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A global industry leader

  • A leading exchange for trading a wide range of assets: equities, bonds, derivatives, FX, commodities and money market instruments
  • Resilient business model that performs well throughout the economic cycle
  • Robust centralized post-trade infrastructure that enables provision of clearing, settlement and depository services
  • Leadership in a global context:
    • No. 2 by trading volumes of bonds among world"s exchanges in 2016, as per the World Federation of Exchanges
    • No. 4 by number of derivative contracts traded in 2016, as per the Futures Industry Association
    • FX, index and commodity derivatives traded on Moscow Exchange are among the most liquid derivative contracts globally, based on data collected by the Futures Industry Association

High growth potential

  • Undemanding valuations of the Russian equity market imply there is potential for growth
  • The Russian financial market has ample room for further development as reflected by low market capitalization to GDP and debt to GDP ratios

Strong financial performance

  • One of the highest EBITDA margins among global exchanges (77.1% in 2016)
  • CAGR of net income of 32.0% in 2012-2016

Attractive dividend policy

  • The dividend policy establishes a payout ratio of no less than 55% of consolidated net profit under IFRS
  • Previously, actual payout ratios exceeded the level specified in the dividend policy:
    • 35.4% vs minimum 30% for 2012
    • 46.8% vs minimum 40% for 2013
    • 55.1% vs minimum 50% for 2014
    • 58.2% vs minimum 55% for 2015
    • 69.4% vs minimum 55% for 2016
  • A move to interim dividend payments is expected in 2017

Key results of infrastructure and regulatory reforms

  • Shift from T0 to T+2 for equities and to T+1 for government bonds
  • Establishment of a fully functioning CSD and an integrated CCP
  • Introduction of access to Euroclear and Clearstream – international securities depositories
  • New Russian corporate governance code and MOEX Listing Rules aligned with international best practices
  • New incentives for retail investors and Russian pensions funds to invest in securities
  • New laws on insider trading and market manipulation

Transparency and adherence to high standards of corporate governance

  • No controlling shareholder; 57.5% of shares are part of the free float (as of July 2017)
  • 6 out of 12 of the Supervisory Board members are independent directors
  • Company"s corporate governance code aligned with best international practices
  • Alignment of management and shareholder interests through a long-term share-based incentive program
  • Transparent and timely financial and operational disclosures
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