Fixed Income Market Presentation

☑ 6% Fixed Income Market: rejuvenation of primary market Trading volumes¹ RUB trin Sovereign bonds Primary market returns Sovereign bonds Corporate, municipal and other bonds -4% Corporate, municipal and other bonds +126% +85% 5.0 4.8 +18% 1.3 1.2 42% 36% 3.3 1% 24% 2.7 2.3 2.3 27% 2.1 0.6 0.7 40% 0.6 39% 46% 32% 17% 58% 64% 76% 0.4 0.2 99% 14% 34% 73% 17% 15% 61% 54% 68% 60% 86% 83% 66% 83% 85% 1H2014 1H2015 2Q2014 3Q2014 Fee & commission income RUB mln 4Q2014 1Q2015 2Q2015 1H2014 1H2015 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 Comments +13% 519 458 +22% 362 296 242 214 223 1H2014 1H2015 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 MOSCOW EXCHANGE ■Robust growth in primary corporate bond placements (+47% YoY) and sovereign bond placements (+279% YoY) led to fee & commission income growth of 22% ■ MOEX migrated to T+1 settlement cycle for OFZS, which helped to reduce market participants' funding costs and increase liquidity of OFZ trading through order book. ■ Mechanism for block trading of OFZS was introduced: market participants can see only their own orders, which minimizes impact on market price Source: Moscow Exchange operational information and Consolidated Financial Statements 1 Trading volumes on fixed income market include placements 28

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