March 2015

Investor presentation 1 MOEX Overview

2 Recent achievements

3 Where we are heading

4 Strong operating and financial results

2 Highly diversified product offering…

Investing and trading . Listing . Local and foreign shares, DRsnew . International ETFsnew Hedging Investing and trading . Indexes . Government bonds . FX EQUITIES . Municipal bonds . Local and foreignnew single stocks . Corporate bonds . Commodities . ABS, MBS . Interest ratesnew . Eurobonds

Currency conversion Funding + FX swaps . Credit & deposit operations . Swap instruments . REPO with CCP . Spot instruments (USD, EUR, COMMODITIES . REPO with CBR with CMS CNY, HKDnew, GBPnew and CIS . Inter-dealer REPO currencies) Investing and trading . Spot and swap precious metals . Grain marketnew 3 …coupled with strong post-trade infrastructure Post-Trade Excellence: CCP and CSD

National Clearing Centre (NCC) CCP cleared value based on own funds (capital)1 ADTV (Jan – Dec 2014) Comments RUB bln RUB bln 43.1 39.5 FX 910.5 . Well-capitalized NCC as CCP 28.8 Derivatives 244.3 for all asset classes REPO with CCP 99.7 . Bank of qualified CCP 13.2 Equities 41.0 status

CLEARING 10.1 Fixed income 42.2 . Centralized clearing of OTC Commodities 0.07 derivatives 1 Jan 1 Jan 1 Jan 1 Jan 1 Mar 2012 2013 2014 2015 2015 OTC derivatives 0.01

National Settlement Depository2 (NSD) capital Assets in deposit3 Comments RUB bln RUB bln . Safekeeping and settlement 28 346 24 942 services 10.8 21 766 9.4 . Сollateral management 7.3 services for REPO transactions 5.4 6.0 12 291 11 280 . Repository for OTC trades

DEPOSITORY . Links to ICSDs for Russian SETTLEMENT & bonds and equities 1 Jan 1 Jan 1 Jan 1 Jan 1 Mar 31 Dec 31 Dec 31 Dec 31 Dec 28 Feb . AA- rating by Thomas Murray4 2012 2013 2014 2015 2015 2011 2012 2012 2014 2015

Source: Exchange operational information 1 Figures in accordance with Russian Accounting Standards as reported to and disclosed by the CBR on a monthly basis 2 Russian Central Securities Depository 4 3 Assets in deposit based on Company’ operational data 4 Thomas Murray – leading global agency for depository services Moscow Exchange has a proven and cycle-protected business model

Operating income1 RUB bln MICEXMICEX Index,Index, %% CAGR of ~23% in 2006-2014 200% 180% 160% 140% 120% 100% 30,4 80% 24,6 60% 21,5 16,9

Rebased Rebased to 100% 40% 11,2 11,1 8,0 9,4 20% 5,7 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014

Key highlights Fee & commission income evolution1

2 Unique business model allows MOEX to increase Equities+Bonds Derivatives FX & MM Depositary & settlement Other 3 operating income regardless the stage of economic 6% 8% 6% cycle: 10% 18% 17% 18% 20% . Business line is diversified, while markets have 26% FX: 22% limited growth correlation 35% 39% 43% 8% MM: 21% . Growth drivers differ across markets and 11% 12% 11% products 42% Listings: 2% 27% 23% 20% Bonds: 7% Equities: 11% 2011 2012 2013 2014 According to Moscow Exchange Consolidated Financial Statements for the relevant period 1 RTS data is consolidated from June 29, 2011 5 2 Include other income related to securities market in 2011-2014 3 Include income from Information services & sale of software and other fee&commission income in 2011-2014 Sound risk-management amidst challenging environment

Where we are now: 10 years of market volatility Comments

MOEX strives to ensure an Conflict in 400% Greek debt uninterrupted trading, clearing Georgia crisis -25%1 Ukrainian and settlement amid periods of -13% crisis 350% Lehman -15% augmented volatility: Brothers bankruptcy +227% -56% 300%  One of the most capitalized CCPs in the world2

250%  Skin in the game: large base of committed resources of the CCP +122% prior to any loss mutualization 200% +88% +82%  Full-fledged pre-trade risk control mechanism 150%  Improved risk monitoring and flexible margin adjustments 100%  Discrete auction mechanism for

50% equities, no trading halts on other markets in case of significant asset

price changes

01.2005 07.2005 01.2006 07.2006 01.2007 07.2007 01.2008 07.2008 01.2009 07.2009 01.2010 07.2010 01.2011 07.2011 01.2012 07.2012 01.2013 07.2013 01.2014 07.2014 01.2015

MICEX Index MSCI EM MSCI US USD/RUB

Source: Moscow Exchange; Bloomberg as of March 4, 2015 (last date included – March 3, 2015) 1. Difference between maximum and minimum values ​​for the period 6 2. Moscow Exchange analysis based on Exchanges’ web-sites Corporate governance: aiming to set an example for Russian issuers

Board members Position NEW Alexey Kudrin Chairman of the Supervisory Board; , Member of the Supervisory Board 

Nicola Jane Beattie Nbxc Ltd, Director/Senior Executive Director

Societe Generale Group, Head of Societe Generale Securities Services for Russia and CIS; Mikhail Bratanov Rosbank, Head of Depository Department at Rosbank Yuan Wang China Development Bank, Chief Economist 

Anatoly Karachinsky IBS Group, Chairman of the Board

Rainer Riess Independent Director

Sean Glodek Russian Direct Investment Fund, Director, Member of the Executive Board

Andrey Golikov Strana Detei, Director for Investments and Commerce

Valery Goreglyad Bank of Russia, Chief Auditor 

Yuriy Denisov NCC, Deputy Chairman of the Supervisory Board

Bella Zlatkis Sberbank, Deputy Chairman of the Management Board

Sergey Kozlov VTB-24, Senior Vice-president, Deputy Director of Investment Department 

Sergey Lykov Vnesheconombank, Deputy Chairman of the Executive Board

Kirill Shershun CentroCredit, First Deputy Chairman of the Executive Board

Alexander Afanasiev Moscow Exchange, CEO, Chairman of the Executive Board

* Independent directors 7 One of the highest free-floats in Russia

Growing ADTV (Average Daily Trading Volumes) of MOEX shares1

RUB mln Rank among the most liquid shares listed on MOEX2 MOEX MSCI CBR 11.7% 12 inclusion share sale Average daily 13 13 15 16 trading volume 18 19 18 18 18 18 20 21 23 23 22 22 25 24 553 24 25 576 27 27 535 516 29 28 439 385 374 405 307 335 338 264 271 230 241 240 132 151 53 89 47 68 80 54 78

02.13 03.13 04.13 05.13 06.13 07.13 08.13 09.13 10.13 11.13 12.13 01.14 02.14 03.14 04.14 05.14 06.14 07.14 08.14 09.14 10.14 11.14 12.14 01.15 02.15 Dispersed ownership with no controlling shareholder… …and one of the highest free-floats in Russia5

as of May 12, 2014, including shareholders’ regulatory disclosure 54% following the CBR SPO MOEX 51% MTS 49% Sberbank 48% CBR 3 46% 11,7% 46% Sberbank VTB 39% 10,0% AFK Systema 36% Rushydro 34% Free float VEB Uralkaly 33% 50,6% 8,4% 32% Norilsky Nickel 30% EBRD 28% 6,1% 27% CIC 5,6% Surgutneftegaz 25% MICEX-4 RDIF Alrosa 23% Finance 5,3% 21% 2,3% Phosagro 19% E.ON Russia 18% Megafon 15% 1 Trading volume in main trading mode (T0, T+2) 2 Ordinary and preferred shares 8 3 1.4% of shares held by the CBR as a result of repo transactions are included in the free-float 4 100% owned subsidiary of the Moscow Exchange 5 Top 20 companies by market capitalisation from MICEX Index Investment highlights

MOEX operates in Top-10 largest economy globally1 and covers Russia’s 1 largest public trading markets

2 Leading market position in a global context

Unique business model, offering trading of a wide range of assets 3 together with well-established centralized post-trade infrastructure

4 High transparency and corporate governance standards

Successful track record of infrastructural reforms and improving 5 regulatory framework

6 Strong financial performance

7 Attractive dividend policy

According to IMF projections for 2014 year 9 1 MOEX Overview

Recent achievements

3 Where we are heading

4 Strong operating and financial results

10 Key developments in 2014

 MOEX infrastructure performed well during turbulent periods . Volatility spiked in March, October and December – performance proved soundness of risk-management systems amidst challenging environments . MOEX strives to ensure uninterrupted trading, clearing and settlement during periods of particularly high volatility

 International Central Securities Depositories (Euroclear and Clearstream) launched services for Russian corporate bonds and equities . Corporate bonds became eligible for ICSDs settlement services from 1 January 2014 and equities from 1 July 2014

 MOEX completed reforms to the listing process, simplifying the quotation list structure and also strengthening listing requirements for issuers . New listing rules are based on a new Corporate Governance Code adopted in 2014

 National Settlement Depository (NSD) initiated a corporate action reform programme to make corporate actions by Russian companies electronic and eliminate cumbersome paperwork for investors

 MOEX now has one of the highest free-floats among Russian issuers – more than 50% . The CBR placed to the market USD 469 mln (stake of 11.7%) in MOEX, which led to an increase in the free-float . Dispersed ownership with no controlling shareholder

11 Key dates in 2015

12 March 16 March 28 April 12 May 16 June 2015 2015 2015 2015 2015

The Group's AGM record The date of the Dividend The dividend consolidated date Annual record date is expected to financial General be paid no statements Shareholders later than 16 release Meeting for June 2015 2014 ("AGM")

12 Equity and derivatives trading globally

Equities market trading volumes dynamics (in electronic order book) in USD and national currencies 12m2014/12m2013, % 12m2014/12m2013, % Developed markets Emerging markets national national exchanges USD exchanges USD currency currency OMX 27% 27% Shanghai SE 63% 64% London SE Group 24% 25% 5% 1% BME Spanish Exchanges 23% 25% Moscow Exchange 2% 24%

order order book 17% 18% Johannesburg SE 1% 13% ICE&NYSE 16% 16% -6% 8% Hong Kong Exchanges 15% 15% BM&FBOVESPA -10% -2%

electronic Deutsche Boerse 10% 11% Mexican Exchange -12% -8%

Derivatives trading volumes dynamics in contracts1 12m2014/ 12m2014/ Developed markets exchanges Emerging markets exchanges 12m2013, % 12m2013, % Hong Kong Exchanges 30% Shanghai 31% ICE&NYSE 15% Moscow Exchange 25% Chicago Board Options Exchange 12% China Financial Futures Exchange 12% Chicago Mercantile Exchange 9% Dalian Commodity Exchange 10% 5% Johannesburg SE 6% NASDAQ OMX 1% National India -11% Deutsche Boerse -13% BM&FBOVESPA -13% -15% Korea Exchange -17%

Source: WFE 13 1 – Trading volumes in contracts 1 MOEX Overview

2 Recent achievements

Where we are heading

4 Strong operating and financial results

14 Key initiatives and growth areas

Diversification Optimization Penetration Sophistication Standardization

. Market Data . Client service and . GR strategy . Single collateral . EMIR recognition experience alignment with pool . Indexes regulator . Foreign clearing . Business . Cross market membership . OTC derivatives processes (IT . New listings margining platform, (privatization, high . RUB settlement, . Listing fast product quality new names in . Tri party services regulation and development) the region, Russian technologies . Commodities . Collateral offshore names) alignment with global . Organizational management standards structure and . Local investor base costs development . Repatriate issuers and liquidity from . Tariffs . Products international venues optimization (“bondization”, repo with pool, FX non . Corporate governance residents) lighthouse

15 Growth opportunities across all markets

Equity market capitalisation to GDP1 Corporate debt to GDP2 2014 2013

151% 141% 186% 114% 92% 76% 87% 58% 70% 38% 32% 42% 35%

20% 16% 8%

UK

UK

USA

USA

India

Brazil

China

Japan

India

Brazil

Russia

China

Japan

Russia

France Germany

Interest rate derivatives open position to GDP2 Comments 2013 . Russian capital and derivatives markets have potential both on supply and demand points of 68% view: . Relatively low share of equity and debt market

25% capitalisation to GDP 15% . Potential in growth in interest rate derivatives 0% due to market development and the CBR policy USA Brazil Germany Russia

Developed markets Emerging markets

Source: SCIB, Moscow Exchange, BIS, Rosstat 1 Data for 2014. Market capitalisation for the USA is the sum of NASDAQ and NYSE market capitalisations, for China – the sum of Shanghai and Shenzhen market capitalisations, for India – BSE market capitalisation, for Brazil – BM&FBovespa market capitalisation, for Russia – Moscow Exchange 16 market capitalisation, for France – NYSE Euronext Europe market capitalisation, for UK – LSE market capitalisation (including Borsa Italiana market capitalisation) 2 Data for 2013 Institutional money: pension funds reform

Pension assets Key highlights 2013 Pension assets ХХ% Pension assets . Russian pension funds assets are low compared to other as % of GDP in USD bln countries both in an absolute term and relative to GDP 113% 131% 65% 105% 80% 13% 67% 41% 4% . Pension funds intensively invested in bank deposits and

18 878 affiliated companies, while share of equities in portfolios is negligible

3 263 3 236 Positive developments: 1 565 1 451 . CBR became a regulator of the pension system . Adopted changes in pension funds regulation: 284 1 236 114 92  “One year non-loss rule” was abolished

 Investment horizon of NPFs was extended to 5

UK

USA

Kong

Hong

Brazil

Africa South

Japan years

Canada Russia Australia  Customer incentive to stay with the fund manager Allocation of Russian pension fund assets not less than 5 years 20132  Guarantee fund mechanism (similar to Deposit

57% Insurance Agency in the banking system) Cash Deposits 54% 50% Fixed income Equities 48% . Number of individuals, whose pension savings are Other 40% invested in non-state pension funds increased from 33% 35% 69,3% 29% ~1 mln in 2007 to ~20 mln in 2013

2,4% Constraints:

2,3% 2,4% The governmental decision to extend the moratorium on 10,4% pension savings contributions4 to NPFs doesn’t support 3 15,6% RUS BRA CHE NLD JPN CAN GBR AUS USA non-state pension industry growth for 2014-2015

Source: OECD, investfunds.ru, FSFM, Economist Intelligence Unit, Russian State Statistics Agency (Rosstat), Tower Watson 1 Obligatory savings, not including reserves 2 Obligatory savings managed both by NPFs (Non-state pension funds) and Pension fund of Russia 17 3 Chile 4 According to the interview of Russian Minister of Labour and Social Affairs, contributions of RUB 523 bln will be transferred to PAYGO pensions in 2014-2015 Further moratoria are reported to be under consideration Retail money: aiming to grow equity culture

Retail investors bank deposits1 Comments USD bln . As Russian securities market passed through several periods of turbulence, individuals preferred 6 602 conservative bank deposits or real estate over securities market

523 . Due to young equity culture, there is a limited 470 number of “buy and hold” investor type among 311 225 individuals, while interest from short-term 190 163 161 speculative investors is relatively strong

China Korea Russia Brazil Mexico Indonesia Malaysia Turkey . Recent regulatory changes:  Tax breaks on capital gains on securities held Share of population with accounts opened for for more than 3 years (up to RUB 9 mln for securities trading securities purchased after 1 Jan 2014) % Share of all retail clients accounts Share of active retail clients accounts  Introduction of individual investment 10.0 accounts for private investors since 2015 . These initiatives are set to attract individuals to securities market 8.1 1.4 0.6 0.3 0.7 0.2 0.2 0.04

Korea China Turkey Russia Brazil Malaysia Mexico Indonesia Russia

Source: EIU, World Bank, IMF, central banks of Korea, Turkey, Mexico, Indonesia, National Bureau of Statistics of China, Allianz, SZSE Factbook, CBR, Moscow Exchange 18 1. Korea, Turkey, Mexico, Indonesia – data for August 2014, Russia – as of 1.09.2014, Brazil – 2013, China – 2012, Malaysia – 2011 1 MOEX Overview

2 Recent achievements

3 Where we are heading

Strong operating and financial results

19 Financial results: the MOEX business model delivers again

Operating income Net profit

RUB bln Interest and other finance income RUB bln +38% +24% Fee&commission and other income

30.4 16.0 24.6 +85% +51% 11.6 47% 48% 5.3 9.8 4.1 6.8 7.3 3.2 3.5 6.5 6.5 49% 2.9 53% 49% 52% 46% 40% 48% 54% 60% 52% 51% 51%

2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014

Operating expenses EPS and key financial ratios RUB bln +5% 2013 2014 Chg

+11% Basic EPS, RUB 5.23 7.21 +38% 9.9 10.4 3.2 2.9 2.6 1 2.4 2.2 EBITDA margin 67% 71% +4.5 p.p.

Cost income ratio2 40.1% 34.1% -6.0 p.p.

Dividends per 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 2.38 3.873 +62.6% share, RUB

Source: Consolidated Financial Statements 1 EBITDA margin = (Profit before tax – Depreciation – Interest expense in respect of written put option over own shares) / (Operating Income) 20 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 Diversified fee & commission income

Fee & commission income performance Fee & commission income breakdown RUB mln RUB bln

+22% 4Q2013 4Q2014 15.6

+80% 8% Other fee&commission income +64% 12.8 11% Derivatives market +33% 9% 1,176 12% 20% Depository and settlement services 1,048 954 18% +33% +41% 22% -17% 717 654 641 19% Fixed income market 504 464 438 Equities market 348 362 357 20% 21% 11% 7% 11% 11%

Equities Fixed Derivatives Money Foreign Depository 2013 2014 market income market market exchange and market market settlement services

Comments

. In 4Q2014 fee & commission income remained well-diversified and increased 42% YoY . Lower income from Fixed Income Market was more than offset by strong performance in FX Market, Depository and Settlement Services and Equities Market

Source: Consolidated Financial Statements Other fee & commission income mainly includes income from sale of software and technical services and information services, listing and other 21 service fees Certain growing interest from foreign investors, while domestic investor base remains the core Trading volumes Volume breakdown by investor types

2013 2014 2015 +18% 2013 2014 +57% 4% -10% +6% +4% +35% 3% Equities 11% 11% 10.3 33% Market 8.7 1.2 10% 35% 7% 0.9 0.8 0.7 0.8 0.8 0.7 0.9 RUB trln 0.7 0.7 40% 46%

+26% +137% 1% 2% +67% +121% +26% Derivatives +3% 15% 6% 61.3 48.6 46% Market 8.5 45% 6.3 7.7 6.6 47% RUB trln 3.8 3.5 3.6 4.0 4.1 5.3 38%

-31% +34% 9% Fixed -34% 8% 14% -43% -6% -32% 10% Income 15.3 2% 3% 10.6 1.5 1.7 18% 19% 1.0 1.1 1.3 1.0 Market 0.6 0.8 0.7 0.7 RUB trln 63% 54% +46% +52% +57% +11% +52% +8% 10% 228.5 1% FX Market 12% 156.0 25.6 21.7 18.7 17.7 19.6 RUB trln 13.8 12.3 16.9 13.2 14.3 90% 87%

+11% +16% 1% 1% Money +4% +10% +15% 11% 15% 261.6 -20% 1 234.7 4% 4% Market 34.4 23.4 24.4 29.5 RUB trln 20.0 22.0 20.0 16.0 17.7 20.3 85% 80%

2013 2014 Oct Nov Dec Jan Feb Russian funds Russian banks and brokers prop. trading

1 Trading volumes including REPO with collateral management. Investor structure Russian retail investors Russian corporates 22 based on on-exchange trading volumes only Foreign investors Source: Moscow Exchange Data 11% Equities Market

Trading volumes1 Russian equities trading volumes2, MOEX vs LSE RUB trln % MICEX Index (average for the period)

Equities XX% Velocity 44% 46% 48% 42% 45% 45% 44% 41% 45% 46% 44% 44% 46% 49% 36% 43% 37% 45% 42% 39% 47%

56% 58% 55% 55% 56% 59% 55% 56% 56% 1,492 54% 52% 54% 54% 51% 1,441 1,429 1,422 1,403 1,432 1,457

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb +18% 2014 2015 +16% 8.7 10.3 Moscow Exchange 3 LSE - international order book 3 2.4 2.7 2.5 2.3 2.8 Gazprom Sberbank Magnit

2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 Market 31% share 54% 46% 53% 47% 69% Fee & commission income 2014 RUB mln +26% Comments

1,766 . Despite challenges facing the market, MOEX’s average +33% 1,404 market share vs LSE remained at appr. 55% in 2014. 452 453 464 Trading in local shares vs DRs has potential to grow due to 348 397 reforms to the domestic financial infrastructure . The market share remained above 50% in 2015, while non-resident on-exchange investment inflow reached RUB 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 37.3 bln (vs outflow of RUB 18.1 in 2014)

Source: Moscow Exchange operational information and Consolidated Financial Statements, Liquidmetrix 1 Volumes on both primary and secondary markets 23 2 Moscow Exchange and data for Russian dual-listed companies 3 Only electronic order book deals 7% Fixed Income Market remained muted from 1Q2014 on

Trading volumes1 Comments RUB trln Sovereign bonds . Primary corporate bond placements of RUB 1,179 bln Corporate, municipal and other bonds held in Q4 versus RUB 204 mln in Q3 led to QoQ fee -31% & commission income growth of 69% 15.3 . In Q4 market activity remained muted amid changing 44% 10.6 market conditions due to RUB depreciation and key -14% rate hike 38% 3.9 2.7 3.3 56% 39% 2.3 2.3 62% 27% 44% 39% 46% 61% 73% 56% 61% 54%

2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014

Fee & commission income RUB mln -25%

1,379 -17% 1,034 438 362 216 242 214

2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014

Source: Moscow Exchange operational information and Consolidated Financial Statements 24 1 Trading volumes on fixed income market include placements 11% Derivatives Market: shift in product mix

Trading volumes Open interest

millions of contracts Volatility index Currencies millions of contracts, daily average Interest rates Equities Commodities Indices +34% 35 43 +52% 32 32 32 23 14.0 17.1 10.4 12.9 12.9 12.9 22 11.3 +25% +92% 1 413 1% 1% 475 1 134 1% 1% 3% 2% 53% 340 324 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 41% 247 1% 1% 274 1% 1% 1% 64% 1% 49% 3% 42% 1% 51% 27% 25% 40% 29% 25% 31% 26% 20% Comments 27% 20% 27% 24% 25% 21% 15% 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 . Increased volatility on FX Market led to 63% YoY growth in FX derivatives trading Fee & commission income . Risk balancing between FX and Derivatives Markets, a new RUB mln functionality launched in July 2014, contributed to higher +5% market activity in FX derivatives segment As a result, trading volumes of FX derivatives comprised 1,566 1,637 +41% . 53% of total trading volumes on Derivatives Market versus 504 41% in 2013 434 357 335 364 . Trading volume of options grew by 43% YoY and comprised 9.4% vs 8.3% in 2014 of total derivatives trading volumes 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 . Fee and commission income increased 5% YoY in 2014

25 Source: Moscow Exchange operational information and Consolidated Financial Statements 21% Money Market: solid demand for on-exchange services

Trading volumes REPO with CCP trading volumes

RUB trln MosPrime rate, % 1 Inter-dealer repo RUB bln Deposit and credit operations REPO with the CBR 9,157 REPO with CCP 7,238 8.8 11.7 4,905 6.2 3,729 2,355 -7% 6.9 6.3 8.3 8.3 221 204 6% 2% 10% -3% 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 34% 12% 28% 61 59 Comments 8% 47 47 52 4% 7% 12% 12% 30% 9% 15% 59% 8% 11% 14% 26% 49% 34% 26% 27% . REPO with CCP remained the most rapidly growing product 58% 51% 54% 47% 47% (increased 6.3x YoY), as market players prefer to manage counterparty risk by using on-exchange infrastructure 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 . In February 2014 the CBR shifted to 1-week repo auctions Fee & commission income instead of overnight auctions, which were utilized as a “fine-tuning” mechanism. In addition, 1-year repo with the RUB mln CBR was added in the product pipeline in Q4. As a result, +28% +80% on-exchange trading volumes contracted, but longer average maturity led to higher fee income, since both 3,235 1,176 volumes and maturity are the basis for fees 2,531 712 767 . Total volumes of REPO transactions in MOEX Group, 654 580 including REPO with collateral management services, increased 11% YoY2 . In Q4 MOEX launched FCY-repo with settlement in foreign 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 currencies with the CBR and on the inter-dealer market, which contributed to higher volumes 26 Source: Moscow Exchange operational information and Consolidated Financial Statements 1 Overnight rate, average for the period 2 2014 vs 2013 FX Market: swap and spot volume growth driven by FX 22% volatility

Trading volumes CNY/RUB trading volumes RUB trln RUB bln Spot Volatility USD/RUB 1 6.4 6.8 Swap 129.4

91.8 1.4 1.0 1.1 0.4 0.7 +46% +54% 43.2 40.7 229 17.3 66 9.9 156 54 53 56 2.8 6.5 34% 43 39% 35% 30% 31% 37% 33% 66% 63% 67% 65% 70% 69% 61% 1Q2013 2Q2013 3Q2013 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014

2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014

Fee & commission income Comments RUB mln . In 2014 spot market trading volumes increased 36% YoY +41% driven by increased volatility, which led to higher activity by all groups of market participants 3,408 +64% . Swap transaction volumes increased 53% YoY amid the 2,412 1,048 growing demand from local banks to manage liquidity 799 817 positions and hedge FX risks 641 743 . Trading in the CNY/RUB currency pair continued rapid growth. New record high of RUB 129 bln reached in 4Q2014 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014

27 Source: Moscow Exchange operational information and Consolidated Financial Statements 1 Calculated as daily standard deviation of the USD/RUB exchange rate for the period NSD: collateral management services drive F&C growth

20% Assets on deposit (average for the period) Comments RUB trln Other OFZ . Solid fee and commission growth in depository & Tradable equities Corporate and regional bonds settlement services was driven by both an increase in Equities held at the long-term safekeeping accounts assets under custody and a higher number of inventory +26% +13% transactions in the reporting period due to strong demand for collateral management services 22.8 24.1 22.6 22.7 8% 21.4 21.9 10% 6% 10% 8% . Collateral management system for REPO transactions 18.1 15% 3% 14% 3% 16% 16% 15% 16% generated appr. 1/5 of income from depository and 17% 1 36% 36% settlement services in 4Q2014 40% 37% 36% 37% 35% 17% 17% In 2014, NSD was recognized as a systemically 19% 17% 17% 16% 16% . important financial institution by the CBR: 26% 24% 23% 24% 23% 24% 24% - a nationally important payment system 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 - a nationally important CSD Fee & commission income for depository & settlement services RUB mln +37%

3,189 +33% 2,323 954 717 734 735 766

2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014

28 Source: Moscow Exchange operational information and Consolidated Financial Statements 1 according to Moscow Exchange operational information Other fee & commission income

8%

Other fee & commission income1 Comments RUB mln Listing and other fees related to Securities market . Other fee & commission income grew by 26% YoY Information services mainly driven by higher information services and Sale of software and technical services listing fees +26% . Information services fees were driven by additional 1,283 payment collections made by the exchange as a

+55% result of information audit 1,015 27% 429 . 61% YoY increase in listing fees was driven by a new 21% pricing structure following the completion of the 34% 321 44% listing reform 30% 277 266 18% 267 28% 14% 26% 39% 43% 27% 27% 29% 49% 39% 46% 47% 39% 45% 29%

2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014

Source: Consolidated Financial Statements 29 1 Not including “other” fee&commission income as presented in financial statements Interest income: growth driven by higher interest rates and client balances

Investment portfolio1 (average daily value) Interest income

RUB bln RUB bln 2 3 Moscow Exchange own funds Interest and other finance income LIBOR rate, % 3 Client funds MosPrime rate, % Effective yield, %

+103% 6.2 8.8 8.3 8.3 11.7 +148% 6.3 6.9 916 3.4 1.8 1.9 2.1 700 2.0 3.3 7% 6% 0.1 0.1 2.4 711 743 0.1 0.1 0.1 0.1 0.1 7% 7% +21% 345 442 +60% 11% 93% 370 10% 94% 11% 93% 93% 11.8 14.3 4.8 3.0 3.2 3.6 89% 89% 90% 2.6

2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014

Clients funds by source Clients funds by currency Investment portfolio by type of asset 4Q2014 4Q2014 19% 18% 19% 29% FX deposits 8% 40% 1% 9% and curr. accounts 13% 46% 49% 5% FX market 57% 9% Curr.accounts 34% 50% Securities market in RUB RUB securities Derivatives market 36% 25% 23% 32% 75% 80% 20% Deposits in RUB FX securities 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014

Other 4 RUB USD EUR

Source: NFEA, Bloomberg, Moscow Exchange operational information and Consolidated Financial Statements 1 Based on average daily investment portfolio according to management accounts 2 Interest and other finance income includes interest and other finance income, interest expense, net loss on financial assets available-for-sale, 30 foreign exchange gains less losses 3 Average daily rate for the period 4 Share of other currencies is close to zero NCC capital target set at RUB 51 bln for 2015

Approach to setting target capital

CBR regulation of CCP Stress-tests Capital should be capital adequacy ratio sufficient to (i) cover . Risk weighted assets . Market risk (RWA) less provisions Core Tier 1 ratio potential losses under (N1) >10% . Credit risk a stress scenario and . Market risk . CCP risk (according to 387-P) (ii) keep business . Operational risk operational

NCC capital (eop) Key factors that impacted the target capital:

RUB bln  Rapid growth of market participants balances in 2014, particularly FX denominated 51,0  Ruble devaluation 41,4 38,9  Expected abolishment of temporarily requirements for RWA in FX set by the CBR under 211-T regulation 28,8 Key factors to watch:

13,2  Changes in client balances  Interest rates in the US and EU  MOEX and CBR collaboration on regulation 2012 2013 2014 Current Target 2015 developments on NCC as a Central counterparty (CCP) 31 Operating expenses

Operating expenses Major expense items RUB mln RUB mln Change 2013 2014 Administrative and other operating expenses YoY Personnel expenses Personnel expenses 4 827 5 395 12% Administrative and other +5% 5 030 4 978 -1% operating expenses, including 10,373 Amortisation of intangible assets 1 040 1 095 5% 9,857 +11% Professional services 571 616 8% Depreciation of property and 48% 3,218 530 493 -7% 51% 2,912 equipment 2,564 2,365 2,226 51% Rent and office maintenance 409 435 6% 56% 48% 46% 46% Taxes other than income tax 623 430 -31% 52% 49% Market maker fees 557 363 -35% 44% 52% 54% 54% 49% Total 9 857 10 373 5%

2013 2014 4Q2013 1Q2014 2Q2014 3Q2014 4Q2014 Cost income ratio 40.1% 34.1% -

Headcount development Comments

. Operating expenses increased 5% YoY in 2014, two times -3% lower than the reported inflation level 1,692 . Administrative and other operating expenses remained 1,636 under control and declined by 1% YoY due to lower spending on market makers, depreciation of property and equipment, and lower taxes other than income tax . Personnel costs increased 12.0% YoY driven by additional accruals for employee annual bonuses of RUB 163 mln on December December the back of stronger financial performance, as well as 2013 2014 (EOP) (EOP) creation of unused vacation provisions of RUB 114 mln . Excluding additional bonus accruals and vacation provisions, personnel expenses increased 4.4% YoY

Source: Moscow Exchange operational information, Consolidated Financial Statements 32 Revised Capex & Opex plans due to FX translation effect

2015 budget review with average RUB/USD rate of 70 vs 45 resulted in:

Maintenance Capex related to new data center, IT-architecture capex: unification and other projects: Expected up to RUB 1.5-1.7 bln in Expected up to RUB 2.2-2.4 bln in 2015 2015

Operating expenses RUB bln Personnel expenses Operating expenses . The growth rate for personnel +23-27% expenses is expected to be 1.3 12.8-13.2 below inflation at 10-13% 1.2 +10-13% 10.4 . Expected total Opex growth 5.4 0.2 0.4 5.9-6.1 rate revised up to 23-27% due to revision of IT-expenses and professional services

2014 FX rate Organic 2015 2014 FX rate Organic 2015 change growth change growth

Importantly, the business is hedged on the revenue side as FX denominated revenue growth driven by translation effect is expected to more than offset cost expansion

33 Appendix

34 Consolidated Statement of Financial Position

% chg. December 31, In thousand rubles December 31, 2014 December 31, 2013 2014/December 31, 2013

Assets:

Cash and cash equivalents 1 163 783 135 255 041 610 356% Central counterparty financial assets 139 609 774 47 008 536 197% Financial assets1 132 266 480 122 227 888 8% Property and equipment and intangible assets 24 200 625 25 044 955 -3% Goodwill 15 971 420 16 071 458 -1% Other assets2 1 673 438 1 070 174 56% Total Assets 1 477 504 872 466 464 621 217%

% chg. December 31, In thousand rubles December 31, 2014 December 31, 2013 2014/December 31, 2013

Liabilities:

Balances of market participants 1 231 999 104 322 250 561 282% Central counterparty financial liabilities 139 609 774 47 008 536 197% Distributions payable to holders of securities 6 353 006 3 670 761 73% Other liabilities3 7 695 531 11 740 612 -34% Total Liabilities 1 385 657 415 384 670 470 260% Total Equity 91 847 457 81 794 151 12% Total Liabilities and Equity 1 477 504 872 466 464 621 217%

Source: Moscow Exchange, Consolidated Financial Statements 1 Financial assets at fair value though profit or loss, Due from financial institutions, Assets held for sale, Investments available-for-sale, Investments in associates 35 2 Current tax prepayments, Deferred tax asset, Other assets 3 Loans payable, Liabilities related to assets held for sale, Deferred tax liability, Current tax payables, Other liabilities Consolidated Statement of Comprehensive Income

Three-month Three-month % chg. Year ended Year ended % chg. period ended period ended In thousand rubles 4Q2014/ December 31, December 31, 2014/ December 31, December 31, 4Q2013 2014 2013 2013 2014 2013 Fee and commission income 4 957 156 3 482 080 42% 15 585 951 12 792 116 22%

Interest and other finance income1 4 842 786 3 018 770 60% 14 279 409 11 754 948 21%

Other operating income 23 524 3 553 562% 528 682 58 909 797%

Operating Income 9 823 467 6 504 403 51% 30 394 042 24 605 973 24% Administrative and other operating -1 646 475 -1 621 124 2% -4 978 494 -5 029 989 -1% expenses Personnel expenses -1 572 005 -1 291 228 22% -5 394 764 -4 827 004 12%

Operating Expense -3 218 480 -2 912 352 11% -10 373 258 -9 856 993 5%

Operating Profit 6 604 987 3 592 052 84% 20 020 784 14 748 980 36% Interest expense in respect of written - - - - -199 686 - put option over own shares

Share of profit/(loss) of associates 245 12 258 -98% 7 356 74 605 -90%

Profit before Tax 6 605 233 3 604 309 83% 20 028 141 14 623 899 37%

Income tax expense -1 319 374 -740 241 78% -4 034 976 -3 042 205 33%

Net Profit 5 285 859 2 864 068 85% 15 993 165 11 581 694 38%

Earnings per share

Basic earnings per share, rubles 1.82 1.29 41% 7.21 5.23 38%

Diluted earnings per share, rubles 1.82 1.28 42% 7.18 5.23 37%

Source: Moscow Exchange, Consolidated Interim Financial Statements 1 Interest and other finance income, Interest expense, Net loss on financial assets available-for-sale, Foreign exchange gains less losses 36 SPO of the CBR stake in MOEX highlights

Key information

July 2014 Secondary public offering (SPO) of the CBR share in MOEX in form of ABB1

Deal amount: RUB 16 bln (USD 469 mln)

The book was opened: July 1st at 7pm The bookbuilding period The book was closed: July 2nd before trading hours The Seller The The transaction form 100% secondary offering in form of ABB1 Issuer OJSC «Moscow Exchange MICEX-RTS» Security Ordinary shares Trading venue Moscow Exchange Demand The book was multiple times oversubscribed Price 60 RUB per share Discount vs market 7.8% (Last day close price RUB 65.05) Lock-up period 180 days Global coordinators J.P. Morgan, , Sberbank CIB, VTB Capital Global bookrunners Citi and Gazprombank

Distribution by geography Distribution by investors Highlights

Scand. Cont. Europe Brokers . The largest Russian SPO since spring 2013 countries Other Hedge- 6.4% 0.6% 0.3% 7.0% funds . The first public equity offering of local 19.5% Russia shares only in 2014, which was priced with 34.6% Asia 9.6% lower than average discount despite the Sovereign material deal size (63x 3-month ADTV)2 Middle East funds 10.8% 43.1% Long only US UK funds . The book was multiple times oversubscribed 11.5% 19.5% 37.2% and dominated by high-quality sovereign wealth funds and long only funds

1 ABB – accelerated bookbuilding 37 2 Based on Dealogic and FactSet data, calculated compared to average discount for secondary Russian deals since 2010 DR holders pay substantial EXTRA FEES to depositary banks

Gross DSF and dividend fees Fees to be paid to depositary bank for some of DR programs of the Russian calculated for Top-3 international companies funds holding DRs of Russian companies4 Depositary Dividend Fee DRs Dividend Service Fee1 as % of cancellations DR program Fee2, Fund A 4 734 003 USD (DSF), USD dividend fee, USD per USD per DR per DR amount3 DR Fund B 5 029 605 USD Fund C 3 179 714 USD RusHydro BoNY Mellon 0.02 0.004 14% 0.05 TGK-1 BoNY Mellon 0.02 0.002 13% 0.05 Cost of cancellations all DR in portfolios to local shares for Top-3 funds VTB Bank BoNY Mellon 0.03 0.009 12% 0.05 Fund A 5 808 931 USD TMK BoNY Mellon 0.02 0.01 12% 0.05 Fund B 5 828 632 USD MMK BoNY Mellon 0.02 0.012 12% 0.05 Fund C 4 376 841 USD Sberbank BoNY Mellon 0.02 0.02 8% 0.05 • Depositary service fee and Gazprom BoNY Mellon 0.025 0.02 7% 0.05 Dividend fee are to be paid by DR Surgutneftgaz-p BoNY Mellon 0.02 0.02 6% 0.05 holder to the depositary bank Russian Grids BoNY Mellon 0.02 0.02 5% 0.05 while there are no such fees for Lukoil BoNY Mellon 0.025 0.02 2% 0.05 holders of local shares BoNY Mellon 0.01 0.02 2% 0.05 Acron Deutsche Bank 0.02 0.015 9% 0.05 • All DRs cancellations operations Deutsche Bank 0.02 0.017 8% 0.05 are also charged 0.05 USD per DR MTS JP Morgan 0.01 0.03 3% 0.05 • DR dividend income in case of non JP Morgan 0.03 - n/a 0.05 disclosure of beneficial owners Phosagro Citi 0.02 0.01 7% 0.05 taxed at a 30% rate from 20146 Average 0.02 0.01 8% 0.05

(1) Service fees are charged annually, in arbitrary date. Calculated based on number of DR on client account on the record date (2) Dividend fees are charged when dividends are paid (3) As % of dividend amount after tax (4) Calculations based on Thomson Reuters data as of June 2014 (5) Data on depositary service fees for these companies are not available. Indicative numbers based on average level of depositary service fee for DR of Russian companies are used for the purposes of this presentation. 38 (6) Federal Law of 02.11.2013 № 306-FZ came into force January 1, 2014 Source: BNY Mellon, Deutsche Bank, JP Morgan, Citi, Thomson Reuters 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 Open 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.

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