1Q 2018 Business Overview

"Bondization": growing a deeper Bond Market Completed in 2017 Issuance documents constructor for exchange- traded bonds was implemented in the user account, it reduces the time for preparation of each document to 15-20 minutes ■ Bonds can now be admitted to trading without a prospectus ☐ = 60 new exchange-traded bond programs were registered in 2017 (+56% vs 2016) On-exchange bookbuilding Increase of OFZ liquidity due to market-maker programs and change in tick size (+32% trading volumes in 2017 vs 2016) Cross-product OFZ spreads Corporate loans vs corporate bonds in Russia Plans for 2018 and beyond OTC fixed income trading platform - Additional features not offered through electronic order book MiFID II favors electronic OTC platforms due to transparency The initiative takes advantage of data on ownership of more than 15,700 security issues kept by NSD ■ Increase of market liquidity: - Transactions with bonds ex-date (coupon) - Further development of exchange bookbuilding Bond primary market trading volume RUB trn Loans (incl. foreign debt) RUB trn 67.6 64.7 9.7 Overnight bonds Corporate bonds (incl. eurobonds) 48.3 5.6 73% 71% 35.5 29.2 77% 2.7 2.6 80% 2.3 81% 1.6 27% 29% 19% 20% 23% 2009 2011 2013 2015 2017 2009 2011 2013 2015 2017 ☑ MOSCOW Source: Moscow Exchange, Cbonds EXCHANGE 23

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