Number of active retail client accounts Equities Market +2 times Derivatives Market +64% +46% +9% +60% +3% 0% 119,616 109,538 44,860 46,285 46,069 +29% 74,911 57,946 28,068 FX Market¹ +40 times +39% +68% 25,461 ~17 times 15,159 35,475 895 December December December 2013 2015 2017 June 2018 December December December June 2013 2015 2017 2018 December December December June 2013 2015 2017 2018 Recent regulatory changes: ■ Introduction of individual investment accounts for private investors since 2015: more than 366,000 accounts opened as of June 2018 ■ Tax breaks on capital gains on securities held for more than 3 years (up to RUB 9 mln for securities purchased after 1 Jan 2014) ■ Retail investors allowed to remotely open a brokerage account. This simplifies the process for retail investors in Russia's far- flung regions ☑ MOSCOW EXCHANGE 1 DMA clients 21#22Bond market - why we are strong believers Ageing fixed assets require long-term investments Accumulated depreciation as % of fixed assets 45.3 45.3 48.2 47.9 47.7 47.1 49.4 Breakdown of bond issuers¹ by industry 3% 3% 3% Oil and gas 27% 3% Banks 21% 4% Finance 20% 48.1 27% 47.7 Municipal 6% 5% Construction and development 5% 5% Transportation 5% 6% Utilities 4% Metals and mining 3% 21% Industrials 3% 20% Consumer, retail and other Telecoms 3% 3% 2008 2009 2010 2011 2012 2013 2014 2015 2016 Growth of outstanding local bonds Local bonds vs Eurobonds of Russian corporates² RUB trn Regional Government Share of GDP Corporate RUB trn 22% RUB bonds Eurobonds 18% 17% 19.4 19.1 18.2 17.7 16.0 15% 0.7 13% 13% 14% 12% 12% 17.7 56% 60% 13.6 0.6 7.2 55% 11.1 11.8 0.6 58% 9.7 0.5 50 5.5 8.7 5.0 8.1 0.5 7.1 53% 4.7 7.0 6.2 6.2 0.4 5.4 52% 3.9 0.3 5.0 0.4 3.5 51% 11.4 52% 0.4 3.1 2.9 9.2 53% 44% 45% 40% 8.1 42% 2.2 6.6 47% 5.3 2.5 3.0 3.6 4.3 47% 48% 49% 48% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2009 2010 2011 2012 2013 2014 2015 2016 2017 ☑ MOSCOW EXCHANGE Sources: Bank of Russia, Cbonds, Rosstat, Moscow Exchange 22 1 RUB-denominated bonds traded on MOEX's Bond Market in January 2018 2 Including banks and financial institutions. Data for 2017 as of 1 December 2017#23"Bondization": growing a deeper Bond Market Completed in 2017 Issuance documents constructor for exchange- traded bonds was implemented in the user account, it reduces the time for preparation of each document to 15-20 minutes ■ Bonds can now be admitted to trading without a prospectus ☐ = 60 new exchange-traded bond programs were registered in 2017 (+56% vs 2016) On-exchange bookbuilding Increase of OFZ liquidity due to market-maker programs and change in tick size (+32% trading volumes in 2017 vs 2016) Cross-product OFZ spreads Corporate loans vs corporate bonds in Russia Plans for 2018 and beyond OTC fixed income trading platform - Additional features not offered through electronic order book MiFID II favors electronic OTC platforms due to transparency The initiative takes advantage of data on ownership of more than 15,700 security issues kept by NSD ■ Increase of market liquidity: - Transactions with bonds ex-date (coupon) - Further development of exchange bookbuilding Bond primary market trading volume RUB trn Loans (incl. foreign debt) RUB trn 67.6 64.7 9.7 Overnight bonds Corporate bonds (incl. eurobonds) 48.3 5.6 73% 71% 35.5 29.2 77% 2.7 2.6 80% 2.3 81% 1.6 27% 29% 19% 20% 23% 2009 2011 2013 2015 2017 2009 2011 2013 2015 2017 ☑ MOSCOW Source: Moscow Exchange, Cbonds EXCHANGE 23#24Corporates on the FX and Money Markets Direct access of Russian corporates to the FX and Money Markets Direct access to the FX Market Launched on 5 April 2017 Deposits with the CCP for corporates Launched on 24 July 2017 23 23 corporates RUB trading volume since 432 bln launch RUB 1.4 ADTV bln 88 58 corporates RUB trading volume 11.5 trn since launch 284 RUB min average trade size ADTV, RUB bln ADTV, +81% RUB bln 200.5 +49% GCC (REPO Deposits) +67% +37% GCC (REPO-REPO) -9% 1.8 1.4 1.2 1.0 55% 110.9 66.4 47% 23.9 45% 61% 45% 53% 1.5 2.5 3.6 39% 55% нн 3Q 2017 4Q 2017 1Q 2018 2Q 2018 2016 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 +3x +46% +7x +62% ☑ MOSCOW EXCHANGE Source: Moscow Exchange Plans 2018+ ◉ Relax criteria for corporates to join ■ Attract 30-50 new corporates to the FX and Money Markets 24#25Trend of local placements continued Major public capital raisings by Russian companies in 2016 were held exclusively on MOEX Company Europlan RussNeft' FG Future Alrosa UWC Promsvyazbank Total 2016 Date December 2016 November 2016 Transaction type SPO ΙΡΟ IPO July 2016 SPO May 2016 SPO April 2016 SPO October 2016 Transaction value, RUB bln 15.0 32.4 11.7 54.4 5.0 2.6 121.1 Capital raisings on MOEX in 2017 Company Date Transaction type Transaction value, RUB bln TMK February 2017 SPO 10.0 Detski Mir February 2017 IPO 21.1 Phosagro February 2017 SPO 15.0 UWC May 2017 SPO 1.9 Polyus (dual) June 2017 SPO 52.3 Bank Saint Petersburg July 2017 SPO 3.2 MVideo July 2017 SPO 18.0 Norilsk Nickel' July 2017 SPO 23.8 Magnitogorsk Iron & Steel Works September 2017 SPO 13.0 Aeroflot September 2017 SPO 9.8 Megafon October 2017 SPO 22.5 Obuv Rossii October 2017 IPO 5.9 Credit bank of Moscow October 2017 SPO 14.4 Globaltruck November 2017 ΙΡΟ 3.5 Magnit En+ (dual) Total 2017 November 2017 SPO 43.9 November 2017 listing 258.3 Capital raisings on MOEX in 2018 Company X5 Retail Group Interrao ☑ MOSCOW EXCHANGE Date February 2018 March 2018 Transaction type listing SPO Transaction value, RUB bln 4.2 25#26Indicative Quotation System on the Derivatives Market ADTV of the most liquid ord. shares, RUB bln 8.3 4.8 As the liquidity of derivatives' 2.1 2.2 1.5 underlying assets gradually 1.3 1.4 decreases ... SBER GAZR LKOH GMKN ROSN ALRS MGNT ...the ratio of derivatives' 106% volumes to spot trading volumes declines rapidly - like a gap down Derivatives/Spot trading volumes ratio 52% 32% => Trading in derivatives on -26% Average 34% a less liquid underlying can garner a greater share of this underlying's spot volumes 14% 4% 1% SBER GAZR LKOH GMKN ROSN ALRS MGNT Allows to trade illiquid contracts without freezing collateral before a counterparty accepts a trade order Seeks to improve liquidity in derivatives with liquid underlying assets Launched on 23 April 2018 for options only There are plans to introduce IQS for illiquid futures contracts Indicative Quotation System aims to unlock the potential of less liquid contracts ☑ MOSCOW EXCHANGE Data for 2017 26#27NCC is now regulated as a clearing organization and a CCP Dec 2015 Changes to law "On Clearing" that regulate NCC as a CCP instead of a banking institution were approved Dec 2016 Bank of Russia developed a set of new regulatory ratios for the CCP Nov 2017 Dec 2017 NCC applied for a new license, switching from banking regulation to CCP regulation NCC operates and is regulated as a CCP, licensed as a non- banking credit organization Target capital New regulation requires: Capital adequacy Adequacy of total resources Adequacy of initial margin Liquidity ratio Collateral concentration Target capital in FY 2018 that complies with new regulatory requirements: RUB 55 bln At all times NCC's own capital shall exceed the sum of "skin in the game", the minimum capital to maintain 11% of RWA and a reserve of 75% of annual operating expenses At all times the sum of "skin in the game" and the guarantee fund shall exceed potential losses in the event of default of the two largest counterparties Price fluctuations of each asset shall not exceed the initial margin amount in at least 99% of cases of price changes The amount of liquid assets of the CCP at any time shall exceed the amount of potential losses in the event of default of the two largest counterparties A certain type of asset is eligible as collateral as long as its addition does not exceed 25% in total assets placed as collateral by market participants ☑ MOSCOW EXCHANGE 27#28Update on the strategic UCP project Unified Collateral Pool (UCP) phase-in schedule Completed Dec'17 Start of phase 1: Single account, On track 2Q'18 unification of collateral management Start of phase 2: Cross-margining bridge between spot and derivatives Aug'18 1st tariff revision: End of 2018 Fully-functioning UCP Nov'18 2nd tariff revision: - Repo with CCP - Repo with CCP - FX swaps - FX swaps - Derivatives ■ In effect since 4 December 2017: ✓ ✓ Netting of settlements Unified collateral requirements Single account for all markets ■ 21 May 2018: launch of cross-margining across markets Schedule for fee revisions: ✓ August and November 2018 - in effect July and October 2018 - previous view Phase 1: current progress Number of market participants with UCP accounts 18 28 Share of F&C from UCP accounts as % of total trading F&C 2.4 4.4 <0.5 4Q'17 1Q'18 1 July 2018 4Q'17 1Q'18 12W MA¹ ☑ MOSCOW EXCHANGE 1 12-week moving average as of 1 July 2018 28#29E-voting and Blockchain implemented on Moscow Exchange ☑ E-voting for equity and bond holders NSD has developed e-voting platform for shareholders: www.e-vote.ru Sberbank, MOEX, Alrosa – the first Russian companies to provide shareholders with the opportunity to remotely participate in shareholder meetings (via online voting) in 2017 E-voting for bondholders has been implemented and successfully tested Blockchain technology MOSCOW EXCHANGE NSD used a blockchain-based settlement platform to complete an inaugural placement of a RUB 500 mln bond issue in 2017 29 29#30New Products: Derivatives, Commodities and Equities Futures and options on Light Sweet Crude Oil Futures on Light Sweet Crude reached an ADTV of RUB 36 mln within the first few days after the launch on 25 April 2018. A comparable ADTV of Brent futures was achieved a month after the start of trading back in October 2008. 4th most popular underlying in the commodity segment since launch¹ Trading in grain swaps: funding for producers X5 Retail Group: a new issuer in the Equities Market ADTV, RUB mln +46% ADTV, RUB mln Rank among the most liquid shares listed on MOEX 17 +2x 121 34 +72% 27 27 4.5x +41% 83 +6x 41 17 24 3 Mar 2017 2Q 2017 3Q 2017 4Q 2017 2 new ETFs New 1Q 2018 Apr-May 2018² 446 334 233 100 Feb 2018 Mar 2018 Apr 2018 May 1-15 Existing ✓ ITI Funds RTS Equity ✓ ITI Funds Russia-Focused USD Russian equity indices Foreign equity indices FinEx RTS Russian Eurobonds FinEx Rus Eurobonds USD Rus Eurobonds RUB FinEx MSCI Australia MCSI Germany MSCI China MCSI Japan MSCI USA MCSI UK MSCI USA IT Commodities FinEx Gold USD Foreign bonds & MM FinEx Cash Equivalents ☑ MOSCOW EXCHANGE 1 Between 25 April 2018 and 15 May 2018 2 Between 1 April 2018 and 15 May 2018 30#31☑ 1 Business overview 2 Corporate governance and dividends 3 Market position and competitive strategy ☑ Financial track record 5 1Q 2018 update MOSCOW EXCHANGE 31#32MOEX business model continues to deliver Operating income¹ RUB bln - MICEX Index, % Rebased to 100% 250% 200% 150% CAGR of ~19% in 2006-2017 46.0 43.6 38.5 100% 30.4 24.6 21.5 16.9 50% 11.2 8.0 9.4 11.1 5.7 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Key highlights Unique business model allows MOEX to increase operating income regardless of the stage of the economic cycle: Fee & commission income evolution¹ Equities+ Derivatives FX Money Market Depository & Settlement IT Services 3 Bonds 2 6% 10% 8% 6% 8% 8% 7% IT Services 18% ■ Business lines are diversified, while markets I have limited growth correlation 17% 18% 20% 19% 18% 20% Depository & settlement 10% 18% 20% Money 21% 24% 16% 22% 27% Market ■ Growth drivers differ across markets and products 8% 18% 19% 22% 24% 22% 18% FX 11% 12% 11% 42% 8% 10% 9% Derivatives Listing: 2% 27% 23% 20% 18% 18% 19% Bonds: 8% Equities: 9% 2011 2012 2013 2014 2015 2016 2017 ☑ MOSCOW EXCHANGE 1 According to Moscow Exchange Consolidated Financial Statements for the relevant period RTS data is consolidated from 29 June 2011 32 2 Includes Listing and other service fees related to the Securities Market 3 IT Services includes Information services, Sale of software and technical services and Other fee income#33Summary of financials Operating income RUB bln Fee and commission income¹ Interest and finance income² X% CAGR '13-17 Operating expenses RUB bln Remaining administrative expenses³ Personnel expenses D&A and IT maintenance Cost-to-income ratio 40.1% 28.1% 24.5% +12% -12% 46.0 43.6 34.1% 34.9% +8% +10% 38.5 30.4 13.4 61% 54% 12.3 45% 11.3 24.6 9.9 10.4 3.2 3.1 47% 3.0 48% 3.1 2.9 6.2 5.9 52% 53% 39% 46% 55% 4.8 5.4 5.8 2.0 2.1 2.5 3.3 4.1 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 EBITDA and EBITDA margin Net income RUB bln EBITDA EBITDA margin RUB bln - ROE Net income 27.5% 21.4% 16.8% 66.6% 71.1% 79.4% 77.1% 72.8% +14% 18.8% 16.3% +15% -16% -20% 36.5 33.6 27.9 25.2 28.1 21.6 16.0 16.4 11.6 2013 2014 2015 2016 2017 ☑ MOSCOW EXCHANGE Source: Moscow Exchange 1 Includes Other operating income 2 3 20.3 2013 2014 2015 2016 2017 Includes Interest and other finance income, Interest expense, Net loss on financial assets available-for-sale and Foreign exchange gains less losses Remaining administrative expenses are calculated as Administrative expenses less Depreciation of property and equipment, Amortisation of intangible assets and Equipment and intangible assets maintenance 33#34Fee & commission income: strong and sustainable growth Fee and commission income (F&C) RUB bln F&C income shows sustainable growth Cost (ex D&A) to fee income ratio F&C growth is delivered in a cost efficient way +13.5% CAGR '13-17 X% +7.1% 21.2 19.8 17.8 15.6 12.8 64.8% 56.4% 53.3% 50.3% 49.4% 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 ☑ MOSCOW EXCHANGE 34#35Interest and finance income Interest and finance income¹ Investment portfolio sources³ RUB bln Mosprime², % Libor², % Effective yield, % RUB bln MOEX's own funds 13.0 10.7 6.3 8.8 9.2 2.0 2.4 2.6 2.3 X% CAGR '13-17 Client funds 3.4 0.1 0.1 0.1 0.4 1.0 +10.1% -27.1% 28.1 700 23.7 7% +21.4% 1 149 -17.3% 5% 905 8% 749 11% 95% 17.3 14.3 11.8 345 92% 11% 93% 89% 89% 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Client funds by currency Client funds by source Investment portfolio by type of asset 2016 2017 2016 2017 2016 2017 1% 3% 7% 9% 5% 6% Other REPO Other 48% EUR FX deposits 55% FX Market USD 65% 61% and curr. accounts 68% 75% Securities Market FX securities RUB Guarantee fund Derivatives Market RUB deposits and curr.accounts 38% 30% RUB securities 9% 13% 13% 12% 10% 8% 9% 4% 1% 9% 7% 5% 14% 15% 1 ☑ MOSCOW EXCHANGE Source: NFEA, Bloomberg, Moscow Exchange operational information and Consolidated Financial Statements Interest and finance income includes Interest and other finance income, Interest expense, Net loss on financial assets available-for-sale, Foreign exchange gains less losses 2 Average overnight rate for the period 3 Based on average daily investment portfolio sources for the period according to management accounts 55 35#36☑ CAPEX and OPEX: 2017-2018 Capital expenditures RUB bln Capex % of operating income 8.2% 5.0% 5.4% 2.6% 4.2% -25% 1.0 0.8 +42% -46% +219% 3.6 2.5 1.9 2013 2014 2015 2016 2017 Operating expenses RUB bln CPI inflation 5.4% 11.4% 12.9% 2.5% 6.5% +10% +9% +9% +5% 13.4 12.3 11.3 9.9 10.4 2013 2014 2015 MOSCOW EXCHANGE 2016 2017 Source: Moscow Exchange, gks.ru ■ In 2017, CAPEX was RUB 1.94 bln, including intangible asset additions of RUB 1.45 bln and fixed asset additions of RUB 0.49 bln. ■ In 2018, capital expenditures are expected to be RUB 2.0-2.2 bln, in line with CAPEX for FY 2017. The split between maintenance CAPEX and CAPEX allocated to new projects is expected to be roughly equal (55% new projects/ 45% maintenance capex). ■ 2018 CAPEX estimate does not include Ecosystem investments. ■ The actual growth of OPEX in 2017 was 10%, below the latest guidance of 11-13% as a result of: ■More conservative hiring ■ Stronger RUB ■ In 2018, growth of operating expenses is expected to be in the range of 7-9%. 36 36#37☑ MOSCOW EXCHANGE 1 Business overview 2 Corporate governance and dividends 3 Market position and competitive strategy 4 Financial track record ☑ 1Q 2018 update 31 37#381Q 2018 summary of financials Operating income Operating expenses RUB bln Fee and commission income¹ Interest and finance income² +4.2% +2.9% RUB bln Remaining administrative expenses Personnel expenses D&A and IT maintenance Cost-to-income ratio 37.8% 34.7% 35.7% 32.7% 34.2% +7.5% 9.5 9.8 9.7 9.6 9.9 -2.8% 3.6 48% 48% 43% 39% 44% 3.5 3.3 3.2 3.3 1.0 0.7 0.7 0.7 0.8 1.6 1.5 1.5 1.6 1.7 52% 52% 57% 61% 56% 1.0 1.0 1.0 1.1 1.1 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 EBITDA and EBITDA margin RUB bln ― EBITDA margin Net income Adjustments³ RUB bln ROE Adjustments4 17.8% 74.7% 72.9% 73.5% 70.2% 16.3% 16.9% 72.5% +3.7% +6.4% 17.4% 15.9% +3.8% +7.7% 5.3 5.0 5.1 5.2 6.9 7.3 7.1 6.7 7.2 0.8 4.8 0.9 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 Source: Moscow Exchange ☑ MOSCOW 1 Includes Other operating income EXCHANGE 2 3 Includes Interest and other finance income, Interest expense, Net loss on financial assets available-for-sale and Foreign exchange gains less losses Adjustments are related to 1) IFRS 9 provisions change and 2) one-off provision 4 Adjustments are related to 1) changes in amortization schedules, 2) IFRS 9 provisions change and 3) one-off provision 38#39☑ Diversified fee and commission income Fee & commission income performance RUB mln Money Market 1Q 2017 1Q 2018 Change YoY, min Change YOY, % 1282.0 1438.2 156.2 12.2% Fee & commission income breakdown RUB bln +12.8% 5.51 9% Depository and Settlement 4.88 991.0 1046.1 55.1 5.6% 9% 8% 10% 9% FX Market 957.0 926.2 -30.8 -3.2% 9% 11% 6% Fixed Income Market 316.9 621.6 304.7 96.2% 17% 20% Equities Market Derivatives Market IT Services and Listing Fixed Income Market FX Market IT Services and Listing¹ 440.7 508.8 68.1 15.5% Depository & Settlement 19% 20% Money Market Derivatives Market 497.0 494.8 -2.2 -0.4% 26% 26% Equities Market 396.8 470.0 73.2 18.4% 1Q 2017 1Q 2018 Fee & commission income dynamics RUB bln MOSCOW EXCHANGE +12.8% 5.8 5.5 5.1 4.9 -4.9% 5.5 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 Source: Consolidated Financial Statements 1 IT Services and Listing includes Information services, Sale of software and technical services, Listing and other service fees and Other fee income 39#401Q 2018 26% Money Market Trading volumes RUB trn Trading volumes for repo with CCP MosPrime rate¹, % Repo with the CBR RUB trn, % Deposit and credit operations Repo with CCP Inter-dealer repo Share of repo with CCP in total inter-dealer repo (including GCC-repo) Repo with CCP trading volumes, RUB trin 10.3 9.5 8.9 8.3 7.5 -3.1% 114.9 8% 90.7 16% 88.8 82.7 9% 80.1 13% 10% 22% 22% 20% 19% 5% 22% 5% 15% 7% 65% 54% 68% 62% 65% 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 Fee & commission income RUB mln +12.2% 1,560 1,555 1,438 1,282 1,253 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 ☑ MOSCOW EXCHANGE 1 30% 81% 76% 73% 74% 62% 231.5 176.2 +2.0% 66.7 51.0 52.0 25.0 3.7 2013 2014 2015 2016 2017 1Q 2017 1Q 2018 Comments F&C income increased 12.2% YoY thanks to a shift to higher- margin repo with CCP (including GCC repo). Trading volumes contracted 3.1% YoY due to lower volumes of repo with the Bank of Russia. The average term of on-exchange repo was 3.1 days, up from 2.8 days in 1Q 2017 and flat QoQ (4Q 2017: 3.0 days). Strength of effective fees was due to longer average term of repo and some accruals from longer-term deals. Source: Moscow Exchange operational information and Consolidated Financial Statements Overnight rate, average for the period 40#411Q 2018 19% Depository and Settlement Assets on deposit (average for the period) RUB trn Other OFZ Equities Corporate and regional bonds +15.7% 41.3 39.0 35.7 37.3 35.1 13% 14% 13% 15% 14% 43% 46% 43% 42% 42% 16% 17% 17% 17% 16% 24% 26% 26% 26% 27% Fee & commission income breakdown 1Q 2018 collateral management services 0.5% clearing book-entry transfers 3% 4.8% 13% 1% 7.9% 6% Safekeeping Depository transactions and clearing services Services for issuers Settlement and cash services Other 77% 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 Fee & commission income RUB mln +5.6% 991 1,001 1,083 1,109 1,046 Comments F&C increased 5.6% YoY, primarily due to growth in average assets on deposit (+15.7% YoY). The growth in assets on deposit was universal across all asset classes. Corporate bonds on deposit grew by 29.4% YoY, OFZS (federal government bonds) grew by 17.1% YoY and equities grew by 8.4% YoY. While income from safekeeping remained strong, fees from repo with collateral management services through NSD declined due to lower volumes. 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 ☑ MOSCOW EXCHANGE Source: Moscow Exchange operational information and Consolidated Financial Statements 41#421Q 2018 FX Market 17% Trading volumes RUB trn ☑ Spot trading volumes Volatility USD/RUB,%¹ RUB trn Swap Spot 1.8 1.8 1.8 1.2 1.0 Swap trading volumes RUB trn -8.4% -6.5% 20.4 69.1 -6.9% 18.6 89.5 90.2 83.7 84.3 83.3 23% 22% 24% 22% 22% 77% 78% 76% 78% 78% 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 Fee & commission income RUB mln 1Q 2017 1Q 2018 Comments 64.6 1Q 2017 1Q 2018 F&C was down 3.2% YoY due to a contraction of trading volumes (-6.9% YoY). -3.2% 957 965 960 945 926 Swap trading volumes declined 6.5% YoY, spot trading declined 8.4% YoY. Sponsored Market Access to the FX Market continues to develop, with six participants to date. 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 MOSCOW EXCHANGE Source: Moscow Exchange operational information and Consolidated Financial Statements, CBR Calculated as daily standard deviation for the period divided by the average value for the period 1 42 42#43Fixed Income Market 1Q 2018 11% Trading volumes¹ Primary market RUB trn Government and CBR bonds (OFZ, OBR) Corporate, municipal and other bonds RUB trn Overnight bonds Government and CBR bonds (OFZ, OBR) +54.1% Total +66.8% Corporate, municipal and other bonds (excl. overnight) Excl. overnight bonds 7.9 +263.8% 7.1 7.4 4.9 6.5 4.4 2.6 4.2 5.1 34% 35% 49% 3.8 2.3 33% 46% 2.9 48% 32% 31% 65% 70% 72% 1.3 1.3 75% 17% 67% 66% 65% 39% 0.7 35% 49% 51% 69% 68% 12% 15% 35% 54% 13% 65% 23% 15% 15% 51% 28% 46% 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 Fee & commission income RUB mln +96.2% 669 622 502 495 317 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 ☑ MOSCOW EXCHANGE 1 Comments ■ " Trading volumes were up by 54.1%. F&C rose 96.2% on the back of strong growth in placements. Primary placements grew 3.6x YoY (excl. overnight bonds). Placements of government bonds expanded 4.9x YoY. Source: Moscow Exchange operational information and Consolidated Financial Statements Trading volumes on the Fixed Income Market include placements 43#449% 1Q 2018 ☑ IT Services and Listings IT Services and Listings¹ RUB mln Other fee and commission income Listing and other fees related to Securities Market Information services Sale of software and technical services +15.5% 554 509 490 13% 441 4% 457 17% 7% 7% 20% 24% 18% 19% 16% Comments ◉ Listing and other service fees were RUB 79.2 mln, up 0.4% YoY. ■ Sales of data and information services contributed to RUB 176.3 mln of fee income, flat YoY. Income from sales of software and technical services was RUB 169.2 mln, up 8.1% YoY. ■ Other fee and commission income was RUB 84.1 mln, up 2.9 times YoY. This line includes contribution from the Commodities Market. 39% 40% 39% 40% 35% 36% 34% 35% 27% 33% 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 MOSCOW EXCHANGE Source: Consolidated Financial Statements 1 Includes Other fee and commission income 44#459% 1Q 2018 Derivatives Market Trading volumes Volatility index (RVI) Currencies RUB trn Interest rates Equities Commodities Indices 24 24 20 17 21 21 Open interest RUB bn, daily average +19.7% -7.2% 887 858 868 22.2 20.6 21.7 20.0 20.6 725 722 15% 16% 22% 25% 20% 51% 51% 49% 41% 46% 4% 4% 5% 4% 5% 30% 30% 25% 33% 24% 1Q 2018 1Q 2017 2Q 2017 3Q 2017 4Q 2017 Fee & commission income RUB mln -0.4% 539 497 481 495 495 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 ☑ MOSCOW EXCHANGE 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 Comments F&C was flat YoY, while trading volumes declined 7.2%. Trading volumes of FX derivatives declined 25.7% due to lower exchange rate volatility. ■ Trading volumes of equity and index contracts grew 35.1% and 4.6% YoY, respectively, despite the decline in volatility. ■ Trading volumes of commodity contracts were up 21.6% YoY. Options turnover increased 20.8% YoY. Shift to higher fee contracts (single equity and commodity futures, options) supported the average fee per ruble of trading volumes. Source: Moscow Exchange operational information and Consolidated Financial Statements 45#469% 1Q 2018 Equities Market Trading volumes¹ RUB trn Equities ―MOEX Index (average for the period) XX% Velocity2 25% 28% 27%) 26%) 27%) 2,126 1,938 1,981 2,112 2,275 +16.5% Increasing popularity of Individual Investment Accounts Individual Investment Accounts, thousands, end-of-period +56.2% 328 302 269 231 2.6 210 2.2 2.3 2.3 2.3 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 Fee & commission income RUB mln +18.4% 470 397 385 409 420 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 Comments . " Trading volumes increased 16.5% YoY, F&C rose by 18.4% YoY. MOEX's market share vs. LSE in trading of dual-listed Russian shares rose by 4 pp YoY and reached 61%. FTSE replaced 2 DRs of Russian issuers with local shares in its All-World index. X5 Retail Group's DRs started trading on the Equities Market in February 2018 and entered the top-20 most liquid equity instruments in May 2018. ☑ MOSCOW Source: Moscow Exchange operational information and Consolidated Financial Statements, WFE, Liquid Metrix, Bloomberg and Moscow Exchange data for March 2018 for MOEX vs LSE share EXCHANGE 1 Volumes of both primary and secondary markets 2 Velocity is calculated as annualized trading volumes for the period divided by the average market capitalization 46#47Interest and finance income Interest and finance income¹ Investment portfolio sources³ RUB bln Mosprime², % Libor (USD)², % ― Effective yield, % RUB bln MOEX's own funds Client funds Net interest and finance income 10.3 9.5 8.9 8.3 7.5 2.4 2.4 2.6 2.6 904 2.0 -27.4% +10.7% 9% 801 0.7 1.0 1.2 1.2 -5.4% 1.5 10% 696 656 11% 593 +14.5% 12% 13% 4.6 4.7 4.2 4.3 91% 3.8 90% 89% 88% 87% 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 Client funds by currency Client funds by source Investment portfolio by type of asset 1Q 2018 1Q 2018 1% 6% 7% Other 8% FX Market 6% 3% EUR Securities Market FX deposits and curr. accounts 5% 1% 57% 10% FX securities 49% USD RUB 13% Derivatives Market Guarantee fund Precious Metals Market 45% RUB securities 21% 29% 31% 10% 17% 1Q 2017 1Q 2018 66% Other RUB deposits RUB current accounts REPO 15% 1 ☑ MOSCOW Source: NFEA, Bloomberg, Moscow Exchange operational information and Consolidated Financial Statements Interest and finance income includes Interest and other finance income, Interest expense, Net loss on financial assets available-for-sale, Foreign exchange gains less losses EXCHANGE 2 Average daily rate for the period 3 Based on average daily investment portfolio sources for the period according to management accounts 47#48Operating expenses Operating expenses RUB mln Administrative and other operating expenses Personnel expenses +7.5% Major expense items RUB mln Personnel expenses 1Q 2017 1Q 2018 Change YOY 1,602.2 1,707.1 6.5% -2.8% D&A and IT maintenance 997.7 1,114.9 11.7% 3,630 3,528 3,281 3,214 3,306 D&A & IT maintenance adjusted for change in amortization schedule 997.7 1,033.8 3.6% 56% 52% 51% Remaining administrative expenses¹ 681.5 705.9 3.6% 54% 55% Total OPEX 3,281.4 3,527.9 7.5% Adjusted total OPEX 3,281.4 3,446.8 5.0% 49% 46% 45% 44% 48% Cost (ex D&A) / fee income 52.6% 48.8% -3.8 p.p. 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 Headcount +2.2% +0.2% 1,629 1,643 1,649 1,662 1,665 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 ☑ MOSCOW EXCHANGE Source: Moscow Exchange, Consolidated Financial Statements 1 Comments " ☐ ☐ OPEX for the quarter was RUB 3.53 bln, up 7.5% YoY. Administrative and other operating expenses were up 8.4% YoY to RUB 1.82 bln, of which RUB 839.8 mln was depreciation and amortization expense. OPEX excluding D&A expenses up only 4.7% YoY to RUB 2.69 bln. Continued growth of D&A charge was a result of changes to the amortization schedule of particular intangible assets. Personnel expenses rose by 6.5% YoY to RUB 1.71 bln. Remaining administrative expenses are calculated as Administrative expenses less Depreciation of property and equipment, Amortisation of intangible assets, Equipment and intangible assets maintenance 48#49☑ MOSCOW EXCHANGE Appendix 49 49#5001.13 02.13 03.13 04.13 05.13 06.13 07.13 08.13 09.13 10.13 11.13 12.13 01.14 02.14 04.14 Dual listed stocks virtual index spread dynamics Analysis provided by Liquid Metrix Bid-ask spread 1 Contract (b.p.1) 15.9 15.2 16.1 16.1 Moscow 9.8 11.5 11.5 10.7 10.5 9.2 8.7 11.8 12.8 13.7 13.5 12.4 3.4 4.1 3.6 3.0 4.0 3.7 4.1 5.6 6.1 4.7 4.7 4.6 4.6 4.7 9.7 5.1 4.2 9.1 9.5 8.4 8.1 Exchange is the 4.5 4.5 3.5 3.9 3.9 liquidity center for 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 Bid-ask spread 50k EUR deal (b.p.) 34 35 34 30 32 11 15 16 18 11 17 8 15 12 15 12 18 13 18 19 21 27 24 15 16 15 18 22 17 18 16 21 17 1718 19 25 15 17 16 20 15 MICEX Virtual index² 1Q'13 2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 Market share³ (most liquid Russian dual listed stocks) Russian securities with more than 55% market share in total trading volume Aggregated spreads for most liquid dual listed stocks are substantially lower in Moscow implying lower all-in trading costs 02.15 03.15 6666a 1 ☑ MOSCOW The value for the spread is quoted in basis points (0.01%) 2 EXCHANGE 3 MICEX Virtual Index - index calculated based on prices and EOB data of the most liquid Russian dual listed stocks Data since December 2015 includes trading auctions on MOEX Source: Liquid Metrix LSE Moscow Exchange 55 Notes: Spreads measure the bid to offer spread of the best visible orders in the book, the result based on measurements of the order books every 30 seconds 01.17 02.17 03.17 04.17 05.17 06.17 07.17 08.17 09.17 10.17 11.17 12.17 01.18 02.18 03.18 04.18 05.18 50#51Blue Chips bid-ask spread dynamics for 50k EUR deal (1) Market share¹ Average Bid-ask spread 50k EUR deal (b.p.2) Analysis provided by Liquid Metrix 2017 2M 2018 2017 2M 2018 8.5 9.0 10.8 8.9 42% 39% Gazprom 58% 61% 9.5 9.0 33% 33% 6.6 5.5 Sberbank 67% 67% 14.4 10.4 9.5 10.9 41% 44% Lukoil 59% 56% 18.6 17.4 14.0 13.4 Norilsk Nickel 46% 54% 49% 51% 21.4 22.7 35.6 32% Magnit 44% 23.3 56% 68% LSE Moscow Exchange MOEX LSE MOEX LSE Bid-ask spreads for majority of the Russian "Blue Chips" are substantially lower on Moscow Exchange than on other trading venues ☑ MOSCOW 1 Data since December 2015 includes trading auctions on MOEX 2 EXCHANGE The value for the spread is quoted in basis points (0.01%) Source: Liquid Metrix 51#52Blue Chips bid-ask spread dynamics for 50k EUR deal (2) Analysis provided by Liquid Metrix Market share¹ 2017 2M 2018 Average Bid-ask spread 50k EUR deal (b.p.2) 2017 2M 2018 43.8 70.3 27.6 26% 20% 25.6 VTB 74% 80% 24.2 25.7 22.9 23.6 Tatneft 52% 48% 54% 46% 17.2 18.4 Rosneft 53% 47% 53% 47% 12.1 13.5 Novatek 38% 36% 62% 64% 21.6 20.1 19.6 18.0 32.3 32.1 25.6 Surgutneftegas 37% 37% 22.3 63% 63% LSE Moscow Exchange MOEX LSE MOEX LSE Bid-ask spreads for majority of the Russian "Blue Chips" are substantially lower on Moscow Exchange than on other trading venues 1 ☑ MOSCOW Data since December 2015 includes trading auctions on MOEX 2 EXCHANGE The value for the spread is quoted in basis points (0.01%) Source: Liquid Metrix 52 52#53DR program Depositary bank DR holders pay substantial EXTRA FEES to depository banks Fees to be paid to depositary banks for some of DR programs of Russian companies Depositary Service Dividend Fee², DSF + Dividend Fee as % Fee¹ (DSF), USD per of dividend DRs cancellatio ns fee, USD per USD per DR DR amount³ DR VTB Bank BNY Mellon 0.03 0.005 84% 0.05 Gross DSF and dividend fees calculated for Top-3 international funds holding DRs of Russian companies4 RusHydro BNY Mellon 0.02 0.009 38% 0.05 Fund A 3,834,533 USD Surgutneftgaz Deutsche Bank 0.02 0.012 32% 0.05 Fund B 2,791,936 USD Fund C 6,118,199 USD TMK BNY Mellon 0.01 0.016 20% 0.05 AFKS Citi 0.03 11% 0.05 Cost of cancellations of all DRs in MMK BNY Mellon 0.020 7% 0.05 portfolios to local shares for Top-3 Phosagro Citi 0.02 7% 0.05 funds Megafon BNY Mellon 0.03 7% 0.05 Fund A 8,627,079 USD Rostelecom JP Morgan 0.01 0.030 7% 0.05 Fund B 5,418,791 USD Gazprom BNY Mellon 0.020 7% 0.05 Fund C 5,697,296 USD Sberbank JP Morgan 0.01 0.020 6% 0.05 Norilsk Nickel BNY Mellon 0.01 0.020 4% 0.05 Magnit JP Morgan 0.01 4% 0.05 NLMK DB 0.02 4% 0.05 Tatneft' BNY Mellon 0.02 0.020 2% 0.05 Rosneft JP Morgan 0.003 2% 0.05 A depository service fee and a dividend fee are to be paid by DR holder to the depositary bank while there are no such fees for holders of local shares Majority of DRs cancellations are also charged 0.05 USD per DR Severstal DB 0.020 2% 0.05 Novatek BNY Mellon 0.020 2% 0.05 Lukoil Citi 0.020 1% 0.05 Lenta DB 0.03 NA5 0.05 Average 0.013 0.012 13% 0.05 1 ☑ MOSCOW 2 EXCHANGE 3 As % of dividend amount after tax 4 5 Data for dividend amount is unavailable Service fees are charged annually, on an arbitrary date. Calculated based on number of DR in a client's account on the record date Dividend fees are charged when dividends are paid Calculations based on Thomson Reuters data as of December 2017 Source: BNY Mellon, Deutsche Bank, JP Morgan, Citi, Thomson Reuters 553 53#54Dividend payments for DR holders FX rate determination for dividends FX rates for conversion of dividends are determined in non-transparent manner According to information from notices for DR holders³: Local Shares DR Issuer Record date Payable date FX rate¹ Payable FX rate² Diff. date MMK 11 Jun 17 21 Jun 17 59.6 28 Jun 17 60.2 1.0% Custodian DR issuer has no obligation to obtain the "best price" for any FX Trade The conversion rate reflects a foreign currency transaction ("FX Trade") executed by the Custodian DR issuer as principal counterparty and not as agent, fiduciary or broker Akron 11 Jul 17 18 Jul 17 59.1 25 Jul 17 59.7 1.0% MTS 10 Jul 17 25 Jul 17 59.5 1 Aug 17 60.0 1.0% NCSP - 30 May 17 22 Jun 17 59.6 29 Jun 17 60.0 0.7% Novatek 2 May 17 23 May 17 56.3 30 May 17 56.7 0.7% Norilsk Nickel 23 Jun 17 10 Jul 17 60.3 17 Jul 17 60.7 0.7% Tatneft 7 Jul 17 26 Jul 17 59.5 2 Aug 17 59.8 0.5% DR holders received their dividends one week later compared with holders of the ordinary shares | Payable date for ordinary shares in RUB Date of notice and determination of FX rate for RUB to USD conversion 4 5 Source: Moscow Exchange Average weighted USD/RUB FX rate at Moscow Exchange ☑ MOSCOW EXCHANGE 1 2 FX rate for dividends conversion 3 Publicly available information on the Custodian - DR issuer web site 7 Days Λ i Payable date for DR in USD 54#55Consolidated Statement of Profit or Loss RUB min 1Q 2018 1Q 2017 % chg. 1Q 2018/ 1Q 2017 Fee and commission income Interest and finance income¹ 5,505.7 4,881.4 13% -5% 4,333.6 4,578.9 Other operating income 31.5 9.3 239% Operating Income 9,870.8 9,469.6 4% Administrative and other operating expenses 1,820.8 1,679.2 8% Personnel expenses 1,707.1 1,602.2 7% Operating Expense 3,527.9 3,281.4 8% Operating Profit Other expense Profit Before Tax Income tax expense 6,342.9 6,188.2 2% -856.4 5,486.5 6,188.2 -11% -1,200.9 -1,190.1 1% 4,285.6 4,998.1 -14% Net Profit Earnings per share Basic earnings per share, RUB 1.91 2.23 -14% Diluted earnings per share, RUB 1.90 2.21 -14% ☑ MOSCOW EXCHANGE Source: Moscow Exchange, Consolidated Interim Financial Statements 1 Interest and other finance income, Interest expense, Net loss on financial assets available-for-sale, Foreign exchange gains less losses 55#56Consolidated Statement of Financial Position RUB min 31 March 2018 31 December 2017 % chg. 31 March 2018/ 31 December 2017 Assets: Cash and cash equivalents 382,760.8 273,243.4 40% Central counterparty financial assets 2,439,561.7 2,430,083.8 0% Financial assets¹ 301,752.1 279,133.3 8% Property and equipment and intangible assets 24,391.0 24,944.1 -2% Goodwill 15,971.4 15,971.4 0% Other assets² Total Assets 2,395.6 3,166,832.6 4,334.2 3,027,710.2 -45% 5% RUB min 31 March 2018 31 December 2017 % chg. 31 March 2018/ 31 December 2017 Liabilities: Balances of market participants 27% 591,190.2 Central counterparty financial liabilities 2,439,561.7 466,860.2 2,430,083.8 0% Distributions payable to holders of securities 48% 3,708.4 2,507.8 Other liabilities³ 7% Total Liabilities Total Equity Total Liabilities and Equity 7,525.2 3,041,985.5 124,847.1 3,166,832.6 7,039.1 2,906,490.9 5% 121,219.3 3% 3,027,710.2 5% Source: Moscow Exchange, Consolidated Financial Statements ☑ MOSCOW 1 EXCHANGE 2 Financial assets at fair value though profit or loss, Due from financial institutions, Financial assets at fair value through other comprehensive income Current tax prepayments, Deferred tax asset, Other assets 3 Margin account, Deferred tax liability, Current tax payables, Other liabilities 56#57☑ Disclaimer NOT FOR RELEASE OR DISTRIBUTION OR PUBLICATION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. •This presentation has been prepared and issued by Public Joint Stock Company "Moscow Exchange MICEX-RTS" (the "Company"). Unless otherwise stated, the Company is the source for all data and assumptions contained in this document. Such data and assumptions are provided as at the date of this document and is subject to change without notice. Certain industry, market and competitive position data contained in this document come from official or third party sources believed to be reliable but the Company does not guarantee its accuracy or completeness. The Company does not intend to have any duty or obligation to update or to keep current any information contained in this presentation. •Neither the presentation nor any copy of it may be taken or transmitted into the United States of America, its territories or possessions, or distributed, directly or indirectly, in the United States of America, its territories or possessions as defined in Regulation S under the US Securities Act 1933, as amended (the "Securities Act), except to "qualified institutional buyers" as defined in Rule 144A under the Securities Act. Any failure to comply with this restriction may constitute a violation of United States securities laws. The presentation is not an offer or sale of securities in the United States. Moscow Exchange Group has not registered and does not intend to register any securities in the United States or to conduct a public offering of any securities in the United States. •This presentation does not constitute an advertisement or a public offer of securities in any jurisdiction. It is not intended to be publicly distributed in any jurisdiction. This document is only being made available to interested parties on the basis that: (A) if they are UK persons, they are persons falling within Articles 19 or 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005; or (B) they are outside the United Kingdom and are eligible under local law to receive this document. Recipients of this document in jurisdictions outside the UK should inform themselves about and observe any applicable legal requirements. This presentation is not a prospectus for purposes of Directive 2003/71/EC (and amendments thereto, including Directive 2010/73/EU, to the extent implemented in any relevant Member State and any relevant implementing measure in the relevant Member State) (the "Prospectus Directive"). In any EEA Member State that has implemented the Prospectus Directive, this presentation is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive. This presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. •This document does not constitute or form part of, and should not be construed as, an offer or invitation for the sale or subscription of, or a solicitation of any offer to buy or subscribe for, any securities, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any offer, contract, commitment or investment decision, nor does it constitute a recommendation regarding the securities of the Company. •The information in this document has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information, assumptions or opinions contained herein. None of the Company, or any of its subsidiaries or affiliates or any of such person's directors, officers or employees, advisers or other representatives, accepts any liability whatsoever (whether in negligence or otherwise) arising, directly or indirectly, from the use of this document or otherwise arising in connection therewith. •This presentation includes forward-looking statements. All statements other than statements of historical fact included in this presentation, including, without limitation, those regarding MOEX financial position, business strategy, management plans and objectives for future operations are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance, achievements or industry results to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we expect to operate in the future. Important factors that could cause our actual results, performance, achievements or industry results to differ materially from those in the forward-looking statements include, among other factors: -perception of market services offered by the Company and its subsidiaries; -volatility (a) of the Russian economy and the securities market and (b) sectors with a high level of competition that the Company and its subsidiaries operate; -changes in (a) domestic and international legislation and tax regulation and (b) state policies related to financial markets and securities markets; -competition increase from new players on the Russian market; -the ability to keep pace with rapid changes in science and technology environment, including the ability to use advanced features that are popular with the Company's and its subsidiaries' customers; -the ability to maintain continuity of the process of introduction of new competitive products and services, while keeping the competitiveness; -the ability to attract new customers on the domestic market and in foreign jurisdictions; -the ability to increase the offer of products in foreign jurisdictions. •Forward-looking statements speak only as of the date of this presentation and we expressly disclaim any obligation or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation as a result of any change in our expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding such future performance. MOSCOW EXCHANGE 57