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Why invest in MOEX?

Dominant industry leader in a major global economy

  • MOEX is the center for trading of a wide range of asset classes, and also owns robust centralized post-trade infrastructure: clearing, settlement and depository services
  • MOEX is the leading exchange for trading of Russian equities, bonds, derivatives, FX and money markets as well as operating Russia's post-trade infrastructure
  • Select products are leaders in global context: No. 1 currency derivative product by volumes and open interest, No. 3 bond market by volumes, No. 4 derivatives market by number of contracts traded
  • Russia is the world's 10th largest economy  

Strong growth potential

  • Russia capital markets have ample room to grow: Low market cap to GDP, low government and corporate debt to GDP
  • Significant growth potential of domestic investor base
  • One of the highest dividend yields in the world

Strong financial performance

  • One of the highest EBITDA margins globally (79.41% in 2015)
  • Healthy growth story:
    41.3% CAGR of EPS (2011-2015)
    42.8% CAGR of net income (2011-2015)

Attractive dividends

  • New dividend policy anticipates paying out no less than 55% of IFRS net profit
  • Past pay-outs have 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

Key driver and main beneficiary of infrastructure and regulatory reforms

  • Transfer from T0 to T+2 for equities and to T+1 for government bonds
  • Establishment of fully functioning CSD and integrated CCP
  • Euroclear and Clearstream access to the Russian market
  • New Russian corporate governance code and MOEX Listing Rules in line 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 strong commitment to corporate governance

  • No controlling shareholder, free float of more than 61%
  • One third of Supervisory Board are independent
  • Strong corporate governance code aligned with international best practices
  • Management and shareholder interests aligned through a stock options programme
  • Transparent and timely financial and operational disclosure
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