Moscow Exchange Financial Growth Presentation

MOEX business model continues to deliver Operating income¹ RUB bln - MICEX Index, % 350% CAGR of ~17% in 2006-2019 300% 250% Rebased to 100% 200% 43.2 150% 43.6 38.5 39.9 46.0 100% 24.6 30.4 21.5 16.9 11.2 11.1 50% 8.0 9.4 5.7 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Key highlights Unique business model allows MOEX to increase operating income regardless of the stage of the economic cycle: Business lines are diversified, while markets have limited growth correlation ■ Growth drivers differ across markets and products 16% 10% Fee & commission income evolution¹ 6% 10% 8% 6% 8% 8% 7% 8% 18% 17% 18% 20% 18% 19% 22% IT Services + 8% Other fee income 19% 18% 20% 19% 20% Depository and Settlement 22% 18% 17% 14% FX 24% 8% 18% 20% 27% 21% 24% 27% 27% Money Market 22% 11% 12% 11% 11% Derivatives 42% 8% 10% 9% 10% 27% 23% 20% 18% 18% 19% 19% 21% Listing: 3% Bonds: 10% Equities: 9% 2011 2012 2013 2014 2015 2016 2017 2018 2019 Equities, Bonds, Listing Derivatives FX Depository and Settlement Money Market IT Services and Other fee income² According to Moscow Exchange Consolidated Financial Statements for the relevant period RTS data is consolidated from 29 June 2011 IT Services and Other fee income includes Information services, Sale of software and technical services and Other fee income ☑ MOSCOW EXCHANGE 1 2 37 37

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