Listingrule s

Article 15.5 Specific Rules Governing Securities Inclusion in (Exclusion from) the Increased Investment Risk Companies Sector

1. 
   The Exchange may take the decision to include securities among Level Three (to be included in Level Three) in the Increased Investment Risk Companies Sector (hereinafter – the Sector) without receiving a respective application (letter) from the Applicant, but on the basis of the Listing Department's expert opinion in following cases:
   

1. 
   Securities/the Entity meet the criteria for inclusion of securities to the Sector;
   
2. 
   existence of an unresolved by the Entity of any material breach regarding information disclosure;
   
3. 
   one of bankruptcy procedure was initiated (other than the receivership proceedings (konkursnoe proizvodstvo), or if the Entity was subjected to rehabilitation (sanatsiya), and temporary administration is assigned;
   
4. 
   measures were applied to the Entity by competent (regulatory) government bodies for any violation of the laws of the Russian Federation on securities, the laws of the Russian Federation on investment funds, the laws of the Russian Federation on mortgage-based securities, in particular, if the Bank of Russia revoked (cancelled) the license for the respective line of business;
   
5. 
   the Exchange receives the Expert Council’s recommendation to include securities in the Sector;
   
6. 
   in otherwise (in occurrence of events/grounds for exclusion) as referred to in Articles 21, 23 and Clauses 18.11 and 18.12 of Article 18.
   

Criteria to consider inclusion of securities in the Sector shall be approved by the Exchange. The above document shall not be provided or disclosed on the Moscow Exchange website, except where the laws of the Russian Federation stipulate otherwise or where directly set forth in the document.

2. 
   Not later than 1 trading day following that when the Exchange made the decision to include the security in the Sector, the Exchange shall:
   

- notify the Entity on the decision taken;
- disclose the respective information via the website of the Exchange.

3. 
   The Exchange may address the Expert Council on Listing to receive recommendation on including/excluding the securities in/from the Sector.
   
4. 
   When including/keeping securities in the Sector the Exchange may resolve on limitation of allowable trade mode / cancellation of such a limitation with regard to such securities, in accordance with the Rules for Trading on Equity & Bond Market of the Moscow Exchange.
   
5. 
   Upon the results of consideration of the Company’s written address, the Exchange may decide to exclude securities from the Sector on the basis of an expert opinion of the Listing Department in the following circumstances:
   

1. 
   the Exchange receives recommendations from the Expert Council on Listing to exclude securities from the Sector;
   
2. 
   the circumstances, which were the ground for inclusion of the securities in the Sector (absent other circumstances/criteria considered when deciding on including securities in the Sector), have been eliminated;
   
3. 
   lack of unresolved material breach of the requirements to information disclosure identified after inclusion of securities in the Sector, considering its systematic character.
   

In respect of securities excluded from the Sector, the Exchange may take the decision to cancel restrictions on permitted trading modes in accordance with the Rules for Trading on Equity & Bond Market of the Moscow Exchange.

6. 
   Upon the receipt of the written address indicated in Clause 15.5.5 of the Rules and in case the grounds applicable to the Entity and/or a security specified in Clause 15.5.1 of this Article have been identified, the Exchange may decide not to exclude the Entity’s securities from the Sector.
   
7. 
   If the Exchange does not take a decision on removal of such securities from this Sector as per Clause 15.5.5 of this Article within 2 years from the date of inclusion of the securities (except for bonds and mortgage participation certificates) in the Sector, then the Exchange shall be entitled to take a decision on removal of such securities from the List under the Rules, Article 21, in the following cases:
   

1. 
   The Exchange gets Expert Council’s recommendations related to the listing on removal of the securities from the List.
   
2. 
   The circumstances, which were the ground for inclusion of the securities in the Sector (absent other circumstances/criteria considered when deciding on including securities in the Sector), have not been eliminated.
   
3. 
   Outstanding breach of information disclosure requirements by the Company after inclusion of the securities in the Sector.
   

8. 
   Not later than one trading day following that when the Exchange made the decision to exclude the security from the Sector, the Exchange shall:
   

- notify the Entity on the decision taken;
- disclose the respective information via the website of the Exchange.