1Q 2018 Business Overview

☑ Competitive strategy 2015-2020: key pillars (1) Diversification Market penetration Strategy Optimization Drivers and initiatives Sophistication Equities Fixed income Derivatives Market data MOSCOW EXCHANGE Standardization Benefits from infrastructure put in place, tax and regulatory reforms (T+2, CSD and access of ICSDS, IIA) ✓ Growth of the retail investor base New listings and IPOS, repatriation of capital ✓ Further simplification of access for international investors (SMA, ICM) Aggressive growth: development of the equity market ✓ Aggressive growth: bonds to substitute bank loans as a funding tool ✓ Development of short-term and ultra short-term bonds, securitization ✓ Easier access to the bond market for corporates ✓ Growth of the retail investor base ✓ Benefits from completed reforms (shift to T+1 for OFZs, large block auctions, ICSDs) ✓ Development of an OTC platform Aggressive growth through new asset classes and tariff reform ✓ Tariff reform to increase effective fees ✓ Development of commodity derivatives ✓ Approval of CFTC registration application in order to permit access for US market participants Options market development Synergies with spot markets via a unified collateral pool OTC derivatives clearing Aggressive growth through enhancement of the product offering Growth of market data sales ✓ Improvement of data dissemination: development of a real-time and non- real time data platform ✓ Development of the corporate information center ✓ Development of the pricing center ✓ Expansion of the repository offering 16

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