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Moscow Exchange Investor Presentation 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 Russia 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: Moscow 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; Sberbank of Russia, 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 Magnit 54% following the CBR SPO MOEX 51% MTS 49% Sberbank 48% CBR 3 Lukoil 46% 11,7% Gazprom 46% Sberbank VTB 39% 10,0% AFK Systema 36% Rushydro 34% Free float VEB Uralkaly 33% 50,6% 8,4% Tatneft 32% Norilsky Nickel 30% EBRD Rostelecom 28% 6,1% 27% CIC Novatek 5,6% Surgutneftegaz 25% MICEX-4 RDIF Alrosa 23% Finance 5,3% Severstal 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 NASDAQ OMX 27% 27% Shanghai SE 63% 64% London SE Group 24% 25% Korea Exchange 5% 1% BME
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