Corporate governance

Moscow Exchange’s charter capital is RUB 2.278 bln, or 2.278 bln ordinary shares with a par value of RUB 1 each.

The shares were listed on the Exchange-s own trading platform on 4 February 2013. They were added to the Exchange-s A1 List in April 2013, and to the MSCI Russia and MSCI Russia 10/40 indices in November 2013. Following a regular quarterly review of the indices in February 2014, their weight was increased from 0.5% to 0.9%

Registered ordinary shares

State registration number 1-05-08443-N

Nominal value, RUB

1

Number

2 278 636 493 units

Totals

RUB 2 278 636 493

Ticker / ISIN

MOEX / RU000A0JR4A1

In 2014, the Exchange completed the buyback of 99 852 660 shares (4.2% of its share capital) from its fully-owned subsidiary MICEX Finance. The shares were retired in March 2014, increasing existing shareholders’ proportional ownership of the company’s equity and their return on capital, and strengthening corporate governance by preventing voting with these shares.

Moscow Exchange shares

2014

2013

Closing price as of 30 December, RUB

60.76

64.76

52-week average*, RUB

60.71

55.34

52-week high*, RUB

70.93

69.99

52-week low*, RUB

42.74

42.57

Average daily trading volume, RUB mln

384.29

188.00

Average daily trading volume, USD mln

10.03

5.82

Market cap (as of 30 December), RUB bln

138.45

154.03

Total number of shares outstanding (as of 30 December), units

2 278 636 493

2 378 489 153

* The figures for 2013 do not cover the full year, rather the period from 4 February 2013 when the shares began trading on Moscow Exchange.

On 2 July 2014, the Bank of Russia sold 11.7% of total Moscow Exchange shares outstanding, half of its stake, via an international offering. A total of 267.3 mln shares were sold for RUB 16.04 bln. The sale was in line with the Central Bank’s obligation to completely exit Moscow Exchange’s shareholder capital by 1 January 2016 (as per Federal law No. 251-FZ of 23 July 2013).

MOEX share price and MICEX index dynamics, 2014
MOEX share price and MICEX index dynamics, 2014

Following the transaction, Moscow Exchange’s free float increased to more than 50%, one of the highest free floats on the Russian market. Demand far exceeded the number of shares on offer, with nearly 100 institutional investors from Russia, Asia, the Middle East, Europe and the US participating in the transaction. This underlined investor confidence in the Exchange’s business model and strategy to develop the Russian financial market infrastructure.

As of 31 December 2014, the total number of shareholders and beneficial owners stood at more than 3 000, of which 2 700 were individuals.

Shareholders owning in excess of 5% of the company-s outstanding share capital (as of 31 December 2014)

Shareholder

Shares

%

1.

Bank of Russia

275 182 237

12.077

2.

Sberbank

227 682 160

9.992

3.

Vnesheconombank (VEB)

191 299 389

8.395

4.

EBRD

138 172 902

6.063

5.

Chengdong Investment Corporation

127 989 506

5.616

6.

Russian Direct Investment Fund (RDIF)

119 887 884

5.260

Dividends

Moscow Exchange’s shareholders are entitled to a dividend. The dividend payout is calculated on the basis of the company’s annual IFRS net income. The dividend amount is recommended by the Supervisory Board and approved at the General Meeting of Shareholders.

Dividend history

Period

Dividend declared, RUB per share

Dividend declared, RUB mln (before income tax)

Percentage of IFRS net income

Dividend policy, % of net income

2014*

3.87

8 818.32

55.12

No less than 50.0

2013

2.38

5 423.15

46.83

No less than 40.0

2012

1.22

2 901.76

35.4

No less than 30.0

2011

0.32

681.20

10.17

*Dividends for 2014 were recommended by the Supervisory Board for approval at the General Meeting of Shareholders on 28 April 2015.

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