Investor Presentaiton

Rebased to 100% Moscow Exchange has a proven and cycle-protected business model Operating income¹ RUB bln 200% 180% 160% 140% 120% 100% 80% MICEX Index, % CAGR of ~23% in 2006-2014 30,4 24,6 21,5 60% 16,9 40% 20% 8,0 9,4 11,2 11,1 5,7 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 Key highlights Fee & commission income evolution¹ Unique business model allows MOEX to increase operating income regardless the stage of economic cycle: 2 Equities+Bonds ■Derivatives ■ FX & MM ■Depositary & settlement Other 3 6% 10% 8% 6% 18% 17% 18% 20% ■ Business line is diversified, while markets have limited growth correlation 26% 43% +FX: 22% 35% 39% 8% ■ Growth drivers differ across markets and products MM: 21% 11% 12% 11% 42% Listings: 2% 27% 23% 20% Bonds: 7% Equities: 11% 2011 2012 2013 2014 ☑ MOSCOW EXCHANGE 1 According to Moscow Exchange Consolidated Financial Statements for the relevant period RTS data is consolidated from June 29, 2011 5 2 Include other income related to securities market in 2011-2014 3 Include income from Information services & sale of software and other fee&commission income in 2011-2014

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