#1☑ MOSCOW EXCHANGE April, 2019 RUSSIAN DEBT MARKET#2☑ Moscow Exchange Group: Capturing the whole value chain International Retail Local investors Corporates institutions Pre-trading Trading CCP + settlement Collateral: - Cash Depository services Investors: retail and institutions $ + 8 Licensed professional market participants: banks and brokers Moscow Exchange: listing and electronic trading, including DMA services, market data and indexes MOEX captures the whole value chain for end- customers, offering a one-stop shop for listing, risk management, market data, multi-asset trading, clearing, settlement and custody. National Clearing Centre: CCP, risk management, collateral management, clearing, risk netting, OTC derivatives clearing MOEX is strategically positioned to benefit from the development of Russia's capital markets in the coming years - Securities ✓ ☑ National Settlement Depository: CSD, settlement and depository, safekeeping, corporate information center, corporate actions, repository ✓ Fully vertically integrated infrastructure with regulation and oversight by the Bank of Russia (CBR) ✓ Investors trade through brokers and banks, which are licensed locally and have access to MOEX markets ✓ Single-tier clearing system requires all participants to provide eligible collateral to trade any asset class, while pre-trade risk checks prevent "fat fingers"/"flash crash" problems ✓ The market is open for competition (except the CSD) since its inception, but barriers to entry are very high due to MOEX's post-trade infrastructure and on-exchange market efficiency. However, the environment is competitive, with OTC being a key source of competition MOSCOW EXCHANGE 2#3Leading positions in a global context in 2018 3rd largest exchange in fixed income¹ Rank 1 2 3 4 34 Exchange BME Oslo Borse Moscow Exchange Johannesburg SE Korea Exchange 569 80 Bolsa de Valores de Colombia 7 LSE Group Shanghai SE 9 10 Nasdaq OMX Santiago SE 6th largest exchange in derivatives² Country Trading vol. (USD bln) Incl. REPOS Rank Exchange Country Contracts traded (min) Spain 6 791 ✓ 1 CME Group USA 4 764 Norway 3 885 Russia 3 668 23 NSE India India 3 808 BM&FBOVESPA Brazil 2 246 South Africa 2 341 ✓ 4 ICE&NYSE USA 2 212 Korea 2 193 ✗ 5 Deutsche Boerse Germany 1 931 Columbia 333 X 6 Moscow Exchange Russia 1 499 UK 297 X 7 CBOE USA 1 434 China 295 ✗ 8 Korea Exchange Korea 1 411 USA 277 9 Nasdaq OMX USA 1 270 Chile 249 10 Shanghai Fut. Exchange China 1 175 Among top 25 exchanges by equity trading volumes globally³ 14th largest publically listed exchange by Mkt Cap4 Rank Exchange Country Mkt Cap (USD bln) Securities listed Trading vol. (USD bln) Mkt Cap Rank 1 1 ICE&NYSE USA 20 679 2 285 19 341 2 Exchange CME ICE&NYSE Country (USD bln) USA 66.7 USA 43.2 2 Nasdaq OMX USA 11 080 4 077 17 639 3 HKEX Hong Kong 38.4 3 Shenzhen SE China 2 405 2 134 7 563 4 Deutsche Boerse Germany 25.3 4 Japan Exchange Japan 5 297 3 657 6 297 5 LSE Group UK 20.1 5 Shanghai SE China 3 919 1 450 6 116 6 BM&FBovespa Brazil 16.2 6 LSE Group UK 3 638 2 479 2 548 7 Nasdaq OMX USA 13.7 8 CBOE USA 10.9 7 Korea Exchange Korea 1 414 2 207 2 521 9 Japan Exchange Japan 9.8 8 HKEX Hong Kong 3 819 2 315 2 340 10 ASX Australia 8.8 9 Euronext EU 3 730 1 208 2 203 11 SGX Singapore 5.8 10 Deutsche Boerse Germany 1 755 514 1 818 12 Euronext EU 4.2 24 Moscow Exchange Russia 576 225 167 13 14 BATS USA 3.4 Moscow Exchange Russia 3.2 Sources: Moscow Exchange, WFE as of 22.01.2019, Bloomberg, LSE Group (for LSE Group data) ☑ MOSCOW 1. EXCHANGE 2. Due to different methodologies applied, data on fixed income trading may not be directly comparable among exchanges. Data for 2018 Data for 2018 3. 4. Top equity trading exchanges are ranked by trading volume. Ranking without BATS (excluded due to absence of data for market capitalization and number of listed companies). Data for 2018 Market capitalization of public exchanges based on Bloomberg data as of 22 January 2019 3#4Key facts about Russia ☑ MOSCOW EXCHANGE DOING BUSINESS 2019 31th place (35th in 2018) コープ All financial assets are available to foreign investors Diversified economic structure No capital restrictions, RUB is fully convertible Investment grade sovereign credit rating (BBB-) S&P, FITCH High-yielding and underpriced assets MSCI Russia P/E 4.9x vs 15.5x MSCI World P/E One of the highest dividend yield: 7.0% - Russian economy – the sixth largest in the world International reserves >USD 470 BLN Foreign debt to GDP 33% Stable economic situation Foreign reserves as of Decemder 2018 Minor restrictions on foreign investments are in banks, insurance and strategic enterprises Secure and reliable financial infrastructure Systemically important infrastructure as recognized by the Bank of Russia 4#5Russian economy outlook World 6th largest economy '2018 GDP in USD bln (purchasing power parity) IMF data One of the lowes debt burdens External debt/GDP % UK France China United States 25 313 20 513 India 10 401 Japan 5 632 Germany 4 379 Russia 4 180 Indonesia 3 496 Brazil 3 371 United Kingdom 3 034 France 2 969 Mexico 2 575 Italy 2 398 Turkey 2 314 Korea 2 140 Spain 1 868 299% 221% Spain 164% Germany Italy USA 143% 121% 95% Japan 79% Turkey 62% Mexico 40% Indonesia 38% Russia 30% Brazil 29% Korean Republic 24% India 21% 15% Diversified economy despite oil and gas shift Russia: GDP by industry, 2018 Finance & Insurance; 4%. Professional, scientific and technical activities; 4% State Government; 8%. Agriculture; 4%. Other; 17% Manufacturing 14% China CBR Key rate steadily decreases on the back of stabilized RUB exchange rate Trade; 14% 5,50 17,00 USD/RUB Key CBR rate,% as of period end 11,00 10,00 7,75 7,75 61,22 66,96 58,31 62,82 Real estate; 9% 38,57 31,86 Construction; 6%. Transport & Communication; Raw materials; 13% ☑ MOSCOW EXCHANGE 7% 2013 2015 2014 Current value of CBR Key rate: 7.5 2016 2017 2018 5#6Russian macro (1/2) Real GDP growth % y-o-y 0.7% -0.2% 1.8% 1.8% 1.5% -2.5% 2014 2015 2016 2017 2018F 2019F Industrial production growth % y-o-y 3.5% 3.3% 2.2% 2.1% 1.7% Inflation year average % y-o-y 15.7% 7.8% 7.1% 4.3% 3.0% 3.0% 2014 2015 2016 2017 2018F 2019F Gross fixed investment % y-o-y -1.8% 4.5% 3.6% 2.5% 0.8% -0.8% -11.2% 2014 2015 2016 2017 2018F 2019F 2014 2015 2016 2017 2018F 2019F ☑ MOSCOW Source: Sberbank CIB as of 12.12.2018 EXCHANGE 6#7Russian macro (2/2) USD/RUB 38,6 67,1 66,0 61,2 62,9 58,3 Nominal GDP Bln USD 2 052 1 578 1 640 1 605 1 362 1 281 2014 2015 2016 2017 2018 2019F 2014 2015 2016 2017 2018F 2019F Average wages USD 842 554 547 786 671 667 Personal Consumption expenditures % y-o-y 2.0% -2.8% 3.4% 2.5% 1.5% T 2014 2015 2016 2017 2018F 2019F -9.4% 2014 2015 2016 2017 2018F 2019F ☑ MOSCOW EXCHANGE Source: Sberbank CIB as of 12.12.2018 7#8Bond market: High potential Growth of outstanding local bonds RUB trn Regional Government Share of GDP Corporate 325 Local bonds vs Eurobonds of Russian corporates² RUB trn 22% 20% USD bn RUB bonds Eurobonds 18% 17% 15% 20.5 19.1 19.5 310 USD bn 18.2 17.7 16.0 13% 13% 14% 19.4 0.7 12% 12% 0.7 17.7 56% 60% 61% 55% 7.9 11.1 13.6 0.6 7.2 58% 11.8 0.6 8.7 9.7 0.5 5.5 5.0 7.1 53% 8.1 0.5 7.0 4.7 6.2 6.2 0.4 5.4 52% 5.0 0.3 3.9 51% 0.4 3.5 11.4 11.9 52% 0.4 3.1 53% 44% 2.9 9.2 45% 40% 39% 8.1 42% 2.2 6.6 47% 5.3 48% 2.5 3.0 3.6 4.3 47% 48% 49% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2017 2018 Corporate loans vs corporate bonds in Russia 2009 2010 2011 2012 2013 2014 2015 2016 Bond primary market trading volume RUB trn 67.6 68.0 Loans (incl. foreign debt) Corporate bonds 1081 USD bn RUB trn CBR bonds 8.6 Overnight bonds 7.0 (incl. eurobonds) 41.3 73% 71% 56 USD bn 3.5 ☑ MOSCOW EXCHANGE 29.2 79% 81% 27% 29% 21% 19% 2009 2012 2015 2018 Sources: Bank of Russia, Cbonds, Rosstat, Moscow Exchange 1 RUB-denominated bonds traded on MOEX's Bond Market in January 2018 2 Including banks and financial institutions. Data for 2018 as of 31 December 2018 2.6 2.1 1.6 2009 2012 2015 2018 8#9Russian assets attracting foreign investors Share of non-residents in trade volumes on the Moscow Exchange markets, % Share of non-residents in OFZ, % at the end of the period Equities market +8 p.p. 48% 48% 44% 40% Derivatives market 19% +29 p.p. 48% 47% 40% 2013 2015 2017 2018 2013 2015 2017 2018 UK, Europe and North America Foreign funds investment in Russian equities, bln USD All regions +36% 85,6 79,7 70,6 75,4 70,6 68,4 50,2 USA & Canada 41% 2013 2015 2017 1Q 2018 2Q 3Q 4Q 2018 2018 2018 ☑ MOSCOW EXCHANGE 53% 49% 2013 2015 2018 Source: Moscow Exchange, Bank of Russia ThomsonONE - at the end of the reporting period, including DRs on Russian equities UK 4% 24% 33% 24% 22% 2011 2013 2015 2017 2018 Europe (excluding UK) 33% 22% 27% 21% 21% 23% 2013 2015 2018 2013 2015 2018 XX% CAGR - Share in investment volume#10Return Sovereign Bonds (OFZ): macro and EM debt 10Y Yields, % 15 12 9 6 3 0 Nominal Yield Real Yield Indonesia Brazil South Africa India Malaysia Expected Return / Risk 10,0 90 Mexico Colombia Russia Nigeria Chile Vietnam Philippines China South Korea Brazil South Africa 9,0 Russia 8,0 India Indonesia 7,0 Mexico Colombia 6,0 5,0 4,0 Malaysia 3,0 2,0 8,0 10,0 12,0 14,0 16,0 18,0 Debt (public) to GDP 84 11 10 9 80 7 65 5 Yield Russia 10 Y OFZ Bloomberg Barclays EM Aggregate Non-resident share ~27% as of 2018. Top fund holders: BlackRock Stone Harbor Investment Fidelity Investment ◉ Allianz ◉ Pitcet Funds 4 04.01.2016 04.01.2017 04.01.2018 04.01.2019 10Y CDS Currency performance 3 year horizon 2016-2019 South Africa 258 Russia 10% Brazil 257 South Africa 9% Malaysia 5% Mexico 198 Brazil 4% Russia 182 20,0 22,0 Colombia 3% Standard deviation Colombia 180 -3% Indonesia Indonesia 165 70,2 28,9 52,7 54 54,2 49,4 -5% India India 146 -11% Mexico Malaysia 103 Indonesia South Africa Malaysia Mexico Colombia 17,4 Russia Brazil India MOSCOW EXCHANGE Source: Bloomberg, MOEX ☑ 10#11OFZ liquidity growth Secondary market trading, USD bln Share of the CLOB 111,4 105,0 74,6 2016 2017 2018 57% 53% 66% Off Order book' ■'Order book' 43% 47% 34% 2016 2017 2018 ■ Strong growth prospect for trading volumes and order book trading share ■ Retail and domestic entities increase their trading volume Trading activity by client groups 7% 15% 36% 41% 2017 ■Foreign investors Russian banks and brokers 9% 2018 Retail and corporate investors 19% 35% ■Trust management and NGPFS 37% Significant growth of new debt including new type of floaters New Issue amount, USD bln Redemption Schedule Current Debt Structure 40 40 36 35 35 32 Fixed rate bonds 69% 30 30 26 24 25 25 Floating rate bonds 22% 20 36 20 15 29 15 Amortizing bonds 6% 10 16 10 16 5 5 Inflation-Linked bonds 3% 0 0 2016 2017 2018 2019 2019 2020 ☑ MOSCOW Source: MOEX ■Gross Issuance ■Net Issuance 11 EXCHANGE#12☑ MOEX solution for OFZ market: ✓ T+1 settlement cycle ✓ Partial pre-funding (collateral requirements from 4% to 10%) ✓ Central limit order book (CLOB) and negotiated bilateral trades ✓ Market-making in CLOB ✓ OFZS used as collateral in repo trades ✓ Primarily placements on a weekly basis (for all market participants) ✓ OFZS used as underlying of derivatives contracts ✓ DMA/SMA for international investors Highly liquid OFZ REPO market with CCP ✓ OFZ deliverable futures with quarter expiration available MOSCOW EXCHANGE 12#13International investors at MOEX Foreign banks and brokers trade on MOEX via Russian subsidiaries ~16 000 accounts of foreign investors ■ 25 subsidiaries of foreign banks are MOEX trading participants Key foreign participants of Equity and Bond markets at MOEX: ■ Barclays Capital ■ BNP Paribas JP Morgan Merrill Lynch Morgan Stanley HSBC ■ Citigroup ■ 15 subsidiaries of foreign banks have DMA access to MOEX ■ Credit Suisse ◉ ING Bank Raiffaisenbank ■ Goldman Sachs UBS " ICBC Bank of China China Construction Bank Unicredit Bank ■ Commerzbank OFZ 32,5% 26,1% 22,3% 20,8% 18,1% 23,5% Share on foreign nominee accounts Bonds except OFZ 4,3% 2,8% Equities and mutual funds 1,08% 1,12% 0,8% 0,2% 0,2% 0,0% 0,0% 0,0% 0,0% 0,1% 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 ☑ MOSCOW EXCHANGE 13#14Infrastructure: accessing Russian market is easy ✓ No restrictions on investments in Russian local securities ✓ No approval is required to start investing ✓ RUB is fully convertible since 2006 ✓ RUB can be acquired on MOEX for other currencies (HKD, CNY, USD, EUR, etc.) ✓ Opening an account with ICSD, global or local custodian ✓ An account may be opened at Russian subsidiaries of foreign banks ✓ Access through a local broker to MOEX may allow to trade all asset classes Custodians BOC ICBC ☑ MOSCOW EXCHANGE ICSDs Euroclear Clearstream NATIONAL SETTLEMENT DEPOSITORY MOSCOW EXCHANGE GROUP CSDs Belarus Armenia Georgia Azerbaijan CSDs Kazakhstan Tajikistan Kyrgyzstan China...? 14#15☑ Market post-trade infrastructure Regulator ■ The Bank of Russia The Bank of Russia (Regulator) Opens nominee holder accounts Trading platform ■ Moscow Exchange Central Counterparty (CCP) ■ National Clearing Centre (NCC) Clearing platform ■ On-exchange trades - National Clearing Centre (NCC); ■ OTC trades - National Settlement Depository (NSD) Central Securities Depository (CSD) ■ National Settlement Depository (NSD) Foreign Central Securities Depositories Foreign nominee accounts Foreign Custodians ☑ NATIONAL SETTLEMENT DEPOSITORY MOSCOW EXCHANGE GROUP Issue bonds Issuers Foreign nominee Transactions are made by using nominee accounts in registrars opened by NSD Issue shares Registrars accounts Brokers Using proxy custodians If have no depository license Can also settle transactions between their clients not using NSD Infrastructure Custodians Able to open owner and nominee accounts Asset management companies Able to open asset management accounts Dealers Able to open owner accounts Foreign investors Can open beneficial owner securities accounts or transfer securities or funds to asset management companies MOSCOW EXCHANGE 15#16Doing business with Asia DEVELOPING LINKS WITH ASIAN CSDS ■ China Hong Kong NOSTRO ACCOUNTS NETWORK (CASH) Republic of Korea Japan ■ Industrial and Commercial Bank of China (Asia) Limited, Hong Kong MEMORANDUMS OF UNDERSTANDING * China: CCDC, SHCH, CSDC Japan: JASDEC Hong Kong: HKSCC ■ India: NSDL, SDSL ■ Uzbekistan: CSD of Uzbekistan ■ Industrial and Commercial Bank of China (Moscow) ■ Bank of China (Russia) USD, HKD CNY CNY ■ National Bank of Kazakhstan KZT ■ Central Securities Depository (Kazakhstan) KZT Republic of Korea: KSD ■ Mongolia: MCSD Turkey: MKK Kyrgyzstan: CD REGULAR MEETINGS WITH ASIAN REGULATORS, CSDS AND INVESTORS 2013 2014 2015 2016 Bangkok - Hong Kong " Singapore - Singapore ■ Beijing-Shanghai Singapore ◉ Beijing ◉ ■ Moscow ☑ MOSCOW EXCHANGE 2017 2018 2019 ■ Moscow Hong Kong ■ Moscow ■ Moscow ■ Shenzhen Beijing-Shanghai ■ Sochi ■ Seoul Yogyakarta ■ Moscow Shanghai ■ Seoul 16#17☑ 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 17