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19.09.2013 23:39

Moscow Exchange Announces Results of Supervisory Board Meeting

Moscow Exchange"s Supervisory Board met in Moscow on 19 September 2013.

The Board discussed the viability of Sergey Shvetsov continuing as Chairman of the Moscow Exchange Supervisory Board following his recent appointment to head the Central Bank of Russia"s newly formed Financial Markets Service. Though recognizing there are areas of potential conflict of interest, the Board noted the critical initiatives currently being overseen by Mr Shvetsov as Chairman, his personal commitment to shareholders made in June of this year when reelected at Chairman, and his role in realizing key projects before the end of the current Board term. Upon conclusion of discussion, Board members unanimously (with the exception of Mr Shvetsov, who recused himself) voted for Mr Shvetsov to remain in his position as Board Chairman. Mr Shvetsov will recuse himself from Board votes in areas that present a conflict of interest.

The Board called a EGM of Shareholders for 14 November 2013, with a record date of 25 September 2013.

The Board approved a mechanism to cancel a portion of the quasi-treasury shares held by Moscow Exchange subsidiary CJSC MICEX Finance. Moscow Exchange will execute a buyback of 99,852,660 shares (4.2% of the company"s charter capital) at RUB 55 per share (the weighted average price for the six months preceding 19 September). Shareholders on record as of 25 September 2013 will be eligible to tender their shares for buyback. The number of shares to be purchased equals the number of shares on the books of MICEX Finance that were acquired in preparation for the Company"s IPO and as part of the stabilization program following the IPO. The Board recommended that cancelling these shares be added to the EGM agenda. The buyback and cancellation of the shares are expected to be completed by late February 2014.

The Board recommended that the EGM set the number of Supervisory Board members to be elected at the 2014 AGM at 15 members (the Board currently consists of 19 members). It also recommended that shareholders approve a new version of the company"s Charter at the upcoming EGM.

The Board approved the Exchange"s "Know Your Client" policy aimed at broadening compliance procedures in order to mitigate reputational risks and bring them in line with international best practice.

The Board gave its preliminary approval for Moscow Exchange to increase its stake in the National Mercantile Exchange (NME). Currently Moscow Exchange Group owns 36.51% of NME. NME is the authorized exchange of Russia"s Agriculture Ministry, and conducts state commodity and procurement interventions on the grain market.

For further information, please contact the Public Relations Department at (495) 363-3232.

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