Investor Presentaiton

☑ Moscow Exchange Group: Capturing the whole value chain International Retail Local investors Corporates institutions Pre-trading Trading CCP + settlement Collateral: - Cash Depository services Investors: retail and institutions $ + 8 Licensed professional market participants: banks and brokers Moscow Exchange: listing and electronic trading, including DMA services, market data and indexes MOEX captures the whole value chain for end- customers, offering a one-stop shop for listing, risk management, market data, multi-asset trading, clearing, settlement and custody. National Clearing Centre: CCP, risk management, collateral management, clearing, risk netting, OTC derivatives clearing MOEX is strategically positioned to benefit from the development of Russia's capital markets in the coming years - Securities ✓ ☑ National Settlement Depository: CSD, settlement and depository, safekeeping, corporate information center, corporate actions, repository ✓ Fully vertically integrated infrastructure with regulation and oversight by the Bank of Russia (CBR) ✓ Investors trade through brokers and banks, which are licensed locally and have access to MOEX markets ✓ Single-tier clearing system requires all participants to provide eligible collateral to trade any asset class, while pre-trade risk checks prevent "fat fingers"/"flash crash" problems ✓ The market is open for competition (except the CSD) since its inception, but barriers to entry are very high due to MOEX's post-trade infrastructure and on-exchange market efficiency. However, the environment is competitive, with OTC being a key source of competition MOSCOW EXCHANGE 2

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