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Moscow Exchange Investor Presentation

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Moscow Exchange Investor Presentation April 2021 Investor presentation History of MOEX: the path of ongoing progress Foreign equities 174 commenced trading on MOEX New dividend policy Corporates granted with a minimum payout Inaugural direct access to ratio of 55% Sustainability MOEX completes its IPO; the FX Market Repo with CCP launched Report Launch of RUSFAR – Euroclear and Clearstream Money Market interest gain access to Trading in government rate benchmark corporate bonds in addition bonds moves to to government bonds T+1 settlement Equity trading moves to SPO of MOEX Shareholder electronic T+2 settlement Marketplace (Finuslugi.ru) voting becomes available MOEX share price, RUB price, share MOEX Launch of the launch Unified Collateral Pool New dividend policy: Launch of target payout = FCF, GCC repo Corporates admitted to min payout = 60% OTC bond platform of net profit 55 deposits with CCP launched Eurobonds start Grain trading trading on MOEX commences on MOEX Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec Feb 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 2011 Launch of Central Merger of MICEX 2006 1995 1992 2013 Securities and RTS: National Clearing Russian Trading Moscow Interbank IPO of Moscow Depository Moscow Exchange (MOEX) Centre (NCC) System (RTS) Currency Exchange Exchange (MOEX) (CSD) established established established (MICEX) established 2001 1996 1993 1992 + Derivatives + Money Market + Bonds + FX Share price up to 31 March 2021 2 Investment and corporate highlights Financial Resilience Strategic Stance ▪ Counter-cyclical business model coupled with robust cost control ▪ Low penetration of financial services indicates secular growth potential ▪ Secular growth of fees and commissions (F&C) across 7 ▪ The world’s most diversified exchange with trading in 5 asset classes complimentary F&C business lines vs ~3 offered by “traditional” exchanges ▪ Business-driven margin and collateral requirements generate ▪ Complete vertical integration of a trading engine with a clearing sustainable net interest income (NII) house and a central securities depository makes up a unique platform ▪ Operating income F&C/NII split of 2/1 evolving towards F&C ▪ Cornerstone of the Russian financial system: MOEX brings together the tiers of the banking system by managing ~3/4 of its total liquidity flow ▪ One of the highest EBITDA margins among global peers ▪ The world’s only exchange focused on Russian financial assets in the ▪ Attractive dividend policy: min. payout of 60%; target payout of market is open for competition (ex. the CSD). OTC is the main competitor 100% FCFE; track record of distributing 55-89% of 2014-2019 profits ▪ B2B business model: investors trade via locally licensed brokers and banks. Foreign investors have SMA and ICM services at their disposal Corporate Governance Operational Excellence ▪ A 29-year history of successful and continuous implementation of ▪ All-electronic since 1997 infrastructural and regulatory reforms ▪ Vast in-house IT expertise: ~1/3 of staff are IT developers, ▪ No single controlling shareholder: free float of 63% with substantial supporting a CAPEX-light business model international participation; the largest shareholder owns <12% ▪ Single-tier clearing system requires all participants to provide eligible ▪ Most Supervisory Board members are independent directors (8 out collateral in cash or securities to trade any asset class of 12) ▪ Pre-trade risk checks forestall any “fat fingers”/”flash crash” problems ▪ Established track record for efficient capital allocation ▪ Low-cost product scalability: a new order book launch requires the equivalent of circa USD 10 thousand 3 Business overview 2 Corporate governance and dividends 3 Market position and competitive strategy 4 Financial track record 5 4Q 2020 update 4 Robust and trusted infrastructure Trading platform, NCC as the Central Counterparty (CCP) and NSD as the Central Securities Depository (CSD) TRADING CLEARING SETTLEMENT & DEPOSITORY Assets on deposit2 ▪ MOEX markets ADTV 3,8 RUB trln ▪ NCC cleared ADTV 3,2 RUB trln (2020) (2020) RUB trn 63.6 66.7 ▪ NCC served as a CCP for 93% of ▪ Pre-order validation (100+ risk check 52.7 scenarios) ensures integrity of trades trading volumes it cleared in 2020 39.4 45.0 36.4 ▪ World class latency of 200-300 ▪ BBB local currency rating from Fitch 31.7 24.9 microseconds ▪ The target NCC capital for 2021 is 21.8 12.3 ▪ >500 trading members ~RUB 67 bln (all markets) ▪ As of 01 Apr 2021, N1 is 150.1% CCP 31 31 31 31 31 31 31 31 31 31 Dec Dec Dec Dec Dec Dec Dec Dec Dec Mar 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Trading venue’s net proprietary National Clearing Centre (NCC) National Settlement Depository funds4 (Regulated since 3Q2019) proprietary funds (capital)1 (NSD) proprietary capital3 RUB bln RUB bln RUB bln 77.1 70.5 73.2 64.7 13.1 61.5 12.1 56.6 56.4 11.3 Ex-dividend Ex-dividend 17.8 9.7 9.4 8.8 8.9 8.9 14.6 14.6 38.5 12.8 13.9 7.3 28.8 6.0 8.2 7.7 8.6 5.6 13.2 1 Jan 1 Apr 1 Jul 1 Oct 1 Jan 1 Apr 1 Jul 1 Oct 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Apr 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Apr 2019 2019 2019 2019 2020 2020 2020 2020 2021 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021 Regulatory requirement: 6 RUB bln Regulatory requirement: 67 RUB bln Regulatory requirement: 10 RUB bln Source: Moscow Exchange 1 Figures for 1 Jan 20XX are from the audited financial reports prepared in accordance with RAS. The latest figure is as reported by the CBR on a monthly basis. 5 2 Assets on deposit based on Company’s operational data 3 Figures in accordance with Russian Accounting Standards as reported to and disclosed by the CBR on a monthly basis 4 Numerator of the regulatory ratio (100% requirement) Highly diversified product offering Investing and trading ▪ Listing ▪ Local and foreign shares, DRs ▪ ETFs Investing and trading ▪ Government bonds Hedging EQUITIES ▪ Municipal bonds ▪ Indexes ▪ Corporate bonds ▪ FX ▪ ABS, MBS ▪ Local and foreign single stocks ▪ Eurobonds ▪ Commodities ▪ Green & social bonds ▪ Interest rates ▪ Infrastructure bonds Currency conversion Funding + FX swaps ▪ Repo with CCP (including repo ▪ Swap instruments with general collateral certificates) ▪ Spot instruments (USD, ▪ Repo with CBR (both with and EUR, CNY, HKD, JPY, GBP, COMMODITIES without collateral management) CHF, TRY and CIS ▪ Inter-dealer repo currencies) Investing and trading ▪ Credit & deposit operations ▪ Deliverable futures ▪ Repo with the Federal Treasury ▪ Spot and swap precious metals ▪ Grain ▪ Sugar ▪ Soybean ▪ Sunflower seeds 6 Diversified client base across different markets Trading volumes Volume breakdown by client types 2014 2015 2016 2017 2018 2019 2020 3M’20 3M’21 2013 2020 3M’21 +15% +92% 10% 4% 4% Equities -1% -1% +18% +14% 4% -9% 23.9 3% 2% 11% 7% 6% Market 34% 10.8 12.4 41% 41% 10.3 9.4 9.3 9.2 7.2 RUB trn 6.3 46% 40% 46% +23% +58% +53% -27% +6% -8% Derivatives +19% 115.3 129.9 1% 8% 6% Market 93.7 84.5 89.3 82.4 15% 61.3 RUB trn 33.6 40.1 46% 42% 45% 38% 49% 47% +14% +79% Fixed -5% +8% 9% Income +5% +31% 7% 7% -34% 8% 13% 13% Market 26.2 29.8 28.2 30.6 2%18% 7% 10% 14.6 10.6 11.2 7.6 5.1 16% 15% RUB trn 63% 57% 55% +36% +6% +5% -12% +7% 0% 2% 2% 10% 5% 6% FX Market -3% 310.8 330.0 347.7 348.4 308.3 328.9 18% 19% RUB trn 228.5 80.9 78.7 90% 76% 73% +10% +18% Money +47% -9% -4% 4% 11% 12% 1 -1% 1% 8% 8% Market 433.2 11% 11% 8% 381.2 419.8 381.8 366.5 -3% RUB trn 261.6 260.1 97.7 95.0 85% 69% 70% Russian funds Russian banks and brokers Source: Moscow Exchange data prop.trading 1 Trading volumes include repo with collateral management through NSD. 7 Client structure is based on on-exchange repo trading volumes only Russian retail investors Local corporates Foreign investors 1 Business overview Corporate governance and dividends 3 Market position and competitive strategy 4 Financial track record 5 4Q 2020 update 8 Best-in-class corporate governance standards ✓ Out of 12 members of the 2020-2021 Supervisory Board, 8 are independent (67% vs a minimum threshold of 20%1) 1 ✓ Three of the five Supervisory Board committees are chaired by independent directors ✓ MOEX was a pioneer to adopt the new criteria of Director Independence aligned with the new Corporate Governance Code Strategic Nomination and Technical Risk Audit Supervisory Board members Planning Remuneration Policy2 Management Andrey Golikov – Deputy Chairman Chair Deputy Chairman of the Supervisory Board at the Moscow Exchange ✓ Valery Goreglyad Chief Auditor at the Bank of Russia ✓ Bella Zlatkis Deputy Chair of the Executive Board at Sberbank of Russia Vadim Kulik Chair Deputy President – Chair of the Executive Board at VTB Bank ✓ Ramon Adarraga Independent consultant ✓ ✓ Paul Bodart Chair Independent member of the Board of Directors at Belfius Bank S.A ✓ Dmitry Eremeev President at FIX ✓ ✓ Maria Gordon Chair Chair of the Supervisory Board at Detsky Mir ✓ Oskar Hartmann President of Hartmann Holdings ✓ ✓ Alexander Izosimov Chair Director General, member of the Management Board at M.Video ✓ Maxim Krasnykh Global COO at Gett ✓ ✓ ✓ Oleg Viyugin – Chairman Professor at HSE University ✓ ✓ * Independent directors 9 1 The threshold is for stocks listed in the First level of the Quotation list as per the Listing Rules of the Moscow Exchange 2 The Technical Policy Committee includes key IT industry professionals Dispersed ownership with one
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