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 para 5 Sub-Clause 2.13.1 of this Annex	Absence of a credit rating level determined in the manner described in para 5 Sub-Clause 2.13.1 of this Annex
3.	Failure of the special project financing vehicle to comply with the 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.

2.14. Requirements in connection with the inclusion of Russian Depositary Receipts:

Russian Depositary Receipts may be included in Level One and Level Two provided that one of the following conditions is met:

№	Level One	Level Two
1.	The securities represented by the Russian Depositary Receipts are already included in one of the lists, markets or segments of foreign exchanges referred to in Annex 6 to these Rules	The securities represented by the Russian Depositary Receipts are already included in one of the lists, markets or segments of foreign exchanges referred to in the schedule approved by the Exchange
2.	In relation to the issuer of shares or bonds represented by Russian Depositary Receipts, as well as in relation to such shares or bonds, in particular where the Russian Depositary Receipts certify the title to a certain quantity of the foreign issuer's securities that certify the rights in relation to the foreign issuer's shares or bonds, the conditions to the inclusion of the respective securities in Level One as set out in Annex 2 (2.1, 2.2) to these Rules, are met	In relation to the issuer of shares or bonds represented by Russian Depositary Receipts, as well as in relation to such shares or bonds, in particular where the Russian Depositary Receipts certify the title to a certain quantity of the foreign issuer's securities that certify the rights in relation to the foreign issuer's shares or bonds, the conditions to the inclusion of the respective securities in Level Two as set out in Annex 2 (2.1, 2.2) to these Rules, are met

2.15. Requirements in connection with the inclusion of the foreign issuer's share and depositary receipts representing the foreign issuer's shares:

Foreign issuer's shares and depositary receipts representing the foreign issuer's shares may be included in Level One and Level Two provided that one of the following conditions is met:

№	Level One	Level Two
1.	The foreign issuer's securities to be included are already included in one of the lists, markets, segments of foreign exchanges referred to in Annex 6 to these Rules, or the listing procedure was started in relation to such securities at a foreign exchange	The foreign issuer's securities to be listed are already included in one of the lists, markets, segments of foreign exchanges referred to in the schedule approved by the Exchange, or the listing procedure was started in relation to such securities at a foreign exchange
2.	In relation to the shares being listed and their issuer, or in relation to the shares represented by depositary receipts and their issuer, the condition to the inclusion of shares in Level One as set out in Annex 2 (2.1) to these Rules, are met	In relation to the shares being listed and their issuer, or in relation to the shares represented by depositary receipts and their issuer, the condition to the inclusion of shares in Level Two as set out in Annex 2 (2.1) to these Rules, are met

2.16. In relation to foreign issuer's bonds and foreign depositary receipts representing bonds:

1.