CJSC “SPIMEX”

Exchange commodity trading

SPIMEX is the leading Russian commodity exchange

Reference information

Slide 2

CJSC Saint-Petersburg International Mercantile Exchange,

license № 077-004, of November 22, 2013, the registered capital – 428.5 mln rubles.

SPIMEX is organized by the following companies: Transneft, Transnefteproduct,

Rosneft, Gazpromneft, Zarubezhneft, Surgutneftegaz, Sovcomflot, RZD etc.

The clearing service is provided by SDCO (CJSC).

Settlements are done through 8 authorized banks: Sberbank, VTB, GPB, Alfa-Bank,

Russia, VBRR, Rosselkhozbank, NSD.

Developed market of petroleum products with the trading volume of 56.3 million

tons (14,9 billion rubles) and 1560 trading participants.

Representative price indexes of domestic market of petroleum products on the basis

of on-exchange and OTC contracts.

The futures market on petroleum products and price indexes.

The registration of the over-the counter contracts with crude oil, petroleum

products, coal and grain.

1

Sections SPIMEX

Slide 3

Wide variety of assets in the commodity and derivatives sections of SPIMEX

1

Minerals and

chemical products

Petroleum products

Grain and bio resources

Energy carriers

Crude oil

Wood

Natural Gas

Derivatives market

Active Sections Planned Sections

Market share and trading volumes 01.12.2014

Slide 4

1 SPIMEX maintains the leading position on the Russian

exchange commodity market.

The main segment of commodity market is petroleum

products trades.

The volume of petroleum products trades exceeded 21

million tons, the turnover exceeded 915 billion rubles in

2011-2013.

SPIMEX’ share is about 95,7 per cent of the exchange

petroleum products market.

On April 24th, 2013, the trades on Crude Oil were launched

on SPIMEX. The sellers are OJSC “ZarubezhNeft”, OJSC

“TransNeft” and OJSC “Bashneft”. Total turnover is over 1.6

million tons, and equals to 22 billion rubles.

On September 11th, 2013 the first exchange contract on

enriched coal was concluded.

Starting from July 11th, 2014 trades are carried out in

“Wood” section. The turnover in 2014 is 64,5 million rubles.

On October 24th, 2014 at the monthly trades carried SPIMEX

Section natural gas. Among the participants of the largest

suppliers ( LLC"Gazprom mezhregiongaz",

OAO"NK"Rosneft", OJSC"NOVATEK") and gas consumers. In

the course of the auction sold 21,9 million m3 of natural gas,

totaling 55, 3 million rubles.

Currently there are 1560 participants on SPIMEX.

4,3%

95,7%

Exchanges’ shares in the total turnover,

petroleum products

(as of December 1st, 2014)

Saint-Petersburg

Exchange

SPIMEX

15,1%

35,4% 34,2%

15,3%

Petroleum products market

(as of December 1st, 2014)

Jet Fuel

Petrol

Diesel

Fuel Oil

Trading Volume SPIMEX, all sections , quarterly*

Slide 5

1

* Excluding data on card futures of LLC “Magystral”. As of December1st, 2014

** Including data on cash-settled futures of SPIMEX Futures market

4 23 31 47 119 649 787 1 009

1 532 1 654

2 246

3 649

3 224 2 956

2 212 2 470

2 244

2 766 2 518

3171

4 359

4 988

4 128

4 629 4 797

3 173

0

1 000

2 000

3 000

4 000

5 000

6 000

3 qr

2008

4 qr

2008

1 qr

2009

2 qr

2009

3 qr

2009

4 qr

2009

1 qr

2010

2 qr

2010

3 qr

2010

4 qr

2010

1 qr

2011

2 qr

2011

3 qr

2011

4 qr

2011

1 qr

2012

2 qr

2012

3 qr

2012

4 qr

2012

1 qr

2013

2 qr

2013

3 qr

2013

4 qr

2013

1 qr

2014

2 qr

2014

3 qr

2014

4 qr

2014

Trading volume in thousand tons **

0,1 0,3 0,4 0,7 2,1 10,0 12,6 17,4 27,6

33,3

46,0

84,2 78,9 75,7

53,2

65,6 62,0 70,1 69,2

81,5

121,5

140,9

116,9

131,0

144,1

92,1

0

20

40

60

80

100

120

140

160

3 qr

2008

4 qr

2008

1 qr

2009

2 qr

2009

3 qr

2009

4 qr

2009

1 qr

2010

2 qr

2010

3 qr

2010

4 qr

2010

1 qr

2011

2 qr

2011

3 qr

2011

4 qr

2011

1 qr

2012

2 qr

2012

3 qr

2012

4 qr

2012

1 qr

2013

2 qr

2013

3 qr

2013

4 qr

2013

1 qr

2014

2 qr

2014

3 qr

2014

4 qr

2014

Trading volume in billion rubles

Trading Volume SPIMEX, all sections , quarterly*

Slide 6

1

* Excluding data on card futures of LLC “Magystral”. As of December 1st, 2014

** Including data on cash-settled futures of SPIMEX Futures market

24 28 42 91 280 779 1 541 1 930 2 673 3 047 4 694 4 792 5 260 4 605 3 409 3 900 4 319

6 585 6 271

9 856

16 823

24 660

19 835 18 595

23 813

19 618

0

5 000

10 000

15 000

20 000

25 000

30 000

3 qr.

2008

4 qr.

2008

1 qr.

2009

2 qr.

2009

3 qr.

2009

4 qr.

2009

1 qr.

2010

2 qr.

2010

3 qr.

2010

4 qr.

2010

1 qr.

2011

2 qr.

2011

3 qr.

2011

4 qr.

2011

1 qr.

2012

2 qr.

2012

3 qr.

2012

4 qr.

2012

1 qr.

2013

2 qr.

2013

3 qr.

2013

4 qr.

2013

1 qr.

2014

2 qr.

2014

3 qr.

2014

4 qr

2014

Number of trades **

21 27 60 90 115 175 272 372

473

600 691

786 857

905 963 1 003 1 006

1 051 1 105

1 160 1 256

1 353 1 358 1 459

1 516 1 560

0

200

400

600

800

1000

1200

1400

1600

1800

3 qr.

2008

4 qr.

2008

1 qr.

2009

2 qr.

2009

3 qr.

2009

4 qr.

2009

1 qr.

2010

2 qr.

2010

3 qr.

2010

4 qr.

2010

1 qr.

2011

2 qr.

2011

3 qr.

2011

4 qr.

2011

1 qr.

2012

2 qr.

2012

3 qr.

2012

4 qr.

2012

1 qr.

2013

2 qr.

2013

3 qr.

2013

4 qr.

2013

1 qr.

2014

2 qr.

2014

3 qr.

2014

4 qr.

2014

Number of participants

Developed exchange market of petroleum products

SPIMEX

2

Slide 7

Petroleum Products

Petroleum Products Market Wide regional coverage

Slide 8

All major refineries in Russian Federation are used as a delivery basis for the SPIMEX

petroleum products trades. Any buyer has an opportunity to buy goods on the

exchange and get the goods delivered to the railroad station on the territory of Russia.

2

Delivery terms:

FOR dispatch station;

tank truck;

Ex tank;

Pipeline;

self-delivery by railroad.

Trading volumes on different exchanges Petroleum products, thousand tons

Slide 9

2

12,7% 3,0% 7,8% 9,4% 5,1% 9,4% 11,9% 13,7% 13,6% 11,5% 2,4% 1,9% 3,7% 1,6% 3,5% 6,0% 3,5% 3,1% 3,2% 1,4% 1,7% 3,0% 2,0% 0,7%

85,0%

94,1% 88,6%

86,0% 91,4%

88,2%

84,5% 79,2%

78,7%

83,5%

93,6%

94,3%

91,6% 94,4%

92,3%

90,4%

90,6%

94,2%

95,2% 97,1%

96,0% 95,1%

96,0%

97,6%

96,2%

96,7%

95,5% 95,9%

95,1% 94,4%

93,9% 97,2%

96,1% 95,4% 96,5%

2,3% 2,9% 3,6% 4,6% 3,5% 2,4% 3,7% 7,2% 7,7%

5,0% 4,0% 3,8% 4,6% 4,0% 4,3% 3,6% 6,0% 2,7% 1,6% 1,6% 2,4% 1,9% 2,0% 1,6% 3,8% 3,3% 4,5% 4,1% 4,9% 5,6% 6,1%

2,8% 3,9% 4,64% 3,5%

1593,44

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0

200

400

600

800

1 000

1 200

1 400

1 600

1 800

MIMEX, % SPIMEX, % Saint-Petersburg Exchange, % MIMEX SPIMEX Saint-Petersburg Exchange

Deliverable and cash-settled futures SPIMEX

3

Slide 10

Futures Market

The total trading volume of summer diesel fuel (DTL) futures contacts is:

more than 635 thousand tons,

more than 16,1 billion rubles

Deliverable Futures Since December 17th, 2010

Slide 11

Unique delivery experience

The futures contract is settled with the

DELIVERY of the base asset

Advantages:

• More than 45 participants on SPIMEX

derivatives market

• The system of rebates meant to improve

the market liquidity

• The central counterparty

• The market-makers and the guaranteeing

deliverers are present on the market to

create the most comfortable conditions

for clients

• On the 15th of July 2014 new deliverable

contracts on diesel, Regular-92, Premium-

95 petrol were launched. The delivery

basis of the contracts is regional basis

“Kirishi”. Vladimir hub

Almost all largest oil companies are included:

•Rosneft Samara

•Lukoil Nizhny

Novgorod

•Bashneft

•Tatneft Nikolskoye

•Gazpromneft Moscow

•Gazpromneft

•Rosneft Yaroslavl

•Rosneft Ryazan

3

Cash-Settled Futures Since Oct. 19th, 2012

Slide 12

The reliable price indicator can be used for

calculating futures contracts settlement.

No risks of delivery

The futures are settled WITHOUT THE

DELIVERY of the basic asset

Futures contracts:

1. Cash-settled futures on SPIMEX Petrol Reg-

92 Index

2. Cash-settled futures on SPIMEX Jet fuel

Index

3. Cash-settled futures on SPIMEX Summer

gasoil Index

4. Cash-settled futures on SPIMEX Winter

gasoil Index

5. Cash-settled futures on SPIMEX Fuel oil

Index

Advantages: • The representative index has been

calculated since 2009 based on trades

on the liquid spot market

• More than 45 participants on SPIMEX

derivatives market

• The system of rebates meant to

improve the market liquidity

• The unified technological basis is

shared by the spot and futures market

• The central counterparty

3

Fuel Card Futures Since June 03rd, 2013

Slide 13

Convenient tool that fixes fuel prices in the

future with the possibility (not obligation) of

transferring fuel on a card.

Преимущества:

No risks of delivery

The futures are cash-settled, with no

delivery of the basic asset

Advantages: • Right to buy fuel at futures settlement

price within 3 days after the futures settlement date

• Storage all kinds of fuel on card

• Small contract size: 10 litres

• The system of rebates meant to improve the market liquidity

«Magystral-Card» is the leading

participant of retail fuel market with

wide range of regional petrol

stations. It is also an example for

other participants of this sector.

Central counterparty

SPIMEX’s partner LLC «Magystral»

developed a special program

(nominated in litres) of fuel cards called

“Birzhevaya”.

The cardholder has an access to a wide

range of petrol stations, which

cooperate with «Magystral-Card».

All the procedures of registration and

fuel acquiring are available on LLC

«Magystral» official site:

WWW.MAGYSTRAL.RU

AI-92 petrol

AI-95 petrol

Diesel fuel

Fuel futures on LLC «Magystral» fuel cards:

3

Trading volumes Futures Market on SPIMEX

Slide 14

3 In 2012-2014 the total trading volume of different types of futures contracts is as

follows:

0

2 000

4 000

6 000

8 000

10 000

12 000

2012 2013 2014

Volume in mln rubles

FDDTL5KIR

FSITRDVLI

FSIREGVLI

FSIMZTVLI

FSIDTZVLI

FSIDTLVLI

FSCDDTMOS

FSCD95MOS

FSCD92MOS

FDDTS2VLI

0

100

200

300

400

500

600

2012 2013 2014

Volume in thousand contracts

FDDTL5KIR

FSITRDVLI

FSIREGVLI

FSIMZTVLI

FSIDTZVLI

FSIDTLVLI

FSCDDTMOS

FSCD95MOS

FSCD92MOS

FDDTS2VLI

Indexes

Slide 15

Indexes

4

SPIMEX

The developed market of petroleum products

and derivatives market create both condition

and necessity for price indexes of petroleum

products.

The aim of price indicators is to make

exchange prices more representative and to

create conditions for reliable and transparent

pricing.

Price indexes of petroleum products SPIMEX

Slide 16

Vladimir st. Indexes

Indexes show average price of the four central refineries of the European part of Russia (Yaroslavl

Refinery, Moscow Refinery, Ryazan Refinery, Nizhny Novgorod Refinery). The price is converted to

Vladimir railroad station by adding transportation rate.

Composite Index

The index shows the dynamics of the Russian market of light petroleum products in general. The

index is calculated by summing up the national price indexes of light petroleum products (REG,

PRM, DTL, DTM, DTZ, TRD), weighted by their share in domestic market.

National Indexes

Indexes show average price of a petroleum product type in Russia. The index is calculated by

summing up Consolidated prices of a particular type of petroleum product on Russian refineries,

weighted by share of each Russian refinery in deliveries on domestic market.

Regional Indexes

Indexes show prices of petroleum products types in 8 largest regional consumption centers

(Moscow, St.-Petersburg, Rostov, Samara, Yekaterinburg, Novosibirsk, Irkutsk, Khabarovsk).

Consolidated prices of refineries

Consolidated prices of refineries show average price of a petroleum product type on a particular

refinery. Consolidated prices are calculated for all the largest Russian refineries and are used for

calculating other types of petroleum products index prices.

4

Vladimir station Index General Information

Slide 17

Vladimir Indexes are calculated on Vladimir railway station since February 2009 for the

following groups of petroleum products: diesel fuel (summer, demi seasonal, winter),

petrol Regular and Premium, jet fuel and fuel oil.

Main delivery bases Additional delivery bases

4

The trades on the main delivery bases

form the price level of the index,

while the trades on the additional

bases rise liquidity and the volume of

contracts that form the index, if their

interconnection to the prices on the

main bases is proven.

Vladimir Index Petrol Charts

Slide 18

Vladimir Indexes are calculated daily each time after a deal is made with instruments

included into index calculation basis.

The historical figures of all SPIMEX indexes are available as of any date. All the

information about indexes, values that influence calculations, as well as documentation

are available at SPIMEX’s web-site (spimex.com).

4

28000

30000

32000

34000

36000

38000

40000

42000

44000

46000

PRM

REG

Vladimir Index Diesel and Jet Fuel Charts

Slide 19

4

25000

27000

29000

31000

33000

35000

37000

39000

DTL

DTM

DTZ

25000

27000

29000

31000

33000

35000

TRD

2011 2012 2013

Composite Index General Information

Slide 20

Composite index has been calculated since January 2011

Composite index is a single universal indicator of petroleum products market. It shows

the price movement of light petroleum products average ton traded on Russian

exchange market.

The value of Composite Index is calculated daily in points.

950

1000

1050

1100

1150

1200

1250

1300

1350

1400

1450

01.01.2011 01.01.2012 01.01.2013 01.01.2014

1146,1

1252,9

4

National Indexes General Information

Slide 21

National indexes of petroleum products prices are single price indicators which show

average price of petroleum products of each type traded on Russian exchange market.

The index is calculated by summing up consolidated prices of petroleum products on

all Russian refineries. The more products a refinery delivers to domestic market the

more the price on this refinery influences calculated value of the respective National

Index.

National Index

4

National Indexes Basis for composite index calculation

Slide 22

National Indexes are price indicators of petroleum product type on the territory of

Russia. Moreover, National Indexes are used for calculating Composite Index of light

petroleum products.

Below are the charts of National Indexes in 2013 and main chart of Composite Index

values:

1150

1200

1250

1300

1350

1400

1450

1500

24000

26000

28000

30000

32000

34000

36000

38000

40000

01.01.2013 01.03.2013 01.05.2013 01.07.2013 01.09.2013 01.11.2013 01.01.2014

DTL DTM DTZ PRM REG TRD ECI

4

Indexes are calculated in large consumption centers

Consumption Centers are all across Russia

Two categories of indexes are calculated: based on exchange trades and OTC trades. Both calculation methods are based on single principle.

Calculations of Index of a particular consumption center include factual deals (based on the information of railroad transportations) on refineries which deliver petroleum products to this consumption center.

Separate choice of supplying refinery for each petroleum product group

Filters allow to exclude a deal out of calculations if such a deal was made on price that differs significantly from the consumption center price level.

Regional Indexes General Information

Slide 23

4 Saint-Petersburg

Moscow

Rostov

Samara Yekaterinburg

Novosibirsk Irkutsk

Khabarovsk

Prices on Refineries General Information

Slide 24

For each large refinery (prices are calculated for more than 20 refineries on the territory

of Russia) SPIMEX calculate consolidated prices of the following types of petroleum

products:

Petrol Regular-92

Petrol Premium-95

Summer Diesel Fuel

Winter Diesel Fuel

Demi seasonal Diesel Fuel

Jet Fuel

Fuel Oil

4

Consolidated prices on refineries Basis for national indexes calculation

Slide 25

Consolidated prices are price indicators of petroleum product type on the territory of

Russia. Moreover, consolidated prices are used for calculating National Indexes of light

petroleum products.

Below are the charts of consolidated prices on petrol Regular-92 on all the Russian

Refineries in 2013 and main chart of National Index values:

26000

28000

30000

32000

34000

36000

38000

09.01.2013 20.02.2013 04.04.2013 23.05.2013 05.07.2013 16.08.2013 27.09.2013 11.11.2013

4

OTC Market SPIMEX

Slide 26

OTC Market

5

OTC contracts Registration of traded goods on the basis of SPIMEX

Slide 27

In accordance with Russian Federal Law of November 21st, 2011 No. 325-FZ “On Organized Trades”,

and in the fulfillment of Decision of the Government of the Russian Federation No. 623 of July 23rd,

2013 "On the endorsement of the Regulation on the information on contracts concluded by sides at

other than organized trades where obligations imply a transfer of proprietary rights for the goods

permitted for organized trades, as well as on the keeping of the register of such contracts and

providing information from the mentioned register", JSC "SPIMEX" carries out registration of OTC

contracts implying the transfer of ownership on the following products:

petroleum products, provided that the total production of a group of persons of the entity

engaged in petroleum products sale, is more than 100 thousand tons in the previous year and

the amount of the OTC contract is not less than 60 tons;

crude oil, which is to sell in the domestic market, with the volume of extraction and (or)

production of a group of persons of a manufacturer in the previous year more than 1 million

tons, provided that the volume of OTC contract is not less than one thousand tons;

coking coal, stone coal, brown coal and anthracite with the volume of extraction of a group of

persons of a manufacturer for the previous year more than 1 million tons, provided that the

volume of OTC contract is not less than 60 tons;

3rd and 4th grade wheat with sales volume for the previous year more than 10 thousand tons

and the volume of OTC contract more than 60 tons.

5

OTC contracts Registration of traded goods on the basis of SPIMEX

Slide 28

In 2011-2013 the following OTC contracts were registered on SPIMEX:

Petroleum products contracts – by 20 companies;

Crude oil contracts – by 11 companies;

Coal contracts – by 75 companies.

5

Volume in

contracts

22 301 519

290 114

150 673

34 609

449 316

Volume in thousand tons

Petroleum Products

Crude Oil

Coal

OTC contracts Registration of traded goods on the basis of SPIMEX

Slide 29

In 2014 the following OTC contracts were registered on SPIMEX:

Petroleum products contracts – by 19 companies;

Crude oil contracts – by 22 companies;

Coal contracts – by 63 companies;

Grain – by 1 company.

5

Volume in

contracts

13 045

679

119 647

77

101 029

92 217

172 211

104

Volume in thousand tons Petroleum Products

Crude Oil

Coal

Grain

Informational Products and Services SPIMEX

Informational Products

and Services

6

Slide 30

15 minutes delayed informational

access

Free Content

Informational Products and Services SPIMEX 6

Daily market overview

Daily Bulletin

Weekly Bulletin

Additional Data

Payable Content

Online data access

Informational Bulletin

Daily Bulletin

Access to Exchange information for

resident and non-resident companies

Slide 31

Slide 32

Contact information

CJSC Saint-Petersburg International Mercantile Exchange

Address: Moscow, Timura Frunze str., 24

Tel.: +7 (495) 380-04-24

Web-Site: www.spimex.com

E-mail: clients@spimex.com