Moex Group Overview

June, 2019 GOVERNMENT SECURITIES as an effective instrument for developing the securities market MOEX GROUP OVERVIEW

2 Moscow Exchange Group: Capturing the whole value chain

International Local Retail investors Corporates institutions Pre-trading Investors: retail and institutions

Licensed professional market participants: banks and brokers  MOEX captures the whole value chain for end- Trading customers, offering a one-stop shop for listing, risk management, market data, multi-asset

Moscow Exchange: listing and trading, clearing, settlement and custody. electronic trading, including DMA services, market data and indexes

 MOEX is strategically positioned to benefit from CCP + Collateral: the development of Russia’s capital markets in settlement - Cash National Clearing Centre: CCP, risk - Securities management, collateral management, the coming years clearing, risk netting, OTC derivatives clearing

Depository National Settlement Depository: services 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)  Investors trade through brokers and banks, which are licensed locally and have access to MOEX markets  Single-tier clearing system requires all participants to provide eligible collateral to trade any asset class, while pre-trade risk checks prevent “fat fingers”/”flash crash” problems  The market is open for competition (except the CSD) since its inception, but barriers to entry are very high due to MOEX’s post-trade infrastructure and on-exchange market efficiency. However, the environment is competitive, with OTC being a key source of competition

3 History of MOEX: the path of ongoing progress

Corporates granted New dividend policy direct access to with a minimum payout the FX Market ratio of 55% MOEX completes its IPO; Repo with CCP launched

Euroclear and Clearstream Trading in government gain access to bonds moves to 91 corporate bonds in addition T+1 settlement Shareholder electronic to government bonds voting becomes available Launch of the Equity trading Unified Collateral Pool moves to SPO of MOEX Corporates admitted to T+2 settlement deposits with CCP Launch of

GCC repo MOEX share price, RUB price, share MOEX Launch of MOEX OTC platform for bonds 55 Grain trading commences on MOEX Eurobonds start

trading on MOEX

Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

2013 2014 2015 2016 2017 2018 2019

2011 2012 Merger of MICEX 2013 Launch of Central and RTS: 2006 1995 1992 IPO of Moscow Securities Depository Moscow Exchange (MOEX) National Clearing Centre (NCC) Russian Trading System Moscow Interbank Currency Exchange (MOEX) (CSD) established established (RTS) established Exchange (MICEX) established

2001 1996 1993 1992 + Derivatives + Money Market + Bonds + FX

Share price up to 29 March 2019 4 Investment and corporate highlights

Financial Resilience Strategic Stance

. Counter-cyclical business model coupled with robust cost control . Operates in Russia – the world’s 11th largest economy

. Secular growth of fees and commissions (F&C) across 7 complimentary F&C . The world’s most diversified exchange with trading in 5 asset classes vs ~3 offered by business lines “traditional” exchanges

. Business-driven margin and collateral requirements generate sustainable net interest . Cornerstone of the Russian financial system: MOEX brings together the tiers of the income (NII) banking system by managing ~3/4 of its total liquidity flow

. Operating income F&C/NII split of 60/40 evolving towards F&C . Low penetration of financial services indicates secular growth potential

. One of the highest EBITDA margins among global peers . The world’s only exchange focused on Russian financial assets – OTC market is the main competitor . Attractive dividend policy with a minimum payout ratio of 55% and a track record of distributing 55-89% of 2014-2017 net income . Complete vertical integration of a trading engine with a clearing house and a central securities depository makes up a unique platform

Corporate Governance Operational Excellence

. A 26-year history of successful and continuous implementation of infrastructural and . All-electronic since 1997 regulatory reforms . Vast in-house IT expertise: ~1/3 of staff are IT developers, supporting a CAPEX- . No single controlling shareholder: free float of 58% with substantial international light business model participation; the largest shareholder owns <12% . Pre-order validation with 10,000 risk check scenarios at a world class latency of 400 . Most Supervisory Board members are independent directors (7 out of 12); no microseconds ensures integrity of all transactions executives are present on the Supervisory Board . Low-cost product scalability: a new order book launch requires the equivalent of circa . Established track record for efficient capital allocation USD 10 thousand

5 Leading positions in a global context in 2018

3rd largest exchange in fixed income1 6th largest exchange in derivatives2 Trading vol. Incl. Rank Exchange Country Rank Exchange Country Contracts traded (mln) (USD bln) REPOs 1 BME Spain 6 791 √ 1 CME Group USA 4 764 2 Oslo Borse Norway 3 885 √ 2 NSE India India 3 808 3 Moscow Exchange Russia 3 668 √ 3 BM&FBOVESPA Brazil 2 246 4 Johannesburg SE South Africa 2 341 √ 4 ICE&NYSE USA 2 212 5 Korea Exchange Korea 2 193 × 5 Deutsche Boerse Germany 1 931 6 Bolsa de Valores de Colombia Columbia 333 × 6 Moscow Exchange Russia 1 499 7 LSE Group UK 297 × 7 CBOE USA 1 434 8 Shanghai SE China 295 × 8 Korea Exchange Korea 1 411 9 Nasdaq OMX USA 277 √ 9 Nasdaq OMX USA 1 270 10 Santiago SE Chile 249 √ 10 Shanghai Fut. Exchange China 1 175

Among top 25 exchanges by equity trading volumes globally3 14th largest publically listed exchange by Mkt Cap4 Mkt Cap Securities Trading vol. Mkt Cap Rank Exchange Country Rank Exchange Country (USD bln) listed (USD bln) (USD bln) 1 1 ICE&NYSE USA 20 679 2 285 19 341 CME USA 66.7 2 ICE&NYSE USA 43.2 2 Nasdaq OMX USA 11 080 4 077 17 639 3 HKEx Hong Kong 38.4 3 Shenzhen SE China 2 405 2 134 7 563 4 Deutsche Boerse Germany 25.3 4 Japan Exchange Japan 5 297 3 657 6 297 5 LSE Group UK 20.1 5 Shanghai SE China 3 919 1 450 6 116 6 BM&FBovespa Brazil 16.2 6 LSE Group UK 3 638 2 479 2 548 7 Nasdaq OMX USA 13.7 8 CBOE USA 10.9 7 Korea Exchange Korea 1 414 2 207 2 521 9 Japan Exchange Japan 9.8 8 HKEx Hong Kong 3 819 2 315 2 340 10 ASX Australia 8.8 9 Euronext EU 3 730 1 208 2 203 11 SGX Singapore 5.8 1 755 514 10 Deutsche Boerse Germany 1 818 12 Euronext EU 4.2 … … … … … … 13 BATS USA 3.4 24 Moscow Exchange Russia 576 225 167 14 Moscow Exchange Russia 3.2

Sources: Moscow Exchange, WFE as of 22.01.2019, Bloomberg, LSE Group (for LSE Group data) 1. Due to different methodologies applied, data on fixed income trading may not be directly comparable among exchanges. Data for 2018 2. Data for 2018 6 3. Top equity trading exchanges are ranked by trading volume. Ranking without BATS (excluded due to absence of data for market capitalization and number of listed companies). Data for 2018 4. Market capitalization of public exchanges based on Bloomberg data as of 22 January 2019 Diversified investor base across different markets

Trading volumes Volume breakdown by investor types 2013 2014 2015 2016 2017 2018 3M’18 3M’19 2013 2018 3M’19 +18% +18% -9% -1% -1% 10% 5% 4% 4% 2% 2% Equities Market 10.3 10.8 8.7 9.4 9.3 9.2 -14% 11% 10% 9% RUB trn 34% 35% 35% 2.6 2.3 40% 49% 50%

+23% +53% -27% Derivatives +26% +6% 115.3 1% 9% 9% 93.7 84.5 89.3 -9% Market 61.3 15% 48.6 46% 43% 43% RUB trn 20.6 18.7 38% 48% 48%

+14% +79% +31% Fixed Income -31% +5% 9% 10% 10% 29.8 26.2 -26% 8% 12% 13% Market 15.3 2% 18% 7% 8% 10.6 11.2 14.6 RUB trn 7.9 5.9 15% 15% 63% 56% 55% +36% +6% +5% +46% 0% FX Market 10% 3% 3% 310.8 330.0 347.7 348.4 -9% 13% 11% RUB trn 228.5 156.0 2% 1% 83.3 75.8 90% 82% 85% +10%

+47% 10% 11% 1 +11% -1% -9% 4% Money Market 1% 6% 7% 10% 11% RUB trn 381.2 419.8 381.8 +4% 11% 234.7 261.6 260.1 81.3 84.6 85% 73% 70%

Russian funds Russian banks and brokers Source: Moscow Exchange data prop. trading 1 Trading volumes include repo with collateral management through NSD. Investor structure is based 7 on on-exchange repo trading volumes only Russian retail investors Local corporates Foreign investors MARKET OVERVIEW

8 Key facts about Russia

All financial assets are available to foreign investors DOING BUSINESS 2019 High-yielding and underpriced assets 31th place (35th in 2018) MSCI Russia P/E 4.9х vs 15.5х MSCI World P/E Diversified economic One of the highest dividend yield: 7.0% structure

International reserves No capital restrictions, >USD 470 BLN RUB is fully convertible Foreign debt to GDP 33%

Russian economy – the sixth largest in the world

Investment grade Secure and reliable sovereign credit rating financial infrastructure (BBB-) S&P, FITCH Stable economic situation Systemically important infrastructure as recognized by the Bank of Russia

Foreign reserves as of Decemder 2018 Minor restrictions on foreign investments are in banks, insurance and strategic enterprises 9 Russian economy outlook World 6th largest economy One of the lowes debt burdens ’2018 GDP in USD bln (purchasing power parity) IMF data External debt/GDP % UK 299% China 25 313 France 221% United States 20 513 Spain India 10 401 164% Germany Japan 5 632 143% Germany 4 379 Italy 121% Russia 4 180 USA 95% Indonesia 3 496 Japan 79% Brazil 3 371 Turkey 62% United Kingdom 3 034 Mexico 40% France 2 969 Indonesia 38% Mexico 2 575 Russia 30% Italy 2 398 Brazil 29% Turkey 2 314 Korean Republic 24% Korea 2 140 India 21% Spain 1 868 China 15% Diversified economy despite oil and gas shift CBR Key rate steadily decreases on the back of stabilized RUB exchange rate Russia: GDP by industry, 2018 18 USD/RUB 17,00 Other; 17% Manufacturing Professional, scientific 16 Key CBR rate,% 250 14% and technical activities; as of period end 4% 14 200 12 11,00 Finance & Trade; 14% 10,00 10 150 Insurance; 4% 7,75 7,75 8 5,50 6 100 66,96 State Government; 8% 61,22 58,31 62,82 Real estate; 9% 4 31,86 38,57 50 2 Agriculture; 4% 0 0 Construction; 6% Transport & Raw materials; Communication; 13% 2013 2014 2015 2016 2017 2018 7% Current value of CBR Key rate: 7.5 10 Russian macro (1/2)

Real GDP growth Inflation % y-o-y year average % y-o-y

1.8% 1.8% 15.7% 1.5% 0.7%

-0.2% 7.8% 7.1% 4.3% 3.0% 3.0% -2.5% 2014 2015 2016 2017 2018F 2019F 2014 2015 2016 2017 2018F 2019F

Industrial production growth Gross fixed investment % y-o-y % y-o-y 3.5% 4.5% 3.3% 3.6% 2.5% 0.8% 2.2% 2.1% 1.7% -1.8%

-0.8% -11.2% 2014 2015 2016 2017 2018F 2019F 2014 2015 2016 2017 2018F 2019F

Source: Sberbank CIB as of 12.12.2018 11 Russian macro (2/2)

USD/RUB Nominal GDP Bln USD

67,1 66,0 2 052 61,2 62,9 58,3 1 578 1 640 1 605 1 362 1 281 38,6

2014 2015 2016 2017 2018 2019F 2014 2015 2016 2017 2018F 2019F

Average wages Personal Consumption expenditures USD % y-o-y 3.4% 2.5% 842 2.0% 1.5% 786

671 667 -2.8% 554 547

2014 2015 2016 2017 2018F 2019F -9.4% 2014 2015 2016 2017 2018F 2019F

Source: Sberbank CIB as of 12.12.2018 12 Bond market: High potential Growth of outstanding local bonds Local bonds vs Eurobonds of Russian corporates2

RUB trn Regional Government Corporate 325 RUB trn 310 22% Share of GDP USD bn RUB bonds 19.1 19.5 USD bn 20% 18.2 18% Eurobonds 17% 17.7 15% 20.5 16.0 19.4 13% 13% 14% 0.7 12% 12% 0.7 60% 61% 17.7 56% 7.9 11.1 55% 13.6 0.6 7.2 58% 11.8 0.6 8.7 0.5 5.5 9.7 5.0 7.1 53% 8.1 0.5 6.2 7.0 4.7 6.2 0.4 5.4 52% 0.3 3.9 51% 5.0 0.4 3.5 11.9 52% 3.1 11.4 53% 44% 45% 0.4 2.9 9.2 42% 40% 39% 2.2 8.1 47% 5.3 6.6 48% 4.3 48% 49% 2.5 3.0 3.6 47% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Corporate loans vs corporate bonds in Russia Bond primary market trading volume RUB trn 67.6 68.0 1081 RUB trn CBR bonds 8.6 Loans (incl. foreign debt) USD bn Overnight bonds Corporate bonds 7.0 (incl. eurobonds) 56 41.3 73% 71% USD bn

29.2 3.5 79% 2.6 2.1 81% 1.6 27% 29% 19% 21% 2009 2012 2015 2018 2009 2012 2015 2018

Sources: Bank of Russia, Cbonds, Rosstat, Moscow Exchange 1 RUB-denominated bonds traded on MOEX’s Bond Market in January 2018 2 Including banks and financial institutions. Data for 2018 as of 31 December 2018 13 Russian assets attracting foreign investors

Share of non-residents in trade volumes on the Moscow Exchange markets, % Share of non-residents in OFZ, %

at the end of the period Equities market Derivatives market 33%

+8 p.p. +29 p.p. 24% 48% 48% 44% 47% 48% 24% 22% 40% 40%

19% 4%

2013 2015 2017 2018 2013 2015 2017 2018 2011 2013 2015 2017 2018

UK, Europe and North America Foreign funds investment in Russian equities, bln USD

All regions USA & Canada UK +36% Europe (excluding UK) 85,6 79,7 70,6 75,4 70,6 68,4 53% 50,2 49% 33% 22% 27% 21% 21% 23% 41% 2013 2015 2017 1Q 2Q 3Q 4Q 2018 2018 2018 2018

2013 2015 2018 2013 2015 2018 2013 2015 2018 Source: Moscow Exchange, Bank of Russia ThomsonONE – at the end of the reporting period, including DRs on Russian equities 14 ХХ% - CAGR - Share in investment volume Local institutional investors: the potential of pension funds

Pension assets in Russia Non-state pension funds asset allocation dynamics1

RUB trn +6% +10% +2% +20% 5.6 5.7 5.3 22% 20% +4% 29% 4.8 1,2 1,2 37% 1,1 47% 49% 3.8 4.0 1,0 69% 0,8 0,9 2,5 1,7 2,1 2,7 51% 63% 67% 1,1 1,1 46% 37% 36%

1,9 1,9 2,1 2,0 1,9 1,8 20% 16% 15% 17% 15% 13% 2013 2014 2015 2016 2017 1H 2018 2013 2014 2015 2016 2017 1H 2018

State Pension Fund. Mandatory savings Deposits and other assets Non-state pension funds. Mandatory savings Bonds Non-state pension funds. Reserves Equities

Key highlights of the pension reform . Bank of Russia became a regulator of the pension system in 2013 . Adopted changes in non-state pension fund regulation:  “One year non-loss” rule was abolished  Investment horizon of NPFs was extended to 5 years  Customers are now incentivized to stay with the fund for not less than 5 years  Guarantee fund mechanism (similar to the Deposit Insurance Agency in the banking system)  New allocations to NPFs remained under moratorium until 2019, which reduced growth potential and left room for organic growth only

Source: Bank of Russia 15 1 Including NPFs Mandatory savings and NPFs Reserves. As of the end of 1H2018 Retail money: aiming to grow the culture of investing

Russians hold majority of savings in banks and cash1 Number of retail broker accounts as % of population2

12% Russians hold 12% 13% 10,9% 23% RUB trn with banks 6% 10,0% 29 42% 53% 13% RUB 6 trn in cash 51% 50% 27% 61% …vs RUB 40.0 trn of the Russian equity 37% market’s market cap 61%

23% 6%

25% 69% 32% 21% 59% 39% 41% 32% 2,0% 24% 20% 1,4% 14% 18% 0,3% USA UK Germany Italy Brazil Mexico China India Russia China South Korea Russia Turkey Brazil Other Securities Insurance and pension assets Cash Bank deposits Number of retail clients (unique) New retail clients in bond market mln thousand +49% +65%

+19% 181 Regular Accounts 2.0 +256% Individual Investment Accounts +7% +10% +7% 44% 1.3 110 1.1 +239% 0.9 1.0 0.9 38% 43 56% 18 8 12 47% 62% 53% 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018

Sources: EIU, World Bank, IMF, central banks of South Korea, Turkey, Mexico, National Bureau of Statistics of China, Allianz, SZSE Factbook, CBR, Moscow Exchange 16 1 As of the end of 2016 2 Russia – 2018, South Korea, Turkey, Brazil – 2014, China – 2015 SOVEREIGN BOND MARKET (OFZ)

17 Sovereign Bonds (OFZ): macro and EM debt Non-resident share ~27% 10Y Yields, % Yield as of 2018. 15 Nominal Yield Real Yield Top fund holders: 11 12 Russia 10 Y OFZ 9 10 Bloomberg Barclays EM Aggregate . BlackRock

6 9 . Stone Harbor Investment 3 8 0 7 . Fidelity Investment

6 . Allianz 5 Expected Return / Risk 4 . Pitcet Funds 10,0 Brazil 04.01.2016 04.01.2017 04.01.2018 04.01.2019 9,0 South Africa Return Russia 8,0 Currency performance 3 year India 10Y CDS horizon 2016-2019 7,0 Indonesia Mexico Colombia 6,0 South Africa 258 RussiaRussia 10% 5,0 Brazil 257 South Africa 9% 4,0 Malaysia Malaysia 5% 3,0 Mexico 198 Brazil 4% 2,0 RussiaRussia 182 8,0 10,0 12,0 14,0 16,0 18,0 20,0 22,0 Colombia 3% Standard deviation Colombia 180 Debt (public) to GDP -3% Indonesia Indonesia 165 84 70,2 28,9 52,7 54 54,2 49,4 -5% India India 146 17,4 Mexico Malaysia 103 -11% Russia Brazil India Indonesia South Malaysia Mexico Colombia Africa Source: Bloomberg, MOEX 18 OFZ liquidity growth

Secondary market trading, USD bln Share of the CLOB Trading activity by client groups

7% 2017 15% 36% 57% 53% Foreign investors 66% Off Order 41% book' Russian banks and brokers 111,4 105,0 'Order book' 9% 74,6 2018 Retail and corporate investors 43% 47% 34% 19% 35% Trust management and NGPFs

2016 2017 2018 2016 2017 2018 37%

. Strong growth prospect for trading volumes and order book trading share . Retail and domestic entities increase their trading volume . Significant growth of new debt including new type of floaters

New Issue amount, USD bln Redemption Schedule Current Debt Structure

40 40 36 35 35 32 Fixed rate bonds 69% 30 30 26 24 25 25 Floating rate bonds 22% 20 36 20

Миллиарды 15 29 15 Amortizing bonds 6% 10 16 16 10 5 5 Inflation-Linked bonds 3% 0 0 2016 2017 2018 2019 2019 2020

Source: MOEX Gross Issuance Net Issuance 19 Variety of OFZ types

Annual Coupon Rate,% 1 years 7,2 Fixed-Rate Bonds - 21 issues, semiannual coupon payment with 2 years 7,4 maturity up to 15 years 3 years 7,9 4 years 6,9 (issue security code started with SU25- and SU26-) 5 years 7,4 7 years 7,4 10 years 7,9 15 years 7,2

Floating-Rate Bonds - 8 issues, RUONIA reference rate, semiannual 1 Year 0,6 Average RUONIA for coupon payment with maturity up to 15 years reset period 5 Year 0,8 +

10 Year 1,35 (issue security code started with SU24- and SU29-)

15 Year 1,55 Annual reset margin,%

Inflation-linked Bonds - 2 issues, semiannual 2.5% coupon bonds with indexed to CPI par value with a three- month lag. The principal floor at redemption set at 100%. Maturity 5 and 10 years

(issue security code started with SU52-)

Amortizing Bonds - 6 bond issues with amortized principal value

(issue security code started with SU46- and SU48-) Source: MOEX 20 OFZ: Liquidity and trading solutions at MOEX Bid-Ask Spread MOEX solution for OFZ market:

Fixed-Rate 2Y 0,03% Fixed-Rate 5Y 0,08%  T+1 settlement cycle Fixed-Rate 7Y 0,16% Fixed-Rate 10Y 0,11%  Partial pre-funding (collateral requirements from 4% to 10%) Fixed-Rate 15Y 0,10% Floating-Rate 1 Y 0,01%  Central limit order book (CLOB) and negotiated bilateral trades Floating-Rate 5 Y 0,02% Infltaion -linked 0,18%  Market-making in CLOB

• Tight bid-ask spreads  OFZs used as collateral in repo trades • Balanced liquidity distribution through the day  Primarily placements on a weekly basis (for all market Average Daily Trading Volume participants) Order book Total ADTV=170 millions USD  OFZs used as underlying of derivatives contracts

 DMA/SMA for international investors

Floating -Rate  Highly liquid OFZ REPO market with CCP 25 M Fixed-Rate Bonds USD  OFZ deliverable futures with quarter expiration available 135 M USD

Inflation Amort -linked izing 4,2 M 1 M USD USD

Source: MOEX 21 MOEX OTC platforms and solutions

OTC bond platform Indicative Quotation System (IQS) for options and futures

Most actively traded underlyings: USD/RUB, EUR/USD, SBRF, GAZR, ~1500 bonds (OFZ, Corporates and Eurobonds) VTBR, LKOH, RTS Index

25 participants 14 participants

Access for market professionals and corporates, integration with Plans: backbone for development of RFS/RFQ services NSD/NCC clearing, Plans: REPO capabilities

FX links to global liquidity pools Standardized OTC derivatives market

FX swaps, FX forwards, interest rate swaps, cross currency swaps, Non-RUB FX pairs: EUR/USD, GBP/USD overnight indexed swaps

36 participants, 2 liquidity providers (JPM & GS) 44 participants

>700 transactions with a total value of Participants started to trade longer maturities USD 330 mln

Trading volumes increased 8x YoY in 2018 Plans: new non-RUB FX pairs, new liquidity providers to RUB 884 bln

22 OPPORTUNITIES FOR INTERNATIONAL INVESTORS

23 International investors at MOEX Foreign banks and brokers trade on MOEX via Russian Key foreign participants of Equity and Bond markets at subsidiaries MOEX:

. ~16 000 accounts of foreign investors . Barclays Capital . JP Morgan . ICBC . 25 subsidiaries of foreign banks are MOEX trading . BNP Paribas . Merrill Lynch . Bank of China participants . Citigroup . Morgan Stanley . China Construction . 15 subsidiaries of foreign banks have DMA access to MOEX Bank . Credit Suisse . HSBC . Unicredit Bank . ING Bank . Raiffaisenbank . Commerzbank . Goldman Sachs . UBS

Share on foreign nominee accounts

OFZ Bonds except OFZ Equities and mutual funds

32,5%

26,1% 22,3% 23,5% 20,8% 4,3% 18,1%

2,8% 1,08% 1,12%

0,8% 0,2% 0,2% 0,0% 0,0% 0,0% 0,0% 0,1% 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018

24 Infrastructure: accessing Russian market is easy

 No restrictions on investments in Russian local securities  No approval is required to start investing  RUB is fully convertible since 2006  RUB can be acquired on MOEX for other currencies (HKD, CNY, USD, EUR, etc.)  Opening an account with ICSD, global or local custodian  An account may be opened at Russian subsidiaries of foreign banks  Access through a local broker to MOEX may allow to trade all asset classes

Kazakhstan Euroclear Belarus Armenia Clearstream Kyrgyzstan

Azerbaijan Tajikistan Georgia

25 Geography of NSD cash correspondent network

AMERICA . Bank of Russia (RUB, USD, EUR) RUSSIA . JPMorgan Chase Bank N.A., New York (USD, CAN) . VTB Bank (PJSC) (USD, EUR, CNY) . Citibank N.A., New York (USD) . Sberbank of Russia (RUB) . The Bank of New York Mellon, New York (USD) . AO UniCredit Bank (RUB) . JSC Rosselkhozbank (RUB) . NCC Clearing Bank (RUB, USD) . Bank GPB (JSC) (RUB) . PJSC ROSBANK (RUB) . Interstate Bank (BYN, KZT, AMD) . Industrial and Commercial Bank of China (Moscow) (СNY, HKD) . Bank of China (Moscow) (СNY)

EUROPE

. JPMorgan AG, Frankfurt am Main, Germany(EUR) ASIA . JPMorgan Chase Bank N.A., London Branch, London, UK (EUR, GBP, CHF, CAD) . Industrial and Commercial Bank of China (Asia) Limited, Hong Kong . Raiffeisen Bank International AG, Vienna, Austria (EUR) (USD, HKD) . Commerzbank AG, Frankfurt am Main, Germany (EUR) . National Bank of the Republic of Kazakhstan, Almaty, Kazakhstan . Euroclear Bank SA/NV, Brussels, Belgium (multicurrency account) (KZT) . Clearstream Banking S.A., Luxembourg, Luxembourg (multicurrency account) . JSC Central Securities Depository, Almaty, Kazakhstan (KZT)

26 Market post-trade infrastructure

The Bank of Russia (Regulator) Regulator . The Bank of Russia Opens nominee holder accounts

Foreign nominee Foreign Central Trading platform accounts Issue bonds Securities Issuers . Moscow Exchange Depositories

Central Counterparty (CCP) Transactions are made Issue shares Foreign nominee . National Clearing Centre (NCC) by using nominee accounts accounts in registrars opened by NSD Foreign Registrars Custodians Clearing platform . On-exchange trades – National Clearing Centre (NCC); . OTC trades – National Settlement Brokers Custodians Asset management Dealers companies Depository (NSD) Using proxy custodians Able to open owner Able to open owner If have no depository and nominee accounts Able to open asset accounts license management accounts Central Securities Depository (CSD) . National Settlement Depository (NSD) Foreign investors

Can also settle transactions Can open beneficial owner securities between their clients not using accounts or transfer securities or funds NSD Infrastructure to asset management companies

27 Disclaimer

NOT FOR RELEASE OR DISTRIBUTION OR PUBLICATION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN. •This presentation has been prepared and issued by Public Joint Stock Company "Moscow Exchange MICEX-RTS" (the “Company”). Unless otherwise stated, the Company is the source for all data and assumptions contained in this document. Such data and assumptions are provided as at the date of this document and is subject to change without notice. Certain industry, market and competitive position data contained in this document come from official or third party sources believed to be reliable but the Company does not guarantee its accuracy or completeness. The Company does not intend to have any duty or obligation to update or to keep current any information contained in this presentation. •Neither the presentation nor any copy of it may be taken or transmitted into the United States of America, its territories or possessions, or distributed, directly or indirectly, in the United States of America, its territories or possessions as defined in Regulation S under the US Securities Act 1933, as amended (the “Securities Act), except to “qualified institutional buyers” as defined in Rule 144A under the Securities Act. Any failure to comply with this restriction may constitute a violation of United States securities laws. The presentation is not an offer or sale of securities in the United States. Moscow Exchange Group has not registered and does not intend to register any securities in the United States or to conduct a public offering of any securities in the United States. •This presentation does not constitute an advertisement or a public offer of securities in any jurisdiction. It is not intended to be publicly distributed in any jurisdiction. This document is only being made available to interested parties on the basis that: (A) if they are UK persons, they are persons falling within Articles 19 or 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005; or (B) they are outside the United Kingdom and are eligible under local law to receive this document. Recipients of this document in jurisdictions outside the UK should inform themselves about and observe any applicable legal requirements. This presentation is not a prospectus for purposes of Directive 2003/71/EC (and amendments thereto, including Directive 2010/73/EU, to the extent implemented in any relevant Member State and any relevant implementing measure in the relevant Member State) (the “Prospectus Directive”). In any EEA Member State that has implemented the Prospectus Directive, this presentation is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive. This presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. •This document does not constitute or form part of, and should not be construed as, an offer or invitation for the sale or subscription of, or a solicitation of any offer to buy or subscribe for, any securities, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any offer, contract, commitment or investment decision, nor does it constitute a recommendation regarding the securities of the Company. •The information in this document has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information, assumptions or opinions contained herein. None of the Company, or any of its subsidiaries or affiliates or any of such person's directors, officers or employees, advisers or other representatives, accepts any liability whatsoever (whether in negligence or otherwise) arising, directly or indirectly, from the use of this document or otherwise arising in connection therewith. •This presentation includes forward-looking statements. All statements other than statements of historical fact included in this presentation, including, without limitation, those regarding MOEX financial position, business strategy, management plans and objectives for future operations are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance, achievements or industry results to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we expect to operate in the future. Important factors that could cause our actual results, performance, achievements or industry results to differ materially from those in the forward-looking statements include, among other factors: –perception of market services offered by the Company and its subsidiaries; –volatility (a) of the Russian economy and the securities market and (b) sectors with a high level of competition that the Company and its subsidiaries operate; –changes in (a) domestic and international legislation and tax regulation and (b) state policies related to financial markets and securities markets; –competition increase from new players on the Russian market; –the ability to keep pace with rapid changes in science and technology environment, including the ability to use advanced features that are popular with the Company's and its subsidiaries' customers; –the ability to maintain continuity of the process of introduction of new competitive products and services, while keeping the competitiveness; –the ability to attract new customers on the domestic market and in foreign jurisdictions; –the ability to increase the offer of products in foreign jurisdictions. •Forward-looking statements speak only as of the date of this presentation and we expressly disclaim any obligation or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation as a result of any change in our expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding such future performance.