#1AA ☑ MOSCOW EXCHANGE April 2015 Investor presentation#2☑ ☑ MOEX Overview 2 Recent achievements 3 Where we are heading 4 Strong operating and financial results MOSCOW EXCHANGE 2#3Highly diversified product offering... Investing and trading Listing ■ Local and foreign shares, DRsnew International ETFs new Hedging ■ Indexes ■ FX ■Local and foreign new single stocks ■ Commodities ■ Interest rates new Currency conversion + FX swaps ■ Swap instruments ■ Spot instruments (USD, EUR, CNY, HKDnew, GBP new and CİS currencies) ☑ MOSCOW EXCHANGE DERIVATIVES FX EQUITIES ☑ COMMODITIES Investing and trading ■ Spot and swap precious metals ■ Grain market new 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 SETTLEMENT & DEPOSITORY ...coupled with strong post-trade infrastructure Post-Trade Excellence: CCP and CSD National Clearing Centre (NCC) own funds (capital)¹ CCP cleared value based on ADTV (Jan Dec 2014) Comments RUB bln RUB bln 43.1 39.5 FX 910.5 ■ 28.8 Derivatives 244.3 REPO with CCP 99.7 10.1 13.2 Equities 41.0 Fixed income 42.2 ☐ Commodities 0.07 1 Jan 1 Jan 1 Jan 1 Jan 1 Mar OTC derivatives 0.01 2012 2013 2014 2015 2015 National Settlement Depository² (NSD) capital RUB bln Assets in deposit³ RUB bln 5.4 6.0 7.3 11.7 9.4 11 280 12 291 ☐ 27 428 24 942 21 766 1 Jan 2012 1 Jan 2013 1 Jan 2014 1 Jan 2015 1 Apr 2015 31 Dec 2011 31 Dec 2012 31 Dec 2012 31 Dec 2014 31 Mar 2015 Well-capitalized NCC as CCP for all asset classes ■ Bank of Russia qualified CCP status Centralized clearing of OTC derivatives 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 ☑ MOSCOW EXCHANGE 1 2 Russian Central Securities Depository 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 200% 180% 160% 140% 120% 100% 80% MICEX Index, % CAGR of ~23% in 2006-2014 30,4 24,6 21,5 60% 16,9 40% 20% 8,0 9,4 11,2 11,1 5,7 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 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 Other 3 6% 10% 8% 6% 18% 17% 18% 20% ■ Business line is diversified, while markets have limited growth correlation 26% 43% +FX: 22% 35% 39% 8% ■ Growth drivers differ across markets and products MM: 21% 11% 12% 11% 42% Listings: 2% 27% 23% 20% Bonds: 7% Equities: 11% 2011 2012 2013 2014 ☑ MOSCOW EXCHANGE 1 According to Moscow Exchange Consolidated Financial Statements for the relevant period RTS data is consolidated from June 29, 2011 5 2 Include other income related to securities market in 2011-2014 3 Include income from Information services & sale of software and other fee&commission income in 2011-2014#6Sound risk-management amidst challenging environment Where we are now: 10 years of market volatility 400% 350% Conflict in Georgia -25%1 300% 250% 200% 150% 100% 50% 01.2005 07.2005 01.2006 07.2006 01.2007 07.2007 01.2008 07.2008 01.2009 07.2009 01.2010 07.2010 01.2011 MICEX Index Greek debt crisis Ukrainian -13% Lehman crisis -15% Brothers bankruptcy -56% 07.2011 01.2012 07.2012 01.2013 07.2013 01.2014 07.2014 01.2015 MSCI EM MSCI US USD/RUB +208% +99% +92% +80% Comments MOEX strives to ensure an uninterrupted trading, clearing and settlement amid periods of augmented volatility: One of the most capitalized CCPs in the world² Skin in the game: large base of committed resources of the CCP prior to any loss mutualization ✓ Full-fledged pre-trade risk control mechanism ✓ Improved risk monitoring and flexible margin adjustments ✓ Discrete auction mechanism for equities, no trading halts on other markets in case of significant asset price changes ☑ MOSCOW EXCHANGE 1. 2. Source: Moscow Exchange; Bloomberg as of April 7, 2015 (last date included - April 6, 2015) Difference between maximum and minimum values for the period Moscow Exchange analysis based on Exchanges' web-sites 6#7Corporate governance: aiming to set an example for Russian issuers Board members Position NEW Alexey Kudrin Chairman of the Supervisory Board; Sberbank of Russia, Member of the Supervisory Board Nicola Jane Beattie Nbxc Ltd, Director/Senior Executive Director Mikhail Bratanov Yuan Wang Societe Generale Group, Head of Societe Generale Securities Services for Russia and CIS; Rosbank, Head of Depository Department at Rosbank China Development Bank, Chief Economist Anatoly Karachinsky IBS Group, Chairman of the Board Rainer Riess Sean Glodek Independent Director Russian Direct Investment Fund, Director, Member of the Executive Board Strana Detei, Director for Investments and Commerce Andrey Golikov Valery Goreglyad Bank of Russia, Chief Auditor Yuriy Denisov Bella Zlatkis NCC, Deputy Chairman of the Supervisory Board Sberbank, Deputy Chairman of the Management Board Sergey Kozlov VTB-24, Senior Vice-president, Deputy Director of Investment Department Sergey Lykov Kirill Shershun Vnesheconombank, Deputy Chairman of the Executive Board CentroCredit, First Deputy Chairman of the Executive Board Alexander Afanasiev Moscow Exchange, CEO, Chairman of the Executive Board ☑ MOSCOW EXCHANGE * Independent directors 7#8One of the highest free-floats in Russia Growing ADTV (Average Daily Trading Volumes) of MOEX shares¹ RUB mln Rank among the most liquid shares listed on MOEX² 12 MOEX MSCI inclusion CBR 11.7% share sale 13 Average daily trading volume 18 19 20 21 22 22 23 23 24 24 25 25 27 27 28 553 29 115 13 15 16 18 18 18 18 17 576 535 564 516 385 374 405 439 264 271 307 335 338 230 241 240 132 151 53 89 47 68 80 54 78 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 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 Dispersed ownership with no controlling shareholder... ...and one of the highest free-floats in Russia4 as of March 16, 2015 Free float 50,7% Magnit 54% MOEX 51% MTS 49% Sberbank 48% CBR 11,7% Lukoil 46% Gazprom 46% Sberbank 10,0% VTB 39% AFK Systema 36% Rushydro 34% VEB Uralkaly 33% 8,4% Tatneft 32% Norilsky Nickel 30% EBRD Rostelecom 28% 6,1% Novatek 27% CIC 5,6% Surgutneftegaz 25% MICEX-3 RDIF Finance 5,3% 2,2% Alrosa Severstal 23% 21% Phosagro 19% E.ON Russia 18% Megafon 15% ☑ MOSCOW 1 Trading volume in main trading mode (TO, T+2) EXCHANGE 2 Ordinary and preferred shares 3 100% owned subsidiary of the Moscow Exchange 4 Top 20 companies by market capitalisation from MICEX Index 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 Where we are heading 4 Strong operating and financial results MOSCOW EXCHANGE 10#11☑ Key developments in 2014 ✓ MOEX infrastructure performed well during turbulent periods Volatility spiked in March, October and December - performance proved soundness of risk-management systems amidst challenging environments ■ MOEX strives to ensure uninterrupted trading, clearing and settlement during periods of particularly high volatility ✓ International Central Securities Depositories (Euroclear and Clearstream) launched services for Russian corporate bonds and equities Corporate bonds became eligible for ICSDS settlement services from 1 January 2014 and equities from 1 July 2014 ✓ MOEX completed reforms to the listing process, simplifying the quotation list structure and also strengthening listing requirements for issuers ■ New listing rules are based on a new Corporate Governance Code adopted in 2014 National Settlement Depository (NSD) initiated a corporate action reform programme to make corporate actions by Russian companies electronic and eliminate cumbersome paperwork for investors ✓ MOEX now has one of the highest free-floats among Russian issuers - more than 50% ■ The CBR placed to the market USD 469 mln (stake of 11.7%) in MOEX, which led to an increase in the free-float Dispersed ownership with no controlling shareholder MOSCOW EXCHANGE 11#12☑ Key dates in 2015 12 March 16 March 2015 2015 28 April 2015 12 May 16 June 2015 2015 The Group's consolidated financial statements release MOSCOW EXCHANGE AGM record date The date of the Dividend Annual record date General Shareholders Meeting for 2014 ("AGM") The dividend is expected to be paid no later than 16 June 2015 12#13Equity and derivatives trading globally Equities market trading volumes dynamics (in electronic order book) in USD and national currencies Developed markets electronic order book 12m2014/12m2013, % national exchanges USD Emerging markets exchanges 12m2014/12m2013, % national USD currency currency NASDAQ OMX 27% 27% Shanghai SE 63% 64% London SE Group 24% 25% Korea Exchange 5% 1% BME Spanish Exchanges 23% 25% Moscow Exchange 2% 24% Euronext 17% 18% Johannesburg SE 1% 13% ICE&NYSE 16% 16% Borsa Istanbul -6% 8% Hong Kong Exchanges 15% 15% BM&FBOVESPA -10% -2% Deutsche Boerse 10% 11% Mexican Exchange -12% -8% Derivatives trading volumes dynamics in contracts¹ 12m2014/ Developed markets exchanges Emerging markets exchanges 12m2013, % 12m2014/ 12m2013, % Hong Kong Exchanges 30% Shanghai Futures Exchange 31% ICE&NYSE 15% Moscow Exchange 25% Chicago Board Options Exchange 12% China Financial Futures Exchange 12% Chicago Mercantile Exchange 9% Dalian Commodity Exchange 10% Singapore Exchange 5% Johannesburg SE 6% NASDAQ OMX 1% National Stock Exchange India -11% Deutsche Boerse -13% BM&FBOVESPA -13% -15% Korea Exchange -17% Japan Exchange Group ☑ MOSCOW EXCHANGE Source: WFE 1 Trading volumes in contracts 13#14☑ 1 MOEX Overview 2 Recent achievements ☑ Where we are heading 4 MOSCOW EXCHANGE Strong operating and financial results 14#15☑ Key initiatives and growth areas Diversification Optimization Penetration Sophistication ■ Market Data ■ Client service and experience ■ Indexes ■ OTC derivatives Listing ■ Commodities " Business processes (IT platform, fast product development) Organizational structure and costs ■ Tariffs optimization GR strategy alignment with regulator ■ New listings (privatization, high quality new names in the region, Russian offshore names) ■ Local investor base development Products ("bondization", repo with pool, FX non residents) Single collateral pool ■ Cross market margining ■ Tri party services ■ Collateral management MOSCOW EXCHANGE ◉ ☐ ◉ Standardization EMIR recognition Foreign clearing membership RUB settlement, regulation and technologies alignment with global standards Repatriate issuers and liquidity from international venues Corporate governance lighthouse 15#16☑ USA Brazil Germany USA UK Equity market capitalisation to GDP¹ 2014 Growth opportunities across all markets 151% 141% 114% 92% 76% 58% 38% 32% France Japan Russia UK डै Corporate debt to GDP² 2014 129% 114% 69% 53% USA Japan Germany Interest rate derivatives open position to GDP 2014 68% 25% 15% 0% Comments ■ 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 ■ Potential in growth in interest rate derivatives due to market development and the CBR policy Russia MOSCOW EXCHANGE Developed markets Source: Moscow Exchange, WFE, IMF, Rosstat, SCIB, BIS 1 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 2 Corporate debt data - BIS statistics of debt securities amount outstanding as of June 2014, Russia GDP estimate for 2014 - SCIB, other countries - IMF data 16 Brazil 42% 26% 19% China Russia#17Institutional money: pension funds reform Pension assets 2013 Pension assets XX% in USD bln Pension assets as % of GDP 113% 131% 65% 105% (80%) (13%) (67% 41% 4% 18 878 USA 3 263 3 236 1 565 1451 UK Japan Australia Canada 284 236 114 92 Allocation of Russian pension fund assets 2013² ■ Cash ■ Deposits Fixed income Equities Other 69,3% 2,4% 2,3% 10,4% ,4% 15,6% Russia 57% 54% 48% 50% 40% 33% 35% 29% RUS BRA CHE³ NLD JPN CAN GBR AUS USA 1 Key highlights ■ Russian pension funds assets are low compared to other countries both in an absolute term and relative to GDP ■ Pension funds intensively invested in bank deposits and affiliated companies, while share of equities in portfolios is negligible Positive developments: ■ CBR became a regulator of the pension system ■ Adopted changes in pension funds regulation: ✓ "One year non-loss rule" was abolished Investment horizon of NPFS 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 ~20 mln in 2013 Constraints: The governmental decision to extend the moratorium on pension savings contributions to NPFs doesn't support non-state pension industry growth for 2014-2015 ☑ MOSCOW EXCHANGE Source: OECD, investfunds.ru, FSFM, Economist Intelligence Unit, Russian State Statistics Agency (Rosstat), Tower Watson 1 Obligatory savings, not including reserves 2 Obligatory savings managed both by NPFs (Non-state pension funds) and Pension fund of Russia 3 Chile 4 According to the interview of Russian Minister of Labour and Social Affairs, contributions of RUB 523 bln will be transferred to PAYGO pensions in 2014-2015 Further moratoria are reported to be under consideration 17#18☑ Retail money: aiming to grow equity culture Retail investors bank deposits¹ USD bln 6 602 1 523 I • 470 311 225 190 163 161 China Korea Russia Brazil Mexico Indonesia Malaysia Turkey Share of population with accounts opened for securities trading % Share of all retail clients accounts Share of active retail clients accounts 10.0 8.1 1.4 0.6 0.3 0.7 0.2 0.2 0.04 Comments ■ As Russian securities market passed through several periods of turbulence, individuals preferred conservative bank deposits or real estate over 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 Korea China Turkey, Russia Brazil Malaysia Mexico Indonesia Russia MOSCOW EXCHANGE Source: EIU, World Bank, IMF, central banks of Korea, Turkey, Mexico, Indonesia, National Bureau of Statistics of China, Allianz, SZSE Factbook, CBR, Moscow Exchange 1. Korea, Turkey, Mexico, Indonesia - data for August 2014, Russia as of 1.09.2014, Brazil - 2013, China - 2012, Malaysia - 2011 18#19☑ 1 MOEX Overview 2 Recent achievements 3 Where we are heading ☑ Strong operating and financial results MOSCOW EXCHANGE 19#20Financial results: the MOEX business model delivers again Operating income RUB bln Interest and other finance income Net profit RUB bln +24% Fee&commission and other income +38% 16.0 30.4 24.6 47% 48% +85% +51% 11.6 9.8 6.5 6.5 6.8 7.3 5.3 4.1 3.2 3.5 2.9 49% 53% 46% 40% 48% 49% 52% 54% 60% 52% 51% 51% 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 Operating expenses RUB bln EPS and key financial ratios 2013 2014 Chg +5% +11% 9.9 10.4 Basic EPS, RUB 5.23 7.21 +38% 3.2 2.9 2.6 2.4 2.2 EBITDA margin¹ 67% 71% +4.5 p.p. Cost income ratio² 40.1% 34.1% -6.0 p.p. 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 Dividends per share, RUB 2.38 3.873 +62.6% ☑ MOSCOW Source: Consolidated Financial Statements EXCHANGE 1 EBITDA margin = (Profit before tax - Depreciation - Interest expense in respect of written put option over own shares) / (Operating Income) 2 Cost income ratio = (Personnel expenses + Administrative and other operating expenses) / (Operating Income) 3 The Supervisory Board recommended that shareholders approve a 2014 dividend of RUB 3.87 per ordinary share at the AGM scheduled for 28 April 2015 20#21Diversified fee & commission income Fee & commission income performance RUB mln Fee & commission income breakdown RUB bln +22% 4Q2013 4Q2014 15.6 8% +80% +64% 12.8 11% +33% 9% 1,176 12% 20% Other fee&commission income Derivatives market Depository and settlement services 1,048 954 Foreign exchange market +33% +41% 18% 22% Money market -17% 717 654 641 19% Fixed income market 464 438 504 21% Equities market 348 362 357 20% 11% 7% 11% 11% Equities market Fixed income market Derivatives market Money market Foreign Depository exchange and market settlement services 2013 2014 Comments ■ In 4Q2014 fee & commission income remained well-diversified and increased 42% YoY ■Lower income from Fixed Income Market was more than offset by strong performance in FX Market, Depository and Settlement Services and Equities Market ☑ 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 21#22☑ Certain growing interest from foreign investors, while domestic investor base remains the core Equities Market RUB trin Trading volumes +18% Volume breakdown by investor types 2014 2015 2013 2014 +35% -38% 4% 3% +4% 10.3 11% 11% 8.7 1.3 10% 35% 7% 33% 0.9 0.7 0.7 0.7 0.8 40% 46% +26% Derivatives Market +26% +21% 1% +3% 2% 61.3 15% 6% 48.6 RUB trin 4.0 4.1 5.3 6.6 5.2 6.3 46% 45% 38% 47% -31% Fixed -6% -32% -23% 9% 8% 14% 10% 2% 3% 15.3 Income 18% 10.6 1.0 1.0 19% 0.8 0.8 0.7 0.7 Market 63% 54% RUB trin +46% +11% -4% +8% 10% FX Market RUB trin 228.5 1% 156.0 12% 13.2 14.3 17.7 19.6 23.0 22.0 Money Market1 RUB trln MOSCOW EXCHANGE +11% +15% +10% -20% 234.7 261.6 20.0 16.0 17.7 20.3 20.1 22.2 90% 87% 1% 1% 11% 15% 4% 4% 85% 2013 2014 Jan Feb Mar Russian funds Source: Moscow Exchange data Russian retail investors 1 Trading volumes including REPO with collateral management. Investor structure based on on-exchange trading volumes only Foreign investors 80% Russian banks and brokers prop. trading Russian corporates 22#2311% Equities Market Trading volumes¹ RUB trln MICEX Index (average for the period) Equities Russian equities trading volumes², MOEX vs LSE % 44% 46% 48% 42% 45% 45% 44% 41% 45% 46% 44% 44% 46% 49% 49% XX% Velocity 36% 43% 37%) 45%) 42%) 39%) 47% 56% 54% 52% 58% 55% 55% 56% 59% 55% 54% 56% 56% 54% 51% 51% 1,441 1,429 1,492 1,422 1,403 1,432 1,457 +18% +16% 10.3 8.7 2.4 2.7 2.5 2.3 2.8 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 2015 2014 ■Moscow Exchange³ ■LSE - international order book 3 Gazprom Sberbank Magnit 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 Market share 2014 31% 46% 54% 53% 47% 69% Fee & commission income RUB mln +26% 1,766 1,404 +33% 452 453 464 348 397 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 Comments Despite challenges facing the market, MOEX's average market share vs LSE remained at appr. 55% in 2014. Trading in local shares vs DRs has potential to grow due to reforms to the domestic financial infrastructure ■ The market share remained above 50% in 2015, while non-resident on-exchange investment inflow reached RUB 37.3 bln (vs outflow of RUB 18.1 in 2014) Source: Moscow Exchange operational information and Consolidated Financial Statements, Liquidmetrix Volumes on both primary and secondary markets Moscow Exchange and London Stock Exchange data for Russian dual-listed companies Only electronic order book deals 23 2013 2014 ☑ MOSCOW EXCHANGE 1 2 3#247% Fixed Income Market remained muted from 1Q2014 on Trading volumes¹ RUB trin -31% 15.3 Sovereign bonds Corporate, municipal and other bonds -14% Comments Primary corporate bond placements of RUB 1,179 bln held in Q4 versus RUB 204 mln in Q3 led to QoQ fee & commission income growth of 69% ■ In Q4 market activity remained muted amid changing market conditions due to RUB depreciation and key rate hike 44% 10.6 38% 3.9 3.3 2.7 56% 39% 2.3 2.3 27% 62% 44% 39% 46% 61% 73% 56% 61% 54% 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 Fee & commission income RUB mln -25% 1,379 1,034 438 -17% 362 242 216 214 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 ☑ MOSCOW EXCHANGE 1 Source: Moscow Exchange operational information and Consolidated Financial Statements Trading volumes on fixed income market include placements 24 24#2511% Derivatives Market: shift in product mix Trading volumes Open interest millions of contracts Volatility index Interest rates Commodities Currencies Equities Indices millions of contracts, daily average +34% 35 23 43 32 32 32 22 +25% +92% +52% 14.0 17.1 10.4 12.9 12.9 12.9 11.3 1% 1 413 - 1% 1 134 3% -2% 475 -1%=1% 53% 340 324 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 41% 247 1% -1% 274 1% 1% 1% 64% 3% 1% 49% 27% 25% 40% 42% 1% 51% 29% 25% 31% 26% 20% 27% 20% 27% 24% 25% 21% 15% 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 Fee & commission income RUB mln +5% 1,566 1,637 +41% 504 434 357 335 364 Comments ■ Increased volatility on FX Market led to 63% YoY growth in FX derivatives trading ■ Risk balancing between FX and Derivatives Markets, a new functionality launched in July 2014, contributed to higher market activity in FX derivatives segment ■ As a result, trading volumes of FX derivatives comprised 53% of total trading volumes on Derivatives Market versus 41% in 2013 ◉ Trading volume of options grew by 43% YoY and comprised 9.4% vs 8.3% in 2014 of total derivatives trading volumes 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 ■Fee and commission income increased 5% YoY in 2014 ☑ MOSCOW EXCHANGE Source: Moscow Exchange operational information and Consolidated Financial Statements 25#2621% Money Market: solid demand for on-exchange services Trading volumes RUB trln REPO with CCP trading volumes 6.2 8.8 1 MosPrime rate, % Inter-dealer repo RUB bln Deposit and credit operations REPO with the CBR REPO with CCP 11.7 9,157 7,238 4,905 3,729 2,355 -7% 6.9 6.3 8.3 8.3 83 221 204 6% -2% 10% -3% 34% 12% 28% 61 59 52 8% -4% 47 47 7% ✓9% -12% -12% 15% 30% 59% 8% 34% 11% 14% 49% 26% 27% 26% 58% 51% 54% 47% 47% 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 Fee & commission income RUB mln +28% +80% 3,235 1,176 2,531 654 712 767 580 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 ☑ MOSCOW EXCHANGE 1 Overnight rate, average for the period 2 2014 vs 2013 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 Comments ■ REPO with CCP remained the most rapidly growing product (increased 6.3x YoY), as market players prefer to manage counterparty risk by using on-exchange infrastructure ■ In February 2014 the CBR shifted to 1-week repo auctions instead of overnight auctions, which were utilized as a "fine-tuning" mechanism. In addition, 1-year repo with the CBR was added in the product pipeline in Q4. As a result, on-exchange trading volumes contracted, but longer average maturity led to higher fee income, since both volumes and maturity are the basis for fees ■ Total volumes of REPO transactions in MOEX Group, including REPO with collateral management services, increased 11% YoY² ■ In Q4 MOEX launched FCY-repo with settlement in foreign currencies with the CBR and on the inter-dealer market, which contributed to higher volumes Source: Moscow Exchange operational information and Consolidated Financial Statements 26#2722% ☑ FX Market: swap and spot volume growth driven by volatility Trading volumes RUB trln Spot Volatility USD/RUB 1 6.4 6.8 Swap CNY/RUB trading volumes RUB bln 1.0 1.4 1.1 0.7 0.4 +46% FX 91.8 129.4 43.2 +54% 40.7 229 17.3 66 156 54 53 56 34% 2.8 6.5 9.9 43 37% 35% 30% 31% 39% [33% 66% 63% 67% 65% 70% 69% 61% 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 Fee & commission income RUB mln +41% 3,408 2,412 2013 2014 MOSCOW EXCHANGE +64% 1,048 799 817 743 641 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 Comments ■ In 2014 spot market trading volumes increased 36% YoY driven by increased volatility, which led to higher activity by all groups of market participants ■ Swap transaction volumes increased 53% YoY amid the growing demand from local banks to manage liquidity positions and hedge FX risks ■ Trading in the CNY/RUB currency pair continued rapid growth. New record high of RUB 129 bln reached in 4Q2014 Source: Moscow Exchange operational information and Consolidated Financial Statements Calculated as daily standard deviation of the USD/RUB exchange rate for the period 1 27#2820% ☑ NSD: collateral management services drive F&C growth Assets on deposit (average for the period) RUB trln Other Tradable equities +26% Equities held at the long-term safekeeping accounts +13% OFZ Corporate and regional bonds 22.8 24.1 8% 21.4 21.9 22.6 22.7 10% 18.1 15% -3% 6%, 10% 8% 14% -3% 16% 16% 15% 16% 17% 36% 36% 40% 37% 36% 37% 35% 17% 19% 17% 17% 16% 16% 17% 26% 24% 23% 24% 23% 24% 24% 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 Fee & commission income for depository & settlement services RUB mln +37% +33% 3,189 2,323 954 717 734 735 766 Comments Solid fee and commission growth in depository & settlement services was driven by both an increase in assets under custody and a higher number of inventory transactions in the reporting period due to strong demand for collateral management services ■ Collateral management system for REPO transactions generated appr. 1/5 of income from depository and settlement services in 4Q20141 In 2014, NSD was recognized as a systemically important financial institution by the CBR: - a nationally important payment system - a nationally important CSD 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 MOSCOW EXCHANGE Source: Moscow Exchange operational information and Consolidated Financial Statements 1 according to Moscow Exchange operational information 28#298% Other fee & commission income ☑ Other fee & commission income¹ RUB mln +26% 1,283 Listing and other fees related to Securities market Information services Sale of software and technical services 1,015 27% +55% 429 21% 321 34% 44% 30% 277 266 18% 267 28% 14% 26% 43% 39% 27% 27% 29% 49% 39% 46% 47% 39% 45% 29% 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 Comments ■ Other fee & commission income grew by 26% YoY mainly driven by higher information services and listing fees ■ Information services fees were driven by additional payment collections made by the exchange as a result of information audit ■ 61% YoY increase in listing fees was driven by a new pricing structure following the completion of the listing reform MOSCOW EXCHANGE Source: Consolidated Financial Statements 1 Not including "other" fee&commission income as presented in financial statements 29#30Interest income: growth driven by higher interest rates and client balances Investment portfolio¹ (average daily value) RUB bln Moscow Exchange own funds Interest income RUB bln 3 +103% Client funds Interest and other finance income MosPrime rate, % 3 LIBOR rate, % Effective yield, % 6.2 8.8 +148% 8.3 8.3 11.7 6.3 6.9 3.4 700 7% 916 2.0 1.8 1.9 2.1 3.3. [6% 0.1 0.1 2.4. 711 743 -0.1 -0.1 0.1 0.1 0.1 -7%. 7%- +21% 345 442 +60% 11% 370 93% 10% 94% 11%- 93% 93% 11.8 14.3 4.8 89% 90% 3.0 2.6 3.2 3.6 89% 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 2013 2014 Clients funds by source Clients funds by currency 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 Investment portfolio by type of asset 4Q2014 4Q2014 19% 18% 19% 29% 40% 8% 1% FX deposits 9% 13% 46% 49% FX market 5% 57% 34% 50% 9% and curr. accounts Curr.accounts in RUB Securities market Derivatives market 36% 80% 25% 20% 23% 32% 75% RUB securities Deposits in RUB FX securities 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 Other 4 RUB USD EUR 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 30#31☑ NCC capital target set at RUB 51 bln for 2015 Approach to setting target capital CBR regulation of capital adequacy ratio Risk weighted assets (RWA) less provisions ■ Market risk (according to 387-P) Operational risk NCC capital (eop) RUB bln 13,2 2012 CCP Stress-tests ■ Market risk Core Tier 1 ratio (N1) >10% ■ Credit risk ■ CCP risk 51,0 41,4 38,9 28,8 Capital should be sufficient to (i) cover potential losses under a stress scenario and (ii) keep business operational 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 developments on NCC as a Central counterparty (CCP) ✓ 2013 2014 Current Target 2015 MOSCOW EXCHANGE 31#32Operating expenses Operating expenses RUB mln Major expense items RUB mln Change Administrative and other operating expenses 2013 2014 YoY Personnel expenses Personnel expenses 4 827 5 395 12% +5% 9,857 10,373 Administrative and other 5 030 4 978 -1% operating expenses, including Amortisation of intangible assets 1 040 1 095 5% +11% Professional services 571 616 8% 48% 3,218 Depreciation of property and 530 493 -7% 51% 2,912 equipment 2,564 2,365 2,226 51% Rent and office maintenance 409 435 6% 56% 48% 46% 46% Taxes other than income tax 623 430 -31% 49% 52% 44% 52% 54% 49% Market maker fees 557 363 -35% 54% Total 9 857 10 373 5% Cost income ratio 40.1% 34.1% 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 Headcount development ☑ MOSCOW EXCHANGE -3% 1,692 1,636 December December 2013 (EOP) 2014 (EOP) Comments Operating expenses increased 5% YoY in 2014, two times lower than the reported inflation level ■ Administrative and other operating expenses remained under control and declined by 1% YoY due to lower spending on market makers, depreciation of property and equipment, and lower taxes other than income tax ■ Personnel costs increased 12.0% YoY driven by additional accruals for employee annual bonuses of RUB 163 mln on the back of stronger financial performance, as well as creation of unused vacation provisions of RUB 114 mln Excluding additional bonus accruals and vacation provisions, personnel expenses increased 4.4% YoY Source: Moscow Exchange operational information, Consolidated Financial Statements 32#33Revised Capex & Opex plans due to FX translation effect 2015 budget review with average RUB/USD rate of 70 vs 45 resulted in: Maintenance capex: Expected up to RUB 1.5-1.7 bln in 2015 Operating expenses RUB bln Personnel expenses Capex related to new data center, IT-architecture unification and other projects: Expected up to RUB 2.2-2.4 bln in 2015 Operating expenses +23-27% 1.3 12.8-13.2 +10-13% 10.4 1.2 | 5.4 0.2 0.4 5.9-6.1 2014 FX rate change Organic growth 2015 2014 FX rate Organic 2015 change growth ■ The growth rate for personnel expenses is expected to be below inflation at 10-13% ■ Expected total Opex growth rate revised up to 23-27% due to revision of IT-expenses and professional services Importantly, the business is hedged on the revenue side as FX denominated revenue growth driven by translation effect is expected to more than offset cost expansion ☑ EXCHANGE MOSCOW 33#34Appendix ☑ MOSCOW EXCHANGE 34#35Consolidated Statement of Financial Position In thousand rubles Assets: December 31, 2014 December 31, 2013 % chg. December 31, 2014/December 31, 2013 Cash and cash equivalents 1 163 783 135 255 041 610 356% Central counterparty financial assets 139 609 774 47 008 536 197% Financial assets¹ 132 266 480 122 227 888 8% Property and equipment and intangible assets 24 200 625 25 044 955 -3% Goodwill 15 971 420 16 071 458 -1% Other assets² 1 673 438 1 070 174 56% Total Assets 1 477 504 872 466 464 621 217% In thousand 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 December 31, 2014 December 31, 2013 % chg. December 31, 2014/December 31, 2013 1 231 999 104 322 250 561 282% 139 609 774 47 008 536 197% 6 353 006 3 670 761 73% 7 695 531 11 740 612 -34% 1 385 657 415 384 670 470 260% 91 847 457 81 794 151 12% 1 477 504 872 466 464 621 217% Source: Moscow Exchange, Consolidated Financial Statements ☑ MOSCOW 1 EXCHANGE Financial assets at fair value though profit or loss, Due from financial institutions, Assets held for sale, Investments available-for-sale, Investments in associates 2 Current tax prepayments, Deferred tax asset, Other assets 3 Loans payable, Liabilities related to assets held for sale, Deferred tax liability, Current tax payables, Other liabilities 35#36Consolidated Statement of Comprehensive Income In thousand rubles Three-month period ended December 31, Three-month period ended December 31, 2013 % chg. 4Q2014/ 4Q2013 Year ended December 31, Year ended December 31, % chg. 2014 2013 2014/ 2013 2014 Fee and commission income 4 957 156 3 482 080 42% 15 585 951 12 792 116 22% Interest and other finance income¹ 4 842 786 3 018 770 60% Other operating income 23 524 3 553 562% 14 279 409 528 682 11 754 948 21% 58 909 797% Operating Income 9 823 467 6 504 403 51% 30 394 042 24 605 973 24% Administrative and other operating -1 646 475 -1 621 124 2% -4 978 494 -5 029 989 -1% expenses Personnel expenses -1 572 005 -1 291 228 22% -5 394 764 -4 827 004 12% Operating Expense -3 218 480 -2 912 352 11% Operating Profit 6 604 987 3 592 052 84% -10 373 258 20 020 784 -9 856 993 5% 14 748 980 36% Interest expense in respect of written put option over own shares -199 686 Share of profit/(loss) of associates 245 12 258 -98% 7 356 74 605 -90% Profit before Tax 6 605 233 3 604 309 83% 20 028 141 14 623 899 37% Income tax expense -1 319 374 -740 241 78% -4 034 976 -3 042 205 33% 5 285 859 2 864 068 85% 15 993 165 11 581 694 38% Net Profit Earnings per share Basic earnings per share, rubles 1.82 1.29 41% 7.21 5.23 38% Diluted earnings per share, rubles 1.82 1.28 42% 7.18 5.23 37% ☑ MOSCOW EXCHANGE Source: Moscow Exchange, Consolidated Interim Financial Statements 36 1 Interest and other finance income, Interest expense, Net loss on financial assets available-for-sale, Foreign exchange gains less losses#37☑ SPO of the CBR stake in MOEX highlights Key information July 2014 ☑ MOSCOW EXCHANGE The bookbuilding period The Seller The transaction form Issuer Security Trading venue Demand Price Discount vs market Lock-up period Global coordinators Global bookrunners Distribution by geography Scand. Cont. Europe Secondary public offering (SPO) of the CBR share in MOEX in form of ABB¹ Deal amount: RUB 16 bln (USD 469 mln) The book was opened: July 1st at 7pm The book was closed: July 2nd before trading hours The Central Bank of Russia 100% secondary offering in form of ABB¹ OJSC <<Moscow Exchange MICEX-RTS>> Ordinary shares Moscow Exchange The book was multiple times oversubscribed 60 RUB per share 7.8% (Last day close price RUB 65.05) 180 days J.P. Morgan, Goldman Sachs, Sberbank CIB, VTB Capital Citi and Gazprombank Distribution by investors Other countries 7.0% 6.4% 0.6% Asia 9.6% Russia 34.6% Middle East. 10.8% Sovereign funds 43.1% US 11.5% UK 19.5% MOSCOW EXCHANGE Brokers 0.3% Hedge- funds 19.5% ☐ Long only funds 37.2% Highlights ■ The largest Russian SPO since spring 2013 The first public equity offering of local shares only in 2014, which was priced with lower than average discount despite the material deal size (63x 3-month ADTV)² ■ The book was multiple times oversubscribed and dominated by high-quality sovereign wealth funds and long only funds 1 ABB accelerated bookbuilding 2 Based on Dealogic and FactSet data, calculated compared to average discount for secondary Russian deals since 2010 37#38DR 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 ☑ MOSCOW EXCHANGE (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. (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 38#39☑ 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 39