Dividend policy

Moscow Exchange provides shareholders with an equal and fair opportunity to participate in its profit distribution by receiving dividends.

Moscow Exchange’s Annual General Meeting of Shareholders in 2015 decided to allocate RUB 8.8 bln for the payment of dividends. This amount constituted 55% of 2014 net income according to IFRS.The dividend amount per ordinary share was RUB 3.87. Starting from the moment of its IPO, Moscow Exchange had paid out 8.2% (RUB 17.2 bln) of its market capitalisation as of the end of 2015 (RUB 208 bln) to its shareholders in the form of dividends.

In December 2015, the MOEX Supervisory Board approved a new Dividend Policy that takes into account principles and recommendations of the CBR Corporate Governance Code. According to the new policy, the amount of dividends shall be no less than 55% of Moscow Exchange’s net income calculated based on IFRS statements for the reporting fiscal year. In March 2016, the Supervisory Board recommended that MOEX shareholders approve 2015 dividends of RUB 7.11 per share at their annual meeting. Thus, RUB 16.2 bln is the recommended amount for 2015 dividends, or 58.2% of Moscow Exchange’s net income under IFRS.

Annual dividend per share, RUBThe 2015 dividend amount recommended by the Supervisory Board for approval at the Annual General Meeting of Shareholders on 27 April 2016
Annual Dividend per Share, RUB
Dividend payments 2012 — 2015:
Paid in 2012 2013 2014 2015
Paid for 2011 2012 2013 2014
Announced on

20 June 2012

Minutes No 44 of the AGM

25 June 2013

Minutes No 49 of the AGM

26 June 2014

Minutes No 52 of the AGM

28 April 2015

Minutes No 53 of the AGM

Total pre-tax amount of dividends declared (RUB) 681,197,400 2,901,756,800, 5,423,154,900 8,818,323,227.91
Payment period established by the AGM Within 60 days of the decision date Within 60 days of the decision date

By 25 July 2014 for nominee holders;

By 15 August 2014 for other registered holders

By 25 May 2015 for nominee holders;

By 16 June 2015 for other registered holders

Actual payment date

Registrar: 15 August 2012

Register: 20 August 2012

Registrar: 22 August 2013

Register: 26 August 2013

24 July 2014 for nominee holders;

7 August 2014 for other registered holders

25 May 2015 for nominee holders

16 June 2015 for other registered holders