Why invest in MOEX

A global industry leader

• A leading exchange for trading in a wide range of asset classes: 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. 3 by trading volumes of bonds among world's exchanges in 2018, as per the World Federation of Exchanges
  • No. 6 by number of derivative contracts traded in 2018, as per the World Federation of Exchanges
  • 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 (71.9% in 2018)
• CAGR of net income of 15.7% in 2012-2018

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
  • 89.5% vs minimum 55% for 2017
  • 88.9% vs minimum 55% for 2018

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 MOEX Corporate Governance Code and Listing Rules aligned with international best practices
• New incentives for retail investors and Russian pension 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; 57.8% of shares are part of the free float (as of May 2019)
• 7 out of 12 (58%) 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