Fixed Income Market Presentation

1 ☑ MOSCOW EXCHANGE 2 3 Growth opportunities across all markets Equity market capitalisation to GDP¹ 2014 Corporate debt to GDP2 2014 151% 141% 114% 92% 76% 58% 38% 32% France Equity market velocity³ 2014 353% 224% Japan Shenzhen SE Shanghai SE NASDAQ OMX Japan Exchange NYSE Deutsche Borse BM&FBovespa LSE Hong Kong Exchanges NSE India Moscow Exchange Johannesburg SE Singapore Exchange Russia Comments USA 129% Japan 114% 69% Germany 53% 42% 26% 19% 164% 123% 85% 80% 72% 64% 48% 46% 40% 35% 27% ■ Russian capital and derivatives markets have potential both on supply and demand points of view: Relatively low share of equity and debt market capitalisation to GDP Developed markets Source: Moscow Exchange, WFE, IMF, Rosstat, SCIB, BIS Emerging markets Data for 2014. Market capitalisation for the USA is the sum of NASDAQ and NYSE market capitalisations, for China - the sum of Shanghai and Shenzhen market capitalisations, for India - BSE market capitalisation, for Brazil - BM&FBovespa market capitalisation, for Russia - Moscow Exchange market capitalisation, for France - NYSE Euronext Europe market capitalisation, for UK - LSE market capitalisation (including Borsa Italiana market capitalisation), GDP - IMF forecast Corporate debt data - BIS statistics of debt securities amount outstanding as of June 2014, Russia GDP estimate for 2014 - SCIB, other countries - IMF data NASDAQ OMX including Nordic markets 17 Brazil China Russia

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