1Q 2018 Business Overview

☑ On-exchange market: capturing the entire value chain. Pre-trading International Local Retail investors Corporates institutions $ ✓ MOEX captures the entire value chain for end-customers, offering a one-stop shop for listing, risk management, market data, multi-asset trading, clearing, settlement and custody. MOEX is strategically positioned to benefit from the development of Russia's capital markets in the coming years. Trading Collateral: Cash $ ☑ CCP + Clearing - Securities ☑ Settlement, Depository services ☑ MOSCOW EXCHANGE Licensed professional market participants: banks and brokers Moscow Exchange: listing and electronic trading, including DMA services, market data and indexes National Clearing Centre: CCP, risk management, collateral management, clearing, risk netting, OTC derivatives clearing 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). Single-tier clearing system requires all participants to provide eligible collateral to trade any asset class, while pre-trade risk checks forestall any "fat fingers"/"flash crash" problems. The market has always been open for competition (except the CSD), but entry barriers are very high due to MOEX's post- trade infrastructure and on-exchange market efficiency. OTC is the key source of competition. Investors trade through brokers and banks, which are licensed locally and have access to MOEX markets. Foreign investors have DMA, SMA and ICM services at their disposal. 5

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