Operating and Financial Results

The share capital of Moscow exchange comprises ordinary shares with a par value of RUB 1 each:
Authorized shares (number of shares) Ordinary shares issued and fully paid (number of shares) Treasury shares (number of shares)
December 31, 2012 2 578 200 000 2 197 409 846 (58 135 826)
Issue of additional shares - 181 079 307 (181 000 000)
Sale of treasury shares during IPO - - 109 090 910
Purchase of treasury shares - - (27 943 570)
Exercised options (Note 13) - - 1 781 053
December 31, 2013 2 578 200 000 2 378 489 153 (156 207 433)
Cancellation of treasury shares - (99 852 660) 99 852 660
Exercised options (Note 13) - - 4 791 769
December 31, 2014 2 578 200 000 2 278 636 493 (51 563 004)

Share premium represents an excess of contributions received over the nominal value of shares issued.

During the first quarter of 2014 the Group cancelled 99 852 660 treasury shares.

In 2014 the Group distributed to employees 4 791 769 treasury shares under exercised share options (2013: 1 781 053 treasury shares) (Note 13).

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