Listingrule s

Grounds for exclusion:

№	Grounds for exclusion	Level One	Level Two
1.	Volume of issue	Less than an equivalent of RUB 2 billion	Less than an equivalent of 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 para Sub-Clause 4 Clause 2.11.1	Absence of a credit rating level determined in the manner described in Sub-Clause 4 Clause 2.11.1 of this Annex

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.

2.12. In relation to bonds of international financial organisations:

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.	Terms and conditions of issue	Do not contain any limitations on the circulation of securities among the general public in the Russian Federation and/or the offering of the securities to the general public in the Russian Federation	Do not contain any limitations on the circulation of securities among the general public in the Russian Federation and/or the offering of the securities to the general public in the Russian Federation
4.	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 ^1	Assumption, by the bonds issuer, of the obligation to disclose (publish) annual financial statements	Assumption, by the bonds issuer, of the obligation to disclose (publish) annual financial statements
5.	The issuer (or the bonds issue) or the surety (guarantor) have a credit rating of certain level^2	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