Fixed Income Market Presentation

☑ Pillar 4: Standardization - key challenge in global competition MOEX requirements, procedures and technologies have further room for alignment to evolving global standards Initiatives EMIR and CFTC compliance Simplification of access for international investors Optimization of documentary and technical interface Corporate governance standards and investor protection Global trends before 2011 ✓ Launching of the Central depository ✓ Settlement with partial pre-funding (T+) <<Group 30>> recommendations ✓ Pre-trade risk check ✓ NCC qualification as the CCP Global trends 2011+ Dodd Frank (2010) IOSCO/EMIR (2012) ✓ Repository ✓ OTC derivatives clearing ✓ Segregation and portability ✓ MOEX CCP recognition by ESMA and CFTC MOSCOW EXCHANGE 2012 2015 21

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