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11% Derivatives Market: shift in product mix Trading volumes Open interest millions of contracts Volatility index Interest rates Commodities Currencies Equities Indices millions of contracts, daily average +34% 35 23 43 32 32 32 22 +25% +92% +52% 14.0 17.1 10.4 12.9 12.9 12.9 11.3 1% 1 413 - 1% 1 134 3% -2% 475 -1%=1% 53% 340 324 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 41% 247 1% -1% 274 1% 1% 1% 64% 3% 1% 49% 27% 25% 40% 42% 1% 51% 29% 25% 31% 26% 20% 27% 20% 27% 24% 25% 21% 15% 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 Fee & commission income RUB mln +5% 1,566 1,637 +41% 504 434 357 335 364 Comments ■ Increased volatility on FX Market led to 63% YoY growth in FX derivatives trading ■ Risk balancing between FX and Derivatives Markets, a new functionality launched in July 2014, contributed to higher market activity in FX derivatives segment ■ As a result, trading volumes of FX derivatives comprised 53% of total trading volumes on Derivatives Market versus 41% in 2013 ◉ Trading volume of options grew by 43% YoY and comprised 9.4% vs 8.3% in 2014 of total derivatives trading volumes 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 ■Fee and commission income increased 5% YoY in 2014 ☑ MOSCOW EXCHANGE Source: Moscow Exchange operational information and Consolidated Financial Statements 25

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