2025 Q3 Results Analyst Presentation 5 November 2025 Disclaimer The information contained in this document is for general informational purposes only and does not constitute an offer, solicitation, inducement, invitation or recommendation to subscribe for, buy or sell any securities or other products or to provide any investment advice or service of any kind. This document is solely intended for distribution to and use by professional investors. This document is not directed at, and is not intended for dist ...

Core Insights - Inflation has emerged as the primary macro risk for insurance companies, cited by 63% of respondents in BlackRock's "2025 Global Insurance Report" [1] - Overall risk appetite remains low, with only 12% of respondents planning to increase risk exposure by 2025 [1] - There is a structural trend of insurance companies shifting towards private market investments, with 30% of respondents planning to increase private market allocations and 58% intending to maintain current levels [1] Group 1: Private Market Investments - Private credit, infrastructure, and diversified alternative strategies are the most favored investment areas among insurance companies [1] - In the Asia-Pacific region, 79% of insurance professionals plan to maintain or increase private market allocations in the next 12 months [1] - Notably, 64% of insurance professionals in the region identify diversified alternative strategies as a primary expansion target, significantly higher than Europe, the Middle East, and Africa (52%) and North America (37%) [1] Group 2: Public Market Preferences - In the public market, insurance professionals in the region prefer derivatives (39%), government bonds (39%), and municipal bonds (37%) [1] - This preference indicates a strategy to balance safe investments with flexible risk management tools to quickly adjust and optimize portfolios in response to market uncertainties [1] Group 3: Survey Details - The report surveyed 463 senior investment professionals across 33 markets, representing $23 trillion in managed assets, with 25% of respondents from the Asia-Pacific region managing over $7 trillion [2]

Group 1 - The core concept of "fair value changes" reflects unrealized gains or losses from financial assets or liabilities due to market price fluctuations, which include trading financial assets, investment properties, and certain derivatives [1] - Fair value changes are highly dependent on external market factors such as interest rates, stock markets, exchange rates, and commodity prices, making them volatile and not directly indicative of a company's operational capabilities [1][2] - Investors should focus on net profit after excluding non-recurring gains and losses, as well as the cash flow from core business operations, rather than relying heavily on fair value changes for profit growth [1] Group 2 - Companies may have different accounting policies and valuation methods for similar assets, which can affect the comparability of profits; thus, investors should assess the source and reasonableness of fair value changes by reviewing the notes [2] - Fair value changes serve as a window to observe a company's financial performance but should not be the primary basis for evaluating long-term value; a rational perspective on their volatility can help in accurately assessing a company's true profit quality and risk resilience [2]

Core Points - The Moscow Exchange suspended trading on September 13 at 10:12 AM local time, with no reason provided for the suspension [1] - Trading resumed at 11:40 AM local time on the same day, again without an explanation for the earlier pause [1] - The exchange has experienced multiple trading suspensions in the derivatives market throughout the year, including a notable suspension on September 11 [2] - In 2024, the exchange faced trading interruptions due to software errors, with a significant incident occurring on August 14 [3] Trading Volume and Market Overview - In August, the Moscow Exchange reported a trading volume of 143.5 trillion rubles, with 3 trillion rubles attributed to stocks, DRs, and investment funds [4] - The Moscow Exchange operates as the primary trading platform for stocks, bonds, derivatives, currencies, money market instruments, and commodities in Russia [4] - The exchange went public on February 15, 2013, under the stock code MOEX [4]

Core Viewpoint - The Moscow Exchange has experienced multiple trading suspensions in 2023, primarily due to technical issues and software errors, impacting both the stock and derivatives markets [1][3][4][6]. Group 1: Trading Suspensions - On September 13, 2023, the Moscow Exchange announced a trading suspension at 10:12 AM local time, with no reason provided for the halt [1]. - The exchange later confirmed that trading would resume at 11:40 AM the same day, again without disclosing the cause of the initial suspension [1]. - The derivatives market also faced trading suspensions on September 11, 2023, with a halt at 3:23 PM and a resumption at 3:55 PM [3]. Group 2: Technical Issues - The Moscow Exchange has a history of trading suspensions due to technical problems, with several incidents reported in the previous year [4]. - On August 14, 2024, trading was temporarily halted due to a software error that affected connectivity to trading participants, with a resumption planned for 5:30 PM the same day [6]. - In August 2024, the exchange reported a trading volume of 143.5 trillion rubles, with 3 trillion rubles attributed to stocks, DRs, and investment funds [6]. Group 3: Exchange Overview - The Moscow Exchange operates as a major trading platform for stocks, bonds, derivatives, currencies, money market instruments, and commodities in Russia [6]. - The exchange went public on February 15, 2013, under the stock code MOEX [6].