Fixed Income Market Presentation

☑ MOEX markets Electronic access Trading Risk management Clearing Settlement and collateral Equities Bonds REPO FX market Derivatives Pillar 3: Sophistication - strengthening competitive advantage ---------- Commodities 2013 ✓ MOEX operates key infrastructure elements (exchange, CCP, CSD) and has unrealised potential for further integration of its clearing, risk- management and settlement offering ✓ Post-trade services integration will substantially increase infrastructure efficiency and attractiveness of its product offering for market participants Electronic access Trading Risk management Clearing Settlement and collateral MOSCOW EXCHANGE 2017 Key initiatives Unification of risk management system across all markets, including cross margining and risk netting Unified clearing and settlement pool Single collateral pool and new collateral management services 20 20

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