Fixed Income Market Presentation

22% MosPrime rate, % 1 Money Market: solid demand for on-exchange services Trading volumes RUB trln Trading volumes for REPO with CCP Deposit and credit operations REPO with CMS REPO with CCP Inter-dealer repo REPO with the CBR RUB bln 12,289 9,157 9,536 14.6 16.0 7,238 13.5 4,905 7.6 8.3 8.3 11.7 3,729 +1% +1% 117 119 81 -6% -12% 21% 60 64 9% 17% 59 60 -7% -7% 10% 27% 18% 24% 22% 18% 14% -9% 17% -8% -11% 11% 14% 19% 20% 22% 19% 16% 20% 18% 16% 42% 36% 43% 38% 34% 37% 35% 1H2014 1H2015 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 Fee & commission income RUB mln +39% +39% 1,792 1,176 988 1,292 712 767 804 1H2014 1H2015 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 1Q2014 2Q2014 Comments 3Q2014 4Q2014 1Q2015 2Q2015 ■REPO with CCP remained the fastest-growing product (up 2.5x YoY) and contributed 20% of trading volumes versus 8% year ago Average REPO maturity increased from 4.9 days to 7.3 days mainly driven by the CBR direct repo in FX. This led to higher fee income, since both deal amount and term are basis for fees ■ On the back of growth in trading of long-term instruments, recognition of fee and commission income is deferred and is made during the lifespan of these instruments since 1Q2015. In 2Q2015, the sum of current period commission deferral and amortization / partial reversal of previous deferral was RUB 44.5 mln ☑ MOSCOW EXCHANGE 1 Source: Moscow Exchange operational information and Consolidated Financial Statements Overnight rate, average for the period 30

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