Listingrule s

In connection with inclusion in Level One:

1. 
   The total market value of the issuer’s free-floated shares shall be:
   

• 
  not less than RUB 3 billion in relation to ordinary shares; and
  
• 
  not less than RUB 1 billion in relation to preferred shares.
  

2. 
   The number of the issuer’s free-floated shares (FFs) shall be equal:
   

1. 
   at least 10% of all issued ordinary shares or of total preferred shares issued (preferred shares of a given type) accordingly, for issuers with the market capitalisation
   of > RUB 60 billion;
   
2. 
   at least FF value of all issued ordinary shares or of total preferred shares issued (preferred shares of a given type) accordingly, for issuers with the market capitalisation
   of ≤ RUB 60 billion;
   

FF hall be calculated according to the following formulae:
FF = (0.25789 – 0.00263 x Cap) x 100%,
where:
FF – issuer’s free-floated shares of a certain category (type);
Cap – issuer’s market capitalisation (in RUB billion).

1.2. In connection with inclusion (changing the listing level) in Level Two (except for the Growth Sector):

1. 
   In case of including the shares in Level Two or transferring the shares from Level Three to Level Two:
   

1. 
   The total market value of the issuer’s free-floated shares shall be:
   

• 
  not less than RUB 1 billion in relation to ordinary shares; and
  
• 
  not less than RUB 500 million in relation to preferred shares.
  

2. 
   The number of the issuer's free-floated shares (FFs) shall be not less than 10% of all issued ordinary shares (for foreign issuers, shares of the given type), or of total preferred shares issued (preferred shares of a given type) accordingly.
   

2. 
   In case of transferring the shares from Level One to Level Two the number of the issuer’s free-floated shares shall be no less than 4% of all issued ordinary shares (for foreign issuers, shares of the given type), of total preferred shares issued (preferred shares of a given type) accordingly.
   

1) The number of free-floated shares (FFs) shall be determined using the methodology approved by the Exchange and disclosed via the Exchange website.
2) The total market value of ordinary shares shall be calculated as the product of the price of ordinary shares by the quantity of ordinary shares issued (for foreign issuers, shares of the given type); the total market value of preferred shares shall be calculated as the product of the price of preferred shares by the quantity of issued preferred shares of the given type.
3) The issuer's market capitalisation shall be calculated as the sum total of the product of the price of ordinary shares by the quantity of ordinary shares issued and the product of the price of preferred shares by the quantity of preferred shares issued.
4) The price per share shall be determined as the market price of the security calculated in the manner set out in the Bank of Russia regulations.
5) Where foreign depositary receipts underlying shares are included in Level One or Level Two, the price of the shares underlying such depositary receipts may be determined with reference to the price in relation to the foreign depositary receipts representing such shares.
At the same time, the price of such foreign depositary receipts shall be determined with reference to the closing price of such securities prevailing at any foreign stock exchange (chosen by the Exchange).
6) If the price of share or a foreign depositary receipt cannot be determined in the manner described in this Clause, such price shall be determined in accordance with the methodology prescribed by the Exchange and disclosed via the Exchange website.