1. Additional commission fee (ACF) for excessive messages to system on the securities and FX markets

2.  The Exchange establishes certain ratio of paid commission to number of orders entered into the system at the HFT trader lever  The following traders will be recognized as HFT:  On the FX Market: traders submitting over 30,000 orders per trading day (roughly 1 order per second)  In the Main sector of the Securities Market: traders entering over 100,000 orders per trading day  The number of orders per 1 ruble paid in commission is set at 20  For each order exceeding this threshold HFT traders are charged RUB 0.1  Additional terms:  Trading Members acting as market makers on the FX Market are allowed to submit 40 orders in a certain instrument per 1 ruble paid in commission Concept

3.  The additional commission fee is calculated in rubles based on trades and orders of the end client (Trading Member/client)  The following orders and trades are taken into account:  On the FX Market: orders and trades in spot instruments during the main trading session in the UTS system (except for OTC orders and trades)  In the Main Market sector of the Securities Market in the trading modes: Main trading mode, “Qualified Investors – Main trading mode”, “Odd lots trading”, “Bonds D – Main trading mode”, “Equities D – Main trading mode” and Dark pool (block trading mode).  The additional commission fee is charged for ITS (integrated technological service) by Moscow Exchange.  The Trading Member is provided with a report detailing the additional commission fee by each end client except those clients whose additional commission fee equals zero  The first additional commission fee calculated for each client (on the first day of calculating it) is for reference only, and does not need to be paid  The Trading Member is provided with a report detailing the additional commission fee for its proprietary trading activities/ operations by each end client except those clients whose additional commission fee equals zero Principles of calculating the additional commission fee

4. On FX Market: From the Trading Member’s account section (marked by the settlement code) that is indicated in the orders and trades of the end client, or from a different account section (marked by the other settlement code), specified for this purpose, in all other cases from the Trading Member’s account section marked by a settlement code for proprietary trading (prinicipal settlement code) On the Securities Market: If the Trading Member/client submitted orders using only one trading-clearing account, then the additional commission fee is debited from trading account within that particular trading-clearing account If the client’s trading on the basis of which the additional commission fee was calculated was done from several trading-clearing accounts, then the additional commission fee is debited from Trading Member’s proprietary trading account meant for receipt/payment of commission for trades in foreign currencies, membership fee, fixed fee for the REPO trades, fee for repeat issuance of reporting documents, fee for “Placements Fixed” plan and additional fees, set by default or by Trading Member’s request. In case if NCC Clearing Member has registered several trading accounts for receipt/payment of commission fees mentioned above (for several IDs), then the additional commission fee is debited from trading account that was registered first. Debiting the additional commission fee

5. Additional commission fee formula 5 ACF = max(NUM_ORDERS – round(Com / K); 0) * М NUM_ORDERS – number of orders/messages to system during the trading day Com – total commission fee (for the purpose of calculating the additional commission fee, the commission on trades is re-calculated according to the “Basic” tariff where a different tariff was selected by the Trading Member) K – a coefficient equal to 0.05 (or 20 orders per 1 ruble paid in commission) М – value coefficient of the additional commission fee, equals 0.1 (or 0.1 rubles per 1 order) The maximum additional commission fee payable by an end client is capped at RUB 300,000 per day (separately for each market)

6. FX Market: For a market maker the NUM_ORDERS parameter is divided by 2 For those Trading Members who chose a tariff other than “Basic” tariff the commission on trades (Com parameter) is re-calculated according to the “Basic” tariff Market related peculiarities of additional commission fee calculation Securities Market: The parameter Com = C * F, where С – total commission fee, F – a coefficient that shows what portion of the total commission is taken into account, equals 1 (one)

7. 1.Test reports for the Securities Market and FX Market have been distributed since the 6 th of June and 6 th of July, 2012 respectively. Test reports contain information on: End clients for whom the additional commission fee is not equal to zero End clients for whom the additional commission fee is equal to zero, however the number of orders submitted during the trading day exceeds 10 000 Test reports are sent to Trading Members having an end client who exceeded 10 000 orders per day 2.The start date for charging the additional commission fee in the Main sector of the Securities Market and on the FX market is September 3 rd 2012. Until the September 3 rd the Trading Members will be finalizing their internal procedures for interaction with clients in respect of calculation and payment of the additional commission fee. 3.The start date for charging the additional commission fee in the Standard sector of the Securities Market will be communicated separately. Schedule for introduction of the additional commission fee