Fixed Income Market Presentation

Retail money: aiming to grow equity culture Retail investors bank deposits¹ USD bln 6 602 523 ■ 470 311 225 190 163 161 China Korea ¡Russia Brazil Mexico Indonesia Malaysia Turkey Population exposure to securities market, % Retail investors/ total population Active retail investors/total population 10.0 Comments ■ As Russian securities market passed through several periods of turbulence, individuals preferred bank deposits or real estate to securities market ■ Due to young equity culture, there is a limited number of "buy and hold" investor type among individuals, while interest from short-term speculative investors is relatively strong ■ Recent regulatory changes: Tax breaks on capital gains on securities held for more than 3 years (up to RUB 9 mln for securities purchased after 1 Jan 2014) Introduction of individual investment accounts for private investors since 2015 ■ These initiatives are set to attract individuals to securities market 8.1 1.4 0.6 0.3 I 0.7 0.2 0.2 0.04 39 700 of individual investment accounts opened as of July 2015 Korea China Turkey Russia | Brazil Malaysia Mexico Indonesia Russia Source: EIU, World Bank, IMF, central banks of Korea, Turkey, Mexico, Indonesia, National Bureau of Statistics of China, Allianz, SZSE Factbook, CBR, Moscow Exchange ☑ MOSCOW EXCHANGE 1. Korea, Turkey, Mexico, Indonesia - data for August 2014, Russia - as of 1.09.2014, Brazil - 2013, China - 2012, Malaysia - 2011 19

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