MICEX-RTS Equity Investment

disbursing

Translated version of this PSD: Russian The EBRD has completed the acquisition of a 6.29% equity stake in MICEX-RTS (the “Company”) through a purchase of ordinary voting shares from the Company. MICEX-RTS was formed as a result of the merger between Moscow Interbank Currency Exchange (“MICEX”), the largest Russian stock exchange, and RTS Stock Exchange (“RTS”), Russia’s largest derivatives exchange. The project is a continuation of EBRD’s efforts in supporting the development of Russian capital markets and specifically of the Russian Government’s initiative to establish Moscow as an International Financial Centre. The equity investment will enable EBRD to be part of the leading stock exchange in Russia and CIS region. EBRD, as an investor, board member and business partner will be able to support key development areas such as improvement of corporate governance, further regional expansion and improvement of laws and policies and contribute to the further capital markets development in Russia. The transition impact and demonstration effects associated with this potential investment are expected to include: MICEX-RTS, the Russian stock exchange formed after the merger of MICEX and RTS: Equity investment. Confidential. Categorised FI. MICEX-RTS will be a market place for the trading of a variety of financial instruments and shares and, as such, will not provide any funding to clients, either individuals or companies. The environmental and social risks associated with the activities of MICEX-RTS are expected to be limited. The Company will be required to comply with the EBRD's Performance Requirement 2 (Labour and Working Conditions) and Performance Requirement 9 (Financial Intermediaries). Due diligence reviewed E&S and HR due diligence questionnaires completed by MICEX and RTS as parent companies and found those satisfactory. To mitigate any economies of scale effect that might result from the merger between the two exchanges, the Company will need to develop and implement a Retrenchment Plan and respective internal mechanisms and procedures satisfactory to the Bank. None. Ms. Varvara Inozemtseva Head of Communications MICEX-RTS Tel: + 7 495 363 3232 E-mail: Varvara.Inozemtseva@micex.com