Listingrule s

Reasons for excluding	Level 1
Level 2
1.	Failure by market maker to perform the obligation related to transactioning with investment units of an exchange traded mutual investment fund until the specified volume is reached, or fulfilment by the market maker of its obligations within the main trading session / trade period of a single trading day for less than the established time of that day trading (if the Exchange has taken a decision on the materiality and continuity of failure to meet the above conditions)	The requirements are set forth in Clause 1 of the Table, 2.9.1 of this Annex	The requirements are set forth in Clause 1 of the Table, 2.9.1 of this Annex
2.	Exceeding the number of trading days, during which the market maker’s obligations on the investment units of an exchange traded investment fund are not performed over the specified number of days (if the Exchange has taken a decision on the materiality and continuity of such excess to be included on the quotation list)	Over three trading days per month	Over three trading days per month

2.11. In relation to securities of foreign countries, political subdivisions of independent legal standing, and central banks of foreign countries:

1. 
   Requirements applicable in connection with inclusion:
   

№	Conditions to the inclusion in:	Level One	Level Two
1.	Volume of issue	At least an equivalent of RUB 2 billion	At least an equivalent of 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.	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
4.	The issuer (or the bonds issue) or the surety (guarantor) have a credit rating of certain level^1	The credit rating level is equal to or greater than that set by the Exchange	The credit rating level is equal to or greater than that set by the Exchange

1. 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.