#1AA ☑ MOSCOW EXCHANGE December 2020 Investor presentation#2History of MOEX: the path of ongoing progress MOEX share price, RUB New dividend policy with a minimum payout ratio of 55% Corporates granted direct access to the FX Market MOEX completes its IPO; Repo with CCP launched Euroclear and Clearstream gain access to corporate bonds in addition to government bonds Equity trading moves to T+2 settlement Trading in government/ bonds moves to T+1 settlement SPO of MOEX 55 Feb Apr Jun Phase 1 Phase 2 Launch of RUSFAR - Money Market interest rate benchmark Inaugural Sustainability Report 153 Shareholder electronic voting becomes available, Launch of GCC repo Launch of the Unified Collateral Pool Corporates admitted to deposits with CCP OTC bond platform launched New dividend policy: target payout = FCF, min payout 60% of net profit Eurobonds start trading on MOEX Grain trading commences on MOEX Apr Feb Dec Oct Aug Jun Apr Feb Dec Oct Aug Jun Apr Feb Dec Oct Aug Jun Apr Feb Dec Oct Aug 2013 2013 IPO of Moscow Exchange (MOEX) 2014 2015 2016 2012 2011 Launch of Central Merger of MICEX Securities Depository (CSD) and RTS: Moscow Exchange (MOEX) established ☑ MOSCOW EXCHANGE Share price up to 30 November 2020 Jun Apr Feb Dec Oct Aug Jun Apr Feb Dec Oct Aug Jun Apr Feb Dec Oct Aug 2017 2006 National Clearing Centre (NCC) established 2018 1995 2019 2020 1992 Oct Russian Trading System (RTS) established Moscow Interbank Currency Exchange (MICEX) established 2001 + Derivatives 1996 + Money Market 1993 + Bonds 1992 + FX 2#3☑ Investment and corporate highlights Financial Resilience ■ Counter-cyclical business model coupled with robust cost control 7 ■ Secular growth of fees and commissions (F&C) across complimentary F&C business lines generate ■ Business-driven margin and collateral requirements sustainable net interest income (NII) " Operating income F&C/NII split of 2/1 evolving towards F&C ■ One of the highest EBITDA margins among global peers ■ Attractive dividend policy: min. payout of 60%; target payout of 100% FCFE; track record of distributing 55-89% of 2014-2019 profits Strategic Stance ■ Low penetration of financial services indicates secular growth potential " The world's most diversified exchange with trading in 5 asset classes VS ~3 offered by "traditional" exchanges Complete vertical integration of a trading engine with a clearing house and a central securities depository makes up a unique platform Cornerstone of the Russian financial system: MOEX brings together the tiers of the banking system by managing ~3/4 of its total liquidity flow The world's only exchange focused on Russian financial assets in the market is open for competition (ex. the CSD). OTC is the main competitor B2B business model: investors trade via locally licensed brokers and banks. Foreign investors have SMA and ICM services at their disposal Corporate Governance ■ A 28-year history of successful and continuous implementation of infrastructural and regulatory reforms ■ No single controlling shareholder: free float of 63% with substantial international participation; the largest shareholder owns <12% ■ Most Supervisory Board members are independent directors (8 out of 12) ■ Established track record for efficient capital allocation Operational Excellence " All-electronic since 1997 ■ Vast in-house IT expertise: ~1/3 of staff are IT developers, supporting a CAPEX-light business model Single-tier clearing system requires all participants to provide eligible collateral in cash or securities to trade any asset class " Pre-trade risk checks forestall any "fat fingers"/"flash crash" problems " Low-cost product scalability: a new order book launch requires the equivalent of circa USD 10 thousand MOSCOW EXCHANGE 3#4☑ ☑ Business overview 2 Corporate governance and dividends Market position and competitive strategy 3 4 Financial track record 5 3Q 2020 update MOSCOW EXCHANGE 4#5Robust and trusted infrastructure Trading platform, NCC as the Central Counterparty (CCP) and NSD as the Central Securities Depository (CSD) TRADING CLEARING SETTLEMENT & DEPOSITORY Assets on deposit² ■ MOEX markets ADTV 3,2 RUB trln (2019) Pre-order validation (100+ risk check scenarios) ensures integrity of trades World class latency of 200-300 microseconds >500 trading members (all markets) Trading venue's net proprietary funds (Regulated since 3Q2019) RUB bln Ex-dividend 14.6 14.6 13.9 Ex-dividend 12.8 8.2 5.6 ◉ NCC cleared ADTV 2,9 RUB trln (2019) RUB trn ☐ ☐ ◉ NCC served as a CCP for 92% of trading volumes it cleared in 2019 BBB local currency rating from Fitch The target NCC capital for 2019 is ~RUB 66 bln (the level of 1 Jan 2019) As of 1 Dec 2020, N1 ccp is 151.7% 61.0 52.7 45.0 39.4 36.4 31.7 24.9 21.8 12.3 31 31 31 31 31 31 31 31 30 Dec Dec Dec Dec Dec Dec Dec Dec Nov 2012 2013 2014 2015 2016 2017 2018 2019 2020 National Clearing Centre (NCC) proprietary funds (capital)¹ National Settlement Depository (NSD) proprietary capital³ RUB bln 38.5 8.6 28.8 7.7 13.2 1 Jan 1 Apr 1 Jul 1 Oct 1 Jan 1 Apr 1 Jul 1 Oct 2019 2019 2019 2019 2020 2020 2020 2020 Regulatory requirement: 6 RUB bln RUB bln 79.4 70.5 64.7 61.5 56.6 56.4 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Dec 2013 2014 2015 2016 2017 2018 2019 2020 2020 Regulatory requirement: 66 RUB bln 11.3 11.7 9.4 9.7 8.8 8.9 8.9 7.3 6.0 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Dec 2013 2014 2015 2016 2017 2018 2019 2020 2020 Regulatory requirement: 9 RUB bln Figures for 1 Jan 20XX are from the audited financial reports prepared in accordance with RAS. The latest figure is as reported by the CBR on a monthly basis. 5 Assets on deposit based on Company's operational data ☑ MOSCOW Source: Moscow Exchange EXCHANGE 1 2 3 4 Figures in accordance with Russian Accounting Standards as reported to and disclosed by the CBR on a monthly basis Numerator of the regulatory ratio (100% requirement)#6Highly diversified product offering ☐ Investing and trading Listing ▪ Local and foreign shares, DRs ▪ ETFs ☑ Hedging ■ Indexes ■ FX ■Local and foreign single stocks ■ Commodities ■ Interest rates DERIVATIVES Currency conversion + FX swaps ■ Swap instruments ■ Spot instruments (USD, EUR, CNY, HKD, JPY, GBP, CHF, TRY and CIS currencies) ■ Deliverable futures MOSCOW EXCHANGE FX EQUITIES FIXED INCOME Investing and trading ■ Government bonds Municipal bonds ■ Corporate bonds ABS, MBS ■ Eurobonds ☑ COMMODITIES MONEY MARKET Investing and trading ■ Spot and swap precious metals ■ Grain ■ Sugar Soybean ■ Sunflower seeds Funding ■Repo with CCP (including repo with general collateral certificates) Repo with CBR (both with and without collateral management) ■Inter-dealer repo ■ Credit & deposit operations ■Repo with the Federal Treasury 6#7☑ Diversified client base across different markets Trading volumes Volume breakdown by client types 2013 2014 2015 2016 2017 2018 2019 11M'19 11M'20 2013 2019 11M'20 +90% Equities Market +18% -9% -1% -1% +18% +15% 10% 4% 4% 4% 3% 2% 21.4 11% 9% 7% 8.7 10.3 9.4 9.3 9.2 10.8 12.4 34% 11.3 34% 40% RUB trn 47% 40% 49% +55% +23% +53% -27% +6% Derivatives +26% -8% 115.3 117.5 1% Market 8% 8% 93.7 84.5 89.3 82.4 76.1 15% 61.3 48.6 RUB trn 46% 42% 42% +14% +79% +31% -31% +5% 38% 49% 50% +10% Fixed -5% 9% Income 7% 7% 29.8 26.2 28.2 25.4 28.0 8% 14% 13% Market 15.3 14.6 2% 18% 10.6 11.2 7% 7% 13% 16% RUB trn 63% 60% 58% +36% +6% +5% -12% +4% 0% +46% 1% FX Market 10% 3% 5% RUB trn 310.8 330.0 347.7 348.4 308.3 284.8 297.6 12% 18% 228.5 156.0 1% 90% 84% 76% Money Market¹ RUB trn MOSCOW EXCHANGE +10% +47% -9% +17% 4% 11% 11% +11% -1% -4% 1% 7% 8% 381.2 419.8 381.8 366.5 334.0 392.0 11% 13% 11% 234.7 261.6 260.1 85% 68% 69% Russian funds Source: Moscow Exchange data 1 Trading volumes include repo with collateral management through NSD. Client structure is based on on-exchange repo trading volumes only Russian banks and brokers prop. trading 7 Russian retail investors Foreign investors Local corporates#81 Business overview ☑ Corporate governance and dividends 3 Market position and competitive strategy 4 Financial track record 5 3Q 2020 update ☑ MOSCOW EXCHANGE 8#9Best-in-class corporate governance standards Out of 12 members of the 2020-2021 Supervisory Board, 8 are independent (67% vs a minimum threshold of 20%¹) Three of the five Supervisory Board committees are chaired by independent directors MOEX was a pioneer to adopt the new criteria of Director Independence aligned with the new Corporate Governance Code Supervisory Board members Andrey Golikov - Deputy Chairman Deputy Chairman of the Supervisory Board at Moscow Exchange Valery Goreglyad Chief Auditor at the Bank of Russia Bella Zlatkis Deputy Chairman of the Executive Board at Sberbank of Russia Vadim Kulik Deputy President - Chair of the Executive Board at VTB Bank Ramon Adarraga Independent consultant Paul Bodart Professor at Solvay Business School Dmitry Eremeev President at FIX Maria Gordon Member of the Supervisory Board at Alrosa Oskar Hartmann Director General at LLC Polyanka Alexander Izosimov Director General at DRCAdvisors AB Maxim Krasnykh Global COO at Gett Oleg Viyugin - Chairman Professor at Higher School of Economics Strategy Planning Audit Nomination and Remuneration Technical Policy² Risk Management Chair ✓ Chair Chair Chair Chair ✓ ☑ MOSCOW * Independent directors EXCHANGE 1 2 The threshold is for stocks listed in the First level of the Quotation list as per the Listing Rules of Moscow Exchange The Technical Policy committee includes key industry IT professionals 6#10Dispersed ownership with one of the highest free-floats in Russia Dispersed ownership with no controlling shareholder... ...and one of the highest free-floats in Russia² as of 30 June 2020 Detsky Mir 100% Yandex 85% Free float - 62.8% CBR 11.8% Sberbank 10.0% Magnit 71% Moscow Exchange 63% TCS 58% Lukoil 55% Others 51.3% Gazprom 50% VEB Sberbank 48% 8.4% Mechel 47% MTS 45% EBRD X5 41% 6.1% Aeroflot 41% MICEX Norilsk Nickel 38% Safmar 37% JPMorgan Chase 5.1% The Capital Group 6.4% Finance¹ 1.0% Alrosa 34% Sistema 33% Growing liquidity of MOEX shares³ Average daily trading volume (ADTV), RUB mln Free-float velocity4,% Runner-up by free-float velocity4 among the most liquid shares Rank among the most liquid shares listed on MOEX5 235% 151% 124% 120% 128% 141% 150% 61% 10 8 12 17 17 14 16 24 1 666 Transparency and international recognition ■ International index providers MSCI and MVIS include MOEX shares in their indices Voluntary disclosures and regular updates of investor materials, including monthly trading results Annual MOEX Forums in Moscow, New York, London and Shanghai have become well-known venues to maintain dialogue with international market participants Robust investor relations program: ✓ 300+ investor meetings per annum in 2016-2019 ✓ IR activities in Russia, the UK, Europe, Asia and the US to maintain dialogue with overseas investors ✓ IR awards in Russia in 2014-2017 946 802 764 742 468 352 159 2013 2014 2015 2016 2017 2018 2019 11M2020 ☑ MOSCOW 1 100% owned subsidiary of the Moscow Exchange EXCHANGE 2 Free-float ranking of locally registered Russian companies included in the MOEX Index (as of 15.05.2020); Company data 3 Trading volumes in the main trading mode (TO, T+2) 4 Calculated as annual trading volume divided by average market capitalization of the free-float 5 The ranking includes ordinary and preferred shares 10#11☑ The established dividend story continues History of dividend growth DPS for the financial year, RUB XX% Payout ratio Interim dividend Dividend yields of MOEX and exchange peers, 2020E¹ 22% CAGR of DPS '13-19 % 89% 89% 89% 69% 58% 7.68 7.96 7.70 7.93 7.11 55% 47% 5.47 35% 3.87 MOEX IPO 2.38 1.22 0.14 0.16 0.16 0.31 2.49 3.6 3.3 2.4 2.5 2.1 1.6 0.9 6.6 5.6 5.6 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Dividend: explaining the new formula RUB bln 1.8 3.4 NASDAQ OMX HKEX LSE 5T Comments Euronext Dubai Fin. Market CME B3 21.8 20.2 1.4 2.3 18.1 D&A 2019 M&A, AWC outlay CAPEX FCFE before 2020 M&A AWC 2020 2019 (regulatory) Div 2019 Sources: Bloomberg, Moscow Exchange 1 IFRS NI 2019 MOSCOW EXCHANGE As of 3 December 2020, Dubai Fin. Market - as of 3 August 2020 ☐ MOEX has been paying substantial dividends since the onset of its public history Dividend policy approved in October 2019 sets 60% of net profit as the minimum payout and the target payout of 100% FCFE ■ In 2019 MOEX paid a DPS of RUB 7.70 for 2018, which amounts to 89% of the consolidated IFRS net profit for the year ■ In 2020 a DPS of RUB 7.93 for 2019, which amounts to 89% of the consolidated IFRS net profit for the year, was paid out 11#12☑ Strengthening the team with hires, rotations and incentives New hires and internal rotations in the management team of the Group in 1H2020 MOEX MOEX Andrey Burilov MOEX MD of IT Executive Board member To lead the next phase of IT strategy implementation Eddie Astanin NCC CEO NCC Igor Alutin MOEX MD of Digital Technologies MOEX MOEX Irina Grekova MOEX Head of Compliance To oversee and coordinate all digital platforms To establish best-in-class compliance practices NSD NCC Maria Krasnova NSD Acting CEO Evgeny Zhdanov MOEX Head of Internal Audit To monitor and develop business processes Rinat Kirdan NCC MD of Risk To upgrade operations and risk management MOEX Alexey Khavin MOEX MD of Global Markets Executive Board member To focus on Group treasury and international projects To ensure continuity of operational excellence New Long Term Incentive Program (LTIP) launched in mid-2020 Naturally aligns long-term interests of shareholders and the management team To bring top expertise in risk management Based on existing shares, not options => predictable for both beneficiaries and investors, has no embedded leverage The value of incentive is determined by: (1) financial performance, (2) share price performance, (3) accrued dividends The program term is 5 years, in line with the strategy; vesting in years 3, 4, 5 in three equal tranches Every tranche is dependent on achieving KPIs, which are linked to F&C income growth and relevant regulation 70 key employees might earn up to 18 mln shares, which make up 0.8% of MOEX's Market Cap MICEX-Finance holds 22 mln treasury shares => no new issuance, no dilution required MOSCOW EXCHANGE 12#13☑ 1 Business overview 2 Corporate governance and dividends ☑ Market position and competitive strategy 4 Financial track record 5 3Q 2020 update MOSCOW EXCHANGE 13#14MOEX product offering vs other exchanges Traded asset classes & service offerings Post-trade Exchange Country Equity Bonds Derivatives Repo FX Cmdty Listing Market Data Clearing Depository HKEX Hong Kong Deutsche Boerse Germany √√ ✓ √√ ICE&NYSE USA √√ V √√ B3 Brazil LSE UK √√ √√ V SGX Singapore √√ ✓ JPX Japan √√ MOEX Russia BME Spain √√ South JSE √√ √√ Africa x х × > × √√ √√ √√ ✓ X √√ √√ X V V √√ √√ X v √√ ✓ presence ✓ ✓ strong business × absence ☑ MOSCOW EXCHANGE Source: exchanges' websites × > × 14#15Country 123456786 Spain Leading positions in a global context in 6M2020 2rd largest exchange in fixed income¹ Rank Exchange BME 7th largest exchange in derivatives² Trading vol. (USD bln) Incl. REPOS Contracts traded Rank Exchange Country (min) 2,758 ✓ Moscow Exchange Russia 1,684 Johannesburg SE S. Africa 1,102 Korea Exchange Korea 870 x Shanghai SE China 659 x 12345 60 NSE India India 3,733 CME Group USA 2,783 B3 Brazil 2,642 CBOE USA 1,292 ICE&NYSE USA 1,195 Shenzhen SE China 474 x Nasdaq - US USA 1,181 Tel-Aviv SE Israel 157 7 × Moscow Exchange Russia 1,103 LSE Group UK 131 × 9 10 Taipei Exchange Taiwan 128 89 Korea Exchange Korea 1,077 Deutsche Boerse Germany 1,055 Santiago SE Chile 118 Dalian Commodity 10 China 933 Exchange Among top 25 exchanges by equity trading volumes globally³ 14th largest publicly listed exchange by Mkt Cap4 Rank Exchange Country 1 Nasdaq - US USA 14,646 Mkt Cap Securities Trading vol. (USD bln) listed (USD bln) 3,156 Mkt Cap Rank Exchange Country (USD bln) 12,163 1 CME USA 58.3 2 HKEX 2 CBOE USA na na 10,204 Hong Kong 54.0 3 ICE&NYSE USA 50.1 3 Shenzhen SE China 3,917 2,249 7,652 4 LSE Group UK 36.4 4 Shanghai SE China 5,265 1,644 4,942 5 Deutsche Boerse Germany 34.5 6 B3 Brazil 20.8 5 Japan Exchange Japan 5,664 3,714 3,113 7 Nasdaq OMX USA 19.6 16 Korea Exchange Korea 1,409 2,283 1,850 8 Japan Exchange Japan 12.4 7 HKEX Hong Kong 4,890 2,487 1,369 9 ASX Australia 11.4 8 Euronext EU 4,286 1,462 1,371 10 CBOE USA 10.2 11 Euronext EU 7.0 9 LSE Group UK 3,230 2,355 1,172 12 SGX Singapore 6.4 13 TMX Group Canada 5.6 23 Moscow Exchange Russia 637 215 170 14 Moscow Exchange Russia 3.6 1. ☑ MOSCOW 2. Sources: Moscow Exchange, WFE as of 09 July 2020, Bloomberg, LSE Group Due to different methodologies applied, data on fixed income trading may not be directly comparable among exchanges. Data for 6M2020 Data for 6M2020 EXCHANGE 3. 4. Top equity trading exchanges are ranked by EOB trading volume. Data for 6M2020 Market capitalization of public exchanges based on Bloomberg data as of 30 June 2020 15#16High and increasing market share versus OTC trading Share on the local market 90% 79% 78% 80%-84%- 100 Equities Market 54% 2012 2016 2017 2018 2019 11M'20 100 X% 60% 51% 49% 44% 64% Derivatives Market¹ 2012 2016 2017 2018 2019 11M'20 100 Fixed Income 90% 90% 90% 90% 90% 90% Market +36 p.p. 2012 2016 2017 2018 2019 11M'20 100 53% 55% 53% 44% 47% FX Market 26% +21 p.p. 2012 2016 2017 2018 2019 11M'20 100 Money Market² X% 79% 81% 83% 82% 84% ☑ MOSCOW EXCHANGE 1 2012 2016 2017 2018 2019 11M'20 Source: Moscow Exchange data, Bank of Russia Data before the launch of obligatory reporting to repository are unavailable 16 2 Repo trading volumes only. Data before the launch of obligatory reporting to repository are unavailable#17☑ Strategy 2024: mission, areas of responsibility and areas of development Market Gateway Core Markets Penetration Balance Sheet Management Financial Platform Culture of Trust and Responsibility 3 2 Mission We bring trust, efficiency and innovation to the financial markets, helping companies and citizens achieve tomorrow's goals areas of development areas of responsibility 1 mission MOSCOW EXCHANGE 17#18Key drivers of F&C Income growth through 2024 ())) Macro GDP growth Inflation Foreign trade turnover Core Markets Penetration Primary market development (capital raising by companies, incl. SMEs) Development of Derivatives Market and Standardized OTC Derivatives Expansion of trading hours and the product line Market data Financial • Platform Registrar of financial transactions Transit 2.0 Balance Sheet Management Market • Gateway • Corporate Marketplace OTC services Financial products Marketplace Investment Marketplace ☑ MOSCOW EXCHANGE 1 CAGR 2018-2024 Effect on CAGR¹ +3-4% +3-4% +3-4% in aggregate ~10% per annum in total 18#19NTPro acquisition profile What is the structure of the deal? ■ Phased acquisition of up to 100% of BierbaumPro AG, a parent company owning 100% of NTProgress; ■ NTProgress is BierbaumPro's main asset; ■ NTProgress runs and develops the proprietary OTC FX trading platform called NTPro; ■ MOEX acquired a 25% stake. Further consolidation depends on NTPro's performance; Russian FX market SPOT volumes migrate to OTC 72% 2017 28% 2019 82% 18% ■ The entire deal might take up to 3 years. The final price is also conditional. Deal rationale ADTV: USD 20 bln ADTV: USD 23 bln MOEX OTC ■ Since its launch in 2016, NTProgress has become one of the leading platforms on the Russian electronic OTC FX market ■ NTProgress has a client base of more than 30 banks, presence in Moscow & London, capability to service global clients ■ The platform offers solutions for liquidity aggregation, matching and algo execution across multiple FX instruments ■ NTPro's SPOT-only ADTV in 2019 reached USD 4.5bln, exceeding MOEX's USD 4.1bln ▪ The deal fits MOEX Group Strategy 2024, addresses new trends and challenges on global and Russian FX market ■ Global exchange peers such as Deutsche Boerse, BATS, Euronext, etc made similar acquisitions ■ NTPro has potential synergies with MOEX in post-trade and risk management ☑ MOSCOW EXCHANGE Source: Bank of Russia, exchanges' and FX platforms' web-sites 19#20Reported international funds' holdings of Russian equities 85.6 83.3 79.7 79.3 80.3 79.8 75.4 70.6 70.6 68.4 71.5 68.9 66.7 World USD bln 50.2 2013 2015 2017 1Q'18 2Q'18 3Q'18 4Q'18 '1Q'19 2Q'19 3Q'19 4Q'19'1Q'20 2Q'20 3Q'20 North America % UK % 54% 53% 52% 49% Europe without UK % 33% 22% 21% 22% 27% 21% 23% 24% 24% 41% 20% 2013 2015 2018 2019 3Q'20 2013 2015 2018 2019 3Q'20 2013 2015 2018 2019 3Q'20 ☑ MOSCOW EXCHANGE - - share in total holdings Source: ThomsonONE - as of period end, including DRs on Russian shares 20 20#21Global products and international investors MOEX offers global products to Russian investors ... Russian investors FX Market Derivatives Market Equities Market Global Products Trading links to non-RUB FX liquidity pools ✓ New currency pairs on FX market: TRY/RUB, JPY/RUB, USD/CHF, USD/CNY, USD/KZT, USD/TRY, GBP/USD, USD/JPY ✓ Major global benchmarks: Brent oil (ICE benchmark), Light Sweet Crude Oil (CME), gold (LBMA Gold Price), non- ferrous metals (LME) ... and Russian products to international investors FX Market Derivatives Market SMA ICM Onboarding of international HFT clients FX Fixing instruments for international participants Adherence to FX Global Code Morning trading session (1Q2021) SMA ICM Onboarding of international HFT clients Russian-law and Foreign-law ETFs on global benchmarks (e.g. S&P 500) Top global stocks International investors Morning trading session (1Q2021) Equities Market SMA Onboarding of international HFT clients Opening and closing auctions Evening trading session Launch of ICM: clearing membership for international banks ☑ MOSCOW EXCHANGE 21 21#22☑ Diversification opportunities: foreign securities on MOEX Foreign equities ADTV in the Equity Market, RUB mln The share of foreign equities in the Equity Market's ADTV 1 Value held in custody at NSD, RUB bln (e-o-p) ADTV in the Money Market (repo), RUB mln Number of foreign equity issues held in custody at NSD 1.2% 1,688 2,063 0.6% 0.6% 0.5% 1,117 1,501 536 407 457 507 346 -29% 538 383 4 18 August September October November 2020 2020 2020 2020 August September October November 2020 2020 2020 2020 2018 2019 10M2020 +175% 1,055 Eurobonds ADTV², RUB mln +54% 528 344 2018 2019 MOSCOW EXCHANGE Russian-law & Foreign-law ETFs on global benchmarks 24 ETFs on global benchmarks 17 ETFs on global equity benchmarks ADTV, RUB mln Net Asset Value (NAV), RUB bln +51% 24 Russian-law & Foreign-law ETFs on global benchmarks 798 11M2020 +391% +221% 17 Equity 491 43.3 +103% +57% Fixed income, 7 Money market, Mixed strategies 100 64 2018 2019 13.5 6.7 11M2020 2018 2019 11M2020 1 - EOB and Negotiated deals modes. Excluding trading volumes of Russian-law and Foreign-law ETFs 2 - EOB and Negotiated deals modes Source: Moscow Exchange 22#23Local institutional investors: the potential of pension funds Pension assets in Russia Non-state pension funds asset allocation dynamics¹ RUB trn +6% +10% +20% +4% +9% +3% +1% 6.4 6.2 15% 15% 14% 22% 29% 37% 47% 49% 5.6 5.7 5.3 1.4 1.5 4.8 1.2 1.3 1.1 3.8 4.0 1.0 69% 51% 63% 76% 77% 79% 0.8 0.9 1.7 2.1 2.5 2.9 2.9 46% 2.6 37% 36% 1.1 1.1 1.9 1.9 2.1 2.0 1.9 1.8 1.9 2.0 16% 15% 17% 2019 3Q 2020 2013 2014 2015 2016 2017 2018 State Pension Fund. Mandatory savings Non-state pension funds. Mandatory savings Non-state pension funds. Reserves Key highlights of the pension reform ■ Bank of Russia became a regulator of the pension system in 2013 ■ Adopted changes in non-state pension fund regulation: "One year non-loss" rule was abolished Investment horizon of NPFS was extended to 5 years Customers are now incentivized to stay with the fund for not less than 5 years Guarantee fund mechanism (similar to the Deposit Insurance Agency in the banking system) New allocations to NPFs remained under moratorium until 2019, which reduced growth potential and left room for organic growth only 15% 2013 2014 2015 2016 2017 2018 20% 9% 8% 7% 2019 3Q 2020 Deposits and other assets Bonds Equities Source: Bank of Russia Including NPFs Mandatory savings and NPFs Reserves ☑ MOSCOW EXCHANGE 1 23 23#24Local retail investors: ongoing growth Dynamics of retail investment Value of retail ownership in the Securities Market 1, RUB trn Number of unique retail clients, mln 5.4 Retail ownership via brokerage accounts (excl. IIAs) 7% 24% 12% +25% +60% 3.9 4.0 3.2 +72% 2.0 2.0 1.3 1.2 2017 2018 2019 6M2020 57% Russian stocks - 24% Cash -12% Bonds (all types) - 57% Other - 7% Source: NAUFOR surveys, Moscow Exchange data & calculations. Data as of period end Source: NAUFOR FY2019 survey, Moscow Exchange calculations Declining interest rates and cross-selling by banks via online channels (~70% of new clients) drive retail investments. ■ The value of retail ownership in securities is equivalent to USD ~58 bln, or ~13% of retail deposits at banks as of 6M2020 ■ Retail holdings in equities are just ~2.3%² of the Russian equity market capitalisation ... but in 2019-2020 local retail inflows helped to absorb international investor outflows => Albeit small on the broader market scale, retail investors help to stabilize the market and make its structure healthier ■ Additionally, we estimate that local institutions supported by retail money own 4-5x more Russian equities than direct retail ■ Continuous conversion from deposits into brokerage and AM products will further increase the role of local players ☑ MOSCOW 1 EXCHANGE 2 Including: (1) brokerage IIAS, (2) AM IIAS, (3) AM managed accounts and (4) brokerage accounts Moscow Exchange estimates 24#25Retail money: aiming to grow the culture of investing 16% 22% 26% Unique retail clients as % of population² Russians hold majority of savings in banks and cash¹ 13% 11% 8% 10.6% 47% 28% 13% 60% 53% 37% 56% 41% 51% 6% Russians hold RUB 33 trn with banks RUB 6 trn in cash ...vs RUB 49 trn of the Russian equity market's market cap 5.6% 67% 32% 21% 59% 25% 47% 41% 33% 1.7% 25% 1.4% 19% 14% 15% 0.8% 0.4% USA Others Securities UK Germany Italy Brazil Mexico Insurance and pensions China India Russia China Russia India Turkey Brazil Indonesia Cash Bank deposits Number of unique retail clients mln New retail clients thousand +109% +19% +10% 8.1 +97% +49% +7% +7% 0.9 0.9 1.0 1.1 1.3 3.9 2.0 +39% +48% +22% 4 307 +179% +179% 1 960 +71% 702 59 72 106 147 252 2013 2014 2015 2016 2017 2018 2019 11M 2013 2014 2015 2016 2017 2018 2019 11M ☑ MOSCOW 2020 2020 Sources: World Bank, Allianz, CBR, Moscow Exchange EXCHANGE 25 1 As of the end of 2018, Russia - 2019 2 Russia - 11M2020, Turkey 2018, Indonesia, Brazil - 2019, China - as of 2019 beginning#26The start of evening trading session on the Equities Market Average Daily Trading Volume (ADTV) RUB bln Share of evening session in total trading volumes on Equities Market Breakdown by client type 5% 7% 0% 6% 7% 5% 5% 4% +239% 5.5 5.1 4.3 3.3 2.9 8% 8% 9.7 9.8 21% 67% Retail investors Non-residents Dealers Institutional Asset Managers Jun 2020 Jul 2020 Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020 (MTD)1 ■ On June 22, the 25 most liquid stocks from the MOEX Russia Index were admitted to after-hours trading ■ On August 3, all stocks from MOEX Russia Index were admitted to after-hours equity trading ■ On August 24, foreign shares were added to after-hours ■ On September 21, MAIL, QIWI, POGR and RSTI were admitted to evening trading session ■ On November 9, all ETFs and 3 Russian-law ETFs were admitted to evening trading session ■ Record high share of retail investors has traded during the after-hours session, in line with the Exchange's expectations ☑ MOSCOW EXCHANGE 1 - incl. Russian-law and Foreign-law ETFs, 01.12.2020 16.12.2020 Source: Moscow Exchange 26#27Retail clients: a growing segment of the Russian financial market Number of active retail client accounts Equities Market +29% 2013-Nov2020: x23.1 times +106% +74% +46% +242% 1,341,415 Derivatives Market 2013-Nov2020: x3.2 times +40% +15% +20% +3% +60% 89,554 63,931 55,476 392,163 28,068 44,860 46,285 FX Market¹ 2013-Nov2020: x729 times +344% 652,302 +142% +138% +68% ~17 times 109,538 190,235 57,946 74,911 чн нн Dec Dec Dec Dec Dec Nov 2013 2015 2017 2018 2019 2020 нн Dec Dec Dec Dec Dec Nov 2013 2015 2017 2018 2019 2020 Regulatory changes stimulating retail participation in financial market: ■ Introduction of individual investment accounts for private investors since 2015 146,789 60,651 895 15,159 25,461 15,159 Dec Dec Dec Dec Dec Nov 2013 2015 2017 2018 2019 2020 ■ Tax exemption on capital gains on securities held for 3+ years (up to RUB 9 mln for securities purchased after 1 Jan 2014) ■ Tax breaks on coupon payment on corporate bonds (for bonds issued after 2017) ■ Retail investors are allowed to remotely open a brokerage account. This simplifies the process for retail investors in Russia's far-flung regions ☑ MOSCOW EXCHANGE 1 DMA clients 27#28Individual Investment Accounts (IIA) in detail Individual Investment Accounts (IIA) Cumulative, accounts IIA owners by age +175% +97% +98% 1.6 mln +238% 3.2 mln 597 ths 301 ths 89 ths 2015 2017 2018 2019 November 2020 ☐ Assets held on IIA RUB bln IIA managed accounts IIA brokerage accounts 35% 26% 21% 18% 25-35 years 35-45 >45 years 18-25 years years More than half of IIAS is opened by people aged 25-45 Top regions by the number of IIA are Moscow (11%), Moscow region (6%) and St. Petersburg (5%) More than 75% of IIA are opened in other regions of Russia 286 32% 198 33% 98 68% 51 34% 67% -27% 66% 73% 4Q2017 4Q2018 ☑ EXCHANGE MOSCOW 4Q2019 | 3Q2020 Source: Moscow Exchange, Bank of Russia 3Q2020 data Structure of assets on IIA 22% 25% 30% 23% Government bonds, cash & deposits Mutual funds & other Equities Corporate bonds 28#29☑ MOEX Marketplace: Finuslugi* online platform инуслуги https://finuslugi.ru/ Deposits Insurance Loans Investment products Trial launch (Sep'20) Added in Nov'20 Unsecured loans OFZ-N Commercial launch (Oct'20) ✓ 6 banks connected via API (Dec'20) 16 insurance co's (Dec'20) Other types Other types OSAGO ** Long-term deposits Short-term deposits KASKO *** Other types Customer journey stages & corresponding solutions provided by MOEX (1) Websites of financial services aggregators work as rebroadcasting interfaces. Marketplace integration with aggregators' websites. (2) Client registration with logging via gosuslugi.ru (online state services portal with 100+mln users). Marketplace login interface. (3) One-time physical identification offline with a courier, then KYC stage. Pending legislation on biometric identification. (4) Deposit contract request and confirmation with e-signatures. Marketplace personal account interface. (5) Money transfer to the deposit account using NSD's and CBR's frameworks (FPS). NSD's payment system. (6) Deposit opening confirmation with a notice of FTR record stored at NSD and covered by the DIA. NSD's FTR functionality. (7) A client uses the marketplace as an internet bank to manage deposits (additions, withdrawals, etc.) in real-time. * Russian name "инуслуги" translates as Financial services ** Compulsory motor insurance act MOSCOW *** Comprehensive coverage insurance act EXCHANGE Abbreviations: - FTR Financial Transactions Registrar at NSD FPS CBR's Faster Payments System DIA State Deposit Insurance Agency 29#30Bond market - why we are strong believers Growth of outstanding local bonds Local bonds vs Eurobonds of Russian corporates¹ RUB trn Regional Government Share of GDP Corporate RUB trn 22% 22% RUB bonds 20% 18% Eurobonds 17% 15% 23.7 19.1 19.5 20.0 18.2 17.7 16.0 13% 13% 14% 0.7 12% 12% 20.5 19.4 0.7 0.7 56% 60% 61% 68% 9.3 55% 11.1 17.7 58% 13.6 0.6 7.2 7.9 8.7 11.8 0.6 9.7 0.5 5.5 7.1 53% 5.0 6.2 6.2 8.1 0.5 7.0 4.7 5.4 52% 0.4 0.4 5.0 0.3 3.9 51% 13.6 52% 3.5 11.4 11.9 53% 0.4 3.1 2.9 9.2 42% 44% 45% 40% 39% 32% 2.2 8.1 6.6 47% 2.5 3.0 3.6 4.3 5.3 47% 49% 48% 48% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Corporate loans vs corporate bonds in Russia Bond primary market trading volume RUB trn RUB trn CBR bonds 8.6 67.6 68.0 67.5 Loans (incl. foreign debt) Overnight bonds Corporate bonds 7.0 (incl. eurobonds) 6.1 5.9 5.4 41.3 73% 71% 70% 29.2 3.5 79% 2.6 2.1 81% 1.6 27% 29% 30% 19% 21% 2009 2012 2015 2018 2019 2009 2012 2015 2018 2019 ☑ MOSCOW EXCHANGE Sources: Bank of Russia, Cbonds, Rosstat, Moscow Exchange 30 1 Including banks and financial institutions#31Trend of local placements continued Capital raisings on MOEX Lukoil Company X5 Retail Group Interrao Raven Property 2018 Total Date January 2018 February 2018 Transaction type SPO Transaction value, RUB bln 10.0 Listing March 2018 SPO 4.3 October 2018 Listing 14.3 Norilsk Nickel' March 2019 SPO 36.3 LSR Group (dual) April 2019 SPO 5.8 Polyus (dual) April 2019 SPO 25.5 NLMK June 2019 SPO 25.6 Gazprom July 2019 SPO 139.1 PIK October 2019 SPO 4.8 TCS Group October 2019 Listing Credit Bank of Moscow November 2019 SPO 14.7 Detsky Mir November 2019 SPO 15.9 Gazprom 2019 Total November 2019 SPO 187.7 455.4 Etalon February 2020 Listing Detsky Mir June 2020 SPO 11.0 Yandex (dual) June 2020 SPO 27.9 Petropavlovsk June 2020 Listing Mail.ru July 2020 Listing Detsky Mir September 2020 SPO 20.7 HeadHunter September 2020 Listing Sovcomflot October 2020 IPO 42.9 Aeroflot October 2020 SPO 80.0 Globaltrans October 2020 Listing Samolet October 2020 IPO 2.9 MD Medical Group November 2020 Listing Ozon (dual) November 2020 ΙΡΟ O'Key Group December 2020 Listing 2020YTD Total 185.4 ☑ MOSCOW EXCHANGE 31#32■ ◉ MOEX listings of Russian companies incorporated abroad 15 Russian companies incorporated abroad have obtained a secondary listing on Moscow Exchange Listing on MOEX has substantially increased their total liquidity; MOEX's share in trading volumes is growing POLY, YNDX, FIVE, TCS, MAIL, HHRU were included in the MOEX Russia Index ■ Polymetal and Yandex stocks & depositary receipts of X5 Retail Group and Mail.ru were added to the MSCI Russia Index ■ These companies' share in total Equities Market volumes approached 20% in 3Q'20 following the inclusion of Yandex in MSCI Russia MOEX share in Average Daily Trading Volumes (ADTV) An immediate boost to newcomers Polymetal Yandex Petropavlovsk- listing on 25 Jun ADTV, USD mln 41% LSE ADTV, USD mln Nasdaq ADTV, USD mln LSE 31% 54% 51% 56% MOEX 54% 53% 23% 34% MOEX 20% 13% 6% MOEX 2% 12% 2% 4% 32.0 11.1 9.5 9.1 13.3 146.1 15.0 22.6 126.4 91.7 11.0 11.5 11.7 3.5 9.2 0.6 10.0 1.4 10.4 3.2 71.8 44.8 8/1.6 64.7 6.7 2.5 3.8 1.0 -5.3- 13.0 2016 2017 2018 2019 11M2020 2016 2017 2018 2019 11M2020 3.9 May Jun Jul 4.1 2.8 Aug Sep Oct Nov 2020 2020 2020 2020 2020 2020 2020 X5 Retail Group 53% TCS Group ADTV, USD mln 36% 30% ADTV, USD mln LSE LSE MOEX MOEX 8.4 45% Mail.ru - listing on 2 Jul 40% ADTV, USD mln LSE MOEX 51% 60% 57% 65% 69% 12.3 8.8 17.8 5.9 15.6 6.6 6.1 9.7 7.8 40.5 9.7 9.6 14.3 20.4 14.4 5.8 7.2 5.3 2.3 -2.4- 3.6 -0.4- 1.1 2.2 1.6 2016 2017 2018 2019 11M2020 2016 2017 2018 2019 11M2020 Jun Jul Aug Sep Oct Nov 2020 2020 2020 2020 2020 2020 ☑ MOSCOW EXCHANGE Source: Bloomberg as of 04.12.2020 for LSE on-book and Nasdaq volumes, Moscow Exchange data incl. evening trading session 32#33Corporates on the FX and Money Markets Launched in 2017 Direct access to the FX Market 46 corporates +59% +71% Key features Unified sales channel 7.2 +108% 4.2 2.0 ADTV, RUB bin 1.3 2017 since 2018 2019 11M 2020 launch Deposits with the CCP for corporates Launched in 2017 +37% Wide range of treasury products Unbundled trading, clearing and settlement services Share of corporates as % of all MOEX's clients 26% 134 corporates +16% +3.7x 293.3 24.6 214.5 0.1 83.2 GCC (REPO - Deposits of the Federal Treasury) 184.6 76.8 76.6 GCC (REPO Deposits) Share of deposits 37% 49.7 GCC (REPO - REPO) 185.4 22.2 137.6 ADTV, 108.0 in total volume of GCC REPO RUB bln 27.5 2017 since 2018 2019 11M 2020 launch ☑ MOSCOW Source: Moscow Exchange EXCHANGE 33 33#34☑ MOEX OTC platforms and solutions OTC bond platform 2240 bonds (locals and Eurobonds) Integration with NSD/NCC 90 participants Plans: external reference prices, access for corporates, addition of stocks, DRs and REPO RFS (Request for Stream) Quotation System on derivatives market All instruments on derivatives market Trading in large lots in anonymous mode Plans: 50+ largest participants FX links to global liquidity pools Non-RUB FX pairs: EUR/USD, GBP/USD 58 participants, 3 liquidity providers >7000 transactions with a total value of USD 3500 mln Plans: swaps, gold, oil, new liquidity providers Standardized OTC derivatives market FX swaps, FX forwards, interest rate swaps, cross currency swaps, overnight indexed swaps, flex-options 51 participants Participants have started to trade longer maturities Plans: search for liquidity system, IRS (KetRate), OIS (Implied rate); maturity up 10 years (now up to 5) MOSCOW EXCHANGE Data on the number of participants and volumes of transactions are as of Mar'19 34#35Unified Collateral Pool: a strategic project completed Timeline and latest developments Completed Dec '17: phase Single account Unified collateral Netting of settlements Completed May '18: phase 2 Cross-margining bridge for spot and derivatives Completed Aug '18: 1st tariff hike for UCP participants +3% for CCP repo +10% for FX swaps Completed Nov' 18: 2nd tariff hike on top of the 1st one +3% for CCP repo +10% for FX swaps +10% for all derivatives ■ The UCP take-up continued to grow, accounting for 32.7% of total trading F&C in 3Q'20 compared to 26.3% in 3Q'19. UCP accounts represent ~45% of fees and volumes in the Derivatives Market, the cornerstone market of the UCP. ■ On 1 November 2018 a universal tariff hike took place as scheduled. The UCP-linked tariff revision is now complete. ■ New tariffs will incentivize market participants to use UCP capabilities more actively and speed up onboarding. Number of market participants with UCP accounts (as per end of period) 53 55 55 56 56 55 50 43 36 28 7.9 3.8 Share of F&C from UCP accounts in total trading F&C, % 32.7 26.3 27.6 29.0 30.0 24.4 20.6 18.0 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 ☑ MOSCOW EXCHANGE Source: Moscow Exchange 35#36☑ 1 Business overview 2 Corporate governance and dividends 3 Market position and competitive strategy ☑ Financial track record 5 3Q 2020 update MOSCOW EXCHANGE 36#37MOEX business model continues to deliver Operating income¹ RUB bln - MICEX Index, % 350% CAGR of ~17% in 2006-2019 300% 250% Rebased to 100% 200% 43.2 150% 43.6 38.5 39.9 46.0 100% 24.6 30.4 21.5 16.9 11.2 11.1 50% 8.0 9.4 5.7 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Key highlights Unique business model allows MOEX to increase operating income regardless of the stage of the economic cycle: Business lines are diversified, while markets have limited growth correlation ■ Growth drivers differ across markets and products 16% 10% Fee & commission income evolution¹ 6% 10% 8% 6% 8% 8% 7% 8% 18% 17% 18% 20% 18% 19% 22% IT Services + 8% Other fee income 19% 18% 20% 19% 20% Depository and Settlement 22% 18% 17% 14% FX 24% 8% 18% 20% 27% 21% 24% 27% 27% Money Market 22% 11% 12% 11% 11% Derivatives 42% 8% 10% 9% 10% 27% 23% 20% 18% 18% 19% 19% 21% Listing: 3% Bonds: 10% Equities: 9% 2011 2012 2013 2014 2015 2016 2017 2018 2019 Equities, Bonds, Listing Derivatives FX Depository and Settlement Money Market IT Services and Other fee income² According to Moscow Exchange Consolidated Financial Statements for the relevant period RTS data is consolidated from 29 June 2011 IT Services and Other fee income includes Information services, Sale of software and technical services and Other fee income ☑ MOSCOW EXCHANGE 1 2 37 37#382019 summary of financials Operating income RUB bln Fee and commission income¹ Interest and finance income² +7% X% CAGR '14-19 Operating expenses (excluding provisions) RUB bln Remaining administrative expenses³ Personnel expenses D&A and IT maintenance Cost-to-income ratio 34.9% 36.2% 35.7% 34.1% 24.5% 28.1% +8% 46.0 43.6 43.2 38.5 39.9 30.4 39% 61% 54% 40% 45% 47% +8% +7% 14.5 15.4 12.3 13.4 10.4 11.3 53% 39% 46% 55% 60% 61% 2.9 3.0 3.1 3.2 3.4 3.4 5.4 5.8 5.9 6.2 6.5 7.1 2.1 2.5 3.3 4.1 4.5 4.9 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 EBITDA and EBITDA margin Net income RUB bln Adjusted EBITDA margin 72.0% Adjustments4 Reported EBITDA 71.1% 79.4% 77.1% 72.8% 71.9% 27.4% 18.8% +8% +7% +9% +7% 36.5 33.6 28.7 31.1 27.9 28.1 25.2 21.6 1.0 2.4 20.8 22.1 20.3 16.0 1.0 1.9 RUB bln Adjustments5 Reported net income 21.4% Adjusted ROE 16.8% 17.1% 17.5% 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 Source: Moscow Exchange 1 Includes Other operating income 2 ☑ MOSCOW 3 EXCHANGE Includes Interest and other finance income, Interest expense, Net gain on financial assets AFS/FVTOCI and Foreign exchange gains less losses Remaining administrative expenses are calculated as General and administrative expenses less Depreciation of property and equipment, Amortisation of intangible assets and Equipment and intangible assets maintenance 38 4 5 Adjustments are related to 1) IFRS 9 movement in allowance for ECLS and 2) one-off provisions in FY 2018 and FY 2019 Adjustments are related to 1) IFRS 9 movement in allowance for ECLS, 2) change in amortization schedules and 3) one-off provisions in FY 2018 and FY 2019#39Fee & commission income: strong and sustainable growth Fee and commission income (F&C) RUB bln F&C income for 2019 increased 10.7% YoY CAGR '15-19 X% Cost (excl. D&A & provisions) to F&C ratio F&C growth was delivered in a cost efficient way +10.2% +10.7% 53.3% 26.2 23.6 21.2 19.8 17.8 50.3% 49.4% 47.0% 45.4% 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 ☑ MOSCOW EXCHANGE Source: Moscow Exchange 39#40Interest and finance income Interest and finance income¹ Investment portfolio sources³ RUB bln Mosprime², % ― Libor², % 13.0 Effective yield, % RUB bln MOEX's own funds 8.8 10.7 9.2 7.4 7.4 2.4 2.6 2.3 2.4' 2.2 2.0 0.1 0.1 14.3 X% CAGR '14-19 Client funds +1.8% 0.4 +3.2% 1.0 1.8 2.1 700 +4.1% 7% 28.1 1,149 5% +14.2% 905 8% 749 765 670 11% 11% 12% 23.7 95% 17.3 16.1 16.7 92% 93% 89% 89% 88% 2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019 Client funds by currency 23% 2019 4% 12% 62% Investment portfolio by type of asset 2019 Other 6% 14% EUR 2% USD RUB 11% 68% REPO FX deposits and curr. accounts FX securities RUB deposits and curr.accounts RUB securities ☑ MOSCOW 1 EXCHANGE 2 Source: NFEA, Bloomberg, Moscow Exchange operational information and Consolidated Financial Statements Includes Interest and other finance income, Interest expense, Net gain on financial assets AFS/FVTOCI and Foreign exchange gains less losses Average daily rate for the period 3 Based on average daily investment portfolio sources for the period according to management accounts 40 40#41CAPEX and OPEX: 2019-2020 Capital expenditures RUB bln 5.4% Capex % of operating income 8.2% 5.0% 5.0% 5.1% 2.6% +42% -46% +219% 3.6 2.5 0.8 +4% +9% 2.2 1.9 2.0 2014 2015 2016 2017 2018 2019 Operating expenses (excluding provisions) RUB bln CPI inflation 4.3% 2.5% 3.0% 11.4% 12.9% 5.4% +8% +10% +7% +9% +9% 14.5 13.4 12.3 11.3 15.4 10.4 2014 2015 2016 2017 2018 2019 ☑ MOSCOW Source: Moscow Exchange, gks.ru EXCHANGE ■CAPEX was RUB 2.2 bln, which is at the middle of our guidance range of RUB 2.0-2.5 bln for 2019. ■ In 2020, the updated CAPEX guidance range is RUB 2.6-2.8 bln. ■ The 2020 split between maintenance and development CAPEX is expected to be roughly equal (46% maintenance / 54% development). ■ Top-5 projects account for 24% of CAPEX, with the Marketplace consuming RUB 0.4 bln. ■ The actual growth of OPEX in 2019 was 6.8%, below the floor of the revised guidance range of 8-10%. ■ Net of pass-through grain costs, the 2019 OPEX growth was 8.0% YoY. ■The main driver of OPEX growth in 2019 was personnel expense, which increased 9.2% on the back of a 4.7% headcount growth. ■ The 2020 OPEX growth guidance range is 7.5-8.5%. It's viable to achieve positive operating jaws between F&C and OPEX in 2020. 41#421 Business overview 2 Corporate governance and dividends 3 Market position and competitive strategy 4 Financial track record ☑ 3Q 2020 update ☑ MOSCOW EXCHANGE 42 42#433Q 2020 summary of financials Operating income¹ RUB bln Fee and commission income Interest and finance income Operating expenses (excl. other operating expenses) RUB bln D&A and IT maintenance Cost-to-income ratio Remaining administrative expenses² Personnel expenses 35.4% 36.2% 34.4% 30.7% 37.3% +6.0% -6.0% 12.0 12.0 10.7 11.2 11.3 +11.8% +2.0% 33% 33% 26% 36% 40% 4.0 4.1 4.2 3.8 3.7 0.8 1.0 0.7 0.9 0.8 60% 64% 67% 67% 74% 1.8 1.8 1.8 2.1 2.2 1.2 1.3 1.2 1.2 1.2 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 EBITDA and EBITDA margin Net income RUB bln Adjusted EBITDA margin Adjustments³ RUB bln Adjusted ROE Reported EBITDA = PBT + D&A 76.0% Adjustments³ Reported net income 19.8% 19.3% 18.1% 17.7% 17.4% 72.5% 72.2% 72.4% 70.2% 7.7 0.1 +1.8% +2.6% -8.9% 8.1 9.1 0.9 8.7 6.6 6.3 7.9 5.5 5.7 0.7 0.1 0.1 -11.1% 5.6 0.0 3Q 2019 -0.1 4Q 2019 1Q 2020 -0.6 2Q 2020 3Q 2020 -0.1 -0.5 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 Source: Moscow Exchange ☑ MOSCOW 1 EXCHANGE 2 3 Includes Other operating income, Interest and other finance income, Interest expense, Net gain on financial assets FVTOCI and Foreign exchange gains less losses Includes Remaining administrative expenses are calculated as General and administrative expenses less D&A and Equipment and intangible assets maintenance 43 Adjustments are related to 1) IFRS 9 movement in allowance for ECLS and 2) one-off provisions' accrual/release#44☑ Diversified fee and commission income Fee & commission income performance, RUB bln Fee & commission income breakdown RUB bln RUB bln 3Q 2019 3Q 2020 Change YoY, bln Change YOY, % +30.0% 8.32 Fixed Income Market 7% Money Market 1.65 2.28 0.63 38.0% IT Services, Listing and Other Fee Income 11% 6.40 Depository and Settlement 1.30 1.63 0.33 (ITSLOFI) Derivatives Market Equities Market 25.6% 11% 8% FX Market Depository and Settlement 10% 11% Money Market FX Market 0.93 1.05 0.12 12.6% 12% 13% 9% Equities Market 0.60 0.96 0.35 58.0% 15% 20% Derivatives Market 0.77 0.91 0.14 17.5% 20% IT Services, Listing and Other Fee Income (ITSLOFI) ¹ 1 0.63 0.90 0.27 42.0% 27% 26% Fixed Income Market 0.50 0.59 0.09 18.1% MOSCOW EXCHANGE 3Q 2019 3Q 2020 Source: Moscow Exchange 1 "IT Services, Listing and Other Fee Income (ITSLOFI)" includes Information services, Sale of software and technical services, Listing and other service fees and Other fee income 44#4527% 3Q 2020 Money Market Trading volumes Trading volumes of repo with CCP MosPrime rate¹, % Repo with the CBR RUB trn RUB trn, % Deposit and credit Single-security repo with CCP operations Inter-dealer repo GCC repo Repo with the Federal Treasury 7.3 6.7 6.2 5.6 4.4 +27.7% → Share of repo with CCP in total 'interdealer' repo (including GCC repo) Repo with CCP trading volumes, RUB trin 111.8 102.7 95.2 95.2 87.6 11% 9% 20% 15% 9% 5% 8% 3% 17% 10% 0% 10% 9% 8% -0% 1% 1% 58% 56% 57% 59% 58% 17% 3Q 2019 13% 4Q 2019 30% 84% 88% 90% 73% 76% 62% 259.4 256.1 231.5 230.9 176.2 66.7 25.0 3.7 14% 17% 19% 1Q 2020 2Q 2020 3Q 2020 2013 2014 2015 2016 2017 2018 2019 9M'20 Fee & commission income RUB mln +38.0% 2,279 2,033 1,652 1,768 1,722 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 ☑ MOSCOW EXCHANGE 1 Source: Moscow Exchange, NFA Overnight rate, average for the period Comments F&C income grew 38.0% YoY. Trading volumes increased 27.7% YoY. ■ The discrepancy between the YoY dynamics of F&C income and volumes was due to: [1] higher shares of CCP and GCC repo in total volumes, [2] an expansion of average repo terms, [3] greater open interest, i.e. the position. Total CCP repo volumes (both single-security and GCC) grew 34.0% YoY with corporate bond repos contributing the most to this growth. The share of CCP repo in total 'interdealer' repo stood at 90% for 9M'20. 45#463Q 2020 27% Money Market: recent trends Money Market ADTV RUB bln High share of CCP repo Deposit and credit operations Single-security repo with CCP volume, % GCC repo with CCP Single-security repo with CCP Interdealer repo GCC repo with CCP Interdealer repo Repo with the CBR Repo with the Federal Treasury 20% 16% 18% 20% 22% +29.6% 1,683 1,720 1,487 1,586 9% 11% 89% 1,327 15% 8% 9% 20% 9% -8% -3% 67% 71% 72% 70% 67% 17% 10% 10% 58% 58% 59% 56% 57% 17% 13% 14% 17% 19% 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 12% 13% 11% 10% 11% 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 RUB bln Stable to growing open interest supports F&C income Average repo term dynamics days Overall on-exchange repo GCC repo (incl. deposits with CCP) 5 000 3Q'19 3.8 3Q'19 3.6 4 500 4 000 4Q'19 3.8 4Q'19 4.6 3 500 3 000 1Q'20 4.4 1Q'20 3.1 2 500 2 000 2Q'20 4.2 2Q'20 4.6 1 500 1 000 3Q'20 4.6 3Q'20 4.5 500 +20% +26% ☑ MOSCOW EXCHANGE Source: Moscow Exchange 0 Jan-19 ■Interdealer repo Single-security repo with CCP GCC repo with CCP Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 46 46#47Depository and Settlement Services 3Q 2020 20% Assets on deposit (average for the period) RUB trn Other OFZ Equities Corporate and regional bonds +12.1% Fee & commission income breakdown 3Q 2020 Collateral management services 4.7% 3% Clearing 9.0% 8% Book-entry transfers 8.3% 22% Safekeeping Depository transactions and clearing services Services for issuers Settlement and cash services 53.8 48.0 50.6 51.3 51.4 14% 14% 16% 16% 15% 43% 41% 40% 39% 43% 18% 17% 18% 19% 20% Other 25% 26% 27% 26% 25% 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 67% Fee & commission income RUB mln +25.6% 1,634 1,426 1,474 1,301 1,394 4Q 2019 1Q 2020 2Q 2020 3Q 2020 3Q 2019 ☑ MOSCOW EXCHANGE Source: Moscow Exchange Comments F&C income added 25.6% YoY; average assets on deposit increased by 12.1% YoY. The YoY growth in assets on deposit was registered across all asset classes: federal government bonds were up 25.4% YoY, corporate and regional bonds were up 12.4% YoY, equities were up 4.0% YoY. F&C income growth compared to 3Q'19 was driven mainly by safekeeping, depository transactions and clearing services. The discrepancy between growth rates of F&C income and assets on deposit is the result of business lines beyond safekeeping, primarily clearing and collateral management services. 47#48FX Market 3Q 2020 13% Trading volumes Spot trading volumes → Volatility USD/RUB,%¹ Spot Swap RUB trn RUB trn 9.0 +22.0% 2.0 1.3 3.5 2.9 Swap trading volumes RUB trn -3.3% 63.8 61.7 22.7 +2.4% 18.6 82.4 80.9 84.4 70.0 75.2 23% 22% 30% 27% 28% 77% 78% 70% 72% 73% 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 3Q 2019 3Q 2020 3Q 2019 3Q 2020 Fee & commission income RUB mln +12.6% 1,070 1,013 1,050 933 858 Comments Fee income increased by 12.6% YoY while volumes stood virtually flat, adding just 2.4% YoY. Spot volumes were up 22.0% YoY due to still elevated volatility and, consequently, continuous demand for CCP services in such conditions. Swap and forward volumes declined by 3.3% YoY. Retail clients' share of trading on the spot market reached 13% as opposed to 7% in 3Q'19. Total trading volumes of corporates increased 17% YoY to reach RUB 386 bln in 3Q'20. 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 USD/RUB spot trading volumes grew 31.6% YoY, being the largest contributor to the growth on the spot market among FX pairs. MOEX's 3Q'20 market share vs onshore OTC reached 47%. The number of active clients exceeded 462,000² - up 5x YoY with retail accounting for more than 99%. - SDBP (speed bump) trading mode volumes exceeded USD 2.7 bln. ☑ MOSCOW EXCHANGE Source: Moscow Exchange, CBR 1 2 Calculated as daily standard deviation for the period divided by the average value for the period As of 30.09.2020 48#493Q 2020 11% Equities Market Trading volumes¹ Increasing popularity of Individual Investment Accounts Individual Investment Accounts, thousands, end-of-period RUB trn Equities XX% Velocity² MOEX Index (average for the period) 32%) 56%) 47% 29%) 51%) +148.8% 2,896 2,877 2,917 2,740 2,677 2,939 +63.0% 2,414 6.3 2,060 5.5 5.4 1,650 3.9 3.3 1,181 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 Fee & commission income RUB mln 704 605 +58.0% 1,117 976 956 " 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 Comments Equity trading volumes and F&C income grew 63.0% YoY and 58.0% YoY, respectively. Insignificant discrepancy between F&C income and trading volume dynamics was due to the tariff structure that provides fee incentives for higher volume traded. Despite the QoQ decrease by 4 pp, velocity of trading volumes remained elevated compared to 3Q'19. All IMOEX constituents as well as foreign stocks are now admitted to the evening trading session, bringing the number of available instruments to 62 vs 25 at launch. 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 Evening trading now amounts to 6-7% of daily volumes. ☑ MOSCOW EXCHANGE Source: Moscow Exchange, WFE MOEX's market share vs LSE in trading of dual-listed stocks was at a record high of 78% in 9M'20 (up from 68% in 9M'19). 49 1 Volumes of both primary and secondary markets 2 Velocity is calculated as annualized trading volumes for the period divided by the average market capitalization#5011% 3Q 2020 Derivatives Market Trading volumes RUB trn Volatility index (RVI) Currencies Interest rates Equities Commodities Indices 40 44 32 21 20 +32.5% 33.6 31.9 27.2 24.1 27% 18% 20.4 25% 37% 32% 43% 55% 44% 36% 37% 4% 3% 3% -5% -5% 27% 22% 26% 28% 24% 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 Fee & commission income RUB mln +17.5% 1,099 910 774 781 834 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 ☑ MOSCOW EXCHANGE Source: Moscow Exchange Open interest RUB bln +3.1% 701 657 646 626 515 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 Comments F&C grew 17.5% YoY, trading volumes increased by 32.5% YoY. Trading volumes of FX derivatives doubled YoY, largely contributing to the volumes' growth. ■ Index derivatives' volumes added 44.7% YoY, while volumes of equity derivatives decreased by 25.3% YoY. Trading volumes of commodity contracts shrank by 35.8% YoY. The effective fee was down YoY due to: [1] a shift in the mix towards less profitable FX and index derivatives (79% in 3Q'20 vs 58% in 3Q'19), [2] lower share of options. 50#5111% 3Q 2020 ☑ IT Services, Listing and Other Fee Income (ITSLOFI) IT Services, Listing and Other Fee Income¹ (ITSLOFI) RUB mln Other fee and commission income Listing and other fees related to Securities Market Information services Sale of software and technical services Comments ☐ ◉ ◉ Listing and other fees related to the Securities Market increased by 34.2% YoY as clients paid extra fees for accelerated placements. Sales of information services rose by 38.7% YoY, mainly due to the RUB weakening and proceeds from information audit. Sales of software and technical services grew 21.1% YoY, supported by software commissioning at KASE. Other fee and commission income was up more than 2x YoY explained by introduction of the additional fee on EUR balances. The additional fee for recording individual clearing collateral on EUR balances is 0.2% on top of the ECB rate, effective 1 January 2020. +42.0% 955 901 852 804 30% 17% 6% ☐ 25% 635 30% 23% 11% 16% 21% 24% 27% 33% 34% 26% 34% 38% 31% 25% 23% 27% 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 MOSCOW EXCHANGE Source: Moscow Exchange 1 Includes Other fee and commission income 51#527% 3Q 2020 ☑ Fixed Income Market Trading volumes¹ Primary market (excluding overnight bonds) RUB trn Primary market (excl. overnight bonds) Secondary market RUB trn Government and CBR bonds (OFZ, OBR) Corporate, municipal and other bonds (excluding ON bonds) +23.3% +92.0% 6.8 6.3 6.3 3.7 5.6 3.6 4.6 2.9 3.1 55% 47% 48% 63% 64% 41% 1.9 73% 84% 76% 57% 59% 45% 53% 52% 37% 36% 43% 24% 27% 16% 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 Fee & commission income RUB mln +18.1% 762 707 655 591 500 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 MOSCOW EXCHANGE Source: Moscow Exchange 1 Trading volumes on the Fixed Income Market include placements ◉ ■ Comments Fee income expanded 18.1% YoY on the back of a 23.3% increase in trading volumes (excl. overnight bonds). Primary placements were up 92.0% YoY (excl. overnight bonds) due to a low base effect and a record-high OFZ/OBR volumes of placements that amounted to 84% of primary market's activity. Secondary trading volumes decreased by 23.9% YoY on the back of high supply of OFZS in the primary market. Secondary trading of OFZ was down 25.3% YoY, other bonds declined 21.0% YoY. The effective fee dynamics was affected by a lower fraction of corporate placements and a higher fraction of short-term OBRS in the primary market, plus an increase in negotiated trading mode on the secondary market. 52#53Interest and finance income in 3Q'20 Interest and finance income¹ Investment portfolio sources³ → Mosprime², % Libor (USD)², % Effective yield, % RUB bln RUB bln MOEX's own funds Client funds Net gains/losses on FVTOCI Core NII -2.2% 7.3 -19.7% 6.7 4.4 6.2 5.6 938 2.2 2.1 2.1 1.7 1.6 10% 771 777 756 754 2.2 1.6 11% 11% 1.2 13% 12% 0.1 0.1 -29.8% -26.2% 90% 4.2 4.1 4.0 4.0 89% 89% 87% 88% 0.7 3.0 0.4 0.7 0.2 0.0 3.5 3.7 3.3 3.8 2.9 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 Client funds by currency 3Q 2019 11% 4% 24% 61% 50% 3Q 2020 4% 13% Investment portfolio by type of asset Other EUR USD 34% RUB 15% 3Q 2020 6% 11% 15% FX deposits and curr. accounts FX securities RUB securities 53% RUB deposits 1 ☑ MOSCOW EXCHANGE 2 Source: NFA, Bloomberg, Moscow Exchange Interest and other finance income, Interest expense, Net gain on financial assets at fair value through other comprehensive income and Foreign exchange gains less losses Average daily rate for the period 3 Based on average daily investment portfolio sources for the period according to management accounts and current accounts REPO 53#54Operating expenses in 3Q'20 (excl. provisions) Operating expenses RUB mln Major expense items General and administrative expenses RUB mln Personnel expenses 3Q 2019 3Q 2020 Change YOY Personnel expenses 1776.0 2174.1 22.4% +11.8% +2.0% 4,049 4,138 4,223 D&A and IT maintenance 1183.1 1238.0 4.6% 3,776 3,678 49% 49% 53% 56% 51% Remaining administrative expenses¹ 816.7 810.5 -0.8% Total OPEX 3775.8 4222.6 11.8% 47% 51% 51% 44% 49% Cost / Income Ratio 35.4% 37.3% +1.9 p.p. 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 Headcount +10.2% +5.3% 1,792 1,791 1,813 1,875 1,975 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 ☑ MOSCOW EXCHANGE Comments ☐ OPEX for 3Q'20 added 11.8% YoY, largely due to the growth in personnel expenses. Personnel expenses growth of 22.4% YoY decomposes into: [1] 11.9 p.p. extra bonus accruals for 9M'20 stemming from KPIs, [2] 4.5 p.p. Marketplace-related hires, [3] 4.4 p.p. net LTIP effect, [4] 1.6 p.p. other factors. D&A and IT maintenance added 4.6% YoY, mainly explained by 11.2% YoY increase in amortization of intangible assets. ■ CAPEX for 3Q'20 was RUB 0.80 bln and RUB 2.25 bln for 9M'20. Updated FY'20 OPEX growth guidance: 7.5-8.5% (from 7.0-8.5%). Updated FY'20 CAPEX guidance: RUB 2.6-2.8 bln (from 2.3-2.7 bln) 54 Source: Moscow Exchange 1 Remaining administrative expenses are calculated as General and administrative expenses less Depreciation of property and equipment, Amortisation of intangible assets, Equipment and intangible assets maintenance#55☑ MOSCOW EXCHANGE Appendix 55#56Dual listed stocks virtual index spread dynamics Analysis provided by Liquid Metrix MOEX vs LSE market share (MICEX Virtual Index¹) Average Bid-ask spread 50k EUR deal (b.p.2) LSE MOEX 22% 31% 37% 45% 44% 42% 42% Bid - ask spread 1 Contract 3.9 (b.p.) 78% 69% 63% 55% 56% 58% 58% Bid -ask spread 50k EUR deal (b.p.) 13.5 2014 2015 2016 2017 2018 2019 11M'20 2018 9.4 22.1 3.0 2019 7.7 16.2 10.0 MOEX LSE MOEX LSE Moscow Exchange is the liquidity center for Russian securities with ~70% market share in total trading volumes ◉ Aggregated spreads for most liquid dual listed stocks are substantially lower in Moscow implying lower all-in trading costs Spreads measure the bid to offer spread of the best visible orders in the book, the result is based on measurements of the order books every 30 seconds MICEX Virtual Index - index calculated based on prices and EOB data of the most liquid Russian dual listed stocks. Data since December 2015 Data as of 08 December 2020 ☑ MOSCOW 1. EXCHANGE 2. include trading auctions on MOEX. Data for March-April 2018, January-November 2020 are based on Bloomberg data for LSE, data for other periods were provided by Liquidmetrix. Dara for MOEX includes evening trading session. The value of the spread is quoted in basis points (0.01%) Source: Liquid Metrix 56#57Blue Chips bid-ask spread dynamics for 50k EUR deal (1) Analysis provided by Liquid Metrix Market share¹ 2019 11M2020 Average Bid-ask spread 50k EUR deal (b.p.2) 2019 11M2020 14.2 29% 24% 9.6 7.3 Gazprom 6.5 71% 76% 13.9 22% 20% 9.1 9.4 Sberbank 4.9 78% 80% 7.5 9.7 31% 42% 6.0 6.5 Lukoil 58% 69% 13.6 28% 11.2 38% 8.9 8.4 Norilsk Nickel 62% 72% 15% 52.9 25% 73.1 Magnit 75% 19.4 85% 21.3 MOEX LSE MOEX LSE Bid-ask spreads for majority of the Russian "Blue Chips" are substantially lower on Moscow Exchange than on other trading venues ☑ MOSCOW Data as of 08 December 2020 1 EXCHANGE 2 Data since December 2015 include trading auctions on MOEX The value of the spread is quoted in basis points (0.01%) Source: Liquid Metrix, Bloomberg, Moscow Exchange Spreads of Lukoil, Norilsk Nickel as of 3M2020 44 57#58Blue Chips bid-ask spread dynamics for 50k EUR deal (2) Analysis provided by Liquid Metrix Market share¹ 2019 11M2020 Average Bid-ask spread 50k EUR deal (b.p.2) 2019 120.2 11M2020 176.5 10% 5% VTB 25.8 90% 95% 29.6 38% 25% 17.9 14.2 Tatneft 62% 75% 14.8 18.8 16.1 30.2 21% 35% 10.6 Rosneft 15.8 65% 79% 17.9 27.0 26.1 14.6 Novatek 44% 40% 56% 60% 16% 11% 33.4 51.1 Surgutneftegas 17.7 20.0 84% 89% MOEX LSE MOEX LSE Bid-ask spreads for majority of the Russian "Blue Chips" are substantially lower on Moscow Exchange than on other trading venues ☑ MOSCOW Data as of 08 December 2020 EXCHANGE 1 2 Data since December 2015 include trading auctions on MOEX The value of the spread is quoted in basis points (0.01%) Source: Liquid Metrix, Bloomberg, Moscow Exchange Spreads of Tatneft as of 3M2020 58#59Depositary DR program Dividend Fee², DR holders pay substantial EXTRA FEES to depository banks Fees to be paid to depositary bank for some of DR programs of Russian companies Depository Service DSF + Dividend DRs cancellatio Fee as % bank Fee¹ (DSF), ns fee, USD per of dividend USD per DR DR amount³ DR VTB Bank Surgutneftegaz BNY Mellon 0,020 0,004 70% 0,05 USD per Gross DSF and dividend fees calculated for Top-3 international funds holding DRs of Russian companies4 BNY Mellon 0,020 0,011 35% Fund A 0,05 1,806,750 USD Fund B 735,181 USD FSK YEES BNY Mellon 0,010 0,008 27% 0,05 Fund C 555,932 USD TMK BNY Mellon 0,020 0,019 25% 0,05 RusHydro BNY Mellon 0,005 0,007 21% 0,05 Rosseti BNY Mellon 0,020 0,020 16% 0,05 Cost of cancellation of all DRs in portfolios to local shares for Top-3 funds Phosagro Citi 0,020 0,020 11% 0,05 Severstal Deutsche Bank 0,040 10% Fund A 0,05 4,249,087 USD Fund B 1,926,423 USD Megafon BNY Mellon 0,030 0,020 9% 0,05 Fund C 1,001,931 USD Rostelekom JPM 0,010 0,020 7% 0,05 NLMK Deutsche Bank 0,020 5% 0,05 Norilsk Nickel BNY Mellon 0,010 0,020 4% 0,05 Rosneft JPM 0,008 3% 0,05 Sberbank JPM 0,008 0,020 3% 0,05 Magnit JPM 0,008 2% 0,05 Tatneft BNY Mellon 0,020 0,020 2% 0,05 A depository service fee and a dividend fee are to be paid by a DR holder to the depositary bank while there are no such fees for holders of local shares Majority of DRs cancellations are also charged 0.05 USD per DR Novatek BNY Mellon 0,010 0,020 1% 0,05 Gazprom BNY Mellon 0,020 1% 0,05 Lukoil Average City 0,020 0% 0,05 0.015 0.013 13% 0.05 1 ☑ MOSCOW 2 EXCHANGE Service fees are charged annually, on an arbitrary date. Calculated based on number of DRS in a client's account on the record date Dividend fees are charged when dividends are paid 3 As % of dividend amount after tax 4 Calculations based on Thomson One data as of June 2020 Source: BNY Mellon, Deutsche Bank, JP Morgan, Citi, Thomson One. Data as of 14.08.2020 59#60Dividend payments for DR holders FX rate determination for dividends FX rates for conversion of dividends are determined in a non-transparent manner According to information from notices for DR holders³: Custodian DR issuer has no obligation to obtain the "best price" for any FX Trade Local Shares DR Issuer Record date LSR Group 12-May-20 Payable date 26-May-20 70.8 FX rate¹ Payable FX rate² Diff. date 2-Jun-20 71.9 1.5% Acron 9-Jun-20 24-Jun-20 69.4 6-Jul-20 70.4 1.3% The conversion rate reflects a foreign currency transaction ("FX executed by the Custodian principal counterparty and not as agent, fiduciary or broker MMK 17-Jun-20 7-Jul-20 70.8 14-Jul-20 71.7 1.3% Trade") - DR issuer as Rosseti 15-Jun-20 6-Jul-20 71.2 13-Jul-20 71.9 0.9% Rosneft 15-Jun-20 3-Jul-20 71.1 14-Jul-20 71.7 0.9% Tatneft 30-Dec-19 24-Jan-20 61.8 31-Jan-20 62.2 0.6% PhosAgro 6-Jul-20 24-Jul-20 71.7 31-Jul-20 72.0 0.4% DR holders received their dividends one week later compared to holders of the ordinary shares | Payable date for ordinary shares in RUB Date of notice and determination of FX rate for RUB to USD conversion 4 5 ☑ MOSCOW EXCHANGE 1 Source: BNY Mellon, Deutsche Bank, JP Morgan, Citi, Moscow Exchange. Data as of 14.08.2020 Average weighted USD/RUB FX rate at Moscow Exchange 2 FX rate for dividends conversion 3 Publicly available information on the Custodian - DR issuer web site 7 Days Λ i Payable date for DR in USD 60#61Consolidated Statement of Profit or Loss RUB min 2019 2018 % chg. Fee and commission income 26,181.4 23,647.1 11% Interest and finance income¹ Other operating income 16,713.0 335.1 16,061.0 4% 193.3 73% Operating Income 43,229.5 39,901.4 8% General and administrative expenses -8,321.4 -7,941.4 5% Personnel expenses -7,113.9 -6,512.3 9% Operating Expense (before Other operating -15,435.3 -14,453.7 7% expenses) Operating Profit Before Tax (before Other 27,794.2 25,447.7 9% operating expenses) Other operating expenses -2,614.8 -1,075.2 143% Income tax expense -4,978.8 -4,652.2 7% 20,200.6 19,720.3 2% Net Profit Earnings per share Basic earnings per share, rubles Diluted earnings per share, rubles ☑ MOSCOW EXCHANGE 1 8.96 8.76 2% 8.96 8.74 3% Source: Moscow Exchange, Consolidated Interim Financial Statements Interest and other finance income, Interest expense, Net loss on financial assets available-for-sale, Foreign exchange gains less losses 19 61#62Consolidated Statement of Financial Position RUB min 31 December 2019 31 December 2018 % chg. Assets: Cash and cash equivalents 466,098.8 416,391.2 12% Central counterparty financial assets 3,262,670.6 3,312,020.2 -1% Financial assets¹ 253,538.2 310,481.1 -18% Property and equipment and intangible assets 22,435.6 23,578.2 -5% Goodwill 15,971.4 15,971.4 0% Other assets² 7,879.8 Total Assets 4,028,594.4 4,142.4 4,082,584.5 90% -1% RUB min 31 December 2019 31 December 2018 % chg. Liabilities: Balances of market participants Overnight bank loans Derivative financial liabilities 565,922.6 606,479.8 -7% 49,229.1 5,003.1 884% 32.8 104.2 -69% Central counterparty financial liabilities 3,262,670.6 3,312,020.2 -1% Distributions payable to holders of securities 11,714.1 24,676.0 -53% Other liabilities³ -18% Total Liabilities 7,167.0 3,896,742.0 8,696.6 3,956,979.9 -2% Total Equity Total Liabilities and Equity 131,852.4 4,028,594.4 125,604.6 5% 4,082,584.5 -1% Source: Moscow Exchange, Consolidated Financial Statements ☑ MOSCOW 1 EXCHANGE Financial assets at fair value through profit or loss, Due from financial institutions, Investments available-for-sale, Financial assets at fair value through other comprehensive income 2 Current tax prepayments, Deferred tax asset, Other assets 3 Margin account, Deferred tax liability, Current tax payables, Other liabilities excluding Derivative financial liabilities 62 62#63☑ 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. 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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 63