On Determination of Market Price of One Ordinary Registered Share of the Moscow Exchange (State Registration Number 1-05-8443-H Dated 16.11.2011)

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REPORT No. 134/16 dated June 29, 2016

On determination of market price of one ordinary registered share of the Moscow Exchange (state registration number 1-05-8443-H dated 16.11.2011)

Customer: Moscow Exchange Contractor: Everest Consulting

Moscow 2016

EVEREST Consulting LLC

1 Att: Evgeny Fetisov CFO Moscow Exchange

Dear Evgeny, Under Agreement No.134/16 dated 16.06.2016 executed by and between Everest Consulting Limited Liability Company (hereinafter Everest Consulting LLC, the Contractor), and Public Joint-Stock Company Moscow Exchange MICEX-RTS (hereinafter the Moscow Exchange, the Customer), the appraiser employed by the Contractor (hereinafter the Appraiser) carried out valuation of one registered ordinary share of the Moscow Exchange (hereinafter the Object of Valuation). The principle task and intended use of valuation was to measure the market price of the Object of Valuation for the purpose of share buyback from shareholders who voted against the corporate restructuring or failed to participate in voting in pursuance with clause 1 and clause 3 Article 75 of the Federal Law No.208-FZ On Joint-stock Companies dated 26 December 1995. The valuation was done in accordance with the Federal Law No.135-FZ On Valuation Activity in the Russian Federation dated 29 July 1998, Federal Evaluation Standard General Concepts of the Valuation, Approaches and Requirements to Carrying Out the Valuation (FES No.1) approved by the Order of the Ministry of Economy No. 297 dated 20 May 2015; Federal Evaluation Standard Purpose of the Assessment and Cost Types (FES No.2) approved by the Order of the Ministry of Economy No. 299 dated 20 May 2015; Federal Evaluation Standard Requirements to the Valuation Report (FES No.3) approved by the Order of the Ministry of Economy No. 299 dated 20 May 2015; and Federal Evaluation Standard Business Valuation (FES No.8) approved by the Order of the Ministry of Economy No. 326 dated 1 June 2015. The Report presents description of the Object of Valuation, facts obtained by the Appraiser, analysis milestones description, findings substantiation, as well as assumptions and limitations applied to calculation of the Object of Valuation price and deliverables applicability scope. The Appraiser was not tasked with, and thus bears no responsibility for the Object of Valuation legal status description, as well as issues that imply legal aspect discussion regarding Object of Valuation ownership. Calculations made, assumption and limitations applied, as well as price calculations are presented in the relevant sections of the Report. The Report shall be interpreted only in its entirety and with all assumptions and limitations applied. Based on calculations made and findings analysed, it is found that the market price of one registered ordinary share of the Moscow Exchange (issue registration number 1-05-08443- Н, issue date 16 September, 2011) as of 1 June 2016 equals RUB 106 (one hundred and six 00/100). Our opinion above is based on calculations, opinions and other insights drawn from the market research, Appraiser’s personal experience and expertise, and also from business meetings. Information sources and calculation method are disclosed in the relevant section of the Report. If you have any further questions regarding valuation or our opinion, please do not hesitate to contact us. Sincerely yours, A.V. Zhuravlev Director General, Everest Consulting LLC

2 TABLE OF CONTENTS

1. GENERAL INFORMATION ...... ОШИБКА! ЗАКЛАДКА НЕ ОПРЕДЕЛЕНА. 1.1. Scope of Work ...... Ошибка! Закладка не определена. 1.2. Evaluation Standards Applied ...... 1 1.3. Assumptions Made in Object Evaluation ...... 7 1.4. Information about the Evaluation Customer and the Appraiser ...... 8 1.5. Information about All Organizations and Specialists Involved in Evaluation and Preparation of Evaluation Report ...... Ошибка! Закладка не определена. 1.6. Basic Facts and Key Findings ...... 10 1.7. Definition of the Terms Used ...... Ошибка! Закладка не определена. 2. DESCRIPTION OF THE OBJECT OF EVALUATION ...... ОШИБКА! ЗАКЛАДКА НЕ ОПРЕДЕЛЕНА. 3. ANALYSIS OF THE COMPANY’S FINANCIAL AND ECONOMIC ACTIVITIES ...... ОШИБКА! ЗАКЛАДКА НЕ ОПРЕДЕЛЕНА. 3.1. Summary of Results ...... Ошибка! Закладка не определена. 3.2. Results of 2015 and Plans for 2016 by Segments ...... 38 3.2.1. Stock Market ...... Ошибка! Закладка не определена. 3.2.2. Futures and Options Market and SDFIs (Standardized Derivative Financial Instruments) ...... 42 3.2.3. Exchange Market ...... 43 3.2.4. Currency Market ...... 45 3.2.5. Commodity Market ...... Ошибка! Закладка не определена. 3.3. Posttrading Services ...... Ошибка! Закладка не определена. 3.3.1. Clearing Activities ...... Ошибка! Закладка не определена. 3.3.2. Activities of the National Settlement Depository ...... 50 3.4. Information Products ...... Ошибка! Закладка не определена. 3.4.1. Indices ...... Ошибка! Закладка не определена. 3.4.2. Analytical Products ...... Ошибка! Закладка не определена. 3.4.3. Securities Database ...... Ошибка! Закладка не определена. 3.5. Customer Service ...... Ошибка! Закладка не определена. 3.5.1. Market Access ...... Ошибка! Закладка не определена. 3.5.2. Information Technology ...... Ошибка! Закладка не определена. 3.5.3. Technology of Access to Products and Services ...... 57 3.5.4. Global Infrastructure of Connection to the Moscow Exchange ...... 57 4. EVALUATION PROCESS DESCRIPTION ...... 58 4.1. Sequence of Actions at Determination of the Assessed Object Value ...... 58 4.2. Description of Approaches to Evaluation ...... 59 4.3. Choice of Approaches to Evaluation ...... 63 5. DETERMINATION OF MARKET VALUE OF THE ASSESSED OBJECT WITHIN INCOME APPROACH ...... 64 5.1. General Provisions ...... Ошибка! Закладка не определена. 5.2. Stages of of Discounted Cash Flow Method ...... 64 5.3. Choice of the Forecast Period Duration ...... 65

3 5.4. Choice of Cash Flow Type ...... 65 5.5. Macroeconomic Assumptions ...... 66 5.6. Income and Expenses Estimates ...... 67 5.7. Investment Forecast...... 72 5.8. Forecast of Working Capital ...... Ошибка! Закладка не определена. 5.9. Discount Rate Calculation ...... Ошибка! Закладка не определена. 5.10. Terminal Value Calculation...... Ошибка! Закладка не определена. 5.11. Calculation of the Current Value of Cash Flows ...... 79 5.12. Introducing Final Amendments and Deriving the Final Value within the Income Approach ...... 81 6. DETERMINATION OF THE MARKET VALUE WITHIN THE COMPARATIVE APPROACH ...... 82 6.1. General Provisions ...... Ошибка! Закладка не определена. 6.2. Cost Estimate on the Basis of Information about the Prices of Transactions with Shares of the Evaluated Company ...... 83 7. ADJUSTMENT OF EVALUATION RESULTS AND DERIVING THE FINAL VALUE OF THE ASSESSED OBJECT ...... 84 7.1. Adjustment of the Results Obtained Using Different Approaches ...... 84 7.2. Applying Discounts ...... Ошибка! Закладка не определена. 8. STATEMENT OF SERVICE QUALITY ...... ОШИБКА! ЗАКЛАДКА НЕ ОПРЕДЕЛЕНА. 9. REFERENCE INDEX ...... ОШИБКА! ЗАКЛАДКА НЕ ОПРЕДЕЛЕНА. APPENDIX 1. MACROECONOMIC OVERVIEW ...... 88 APPENDIX 2. INDUSTRY OVERVIEW ...... 92 APPENDIX 3. DOCUMENTS REGULATING THE CONTRACTOR'S ACTIVITIES ...... ОШИБКА! ЗАКЛАДКА НЕ ОПРЕДЕЛЕНА. APPENDIX 4. DOCUMENTS PROVIDED BY THE CUSTOMER (DOCUMENTS ESTABLISHING QUANTITATIVE AND QUALITATIVE SPECIFICATIONS OF THE ASSESSED OBJECT).. ОШИБКА! ЗАКЛАДКА НЕ ОПРЕДЕЛЕНА. APPENDIX 5. MATERIAL USED BY THE APPRAISER ...... 101

4 GENERAL INFORMATION

Scope of Work Object of Evaluation One registered ordinary share of Moscow Exchange

Registration number of the issue 1-05-08443-Н

Date of issue 16.09.2011

OGRN (Primary State Registration Number) 1027739387411

Date of OGRN assignment 16.10.2002

Two billion two hundred seventy-eight million six hundred thirty-six thousand and four hundred ninety-three Authorized capital of Moscow Exchange (2,278,636,493) rubles

Principal activities of the Issuer Activity on organization of trading in financial markets

- The Central Bank of the Russian Federation - 11.768% of the authorized capital;

- Public Joint Stock Company Sberbank of Russia - 9.992% of the authorized capital;

- The State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) - 8.395 % of the The company owners as at the valuation date authorized capital;

- European Bank for Reconstruction and Development - 6.064% of the authorized capital;

- Limited Liability Company RFPI (Russian Direct Investment Fund) Investment Management-6 - 5.261%

Information on profit distribution of the company carrying Dividends were paid every year during the last 9 years out business for the representative period Rights for the evaluated object taken into account when Shareholder’s ownership rights. determining the value of the object of evaluation Moscow Exchange is the issuer of shares (the assessed object)

Purpose of evaluation Determination of the market value of the Assessed Object

Intended use of evaluation results Evaluation results will be used for the purpose of announcement of shares redemption from the shareholders who voted against the restructuring or did not take part in the voting in accordance with sub-par. 1 and 3 of Article 75 of Federal law No. 208-FZ "On Joint-Stock Companies" dated 26.12.1995

5 Cost type Market value

Date of evaluation 01 June 2016

Assumptions on which the evaluation is based See. Section 1.3

1.2. Applicable appraisal standards In accordance with Article 20 of the Federal law "On appraisal activities in the Russian Federation" No. 135-FS dated 29/07/1998, the federal appraisal standards are developed by the National Board with reference to international appraisal standards. Once developed, federal appraisal standards are filed by the National Board with the competent federal regulator for approval

As of the appraisal date, the following federal appraisal standards approved by the Ministry for Economic Development and Trade of the Russian Federation were in effect and were used as the basis for our Analysis:

 Federal Appraisal Standard "General appraisal concepts, appraisal approaches and requirements to appraisal" (FAS No. 1), approved by the Economic Development Ministry Order No. 297 dated 20/05/2015;  Federal Appraisal Standard "Appraisal goal and types of value" (FAS No. 2), approved by the Economic Development Ministry Order No. 298 dated 20/05/2015;  Federal Appraisal Standard "Requirements to appraisal report" (FAS No. 3), approved by the Economic Development Ministry Order No. 299 dated 20/05/2015;  Federal Appraisal Standard "Appraising a business" (FAS No. 8), approved by the Economic Development Ministry Order No. 326 dated 01/06/2015. This appraisal was conducted in accordance with the requirements of the Federal Law "On appraisal activities in the Russian Federation" and the approved federal appraisal standards.

In accordance with Article 20 of the Federal Law "On appraisal activities in the Russian Federation" No. 135-FS dated 29/07/1998, the standards and rules of appraisal activities are to be developed and approved by the self-regulated appraisers' organisation.

For the purposes of this appraisal, the Appraiser used the standards and rules of the Interregional self-regulated non- profit organisation – The Professional Experts and Appraisers Society (a Non-Profit Partnership) (hereinafter, the PEAS).

6 1.3. Assumptions underlying Property appraisal This appraisal is based on the following assumptions:

. For the purposes of this appraisal, the appraised property market value calculation is made assuming 100% control (1 share in a 100% package); . Appraisal is conducted assuming non-existence of any encumbrances of the rights appraised, except as indicated in the evidences of title or reference information provided by the Customer (owner), appraisers do not assume any responsibility either for the existence of any omitted facts, or for the requirement to identify the same; . Appraisal is based on the assumption that the Client provided sufficient and reliable information on the property appraised; . The appraisal report contains the appraisers' professional judgement in relation to the appraised property value only for the purposes indicated and as of the appraised property value determination date; . Financial reports and other necessary information provided by the Client or its representatives in the course of appraisal are accepted without any cross-examination as fully and correctly reflecting the conditions surrounding the entity operations and the results of such operations in relation to the respective periods; . Appraisers believe commonly accessible sources of industry and statistical information to be reliable, but they do not make any conclusion as to the accuracy or completeness of such information, and receive such information as is. Appraisers do not assume responsibility for any subsequent changes in any social, economic, legal, or natural conditions that might affect the appraised property value; . By way of their provision of appraisal services, the appraisers do not perform any specific due diligence, including legal due diligence of the appraised property legal standing, construction/technical, technological and environmental due diligence of property items, audit of the financial statements, or inventory count of the property elements; . If the property examination date is later than the value determination date, the Appraiser assumes that no qualitative or quantitative changes to the property appraised took place in the period from the value determination date to the examination date; . Appraisers do not guarantee that any results expected by the Client will be achieved as actual results may differ substantially from what is expected. Achievement of the expected results will depend not only on any management acts, plans, or assumptions, but also on applicable macroeconomic factors; . The opinion on the value is based on the assumption that the current level of management competence and efficiency will be retained going forward, and that the nature of the entity operations will not change considerably in the case of a sale, reorganisation, change, or reduction of a membership interest;

7 . This report and the final value indicated herein may only be used by the Client for the specific purposes indicated in the report. The appraisers are not responsible for any disclosure, by the Client, of the appraisal report data beyond the intended use of the appraisal results; . Neither the report as a whole, nor any part thereof (in particular, the opinion on value, details of the appraisers and the Contractor, as well as any reference to professional activity) may be disseminated via advertisement, PR, mass media, mail, direct send or any other means of communication without the Contractor's prior written consent and endorsement; . Future maintenance of the appraisal, including the giving of testimony or appearance in court, will not be required from the appraisers or the Contractor, unless previously agreed in writing; . The appraised property value appraisal results are based on the information existing at the appraisal date, and may be seen as recommended for the purposes of entering into a transaction involving the property appraised if not more than 6 months has passed from the appraisal report issuance date to the appraised property transaction date or the public offer issuance date; . All computations are based on the Moscow Exchange consolidated statements. . All computations are made by the appraisers using the Microsoft Excel software. The spreadsheets embedded in the report contain rounded indicator values. Final indicators are determined based on precise data. Therefore, where final figures are re-calculated using rounded values, the results may differ slightly from those indicated in the report; . This Report is only valid if used in its entirety. Annexes hereto are an integral part of this Report. More specific suppositions, assumptions or restricting circumstances are described in the body text of this Report.

1.4. Details of Appraisal Client and Appraiser Customer/Client Moscow Exchange

Form of incorporation Public Joint-Stock Company

Full company name Public Joint-Stock Company “Moscow Exchange MICEX-RTS”

Requisites INN (Individual Taxpayer’s Number) 7702077840

OGRN (Primary State Registration Number) 1027739387411

Date of OGRN issue: 16.10.2002

8 Account No. 40701810000000000232 in NSD JSC, Moscow

Correspondent Account No. 30105810100000000505, sort code: 044583505

Address: Moscow, 13 Bolshoy Kislovskiy pereulok

Appraiser Irina Kirillovna Karpova

Appraiser's membership in the self-regulated appraisers' Member of the Interregional self-regulated non-profit organisation – The Professional Experts and Appraisers Society organisation (a Non-Profit Partnership) (the PEAS) (located at: Moscow, Zorge Street, 22A, Sokol Bridge business centre, Level 9), the PEAS certificate No. 01412 dated 29 December 2015

Details of the Appraiser's professional education and years . Professional enhancement certificate PP No. 606581 dated 12/07/2003 under the "Appraisal of enterprise of experience in the appraisal business (business)" program, issued by the Moscow State University of Economics, Statistics and Information Science, Moscow, 2003 The Appraiser's civil (professional) liability is insured with Renaissance Insurance Group LLC. Insurance policy (contract) Insurance of the Appraiser's civil liability No. 001-PIL 258820/2015 valid from 02 June 2015 to 01 June 2017. Insurance coverage Roubles thirty million (RUB 30,000,000).

Years of experience in the appraisal business 14 years

Employment agreement between the Contractor and the Employment agreement between I.K. Karpova and Everest Consulting LLC No. 8 dated 24 January 2011. Appraiser

Contractor Everest Consulting LLC

Form of legal existence A limited liability company

Full name Everest Consulting Limited Liability Company

OGRN 1107746971210

OGRN assignment date 29/11/2010

Contractor's location The Russian Federation, 125040, Moscow, 3rd Ulitsa Yamskogo Polya, 2, bldg 7

The Contractor insured, with Alfa Strakhovanie OJSC, its liability for any breach of the appraisal contract, and liability Contractor civil liability insurance for any harm to third-party property. Insurance policy (contract) No. 09919/776/0090/3 dated 20/09/13 for Roubles thirty million (RUB 30,000,000). The insurance policy is valid from 20/09/2013 to 31/12/2017

9 Appraisal engagement Contract No. 134/16 dated 16/06/2016 between Moscow Exchange and Everest Consulting LLC

In the course of the Report issuance, the appraiser was located in the offices of the legal entity to which the appraiser is bound by employment contract.

1.5. Information on all experts/organizations engaged for appraisal I.K. Karpova – Evaluation calculations and report drafting. Other specialists (experts) were not engaged by the Contractor.

1.6. Important Facts and Conclusions One common registered share of Moscow Exchange

Valuation subject 1-05-08443-H

Number of the registered issue 16.09.2011

Date of issue 1027739387411

Principle state registration number (PSRN) 16.10.2002

Date the PSRN was assigned 2,278,636,493 (two billion two hundred seventy-eight million six hundred thirty-six thousand four hundred ninety-three) roubles Authorised capital of Moscow Exchange Activities relating to the organisation of trading in financial markets Core activities of the issuer - The Central Bank of the Russian Federation – 11.768% of authorised capital; Company owners on the date of valuation1 - "Sberbank of Russia" Public joint-stock company – 9.992% of authorised capital; Information on the distribution of profit of the organisation doing business over the representative period - State Corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank) – 8.395% of Rights to the valuation subject considered in determining its valueauthorised capital;

Purpose of valuation - The European Bank for Reconstruction and Development – 6.064% of authorised capital;

Intended use of the valuation results - RDIF Investment Management-6 Limited Liability Company – 5.261%

Value type Dividends were paid out every year over the last 9 years

1 Owners of interests of over 5% in size are specified

10 Valuation date Shareholder’s right of ownership.

Timeframe of valuation Moscow Exchange is the issuer of the shares (the valuation subject)

Date the report was prepared To determine the market value of the valuation subject

Sequential number of the report The valuation results will be used for the purposes of announcing the repurchase of shares from the shareholders who voted against reorganisation or did not take part in the vote according to sub-paragraphs 1 and 3 of article The results of valuation obtained using different approaches to75 valuation of Federal law No. 208-FZ "On Joint-Stock Companies" dated 26.12.1995

cost approach (rounded) Market value

comparative approach (rounded) June 1, 2016

income approach (rounded) According to paragraph 7 of Appendix 1 to Contract for valuation No. 134/16 dated 16.06.2016

Final agreed value of the valuation subject (in round figures) June 29, 2016 Restrictions and limitations on the use of the final value obtained 134/16

was not applied

121 (one hundred twenty one) roubles 0 (zero) kopecks.

Roubles ninety-one (RUB 91) and zero (0) kopecks.

Roubles one hundred and six (RUB 106) and zero (0) kopecks.

This Report is accurate in its entirety only and for the purposes specified herein only. The final value contained in this Report is valid only on the date of valuation.

1.7. Definitions of terms used Properties appraised – objects of civil rights which in accordance with the laws of the Russian Federation may be involved in civil-law transactions.

Appraised property value – an amount of money offered, asked or paid for the property appraised by the participants to a completed or proposed transaction.

11 Value – an economic concept that establishes the relationships between the goods and services available for buying and those buying or selling them. The economic concept of value expresses the market-driven view of the benefit available to the holder of the goods or the client to whom the service is provided, at the time of value appraisal. "Value" is not used in the professional appraisal practices as an unspecific term. As a rule, this term is used in conjunction with a defining adjective specifying what particular kind of value is in question. Determination of an appraised property value amounts to that of a price estimate of the property appraised, determined as of the appraisal date in accordance with the value type chosen. The property appraised needs not be the subject matter of a transaction for the determination of its value.

Appraised property final value – the value determined by calculation with reference to appraisal approaches and reasonable coordination (summarising) of results obtained through the use of different approaches to appraisal.

Appraisal approach – the aggregate of appraisal methods linked by a common methodology.

Appraisal date (appraisal performance date, value determination date) – the date as of which the appraised property value is determined. If in accordance with the laws of the Russian Federation appraisal is mandatory, the period from the appraisal date to the appraisal report issuance date must not be more than three months, unless the laws of the Russian Federation provide otherwise.

Costs – a monetary dimension of the amount of resources necessary to create or manufacture the property appraised, or the price paid by the buyer for the property appraised.

Most efficient use of the property appraised – the kind of appraised property utilisation which yields the highest value.

Exposure period – the period from the date on which the appraised property is offered to the open market (public offer) to the date of the transaction which such property.

Types of appraised property value:

. market value; . investment value; . disposal value; . cadastral value. Appraised property market value. In accordance with Article 3 of the Federal Law No. 135-FS dated 29/07/1998 "On appraisal activities in the Russian Federation", the appraised property market value is understood as the most probable price for which such appraised property may be divested on the open and competitive market provided that the parties to the transaction act reasonably and being in possession of all necessary information, and the transaction price is not affected by any extraordinary circumstances, i.e. where:

12 . a party to the transaction is not under the obligation to divest the property appraised, and the other party is not under the obligation to accept performance; . the parties to the transaction are well informed of the subject matter of the transaction and act in their own interests; . the appraised property is offered to the open market in the form of a public offer typical of similar properties appraised; . the transaction price amounts to a reasonable consideration for the property appraised, and the parties to the transaction were not under duress when entering into the transaction; . the payment due for the property appraised is in specie. The market value of the property appraised in accordance with the Federal Appraisal Standard "Purpose and types of value" (FAS No. 2) dated 20/07/2007. The appraised property market value is understood as the most probable price for which such appraised property may be divested on the open and competitive market on the appraisal date, provided that the parties to the transaction act reasonably and being in possession of all necessary information, and the transaction price is not affected by any extraordinary circumstances.

Other terms and definitions

Appraisal – 1) the appraisal surveyor's reasonable opinion on the appraised property value and 2) the process of appraised property value determination conducted with the application of special methods and rules, as well as in compliance with the requirements of the law and the Appraisal Standards.

Appraisal surveyors – individuals that are members of a self-regulated appraisers' organisation that insured their liability in accordance with the requirements of the Federal Law No. 135-FS dated 29/07/1998 "On appraisal activities in the Russian Federation." An appraiser may engage in the appraisal activities either independently as a private practitioner, as well as on the basis of an employment contract between the appraiser and the legal entity that meets the criteria set out in Article 15.1 of the above-mentioned law.

Appraisal purpose – determination of the appraised property value of the type defined in appraisal engagement.

Properties appraised:

. individual tangible items (things); . the aggregate of all things making up the estate of a person, including property of a given type (movable or immovable, including businesses); . right of ownership and other rights in rem over the property or individual property items; . claims, liabilities (debts);

13 . work, services, information; . other objects of civil rights which in accordance with the laws of the Russian Federation may be involved in civil- law transactions. Market price – the price of a product (work, or service) that settles in the interplay between demand and supply on the market for identical (or, if unavailable, homogenous) goods (work, services) under comparable economic (commercial) circumstances. Goods are identical if they have same core characteristic features. The finding of identical nature of goods takes into account, in particular, their physical characteristics, quality and market reputation, country of origin and manufacturer; any minor differences in the exterior of the goods may be disregarded. Homogenous goods are those which, while not identical, have similar characteristics and are made of similar components which allows them to perform same functions and/or to be fungible. The finding of homogeneity of goods takes into account, in particular, their quality, existence of a trademark, market reputation, country of origin.

Right of ownership – in accordance with Article 209 of the Civil Code of the Russian Federation:

. the owner is the holder of the rights to possess, use, and dispose of, his property; . the owner may at its convenience do any things in relation to the property owned by him that are not contrary to any laws or regulations, and do not encroach upon any rights and legally protected interests of others. In particular, the owner may transfer ownership of his property to other persons, or transfer the right to possess, use, or dispose of, such property to such third parties while retaining the right of ownership, and to create pledges over such property or encumber it or dispose of it in any other manner. Property – a legal concept that embraces all interests, rights and benefits associated with ownership. Property is comprised of private rights of ownership that entitle the owner to the interests in what is owned. To distinguish between real estate as a physical object and the ownership of it in the legal sense of the word, ownership of real estate is called immovable property. Ownership of interests in items other than real estate is called movable property.

Appraisal standards – regulatory (and legislative) requirements to work that are binding upon appraisal surveyors.

Appraisal engagement contract– grounds for the appraisal of the property appraised, executed in writing between the appraiser and the client. A court bailiff's order appointing an expert in accordance with Articles 41, 52 of the Federal Law "On enforcement proceedings" has the form of such an contract.

The contract must contain the following:

. ground for making the contract; . type of property appraised; . type of appraised property value(s) to be determined;

14 . monetary appraisal fee; . details of the appraiser's civil liability insurance. Appraisal report – a document prepared in accordance with the laws of the Russian Federation on appraisal activities, the federal appraisal standard, the standards and rules of appraisal activities prescribed by a self-regulated appraisers' organisation whereof the appraiser that drafted the report is member; such report is intended for the appraisal client and other stakeholders (appraisal report users) and contains the appraiser's professional judgement on the appraised property value, support by the information gathered and calculations.

Appraisal approach – the aggregate of appraisal methods linked by a common methodology.

. income approach – the aggregate of the appraised property value appraisal methods based on the determination of the expected income flows from the appraised property utilisation; . comparative approach – the aggregate of the appraised property value appraisal methods based on the appraised property comparisons to other properties similar to the property appraised, in respect of which price information is available; . cost approach – the aggregate of the appraised property value appraisal methods based on the determination of the costs necessary for the reproduction or replacement of the property appraised, considering wear and obsolescence. The cost approach to appraisal of a business (asset-based approach) – the aggregate of business and/or participation interest value appraisal methods based on the determination of the market value of assets less liabilities of a business. Appraisal method – a sequence of procedures that allows to determine the appraised property value using one of the appraisal approaches, on the basis of information material for the given method.

Appraised property analogue – for the purposes of appraisal: an item similar to the appraised property in main economic, tangible, technical and other characteristics that determine its value.

Replacement cost – the amount of costs to create an item similar to the property appraised, in market prices prevailing at the appraisal date, considering the appraised property depreciation rate.

Reproduction cost – the amount of costs, in market prices prevailing at the appraisal date, to create an item identical to the property appraised, using identical materials and technologies, considering the appraised property depreciation rate.

Cost given continuing use – the appraised property value determined based on the actual terms and purposes of its use.

15 Historical cost – the amount of actual costs spent by the entity to acquire the item as of the date of its recognition in the accounts.

Depreciation – impairment or loss of the item value that occurs in the course of its functioning and/or storage under the influence of various factors.

. physical depreciation – loss of item value due to natural ageing and deterioration of materials, physical wear of friction surfaces, structural elements and various in-process damages; . functional depreciation (obsolescence) – loss of item value due to better price/quality ratio analogue(s) appearing on the market; . external (economic) depreciation – loss of item value due to the influences of the factors of the external economic environment in which the item is operated. Share – a security witnessing its owner's right to participate in the governance of a joint-stock company, to receive income from its operations and to receive a share of the company equity upon its liquidation.

Block of shares – the aggregate of shares of one and the same issuer, owned by an individual or a legal entity. A block of shares may consist of different categories and types of shares, and may be a controlling or a non-controlling block of shares.

. controlling block of shares – such percentage of shares that empowers its owner to exercise control over the company (dominating influence in the decision-making process exercised by the general shareholders' meeting); . a minority (non-controlling) block of shares means ownership of a small percentage of shares that does not empower the owner of the block to exercise control over the company. Control premium – a monetary dimension of the advantage associated with the ownership of a controlling block of shares. Reflects extra entity control opportunities (as compared to a lesser stake, i.e. ownership of a minority block of shares).

Lack of control discount – value by which the share of the overall entity value proportionate to the block of shares appraised is reduced considering the non-controlling nature of the block of shares appraised.

Lack of liquidity discount is defined as the size or share (in %) by which the value of the appraised block of shares is reduced to reflect its insufficient liquidity (i.e. the ability of the security to be quickly sold in a sufficiently short period of time and converted into cash without significant loss to the holders thereof). Applied in appraisals of non-public company shares. The same should apply to the shares of those companies that are public in form only (rather than in their economic nature and motivation).

Market is an environment in which goods and services pass from sellers to buyers via the price mechanism. The market concept implies the ability of the sellers and the buyers to trade in goods and/or services without unnecessary

16 restrictions on their activity. Each of the parties acts based on the demand and supply equilibrium and other pricing factors, to the extent of their capabilities and knowledge, views of comparative utility of the given goods and/or services, also taking into account their individual needs and wishes. A market may be local, regional, national, or international.

Materiality – in accordance with the Finance Ministry Order No. 67н dated 22/07/2003 "On business financial statements forms", an indicator is viewed as material if its omission may impact economic decisions made by interested users on the basis of the information disclosed in such statements. A determination, by the entity, as to whether an indicator is material depends on the indicator appraisal, nature, specific circumstances of its occurrence. The entity may decide that to be material, the amount must equal at least five percent of the reporting year's respective total.

17 2. APPRAISED PROPERTY DESCRIPTION

OVERVIEW

The property appraised is one common share of the Moscow Exchange. The share par value is 1 Rouble.

The entity form of legal existence is a public joint-stock company. The entity has legal personality and operates on the basis of its charter and the laws of the Russian Federation. The entity is established to operate perpetually.

Full corporate name of the entity: Public Joint-Stock Company "Moscow Exchange MICEX-RTS". Its abbreviated name in the Russian language is: ПАО Московская Биржа (Moscow Exchange).

Location (legal and postal address): the Russian Federation, Moscow, Bolshoy Kislovsky pereulok, 13.

The Company share capital is Roubles two billion two hundred and seventy-eight million, six hundred and thirty-six thousand four hundred and ninety-three (RUB 2,278,636,493), split into 2,278,636,493 shares each with the part value of One (1) Rouble. The Moscow Exchange shareholders are listed in the table below.

Table 2.1 Shareholders of Moscow Exchange Number of Share in the Authorized No. Organization Name Shares Capital 1 The Central Bank of the Russian Federation 268 151 437 11,768% 2 Public Joint Stock Company Sberbank of Russia 227 682 160 9,992% The State Corporation Bank for Development and Foreign Economic 191 299 389 8,395% 3 Affairs (Vnesheconombank) 4 European Bank for Reconstruction and Development 138 172 902 6,064% Limited Liability Company Russian Direct Investment Fund 119 887 884 5,261% 5 Investment Management-6 6 Other shareholders (free float) 1 333 442 721 58,519% Total on the list 2 278 636 493 100,000% Source: the Customer’s data Moscow Exchange is the largest exchange group in Russia established in 2011 as a result of the merger of MICEX (Moscow Interbank Currency Exchange) founded in 1992 and RTS (Russian Trading System) Stock Exchange established in 1995. The Group consists of Moscow Exchange which is the organizer of trade on the currency and foreign exchange market, the futures and the precious metals market, ZAO Stock Exchange MICEX (hereinafter referred to as SE MICEX) which is the organizer of trade on the securities market, Central Depositary - NKO ZAO National Settlement Depository (hereinafter referred to as NSD), the largest clearing centre in Russia -Bank “National Clearing Centre” (hereinafter referred to as NCC, Bank), and CJSC National Mercantile Exchange (hereafter referred to as the NME) which is the organizer of trade on the commodity market..

Moscow Exchange owns a majority of stock in all key institutions providing services within the Group. Moscow Exchange owns 100% of shares in SE MICEX and NCC, Bank, 99.997% of shares in NSD and, directly and indirectly, 62% of the shares in the NME.

18 ENTITY NAME

Full corporate name of the entity appraised: Public Joint-Stock Company "Moscow Exchange MICEX-RTS".

Abbreviated corporate name of the entity appraised: the Moscow Exchange.

Effective date of the current full corporate name: 13/05/2015.

Grounds for the change of name:

On 28 April 2015, the Restated Charter of the company appraised was adopted by decision of the annual General Shareholders' Meeting, whereby the Open Joint-Stock Company "Moscow Exchange MICEX-RTS" was renamed to Public Joint-Stock Company "Moscow Exchange MICEX-RTS". State registration of the Entity Restated Charter was granted on 13/05/2015.

All previous entity names during its existence are listed below:

Full corporate name: Open Joint-Stock Company "Moscow Exchange MICEX-RTS"

Abbreviated corporate name: the Moscow Exchange (OAO)

Effective date of the change of name: 29/06/2012

Grounds for the change of name:

On 20 June 2012, the Restated Charter was adopted by decision of the annual General Shareholders' Meeting whereby Open Joint-Stock Company "MICEX-RTS" was renamed to Open Joint-Stock Company "Moscow Exchange MICEX- RTS". State registration of the Restated Charter was granted on 29/06/2012.

Full corporate name: Open Joint-Stock Company "MICEX-RTS"

Abbreviated corporate name: MICEX-RTS (OAO)

Effective date of the change of name: 19/12/2011

Grounds for the change of name: on 08 December 2011, the Restated Charter was adopted by decision of the annual General Shareholders' Meeting whereby Closed Joint-Stock Company "Moscow Interbank Currency Exchange" was renamed to Open Joint-Stock Company "MICEX-RTS". State registration of the Restated Charter was granted on 19/12/2011.

Full corporate name: Closed Joint-Stock Company "Moscow Interbank Currency Exchange"

19 Abbreviated corporate name: Moscow Interbank Currency Exchange (SAO), MICEX (SAO)

Effective date of the change of name: 23/05/2002

Grounds for the change of name: on 25 April 2002, amendments were made to the Charter by decision of the annual General Shareholders' Meeting, in particular, as regards the change of the abbreviated name from MICEX to Moscow Interbank Currency Exchange (SAO), MICEX (SAO). State registration of the amendments to the Entity Charter was granted on 23/05/2002.

Full corporate name: Closed Joint-Stock Company "Moscow Interbank Currency Exchange"

Abbreviated corporate name: MICEX

Effective date of the change of name: 07/07/1995

Grounds for the change of name: change in the requirements of the applicable law.

Full corporate name: Closed-type joint-stock company "Moscow Interbank Currency Exchange"

Abbreviated corporate name: MICEX

Effective date of the assignment of name: 16/03/1992

Grounds for the assignment of name: State registration of the legal entity.

DETAILS OF STATE REGISTRATION

Details of primary state registration:

State registration number: 009.274

State registration date: 16/03/1992

Name of registering authority: Moscow Registration Chamber

Details of legal entity registration:

Primary State Registration Number of the legal entity: 1027739387411

Date when the entry in respect of legal entity registered before 1 July 2002 was made to the Uniform State Register of Legal Entities: 16/10/2002

20 Name of registering authority: Russian Tax Ministry Inter-District Tax Office No. 39 for the City of Moscow.

ESTABLISHMENT AND DEVELOPMENT

The Company was established to operate perpetually.

The Company (hereinafter, the Moscow Exchange) was established in December 2011 following the merger of two major Russian exchange groups — the MICEX Group (established in 1992), the oldest national exchange and the leading Russian operator on the securities market, foreign exchange and money markets, and the RTS Group (established in 1995), the largest term market operator of the time. The resulting vertically integrated structure that enabled the trading in all major asset categories, was transformed into an open joint-stock company (OJSC) and renamed into the Moscow Exchange.

Preparations for obtaining the public company status was accompanied by critical infrastructure reforms aimed at making the Russian market more attractive for domestic as well as international investors. In 2012, the National Settlement Depositary (part of the Moscow Exchange Group) received the status of central depositary. On the exchange-based FX market, fully functional client access (DMA) was implemented for all client categories. That same year, the clearing decentralisation process was completed: the NCC Clearing Bank (part of the Moscow Exchange Group) started providing clearing services on all markets operated by the Exchange.

On 15 February 2013, the Exchange ran an IPO on its own trading ground (ticker: MOEX), the total offering volume reached Roubles 15 billion. Dozens of Russian and international investment funds, hundreds of Russian private investors became shareholders of the Exchange. Market capitalisation post IPO amounted to RUB 127 billion. By August 2013, the value of shares exceeded the offering price, and by November 2013, company shares were included in the MSCI Russia index calculation base.

In July 2014, the Bank of Russia sold 11% of the Exchange shares in an international market offering. The sale was effected in accordance the law whereby the Bank of Russia was to exit the Moscow Exchange by 1 January 2016. The total amount of the offering was Roubles 16.04 billion. As the result, the Moscow Exchange free float exceeded 50%.

In early 2013, trading commenced in the new money market segment, REPO with central counterparty. That same year, stock market securities trading operations were while by while migrated from the T0 settlement mode to the internationally recognised standard of settlement, T+2 without full prefunding. In the autumn of 2013, global banks started providing direct access to the Russian securities market.

In late 2013, the NCC Clearing Bank was the first one in Russia to receive the status of qualified central counterparty.

Also in 2013, the Moscow Exchange introduced the new service of over-the-counter derivatives clearing with contract counterparty for the trading members; the service was introduced by way of implementing the G20 communiqué

21 adopted following the G20 Pittsburgh meeting in 2009. Going forward, centralised clearing of OTC derivatives may become mandatory practice.

In October 2013, the Moscow Exchange launched trading in precious metals, i.e. gold and silver, with deliveries on anonymised metal accounts.

International central depositaries Euroclear and Clearstream launched settlements on Russian securities. They started settling federal bonds in early 2013, with Russian shares and corporate bonds following suit in 2014.

In 2014, the Moscow Exchange launched a listing reform which included, among other things, implementation of the provisions of the Code of Corporate Governance approved by the Bank of Russia that same year. The system of securities quotation lists was streamlined and made as close as possible to the international standards. This permitted to increase the requirements to Russian public companies, thereby attracting new foreign investors to the Russian market.

Also in 2014, the Bank of Russia named the National Settlement Depositary and the NCC Clearing Bank as entities of systemic importance for the Russian financial market.

Starting from 2015, Russian private investors were allowed to open individual investment accounts (IIA). Based on 2015 results, the Moscow Exchange registered almost 89 thousand individual investment accounts.

Also in 2015, the National Mercantile Exchange (hereinafter, NAMEX), part of the Moscow Exchange Group, launched exchanged-based grain trading operations.

In accordance with Clause 3.2 of the Charter, the core lines of activity are as follows:

- to engage in activities aimed at earning profits in the interests of the Company and its shareholders;

- to provide an environment in which all trading members would have access to fair pricing and transparent trading;

- to develop the financial market infrastructure;

- to assure reliable and efficient service for trading members.

To provide the financial market participants with a full range of competitive trading, clearing, settlement, depository and information services matching the level of an international financial centre, observing the balance of interests among the market participants, shareholders, and for the purposes of creating an integrated Russian market infrastructure.

22 COMPANY BRANCHES AND REPRESENTATIVE OFFICES

1) Name: Siberian Branch of Public Joint-Stock Company "Moscow Exchange MICEX-RTS" in Novosibirsk

Location: The Russian Federation, 630007, Novosibirsk, ul. Kommunisticheskaya, 27/29

Opening date: 29/03/2011