Investor Presentaiton

☑ Retail money: aiming to grow equity culture Retail investors bank deposits¹ USD bln 6 602 1 523 I • 470 311 225 190 163 161 China Korea Russia Brazil Mexico Indonesia Malaysia Turkey Share of population with accounts opened for securities trading % Share of all retail clients accounts Share of active retail clients accounts 10.0 8.1 1.4 0.6 0.3 0.7 0.2 0.2 0.04 Comments ■ As Russian securities market passed through several periods of turbulence, individuals preferred conservative bank deposits or real estate over securities market ■ Due to young equity culture, there is a limited number of "buy and hold" investor type among individuals, while interest from short-term speculative investors is relatively strong ■ Recent regulatory changes: ✓ Tax breaks on capital gains on securities held for more than 3 years (up to RUB 9 mln for securities purchased after 1 Jan 2014) Introduction of individual investment accounts for private investors since 2015 These initiatives are set to attract individuals to securities market Korea China Turkey, Russia Brazil Malaysia Mexico Indonesia Russia MOSCOW EXCHANGE Source: EIU, World Bank, IMF, central banks of Korea, Turkey, Mexico, Indonesia, National Bureau of Statistics of China, Allianz, SZSE Factbook, CBR, Moscow Exchange 1. Korea, Turkey, Mexico, Indonesia - data for August 2014, Russia as of 1.09.2014, Brazil - 2013, China - 2012, Malaysia - 2011 18

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