1Q 2018 Business Overview

Blue Chips bid-ask spread dynamics for 50k EUR deal (2) Analysis provided by Liquid Metrix Market share¹ 2017 2M 2018 Average Bid-ask spread 50k EUR deal (b.p.2) 2017 2M 2018 43.8 70.3 27.6 26% 20% 25.6 VTB 74% 80% 24.2 25.7 22.9 23.6 Tatneft 52% 48% 54% 46% 17.2 18.4 Rosneft 53% 47% 53% 47% 12.1 13.5 Novatek 38% 36% 62% 64% 21.6 20.1 19.6 18.0 32.3 32.1 25.6 Surgutneftegas 37% 37% 22.3 63% 63% LSE Moscow Exchange 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 1 ☑ MOSCOW Data since December 2015 includes trading auctions on MOEX 2 EXCHANGE The value for the spread is quoted in basis points (0.01%) Source: Liquid Metrix 52 52

View entire presentation