1Q 2018 Business Overview

MOEX business model continues to deliver Operating income¹ RUB bln - MICEX Index, % Rebased to 100% 250% 200% 150% CAGR of ~19% in 2006-2017 46.0 43.6 38.5 100% 30.4 24.6 21.5 16.9 50% 11.2 8.0 9.4 11.1 5.7 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Key highlights Unique business model allows MOEX to increase operating income regardless of the stage of the economic cycle: Fee & commission income evolution¹ Equities+ Derivatives FX Money Market Depository & Settlement IT Services 3 Bonds 2 6% 10% 8% 6% 8% 8% 7% IT Services 18% ■ Business lines are diversified, while markets I have limited growth correlation 17% 18% 20% 19% 18% 20% Depository & settlement 10% 18% 20% Money 21% 24% 16% 22% 27% Market ■ Growth drivers differ across markets and products 8% 18% 19% 22% 24% 22% 18% FX 11% 12% 11% 42% 8% 10% 9% Derivatives Listing: 2% 27% 23% 20% 18% 18% 19% Bonds: 8% Equities: 9% 2011 2012 2013 2014 2015 2016 2017 ☑ MOSCOW EXCHANGE 1 According to Moscow Exchange Consolidated Financial Statements for the relevant period RTS data is consolidated from 29 June 2011 32 2 Includes Listing and other service fees related to the Securities Market 3 IT Services includes Information services, Sale of software and technical services and Other fee income

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