1Q 2018 Business Overview

☑ Diversified investor base across different markets Trading volumes Equities Market RUB trn Volume breakdown by investor types 2013 2014 2015 2016 2017 6M'17 6M'18 2013 2017 6M'18 +18% -9% -1% -1% +20% 10% 8% 5% 4% 3% 2% 10.3 8.7 9.4 9.3 9.2 11% 10% 9% 34% 32% 35% 5.5 4.6 48% 40% 48% +23% +53% -27% Derivatives +26% Market 115.3 1% -1% 11% 9% 93.7 84.5 15% RUB trn 61.3 46% 42% 43% 48.6 42.8 42.4 38% 47% 47% Fixed Income Market RUB trn FX Market RUB trn Money Market¹ RUB trn MOSCOW EXCHANGE 1 +79% +31% +34% 9% 12% 10% -31% +5% 8% 11% 12% 26.2 2% 18% 7% 7% 15.3 14.6 15.7 17% 15% 10.6 11.2 11.7 63% 54% 56% +36% +6% +5% +46% 10% -3% 310.8 330.0 347.7 3% 2% 2% 3% 13% 12% 228.5 179.6 173.6 156.0 82% 83% 90% +10% +47% +11% 4% 7% 9% -1% 1% 3% 6% 419.8 -9% 381.2 11% 12% 10% 234.7 261.6 260.1 194.5 177.5 85% 78% 73% Source: Moscow Exchange data Trading volumes include repo with collateral management through NSD. Investor structure is based on on-exchange repo trading volumes only Local funds Local retail investors Foreign investors Local banks and brokers Local corporates 7

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