RUSSIA’S COMMODITIESEXCHANGE

Russia’s largest commodities exchange

SPIMEX HAS BEEN TRADING:

Refined products – since 2008Crude Oil – since 2013Refined Products Futures – since 2010Natural Gas – since 2014Timber – since 2014Other commodities (coal and grain)

BRINGING INTEGRITY TO RUSSIA'S COMMODITIES MARKETS

In 2015, 15.9 million tonnes of and petrochemicals were traded through SPIMEX.

refined products1.

In 2011, SPIMEX started in crude oil, natural gas, refined products, LPG, coal and grain.

to register OTC transactions2.

SPIMEX calculates for domestic refinedproducts based on exchange and OTC transactions.

price indices3.

Since 2012 SPIMEX are used as underlying assets traded in SPIMEX Derivatives Market.indices

in futures contracts4.

In 2014, SPIMEX launched trading in the Natural Gas Marketand the Timber & Construction Materials Market.

5.

St. Petersburg InternationalMercantile Exchange

The Exchange’s mission is to operate a regulated commodities market and offer a transparent price formation process to ensure fair prices for the main energy commodities produced in Russia and other CIS countries.

2008YEAR OFFOUNDATION

900+CONTRACT

SPECIFICATIONS

1,900MARKETPARTICIPANTS

73+MILLION TONNES

tradedof refined products

8

SDCOHOUSE

CLEARING

+

SETTLEMENTBANKS

St. Petersburg International Mercantile Exchange (license # 077-004). Charter capital: RUB 435 mn.

SPIMEX founding shareholders: Transneft, Transnefteproduct, Rosneft,Gazprom Neft, Surgutneftegas, Sovcomflot, Russian Railways and others.

8 authorized settlement banks: Sberbank, VTB Bank, Gazprombank, Alfa-Bank, Rossiya Bank, RRDB, Russian Agricultural Bank and National Settlement Depository.

Clearing house: Settlement Depository Company (SDCO).

Advanced and liquid refined products market: over 15 million tonnes traded annually. Number of market participants: 1,700+

Price indices calculation: based on exchange and OTC transactionsin commodities.

Futures market for exchange-traded refined products and crude oil.

Registration of OTC transactions for crude oil, refined products, LPG, coal and grain.

PROFILE

St. Petersburg International Mercantile Exchange (license # 077-004). Charter capital: RUB 435 mn.

SWEDEN

FINLAND

PrimorskSt. Petersburg

PolotskBELARUS

Moscow YaroslavlNizhny Novgorod

DonetskOdessa

GERMANY

TURKEY

Makhachkala

BakuIRAQ

TURKMENISTAN

UZBEKISTAN

KAZAKHSTAN

OrskOmsk

Surgut

PechoraWestern Siberia

Anzhero-Sudzhensk Irkutsk

MONGOLIA

Ulan-UdeChita

Khabarovsk

The Sea ofOkhotsk

Nahodka

The Sea ofJapan

CHINA

Eastern SiberiaVerkhnechonskiy

Komsomolsk-on-Amur

The Barents Sea

REFINED PRODUCTS

SPIMEX is Russia’s organized for refined

products

largest market

In April 2013, SPIMEX

launched trading

in crude oil

18 mln tn

15

12

9

6

0

15.5

2010 2011 2012 2014 20152013

17.2

13.5

9.611.5

4.9

3

Summer Diesel2.814

18.2%

Gasoline Premium 951.926

12.4%

Jet Fuel1.903

12.3%

Autumn/SpringDiesel 0.572

3.7%

Winter Diesel1.311

8.5%

Fuel Oil1.797

11.6%

Other Petroleum Products0.175

1.1% Gasoline Regular 924.591

29.7%

2013 год2015 year

milliontonnes

Arctic Diesel0.390

2.5%

of crude oil traded since launch*2.537

CRUDE OIL

of refined products

traded in 2015

15.5

Over 1,700 market

participants includingall Russian oil majors

All types of refined

products traded for deliverypoints of all major Russianrefineries

million tonnes

million tonnes* as of 24 March 2016

NATURAL GAS

On 24 October 2014, SPIMEX launched trading in natural gas.

Month ahead trading is basedon deliveries on the followingbalancing points (hubs): Nadym,Vyngapurovskaya, South-Balykskayaand Parabel.

Day ahead trading was launchedon 26 October 2015.

TIMBER

On 11 July 2014, SPIMEX launched timber trading in its Timber andConstruction Materials Market.

Trading in conifer timber and processed forestproducts organized for deliveries originatedin Irkutsk Region and Bashkortostan.

SPIMEX brings together over 60 entities,including major logging companies, forestleaseholders and wood processing businesses.

SPIMEX plans to add new trading instruments,to expand geographic reach and in the longrun to launch a cross-border deliverymechanism.

11.3 bcmof natural gas traded since launch*

* as of 24 March 2016

St. Petersburg

Moscow

Rostov-on-Don

Samara Ekaterinburg

Novosibirsk

Irkutsk

Khabarovsk

Krasnoyarsk

Territorial Indices

Territorial Indices reflect pricing for eachtype of refined product offeredby domestic refineries locatedin European Russia; the Urals & WesternSiberia and Eastern Siberia & the RussianFar East.

INDICES

Composite index is a unified indicatorof the domestic refined products market,which measures price performanceof an average tonne of exchange-tradedlight refined products.

Prices at large refineries forexchange-traded refined products.

* calculated both for exchange-traded and OTC transactions

Regional Indices* track prices for refinedproducts in the largest consumption centers of Russia.

National Indices* track prices for refinedproducts at the national level.

Acts as a price fixing tool for future purchase/sale of refined products

Market participants: leading brokers and their customers in spot commodities markets,oil companies and end users of refined products

Central counterparty services provided by Settlement Depository Company (SDCO)

ADVANTAGES OF SPIMEX DERIVATIVES MARKET:

DERIVATIVES

SPIMEX offers trading in futures

contracts

In 2015, turnover in SPIMEX derivativesmarket amounted to RUB 6.3 bn(over 177,000 contracts).

CHANGES IN FUTURES CONTRACTS SETTLEMENT PRICE

AND IN THE VLADIMIR-BASED INDEX

Feb 15 Mar 15 Apr 15 Jun 15 Jul 15 Aug 15May 15

Sep 15 Oct 15 Nov 15 Jan 16 Feb 16 Vladimir-based IndexDec 15

4600043000

37000340003100028000

Jan 2015 Feb 2015 Mar 2015 Apr 2015 May 2015 Jun 2015 Jul 2015 Aug 2015 Sep 2015 Oct 2015 Nov 2015 Dec 2015

40000

3900037000

33000310002900027000

35000

Non-deliverable futures contractson refined products price indices

DERIVATIVES MARKET INSTRUMENTS:

Jan 2015 Feb 2015 Mar 2015 Apr 2015 May 2015 Jun 2015 Jul 2015 Aug 2015 Sep 2015 Oct 2015 Nov 2015 Dec 2015

Mar 15 Apr 15 May 15 Jun 15

Aug 15 Sep 15 Oct 15

Jul 15

Vladimir-based IndexNov 15

GASOLINE REGULAR 92

SUMMER DIESEL

No hidden expenses: 5-8% initial margin when trading in index futures contracts; no transportation/storage costs

Tools for various trading and investment strategies

Online Web-based access to trading

Deliverable futures contractsfor refined products21

OTC TRANSACTIONS REGISTRATION

SPIMEX is authorized to register OTC transactions forthe following commodities:

OTC transactions registered in 2015:

Commodity Volume, 000’ tonnes Number of transactions

Refined products

Crude Oil

Coal

Grain

163 519

130 744

356 994

63

147 403

1 917

16 435

24

MARKET DATA

SPIMEX distributes market data to regulators, market participants, news agencies,information vendors, research and consulting firms.

In June 2013, SPIMEX entered into a cooperation agreement with the RussianFederal Antimonopoly Service (FAS) on enhancing transparency in the domesticcrude oil and refined products markets.

Market data distributed by SPIMEX is based on actual transaction data on-exchangeand registered with SPIMEX by OTC market participants.

Data from OTC transactions registered by SPIMEX

are used for calculation of the relevant indices

Refined products

Natural Gas

Coal

Crude Oil

Grain

TORG-i ELECTRONIC TRADING PLATFORM

Electronic purchase

& sale procedures,

web-based

platform

operated by

SPIMEX

The Web-service is to software andproper administration at all stages of contract-making process.

highly reliable due flexibility

TORG-i platform allows users to conduct for concluding various purchase and sale agreements.

all types of electronicprocedures

TORG-i can be to suit particular requirementsand accommodating specific document control needs.

custom-tailored

WWW.TORG-i.COM

TORG-iAUCTIONS TENDERS

PROCUREMENT ASSET SALES

RUSSIAN FEDERAL LAW

#223-FZRFQs

SA

G LAR

UTAN

CRUDE O

IL

УЧАСТИЕ В ТО РГАХ

BROKER

SELECTION

List of brokers

authorized to provide

brokerage services

to customers in the

relevant market:

2

ENTERING INTO

A BROKERAGE AGREEMENT

WITH A BROKER

NOW YOU CAN TRADE

VIA YOUR BROKER

3

4

ON OWN BEHALF

TRAINING

PROGRAMS

(FREE OF

CHARGE)

ACCREDITATION at SDCOclearing house

Entering into a TECHNICAL ACCESS

AGREEMENT with SPIMEX

NOW YOU CAN TRADE

STATUS

SELECTION

Visiting Trading Participant

Provisional Section

Member

Permanent Section Member

Member of the Exchange

3

2

Entering into a TRADING PARTICIPANT

AGREEMENT with SPIMEX and paymentof Admission Fee 4

5

6

7

VIA BROKER

MARKET

SELECTION11

MEMBERSHIP

REGISTRATION of a company

employee as a TRADER and receipt

of A DIGITAL SIGNATURE KEY

As a Trading ParticipantAs a customer

of a Trading Participant

ACCREDITATION at SDCOclearing house

SPIMEX.COM/

PARTICIPANT/

BROKERS

MOSCOW:

ST. PETERSBURG:

IRKUTSK:

tel.: +7 (495) 380-04-24, fax: +7 (495) 380-04-23

Marata str., 69-71, A, tel.: +7 (812) 449-53-83

Gorky str., 36 B, office III-12 tel.: +7 (395) 248-83-20+7 (395) 248-83-24

Timura Frunze str., 24

FOR MEMBERSHIP INFORMATION:

Sales and Customer RelationsTel.: +7 (495) 380-04-14clients@spimex.com

FOR DERIVATIVES MARKET :INFORMATION

Derivatives Market DevelopmentTel.: +7 (495) 380-04-15benchmark@spimex.ru

TRAINING PROGRAMS:

Please file your application at www.spimex.com

www.spimex.com

clients@spimex.com

+ 7 (495) 380-04-24

vk.com/spimex

twitter.com/spimex

facebook.com/spimex

linkedin.com/company/saint-petersburg-international-mercantile-exchange

CONTACT INFORMATION

SUPPLY MANAGEMENT

RISK MANAGEMENT

TRADING

URALS FUTURESFOB PRIMORSK DELIVERY

TYPE OF CONTRACT: Deliverable

UNDERLYING ASSET: Urals grade crude oil

TERMS OF DELIVERY: FOB Primorsk

CONTRACT SIZE: 1,000 bbls

STANDARD DELIVERY: 720,000 bbls (100,000 mt)

CURRENCY: US Dollar

SPIMEX URALS DELIVERABLE FUTURES CONTRACT

For more info visit: http://spimex.com/en/derivatives/export-oil-trades/