3 July 2018

Balance of national demand and activity of

international investors as a prerequisite for

the development of regional exchanges

Equity investing to/from local markets

2

USA

39%

61%

Source: IMF for portfolio investments inflow and outflow as of June 2017

UK

51%

49%

Germany Japan

48%

52% 51%

49%

Russia Brazil Turkey Mexico

96%

4% 10%

90% 99%

1%

88%

12%

Investments of residents abroad

Investments from non-residents

Free float of emerging and core markets

3Source: Bloomberg, Moscow Exchange. As of 1H2018

32%

33%

35%

35%

39%

50%

56%

78%

86%

95%

95%

Russia

Mexico

USA

Brazil

UK

Turkey

Japan

Germany

Malaysia

Indonesia

China

Core marketsEmerging markets

Key differences between core and emerging markets

4

Local retail participation on financial market

Developed infrastructure: CSD and CCP

Convertible currency and lack of capital control

Emerging markets: early stage

Core markets

International investors participation

Depositary receipts (DRs) programs

Financial literacy level

Source: Moscow Exchange

Local institutional investors participation

Key focus areas to develop local financial market

5

1

Developing local financial infrastructure2

Motivating increase of local demand

Openness to international investors

3

Global banks provide DMA services on MOEX securities market

6

RUB is fully convertible

Euroclear and Clearstream provide settlement services for Russian bonds and equities

Openness to international investors

International clearing membership

2015

Direct market access (DMA)

2013

Euroclear and Clearstreamaccess

2013-2014

Convertible currency and lack of capital control

2006

Launched on FX market, planned on other markets

1

Source: Moscow Exchange

International investors share is increasing

7

International investors share in trading is increasing

Equity market Derivatives market

40%

20152013

44%

48%

2017 20172013

47%

19%

2015

40%

Share of international investors in OFZ holdings

21.5%

2015 20172011

18.7%

20162013 2014

23.9%

2012

32.5%

26.9%

19.9%

3.7%

Share of foreign nominee accounts

1

Source: Moscow Exchange

Foreign funds holdings of Russian equity

8

North AmericaUSD bn

1Q2018

43.7+21%

2017

38.1

2016

28.7

2015

24.5

54%52%

49%

55%

UKUSD bn

22%23%

21%

22%

+19%

2017

15.8

2016

12.4

2015

10.5

1Q2018

17.7

Europe without UKUSD bn

+6%

2017

14.9

2016

11.9

2015

13.7

1Q2018

16.3

20%21%22%

27%

WorldUSD bn

1Q2018

79.7+17%

2017

70.6

2016

54.8

2015

50.2

Source: ThomsonONE – as of period end, including DRs on Russian shares

- share in total holdingsХХ% - CAGR

1

9

National Clearing Centre (NCC) acts as CCP on all MOEX markets

Launch of the CSD removed the key barrier for trading in Russian local shares for foreign investors

Equities in T+2 settlement cycle meeting international standards

Developing local financial infrastructure

Unified Collateral Pool

Settlement with partial pre-funding (T+)

2013

Central Counterparty (CCP)

2012

Central Securities Depository (CSD)

2012

Advanced technology 110 million orders processed daily 140 thousand transactions per second

2

Source: Moscow Exchange

Netting of settlements, single account for all markets Cross-margining across markets

High and increasing market share versus OTC trading

10

2

Equities Market

FX Market

4М 2018

84%

2016

79%

2012

54%+30 p.p.

4М 2018

55%

2016

53%

2012

26%+29 p.p.

Source: Moscow Exchange

MoneyMarket

4М 20182016

79%

2012

X%

86%

+7 p.p.

Robust post-trade infrastructure

11

2

National Settlement Depository (NSD) assets on deposit

5M2018

43.2

2017

39.4

2016

36.4

2015

31.7

2014

24.9

2013

21.8

2012

12.3

at the end of period

RUB trln

Source: Moscow Exchange

High share of algorithmic trading

12

15%

63%

20%

40%

40%

42%

45%

48%

60%UK

USA

India

Japan

Russia

South Korea

Germany

South Africa

Brazil

ЗаключениеРоль на МБОб HFT

Source: Bloomberg, exchanges web-sitesData for Russia as of 2018YTD, for India as of 2016, for South Africa as of 2014, for Brazil as of 2013

Share of algotraders in equities

2

Core marketsEmerging markets

Liquidity is moving from DRs on LSE to local shares on MOEX

13Source: Moscow Exchange

42%

2014

55%

45%

June2013

49%

51%

2018YTD

61%

39%

2016

58%

MOEXLSE

MOEX vs LSE share

453502

2017

2 667

2016

1 985

2015

1 638

1 085

2014

1 1441 199

DR cancellations

DR issuance

Number of operations with DRs in National Settlement Depository

2

Regulatory incentives

to attract retail

investors

Motivating increase of local demand

14

17 new types of bonds since 2012 (23 types in total)

«Best Private investor» and «Invest Trial» competitions

MOEX Investor School

Regional seminars on financial literacy

FinFair in Moscow

3

Source: Moscow Exchange

Individual investment accounts (IIA)

Tax breaks on capital gains on securities held for >3 years

Tax breaks on coupon for corporate bonds

Brokerage accounts can be opened remotely

Moscow Exchange

retail initiatives

Retail clients: a growing segment of the Russian financial market

15

Number of retail clients accounts

accounts, mln

Newly opened retail clients

accounts, thousands

Source: Moscow Exchange

2013

1,0

1,3

2015 2017

1,9

+46%

+24%

5М2018

2,3

+137%

+81%

5М2018

131

2017

252

2015

106

2013

59

3

Increasing share of securities market instruments in savings of Russian individuals

16

Share of securities market instruments in total savings of Russian individuals

%

4M2018

16%

2015

15%

2012

8%

3

Source: Moscow Exchange

5М 2018

356

185

171

2017

302

141

161

2016

195

67

128

2015

89

22

67

IIA as the first broker account

Clients who had broker account before IIA

Number of IIA accounts

Increasing share of securities in non-state pension funds savings

17

+117%

2017 end

2.5

13%

72%

15%

2014 end

1.1

7%

47%

46%

Equities

Bonds

Deposits and other assets

RUB trln

Investment portfolio of pension savings of NPFs

Source: CBR, Investfunds.ru

-10

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

150

160

4Q 1QApr-May

2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q 3Q

Inflow/outflow

Accumulated inflow/outflow

2015+3.1

2016+13.8

2017+72.9

Money inflows to Russian mutual funds

RUB bln

2015 2016 2017 2018

5М 2018+66.1

3

Lower interest rates stimulate retailization

18

2014

6.3%6.9%

8.4%

10.2%

8.1%

4M2018201720162015

Deposit interest rates, %

9.1%

10.6%

12.6%

9.3%

7.5%

4M20182014 20162015 2017

AVG CBR key rates, %

Source: Moscow Exchange, Bank of Russia, Bloomberg

3

Access to retail investors: attracting new clients and new products offering through the development of Ecosystem

19

MOEX

Marketplace

Opening client accounts

Access to systems of brokers –

partners

Client’s profile

Analytics and portfolio

management

User-friendly interface and settlement

Concluding and execution of transactions

Broker selection and instrument description modules are implemented

9 large brokers are partners

botsbanks and brokers systems and other

Data Marts

ECOSYSTEM

To be implemented in 2018+

Risk management

Exchange products

Administration of pension accounts

Transaction registrator

Bank depositsInsurance policies

Banking, open API

Identification system for individuals

- may be implemented on MOEX Group basis

3

Disclaimer

20

NOT FOR RELEASE OR DISTRIBUTION OR PUBLICATION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN.

•This presentation has been prepared and issued by Public Joint Stock Company "Moscow Exchange MICEX-RTS" (the “Company”). Unless otherwise stated, the Company is the source for all data and assumptions contained in this document. Such data and assumptions are provided as at the date of this document and is subject to change without notice. Certain industry, market and competitive position data contained in this document come from official or third party sources believed to be reliable but the Company does not guarantee its accuracy or completeness. The Company does not intend to have any duty or obligation to update or to keep current any information contained in this presentation.

•Neither the presentation nor any copy of it may be taken or transmitted into the United States of America, its territories or possessions, or distributed, directly or indirectly, in the United States of America, its territories or possessions as defined in Regulation S under the US Securities Act 1933, as amended (the “Securities Act), except to “qualified institutional buyers” as defined in Rule 144A under the Securities Act. Any failure to comply with this restriction may constitute a violation of United States securities laws. The presentation is not an offer or sale of securities in the United States. Moscow Exchange Group has not registered and does not intend to register any securities in the United States or to conduct a public offering of any securities in the United States.

•This presentation does not constitute an advertisement or a public offer of securities in any jurisdiction. It is not intended to be publicly distributed in any jurisdiction. This document is only being made available to interested parties on the basis that: (A) if they are UK persons, they are persons falling within Articles 19 or 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005; or (B) they are outside the United Kingdom and are eligible under local law to receive this document. Recipients of this document in jurisdictions outside the UK should inform themselves about and observe any applicable legal requirements.

This presentation is not a prospectus for purposes of Directive 2003/71/EC (and amendments thereto, including Directive 2010/73/EU, to the extent implemented in any relevant Member State and any relevant implementing measure in the relevant Member State) (the “Prospectus Directive”). In any EEA Member State that has implemented the Prospectus Directive, this presentation is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive.

This presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

•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, nor does it constitute a recommendation regarding the securities of the Company.

•The information in this document has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information, assumptions 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 presentation includes forward-looking statements. All statements other than statements of historical fact included in this presentation, including, without limitation, those regarding MOEX 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 presentation and we expressly disclaim any obligation or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation 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. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding such future performance.