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Moscow Exchange Investor Presentation

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Moscow Exchange Investor Presentation April 2020 Investor presentation History of MOEX: the path of ongoing progress Corporates granted direct access to New dividend policy the FX Market with a minimum payout ratio of 55% MOEX completes its IPO; Launch of RUSFAR – Repo with CCP launched Money Market interest rate benchmark Euroclear and Clearstream Trading in government 97 gain access to bonds moves to corporate bonds in addition Shareholder electronic T+1 settlement Launch of the to government bonds voting becomes available Unified Collateral Pool Equity trading New dividend policy: moves to SPO of MOEX target payout = FCF, T+2 settlement Launch of Corporates admitted to min payout = 60% GCC repo deposits with CCP of net profit MOEX share price, RUB price, share MOEX OTC bond platform launched 55 Grain trading commences on MOEX Eurobonds start trading 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 2013 2014 2015 2016 2017 2018 2019 2020 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 25 December 2019 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 60/40 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 2014-2018 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 27-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 (7 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 2019 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 3,2 RUB trln ▪ NCC cleared ADTV 2,9 RUB trln (2019) (2019) RUB trn 52.7 50.9 ▪ Pre-order validation (100+ risk check ▪ NCC served as a CCP for 92% of 45.0 39.4 scenarios) ensures integrity of trades trading volumes it cleared in 2019 36.4 31.7 ▪ BBB local currency rating from Fitch 24.9 ▪ World class latency of 200-300 21.8 microseconds ▪ The target NCC capital for 2019 is 12.3 ▪ >500 trading members ~RUB 66 bln (the level of 1 Jan 2019) (all markets) ▪ As of 1 Apr 2020, N1 is 141.8% CCP 31 31 31 31 31 31 31 31 31 Dec Dec Dec Dec Dec Dec Dec Dec Mar 2012 2013 2014 2015 2016 2017 2018 2019 2020 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 75.7 70.5 61.5 64.7 11.3 56.6 56.4 10.6 9.4 9.7 8.8 8.9 8.9 14.6 14.6 12.8 38.5 7.3 Ex-dividend 6.0 28.8 8.2 5.6 13.2 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 Apr 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Jan 1 Apr 2019 2019 2019 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 2020 2013 2014 2015 2016 2017 2018 2019 2020 2020 Regulatory requirement: 6 RUB bln Regulatory requirement: 66 RUB bln Regulatory requirement: 9 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) Business continuity during coronavirus pandemic ~80%-90% Extensive No No reduction Higher of employees precautions disruptions in trading collateral work from in the office in trading hours requirements home A discrete auction lasts 30 min and involves three separate 10-min sessions Severe intraday volatility Bid/ask limit orders accumulate during a session, get executed at its expiration Stock price Δ > +/- 20% within 10 min ⇒ discrete auction for this stock Discrete auctions, no suspensions MOEX Russia Index Δ > +/- 15% within 10 min ⇒ discrete auction for all stocks NCC reviews market risk parameters for the majority of instruments as a response to high volatility Projects Stabilization 2.0 and Stabilization 3.0 continue to be implemented Plans to launch an evening trading session on Equity market and early trading on FX, Derivatives markets are still in place 6 Highly diversified product offering Investing and trading ▪ Listing ▪ Local and foreign shares, DRs ▪ ETFs Hedging EQUITIES Investing and trading ▪ Indexes ▪ Government bonds ▪ FX ▪ Municipal bonds ▪ Local and foreign single stocks ▪ Corporate bonds ▪ Commodities ▪ ABS, MBS ▪ Interest rates ▪ Eurobonds 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 ▪ Spot and swap precious metals ▪ Grain ▪ Sugar ▪ Soybean ▪ Sunflower seeds 7 Diversified client base across different markets Trading volumes Volume breakdown by client types 2013 2014 2015 2016 2017 2018 2019 3M’19 3M’20 2013 2019 3M’20 +15% +18% +18% -9% -1% -1% Equities +176% 10% 4% 4% 12.4 3% 3% 10.3 9.4 10.8 11% 9% 8% Market 8.7 9.3 9.2 34% 34% 6.3 4% 38% RUB trn 2.3 40% 49% 47% +23% +53% -27% +6% +26% -8% Derivatives +80% 115.3 1% 8% 6% 93.7 84.5 89.3 82.4 Market 61.3 15% 48.6 46% 45% 41% RUB trn 18.7 33.6 +14% 38% 47% 52% +79% -5% Fixed +31% -31% +5% +30% 9% 8% Income 29.8 28.2 6% 26.2 8% 14% 15% 15.3 2%18% Market 10.6 11.2 14.6 6% 5% 5.9 7.6 12% 14% RUB trn 63% 60% 60% +36% +6% +5% -12% +46% 0% FX Market +7% 10% 3% 4% 310.8 330.0 347.7 348.4 308.3 12% 17% RUB trn 228.5 156.0 1% 1% 75.8 80.9 90% 84% 78% +10% +47% -9% 4% 11% Money +11% -1% -4% 12% 1% 8% 8% Market1 +15% 381.2 419.8 381.8 366.5 11% 13% 12% RUB trn 234.7 261.6 260.1 84.6 97.7 85% 67% 67% Russian funds Russian banks and brokers Source: Moscow Exchange data prop. trading 1 Trading volumes include repo with collateral management through NSD. 8 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 2019 update 9 Best-in-class corporate governance standards ✓ Out of 12 members of the 2019-2020 Supervisory Board, 7 are independent (58% vs a minimum threshold of 20%1) 1 ✓ Four of the six 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 Strategy Nomination and Technical Risk Audit Budget Supervisory Board members Planning Remuneration Policy2 Management Ilya Bakhturin Director at Сomplexprom (ex-Director at RDIF) ✓ Yury Denisov Chief Executive Officer at Moscow Exchange Andrey Golikov - Deputy Chairman Chair Chair Deputy Chairman of the Supervisory Board at Moscow Exchange ✓ Valery Goreglyad Chief Auditor at the Bank of Russia ✓ Bella Zlatkis Deputy Chairman of the Executive Board at Sberbank of Russia Paul Bodart Professor at Solvay Business School ✓ ✓ Mikhail Bratanov Chair Head of Securities Services
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