Listingrule s

2. The conditions referred to in Sub-Clauses 4 and 5 of Clause 2.1.2 above shall not apply to foreign shares or to depositary receipts representing shares.
3. If grounds for exclusion referred to in Sub-Clauses 4 and 5 of Clause 2.1.2 above in relation to Level One and Level Two are found, regard shall be given to the following specific rules:

1. 
   If grounds for exclusion are found and if the median trading volume in a calendar quarter is at least RUB 1 million (for Level One), the Exchange may, within 10 working days from the last date of the quarter in which the violation was found, provide the issuer with the opportunity to remedy the violation during the quarter in which such violation was found, by notifying the issuer of such violation and indicating the time frame for remedying it.
   

Such notice shall be e-mailed by the Exchange to the persons authorised to receive notices of any violations identified.

2. 
   Compliance with one of the following conditions shall constitute remedy of the violation (grounds from exclusion from the Level One) identified:
   

1. 
   the daily median trading volume in a quarter in which the violation was found is at least RUB 3 million, and the number of trading days during which trades were made amounts to at least 70% of the number of trading days remaining from the date indicated in the notice of violation given by the Exchange to the end of the quarter in which such violation was found;
   
2. 
   market-making service agreements are made with at least two market-makers by the last date of the quarter in which such violation was found, and the median trading volume in each calendar quarter is at least RUB 1 million, and the number of trading days during which trades were made amounts to at least 70% of the number of trading days remaining from the date indicated in the notice of violation given by the Exchange to the end of the quarter in which such violation was found.
   

In this event, control that such market-maker's obligations are complied with shall be exercised by the Exchange based on the results of the quarter following the one in which such agreements were entered into;

3. 
   if there exist 2 market-maker service agreements at the time the ground for exclusion was found:
   

• 
  the market-makers shall assure that respective obligations are met on at least 70% of the trading days (the main trading session within a trading day, in accordance with the Trading Rules on Equity & Bond Market of the Moscow Exchange, remaining from the date indicated in the notice of violation given by the Exchange to the last date of the quarter in which such violation was found;
  
• 
  the daily median trading volume in a calendar quarter is at least RUB 1 million, and the number of trading days during which trades were made amounts to at least 70% of the number of trading days remaining from the date indicated in the notice of violation given by the Exchange to the end of the quarter in which such violation was found.
  

1. 
   Compliance with one of the following conditions shall constitute remedy of the violation (grounds from exclusion from the Level Two) identified:
   

1. 
   the daily median trading volume in a quarter in which the violation was found is at least RUB 500 thousand, and the number of trading days during which trades were made amounts to at least 70% of the number of trading days remaining from the date indicated in the notice of violation given by the Exchange to the end of the quarter in which such violation was found;
   
2. 
   market-making service agreements are made with at least two market-makers by the last date of the quarter in which such violation was found. In this event, control over complying with such market-maker's obligations shall be exercised by the Exchange based on the results of the quarter following the one in which such agreements were entered into;
   
3. 
   if there exist 2 market-maker service agreements at the time the ground for exclusion was found, the market-makers shall assure that respective obligations are met on at least 70% of the trading days (the main trading session within a trading day, in accordance with the Trading Rules on Equity & Bond Market of the Moscow Exchange, remaining from the date indicated in the notice of violation given by the Exchange to the last date of the quarter in which such violation was found;
   

4. 
   If the violation is not remedied, the Exchange may, considering the materiality and the systemic nature of the violation, turn to the Expert Council on Listing for a recommendation regarding exclusion of such shares from (or retention of such shares on) Level One or Level Two.
   

In this event, the Exchange shall suspend the period for respective decision-making until the recommendation is received by the Exchange. In this event, the Exchange may, following the receipt of such recommendation, extend the period for the making of appropriate decision but not more than by 5 working days.
If the Expert Council on Listing recommends not to exclude shares from Level One or Level Two, the Exchange may refrain from making the decision to exclude shares from Level One or Level Two.
4. The following specific rules shall apply for the purposes of calculating daily median trading volumes:

1. 
   The daily median trading volume shall be calculated on the basis of the trades made during the main trading session in accordance with the Trading Rules on Equity & Bond Market of the Moscow Exchange;
   

2. 
   Trades executed under two opposite orders having attributed of a market-maker order type shall not be used in calculating the daily median trading volume.
   

3. 
   Days when trades are suspended during the entire main trading session are not used in calculating the daily median trading volume and trading days in the quarter.
   

4. 
   If the shares are included in Level One or Level Two regardless of whether the value set in Sub-Clause 1 Clause 2.21 of this annex (the number of the issuer's free-floated shares (FFs)) and placement and/or sale of the securities occurred during the reporting quarter, the calculation of the daily median trading volume shall not take into account the trading days from the quarter start date to the start date of securities placement and/or sales. The median trading volume shall be calculated over the period starting from the trading day on which securities placement and/or sale commenced and ending on the last trading day of the respective quarter; the number of trading days on which trades were made shall amount to at least 70% of the trading days remaining from the starting date of placement and/or sale to the end of the quarter in which such placement and/or sale started.
   

At the same time, if less than 50% of all trading days in the respective quarter is left between the placement and/or sale start date and the last date of the quarter, control of the daily median trading volume for the quarter shall be exercised starting from the quarter following the one in which such placement and/or sale of securities commenced.

5. 
   If shares are included in Level One or Level Two the starting date for trading in shares is set after the first trading day of the quarter, the daily median trading volume shall be calculated for the period from the trading start date to that which corresponds to the last trading day of the quarter; the number of trading days on which trades were made, shall be at least 70% of the trading days remaining from the starting date of trading in the shares to the end of the quarter in which such trading in the shares started.
   

At the same time, if less than 50% of all trading days in the respective quarter is left between the share trading start date and the last date of the quarter, control of the daily median trading volume for the quarter shall be exercised starting from the quarter following the one in which such trading in shares commenced.

6. 
   In other circumstances, the daily median trading volume shall be calculated over the period from the first to the last trading day of the quarter, inclusive.
   

5. 
   In the circumstances referred to in Sub-Clauses 4.2 and 4.3 of this Clause, if less than 50% of all trading days of the respective quarter is left between the placement and/or sale start date and the last date of the quarter, control that the market-makers' obligations are complied with shall be exercised starting from the quarter following that in which placement and/or sale of securities or the trading in shares started.
   

2. In relation to bonds of Russian issuers:

1.