1Q 2018 Business Overview

Operating expenses Operating expenses RUB mln Administrative and other operating expenses Personnel expenses +7.5% Major expense items RUB mln Personnel expenses 1Q 2017 1Q 2018 Change YOY 1,602.2 1,707.1 6.5% -2.8% D&A and IT maintenance 997.7 1,114.9 11.7% 3,630 3,528 3,281 3,214 3,306 D&A & IT maintenance adjusted for change in amortization schedule 997.7 1,033.8 3.6% 56% 52% 51% Remaining administrative expenses¹ 681.5 705.9 3.6% 54% 55% Total OPEX 3,281.4 3,527.9 7.5% Adjusted total OPEX 3,281.4 3,446.8 5.0% 49% 46% 45% 44% 48% Cost (ex D&A) / fee income 52.6% 48.8% -3.8 p.p. 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 Headcount +2.2% +0.2% 1,629 1,643 1,649 1,662 1,665 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 ☑ MOSCOW EXCHANGE Source: Moscow Exchange, Consolidated Financial Statements 1 Comments " ☐ ☐ OPEX for the quarter was RUB 3.53 bln, up 7.5% YoY. Administrative and other operating expenses were up 8.4% YoY to RUB 1.82 bln, of which RUB 839.8 mln was depreciation and amortization expense. OPEX excluding D&A expenses up only 4.7% YoY to RUB 2.69 bln. Continued growth of D&A charge was a result of changes to the amortization schedule of particular intangible assets. Personnel expenses rose by 6.5% YoY to RUB 1.71 bln. Remaining administrative expenses are calculated as Administrative expenses less Depreciation of property and equipment, Amortisation of intangible assets, Equipment and intangible assets maintenance 48

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