Fixed Income Market Presentation

Domestic investors activity growth in fixed income and derivatives markets Trading volumes +18% Volume breakdown by investor types 2014 2015 2014 1H2015 -10% -3% -22% -6% -15% 3% Equities Market 11% 10.3 8.7 5.3 4.8 1.0 0.9 0.8 0.6 0.8 0.7 0.8 0.7 7% 33% 4% 9% U 9% 34% 44% RUB trln 46% Derivatives Market +26% +34% +49% +87% +83% +33% 2% 12% 61.3 34.4 6% 48.6 25.6 6.3 6.6 7.6 4.3 3.3 4.4 3.5 4.1 45% 47% 47% 40% RUB trin -4% -31% +16% +29% Fixed +29% +10% 15.3 5.0 4.8 14% 10% Income 10.6 0.8 0.9 1.1 0.9 0.7 0.8 0.9 0.9 3% 15% 13% 7% Market 19% 15% RUB trin 54% 50% +46% +22% +38% +60% +42% +27% 228.5 130.5 FX Market RUB trin 106.6 1% 156.0 1% 23% 25.7 27.9 28.8 18.6 16.7 21.2 17.5 20.2 12% 15% 87% 81% Money Market¹ RUB trin +11% +1% -8% +31% -15% -10% 234.7 261.6 1% 1% 117.3 118.7 15% 16% 23.2 21.4 19.3 16.4 17.0 22.3 22.820.4 4% 3% 80% 80% 2013 2014 1H 1H 2014 2015 Apr May Jun Jul Russian funds ☑ MOSCOW EXCHANGE 1 Source: Moscow Exchange data Trading volumes including REPO with collateral management. Investor structure based on on-exchange trading volumes only Russian retail investors Foreign investors Russian banks and brokers prop. trading Russian corporates 26

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