Investor Presentaiton

☑ Certain growing interest from foreign investors, while domestic investor base remains the core Equities Market RUB trin Trading volumes +18% Volume breakdown by investor types 2014 2015 2013 2014 +35% -38% 4% 3% +4% 10.3 11% 11% 8.7 1.3 10% 35% 7% 33% 0.9 0.7 0.7 0.7 0.8 40% 46% +26% Derivatives Market +26% +21% 1% +3% 2% 61.3 15% 6% 48.6 RUB trin 4.0 4.1 5.3 6.6 5.2 6.3 46% 45% 38% 47% -31% Fixed -6% -32% -23% 9% 8% 14% 10% 2% 3% 15.3 Income 18% 10.6 1.0 1.0 19% 0.8 0.8 0.7 0.7 Market 63% 54% RUB trin +46% +11% -4% +8% 10% FX Market RUB trin 228.5 1% 156.0 12% 13.2 14.3 17.7 19.6 23.0 22.0 Money Market1 RUB trln MOSCOW EXCHANGE +11% +15% +10% -20% 234.7 261.6 20.0 16.0 17.7 20.3 20.1 22.2 90% 87% 1% 1% 11% 15% 4% 4% 85% 2013 2014 Jan Feb Mar Russian funds Source: Moscow Exchange data Russian retail investors 1 Trading volumes including REPO with collateral management. Investor structure based on on-exchange trading volumes only Foreign investors 80% Russian banks and brokers prop. trading Russian corporates 22

View entire presentation