Fixed Income Market Presentation

Rebased to 100% Moscow Exchange has a proven and cycle-protected business model Operating income¹ RUB bln - MICEX Index, % CAGR of ~23% in 2006-2014 200% 180% 160% 140% 120% 100% 30,4 80% 24,6 60% 21,5 22,0 16,9 40% 20% 8,0 9,4 11,2 11,1 5,7 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 1H2015 Key highlights Fee & commission income evolution¹ Unique business model allows MOEX to increase operating income regardless the stage of economic cycle: 2 Equities+Bonds ■Derivatives ■ FX & MM Depositary & settlement Other³ 6% 10% 8% 6% 8% 18% 17% 18% 20% 21% ■ Business line is diversified, while markets have limited growth correlation 26% -FX: 23% 35% 39% ■ Growth drivers differ across markets and products 43% 8% 45% - MM: 22% 11% 12% 11% 42% 7% Listings: 3% 27% 23% 20% 19% Bonds: 6% Equities: 10% 2011 2012 2013 2014 1H2015 ☑ MOSCOW 1 According to Moscow Exchange Consolidated Financial Statements for the relevant period RTS data is consolidated from June 29, 2011 EXCHANGE 2 Include other income related to securities market in 2011-1H2015 5 3 Include income from Information services & sale of software and other fee&commission income in 2011-1H2015

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