Fixed Income Market Presentation

☑ Pillar 2: Market Penetration is a basis for future growth Share on equity market In total volumes on Moscow Exchange and Russian OTC market Share on bond market In total volumes on Moscow Exchange and Russian OTC market (incl. REPO with CMS by NSD) 82% 76% 98% 97% 97% 97% MOEX has significant market share across all asset classes. Further growth is expected to be primarily driven by expansion of markets, which have strong structural room for growth 64% 54% 4Q2011 4Q2012 4Q2013 4Q2014 Share on FX market In total volumes on Moscow Exchange and Russian interbank FX market 4Q2011 4Q2012 4Q2013 4Q2014 Share on derivatives market In total volumes on Moscow Exchange and CME, Wiener Börse, Turquoise, Eurex MOEX's long-term goal is to develop local institutional & individual investor base and to attract new issuers & placements 35% 27% 23% 45% 99% 97% 97% 95% 4Q2011 4Q2012 4Q2013 4Q2014 4Q2011 4Q2012 4Q2013 4Q2014 MOSCOW EXCHANGE Key priorities ✓ Increase in financial literacy of local investors ✓ Develop and promote new products driven by local investor demand in REPO, FX and derivatives ✓ Develop public debt market New listings 16

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