1. Unlocking the potential … CLS end of 2014? RTGS (IRSF) end of 2012? TODAY Become a recognised International Financial Centre Become a recognised G8 currency Become a reserve currency steps required to:- 24 hour/day market Transparency/Price discovery Spread compression Depth

2. Past performance cannot guarantee future trends… or can it? ADV 2012 v 2008 = 14,452 % increase 83% 17% ADV by execution method 30% 70% 31% 69% ADV by location

3. Spot Market Evolution TIMELINE FUTURE MICEX 10-5pmMICEX 1/100EBS & Reuters 24/7/365EBS & Reuters USD/RUB 1/100EBS USD/RUB 5/100MICEX 10-7pmMICEX BKT 5pip pricing Real-time market surveillance Address disruptive behaviour Clean up market ecology Ai policies: guidelines Price granularity review (1/4 kopek) Ai min order size MQL or ‘Hold-in timer’ Quote fill ratio Make/Take EBS creating a genuine source of liquidity

4. What presses your buttons? Whose buttons SHOULD you be pressing? 27 cities in 18 countries have traded RUB on EBS