RUSSIAN EQUITY AND BOND INDICES May 2017 Value Return over the period, % Index 31.05.17 Month Quarter Year In May, ’s Indices reflected Composite Indices the negative trend on the Russian stock market. The MICEX Index 1,900.38 -5.77% -6.65% 0.07% MICEX Index was down 5.77% to 1,900.38 (from RTS Index 1,053.30 -5.49% -4.20% 16.47% 2,016.71 on 28 April), while the dollar-denominated Blue-Chip Index 12,272.49 -6.14% -7.18% -1.44% RTS Index fell 5.49% to 1,053.30 (from 1,114.43). Second-Tier Index 6,430.47 3.00% 4.82% 58.80% The dollar depreciated 0.80% against the Broad Market Index 1,357.80 -5.58% -6.40% 1.09% rouble. Sectoral Indices (in RUB) Oil & Gas 4,717.99 -5.57% -7.32% -3.27% Volatility increased, with the Russian Volatility Electric Utilities 1,774.83 -6.25% -9.10% 38.08% Index rising 15.40% to 25.93 (from 22.47). Consumer goods & 6,331.06 3.77% -2.99% -1.96% The most of the key sectors made losses. The largest downturn was in Financials, the sector index Telecommunication 1,620.82 -9.41% -11.60% -13.68% of which fell 11.01%. Telecommunication and Industrials 1,643.05 1.73% -6.50% 14.77% Electric Utilities climbed down a respective 9.41% Financials 6,916.81 -11.01% -11.73% -3.54% and 6.25%. The largest rose in Transport is 4.96%. Chemicals 13,514.81 -4.69% -5.69% -4.15% Metals & 5,097.65 -4.36% -4.94% 16.71% The Blue Chip Index decreased 6.14% to 12,272.49 (from 13,074.91). Transport 2,180.02 4.96% 11.52% 95.83% Thematic indices The Second Tier Index appreciated 3.00% to MICEX 10 Index 4,038.17 -8.82% -9.29% -4.83% 6,430.47 (from 6,243.27). The Broad Market Index Russian Volatility fell 5.58% to 1,357.80 (from 1,438.11). 25.93 15.40% -5.19% -22.90% Index MICEX Innovation 413.55 6.92% 0.90% 33.49% Index MICEX Siberia Index 775.06 -8.29% -8.88% 19.97% MICEX SMID Index 1,662.34 -7.75% -9.41% 19.83% Currency (CBR) RUB / USD 56.52 -0.80% -2.45% -14.48%

KEY SECTORS COMPOSITE INDICES 110% 104% 108% 106% 102% 104% 102% 100% 100% 98% 98% 96% 96% 94% 92% 94% 90% 88% 92%

86%

03.05 04.05 05.05 10.05 11.05 12.05 16.05 17.05 18.05 19.05 22.05 23.05 25.05 26.05 29.05 30.05 31.05 02.05 15.05 24.05

02.05 03.05 04.05 05.05 10.05 11.05 12.05 15.05 16.05 17.05 18.05 19.05 22.05 23.05 24.05 25.05 26.05 29.05 30.05 31.05 RTS Index MICEX Index MICEX Index RTS Index Blue-chip Index Second-Tier Index Oil & Gas Consumer & Retail Broad Market Index Metals & Mining Industrials Chemicals Electric Utilities Financials Telecommunication MICEX Innovation Index Transport

1 RUSSIAN EQUITY AND BOND INDICES May 2017 MICEX & RTS Indices: Moscow Exchange’s main indices MICEX Index RTS Index In May, Moscow Exchange’s Indices reflected the 2032 1130 negative trend on the Russian stock market. The MICEX 2015 1120 Index was down 5.77% to 1,900.38 (from 2,016.71 on 28 1998 1110 April), while the dollar-denominated RTS Index fell 5.49% 1981 1100 to 1,053.30 (from 1,114.43). 1964 1090 The MICEX Index on 31 May was up 0.07% YoY 1947 1080 (from 1,899.01). The RTS Index was up 16.47% YoY (from 1930 1070 904.33). 1913 1060 The RTS Index’s decrease last month was 1896 1050 accompanied by an increase in volatility, with the Russian Volatility Index (RVI) up 15.40%. RVI The turnover of securities included in Moscow 27 Exchanges’ indices was RUB 624.13 bln, and their market cap totaled RUB 28,270.37 bln. 25 Of the 50 MICEX Index constituents, included in the 23 Index list, 36 pulled the index down (falling a total 6.62%), while 14 incurred gains (totaling 0.85%). 21 On the sector level, the major negative impact was from oil & gas (down 3.12%) and financials (off 1.40%). RUB/USD The largest negative impact on the MICEX Index was 59,0 from price losses by ords of PJSC "" (down 58,5 1.86%), Sberbank (off 0.84%) and prefs of 58,0 57,5 (down 0.55%). The largest positive impact was from prices 57,0 rising for ords of PJSC " (up 0.26%) and 56,5 "" OJSC (up 0.22%). 56,0 The largest negative impact on the RTS Index was from price losses by ords of PJSC "GAZPROM" (down Constituents volume*, bln. 1.82%), Sberbank (off 0.80%) and prefs of Transneft 75 (down 0.54%). The largest positive impact was from prices rising for ords of PJSC "Magnit (up 0.28%) and 50 "Surgutneftegas" OJSC (up 0.23%). Oil & gas accounted for 47.01% of the MICEX 25 Index’s total capitalization. The other heavily weighted sectors were financials (21.99%) and metals and mining 0 (12.96%).

02.05 03.05 04.05 05.05 10.05 11.05 12.05 15.05 16.05 17.05 18.05 19.05 22.05 23.05 24.05 25.05 26.05 29.05 30.05 31.05 * for the constituent stocks

Stock price influences on indices MICEX Index: Impact,% Sector impact and weight Weight MGNT 1% RTS 6,66% SNGS 1,12% 3,23% MICEX 0% 1,16% 0,52% 1,29% ALRS 21,99% -1% 3,84% LKOH 12,96% -2% AFKS -3% MTSS -4% GMKN 47,01% -5%

NVTK - -

TRNFP

onsumer

Transporta tation Building C hemicals Electric Utilities Telecommmu retail Metals & Mining O & Gas il nication С goods & F inance SBER IT

GAZP

-2,0% -1,6% -1,2% -0,8% -0,4% 0,0% 0,4% Monthly impact Total Up Down Unchanged on indices influence, % MICEX Index +0.85% -6.62% 0 -5.77% RTS Index +0.90% -6.39% 0 -5.49%

2 RUSSIAN EQUITY AND BOND INDICES May 2017 Blue Сhip Index Trading volume*, bln. RUB Blue Chip Index 60 13 270 45 13 010 The Blue Chip Index fell in May. 30 12 750 It was down 6.14% MoM to 12,272.49 (from 15 12 490 13,074.91), and down 1.44% YoY (from

0 12 230 12,451.26).

02.05 03.05 04.05 05.05 10.05 15.05 16.05 17.05 18.05 19.05 22.05 25.05 26.05 29.05 30.05 31.05 12.05 23.05 24.05 11.05 Of the sixteen securities, included in the Blue *for the constituent stocks Chip Index list, thirteen pulling the Blue Chip Index Stock price influences on Blue Chip Index down at the end of the month (falling a total 6.78%), while three made gains (totaling 0.64%). MGNT SNGS The largest negative impact was from price TATN losses by ords of PJSC "GAZPROM" (down 2.23%), VTBR Sberbank (off 1.00%) and prefs of Transneft CHMF (down 0.66%). SNGSP MOEX The largest positive impact on the index was ROSN from price gains by ords of PJSC "Magnit" (up ALRS 0.31%) and "Surgutneftegas" OJSC (up 0.26%). LKOH MTSS The oil & gas sector accounted for 55.71% of GMKN the Blue Chip Index’s total capitalization. The other NVTK large weight sectors were financials (24.17%) and TRNFP metals and mining (9.87%). SBER GAZP -2,4% -2,0% -1,6% -1,2% -0,8% -0,4% 0,0% 0,4% Monthly impact Total Weight Up Down Unchanged Weight in on indices influence, % in Code Security name Blue Chip Number of MICEX 3 13 0 16 Index constituents Index Influence, % 0.64% -6.78% 0 -6.14% SBER Gazprom, ord 18,00% 14,96% GAZP Sberbank, ord 17,34% 14,41% LKOH Lukoil, ord 14,26% 11,85% Blue Сhip Index: Weight Impact,% Sector impact and weight MGNT , ord 7,25% 6,03% 1% NVTK Magnit, ord 6,96% 5,78% GMKN , ord 5,46% 4,54% 0% 24,17% ROSN , ord 4,65% 3,87% 7,25% VTBR VTB, ord 4,43% 3,68% -1% 3,00% SNGS Transneft, pref 3,58% 2,98% 9,87% TATN , ord 3,55% 2,95% -2% 55,71% TRNFP МТS, ord 3,27% 2,71% -3% MTSS Surgutneftegas, ord 3,00% 2,50% ALRS Alrosa, ord 2,93% 2,43% -4% SNGSP Surgutneftegas, prefs 2,10% 1,75% MOEX Moscow Exchange, ord 1,74% 1,44% -5% CHMF Severstal, ord 1,47% 1,23% - Total 100.00% 83.11%

nication retail O & Gas il Telecommu C onsumer goods & Metals & Mining F inance

3 RUSSIAN EQUITY AND BOND INDICES May 2017 Broad Market and Second-Tier Indices Second -Tier Index Broad Market Index 6 505 1 450 In May, The Second Tier Index appreciated 3.00% to 6,430.47 (from 6,243.27). The Broad 6 465 1 430 Market Index fell 5.58% to 1,357.80 (from 6 425 1 410 1,438.11).

6 385 1 390 The Second Tier Index was up 58.80% YoY (from 4,049.36). The Broad Market Index was up 6 345 1 370 1.09% YoY (from 1,343.19).

6 305 1 350

Of the forty nine securities, included in the Trading volume*, bln. RUB Second Tier Index list, twenty pulling the index up (rising a total 6.27%), while twenty nine made 75 losses (totalling 3.27%). 60 45 The largest positive impact on the Second 30 Tier Index was from ords of PJSC "Cherkizovo 15 Group" (up 1.79%) and DR representing rights on 0 shares of QIWI PLC (up 0.99%).

02.05 03.05 04.05 05.05 10.05 11.05 12.05 15.05 16.05 17.05 18.05 19.05 22.05 23.05 24.05 25.05 26.05 29.05 30.05 31.05 The heaviest negative impact on the Broad * for the constituent stocks Market Index was from ords of PJSC "GAZPROM" Stock price influences on Second Tier Index (down 1.81%) and Sberbank (off 0.84%). GCHE QIWI The largest positive impact on the Second MGTSP Tier Index was from consumer goods and retail KZOS (up 1.79%) and IT (up 0.90%).

MRKC Electric utilities accounted for 31.10% of the SVAV Second Tier Index’s total capitalization. The other RASP heavily weighted sectors were metals and mining (13.76%) and consumer goods and retail -0,6% -0,3% 0,0% 0,3% 0,6% 0,9% 1,2% 1,5% 1,8% Stock price influences on Broad Market Index (12.55%).

MGNT Second-Tier Index: Impact, % Weight SNGS Sector impact and weight 3% GMKN 12,55% NVTK 2% 6,44% TRNFP 2,83% 11,48% 1% SBER 31,10%

GAZP 0%

0,86% 4,77% -2,0% -1,6% -1,2% -0,8% -0,4% 0,0% 0,4% 9,68% 13,76% -1% 5,64%

Monthly impact Total influence, Up Down -2% on indices % -

Second Tier Index +6.27% -3.27% +3.00%

Building Industrials

Telecommu nication Transport IT Finances Chemicals Consumer & goods Retail Electric Utilitied Mining Broad Market Index +0.96% -6.54% -5.58% & Metal

4 RUSSIAN EQUITY AND BOND INDICES May 2017 MICEX 10 Index

Trading volume*, bln. RUB MICEX 10 stock price changes

36 4 480 MGNT LKOH 30 4 400 ROSN

24 4 320 SBER GMKN 18 4 240 ALRS 12 4 160 GAZP

6 4 080 MOEX HYDR 0 4 000 FEES

02.05 03.05 04.05 05.05 10.05 11.05 12.05 15.05 16.05 17.05 18.05 19.05 22.05 23.05 24.05 25.05 26.05 29.05 30.05 31.05 -18% -15% -12% -9% -6% -3% 0% 3% 6% *for the constituent stocks

MICEX Innovation Index

Stock price influences on MICEX Innovation Index Trading volume*, mln. RUB 150 435 QIWI PRFN 425 NAUK 120 DZRDP 415 DIOD 90 DZRD MSST 405 LVHK 60 RLMN 395 ISKJ 30 NSVZ 385 RLMNP LIFE 0 375 UNAC

-2% -1% 0% 1% 2% 3% 4% 5%

02.05 03.05 04.05 05.05 10.05 11.05 12.05 15.05 16.05 17.05 18.05 19.05 22.05 23.05 24.05 25.05 26.05 29.05 30.05 31.05 * for the constituent stocks MICEX Siberia Index

Stock price influences on MICEX Siberia Trading volume*, bln. RUB Index 5 850 KBTK

4 834 LNZLP

LNZL 3 818

IRGZ 2 802 GMKN

1 786 RASP

0 770 HYDR

-3,5% -3,0% -2,5% -2,0% -1,5% -1,0% -0,5% 0,0% 0,5% 1,0%

* for the02.05 03.05 constituent04.05 05.05 10.05 stocks11.05 12.05 15.05 16.05 17.05 18.05 19.05 22.05 23.05 24.05 25.05 26.05 29.05 30.05 31.05

5 RUSSIAN EQUITY AND BOND INDICES May 2017 Debt market

Value YTM, % Return over the period, % Index 31.05.2017 31.05.2017 Month Quarter Year Aggregate bond index RUABITR 159.55 8.10 0.57% 4.27% 10.41% Aggregate bond index RUABITR (total Government bond indices return) comprised of Government, corporate and municipal bonds traded on Moscow Exchange RGBITR 436.86 7.94 0.48% 4.38% 13.64% was up 0.57% in May. RUGBITR3Y 400.06 8.21 0.58% 2.59% 8.99% RUGBITR5Y 400.76 7.95 0.25% 3.83% 8.99% Russian Government Bond Index RGBITR RUGBITR5+ 425.95 7.81 0.61% 5.85% 12.19% was up 0.48% to 436.86 points. The YTM of Corporate bond indices securities included in the index was 7.94%. The MICEXCBITR 333.15 9.25 0.80% 3.32% 10.42% highest growth among government bond indices, MICEXCBITR3Y 324.84 9.03 0.82% 2.64% 8.74% segmented by duration, showed RGBITR5+ that MICEXCBITR5Y 395.58 9.57 0.78% 3.94% 14.09% includes government bonds with duration from 5 BBB Segment years. It grew up by 0.61%. RUCBITRBBB 346.62 9.30 1.27% 3.60% 11.69% Municipal bond index MICEXMBITR was up RUCBITRBBB3Y 336.05 8.76 1.49% 3.44% 10.50% 0.96% and equaled 230.25 points. The highest RUCBITRBBB5Y 424.99 10.07 0.97% 3.83% 13.14% growth among municipal bond indices RUCBITRBBB3+ 421.54 10.07 0.96% 3.82% 13.13% segmented by duration and credit quality BB Segment showed RUMBITRBBB3+ that includes bonds RUCBITRBB 335.00 9.19 0.67% 3.71% 13.04% with duration from 3 years and credit rating from RUCBITRBB3Y 334.94 9.25 0.65% 3.11% 11.81% BBB- to BBB+. It grew up by 1.48% in May. RUCBITRBB3+ 390.25 9.16 0.68% 4.22% 14.91% B Segment The MICEX Corporate Bond Index MICEXCBITR total return value was up 0.80% to RUCBITRB 306.79 9.60 1.69% 4.68% -5.10% 333.15 points. The YTM of securities included in RUCBITRB3Y 309.98 9.60 1.70% 4.70% -5.07% the calculation formula was 9.25%. Municipal indices MICEXMBITR 230.25 8.63 0.96% 3.13% 9.52% RUMBITR3Y 260.03 8.63 0.96% 3.32% 12.11% RUMBITRBBB 256.46 8.30 0.96% 3.55% 11.83% RUMBITRBBB3Y 245.11 8.15 0.38% 2.89% 10.64%

RUMBITRBBB3+ 266.78 8.42 1.48% 4.17% 13.04%

RUMBITRBB 267.80 8.86 1.32% 3.85% 13.10% RUMBITRBB3Y 270.74 8.85 1.16% 3.49% 12.71%

6 RUSSIAN EQUITY AND BOND INDICES May 2017 Debt market

High credit quality corporate bond index RUCBITRBBB was up 1.27%. «BB segment» bond index RUCBITRBB was up 0.67%.

The highest yield to maturity (YTM) on 05/31/2017 showed RUCBITRBBB5Y index. It was 10.07%.

A conservative multi-asset investment strategy tracking RUPCI index could have resulted in 0.73% gain. The aggressive investment strategy could have brought a loss of 1.74%. Moderate Pension index was down 0.37%.

Value Return over the period,% Index 31.05.2017 Month Quarter Year Pension indices Conservate index 2150.34 0.73% 2.82% 10.67% Moderate index 1881.34 -0.37% 1.05% 8.87% Aggressive index 1622.00 -1.74% -1.18% 6.52%

Value Return over the period, % Index 31.05.2017 Month Quarter Year Bond Repo rate Indicator MOEXREPO 9.33 -47 -80 -194

MOEXREPOE 9.25 -56 -102 -205 Bond repo rate indicator MOEXREPO was down MOEXREPOEQ 9.45 -53 -87 -193 47 bps (from 9.80% to 9.33). MOEXREPOEQE 9.09 -79 -116 -235 Equity repo rate indicator MOEXREPOEQ was 9.45%.

7 RUSSIAN EQUITY AND BOND INDICES May 2017

Index Derivatives RTS Index Basis The total trading volume in index futures and 1 130 5 options on Moscow Exchange’s Derivatives Market 1 120 0 in May 2017 was RUB 1,915.36 bln, or 16.58 mln 1 110 -5 1 100 -10 contracts. 1 090 -15 1 080 -20 Last month’s trading volume in RTS Index 1 070 -25 futures, which is one of the most liquid contract on 1 060 -30 FORTS, was RUB 1,426.92bln, or 11,50 mln 1 050 -35 contracts.

02.05 03.05 04.05 05.05 10.05 11.05 12.05 15.05 16.05 17.05 18.05 19.05 22.05 23.05 24.05 25.05 26.05 29.05 30.05 31.05 The RTS Index futures contract traded in RTSI Basis RIM7, points Basis RIU7, points backwardation last month. The RTS Index fell 5.49% MoM, while the June and September futures RTS Index Futures 150 100 were down a respective 5.83% and 5.66%. 120 80 Open interest in RTS Index futures increased 90 60 23.42%. 60 40 Turnover in MICEX Index futures was RUB 30 20 84.86 bln, or 427.83 thousand contracts. Open interest in MICEX Index futures increased 69.56%. 0 0 The trading volume in options on RTS Index

02.05 03.05 04.05 05.05 10.05 11.05 12.05 15.05 16.05 17.05 18.05 19.05 22.05 23.05 24.05 25.05 26.05 29.05 30.05 31.05 futures totaled RUB 382.95 bln. or 3.60 mln Volume, bln. RUB Open interest, bln. RUB contracts. Open interest was RUB 245.27 bln. or 2.34 mln contracts. Puts made up 45.08% of the MICEX Index Futures total open interest. The 115.000 strike calls and 8 6,0 95.000 strike puts had the highest open interest. 6 4,5 The open interest in options on RTS index futures rose 32.81%. 4 3,0

2 1,5

0 0,0

02.05 03.05 04.05 05.05 10.05 11.05 12.05 15.05 16.05 17.05 18.05 19.05 22.05 23.05 24.05 25.05 26.05 29.05 30.05 31.05

Volume, bln. RUB Open interest, bln. RUB

Options on RTSI futures contract Open interest in quarterly options Volume, bln. RUB OI, bln. RUB 12 000 21 140 call 18 120 10 000 put 15 100 8 000 12 80 9 60 6 000 6 40 4 000 3 20 2 000 0 0 0

02.05 03.05 04.05 05.05 10.05 11.05 12.05 15.05 16.05 17.05 18.05 19.05 22.05 23.05 24.05 25.05 26.05 29.05 30.05 31.05 Call option volume Put option volume

70,000 75,000 80,000 85,000 90,000 95,000

Call option OI Put option OI 100,000 105,000 110,000 115,000 120,000 125,000 130,000 135,000 140,000 145,000

8 RUSSIAN EQUITY AND BOND INDICES May 2017

Moscow Exchanges Indices are key indicators of the Russian organized securities and derivatives market. Moscow Exchange Indices responds with the Principles for Financial Benchmarks (the IOSCO Principles), published by the International Organization of Securities Commissions (IOSCO) in July 2013. The compliance was confirmed by the Ernst & Young company during the audit.

The MICEX and RTS Indices are Russian stock market composite indices that include the 50 most liquid stocks of the largest and most dynamically developing Russian issuers. The MICEX Index is calculated based on the stock prices denominated in RUB. The RTS Index is calculated based on the stock prices denominated in USD.

Sectoral indices are capitalisation weighted indices calculated based on prices of the most liquid local sector shares. Moscow Exchange has indices for nine sectors: MICEX O&G (RTSog) comprises stocks of oil & gas companies. MICEX PWR (RTSeu) comprises stocks of utilities companies. MICEX TLC (RTStl) comprises stocks of telecoms companies. MICEX M&M (RTSmm) comprises stocks of metals & mining companies. MICEX MNF (RTSin) comprises stocks of manufacturing companies. MICEX FNL (RTSfn) comprises stocks of banks and financial companies. MICEX CGS (RTScr) comprises stocks of consumer & retail companies. MICEX CHM (RTSch) comprises stocks of chemicals companies. MICEX TRN (RTStn) - comprises stocks of transport companies.

Values of the sectoral indices are presented in RUB and USD. MICEX sectoral indices’ historical values provide historical values for rouble denominated indices, while the RTS indices’ historical values provide them for dollar-denominated indices.

The MICEX Blue Chip Index is an indicator that tracks blue chips’ performances. It is calculated from rouble denominated prices and bids for the 15 most liquid Russian stocks.

The MICEX10 is an unweighted price index calculated as the average of price fluctuations of 10 most liquid stocks admitted to trading on the exchange. The index tracks the increase in the value of a portfolio comprising 10 stocks with the same initial weights.

The Second-Tier Index is an indicator that tracks the performance of stocks issued by small and mid cap companies. The index includes 50 securities with free floats ranked by market cap behind the stocks in the MICEX Index and RTS Index’s unified constituent list. The Index is calculated based on USD and RUB denominated stock prices.

The Broad Market Index includes the top 100 shares by liquidity, market cap, and the proportion of shares in free float. The Index’s list of securities is used as the basis for the constituent list of other Moscow Exchange indices. The top 50 stocks in the Broad Market Index list are used to calculate the MICEX Index and RTS Index, and the bottom 50 to calculate the Second Tier Index. Sectoral indices baskets comprise relevant names in the Broad Market Index.

The MICEX Innovation Index is a capitalization weighted price index comprising Russian stocks traded on the Innovations and Investments Market.

Regional Indices are equity indices designed to include stocks admitted to trading on Moscow Exchange, selected based on liquidity and capitalization, with issuers operating primarily in a specific region of Russia. Information on the MICEX Siberia Index, comprising stocks of companies from the Siberian federal district, is currently available.

Moscow Exchange SMID Indices are free float-adjusted cap-weighted composite indices calculated based on the prices of the small and medium capitalization stocks listed in Russia.

The Russian Volatility Index is an aggregated indicator which reflects the average value of implied volatility of options on RTS Index futures. The Black Scholes model is used to calculate the index’s values.

The Bond Indices are Corporate, Government and Municipal Bond Indices segmented by bonds duration and credit quality. The Bond Indices are calculated concurrently by total return and clean price methods. In addition, duration and YTM are calculated based on the index constituent lists.

The repo rate indicators are calculated to evaluate Russian organized repo market conditions. They are calculated separately for the stock and bond repo markets. Trades in shares in the MICEX Index and in bonds included on the CBR’s Lombard list are used to calculate the indicators. There are overnight, one-week, and two-week repo rate indicators. ______Moscow Exchange Indices and Market Data Department Bolshoy Kislovskiy per., 13 125009, Moscow, Russia

Phones: +7(495) 363 -3232 (ext. 25071) Faxes: +7 (495) 705-9622 E-mail: [email protected]

9 RUSSIAN EQUITY AND BOND INDICES May 2017

This report has been prepared and issued by MOSCOW EXCHANGE (the “Company”). Unless otherwise stated, the Company is the source for all data contained in this document. Such data is provided as at the date of this document and is subject to change without notice.

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 relating thereto, nor does it constitute a recommendation regarding the securities of the Company. The information in this document has not been independently verified. No rereport or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information 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 report includes forward-looking statements. All statements other than statements of historical fact included in this report, including, without limitation, those regarding our 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 report and we expressly disclaim any obligation or undertaking to release any update of, or revisions to, any forward-looking statements in this report 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.

10