Listingrule s

Grounds for exclusion:

№	Grounds for exclusion	Level One	Level Two
1.	Volume of issue	Less than RUB 1 billion	Less than RUB 500 million
2	The issuer (or the bonds issue) and the surety (guarantor) do not have a credit rating of certain level^1	Absence of a credit rating level determined in the manner described in Sub-Clause 5 Clause 2.7.1 of this Annex	Absence of a credit rating level determined in the manner described in para 5 Sub-Clause 2.7.1 of this Annex
3.	Non-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. The Exchange only applies credit ratings assigned to bonds issues and does not apply issuer or surety (guarantor) ratings if bonds have been listed in pursuance with the Exchange’s resolution on setting bond issue criteria subject to which the Exchange shall apply bond issue credit rating only.

7. In relation to investment units of open, interval and closed unit investment funds:

1.