1Q 2018 Business Overview

9% 1Q 2018 Derivatives Market Trading volumes Volatility index (RVI) Currencies RUB trn Interest rates Equities Commodities Indices 24 24 20 17 21 21 Open interest RUB bn, daily average +19.7% -7.2% 887 858 868 22.2 20.6 21.7 20.0 20.6 725 722 15% 16% 22% 25% 20% 51% 51% 49% 41% 46% 4% 4% 5% 4% 5% 30% 30% 25% 33% 24% 1Q 2018 1Q 2017 2Q 2017 3Q 2017 4Q 2017 Fee & commission income RUB mln -0.4% 539 497 481 495 495 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 ☑ MOSCOW EXCHANGE 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 Comments F&C was flat YoY, while trading volumes declined 7.2%. Trading volumes of FX derivatives declined 25.7% due to lower exchange rate volatility. ■ Trading volumes of equity and index contracts grew 35.1% and 4.6% YoY, respectively, despite the decline in volatility. ■ Trading volumes of commodity contracts were up 21.6% YoY. Options turnover increased 20.8% YoY. Shift to higher fee contracts (single equity and commodity futures, options) supported the average fee per ruble of trading volumes. Source: Moscow Exchange operational information and Consolidated Financial Statements 45

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