Disclaimer

This document was prepared and issued by Public Joint Stock Company Moscow Exchange MICEX-RTS (the “Company”). Unless otherwise stated, the Company is the source of all data contained in this document. Such data is provided as of the date of this document and is subject to change without notice.

This document does not constitute or form part of, and should not be construed as, an offer or invitation for the sale of, subscription to, or a solicitation of any offer to buy or subscribe for any securities, nor shall it or any part thereof or the fact of its distribution form the basis of, or be relied on in connection with, any offer, contract, commitment or investment decision relating thereto, nor does it constitute a recommendation regarding the Company’s securities.

The information in this document has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information or opinions contained herein. Neither the Company nor any of its subsidiaries or affliates nor any of such entities’ directors, offcers or employees, advisers or other representatives accepts any liability whatsoever (whether as a result of negligence or otherwise) arising, directly or indirectly, from the use of this document or otherwise arising in connection therewith.

This document includes forward-looking statements. All statements other than statements of historical fact included in this document, including, without limitation, those regarding our financial position, business strategy, management plans and objectives for future operations are forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause our actual results, performance, achievements or industry results to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we expect to operate in the future. Important factors that could cause our actual results, performance, achievements or industry results to differ materially from those in these forward-looking statements include, among others:

• the perception of market services offered by the Company and its subsidiaries;
• the volatility of (a) the Russian economy and the securities market and of (b) the highly competitive sectors in which the Company and its subsidiaries operate;
• changes in (a) domestic and international legislation and tax regulation and (b) state policies related to financial markets and securities markets;
• increased competition from new players in the Russian market;
• the ability to keep pace with rapid changes in science and technology, including the ability to use advanced features that are popular with the Company’s customers, as well as with those of its subsidiaries;
• the ability to maintain continuity of the process of introducing new competitive products and services, while maintaining competitiveness;
• the ability to attract new customers in both domestic and international markets; and
• the ability to expand our product offer in international markets.

Forward-looking statements are only valid as of the date of the publication of this document, and we expressly disclaim any obligation or undertaking to release any update of, or revisions to, any forward-looking statements in this document as a result of any change in our expectations or any change in the events, conditions or circumstances on which these forward-looking statements are based.