Why MOEX?

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

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