2, 3-ya ulitsa Yamskogo Polya, bld. 7, office 301, Moscow, 125040 Tel.: +7 (495) 717-01-01 +7 (495) 557-07-97 www.evcons.ru 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 ...............................................................................................................................................................