Investor Presentaiton

Operating expenses Operating expenses RUB mln Major expense items RUB mln Change Administrative and other operating expenses 2013 2014 YoY Personnel expenses Personnel expenses 4 827 5 395 12% +5% 9,857 10,373 Administrative and other 5 030 4 978 -1% operating expenses, including Amortisation of intangible assets 1 040 1 095 5% +11% Professional services 571 616 8% 48% 3,218 Depreciation of property and 530 493 -7% 51% 2,912 equipment 2,564 2,365 2,226 51% Rent and office maintenance 409 435 6% 56% 48% 46% 46% Taxes other than income tax 623 430 -31% 49% 52% 44% 52% 54% 49% Market maker fees 557 363 -35% 54% Total 9 857 10 373 5% Cost income ratio 40.1% 34.1% 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 Headcount development ☑ MOSCOW EXCHANGE -3% 1,692 1,636 December December 2013 (EOP) 2014 (EOP) Comments Operating expenses increased 5% YoY in 2014, two times lower than the reported inflation level ■ Administrative and other operating expenses remained under control and declined by 1% YoY due to lower spending on market makers, depreciation of property and equipment, and lower taxes other than income tax ■ Personnel costs increased 12.0% YoY driven by additional accruals for employee annual bonuses of RUB 163 mln on the back of stronger financial performance, as well as creation of unused vacation provisions of RUB 114 mln Excluding additional bonus accruals and vacation provisions, personnel expenses increased 4.4% YoY Source: Moscow Exchange operational information, Consolidated Financial Statements 32

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