Listingrule s

Grounds for exclusion:

№	Grounds for exclusion	Level One	Level Two
1.	Scope of issue (each issue within the bond program)	Less than RUB 1 billion	Less than RUB 500 million
2.	Unavailability of the credit rating^1 level with an issuer-concessioner / with an issue of bonds or with an underwriter/guarantor	Unavailability of the credit rating level determined as stipulated by para 8 Sub-Clause 2.6.1 of this Annex	Unavailability of the credit rating level determined as stipulated by Sub-Clause 8 Clause 2.6.1 of this Annex

1. The Exchange shall apply only the credit rating assigned to bond issues and shall not apply the credit ratings assigned to the issuer or underwriter(s)/guarantor(s), if the bonds have been included in compliance with the Exchange’s decision on establishing the issue criteria, with which the Exchange shall apply only the credit rating of issues.

7. In relation to mortgage-backed bonds¹:

1. 
   Requirements applicable in connection with inclusion:
   

№	Conditions to the inclusion in:	Level One	Level Two
1.	Volume of issue	At least RUB 1 billion	At least RUB 500 million
2.	Par value of the bonds	Does not exceed RUB 50,000 or 1,000 monetary units if the security par value is denominated in a foreign currency	Does not exceed RUB 50,000 or 1,000 monetary units if the security par value is denominated in a foreign currency
3.	Issuance and disclosure (publication) of annual consolidated financial statements (and if none is available, standalone financial statements), accompanied by auditor's opinion confirming its accuracy ^2	Assumption, by the bonds issuer, of the obligation to disclose (publish) annual financial statements. Where the performance of bonds-related obligations is secured by a suretyship or an independent guarantee, the surety (guarantor) shall assume the obligation to disclose (publish) consolidated (and if consolidated are not available, standalone) annual financial statements. In this event, the surety (guarantor), including a foreign legal entity, shall disclose (publish) its annual financial statements within the time frames prescribed for the disclosure of such statements by the issuer	Assumption, by the bonds issuer, of the obligation to disclose (publish) annual financial statements.
4.	Absence of issuer's default	Issuer's default did not take place, or at least 3 years passed from the cessation of the circumstances in relation to which the issuer's default took place	Issuer's default did not take place, or at least 2 years passed from the cessation of the circumstances in relation to which the issuer's default took place
5.	The issuer (or the bonds issue) or the surety (guarantor) have a credit rating of certain level^3	The rating level is equal to or greater than that set by the Exchange	The rating level is equal to or greater than that set by the Exchange
6.	Compliance by the issuer that is a lending organisation with corporate governance requirements	The requirements are set out in Clause 2.20 of this Annex	Not applicable

1. Where two or more bond issues are covered by one and the same mortgage collateral, and different orders of priority for the purposes of the performance of obligations are set in relation to such bond issues, those bond issues in relation to which the obligations are performed the last in such order of priority shall not be included in Level One.


2. The requirement for the preparation and disclosure (publication) of annual consolidated financial statements (in the absence of such statements - individual financial statements) with the attachment of an audit report confirming its reliability does not apply to the issuer, which is a mortgage agent.
In the case of surety (guarantor) reorganisation, the requirement of audited statements availability shall apply starting with the financial statements for the year in which the reorganisation was completed, and where such reorganisation was completed after 1 October, starting with the financial statements for the year following that in which such reorganisation was completed (other than the surety (guarantor) that survived in a merger, or from which spin-off was effected, or where the surety (guarantor) was transformed).
3. The Exchange shall have the right to set in its separate resolution bond issue criteria whereby the Exchange only applies credit ratings assigned to bond issues and does not apply issuer or surety (guarantor) ratings.

2.