1Q 2018 Business Overview

Fixed Income Market 1Q 2018 11% Trading volumes¹ Primary market RUB trn Government and CBR bonds (OFZ, OBR) Corporate, municipal and other bonds RUB trn Overnight bonds Government and CBR bonds (OFZ, OBR) +54.1% Total +66.8% Corporate, municipal and other bonds (excl. overnight) Excl. overnight bonds 7.9 +263.8% 7.1 7.4 4.9 6.5 4.4 2.6 4.2 5.1 34% 35% 49% 3.8 2.3 33% 46% 2.9 48% 32% 31% 65% 70% 72% 1.3 1.3 75% 17% 67% 66% 65% 39% 0.7 35% 49% 51% 69% 68% 12% 15% 35% 54% 13% 65% 23% 15% 15% 51% 28% 46% 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 Fee & commission income RUB mln +96.2% 669 622 502 495 317 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 ☑ MOSCOW EXCHANGE 1 Comments ■ " Trading volumes were up by 54.1%. F&C rose 96.2% on the back of strong growth in placements. Primary placements grew 3.6x YoY (excl. overnight bonds). Placements of government bonds expanded 4.9x YoY. Source: Moscow Exchange operational information and Consolidated Financial Statements Trading volumes on the Fixed Income Market include placements 43

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