1Q 2018 Business Overview

Blue Chips bid-ask spread dynamics for 50k EUR deal (1) Market share¹ Average Bid-ask spread 50k EUR deal (b.p.2) Analysis provided by Liquid Metrix 2017 2M 2018 2017 2M 2018 8.5 9.0 10.8 8.9 42% 39% Gazprom 58% 61% 9.5 9.0 33% 33% 6.6 5.5 Sberbank 67% 67% 14.4 10.4 9.5 10.9 41% 44% Lukoil 59% 56% 18.6 17.4 14.0 13.4 Norilsk Nickel 46% 54% 49% 51% 21.4 22.7 35.6 32% Magnit 44% 23.3 56% 68% LSE Moscow Exchange MOEX LSE MOEX LSE Bid-ask spreads for majority of the Russian "Blue Chips" are substantially lower on Moscow Exchange than on other trading venues ☑ MOSCOW 1 Data since December 2015 includes trading auctions on MOEX 2 EXCHANGE The value for the spread is quoted in basis points (0.01%) Source: Liquid Metrix 51

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