Listingrule s

In relation to investment units:

1. 
   conformity of securities with the requirements of Federal Law dated 29 November 2001 No. 156-FZ "On Investment Funds" (hereinafter, the Federal Law on Investment Funds), other statutes and regulations of the Russian Federation, including the Bank of Russia regulations (hereinafter, the investment funds law of the Russian Federation);
   
2. 
   disclosure of information on the activities of a mutual fund management company in accordance with the requirements of the laws and regulations of the Russian Federation, other statutes and regulations of the Russian Federation, the Bank of Russia regulations, and mutual fund management company’s assuming the obligation to further disclose information in accordance with requirements provided for in Annex 5 to these Rules (Annex 5 requirements shall not apply to mutual funds if their investment units are intended for qualified investors;
   
3. 
   the net assets value of the unit investment fund (other than an Exchange-registered unit investment fund specified in item 5.1.4.4. herein):
   

• 
  at least RUB 150 million for open-end funds;
  
• 
  at least RUB 250 million for other funds.
  

1. 
   the securities are serviced by the Settlement Depositary (except for investment units of an exchange-traded unit investment fund before the completion of such fund;
   
2. 
   investment units of an exchange-traded unit investment fund, if a reference to the Exchange is made in the trust management rules of such fund, may be listed if the trust management rules of such fund provide that the cost of the fund assets contributed as payment for the investment units that is necessary to complete the formation of such fund equals to or is greater than RUB 25 million. This requirement shall not extend onto the investment units of exchange-traded unit investment funds whereof the type was changed from open unit investment fund to exchange-traded unit investment fund. The number of trading days in which the obligations of the market-maker on the investment units of the exchange mutual investment Fund may not be fulfilled may not be more than three trading days per month;
   
3. 
   investment units of an exchange-traded unit investment fund, if a reference to the Exchange is made in such funds trust management rules, may be listed, provided that the terms and conditions set out in 5.1.4.1-5.1.4.4. of this Clause are complied with.
   
1.