Fixed Income Market Presentation

10% Equities Market Trading volumes¹ RUB trln MICEX Index (average for the period) Equities XX% Velocity 44% 34% 42%) 39%) 47%) 36%) 33% 1,666 1,664 1,667 1,412 1,403 1,432 1,457 -10% -10% 5.3 2.5 2.8 4.8 2.3 2.5 2.3 1H2014 1H2015 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 Russian equities trading volumes², MOEX vs LSE % Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 2014 2015 ■Moscow Exchange³ LSE - international order book 3 Fee & commission income RUB mln -7% 905 838 -10% 453 464 397 430 408 1H2014 1H2015 2Q2014 3Q2014 4Q2014 1Q2015 2Q2015 Comments ■ In 2Q2015, MOEX fine-tuned its tariff plans for professional market participants aiming to support competitive environment among participants. The impact on effective yields is expected to be neutral ◉ Opening auction technology launched in June to make price setting more transparent and representative for market participants ■MOEX increased number of securities eligible for partial pre-funding from 50 to 82, which will lead to lower funding costs for customers Source: Moscow Exchange operational information and Consolidated Financial Statements, Liquidmetrix Volumes on both primary and secondary markets ☑ MOSCOW EXCHANGE 1 2 3 Moscow Exchange and London Stock Exchange data for Russian dual-listed companies Only electronic order book deals 27

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