#1AA ☑ MOSCOW EXCHANGE August 2015 Investor presentation#2☑ ☑ MOEX Overview 2 Recent achievements 3 Strategy 2015-2020 4 Strong operating and financial results MOSCOW EXCHANGE 2#3☑ Highly diversified product offering... Investing and trading Listing ■ Local and foreign shares, DRs International ETFs Hedging ■ Indexes ■ FX ■Local and foreign single stocks ■ Commodities ■ Interest rates Currency conversion + FX swaps ■ Swap instruments ■ Spot instruments (USD, EUR, CNY, HKD, GBP and CIS currencies) MOSCOW EXCHANGE DERIVATIVES FX EQUITIES ☑ COMMODITIES Investing and trading ■ Spot and swap precious metals ■ Grain market FIXED INCOME MONEY MARKET Investing and trading ■ Government bonds ■ Municipal bonds Corporate bonds ■ ABS, MBS Eurobonds Funding ■ Credit & deposit operations ■ REPO with CCP ■ REPO with CBR with CMS Inter-dealer REPO 3#4CLEARING ...coupled with strong post-trade infrastructure Post-Trade Excellence: CCP and CSD National Clearing Centre (NCC) own funds (capital)¹ RUB bln 10.1 13.2 49.3 39.5 28.8 CCP cleared value based on ADTV (1H2015) RUB bln FX Derivatives REPO with CCP Fixed income Equities Commodities 1 Jan 2012 1 Jan 1 Jan 1 Jan 1 Jul 2013 2014 2015 2015 OTC derivatives 1 087.5 ◉ 286.5 181.9 ☐ 40.1 39.6 Comments 0.3 0.01 Well-capitalized NCC as CCP for all asset classes Bank of Russia qualified CCP status ■ Centralized clearing of OTC derivatives SETTLEMENT & DEPOSITORY National Settlement Depository² (NSD) capital RUB bln Assets in deposit³ RUB bln 9.4 9.6 7.3 6.0 5.4 12 291 11 280 ☐ 28 532 24 942 21 766 1 Jan 2012 1 Jan 2013 1 Jan 2014 1 Jan 2015 1 Aug 2015 31 Dec 2011 31 Dec 2012 31 Dec 2012 31 Dec 2014 31 Jul 2015 Comments Safekeeping and settlement services ◉ Collateral management services for REPO transactions ◉ Repository for OTC trades ■ Links to ICSDs for Russian bonds and equities ■ AA- rating by Thomas Murray4 Source: Moscow Exchange operational information Figures in accordance with Russian Accounting Standards as reported to and disclosed by the CBR on a monthly basis Russian Central Securities Depository ☑ MOSCOW 1 EXCHANGE 2 3 Assets in deposit based on Company' operational data 4 Thomas Murray-leading global agency for depository services 4#5Rebased to 100% Moscow Exchange has a proven and cycle-protected business model Operating income¹ RUB bln - MICEX Index, % CAGR of ~23% in 2006-2014 200% 180% 160% 140% 120% 100% 30,4 80% 24,6 60% 21,5 22,0 16,9 40% 20% 8,0 9,4 11,2 11,1 5,7 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 1H2015 Key highlights Fee & commission income evolution¹ Unique business model allows MOEX to increase operating income regardless the stage of economic cycle: 2 Equities+Bonds ■Derivatives ■ FX & MM Depositary & settlement Other³ 6% 10% 8% 6% 8% 18% 17% 18% 20% 21% ■ Business line is diversified, while markets have limited growth correlation 26% -FX: 23% 35% 39% ■ Growth drivers differ across markets and products 43% 8% 45% - MM: 22% 11% 12% 11% 42% 7% Listings: 3% 27% 23% 20% 19% Bonds: 6% Equities: 10% 2011 2012 2013 2014 1H2015 ☑ MOSCOW 1 According to Moscow Exchange Consolidated Financial Statements for the relevant period RTS data is consolidated from June 29, 2011 EXCHANGE 2 Include other income related to securities market in 2011-1H2015 5 3 Include income from Information services & sale of software and other fee&commission income in 2011-1H2015#602.13 as of March 16, 2015³ One of the highest free-floats in Russia Growing ADTV (Average Daily Trading Volumes) of MOEX shares¹ RUB mln Rank among the most liquid CBR 11.7% shares listed on MOEX² share sale Average daily 12 trading volume MOEX MSCI inclusion 13 13 15 16 18 18 18 18 18 19 20 21 23 23 22 22 24 25 24 25 27 27 28 29 553 535 576 385 374 405 439 264 271 307 335 230 241 240 132 151 53 89 47 68 80 54 78 09.13 10.13 11.13 12.13 Dispersed ownership with no controlling shareholder... Free float; 50,8% MICEX-4 RDIF Finance 5,3% 2,1% CBR 11,7% Sberbank 10,0% VEB 8,4% EBRD 6,1% CIC 5,6% ☑ MOSCOW 1 Trading volume in main trading mode (TO, T+2) EXCHANGE 2 Ordinary and preferred shares 3 Including changes disclosed on June 8, 2015 4 100% owned subsidiary of the Moscow Exchange 5 Top 20 companies by market capitalisation from MICEX Index 01.14 02.14 03.14 04.14 05.14 06.14 07.14 08.14 09.14 10.14 11.14 12.14 01.15 338 15 15 17 15 15 17 17 564 516 517 459 375 335 05.15 06.15 ...and one of the highest free-floats in Russia5 Magnit MOEX 54% 51% MTS Sberbank 49% 48% Lukoil Gazprom VTB AFK Systema Rushydro Uralkaly 46% 46% 39% 36% 34% 33% Tatneft Norilsky Nickel Rostelecom 32% 30% 28% Novatek Surgutneftegaz Alrosa Severstal 27% 25% 23% 21% Phosagro 19% E.ON Russia 18% Megafon 15% 6 07.15#7Corporate governance: aiming to set an example for Russian issuers Board members Alexey Kudrin Chairman of the Supervisory Board; Sberbank of Russia, Member of the Supervisory Board.. Andrey Sharonov Rector of the Moscow School of Management SKOLKOVO Mikhail Bratanov Head of Societe Generale Securities Services in Russia and CIS, Head of Securities Services Department at Public JSC ROSBANK Yuan Wang China Development Bank, Chief Economist Anatoly Karachinsky IBS Group, Chairman of the Board Rainer Riess Independent Director Sean Glodek Russian Direct Investment Fund, Director, Member of the Executive Board Andrey Golikov Co-Chairman of the Board Valery Goreglyad Bank of Russia, Chief Auditor Yuriy Denisov NCC, Deputy Chairman of the Supervisory Board Bella Zlatkis Strategy Planning Audit Nomination and Remuneration Budget Technical Policy Risk Management Sberbank, Deputy Chairman of the Management Board Sergey Lykov Vnesheconombank, Deputy Chairman of the Executive Board Nicola Jane Beattie Chair Nbxc Ltd, Director/Senior Executive Director Kirill Shershun CentroCredit, First Deputy Chairman of the Executive Board Alexander Afanasiev Moscow Exchange, CEO, Chairman of the Executive Board ☑ MOSCOW EXCHANGE - *Independent directors Chair 1. Technical Policy Commission includes key industry IT professionals Chair Chair Chair Chair 7#8☑ MOEX: driver and beneficiary of corporate governance reform New Corporate Governance Code Listing Reform Ongoing dialogue with the market New Corporate Governance code approved by the CBR and Russian Government in April 2014 Code developed under a 3-year program with OECD and EBRD with MOEX's active participation ✓ Key aim is to use the institute of corporate governance to reduce issuers' non-market risks ✓ Code enshrines global best practices in areas such as Board performance and remuneration, disclosure and transparency, risk management and internal control, and commitment to treat all shareholders equally Following adoption of the new Code, MOEX initiated a program to bring listing requirements into line with global standards and the Code. Key changes: ✓ Listing structure simplified: 3 sections (Highest, Standard, Off-the-list) replace the previous 6 Stricter criteria for inclusion in Highest sector: at least 3 Independent Directors, history of 3 years of IFRS accounts (vs. 1 year previously), free float of at least 10%, requirement to have internal audit department and Board-approved policy on internal audit, and minimum credit rating increased two notches (for bond issuers) ✓ Foreign securities now eligible for inclusion in Highest sector, which opened the way for the many Russian companies incorporated abroad to attain premium Moscow listing ✓ Issuers are eligible to list in any section at the IPO stage. This allows IPO participation for the pension funds and insurance companies that are authorised to buy only the highest-level stocks Stricter requirements for Directors to be considered Independent (based on NYSE, LSE and HKEX criteria) ✓ Issuers Committee holds regular face-to-face meetings to discuss initiatives and provide feedback Optimization of reporting, transparency and disclosure processes is based on proposals of market participants Open discussion and adjustments of the CBR's KPIs in the areas of listing, offerings and corporate governance MOSCOW EXCHANGE 8#9Investment highlights 1 MOEX operates in Top-10 largest economy globally¹ and covers Russia's largest public trading markets 2 Leading market position in a global context 3 Unique business model, offering trading of a wide range of assets together with well-established centralized post-trade infrastructure 4 High transparency and corporate governance standards 5 Successful track record of infrastructural reforms and improving regulatory framework 6 Strong financial performance 7 Attractive dividend policy ☑ MOSCOW EXCHANGE 1 According to IMF projections for 2014 year 9#10☑ 1 MOEX Overview ☑ Recent achievements 3 Strategy 2015-2020 4 MOSCOW EXCHANGE Strong operating and financial results 10#11Key developments in 2Q and July 2015 ✓ Record high dividends MOEX paid FY2014 dividend of RUB 8.8 bln, or 55% of IFRS net profit, with a dividend yield of 5.2% New placements and listings ■ Credit Bank of Moscow (MOEX: CBOM) completed an IPO on MOEX, raising RUB 13.2 bln ■ United Wagon Company (MOEX: UWGN) completed an IPO on MOEX, raising RUB 9.0 bln Strong YoY recovery (+85%) in fixed income issuance in both corporate and sovereign segments, including first issuance under a new on-exchange debt raising mechanism ✓ Corporate governance - MOEX's inaugural Corporate Governance Guidelines approved by the Supervisory Board, establishing a framework to further strengthen corporate governance at the company ✓ Local investor base development ■ Individual investment accounts (IIA) beat expectations: more than 39 700 IIAs registered during 7M 2015 ✓ Strengthening the product offering ■ Migration from T0/T2 to T+1 completed for Russian federal government bonds (OFZ) with a new liquidity support program introduced for T+1 to assist participants' transition to the new settlement cycle ✓ New strategic partnerships ■ MOEX and China Financial Futures Exchange signed a memorandum of understanding (MoU) aimed to strengthen bilateral partnership through closer cooperation in various areas ☑ MOSCOW EXCHANGE 11#12AGM and dividends 16 March 2015 28 April 2015 12 May 16 June 2015 2015 AGM record date The date of the Annual General Shareholders Dividend The dividend record date are paid on 16 June 2015 History of dividend growth DPS for the financial year, RUB XX% Payout ratio Meeting ("AGM") 55% 47% 3,87 35% 2,38 MOEX ΙΡΟ 1,22 0,16 0,14 0,16 0,16 0,31 2007 2008 2009 2010 2011 2012 2013 2014 ☑ MOSCOW EXCHANGE Dividend policy 2013-2015: growing payout ratio of minimum 30/40/50% for Y12/Y13/Y14 Each year MOEX paid more than the minimum threshold set in the dividend policy: 35/47/55% of IFRS net profit Since IPO MOEX returned 10.3% of the current Mcap (RUB 166.7 bln) to shareholders in form of dividends A new dividend policy is expected to be approved by the Supervisory Board later this year 12#13☑ 1 MOEX Overview 2 Recent achievements ☑ Strategy 2015-2020 4 MOSCOW EXCHANGE Strong operating and financial results 13#14☑ Strategy 2015-2020: background, vision and mission Key initiatives set in the strategy 2012-2015 have been successfully implemented: ◉ Central Securities Depository (CSD) ◉ CCP functions across all markets ◉ T+ settlement cycle ■ DMA across all markets ◉ ICSDS access to local infrastructure ■ USD/RUB futures emergence as flagship derivative contract Critical regulatory reforms (CSD and CCP laws, individual investment accounts introduction, "non-loss" rule elimination for non-state pension funds, revival of pension savings) VISION Become global financial center for capital formation, price discovery, settlement, risk and capital management across all types of Russian financial assets Develop efficient and transparent financial infrastructure offering diversified, competitive and integrated services MOSCOW EXCHANGE MISSION Support economic growth and restructuring of the local economy by: extending capital raising opportunities to issuers and facilitating a client-friendly, safe and transparent environment for local and international investors 14#15☑ I Pillar 1: Further business diversification I I Diversification is an important I competitive advantage Further diversification through development of infrastructural services Equities & Bonds markets Listing development Market data Trading Money market Indexes and benchmarks FX market Derivatives market Commodities market Clearing and risk-management Technical services CCP services Clearing and settlement OTC derivatives clearing Corporate info center Settlement and tri-party services Valuation center Depository services On-exchange and OTC settlement Tri-party services MOSCOW EXCHANGE Existing products Key priorities 2015-2020 Repository 15#16☑ Pillar 2: Market Penetration is a basis for future growth Share on equity market In total volumes on Moscow Exchange and Russian OTC market Share on bond market In total volumes on Moscow Exchange and Russian OTC market (incl. REPO with CMS by NSD) 82% 76% 98% 97% 97% 97% MOEX has significant market share across all asset classes. Further growth is expected to be primarily driven by expansion of markets, which have strong structural room for growth 64% 54% 4Q2011 4Q2012 4Q2013 4Q2014 Share on FX market In total volumes on Moscow Exchange and Russian interbank FX market 4Q2011 4Q2012 4Q2013 4Q2014 Share on derivatives market In total volumes on Moscow Exchange and CME, Wiener Börse, Turquoise, Eurex MOEX's long-term goal is to develop local institutional & individual investor base and to attract new issuers & placements 35% 27% 23% 45% 99% 97% 97% 95% 4Q2011 4Q2012 4Q2013 4Q2014 4Q2011 4Q2012 4Q2013 4Q2014 MOSCOW EXCHANGE Key priorities ✓ Increase in financial literacy of local investors ✓ Develop and promote new products driven by local investor demand in REPO, FX and derivatives ✓ Develop public debt market New listings 16#171 ☑ MOSCOW EXCHANGE 2 3 Growth opportunities across all markets Equity market capitalisation to GDP¹ 2014 Corporate debt to GDP2 2014 151% 141% 114% 92% 76% 58% 38% 32% France Equity market velocity³ 2014 353% 224% Japan Shenzhen SE Shanghai SE NASDAQ OMX Japan Exchange NYSE Deutsche Borse BM&FBovespa LSE Hong Kong Exchanges NSE India Moscow Exchange Johannesburg SE Singapore Exchange Russia Comments USA 129% Japan 114% 69% Germany 53% 42% 26% 19% 164% 123% 85% 80% 72% 64% 48% 46% 40% 35% 27% ■ Russian capital and derivatives markets have potential both on supply and demand points of view: Relatively low share of equity and debt market capitalisation to GDP Developed markets Source: Moscow Exchange, WFE, IMF, Rosstat, SCIB, BIS Emerging markets Data for 2014. Market capitalisation for the USA is the sum of NASDAQ and NYSE market capitalisations, for China - the sum of Shanghai and Shenzhen market capitalisations, for India - BSE market capitalisation, for Brazil - BM&FBovespa market capitalisation, for Russia - Moscow Exchange market capitalisation, for France - NYSE Euronext Europe market capitalisation, for UK - LSE market capitalisation (including Borsa Italiana market capitalisation), GDP - IMF forecast Corporate debt data - BIS statistics of debt securities amount outstanding as of June 2014, Russia GDP estimate for 2014 - SCIB, other countries - IMF data NASDAQ OMX including Nordic markets 17 Brazil China Russia#18Institutional money: pension funds reform Pension assets¹ in Russia RUB bln Voluntary allocations in non-state pension funds Non-state pension funds - mandatory savings and pension reserves State pension fund - mandatory savings As % to GDP 5,6% 3830 3975 3102 832 900 2454 758 1 095 1 138 700 1556 666 391 643 153 1 363 1 678 1 903 1 937 760 2010 2011 2012 2013 2014 Key highlights Positive regulatory framework development: CBR became a regulator of the pension system ■ Adopted changes in pension funds regulation: "One year non-loss rule" was abolished Investment horizon of NPFs2 was extended to 5 years Customer incentive to stay with the fund manager not less than 5 years Guarantee fund mechanism (similar to Deposit Insurance Agency in the banking system) Number of individuals, whose pension savings are invested in non-state pension funds increased from ~1 mln in 2007 to ~28 mln in 2014 On Apr, 2015 the government made a decision to return funds for 2H'13-14 (clients who transferred their pension money from the State fund to NPFs - more than RUB 500 bln), which were under moratorium. New inflows to NPFs for 2014-2015 remains under moratorium and to be utilized for PAYGO system funding New contributions to NPFs will start from 2016 Exposure to equities is limited Pension system Investment portfolio State pension fund 12% 2% Fixed income ☑ MOSCOW EXCHANGE 86% Deposits 2014² NPFs ■ Cash ■Fixed income ■ Deposits Equities 51% 44% 44% 5% 2% 7% 55% 32% 41% Other 33% 29% 30% 72,5% 2,5% 2,7% 2,5% 21,1% Cash Equities Other RUS CHE³ NLD JPN CAN GBR USA AUS Source: OECD, investfunds.ru, FSFM, Economist Intelligence Unit, Russian State Statistics Agency (Rosstat), Tower Watson 1 Obligatory savings, not including reserves 2 For Russia mandatory savings managed both by NPFs (Non-state pension funds) and Pension fund of Russia 3 Chile 4 Source: Rosstat. GDP for 2014. 18#19Retail money: aiming to grow equity culture Retail investors bank deposits¹ USD bln 6 602 523 ■ 470 311 225 190 163 161 China Korea ¡Russia Brazil Mexico Indonesia Malaysia Turkey Population exposure to securities market, % Retail investors/ total population Active retail investors/total population 10.0 Comments ■ As Russian securities market passed through several periods of turbulence, individuals preferred bank deposits or real estate to securities market ■ Due to young equity culture, there is a limited number of "buy and hold" investor type among individuals, while interest from short-term speculative investors is relatively strong ■ Recent regulatory changes: 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) Introduction of individual investment accounts for private investors since 2015 ■ These initiatives are set to attract individuals to securities market 8.1 1.4 0.6 0.3 I 0.7 0.2 0.2 0.04 39 700 of individual investment accounts opened as of July 2015 Korea China Turkey Russia | Brazil Malaysia Mexico Indonesia Russia Source: EIU, World Bank, IMF, central banks of Korea, Turkey, Mexico, Indonesia, National Bureau of Statistics of China, Allianz, SZSE Factbook, CBR, Moscow Exchange ☑ MOSCOW EXCHANGE 1. Korea, Turkey, Mexico, Indonesia - data for August 2014, Russia - as of 1.09.2014, Brazil - 2013, China - 2012, Malaysia - 2011 19#20☑ MOEX markets Electronic access Trading Risk management Clearing Settlement and collateral Equities Bonds REPO FX market Derivatives Pillar 3: Sophistication - strengthening competitive advantage ---------- Commodities 2013 ✓ MOEX operates key infrastructure elements (exchange, CCP, CSD) and has unrealised potential for further integration of its clearing, risk- management and settlement offering ✓ Post-trade services integration will substantially increase infrastructure efficiency and attractiveness of its product offering for market participants Electronic access Trading Risk management Clearing Settlement and collateral MOSCOW EXCHANGE 2017 Key initiatives Unification of risk management system across all markets, including cross margining and risk netting Unified clearing and settlement pool Single collateral pool and new collateral management services 20 20#21☑ Pillar 4: Standardization - key challenge in global competition MOEX requirements, procedures and technologies have further room for alignment to evolving global standards Initiatives EMIR and CFTC compliance Simplification of access for international investors Optimization of documentary and technical interface Corporate governance standards and investor protection Global trends before 2011 ✓ Launching of the Central depository ✓ Settlement with partial pre-funding (T+) <<Group 30>> recommendations ✓ Pre-trade risk check ✓ NCC qualification as the CCP Global trends 2011+ Dodd Frank (2010) IOSCO/EMIR (2012) ✓ Repository ✓ OTC derivatives clearing ✓ Segregation and portability ✓ MOEX CCP recognition by ESMA and CFTC MOSCOW EXCHANGE 2012 2015 21#22Pillar 5: Business process optimization – basis for the long- term shareholder value growth Goals Key initiatives Further infrastructure development with focus on its high reliability ☑ Reduction of market participants costs related to the infrastructure Optimization of key business processes based on... ...strengthening of corporate culture ...improvement of client service ...opportunities arising from the new IT platform Tariffs optimization Shareholder value growth in the long run Focus on cost saving MOSCOW EXCHANGE 22 22#23☑ 1 MOEX Overview 2 Recent achievements 3 Strategy 2015-2020 ☑ MOSCOW EXCHANGE Strong operating and financial results 23#24Financial results: MOEX business model delivers again Operating income RUB bln +66% Interest and other finance income Net profit RUB bln Fee&commission and other income +99% 22.0 13.2 +73% +51% 13.3 63% 44% 6.6 7.2 11.9 6.0 9.8 10.2 5.3 6.8 7.3 3.5 4.1 49% 68% 58% 56% 37% 48% 49% 52% 51% 51% 32% 42% 1H2014 1H2015 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 1H2014 1H2015 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 Key metrics Key highlights Basic EPS, RUB F&C Income 2Q2014 2Q2015 1.58 2.70 3,522.0 4,299.1 Chg +71% +22% Net Interest and other High double digit growth in operating income driven by solid performance across both major components Efficiency ratio (CIR) improved further driven by healthy income and stringent cost control 3,219.1 5,854.3 +82% finance income ■Record 6M EBITDA and net profit EBITDA EBITDA margin Cost income ratio ☑ MOSCOW EXCHANGE 4,774.8 7,947.2 75.3% 78.1% 35.0% 26.1% +67% +2.8 p.p. -8.9 p.p. Source: Consolidated Financial Statements 24 24#25Diversified fee & commission income Fee & commission income performance RUB mln 2Q2014 Fee & commission income breakdown RUB bln +15% 2Q2015 8.1 +39% +35% 7.0 10% 7% +19% 9% 11% 988 1,005 21% 874 21% -10% 712 743 735 23% +22% -4% 22% 453 408 296 335 322 22% 18% 242 7% 6% 13% 10% Equities Market Fixed Income Market Derivatives Market Money Market FX Market Depository and 1H2014 1H2015 settlement services Other fee & commission income Derivatives Market Depository and settlement services FX Market Money Market Fixed Income Market Equities Market Comments ■ Fee & commission income remained well-diversified, up 22% YoY in 2Q 2015 and 15% YoY in 1H 2015 ■ Strong performance delivered across various segments, including Money Market (+39% YoY), FX Market (+35% YoY), Depository and Settlement Services (+19% YoY) and Fixed Income Market (+22% YoY) ☑ MOSCOW EXCHANGE Source: Consolidated Financial Statements Other fee & commission income mainly includes income from sale of software and technical services and information services, listing and other service fees 25 25#26Domestic investors activity growth in fixed income and derivatives markets Trading volumes +18% Volume breakdown by investor types 2014 2015 2014 1H2015 -10% -3% -22% -6% -15% 3% Equities Market 11% 10.3 8.7 5.3 4.8 1.0 0.9 0.8 0.6 0.8 0.7 0.8 0.7 7% 33% 4% 9% U 9% 34% 44% RUB trln 46% Derivatives Market +26% +34% +49% +87% +83% +33% 2% 12% 61.3 34.4 6% 48.6 25.6 6.3 6.6 7.6 4.3 3.3 4.4 3.5 4.1 45% 47% 47% 40% RUB trin -4% -31% +16% +29% Fixed +29% +10% 15.3 5.0 4.8 14% 10% Income 10.6 0.8 0.9 1.1 0.9 0.7 0.8 0.9 0.9 3% 15% 13% 7% Market 19% 15% RUB trin 54% 50% +46% +22% +38% +60% +42% +27% 228.5 130.5 FX Market RUB trin 106.6 1% 156.0 1% 23% 25.7 27.9 28.8 18.6 16.7 21.2 17.5 20.2 12% 15% 87% 81% Money Market¹ RUB trin +11% +1% -8% +31% -15% -10% 234.7 261.6 1% 1% 117.3 118.7 15% 16% 23.2 21.4 19.3 16.4 17.0 22.3 22.820.4 4% 3% 80% 80% 2013 2014 1H 1H 2014 2015 Apr May Jun Jul Russian funds ☑ MOSCOW EXCHANGE 1 Source: Moscow Exchange data Trading volumes including REPO with collateral management. Investor structure based on on-exchange trading volumes only Russian retail investors Foreign investors Russian banks and brokers prop. trading Russian corporates 26#2710% Equities Market Trading volumes¹ RUB trln MICEX Index (average for the period) Equities XX% Velocity 44% 34% 42%) 39%) 47%) 36%) 33% 1,666 1,664 1,667 1,412 1,403 1,432 1,457 -10% -10% 5.3 2.5 2.8 4.8 2.3 2.5 2.3 1H2014 1H2015 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 Russian equities trading volumes², MOEX vs LSE % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 2014 2015 ■Moscow Exchange³ LSE - international order book 3 Fee & commission income RUB mln -7% 905 838 -10% 453 464 397 430 408 1H2014 1H2015 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 Comments ■ In 2Q2015, MOEX fine-tuned its tariff plans for professional market participants aiming to support competitive environment among participants. The impact on effective yields is expected to be neutral ◉ Opening auction technology launched in June to make price setting more transparent and representative for market participants ■MOEX increased number of securities eligible for partial pre-funding from 50 to 82, which will lead to lower funding costs for customers Source: Moscow Exchange operational information and Consolidated Financial Statements, Liquidmetrix Volumes on both primary and secondary markets ☑ MOSCOW EXCHANGE 1 2 3 Moscow Exchange and London Stock Exchange data for Russian dual-listed companies Only electronic order book deals 27#28☑ 6% Fixed Income Market: rejuvenation of primary market Trading volumes¹ RUB trin Sovereign bonds Primary market returns Sovereign bonds Corporate, municipal and other bonds -4% Corporate, municipal and other bonds +126% +85% 5.0 4.8 +18% 1.3 1.2 42% 36% 3.3 1% 24% 2.7 2.3 2.3 27% 2.1 0.6 0.7 40% 0.6 39% 46% 32% 17% 58% 64% 76% 0.4 0.2 99% 14% 34% 73% 17% 15% 61% 54% 68% 60% 86% 83% 66% 83% 85% 1H2014 1H2015 2Q2014 3Q2014 Fee & commission income RUB mln 4Q2014 1Q2015 2Q2015 1H2014 1H2015 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 Comments +13% 519 458 +22% 362 296 242 214 223 1H2014 1H2015 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 MOSCOW EXCHANGE ■Robust growth in primary corporate bond placements (+47% YoY) and sovereign bond placements (+279% YoY) led to fee & commission income growth of 22% ■ MOEX migrated to T+1 settlement cycle for OFZS, which helped to reduce market participants' funding costs and increase liquidity of OFZ trading through order book. ■ Mechanism for block trading of OFZS was introduced: market participants can see only their own orders, which minimizes impact on market price Source: Moscow Exchange operational information and Consolidated Financial Statements 1 Trading volumes on fixed income market include placements 28#297% Derivatives Market: FX futures remains a key growth driver Trading volumes Open interest millions of contracts Volatility index Currencies millions of contracts, daily average Interest rates Equities Commodities Indices -29% -34% 44 32 +8% 52 12.9 17.1 35 32 32 43 9.2 12.9 12.9 10.0 8.5 661 615 5% -0% 1%- 1% 46% 57% +27% 475 -1%=1% 324 313 274,1% -1%-1% 64% -6%=0% 28% 42% 1% 51% 54% 348 -5%=0% 60% 1H2014 1H2015 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 24% 31% 26% 20% 24% 26% 22% Comments 13% 25% 21% 15% 14% 12% 4Q2014 1Q2015 2Q2015 1H2014 1H2015 2Q2014 3Q2014 Fee & commission income RUB mln -26% 769 -4% 568 504 335 364 322 246 1H2014 1H2015 2Q2014 ☑ MOSCOW EXCHANGE 3Q2014 4Q2014 1Q2015 2Q2015 ■Increased FX Market volatility led to 84% YoY growth in FX derivatives trading, which comprised 60% of total trading volumes on Derivatives Market versus 42% in 2Q2014 ■Futures on indexes and single-stocks contracted by 22% YoY in contract terms ■Fees and commissions declined 4% due to lower fees for FX-based futures as compared to single-stocks and indexes futures Source: Moscow Exchange operational information and Consolidated Financial Statements 29 29#3022% MosPrime rate, % 1 Money Market: solid demand for on-exchange services Trading volumes RUB trln Trading volumes for REPO with CCP Deposit and credit operations REPO with CMS REPO with CCP Inter-dealer repo REPO with the CBR RUB bln 12,289 9,157 9,536 14.6 16.0 7,238 13.5 4,905 7.6 8.3 8.3 11.7 3,729 +1% +1% 117 119 81 -6% -12% 21% 60 64 9% 17% 59 60 -7% -7% 10% 27% 18% 24% 22% 18% 14% -9% 17% -8% -11% 11% 14% 19% 20% 22% 19% 16% 20% 18% 16% 42% 36% 43% 38% 34% 37% 35% 1H2014 1H2015 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 Fee & commission income RUB mln +39% +39% 1,792 1,176 988 1,292 712 767 804 1H2014 1H2015 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 1Q2014 2Q2014 Comments 3Q2014 4Q2014 1Q2015 2Q2015 ■REPO with CCP remained the fastest-growing product (up 2.5x YoY) and contributed 20% of trading volumes versus 8% year ago Average REPO maturity increased from 4.9 days to 7.3 days mainly driven by the CBR direct repo in FX. This led to higher fee income, since both deal amount and term are basis for fees ■ On the back of growth in trading of long-term instruments, recognition of fee and commission income is deferred and is made during the lifespan of these instruments since 1Q2015. In 2Q2015, the sum of current period commission deferral and amortization / partial reversal of previous deferral was RUB 44.5 mln ☑ MOSCOW EXCHANGE 1 Source: Moscow Exchange operational information and Consolidated Financial Statements Overnight rate, average for the period 30#31☑ 23% FX Market: stronger demand for risk management via swaps Trading volumes Swaps with >1w maturity 1 RUB trln Spot Volatility USD/RUB RUB bln Swap 700 5.9 6.8 600 3.2 2.4 500 0.9 1.4 0.7 +22% 400 300 +42% 200 100 130 75 107 66 32% 53 56 56 29% 33% 30% 31% 39% 37% 67% 68% 70% 69% 61% 71% 63% 01.13 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 4Q2014 1Q2015 2Q2015 03.14 04.14 05.14 06.14- 07.14 08.14 09.14 10.14 11.14 12.14 01.15 02.15 03.15 04.15 05.15 1H2014 1H2015 2Q2014 3Q2014 Fee & commission income RUB mln +21% 1,865 1,543 1H2014 1H2015 +35% 1,048 1,005 743 817 860 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 Comments ■ In 2Q2015, spot market trading volumes were up 36% YoY driven by higher volatility and increased activity across all groups of market participants ■ Swap transaction volumes increased 44% YoY amid growing demand from local banks to manage liquidity positions and hedge FX risks ■The share of 1 week+ swaps continued to grow, demonstrating a healthy demand for FX risks hedging, while limiting risks thanks to transactions with CCP MOSCOW EXCHANGE Source: Moscow Exchange operational information and Consolidated Financial Statements Calculated as daily standard deviation of the USD/RUB exchange rate for the period 1 31#32NSD: new assets under custody drive growth 21% Assets on deposit (average for the period)¹ RUB trln Other Tradable equities Fee & commission income breakdown¹ 2Q2015 OFZ Corporate and regional bonds Equities held at the long-term safekeeping accounts +26% +24% 27.9 27.9 28.0 63% 20% collateral management services 12% clearing 2% 2% book-entry transfers 6% 6% 8% 13% 24.1 13% 22.2 22.6 22.7 13% 13% 10% -8% [10%] 8% 13% 14% 15% 15% 16% 14% Safekeeping 32% 33% 32% 36% 37% 36% 37% 17% 17% 17% 17% 16% 16% 17% 23% 24% 23% 24% 24% 24% 25% Depository transactions and clearing services Services for issuers Settlement and cash services Other 1H2014 1H2015 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 Fee & commission income RUB mln +16% 1,696 +19% 1,468 954 735 766 822 874 1H2014 1H2015 ☑ MOSCOW EXCHANGE 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 Comments ■New assets under custody and market cap expansion contributed to fee growth of 19%. The increase in assets under custody was driven by admission of DRs and Eurobonds as collateral for repo and on- exchange Eurobond trading Under the corporate actions reform, NSD applied international standards for its e-proxy voting service: new technology allows implementation of ISO 20022 and ISO 15022 standards at all stages of the remote voting process Source: Moscow Exchange operational information and Consolidated Financial Statements 1 according to management accounts data 32#3310% Growth in listing and information services fees Other fee & commission income¹ RUB mln Comments +28% 754 22% 588 16% Listing and other fees related to Securities market Information services Sale of software and technical services +13% 429 390 364 321 22% 44% 44% 22% 41% 18% 267 26% 45% 43% 43% 27% 29% 43% 34% 39% 45% 29% 33% 35% 1H2014 1H2015 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 ■ Solid YoY growth in fees from information services (15%) and listings (37%) led to other fee & commission income growth of 13% YoY ■ Price increases for some products (real-time market data and end-of-day market data) led to higher fees from information services ■ Fees from sale of software and technical services remained flat at RUB 127 mln (2Q2014: RUB 126 mln) ■Growth of listing fees was driven by strong primary placement activity on equities and fixed income markets and the new pricing structure following the completion of the listing reform in 2Q2014 ☑ MOSCOW EXCHANGE Source: Consolidated Financial Statements 1 Not including other fee&commission income as presented in financial statements 33#34Interest income: growth driven by higher interest rates and inflows of client funds Investment portfolio¹ (average daily volume) RUB bln Moscow Exchange's own funds Interest income RUB bln 3 +123% Client funds Interest and other finance income MosPrime rate, % LIBOR rate, % 3 Effective yield, % 16.0 14.6 11.7 13.5 7.6 8.3 8.3 +70% 1.272 5% 1,338 -4%- 1,206 5%- 1.9 2.0 2.4 1.9 20 6:9 1.8 -0.1 0.1- 0.1. 0.1. 0.1 711 743 916 -6%- +139% +82% 570 7% 7% 95% 96% 8.1 -8%- 95% 94% 13.9 5.9 93% 93% 3.2 3.6 4.8 92% 5.8 1H2014 1H2015 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 1H2014 1H2015 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 Clients funds by currency 2Q2015 RUB client funds RUB bln Investment portfolio by type of asset 2Q2015 0% 11% 3% 189 Other 4 4% 162 8% 126 123 125 RUB 1% FX deposits and curr. accounts Curr.accounts in RUB 52% 37% EUR USD 84% RUB securities Deposits in RUB FX securities 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 Source: NFEA, Bloomberg, Moscow Exchange operational information and Consolidated Financial Statements Based on average daily investment portfolio according to management accounts Interest and other finance income includes interest and other finance income, interest expense, net loss on financial assets available-for-sale, foreign exchange gains less losses ☑ MOSCOW 1 EXCHANGE 2 3 Average daily rate for the period 4 Share of other currencies is close to zero 34#35☑ NCC capital target set at RUB 51 bln for 2015 Approach to setting target capital CBR regulation of capital adequacy ratio CCP Stress-tests Risk weighted assets ■ Market risk (RWA) less provisions ■ Market risk (according to 387-P) Operational risk Tier 1 ratio (N1) >10% ■ Credit risk ■ CCP risk Capital should be sufficient to (i) cover potential losses under a stress scenario and (ii) keep business operational NCC capital (eop) RUB bln 13,2 2012 28,8 51,0 46,2 38,9 Key factors that impacted the target capital: Rapid growth of market participants balances in 2014, particularly FX denominated Ruble devaluation Expected abolishment of temporarily requirements for RWA in FX set by the CBR under 211-T regulation Key factors to watch: Changes in client balances ✓ Interest rates in the US and EU ✓ MOEX and CBR collaboration on regulation 2013 2014 Current Target 2015 developments on NCC as a Central counterparty (CCP) MOSCOW EXCHANGE 35#36Operating expenses Operating expenses RUB mln Major expense items RUB mln Administrative and other operating expenses Change 2Q2014 2Q2015 YoY Personnel expenses Personnel expenses 1 287 1 387 8% +12.2% Administrative and other operating expenses, including 1 078 1 274 18% 5,530 Amortisation of intangible assets 263 291 11% 4,928 +12.5% Professional services 107 227 112% 49% 3,219 Depreciation of property and 47% 2,869 2,661 equipment 126 142 13% 2,365 2,226 51% Rent and office maintenance 107 124 16% 49% 48% 46% 46% Taxes other than income tax 115 113 -2% 53% 51% Market maker fees 54% 49% 62 74 19% 54% 51% 52% Total 2 365 2 661 12.5% 1H2014 1H2015 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 Cost income ratio 35.0% 26.1% Headcount ☑ MOSCOW EXCHANGE -1% 1,649 1,634 June 2014 June 2015 Source: Moscow Exchange, Consolidated Financial Statements Comments ■ Cost control remained strict with operating expenses growth of 12.2% YoY in 1H2015, versus inflation of 16.0% YoY Administrative and operating expenses up 18.2% YoY driven mainly by FX linked items on the back of weaker ruble as well as higher spending on professional services Personnel costs increased 8% YoY driven mainly by higher social taxes introduced in 2015 36#37Appendix ☑ MOSCOW EXCHANGE 37#38Consolidated Statement of Financial Position In million rubles June 30, 2015 December 31, 2014 % chg. June 30, 2015/December 31, 2014 Assets: Cash and cash equivalents 995 148.2 1 163 783.1 -14% Central counterparty financial assets 317 904.2 139 609.8 128% Financial assets¹ 181 390.5 132 266.5 37% Property and equipment and intangible assets 24 376.1 24 200.6 1% Goodwill 15 971.4 15 971.4 0% Other assets² 1 399.9 1 673.4 -16% Total Assets 1 536 190.3 1 477 504.9 4% In million rubles Liabilities: Balances of market participants Central counterparty financial liabilities Distributions payable to holders of securities Other liabilities³ Total Liabilities Total Equity Total Liabilities and Equity June 30, 2015 December 31, 2014 % chg. June 30, 2015/December 31, 2014 1 082 714.6 1 231 999.1 -12% 317 904.2 28 954.1 139 609.8 128% 6 353.0 356% 8 179.4 7 695.5 6% 1 437 752.3 1 385 657.5 4% 98 438.0 91 847.4 7% 1 536 190.3 1 477 504.9 4% Source: Moscow Exchange, Consolidated Financial Statements ☑ MOSCOW 1 EXCHANGE 2 Financial assets at fair value though profit or loss, Due from financial institutions, Investments available-for-sale, Investments in associates Current tax prepayments, Deferred tax asset, Other assets 3 Settlement on reverse repo margins, Deferred tax liability, Current tax payables, Other liabilities 38#39Consolidated Statement of Comprehensive Income In million rubles Three month period ended June 30, 2015 Three month period ended June 30, 2014 % chg. 2Q2015/ 2Q2014 Year ended December 31, Year ended December 31, % chg. 2014/ 2013 2014 2013 Fee and commission income 4 299.1 3 521.9 22% 15 586.0 12 792.1 22% Interest and other finance income¹ 5 854.3 3 219.2 82% 14 279.4 11 754.9 21% Other operating income 23.2 12.1 92% 528.7 58.9 797% Operating Income 10 176.6 6 753.2 51% 30 394.0 24 606.0 24% Administrative and other operating -1 273.7 -1 078.1 18% -4 978.5 -5 030.0 -1% expenses Personnel expenses -1 387.0 -1 286.5 8% -5 394.8 -4 827.0 12% Operating Expense -2 660.7 -2 364.6 13% -10 373.3 -9 857.0 5% Operating Profit Interest expense in respect of written put option over own shares 7 515.9 4 388.6 71% 20 020.8 14 749.0 36% -199.7 Share of profit/(loss) of associates -1.3 -1.8 -28% 7.4 74.6 -90% Profit before Tax 7 514.6 4 386.8 71% 20 028.1 14 623.9 37% Income tax expense -1 511.0 -913.2 65% -4 035.0 -3 042.2 33% 6 003.6 3 473.6 73% 15 993.2 11 581.7 38% Net Profit Earnings per share Basic earnings per share, rubles Diluted earnings per share, rubles 2.70 1.58 71% 7.21 5.23 38% 2.68 1.58 70% 7.18 5.23 37% ☑ MOSCOW EXCHANGE Source: Moscow Exchange, Consolidated Interim Financial Statements 39 1 Interest and other finance income, Interest expense, Net loss on financial assets available-for-sale, Foreign exchange gains less losses#40DR holders pay substantial EXTRA FEES to depositary banks Fees to be paid to depositary bank for some of DR programs of the Russian companies Gross DSF and dividend fees calculated for Top-3 international funds holding DRs of Russian companies4 DR program Depositary Service Fee¹ (DSF), USD Dividend Fee², USD per DR Dividend Fee as % of dividend per DR amount³ DRs cancellations fee, USD per DR Fund A 4 734 003 USD Fund B 5 029 605 USD Fund C 3 179 714 USD RusHydro TGK-1 BONY Mellon 0.02 0.004 14% 0.05 BONY Mellon 0.02 0.002 13% 0.05 Cost of cancellations all DR in portfolios to local shares for Top-3 funds VTB Bank BONY Mellon 0.03 0.009 12% 0.05 TMK BONY Mellon 0.02 0.01 12% 0.05 MMK BONY Mellon 0.02 0.012 12% 0.05 Fund A Fund B Fund C 5 808 931 USD 5 828 632 USD 4 376 841 USD Sberbank BONY Mellon 0.02 0.02 8% 0.05 • Gazprom BONY Mellon 0.025 0.02 7% 0.05 Surgutneftgaz-p BONY Mellon 0.02 0.02 6% 0.05 Russian Grids BONY Mellon 0.02 0.02 5% 0.05 Lukoil BONY Mellon 0.025 0.02 2% 0.05 Norilsk Nickel BONY Mellon 0.01 0.02 2% 0.05 Acron Deutsche Bank 0.02 0.015 9% 0.05 • Mechel Deutsche Bank 0.02 0.017 8% 0.05 MTS JP Morgan 0.01 0.03 3% 0.05 • Rosneft JP Morgan 0.03 n/a 0.05 Phosagro Citi 0.02 0.01 7% 0.05 Depositary service fee and Dividend fee are to be paid by DR holder to the depositary bank while there are no such fees for holders of local shares All DRs cancellations operations are also charged 0.05 USD per DR DR dividend income in case of non disclosure of beneficial owners taxed at a 30% rate from 20146 Average 0.02 0.01 8% 0.05 (1) Service fees are charged annually, in arbitrary date. Calculated based on number of DR on client account on the record date (2) Dividend fees are charged when dividends are paid (3) As % of dividend amount after tax (4) Calculations based on Thomson Reuters data as of June 2014 (5) Data on depositary service fees for these companies are not available. Indicative numbers based on average level of depositary service fee for DR of Russian companies are used for the purposes of this presentation. ☑ MOSCOW EXCHANGE (6) Federal Law of 02.11.2013 Nº 306-FZ came into force January 1, 2014 Source: BNY Mellon, Deutsche Bank, JP Morgan, Citi, Thomson Reuters 40 40#41☑ 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 Open 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 41