#1AA ☑ MOSCOW EXCHANGE November 2021 Investor presentation#2History of MOEX: the path of ongoing progress MOEX completes its IPO; Repo with CCP launched New dividend policy with a minimum payout ratio of 55% Corporates granted direct access to the FX Market MOEX share price, RUB Euroclear and Clearstream gain access to Trading in government/ corporate bonds in addition bonds moves to to government bonds T+1 settlement Equity trading SPO of MOEX moves to T+2 settlement/ 55 Feb Apr Jun Phase 1 Phase 2 Foreign equities commenced trading on MOEX 173 Launch of RUSFAR - Money Market interest rate benchmark Inaugural Sustainability Report Early trading hours on FX & Derivatives Markets Marketplace (Finuslugi.ru) launch New dividend policy: target payout FCF, OTC bond platform min payout = 60% launched of net profit Shareholder electronic voting becomes available/ Launch of GCC repo Launch of the Unified Collateral Pool Corporates admitted to deposits with CCP Grain trading Eurobonds start commences on MOEX trading on MOEX Apr Feb Dec Oct Aug 2013 2013 IPO of Moscow Aug 2014 Exchange (MOEX) Dec Aug Aug Jun unc Apr Api Dec Aug 2015 2016 Oct Dec Feb Apr Apr Jun Aug Aug unc 2017 Oct חבר 2021 Oct Aug Jun Apr Feb Dec Aug Apr Feb Dec Aug Jun Apr Feb Dec Aug Jun Apr Feb Feb Dec Dec 2018 2019 2020 Launch of Central Merger of MICEX 2006 1995 1992 Securities Depository (CSD) and RTS: Moscow Exchange (MOEX) established National Clearing Centre (NCC) established Russian Trading System (RTS) established Moscow Interbank Currency Exchange (MICEX) established 2012 2011 ☑ MOSCOW EXCHANGE Share price up to 29 October 2021 2001 + Derivatives 1996 + Money Market 1993 + Bonds 1992 + FX 2#3☑ Investment and corporate highlights Financial Resilience ■ Counter-cyclical business model coupled with robust cost control ■ Secular growth of fees and commissions (F&C) across complimentary F&C business lines ■ Business-driven margin and collateral requirements sustainable net interest income (NII) " 7 generate Operating income F&C/NII split of 70/30 evolving towards F&C ■ One of the highest EBITDA margins among global peers ■ Attractive dividend policy: min. payout of 60%; target payout of 100% FCFE; track record of distributing 55-89% of 2014-2020 profits Strategic Stance ■ Low penetration of financial services indicates secular growth potential ■ The world's most diversified exchange with trading in 5 asset classes VS ~3 offered by "traditional" exchanges " Complete vertical integration of a trading engine with a clearing house and a central securities depository makes up a unique platform Cornerstone of the Russian financial system: MOEX brings together the tiers of the banking system by managing ~3/4 of their repo operations The world's only exchange focused on Russian financial assets in the market is open for competition (ex. the CSD). OTC is the main competitor B2B business model: investors trade via locally licensed brokers and banks. Foreign investors have SMA and ICM services at their disposal Corporate Governance ■ A 29-year history of successful and continuous implementation of infrastructural and regulatory reforms ■ No single controlling shareholder: free float of 63% with substantial international participation; the largest shareholder owns <12% ■ Most Supervisory Board members are independent directors (8 out of 12) ■ Established track record for efficient capital allocation Operational Excellence " All-electronic since 1997 ■ Vast in-house IT expertise: ~1/3 of staff are IT developers, supporting a CAPEX-light business model Single-tier clearing system requires all participants to provide eligible collateral in cash or securities to trade any asset class " Pre-trade risk checks forestall any "fat fingers"/"flash crash" problems " Low-cost product scalability: a new order book launch requires the equivalent of circa USD 10 thousand MOSCOW EXCHANGE 3#4☑ ☑ Business overview 2 Corporate governance and dividends 3 Market position and competitive strategy 4 Financial track record 5 3Q 2021 update MOSCOW EXCHANGE 4#5Robust and trusted infrastructure Trading platform, NCC as the Central Counterparty (CCP) and NSD as the Central Securities Depository (CSD) TRADING CLEARING SETTLEMENT & DEPOSITORY Assets on deposit² ■ MOEX markets ADTV 3,8 RUB trln (2020) Pre-order validation (100+ risk check scenarios) ensures integrity of trades World class latency of 200-300 microseconds >500 trading members (all markets) Trading venue's net proprietary funds (Regulated since 3Q2019) RUB bln ◉ ☐ ☐ ☐ NCC cleared ADTV 3,2 RUB trln (2020) NCC served as a CCP for 93% of trading volumes it cleared in 2020 BBB local currency rating from Fitch The target NCC capital for 2021 is ~RUB 67 bln As of 30 Oct 2021, N1 ccp is 141.2% RUB trn 73.7 63.6 52.7 39.4 45.0 31.7 36.4 21.8 24.9 12.3 31 31 31 31 31 31 31 31 31 31 Dec Dec Dec Dec Dec Dec Dec Dec Dec Oct 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 National Clearing Centre (NCC) proprietary funds (capital)1 RUB bln National Settlement Depository (NSD) proprietary capital³ RUB bln Ex-dividend 17.8 18.9 14.6 14.6 13.9 38.5 12.8 11.1 28.8 8.2 7.7 8.6 9.9 5.6 13.2 1 Jan 1 Apr 1 Jul 1 Oct 1 Jan 1 Apr 1 Jul 1 Oct 1 Jan 1 Apr 1 Jul 1 Oct I 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 I Regulatory requirement: 6 RUB bln 70.5 73.2 77.2 61.5 64.7 56.6 56.4 13.8 12.1 11.3 9.4 9.7 8.8 8.9 8.9 7.3 6.0 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Nov 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021 1 Jan 1 Jan 1 Jan 2013 2014 2015 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Nov 2016 2017 2018 2019 2020 2021 2021 Regulatory requirement: 67 RUB bln Regulatory requirement: 10 RUB bln ☑ MOSCOW Source: Moscow Exchange EXCHANGE 1 2 Figures for 1 Jan 20XX are from the audited financial reports prepared in accordance with RAS. The latest figure is as reported by the CBR on a monthly basis. 5 Assets on deposit based on Company's operational data 3 Figures in accordance with Russian Accounting Standards as reported to and disclosed by the CBR on a monthly basis 4 Numerator of the regulatory ratio (100% requirement)#6Highly diversified product offering ☐ Investing and trading Listing Local and foreign shares, DRS ▪ ETFs Investing and trading ■ Government bonds ☑ Hedging ■ Indexes ■ FX ■Local and foreign single stocks ■ Commodities ■ Interest rates Currency conversion + FX swaps ■ Swap instruments ■ Spot instruments (USD, EUR, CNY, HKD, JPY, GBP, CHF, TRY and CIS currencies) ■ Deliverable futures MOSCOW EXCHANGE DERIVATIVES FX EQUITIES FIXED INCOME ☐ Municipal bonds ■ Corporate bonds ■ ABS, MBS ▪ Eurobonds ■ Green & social bonds ■ Infrastructure bonds ☑ COMMODITIES MONEY MARKET Investing and trading ■ Spot and swap precious metals ■ Grain ■ Sugar Soybean ■ Sunflower seeds 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 ■Repo with the Federal Treasury 6#7☑ Diversified client base across different markets Trading volumes Volume breakdown by client types 2014 2015 2016 2017 2018 2019 2020 10M'20 10M'21 2013 2020 10M'21 +15% +92% +26% Equities Market 10% -1% -1% +18% 1% 1% -9% 4% 2% 2% 23.9 23.8 18.9 11% 9% 9% 34% 10.3 RUB trn 9.4 9.3 9.2 10.8 12.4 41% 40% 46% 48% 40% +58% +23% +20% +53% -27% +6% Derivatives -8% Market 115.3 129.9 125.9 1% 93.7 84.5 89.3 82.4 105.3 7% 6% 15% 61.3 1% 1% RUB trn 46% 42% 44% 38% 49% 48% Fixed Income Market RUB trn +14% +79% +5% +31% -5% +8% -26% 9% 1% 1% 8% 14% 15% 26.2 29.8 30.6 28.2 2% 18% 25.0 8% 10% 10.6 11.2 14.6 18.5 61% 16% 59% 15% 63% +36% +6% +5% -12% +7% 0% FX Market RUB trn -3% 1% 1% 10% 5% 5% 310.8 330.0 347.7 348.4 308.3 328.9 228.5 270.3 263.5 18% 16% 90% 76% 77% Money Market¹ RUB trn MOSCOW EXCHANGE 1 +10% +18% +47% -9% -4% +8% 4% 2% 3% -1% 1% 9% 8% 381.2 419.8 381.8 366.5 433.2 355.7 384.7 11% 11%, 8% 261.6 260.1 85% 77% 78% Russian funds Russian banks and brokers prop.trading Source: Moscow Exchange data Trading volumes include repo with collateral management through NSD. Client structure is based on on-exchange repo trading volumes only 7 Russian retail investors Foreign investors Local corporates#81 Business overview ☑ Corporate governance and dividends 3 Market position and competitive strategy 4 Financial track record 5 3Q 2021 update ☑ MOSCOW EXCHANGE 8#9Best-in-class corporate governance standards Out of 12 members of the 2021-2022 Supervisory Board, 8 are independent (67% vs a minimum threshold of 20%¹) Three of the five Supervisory Board committees are chaired by independent directors MOEX was a pioneer to adopt the new criteria of Director Independence aligned with the new Corporate Governance Code Supervisory Board members Valery Goreglyad Chief Auditor at the Bank of Russia Vadim Kulik - Deputy Chairman Deputy President - Deputy Chair of the Management Board at VTB Bank Sergey Lykov Chief Trustee at VEB.RF Bella Zlatkis Deputy Chair of the Executive Board at Sberbank of Russia Ramon Adarraga Independent consultant Paul Bodart Independent member of the Board of Directors at Belfius Bank S.A Dmitry Eremeev President at FIX Maria Gordon BoD Chair at Detsky Mir, Independent Director at ALROSA and Polyus Oskar Hartmann President of Hartmann Holdings Alexander Izosimov Director General, member of the Management Board at M.Video Maxim Krasnykh Global COO at Gett Oleg Viyugin - Chairman Professor at HSE University Strategic Planning Audit Nomination and Remuneration Technical Policy² Risk Management Chair Chair Chair Chair Chair ☑ MOSCOW * Independent directors EXCHANGE 1 2 The threshold is for stocks listed in the First level of the Quotation list as per the Listing Rules of the Moscow Exchange The Technical Policy Committee includes key IT industry professionals 6#10Dispersed ownership with one of the highest free-floats in Russia Dispersed ownership with no controlling shareholder... as of 31 December 2020 ...and one of the highest free-floats in Russia² 97% Free float - 62.9% CBR 11.8% Sberbank 10.0% Yandex Detsky Mir Moscow Exchange 69% 63% Magnit 63% TCS 58% Lukoil 55% Gazprom 50% Others VEB Sberbank 48% 56.6% .8.4% MTS 42% X5 41% EBRD Aeroflot 41% 6.1% Norilsk Nickel 38% Alrosa 34% The Capital Group 6.4% MICEX Finance¹ 0.8% Sistema 33% Inter RAO 33% Tatneft 32% Growing liquidity of MOEX shares³ Average daily trading volume (ADTV), RUB mln Free-float velocity4,% Runner-up by free-float velocity4 among the most liquid shares Rank among the most liquid shares listed on MOEX5 ☐ 230% 151% 124% 120% 128% 141% 150% 61% 10 8 12 17 17 14 16 24 1 670 Transparency and international recognition ◉ 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-known venues to maintain dialogue with international market participants Robust investor relations program: ✓ ~300 investor meetings per annum in 2016-2020 ✓ IR activities in Russia, the UK, Europe, Asia and the US to maintain dialogue with overseas investors ✓ IR awards in Russia in 2014-2017 946 802 764 742 468 352 159 2013 2014 2015 2016 2017 2018 2019 2020 ☑ MOSCOW 1 100% owned subsidiary of the Moscow Exchange EXCHANGE 2 Free-float ranking of locally registered Russian companies included in the MOEX Index (as of 11.10.2021); Company data 3 Trading volumes in the main trading mode (TO, T+2) 4 Calculated as annual trading volume divided by average market capitalization of the free-float 5 The ranking includes ordinary and preferred shares 10#11The established dividend story continues History of dividend growth DPS for the financial year, RUB 22% CAGR of DPS '13-20 Dividend yields of MOEX and exchange peers, 2021E¹ % XX% Payout ratio 85% 89% 89% Interim dividend 69% 89% 9.45 58% 7.96 55% 7.68 7.70 7.93 7.11 47% 35% 5.47 3.87 MOEX IPO 2.38 1.22 0.14 0.16 0.16 0.31| 2.49 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2.8 2.0 2.1 1.0 1.0 1.2 Dubai Fin. Market NASDAQ OMX LSE HKEX Euronext CME 9.3 7.5 5.8 6.0 2020 Dividend: explaining the new formula RUB bln 3.3 3.0 25.2 25.5 2.0 2.0 21.5 IFRS NI 2020 D&A 2020 CAPEX 2020 FCFE before 2021 M&A AWC 2021 Div M&A, AWC outlay (regulatory) 2020 ☑ MOSCOW EXCHANGE Sources: Bloomberg, Moscow Exchange 1 Bloomberg data as of 29 October 2021, for JSE as of 30 June 2021 Comments MOEX has been paying substantial dividends since the onset of its public history ■ Dividend policy approved in October 2019 sets 60% of net profit as the minimum payout and the target payout of 100% FCFE ■ In 2020 a DPS of RUB 7.93 for 2019, which amounts to 89% of the consolidated IFRS net profit for the year, was paid out In 2021 a DPS of RUB 9.45 for 2020, which amounts to 85% of the consolidated IFRS net profit for the year, was paid out 11#12☑ Overview of KPIs and incentives Highlights of delivery across 2020 KPI areas Financial performance F&C income growth ➤ Positive operating jaws b/w F&C and OPEX excl. provisions OPEX excl. D&A and provisions to F&C income ratio down Infrastructure quality 99.99% MOEX systems' up-time Cybersecurity improvements Further reduce operational risk, incl. IT and compliance upgrades New products and services Evening trading session on Equities Market Preparations for morning trading session on FX and Derivatives New Long Term Incentive Program (LTIP) launched in mid-2020 Naturally aligns long-term interests of shareholders and the management team Based on existing shares, not options => predictable for both beneficiaries and investors, has no embedded leverage The value of incentive is determined by: (1) financial performance, (2) share price performance, (3) accrued dividends The program term is 5 years, in line with the strategy; vesting in years 3, 4, 5 in three equal tranches Every tranche is dependent on achieving KPIs, which are linked to F&C income growth and relevant regulation 70 key employees might earn up to 18 mln shares, which make up 0.8% of MOEX's Market Cap MICEX-Finance holds 18 mln treasury shares => no new issuance, no dilution required MOSCOW EXCHANGE 12#13☑ 1 Business overview 2 Corporate governance and dividends ☑ Market position and competitive strategy 4 Financial track record 5 3Q 2021 update MOSCOW EXCHANGE 13#14MOEX product offering vs other exchanges Traded asset classes & service offerings Post-trade Exchange Country Equity Bonds Derivatives Repo FX Cmdty Listing Market Data Clearing Depository HKEX Hong Kong Deutsche Boerse Germany √√ ✓ √√ ICE&NYSE USA √√ V √√ B3 Brazil LSE UK √√ √√ V SGX Singapore √√ ✓ JPX Japan √√ MOEX Russia BME Spain √√ South JSE √√ √√ Africa x х X > × v √√ √√ √√ ✓ X √√ √√ X V V √√ √√ X v √√ ✓ presence ✓ ✓ strong business × absence ☑ MOSCOW EXCHANGE Source: exchanges' websites × > × 14#15Leading positions in a global context in 1H2021 3rd largest exchange in fixed income¹ 11th largest exchange in derivatives² Rank Exchange Country Trading vol. Incl. (USD bln) REPOS Contracts traded Rank Exchange Country (min) 1 CME Group USA 7,605 1 NSE India India 6,594 2 BME Spain 2,705 2 B3 Brazil 4,546 34 5698 ou Moscow Exchange Russia 1,500 ✓ 3 Iran Fara Bourse SE Iran 2,514 Johannesburg SE Shanghai SE South Africa 1,199 ✓ 4 CME Group USA 2,493 China 1,097 × 5 Nasdaq USA 1,713 7 Korea Exchange Shenzhen SE Korea 765 ✗ 60 CBOE USA 1,501 China 644 Iran Fara Bourse SE Iran 230 X X 7 Korea Exchange Korea 1,289 8 00 Zhengzhou Comm. Exch. China 1,288 9 10 Bolsa y Mercados Argentinos Tel-Aviv Stock Exchange Argentina 163 Israel 148 11 Moscow Exchange Russia 1,014 Among top 25 exchanges by equity trading volumes globally³ 14th largest publicly listed exchange by Mkt Cap4 Rank Exchange 1 Nasdaq Country USA Mkt Cap Listed Trading vol. (USD bln) companies (USD bln) Mkt Cap Rank Exchange Country (USD bln) 24,505 4,513 14,512 1 CME USA 76.4 2 HKEX 2 ICE&NYSE USA 24,896 1,940 14,378 Hong Kong 75.6 3 ICE&NYSE USA 66.8 3 CBOE USA N/A N/A 11,742 4 LSE Group UK 61.3 4 Shenzhen SE China 5,760 2,455 8,926 5 Deutsche Boerse Germany 33.1 6 5 Shanghai SE China 7,617 1,931 7,214 Nasdaq OMX USA 28.8 7 B3 Brazil 20.6 6 Japan Exchange Japan 6,686 3,784 3,280 8 CBOE USA 12.7 7 Korea Exchange Korea 2,418 2,370 3,208 9 Japan Exchange Japan 11.9 8 HKEX Hong Kong 6,806 2,554 2,316 10 Euronext EU 11.6 11 ASX Australia 11.3 9 Taiwan Stock Exchange Taiwan 1,946 966 1,633 12 SGX Singapore 8.9 *** 13 Russia 818 351 180 14 TMX Group Moscow Exchange Canada 5.9 Russia 5.3 25 Moscow Exchange Sources: Moscow Exchange, WFE as of 8 September 2021, Bloomberg Due to different methodologies applied, data on fixed income trading may not be directly comparable among exchanges. Data for 1H2021, except CME Group (Mar'21, May 21, Jun'21), Bolsa y Mercados Argentinos (Jan-Jun'21) 1. ☑ MOSCOW EXCHANGE 2. 3. 4. Data for 1H2021. MOEX ranking, incl. combined indicators for Nasdaq (incl. Nasdaq-US and Nasdaq Nordic and Baltics), CBOE (incl. Cboe Global Markets and Cboe Europe). Ranking does not include ICE & NYSE due to lack of data on WFE Top equity trading exchanges are ranked by EOB trading volume. MOEX ranking, incl. combined indicators for Nasdaq (incl. Nasdaq-US and Nasdaq Nordic and Baltics) and CBOE (incl. Cboe Global Markets and Cboe Europe). Data for 1H2021 Market capitalization of public exchanges based on Bloomberg data as of 30 June 2021 15#16High and increasing market share versus OTC trading Share on the local market 79% 78% 80%--84%-90% _ 88% 100 Equities Market 54% +34 p.p. 2012 2016 2017 2018 2019 2020 9M'21 X% 60% 63% 64% 100 51% 49% 44% Derivatives Market¹ 2012 2016 2017 2018 2019 2020 9M'21 100 Fixed Income Market 90% 90% 90% 90% 90% 90% 90% 2012 2016 2017 2018 2019 2020 9M'21 100 53% 55% 53% 44% 47% 44% FX Market 26% +18 p.p. 2012 2016 2017 2018 2019 2020 9M'21 Money Market² X% 79% 81% 83% 82% 83% 82% 2012 2016 2017 2018 2019 2020 9M'21 ☑ MOSCOW Source: Moscow Exchange data, Bank of Russia EXCHANGE 1 Data before the launch of obligatory reporting to repository are unavailable 2 Repo trading volumes only. Data before the launch of obligatory reporting to repository are unavailable 100 16#17☑ Strategy 2024: mission, areas of responsibility and areas of development Market Gateway Core Markets Penetration Balance Sheet Management Financial Platform Culture of Trust and Responsibility 3 2 Mission We bring trust, efficiency and innovation to the financial markets, helping companies and citizens achieve tomorrow's goals areas of development areas of responsibility 1 mission MOSCOW EXCHANGE 17#18Key drivers of F&C Income growth through 2024 ())) Macro GDP growth Inflation Foreign trade turnover Core Markets Penetration Primary market development (capital raising by companies, incl. SMEs) Development of Derivatives Market and Standardized OTC Derivatives Expansion of trading hours and the product line Market data Financial • Platform Registrar of financial transactions Transit 2.0 Balance Sheet Management Market • Gateway • Corporate Marketplace OTC services Financial products Marketplace Investment Marketplace ☑ MOSCOW EXCHANGE 1 CAGR 2018-2024 Effect on CAGR¹ +3-4% +3-4% +3-4% in aggregate ~10% per annum in total 18#19NTPro acquisition profile What is the structure of the deal? ■ Phased acquisition of up to 100% of BierbaumPro AG, a parent company owning 100% of NTProgress; ■ NTProgress is BierbaumPro's main asset; ■ NTProgress runs and develops the proprietary OTC FX trading platform called NTPro; ■ MOEX acquired a 95% stake. Further consolidation depends on NTPro's performance; Russian FX market SPOT volumes migrate to OTC 72% 2017 28% 2019 82% 18% ■ The entire deal might take up to 3 years. The final price is also conditional. Deal rationale ADTV: USD 20 bln ADTV: USD 23 bln MOEX OTC ■ Since its launch in 2016, NTProgress has become one of the leading platforms on the Russian electronic OTC FX market ■ NTProgress has a client base of more than 30 banks, presence in Moscow & London, capability to service global clients ■ The platform offers solutions for liquidity aggregation, matching and algo execution across multiple FX instruments ■ NTPro's SPOT-only ADTV in 2019 reached USD 4.5bln, exceeding MOEX's USD 4.1bln ▪ The deal fits MOEX Group Strategy 2024, addresses new trends and challenges on global and Russian FX market ■ Global exchange peers such as Deutsche Boerse, BATS, Euronext, etc made similar acquisitions ■ NTPro has potential synergies with MOEX in post-trade and risk management ☑ MOSCOW EXCHANGE Source: Bank of Russia, exchanges' and FX platforms' web-sites 19#20Reported international funds' holdings of Russian equities 89.0 85.6 79.7 79.3 80.3 83.3 79.8 80.7 76.1 75.4 70.6 70.6 68.4 71.5 68.9 66.7 65.6 World 50.2 USD bln 2013 2015 2017 1Q'18 2Q'18 3Q'18 4Q'18 10'19 2Q'19 3Q'19 4Q'19'1Q'20 2Q'20 3Q'20 4Q'20'10'21 2Q'21 3Q'21 North America % 49% 55% 53% 54% 53% UK % Europe without UK % 33% 22% 21% 21% 21% 21% 27% 23% 24% 24% 21% 41% 20% 2013 2015 2018 2019 2020 3Q'21 2013 2015 2018 2019 2020 3Q'21 ☑ MOSCOW EXCHANGE - - share in total holdings Source: ThomsonONE - as of period end, including DRs on Russian shares 2013 2015 2018 2019 2020 3Q'21 20 20#21Global products and international investors MOEX offers global products to Russian investors... FX Market Global Products Trading links to non-RUB FX liquidity pools New currency pairs on FX market: TRY/RUB, JPY/RUB, USD/CHF, USD/CNY, USD/KZT, USD/TRY, GBP/USD, USD/JPY Russian investors Derivatives Market Equities Market ... and Russian products to international investors FX Market SMA ICM Onboarding of international HFT clients FX Fixing instruments for international participants Adherence to FX Global Code Morning trading session SMA Major global benchmarks: Brent oil (ICE benchmark), Light Sweet Crude Oil (CME), gold (LBMA Gold Price), non- ferrous metals (LME) Russian-law and Foreign-law ETFs on global benchmarks (e.g. S&P 500) Top global stocks Derivatives Market ICM Equities Market MOSCOW EXCHANGE Onboarding of international HFT clients Morning trading session SMA Onboarding of international HFT clients Opening and closing auctions Evening trading session Launch of ICM: clearing membership for international banks ☑ International investors 21 21#22Diversification opportunities: foreign securities on MOEX Foreign equities ADTV in the Equity Market, RUB mln The share of foreign equities in the Equity Market's ADTV 1 Value held in custody at NSD, RUB bln (e-o-p) ADTV in the Money Market (repo), RUB mln Number of foreign equity issues held in custody at NSD 3.3% 2.1% 2.0% 0.6% 1.2% 1,688 2,166 2,710 0.5% 1,117 3,251 1,287 +68% 2,412 +206% 2,110 815 -29% 1,968 1,185 467 496 1,173 407 536 538 383 4 18 Aug 20 Sep 20 4Q'20 1Q'21 2Q'21 3Q'21 Aug 20 Sep 20 4Q'20 10'21 2Q'21 3Q'21 2018 2019 2020 3Q'21 Eurobonds ADTV², RUB mln Russian-law & Foreign-law ETFs on global benchmarks 61 ETFs on global benchmarks 43 ETFs on global equity benchmarks ADTV², RUB mln Net Asset Value (NAV), RUB bln Russian-law & 61 Foreign-law ETFs on global benchmarks +33% +61% +54% +58% +590% +107% 1,138 43 Equity 1,089 103.9 +273% 853 690 Fixed income, +57% +103% 528 50.3 344 18 Money market, Mixed strategies 64 100 13.5 6.7 2018 2019 2020 9M'21 2018 2019 2020 9M'21 2018 2019 2020 6M'21 ☑ MOSCOW EXCHANGE 1 - EOB and Negotiated deals modes. Excluding trading volumes of Russian-law and Foreign-law ETFs 2 - EOB and Negotiated deals modes Source: Moscow Exchange 22#23Pre-trade Trade Post-trade ☑ MOEX solves problems inherent to legacy offering for global equity trading... Problems at other trading venues Narrow circle of liquidity providers, mostly associated with the venue Liquidity split across two 2 separate pools: onshore and offshore 3 4 Market microstructure incompatible with the principle of best execution: - - Shuffled sequence and priority of orders Cancelled trades, lost orders - Systematically volatile start of the main session Non-transparent status of order execution Inconsistent, unavailable market data Nagging failures of IT systems, 5 lack of info on performance and capacity 6 Lack of client confidence in clearing, depositary & settlement infrastructure with clear custody risks Tax claims, excessive taxation and compliance risks MOSCOW EXCHANGE Technological fixes and advantages of MOEX solutions ■ Wide range of world-class liquidity providers - including HFTs - with level playing field of business opportunities ▪ Eliminated operational risk exposure to external liquidity access infrastructure borne by market participants ■ Modified pre-order collateral controls minimize opportunity cost for liquidity providers ■ The setup ensures best prices and spreads amid high volumes on a consistent basis ■ One liquidity pool with 3 different types of market participants: liquidity providers, market makers, end clients ■ All categories of domestic and foreign clients such as retail, funds, banks, brokers and other institutions ■ MOEX algorithm rests upon best execution principle with correct order sequence regardless of liquidity type Unique links technology with pre-match and quote-back features ensures that order stays until executed ■ Trade cancellation is completely ruled out, protecting the end client financially and reducing market risk ■ Advanced, ultra low-latency infrastructure of top HFTS will use quote-back option in less than 3% of instances Opening auction stabilizes the start of the main session via liquidity accumulation ■ Front-end IT solutions that allows for transparency of order execution status ■ Full disclosure of market data allows verification and analysis of trading volume stats ▪ Reliable & robust IT infrastructure with 99.99% uptime and latency on par with developed market exchanges ▪ Software with 8-fold safety margin in processing capacity verified by fully transparent load tests ■ IT systems are continuously updated using the most advanced technology ☐ Highly-capitalized, qualified CCP makes market participants' credit risks irrelevant Impeccable track record for global securities safekeeping and processing corporate actions since 2013 Transparent tariffs with no limitations on transfer of securities ■ Direct tax payments to IRS, no intermediaries ■ Automated W-8BEN administration for the convenience of end clients ■ IRS-verified FATCA compliance on the Group level; Qualified Intermediary status for NCC and NSD ...to unleash the untapped potential 23#24Local institutional investors: the potential of pension funds Pension assets in Russia Non-state pension funds asset allocation dynamics¹ RUB trn +6% +10% +20% +4% +5% +9% +1% +1% 15% 12% 10% 15% 22% 29% 37% 47% 49% 6.5 6.5 6.2 5.6 5.7 5.3 1.5 1.5 4.8 1.4 3.8 4.0 1.1 1.2 1.3 1.0 69% 51% 63% 76% 77% 81% 82% 46% 0.8 0.9 1.7 2.5 2.1 2.6 2.9 3.0 3.0 37% 36% 1.1 1.1 1.9 1.9 2.1 2.0 1.9 1.8 1.9 2.0 2.0 16% 15% 17% 20% 15% 9% 8% 8% 7% 2013 2014 2015 2016 2017 2018 2019 2020 2Q'21 2013 2014 2015 2016 2017 2018 2019 2020 2Q'21 State Pension Fund. Mandatory savings Non-state pension funds. Mandatory savings Deposits and other assets Bonds Equities 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 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, leaving room for organic growth only ☑ MOSCOW EXCHANGE Source: Bank of Russia 1 Including NPFs Mandatory savings and NPFs Reserves 24 24#25Local retail investors: ongoing growth Retail investment dynamics (values by NAUFOR) Value of holdings in IIAs & managed accounts¹, RUB trn Value of holdings in brokerage accounts (ex. IIAs)¹, RUB trn Number of retail clients on MOEX, mln FYʼ20 retail brokerage accounts (ex. IIAs) ownership 1.3 2.0 4% Russian stocks - 18% 8.8 4% 18% Foreign stocks - 13% 3.9 16% 6.0 RUB bonds (all types) - 23% 1.3 13% 3.2 0.7 2.0 4.7 23% FX bonds (all types) - 23% Cash - 16% ETFs & mutual funds - 4% Other - 4% 1.2 0.5 2.6 23% 0.3. 1.5 0.9 Source: survey by NAUFOR 2017 2018 2019 2020 Bank deposits of retail investors FX 4% RUB 7% Securities/deposits 10% +12% 18% +7% +10% 34.2 28.6 26.1 30.7 6.1 7.0 6.2 5.5 27.2 20.6 22.3 24.6 2019 2020 Source: CBR, NAUFOR, Moscow Exchange calculations 2017 2018 ☑ MOSCOW EXCHANGE 1 2 ☐ ■ Comments Self-managed retail holdings in Russian stocks are RUB 0.94 trn as per NAUFOR data, or 1.8%² of the Russian equity MCap at FY'20. Estimated² net inflow of self-managed retail investors' funds in Russian stocks in 2020 was RUB 207.5 bln or USD 2.8 bln (Avalue of holdings adjusted for cap. gains and dividends). ■ The value of retail investors' holdings constitutes 18% of retail banking deposits as of end-2020. Top-3 asset classes held by retail brokerage accounts are: 46% bonds (all types), 32% stocks (local+foreign), 16% cash. Banking deposits added 12% YoY in 2020 despite accelerated growth of investments in securities, indicating further potential for conversion. 25 Including: (1) brokerage IIAS, (2) AM IIAS, (3) AM managed accounts and (4) brokerage accounts Moscow Exchange estimates#26☑ Retail money: aiming to grow the culture of investing 16% 22% 26% Unique retail clients as % of population² Russians hold majority of savings in banks and cash¹ 13% 11% 8% 12.2% 47% 28% 10.5% 60% 21% 53% 37% 56% 41% 51% 6% Russians hold RUB 33 trn with banks3 RUB 12 trn in cash ...vs RUB 66 trn of the Russian equity market's market cap 32% 21% 59% 60% 25% 47% 41% 33% 1.7% 25% 1.6% 1.4% 19% 14% 15% 0.4% USA UK Germany Italy Brazil Mexico Others Securities Insurance and pensions Cash China India Russia Bank deposits China Russia India Brazil Turkey Indonesia Number of unique retail clients mln New retail clients (net) thousand +74% +128% +10% +97% 15.3 +7% +49% 8.8 +7% +19% 3.9 0.9 0.9 1.0 1.1 1.3 2.0 +159% 6 471 +195% +55% 4 927 -1% +211% -18% +115% 1 905 645 2013 2014 2015 2016 2017 2018 2019 2020 10M 2013 76 63 62 96 207 2014 2015 2016 2017 2018 2019 2020 10M MOSCOW EXCHANGE 2021 2021 Sources: World Bank, Allianz, CBR, Moscow Exchange 26 1 As of the end of 2018, Russia - 2020 2 3 Russia - 2021, Turkey - 2018, Indonesia, Brazil - 2021, China - as of 2019 beginning Excluding real estate escrow accounts#27The extension of trading hours: morning & evening sessions Evening trading session on Equities Market ADTV, RUB bln 8% 5% 4% Share of evening session in total trading volumes on Equities Market 9% 7% 7% Morning trading session on Derivatives and FX Markets 7:00 - 10:00 morning trading session (launched Mar 1, 2021) 10:00 - 19:00 main trading session 19:00 - 23:50 evening trading session Morning trading session on Derivatives Market: 4.4 2.9 ADTV, RUB bln Share of morning session in total trading volumes on FX Market +149% 9% 6% 7% 7% 8% 9% 9% 9% 10.2 56.3 43.8 7.8 7.7 35.3 38.1 43.8 45.6 50.7 53.6 7.2 Mar'21 Apr 21 May 21 Jun 21 Jul'21 Aug 21 Sep'21 Oct'21 О Retail investors' share in trading volumes: 58% during the morning session vs 44% of the overall volumes on Derivatives Market Jun'20 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 Morning trading session on FX Market: Record-high share of retail investors in trading volumes: ADTV, RUB bln Share of morning session о 64% during after-hours vs 40% of the overall Equities Market ADTV 5% 5% 4% 5% in total trading volumes on FX Market 6% 6% 6% 5% 。 Every 5th client uses the opportunity to trade during the after- hours on the Equities Market 79.1 79.2 54.1 66.1 56.9 62.3 69.2 57.2 Mar'21 О Apr 21 May'21 Jun'21 Jul'21 Aug 21 Sep 21 Oct'21 Retail investors' share in trading volumes: 13% during the morning session vs 5% of the overall volumes on FX Market ☑ MOSCOW EXCHANGE ADTV on Equities and Derivatives Market - Main trading mode. ADTV on FX Market - Main trading mode & Negotiated trades mode 27#28Retail clients: a growing segment of the Russian financial market Number of active retail client accounts Equities Market 2013-Oct2021: x41.4 times +69% 2,396,735 +262% +74% 1,417,987 Derivatives Market 2013-Oct2021: x4.2 times +28% +43% +15% +20% +3% +60% 117,192 91,401 63,931 FX Market¹ 2013-Oct2021: x1244 times +53% +396% 1,113,176 +46% +106% +29% 109,538 190,235 392,163 74,911 57,946 Dec Dec Dec Dec Dec Dec Oct 2013 2015 2017 2018 2019 2020 2021 46,285 55,476 44,860 28,068 Dec Dec Dec Dec Dec Dec Oct 2013 2015 2017 2018 2019 2020 2021 Regulatory changes stimulating retail participation in financial market: +138% +68% ~17 times ♥25,461 895 15,159 +142% 728,721 146,789 60,651 Dec Dec Dec Dec Dec Dec Oct 2013 2015 2017 2018 2019 2020 2021 ■ Introduction of tax-advantaged individual investment accounts (IIAs) for private investors since 2015 ■ IIAs turned even more relevant in 2021, when bond coupons and interest on deposit (principal > RUB 1mln) became taxable ■ Tax exemption on capital gains on securities held for 3+ years (up to RUB 9 mln for securities purchased after 1 Jan 2014) Retail investors can remotely open a brokerage account. It is particularly important in Russia's far-flung regions. ☑ MOSCOW EXCHANGE 1 DMA clients 28#29Individual Investment Accounts (IIA) in detail Individual Investment Accounts (IIA) Cumulative, accounts IIA owners by age +32.4% +110% 4.6 mln 32% 26% 23% 18% 25-35 35-45 >45 years 18-25 years years years 3.5 mln +175% +98% 1.6 mln +238% 0.6 mln 0.3 mln 0.1 mln 2015 2017 2018 2019 2020 Oct 2021 ☐ Assets held on IIA More than half of IIAS is opened by people aged 25-45 Top regions by the number of IIA are Moscow (11%), Moscow region (6%) and St. Petersburg (5%) More than 75% of IIA are opened in other regions of Russia RUB bln IIA managed accounts IIA - brokerage accounts 376 28% 197 33% 98 72% 51 34% 67% 73% -27% 66% 4Q2017 4Q2018 4Q2019 | 4Q2020 ☑ MOSCOW EXCHANGE Source: Moscow Exchange, Bank of Russia 4Q2020 data Structure of assets on IIA 26% 27% 27% 20% Government bonds, cash & deposits Mutual funds & other Equities Corporate bonds 29#30MOEX Marketplace: Finuslugi* online platform Пинуслуги https://finuslugi.ru/ Deposits Insurance Loans Investment products Trial launch (Sep'20) Added in Nov/20 Unsecured consumer loans OFZ-N Commercial launch (Oct'20) ✓ 12 banks connected via API (Nov'21) 14 insurance co's (Nov'21) Other types Other types OSAGO ** Long-term deposits KASKO *** Other types Short-term deposits Customer journey stages & corresponding solutions provided by MOEX (1) Websites of financial services aggregators work as rebroadcasting interfaces. Marketplace integration with aggregators' websites. (2) Client registration with logging via gosuslugi.ru (online state services portal with 100+mln users). Marketplace login interface. (3) One-time physical identification offline with a courier, then KYC stage. Pending legislation on biometric identification. (4) Deposit contract request and confirmation with e-signatures. Marketplace personal account interface. (5) Money transfer to the deposit account using NSD's and CBR's frameworks (FPS). NSD's payment system. (6) Deposit opening confirmation with a notice of FTR record stored at NSD and covered by the DIA. NSD's FTR functionality. (7) A client uses the marketplace as an internet bank to manage deposits (additions, withdrawals, etc.) in real-time. * Russian name "Оинуслуги” translates as Financial services ** Compulsory motor insurance act ☑ MOSCOW *** Comprehensive coverage insurance act EXCHANGE Abbreviations: FTR FPS - Financial Transactions Registrar at NSD CBR's Faster Payments System DIA State Deposit Insurance Agency 30#31Bond market - why we are strong believers Growth of outstanding local bonds RUB trn Regional Government Share of GDP Corporate Local bonds vs Eurobonds of Russian corporates¹ RUB trn 29% RUB bonds Eurobonds 22% 22% 20% 17% 18% 31.2 13% 13% 12% 12% 14% 15% 0.9 23.7 23.8 18.2 19.1 19.5 20.0 17.7 16.0 20.5 0.7 14.1 68% 19.4 0.7 56% 60% 61% 68% 0.7 11.1 55% 17.7 9.3 58% 13.6 0.6 7.9 8.1 9.7 11.8 0.6 7.2 8.7 6.2 7.0 0.5 0.5 5.5 7.1 53% 0.4 5.0 6.2 5.4 5.0 0.4 0.3 4.7 52% 3.9 16.3 51% 2.2.4 2.9 3.5 3.1 11.4 11.9 13.6 52% 53% 2.5 3.0 3.6 4.3 5.3 6.6 8.1 9.2 42% 44% 45% 40% 39% 32% 47% 48% 49% 48% 47% 32% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Corporate loans vs corporate bonds in Russia Bond primary market trading volume RUB trn 78.0 RUB trn CBR bonds 9.6 Loans (incl. foreign debt) 67.6 68.0 Overnight bonds 8.6 67.5 Corporate bonds (incl. eurobonds) 7.0 6.1 5.9 70% 5.4 5.2 41.3 73% 71% 70% 4.5 29.2 3.5 2.6 79% 2.1 81% 1.6 27% 29% 30% 30% 19% 21% 2009 2012 2015 2018 2019 2020 2009 2012 2015 2018 2019 2020 ☑ MOSCOW EXCHANGE Sources: Bank of Russia, Cbonds, Rosstat, Moscow Exchange 1 Including banks and financial institutions 31#32Trend of local placements continued Capital raisings on MOEX Norilsk Nickel' Company LSR Group (dual) Date Transaction type Transaction value, RUB bln March 2019 SPO April 2019 SPO Polyus (dual) NLMK April 2019 SPO June 2019 SPO Gazprom PIK July 2019 SPO October 2019 SPO 36.3 5.8 25.5 25.6 139.1 4.8 TCS Group October 2019 Listing Credit Bank of Moscow November 2019 SPO 14.7 Detsky Mir November 2019 SPO 15.9 Gazprom 2019 Total Etalon Detsky Mir Yandex (dual) Petropavlovsk Mail.ru Detsky Mir HeadHunter Sovcomflot November 2019 SPO 187.7 455.4 February 2020 Listing June 2020 SPO 11.0 June 2020 SPO 27.9 June 2020 Listing July 2020 Listing September 2020 SPO 20.7 September 2020 Listing October 2020 IPO 42.9 Aeroflot October 2020 SPO 80.0 Globaltrans October 2020 Samolet MD Medical Group October 2020 November 2020 Listing IPO Listing 2.9 Ozon (dual) November 2020 IPO 75.0 O'Key Group December 2020 Listing 2020 Total 260.4 Fix Price (dual) March 2021 IPO 129.2 M.Video-Eldorado Group March 2021 SPO 17.6 Segezha Group April 2021 IPO 30.0 MMK April 2021 SPO 23.0 Etalon Group May 2021 SPO 11.2 HMS Group May 2021 Listing Credit Bank of Moscow May 2021 SPO 22.7 VTB May 2021 SPO 50.2 Beluga Group June 2021 SPO 5.6 EMC Group July 2021 IPO 37.1 Fix Price September 2021 SPO 14.5 MMK September 2021 SPO 12.7 Rusagro September 2021 SPO 11.7 PIK October 2021 SPO 36.3 Renaissance Insurance Group October 2021 IPO 17.7 Softline (dual) October 2021 IPO 32.0 Cian (dual) November 2021 IPO 20.8 2021YTD Total 472.3 ☑A MOSCOW EXCHANGE 32 32#33■ ◉ MOEX listings of Russian companies incorporated abroad 17 Russian companies incorporated abroad have obtained a secondary listing on Moscow Exchange Listing on MOEX has substantially increased their total liquidity; MOEX's share in trading volumes is growing POLY, YNDX, FIVE, TCS, MAIL, HHRU were included in the MOEX Russia Index ■ Polymetal and Yandex stocks & depositary receipts of X5 Retail Group and Mail.ru were added to the MSCI Russia Index ◉ These companies' share in total Equities Market volumes amounted to 12% in 9M'21 MOEX share in Average Daily Trading Volumes (ADTV) An immediate boost to newcomers Petropavlovsk-listing on 25 Jun 2020 ADTV, USD mln Polymetal Yandex ADTV, USD mln 57% LSE 42% ADTV, USD mln Nasdaq 31% 33% MOEX 12% 23% 20% 13% MOEX 2% 2% 4% 6% 25.4 31.4 LSE MOEX 66% 47% 51% 49% 51% 60% 141.5 11.2 5.5 103.0 33.4 126.4 91.7 9.2/0.610.0 1.4 10.4, 3.2 15.0 23.1 3.8 11.0 10.0 3.3 44.8 -1.0 71.8 1.6 62.8 50.6 2016 2017 2018 2019 2020 9M'21 2016 2017 5.3- 13.0 2018 2019 3.2 3.4 2.5 2.6 2.7 1.8 2.8 2.8 2020 9M'21 10'20 2Q'20 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 X5 Retail Group 71% TCS Group 58% 54% ADTV, USD mln 30% 36% ADTV, USD mln 40% 45% Mail.ru - listing on 2 Jul 2020 ADTV, USD mln LSE MOEX LSE LSE 58% 68% 69% 69% 75% MOEX =2 MOEX 6.2 20.1 8.3 11.1 12.3 10.0 6.3 6.6 15.0 2.3 9.7 10.0 27.7 24.2 5.0 8.9 1.6 3.1 5.8 5.3 1.9 13.6 14.2 11.0 2.0 3.6 7.3 6.3 2016 2017 2018 2019 2020 9M'21 -0.4- -1.1- -2.2- 2016 2017 2018 2019 10'20 2Q'20 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 2020 9M'21 ☑ MOSCOW EXCHANGE Source: Bloomberg as of 30.10.2021 for LSE on-book and Nasdaq volumes, Moscow Exchange data incl. evening trading session 33#34Corporates on the FX and Money Markets Launched in 2017 Direct access to the FX Market 45 corporates +77% Key features Unified sales channel 7.4 +108% +59% 4.2 Wide range of treasury products 2.0 ADTV, RUB bin 1.3 2017 since 2018 2019 2020 launch Deposits with the CCP for corporates Launched in 2017 +40% Unbundled trading, clearing and settlement services Share of corporates as % of all MOEX's clients 29% 144 corporates GCC (REPO - Deposits of the Federal Treasury) +16% +3.7x 300.3 25.6 214.5 0.1 82.9 184.6 76.8 GCC (REPO Deposits) 76.6 Share of deposits 36% GCC (REPO - REPO) 49.7 191.7 22.2 137.6 ADTV, 108.0 in total volume of GCC REPO RUB bln 27.5 2017 since 2018 2019 2020 launch ☑ MOSCOW Source: Moscow Exchange EXCHANGE 34#35☑ MOEX OTC platforms and solutions OTC bond platform 2530 bonds (locals and Eurobonds) Integration with NSD/NCC 75 participants Plans: external reference prices, access for corporates, addition of stocks, DRs and REPO RFS (Request for Stream) Quotation System on derivatives market All instruments on derivatives market Trading in large lots in anonymous mode Plans: 50+ largest participants FX links to global liquidity pools Non-RUB FX pairs: EUR/USD, GBP/USD, USD/CNY, USD/JPY, USD/TRY > 100 participants, 4 liquidity providers Consistent ADTV of USD 100 mln Plans: swaps, gold, new liquidity providers Standardized OTC derivatives market FX swaps, FX forwards, interest rate swaps, cross currency swaps, overnight indexed swaps, flex-options 51 participants Participants have started to trade longer maturities Plans: search for liquidity system, IRS (KetRate), OIS (Implied rate); maturity up 10 years (now up to 5) MOSCOW EXCHANGE Data on the number of participants and volumes of transactions are as of Mar'19 35#36Unified Collateral Pool: a strategic project completed Timeline and latest developments Completed Dec '17: phase Single account Unified collateral Netting of settlements Completed May '18: phase 2 Cross-margining bridge for spot and derivatives Completed Aug '18: 1st tariff hike for UCP participants +3% for CCP repo +10% for FX swaps Completed Nov' 18: 2nd tariff hike on top of the 1st one +3% for CCP repo +10% for FX swaps +10% for all derivatives ■ The UCP take-up continued to grow, accounting for 43.3% of total trading F&C in 3Q'21 compared to 32.7% in 3Q'20. UCP accounts represent ~54% of fees and volumes in the Derivatives Market, the cornerstone market of the UCP. ■ On 1 November 2018 a universal tariff hike took place as scheduled. The UCP-linked tariff revision is now complete. • New tariffs will incentivize market participants to use UCP capabilities more actively and speed up onboarding. Number of market participants with UCP accounts (as per end of period) 55 55 56 56 55 56 56 56 56 53 50 43 36 28 7.9 3.8 Share of F&C from UCP accounts in total trading F&C, % 43.3 39.3 35.4 32.7 33.5 24.4 26.3 27.6 29.0 30.0 20.6 18.0 2Q'183Q'184Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 10'21 2Q'21 3Q'21 ☑ MOSCOW EXCHANGE Source: Moscow Exchange 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 36#37☑ MOEX continues to drive the sustainability agenda ESG guide for issuers The guide covers: ☐ Responsible investment aspects and their role in the investment process Integration of ESG principles into a company's strategy and business model Sustainability reporting process: what to disclose and how to disclose Corporate sustainability management: investor expectations and best practices across ESG MOEX 2020 Sustainability Report The company's 2nd sustainability report provides information on: ☐ Materiality assessment and comprehensive overview of key areas of focus ■ Key non-financial results of 2020 and quantitative data for the last three years Sustainability management approaches and statements on important topics on the global agenda ■ MOEX's contribution to achieving the UN Sustainable Development Goals Other sustainability initiatives New initiatives resulted in: ☐ Sub-federal & municipal bonds becoming eligible for the Sustainability Sector as per the new Listing Rules ■ The City of Moscow pioneered green bond issuance under the new Listing Rules, raising RUB 70 bln ■ MOEX together with the CBR developed "Investor's path" financial literacy program for retail investors ■ A new energy supply contract brings the total share of renewable energy used by MOEX to nearly 2/3 MOSCOW EXCHANGE 37#38☑ 1 Business overview 2 Corporate governance and dividends 3 Market position and competitive strategy ☑ Financial track record 5 3Q 2021 update MOSCOW EXCHANGE 38#39MOEX business model continues to deliver Operating income¹ RUB bln - MICEX Index, % CAGR of ~17% in 2006-2020 350% 300% 250% Rebased to 100% 200% 48.6 150% 38.5 39.9 43.2 43.6 100% 46.0 24.6 30.4 21.5 16.9 50% 5.7 8.0 9.4 11.2 11.1 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Key highlights Unique business model allows MOEX to increase operating income regardless of the stage of the economic cycle: Fee & commission income evolution¹ 6% 10% 8% 6% 8% 8% 7% 8% 8% 9% 18% 17% 18% 20% 19% 18% 20% 19% 20% IT Services + Other fee income 19% Depository and Settlement 16% 18% 19% " Business lines are diversified, while markets have limited growth correlation 22% 24% 22% 18% 17% 14% 12% FX 10% 8% 18% 20% Money 21% 22% ■ Growth drivers differ across markets and products 11% 12% 11% 42% 24% 27% 27% 8% 10% 9% 10% 27% 23% 20% 18% 18% 19% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 27% 25% Market 11% 11% Derivatives Listing: 2% 19% 21% 23% Bonds: 9% Equities: 12% ☑ MOSCOW EXCHANGE 1 2 Equities, Bonds, Listing Derivatives Money Market FX Depository and Settlement IT Services and Other fee income² According to Moscow Exchange Consolidated Financial Statements for the relevant period RTS data is consolidated from 29 June 2011 IT Services and Other fee income includes Information services, Sale of software and technical services and Other fee income 39#402020 summary of financials Operating income RUB bln Fee and commission income¹ Interest and finance income² +1% +12% X% CAGR '15-20 Operating expenses (excluding provisions) RUB bln Remaining administrative expenses³ Personnel expenses 34.9% 36.2% 24.5% 28.1% +8% D&A and IT maintenance Cost-to-income ratio 35.7% 34.5% 48.6 +9% 46.0 43.6 43.2 38.5 39.9 29% 16.8 39% 61% 54% 45% 40% 14.5 15.4 13.4 11.3 12.3 3.4 3.4 71% 3.0 3.1 3.2 3.4 39% 46% 55% 60% 61% 5.8 5.9 6.2 6.5 7.1 8.5 2.5 3.3 4.1 4.5 4.9 4.9 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 EBITDA and EBITDA margin Net income RUB bln Adjustments4 Reported EBITDA Adjusted EBITDA margin RUB bln 72.0% 72.4% Adjustments5 Reported net income 21.4% Adjusted ROE 16.8% 17.1% 17.5% 18.9% 79.4% 77.1% 72.8% 71.9% -1% +13% 27.4% -2% +14% 36.5 35.2 27.9 25.2 25.2 33.6 28.7 31.1 20.8 22.1 28.1 0.0 20.3 0.0 1.0 2.4 1.0 1.9 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 Source: Moscow Exchange 1 Includes Other operating income 2 ☑ MOSCOW 3 EXCHANGE Includes Interest and other finance income, Interest expense, Net gain on financial assets AFS/FVTOCI and Foreign exchange gains less losses Remaining administrative expenses are calculated as General and administrative expenses less Depreciation of property and equipment, Amortisation of intangible assets and Equipment and intangible assets maintenance 40 4 Adjustments are related to 1) IFRS 9 movement in allowance for ECLS and 2) one-off provisions in FY 2018, FY 2019 and FY 2020 5 Adjustments are related to 1) IFRS 9 movement in allowance for ECLS, 2) change in amortization schedules and 3) one-off provisions in FY 2018, FY 2019 and FY 2020#41Fee & commission income: strong and sustainable growth Fee and commission income (F&C) RUB bln F&C income for 2020 increased 30.9% YoY CAGR '15-20 X% Cost (excl. D&A & provisions) to F&C ratio F&C growth was delivered in a cost efficient way 53.3% 49.4% 50.3% 47.0% 45.4% 34.3 +30.9% +14.0% 26.2 23.6 21.2 19.8 17.8 39.1% 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 ☑ MOSCOW EXCHANGE 41#42Interest and finance income Interest and finance income¹ Investment portfolio sources³ X% CAGR '15-20 RUB bln Mosprime², % Libor2, % Effective yield, % RUB bln MOEX's own funds Client funds 13.0 10.7 9.2 7.4 -6.0% 7.4 5.1 2.4 2.6 2.3 2.4 2.2" .1.9 1,149 5% +10.3% 0.1 0.4 1.0 1.8 2.1 0.4 905 844 -12.8% 8% 749 765 11% 670 11% 11% -15.3% 12% 28.1 23.7 95% 17.3 16.1 16.7 92% 89% 14.2 89% 89% 88% 2015 2016 2017 2018 2019 2020 2015 2016 2017 2018 2019 2020 Client funds by currency 45% 2020 3% 13% Investment portfolio by type of asset Other EUR USD RUB 11% 39% 2020 5% 13% 12% 58% REPO FX deposits and curr. accounts FX securities RUB deposits and curr.accounts RUB securities Source: NFEA, Bloomberg, Moscow Exchange operational information and Consolidated Financial Statements Includes Interest and other finance income, Interest expense, Net gain on financial assets AFS/FVTOCI and Foreign exchange gains less losses Average daily rate for the period Based on average daily investment portfolio sources for the period according to management accounts ☑ MOSCOW 1 EXCHANGE 2 3 42 42#43CAPEX and OPEX: 2020-2021 Capital expenditures RUB bln 5.4% Capex % of operating income 8.2% 5.0% 2.6% 0.8 6.7% 5.0% 5.1% +42% -46% +47% +219% 3.6 +4% +9% 2.5 3.2 1.9 2.0 2.2 2014 2015 2016 2017 2018 2019 2020 Operating expenses (excluding provisions) RUB bln CPI inflation ■ 2020 CAPEX was RUB 3.24 bln, which is above the guided range of RUB 2.6-2.8 bln. The difference is fully explained by frontloading a part of the expenses on software and licenses. ■ The updated CAPEX guidance range for FY 2021 is RUB 3.0-3.7 bln. ■ The 2020 split between maintenance and development CAPEX was 60% maintenance / 40% development. High share of maintenance is largely explained by the transition to remote working. ■ The top 5 projects account for 24% of CAPEX, with the Marketplace consuming RUB 0.5 bln. 2.5% 4.3% 3.0% 4.9% 11.4% 12.9% 5.4% +7.6% +9.6% +6.8% +8.5% +8.7% +8.8% 10.4 11.3 12.3 13.4 14.5 15.4 16.8 ■ The actual growth of OPEX in 2020 was 8.5% YoY, hitting the upper limit of the revised guidance range of 7.5-8.5%. The main driver of OPEX growth in 2020 was personnel expense, which increased 18.9% mainly driven by an increase in the number of employees. ■ Updated FY21 OPEX guidance of 18.0-21.0% decomposes into: 6 p.p. YoY business as usual 7-8 p.p. YoY - a family of development projects 2017 2018 2019 2020 2-3 p.p. YoY 3-4 p.p. YoY 2014 2015 2016 ☑ MOSCOW EXCHANGE Source: Moscow Exchange, gks.ru Marketplace marketing option Non-organic (Inguru + NTPro) factors 43#44☑ 1 Business overview 2 Corporate governance and dividends 3 Market position and competitive strategy 4 Financial track record ☑ 3Q 2021 update MOSCOW EXCHANGE 44#453Q 2021 summary of financials Operating income¹ RUB bln Fee and commission income Interest and finance income Operating expenses (excl. other operating expenses) RUB bln Remaining administrative expenses² Personnel expenses D&A and IT maintenance Cost-to-income ratio 37.3% 37.5% 37.1% 35.5% 35.2% +18.2% +1.3% +17.3% +0.2% 13.3 12.9 13.2 13.4 11.3 24% 28% 24% 22% 4.7 4.9 5.0 26% 4.2 4.5 1.0 0.8 0.8 1.1 1.2 76% 74% 72% 76% 78% 2.2 2.4 2.4 2.4 2.4 1.2 1.3 1.3 1.4 1.4 Adjustments³ 3Q 2020 4Q 2020 1Q 2021 EBITDA and EBITDA margin RUB bln Adjusted EBITDA margin Reported EBITDA = PBT + D&A 2Q 2021 3Q 2021 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Net income RUB bln Adjusted ROE Adjustments³ Reported net income 19.4% 20.5% 19.0% 19.0% 17.4% 70.2% 71.1% 71.7% 68.2% 69.8% +19.4% +17.5% +3.6% +4.7% 6.6 6.7 6.4 7.9 0.1 9.4 9.2 9.0 6.7 9.3 5.6 0.0 3Q 2020 -0.3 4Q 2020 -0.2 1Q 2021 -0.7 2Q 2021 0.0 3Q 2021 -0.3 -0.1 -0.5 0.0 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Source: Moscow Exchange ☑ MOSCOW 1 EXCHANGE 2 3 Includes Other operating income, Interest and other finance income, Interest expense, Net gain on financial assets at FVTOCI and Foreign exchange gains less losses Includes Remaining administrative expenses are calculated as General and administrative expenses less D&A and Equipment and intangible assets maintenance 45 Adjustments are related to 1) IFRS 9 movement in allowance for ECLs and 2) one-off provisions' accrual/release#46Diversified fee and commission income Fee & commission income performance, RUB bln RUB bln Money Market ☑ 3Q 2020 3Q 2021 Change YoY, bln Change YOY, % 2.28 3.04 0.77 33.6% Fee & commission income breakdown RUB bln +25.1% 10.41 6% Fixed Income Market FX Market 9% Equities Market 8.32 Depository and Settlement 1.63 2.13 0.49 30.1% 11% 7% 13% 12% Derivatives Market 0.91 1.24 0.33 36.2% 11% 12% ITSLOFI 1 0.90 1.22 0.32 35.7% 11% 11% 20% Equities Market 0.96 1.19 0.23 24.1% 20% FX Market 1.05 0.94 -0.11 -10.2% 29% 27% Fixed Income Market 0.59 0.65 0.06 9.9% MOSCOW EXCHANGE 3Q 2020 3Q 2021 ITSLOFI1 Derivatives Market Depository and Settlement Money Market Source: Moscow Exchange 1 ITSLOFI stands for IT Services, Listing and Other Fee Income. The line includes Information services, Sale of software and technical services, Listing and other service fees and Other fee income 46 46#473Q 2021 29% Money Market Trading volumes Trading volumes of repo with CCP RUSFAR rate¹, % Repo with the CBR RUB trn RUB trn, % Deposit and credit Single-security repo with CCP operations Inter-dealer repo GCC repo with CCP Repo with the Federal Treasury 6.3 4.8 4.2 4.2 4.2 +17.5% Share of repo with CCP (both single-security and GCC) in total² repo volumes Repo with CCP trading volumes, RUB trin 84% 88% 90% 94% 73% 76% 318.9 62% 259.4 256.1 255.2 231.5 30% 176.2 131.3 111.8 117.1 116.1 10% 10% 4% 11% 7% 93.6 14% 5% 13% 9% 3% 8% 4% -0% 0% 12%. 7% -0% 4% 5% 0% -0% 58% 55% 55% 66.7 58% 59% 25.0 19% 3Q 2020 20% 3.7 20% 16% 17% 4Q 2020 1Q 2021 2Q 2021 3Q 2021 2013 2014 2015 2016 2017 2018 2019 2020 9M'21 Fee & commission income RUB mln +33.6% 2,894 3,044 2,579 2,279 2,388 Comments F&C income increased by 33.6% YoY, while trading volumes improved by 17.5% YoY. The discrepancy between the YoY dynamics of F&C income and volumes was due to: [1] an expansion of average repo terms, [2] a higher share of CCP repo in total volumes. Overall on-exchange average repo terms improved by 14%, while GCC repo average terms expanded by 35%. The share of CCP repo in total² repo volumes stood at 94% for 9M'21. 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 ☑ MOSCOW EXCHANGE 1 Source: Moscow Exchange Overnight rate, average for the period 2 Excluding Non-CCP repo volumes with the CBR and the Federal Treasury 47#48+14% ☑ MOSCOW EXCHANGE days 3Q 2021 29% Money Market: recent trends Money Market ADTV RUB bln Average repo term dynamics Repo with the CBR Repo with the Federal Treasury +15.7% High share of CCP repo¹ Deposit and credit operations Single-security repo with CCP volume, % GCC repo with CCP Interdealer repo GCC repo with CCP Single-security repo with CCP Interdealer repo 1,990 1,830 1,813 1,720 10% 94% 10% 1,535 14% 4% 11% 7% 9% -8% 12% 4% 13% 67% -7% 67% 70% 74% 72% -3% 6% -4% 58% 55% 58% 55% 59% 19% 20% 20% 16% 17% 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 11% 9% 7% 6% 6% 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 Overall on-exchange repo GCC repo (incl. deposits with CCP) 5,000 3Q'20 4.6 3Q'20 4.9 4,000 4Q'20 4.8 4Q'20 6.0 3,000 1Q'21 7.5 1Q'21 6.9 2,000 2Q'21 5.8 2Q'21 7.4 1,000 3Q'21 5.3 3Q'21 6.6 0 +35% Source: Moscow Exchange 1 Excluding Non-CCP repo volumes with the CBR and the Federal Treasury Jan-19 22% 24% 24% 21% 22% Stable to growing open interest supports F&C income¹ RUB bln ■Interdealer repo Single-security repo with CCP GCC repo with CCP Feb-19 Mar-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 48#493Q 2021 20% ☑ Depository and Settlement Services Fee & commission income breakdown Assets on deposit (average for the period) RUB trn Other OFZ Equities Corporate and regional bonds 3Q 2021 Clearing 11.7% 3% Book-entry transfers 9.1% +33.9% 5% Collateral management services 7.6% 72.0 28% 66.6 63.1 58.8 14% 53.8 15% 15% 15% 16% 41% 38% 40% 41% 39% 20% 23% 22% 22% 22% Safekeeping Depository transactions and clearing services Services for issuers Settlement and cash services Other 25% 24% 23% 22% 23% 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 60% Fee & commission income RUB mln +30.1% 2,024 2,127 1,921 1,949 1,634 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 MOSCOW EXCHANGE Source: Moscow Exchange Comments F&C income added 30.1% YoY; average assets on deposit grew by 33.9% YoY. The YoY growth in assets on deposit was registered across all asset classes: federal government bonds were up 46.1% YoY, equities were up 39.6% YoY, corporate and regional bonds were up 23.7% YoY. F&C income growth compared to 3Q'20 was driven mainly by safekeeping, depository transactions and clearing services. The discrepancy between growth rates of F&C income and assets on deposit is the result of business lines beyond safekeeping, primarily clearing and collateral management services, which are a reflection of repo operations at the NSD. 49#503Q 2021 12% Derivatives Market Trading volumes RUB trn Volatility index (RVI) Interest rates Currencies Equities Commodities Indices 32 32 32 26 23 Standardized OTC derivatives trading volumes RUB bln +221.1% 1,117 +16.3% 40.1 37.2 35.5 37.1 31.9 17% 21% 559 24% 30% 18% 345 57% 50% 55% 46% 40% 277 174 3% 3% 3% 3% 4% 24% 23% 26% 26% 26% 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 2Q 2021 3Q 2021 Fee & commission income RUB mln +36.2% 1,228 1,239 1,097 1,092 910 3Q 2020 ☑ MOSCOW EXCHANGE 4Q 2020 1Q 2021 2Q 2021 3Q 2021 3Q 2020 4Q 2020 1Q 2021 Comments Fee income grew 36.2% YoY, while trading volumes improved 16.3% YoY. ■ Trading volumes of commodity contracts surged 92.0% YoY. ■ Index derivatives volumes added 24.6% YoY, while volumes of single stock derivatives doubled YoY. ■ Trading volumes of FX derivatives decreased by 15.9% YoY. The share of options in the trading volume mix increased both YoY and QoQ to 4.3% (from 3.7% in 3Q'20). The effective fee improved YoY largely due to an advantageous shift of trading volumes mix in favor of commodities and single stock derivatives. 50 Source: Moscow Exchange#5112% 3Q 2021 ☑ IT Services, Listing and Other Fee Income (ITSLOFI) ITSLOFI¹ RUB mln Other fee and commission income Listing and other fees related to Securities Market Information services Sale of software and technical services +35.7% Comments ◉ ◉ ◉ 1,224 1,108 1,037 34% ◉ 901 20% 868 32% 17% 22% 26% 16% 23% 17% 18% 24% 33% 26% 32% 28% Listing and other fees related to the Securities Market decreased 6.8% YoY. Sales of information services stood virtually flat, decreasing by 0.7% YoY. Sales of software and technical services increased 32.9% YoY, largely explained by sales growth of the recently launched ASTS FIFO MFIX protocol and client base expansion. Other fee and commission income was up 2.6x YoY, mostly driven by consolidation of Inguru. Other F&C income line includes additional fees of 0.2% on top of the ECB rate on EUR balances for recording individual clearing collateral, effective 1 January 2020. 27% 28% 26% 28% 24% 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 MOSCOW EXCHANGE Source: Moscow Exchange 1 IT Services, Listing and Other Fee Income 51#5211% 3Q 2021 Equities Market Trading volumes¹ RUB trn Onboarding of retail investors continues Number of retail clients (end-of-period), millions Equities MOEX Index (average for the period) XX%Velocity² 44%) 47%) (56%) 2,917 3,020 53% 3,437 47%) 3,681 3,900 +114.3% 14.5 +25.1% 12.7 11.1 7.2 6.7 6.8 6.8 8.8 5.4 6.8 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Fee & commission income RUB mln +24.1% 1,179 1,257 1,199 1,186 956 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Comments " ◉ Equity trading volumes and F&C income grew 25.1% YoY and 24.1% YoY, respectively. The average level of IMOEX index in 3Q'21 reached an all-time high, contributing to the growth in volumes and fee income. 3Q'21 trading velocity remains elevated in historical context, despite a 3 p.p. decrease YoY. MOEX's market share vs LSE in trading of dual-listed stocks was at an all-time high of 82% for 9M'21 (up from 78% in 9M'20). The evening session accounted for 7% of Equities Market total trading volumes in 3Q'21. 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 ■ The share of global equities in Equities Market ADTV amounted to 3.3% in 3Q'21, with a single-day high hitting 8.2%. ☑ MOSCOW EXCHANGE Source: Moscow Exchange, WFE 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 52#539% 3Q 2021 FX Market Trading volumes Volatility USD/RUB,%¹ Spot trading volumes Spot Swap RUB trn 2.9 RUB trn Swap trading volumes RUB trn 2.4 2.2 1.3 0.8 -13.9% -8.1% 22.7 61.7 20.9 53.1 -12.3% 84.4 88.5 78.7 85.9 74.0 27% 32% 27% 33% 28% 73% 68% 67% 73% 72% 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 3Q 2020 3Q 2021 3Q 2020 3Q 2021 Fee & commission income RUB mln -10.2% 1,143 1,050 1,073 1,021 943 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 ☑ MOSCOW EXCHANGE Source: Moscow Exchange, CBR 1 2 Comments " ☐ ◉ ■ Fee income was down 10.2% YoY on the back of a corresponding decrease in trading volumes of 12.3% YoY. Spot volumes decreased by 8.1% YoY. Swap and forward volumes declined 13.9% YoY, contributing to a more profitable volumes mix. Retail accounted for 12% of spot market volumes in 3Q'21 (13% in 3Q'20) with the number of active retail clients up nearly 2.5x to 1,053,000². ADTV of corporates increased 2.4x YoY in 3Q'21. Corporates accounted for 2.8% of spot market volumes in Sep'21. ◉ MOEX's market share vs onshore OTC was 40% in 3Q'21. ■ 276 banks and brokers as well as 396,720 retail clients traded during the morning trading session. Morning trading session accounted for 10% of spot trading volumes and 6% of overall FX trading volumes in Sep'21. 53 Calculated as daily standard deviation for the period divided by the average value for the period As of September 2021#546% 3Q 2021 Fixed Income Market Trading volumes¹ Primary market (excluding overnight bonds) RUB trn Primary market (excl. overnight bonds) Secondary market RUB trn -9.4% 7.9 Government and CBR bonds (OFZ, OBR) Corporate, municipal and other bonds (excluding ON bonds) -33.7% 5.5 5.6 5.1 4.8 69% 3.6 54% 4.0 63% 46% 54% 2.6 2.4 47% 1.9 84% 60% 59% 54% 37% 31% 53% 46% 46% 73% 40% 41% 16% 27% 3Q 2021 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21 3Q 2020 4Q 2020 1Q 2021 2Q 2021 Fee & commission income RUB mln 591 +9.9% 989 664 650 517 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 ☑ MOSCOW EXCHANGE 1 Source: Moscow Exchange Trading volumes on the Fixed Income Market include placements ◉ Comments Fee income was up 9.9% YoY with trading volumes (excl. overnight bonds) declining by 9.4% YoY. Primary market volumes (excl. overnight bonds) contracted by 33.7% YoY mainly due to the changing interest rate environment. Secondary trading volumes grew 32.6% YoY. Secondary trading of OFZ&OBR was up 44.1% YoY; other bonds improved 10.3% YOY. The YoY effective fee dynamics are mainly explained by a higher share of corporate bond placements in the primary market. 54#55Interest and finance income in 3Q'21 Interest and finance income¹ RUB bln Mosprime², % Investment portfolio sources³ Libor (USD)², % Effective yield, % RUB bln MOEX's own funds Client funds Core NII Net gains/losses on FVTOCI 6.5 5.0 4.4 4.4 4.4 +7.1% -7.3% 925 929 1.6 1.4 1.5 1.4 1.4 871 10% 11% 807 754 12% 11% 12% 0.1 0.1 0.1 0.1 0.1 -1.9% -6.2% 90% 89% 3.0 3.2 3.6 88% 3.1 88% 89% 2.9 0.0 0.6 2.9 3.2 2.9 3.1 2.9 -0.0 -0.0 -0.0 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Client funds by currency 3Q 2020 49% 4% 13% 34% 3Q 2021 7% 12% 61% Investment portfolio by type of asset Other 3Q 2021 3% 10% EUR 20% USD 17% RUB 56% 15% 1 ☑ MOSCOW EXCHANGE 2 Source: NFA, Bloomberg, Moscow Exchange Interest and other finance income, Interest expense, Net gain on financial assets at fair value through other comprehensive income and Foreign exchange gains less losses Average daily rate for the period 3 Based on average daily investment portfolio sources for the period according to management accounts FX deposits and curr. accounts FX securities RUB securities RUB deposits and current accounts REPO 55#561 General and administrative expenses Operating expenses in 3Q'21 (excl. provisions) Operating expenses RUB mln Major expense items RUB mln Change 3Q 2020 3Q 2021 Personnel expenses YOY Personnel expenses 2174.1 2358.6 8.5% +17.3% +0.2% 4,944 4,951 4,711 4,524 4,223 D&A and IT maintenance Remaining administrative expenses¹, incl.: 1238.0 1383.2 11.7% 810.5 1209.5 49.2% 49% 51% 52% 47% Professional services 93.1 260.1 179.4% 49% Information services 80.4 172.0 113.9% 51% 51% 53% 49% 48% Total OPEX 4222.6 4951.3 17.3% Cost Income Ratio 37.3% 37.1% 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 -0.2 p.p. Headcount, number of employees EOP +8.7% +4.9% 2,146 1,975 1,980 1,993 2,045 Comments OPEX for 3Q'21 added 17.3% YoY, driven mainly by administrative expenses. Non-organic contribution from Inguru was 4.0 p.p. Total contribution from Marketplace (incl. Inguru) was 7.0 p.p. Personnel expenses growth of 8.5% YoY decomposes into: [1] 7.1 p.p. headcount growth, [2] 1.4 p.p. other factors. ~74% of professional services growth are linked to Marketplace project (incl. Inguru) and the remaining ~26% is attributed to core business. D&A and IT maintenance added 11.7% YoY on the back of the 20.4% growth in IT maintenance. ■ Updated FY21 OPEX guidance of 18.0-21.0% decomposes into: 6 p.p. YoY business as usual 7-8 p.p. YoY a family of development projects 2-3 p.p. YoY Marketplace marketing option 3-4 p.p. YoY Non-organic (Inguru + NTPro) factors 3Q 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 ☑ MOSCOW EXCHANGE 3Q'21 CAPEX RUB 1.08 bln, new FY21 range: RUB 3.0-3.7 bln Remaining administrative expenses are calculated as General and administrative expenses less Depreciation of property and equipment, Amortisation of intangible assets, Equipment and intangible assets maintenance 56#57☑ MOSCOW EXCHANGE Appendix 44 57#58☑ Dual listed stocks virtual index spread dynamics Analysis provided by Liquid Metrix MOEX vs LSE market share (MICEX Virtual Index¹) LSE MOEX Average Bid-ask spread 50k EUR deal (b.p.2) 2019 2018 21% 18% 31% 45% 44% 42% 42% 37% Bid - ask spread 1 Contract 3.9 (b.p.) 79% 82% 69% 63% 55% 56% 58% 58% Bid -ask spread 50k EUR deal (b.p.) 13.5 2014 2015 2016 2017 2018 2019 2020 10M'21 ◉ 9.4 22.1 3.0 7.7 16.2 10.0 MOEX LSE MOEX LSE Moscow Exchange is the liquidity center for Russian securities with >80% market share in total trading volumes Aggregated spreads for most liquid dual listed stocks are substantially lower in Moscow implying lower all-in trading costs Spreads measure the bid to offer spread of the best visible orders in the book, the result is based on measurements of the order books every 30 seconds MOSCOW EXCHANGE Data as of 29 October 2021 1. MICEX Virtual Index - index calculated based on prices and EOB data of the most liquid Russian dual listed stocks. Data since December 2015 include trading auctions on MOEX. Data for March-April 2018, January-December 2020, January-August 2021 are based on Bloomberg data for LSE, data for other periods were provided by Liquidmetrix. Data for MOEX includes evening trading session. The value of the spread is quoted in basis points (0.01%) 2. Source: Liquid Metrix 58#59Blue Chips bid-ask spread dynamics for 50k EUR deal (1) Analysis provided by Market share¹ 2019 9M'21 Average Bid-ask spread 50k EUR deal (b.p.2) 2019 Liquid Metrix 18% 29% 9.6 7.3 6.5 Gazprom 71% 82% 2020 14.2 13.9 22% 18% 9.1 9.4 Sberbank 4.9 78% 82% 26% 7.5 9.7 42% 6.0 6.5 Lukoil 58% 74% 13.6 21% 38% 11.2 Norilsk Nickel 8.9 8.4 62% 79% 14% 52.9 73.1 25% Magnit 75% 19.4 86% 21.3 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 Data as of 01 October 2021 1 EXCHANGE Data since December 2015 include trading auctions on MOEX. Data for MOEX includes evening trading session. 2 The value of the spread is quoted in basis points (0.01%). Data for 2020 as of January-November 2020. Spreads of Lukoil, Norilsk Nickel as of 3M2020 Source: Liquid Metrix, Bloomberg, Moscow Exchange 59#60Blue Chips bid-ask spread dynamics for 50k EUR deal (2) Analysis provided by Liquid Metrix Market share¹ 2019 9M'21 Average Bid-ask spread 50k EUR deal (b.p.2) 2019 120.2 2020 176.5 3% 10% VTB 25.8 90% 97% 29.6 18% 17.9 38% 14.2 Tatneft 62% 82% 14.8 18.8 16.1 30.2 20% 35% 10.6 Rosneft 15.8 65% 80% 17.9 27.0 26.1 14.6 Novatek 44% 32% 56% 68% 16% 11% 33.4 51.1 Surgutneftegas 17.7 20.0 84% 89% 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 Data as of 01 October 2021 1 EXCHANGE Data since December 2015 include trading auctions on MOEX. Data for MOEX includes evening trading session. 2 The value of the spread is quoted in basis points (0.01%). Data for 2020 as of January-November 2020. Spreads of Tatneft as of 3M2020 Source: Liquid Metrix, Bloomberg, Moscow Exchange 60#61DR program Depositary bank Depository Service Fee¹ (DSF), USD per DR Dividend Fee², USD per DR VTB Bank Rosseti Sistema Surgutneftegaz BNY Mellon 0,020 0,005 BNY Mellon 0,020 0,008 DR holders pay substantial EXTRA FEES to depository banks Fees to be paid to depositary bank for some of DR programs of Russian companies DRS cancellation s fee, USD per DR Gross DSF and dividend fees calculated for Top-3 international funds holding Russian shares and DRS4 DSF + Dividend Fee as % of dividend amount³ 65% 0,05 42% 0,05 Citi 0,030 35% 0,05 Fund A BNY Mellon 0,020 0,011 33% 0,05 Fund B FSK YeES BNY Mellon 0,010 0,013 21% 0,05 Fund C ~9.2 USD mln ~1.9 USD mln ~1.2 USD mln Mosenergo BNY Mellon 0,010 0,015 20% 0,05 RusHydro BNY Mellon 0,005 0,009 19% 0,05 TGC-1 (144-A) BNY Mellon 0,005 0,009 19% 0,05 Cost of cancellation of all DRs in PIK Group BNY Mellon 0,030 0,020 16% 0,05 portfolios to local shares for Top-3 Acron Deutsche Bank 0,006 14% 0,05 funds Mechel (pref) Deutsche Bank 0,001 13% 0,05 Fund A Rostelekom JPM 0,008 0,020 12% 0,05 Aeroflot Deutsche Bank Fund B 0,020 9% 0,05 PhosAgro Rosneft NCSP Gazprom MTS Citi 0,020 0,020 9% 0,05 Fund C ~17.0 USD mln ~4.0 USD mln ~2.3 USD mln JPM 0,006 6% 0,05 JPM 0,004 6% 0,05 BNY Mellon 0,020 6% 0,05 JPM 0,008 0,030 5% 0,05 Surgutneftegaz (pref) BNY Mellon 0,020 0,020 4% 0,05 Sberbank JPM 0,008 0,030 4% 0,05 Gazprom Neft BNY Mellon 0,020 3% 0,05 Norilsk Nickel BNY Mellon 0,010 0,020 2% 0,05 MMK Polyus Citi 0,010 2% 0,05 A depository service fee and a dividend fee are to be paid by a 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 BNY Mellon 0,020 0,020 2% 0,05 NLMK Deutsche Bank 0,024 1% 0,05 Magnit JPM 0,008 1% 0,05 Seversteel Lukoil Average Deutsche Bank 0,010 1% 0,05 City 0,020 1% 0,05 0,013 0,017 13% 0,05 1 ☑ MOSCOW 2 Service fees are charged annually, on an arbitrary date. Calculated based on number of DRS in a client's account on the record date Dividend fees are charged when dividends are paid EXCHANGE 3 As % of dividend amount after tax 61 4 Calculations based on Thomson One data as of June 2021 Source: BNY Mellon, Deutsche Bank, JP Morgan, Citi, Thomson One. Data as of 01.10.2021#62Dividend payments for DR holders FX rate determination for dividends FX rates for conversion of dividends are determined in a non-transparent manner According to information from notices for DR holders³: 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") DR issuer as executed by the Custodian principal counterparty and not as agent, fiduciary or broker - Local Shares DR Issuer Record date NCSP 12-Jul-21 Payable date 28-Jul-21 FX rate¹ Payable date 73.1 4-Aug-21 FX rate² Diff. 73.9 1.1% RusHydro 9-Jul-21 27-Jul-21 73.2 3-Aug-21 73.9 0.9% Polyus 7-Jun-21 21-Jun-21 72.6 28-Jun-21 73.2 0.9% Magnit 25-Jun-21 7-Jul-21 74.4 14-Jul-21 75.0 0.8% Gazprom 15-Jul-21 10-Aug-21 73.5 18-Aug-21 74.1 0.8% Sberbank 12-May-21 1-Jun-21 73.2 8-Jun-21 73.6 0.5% VTB Bank 15-Jul-21 29-Jul-21 73.1 9-Aug-21 73.4 0.4% DR holders received their dividends one week later compared to 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 ☑ MOSCOW EXCHANGE 1 Source: BNY Mellon, Deutsche Bank, JP Morgan, Citi, Moscow Exchange. Data as of 15.09.2021 Average weighted USD/RUB FX rate at Moscow Exchange 2 FX rate for dividends conversion 3 Publicly available information on the Custodian - DR issuer web site 7 Days Λ Payable date for DR in USD 62#63Consolidated Statement of Profit or Loss RUB min 2020 2019 % chg. Fee and commission income 34,268.2 26,181.4 31% Interest and finance income¹ 14,158.7 16,713.0 -15% Other operating income 164.1 335.1 -51% Operating Income 48,591.0 43,229.5 12% General and administrative expenses -8,290.7 -8,321.4 0% Personnel expenses -8,459.3 -7,113.9 19% Operating Expense (before Other operating -16,750.0 -15,435.3 9% expenses) Operating Profit Before Tax (before Other 31,841.0 27,794.2 15% operating expenses) Other operating expenses -0.9 -2,614.8 -100% Income tax expense -6,669.6 -4,978.8 34% Net Profit 25,170.5 20,200.6 25% Earnings per share Basic earnings per share, rubles Diluted earnings per share, rubles 11.16 8.96 25% 11.14 8.96 24% ☑ MOSCOW EXCHANGE Source: Moscow Exchange, Consolidated Interim Financial Statements 1 Interest and other finance income, Interest expense, Net gain on financial assets at fair value through other comprehensive income, Foreign exchange gains less losses 63#64Consolidated Statement of Financial Position RUB min 31 December 2020 31 December 2019 % chg. Assets: Cash and cash equivalents 471,793.0 466,098.8 1% Central counterparty financial assets 4,050,837.6 3,262,670.6 24% Financial assets¹ 367,299.3 253,538.2 45% Property and equipment and intangible assets 23,328.5 22,435.6 4% Goodwill 15,971.4 15,971.4 0% Other assets² 3,366.4 7,879.8 -57% Total Assets 4,932,596.2 4,028,594.4 22% RUB min 31 December 2020 31 December 2019 % chg. Liabilities: Balances of market participants Overnight bank loans Derivative financial liabilities 716,893.1 0.0 565,922.6 49,229.1 27% -100% 139.6 32.8 326% Central counterparty financial liabilities 4,050,837.6 3,262,670.6 24% Distributions payable to holders of securities 15,689.2 11,714.1 34% Other liabilities³ 36% Total Liabilities Total Equity Total Liabilities and Equity 9,747.0 4,793,306.5 139,289.7 4,932,596.2 7,167.0 3,896,742.0 23% 131,852.4 6% 4,028,594.4 22% Source: Moscow Exchange, Consolidated Financial Statements ☑ MOSCOW 1 EXCHANGE Financial assets at fair value through profit or loss, Due from financial institutions, Investments available-for-sale, Financial assets at fair value through other comprehensive income, Investments in associates 2 Current tax prepayments, Deferred tax asset, Other assets 3 Margin account, Deferred tax liability, Current tax payables, Other liabilities excluding Derivative financial liabilities 64#65☑ 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 65