Investor Presentaiton

Financial results: the MOEX business model delivers again Operating income RUB bln Interest and other finance income Net profit RUB bln +24% Fee&commission and other income +38% 16.0 30.4 24.6 47% 48% +85% +51% 11.6 9.8 6.5 6.5 6.8 7.3 5.3 4.1 3.2 3.5 2.9 49% 53% 46% 40% 48% 49% 52% 54% 60% 52% 51% 51% 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 Operating expenses RUB bln EPS and key financial ratios 2013 2014 Chg +5% +11% 9.9 10.4 Basic EPS, RUB 5.23 7.21 +38% 3.2 2.9 2.6 2.4 2.2 EBITDA margin¹ 67% 71% +4.5 p.p. Cost income ratio² 40.1% 34.1% -6.0 p.p. 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 Dividends per share, RUB 2.38 3.873 +62.6% ☑ MOSCOW Source: Consolidated Financial Statements EXCHANGE 1 EBITDA margin = (Profit before tax - Depreciation - Interest expense in respect of written put option over own shares) / (Operating Income) 2 Cost income ratio = (Personnel expenses + Administrative and other operating expenses) / (Operating Income) 3 The Supervisory Board recommended that shareholders approve a 2014 dividend of RUB 3.87 per ordinary share at the AGM scheduled for 28 April 2015 20

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