Fixed Income Market Presentation

Operating expenses Operating expenses RUB mln Major expense items RUB mln Administrative and other operating expenses Change 2Q2014 2Q2015 YoY Personnel expenses Personnel expenses 1 287 1 387 8% +12.2% Administrative and other operating expenses, including 1 078 1 274 18% 5,530 Amortisation of intangible assets 263 291 11% 4,928 +12.5% Professional services 107 227 112% 49% 3,219 Depreciation of property and 47% 2,869 2,661 equipment 126 142 13% 2,365 2,226 51% Rent and office maintenance 107 124 16% 49% 48% 46% 46% Taxes other than income tax 115 113 -2% 53% 51% Market maker fees 54% 49% 62 74 19% 54% 51% 52% Total 2 365 2 661 12.5% 1H2014 1H2015 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 Cost income ratio 35.0% 26.1% Headcount ☑ MOSCOW EXCHANGE -1% 1,649 1,634 June 2014 June 2015 Source: Moscow Exchange, Consolidated Financial Statements Comments ■ Cost control remained strict with operating expenses growth of 12.2% YoY in 1H2015, versus inflation of 16.0% YoY Administrative and operating expenses up 18.2% YoY driven mainly by FX linked items on the back of weaker ruble as well as higher spending on professional services Personnel costs increased 8% YoY driven mainly by higher social taxes introduced in 2015 36

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