Investor Presentaiton

☑ Market post-trade infrastructure Regulator ■ The Bank of Russia The Bank of Russia (Regulator) Opens nominee holder accounts Trading platform ■ Moscow Exchange Central Counterparty (CCP) ■ National Clearing Centre (NCC) Clearing platform ■ On-exchange trades - National Clearing Centre (NCC); ■ OTC trades - National Settlement Depository (NSD) Central Securities Depository (CSD) ■ National Settlement Depository (NSD) Foreign Central Securities Depositories Foreign nominee accounts Foreign Custodians ☑ NATIONAL SETTLEMENT DEPOSITORY MOSCOW EXCHANGE GROUP Issue bonds Issuers Foreign nominee Transactions are made by using nominee accounts in registrars opened by NSD Issue shares Registrars accounts Brokers Using proxy custodians If have no depository license Can also settle transactions between their clients not using NSD Infrastructure Custodians Able to open owner and nominee accounts Asset management companies Able to open asset management accounts Dealers Able to open owner accounts Foreign investors Can open beneficial owner securities accounts or transfer securities or funds to asset management companies MOSCOW EXCHANGE 15

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