Resolutions Of The Board Of Directors Of The Moscow Exchange - Moscow Exchange IPO

18/12/2012

On December 17, 2012 the meeting of the Moscow Exchange Board of Directors took place.

The Board approved the essential conditions of the engagement Letter with the banks to organize the IPO for the Moscow Exchange.

The Board of Directors considered the report on the Moscow Exchange Group’s main performance indicators for Q3 2012. In discussion it was stressed that the Moscow Exchange showed the positive trend in income and profit. The statements under the IFRS will be disclosed after receiving the audit opinion.

The represented dividend policy was approved at the meeting. The policy provides payment of dividends on the Moscow Exchange shares in amount not less than 20% for 2012, not less than 25% at year-end 2013 and not less than 30% for 2014. The size of dividends is calculated based on the net profit of the Moscow Exchange Group in accordance with the Moscow Exchange’s consolidated financial statements under the IFRS.

The Board approved the Exchange’s approach to the fee policy development which deals with reducing the cost burden placed on the participants and partial compensation.

The Board members discussed the Exchange’s project activities. Launch of the long-term swaps on the FX market, admission of government securities to trading on the Securities market, integration of the two derivatives markets, MICEX and FORTS, acquisition of the Central Securities Depository status by NSD and introduction of the new derivatives market trading platform Spectra were highlighted among other projects implemented in 2012 at the Exchange.

Eight projects for 2013 were recognized by the Board as priority. These included the following: T+n, introduction of the Central clearing for OTC instruments, interest rate futures, repo in a pool of securities, separation of clearing and trading membership, creation of the prospective trading and clearing platform across all markets, repository, establishment of the collateral management system.

The Moscow Exchange Board of Directors also decided to extend term of office of V.N. Subbotin as the Executive Board member at the Moscow Exchange and approve the consolidated budget of the Moscow Exchange for 2013-2015.

The Board of Directors also passed the international cooperation policy of the Moscow Exchange. The document was elaborated to specify priorities and principles of the international cooperation within the Group’s Strategy. Development of trading and clearing as well as settlement and depository links was named as priority areas of such cooperation.