Fixed Income Market Presentation

☑ Strategy 2015-2020: background, vision and mission Key initiatives set in the strategy 2012-2015 have been successfully implemented: ◉ Central Securities Depository (CSD) ◉ CCP functions across all markets ◉ T+ settlement cycle ■ DMA across all markets ◉ ICSDS access to local infrastructure ■ USD/RUB futures emergence as flagship derivative contract Critical regulatory reforms (CSD and CCP laws, individual investment accounts introduction, "non-loss" rule elimination for non-state pension funds, revival of pension savings) VISION Become global financial center for capital formation, price discovery, settlement, risk and capital management across all types of Russian financial assets Develop efficient and transparent financial infrastructure offering diversified, competitive and integrated services MOSCOW EXCHANGE MISSION Support economic growth and restructuring of the local economy by: extending capital raising opportunities to issuers and facilitating a client-friendly, safe and transparent environment for local and international investors 14

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