Listingrule s

Article 15.3. Specific rules governing inclusion of securities in the Growth Sector (maintaining the listing of, and delisting of securities).

1. 
   The following securities may be included in the Growth Sector provided that the following requirements are met:
   
   1. 
      shares, bonds, including exchange- regulated bonds of Russian issuers, and investment units of unit investment funds, subject to compliance with the requirements set out in Clause 3.4 Annex 3 to these Rules and requirements specified in Article 15.1 of the Rules.
      
2. 
   The decision to include or deny inclusion of securities in the Growth Sector shall be made by Moscow Exchange on the basis of expert opinion of the Listing Department and a letter to be filed by the Entity with Moscow Exchange, within 15 working days from the date of receiving the letter and a complete set of documents referred to in Clause 3.5 Annex 3 to these Rules. In this case, a decision on inclusion in the Growth Sector shall not be taken before a decision on including securities in the List upon considering the Application on inclusion in the List is taken.
   

Moscow Exchange shall review the letter and the set of documents, and change time limits for making a relevant decision in accordance with the procedure referred to in Article 7 of these Rules, with due regard to the specific rules set out in this Article.
Not later than 1 trading day following that of Moscow Exchange's decision to include the securities in the Growth Sector, Moscow Exchange shall:

• 
  notify the Entity of the decision made;
  
• 
  disclose the information on such decision on the Moscow Exchange website.
  

3. 
   If either the Entity and/or the security are found to be non-compliant with requirements and conditions specified in Clause 15.3.1 of these Article, Moscow Exchange shall make the decision to deny inclusion in the Growth Sector and shall issue a reasoned notice of such denial to the Entity and sends it to the Issuer.
   

Moscow Exchange may deny inclusion in the Growth Sector on the basis of the Listing Department expert opinion, without giving any reason therefor.
A notice of the decision made shall be given to the Entity within 3 working days after the decision date.

4. 
   Moscow Exchange shall monitor compliance with the Growth Sector securities maintenance requirements referred to in Clause 3.4 Annex 3 to these Rules, on a quarterly basis (except where different monitoring dates are prescribed by the above-mentioned Clause).
   

If Moscow Exchange becomes aware of any violation of such maintenance requirements, Moscow Exchange may set a deadline for remedying such violation.

5. 
   Moscow Exchange may decide to exclude securities from the Growth Sector under the following circumstances:
   

1. 
   it receives a letter from the Entity requesting exclusion of the securities from the Growth Sector;
   
2. 
   the security or the Entity do not conform to the requirements for securities maintenance as referred to in Clause 3.4 Annex 3 to these Rules;
   
3. 
   the Entity fails to remedy any violations, identified by Moscow Exchange, of the requirements for securities maintenance as referred to in Clause 3.4 Annex 3 to these Rules, by the deadline prescribed by Moscow Exchange;
   
4. 
   Moscow Exchange receives a recommendation from the Committee of the Growth Sector Council that securities should be excluded from the Growth Sector;
   
5. 
   the issuer’s default related to any issues of the bonds included in the List;
   
6. 
   exclusion of securities into the Increased Investment Risk Companies;
   
7. 
   in other circumstances (such as occurrence of events/grounds for exclusion) referred to in Articles 21, 23, and Clauses 18.11 and 18.12 of Article 18 of these Rules.
   

The decision to exclude securities from the Growth Sector shall be made by the Exchange on the basis of the Listing Department expert opinion. The Exchange may exclude securities from the Growth Sector on the basis of the Listing Department expert opinion, without giving any reason therefor.

6. 
   Not later than 1 trading day following that of Moscow Exchange's decision to exclude the securities from the Growth Sector, Moscow Exchange shall:
   

• 
  notify the Entity of the decision made;
  
• 
  make announcement of such decision on the Moscow Exchange website.
  

7. 
   Moscow Exchange may turn to the Committee of the Growth Sector Council for a recommendation on the inclusion/exclusion (or denial of inclusion/exclusion) of securities in/from the Growth Sector.
   

Where Moscow Exchange turns to the Committee of the Growth Sector Council for a recommendation, the time frame for respective decision-making by Moscow Exchange shall be suspended until the recommendation is received by Moscow Exchange. In this event, Moscow Exchange may, following the receipt of such recommendation, extend the time frame for the making of appropriate decision but not more than by 5 working days. Moscow Exchange shall notify the Entity of such suspension of the above-mentioned time frame.