Listingrule s

ANNEX 2

to the Listing Rules

Schedule of requirements for inclusion and maintenance of securities in Level One and Level Two

1. In relation to shares of Russian issuers:

1. 
   Requirements applicable in connection with inclusion:
   

№	Conditions to the inclusion in:	Level One	Level Two
1.	The quantity of free-floated shares of the issuer (FFs), their total market value^1	The requirements are set out in Clause 2.21 of this Annex	The requirements are set out in Clause 2.21 of this Annex, and Clause 3.4.2 of Annex 3 for the Growth Sector
2.	The period of existence of the issuer or the legal entity (in particular, where the reorganisation (by transformation or spin-off) of such entity resulted in the establishment of the issuer, or the period of existence of the issuer or the legal entity which, according to the consolidated financial statements, controls one or more businesses, provided that such business(es) account(s) for at least 50% of the entire business of the group of which the issuer is a part	At least 3 years	At least 1 year or at least 1 month if the issuer controls the institution (subsidiary) that exists no less than 1 year under the condition that the share of business (businesses) of such an institution according to consolidated financial statements comprises no less than 50% of the whole business of the group which the issuer belongs to
3.	Issuance and disclosure (publication) of consolidated financial statements (and if none is available, standalone financial statements), accompanied by auditor's opinion confirming its accuracy^2	In respect of 3 complete years preceding the date of inclusion of the shares in Level One	In respect of 1 complete year preceding the date of inclusion of the shares in Level Two
4.	Corporate governance requirements	The requirements are set out in Clause 2.18 of this Annex	The requirements are set out in Clause 2.19 of this Annex
5.	Information disclosure	The Issuer has committed to disclose the information during the entire period the securities are maintained on the list to the extent and according to procedures set in the disclosure rules (requirements) approved by the Exchange^3	The Issuer has committed to disclose the information during the entire period the securities are maintained on the list to the extent and according to procedures set in the disclosure rules (requirements) approved by the Exchange^3

1. 
   These requirements apply in connection with the inclusion of outstanding shares in Level One and Level Two.
   

At the same time, shares or depositary receipts representing underlying shares may be included in Level One or Level Two List in the manner described in Article 10 of these Rules, regardless of whether the FF value set in Sub-Clause 1 Clause 2.21 of this Annex is met, if it is expected that such requirement will be met upon the completion of the proposed placement and/or proposed sale of such securities.

2. 
   In the case of issuer reorganisation, requirement provision to produce and disclose (publish) audited financial statements availability shall apply starting with the financial statements for the year in which issuer reorganisation was completed, and where issuer reorganisation was completed after 1 October, starting with the financial statements for the year following that in which such reorganisation was completed (other than the Entity that survived in a merger, or from which spin-off was effected, or where the Entity was transformed).
   

Where one of provisions to include shares of Russian issuers in Level 1 and Level 2 is the existence of a legal entity exercising control over one or more businesses according to the consolidated financial statements, provided that the share of such business (businesses) is at least 50 percent of the group's total business, which the issuer is a part of (Clause 2 of the Table), a provision to produce and disclosure (publish) audited financial statements (Clause 3 of the Table) shall apply to the consolidated financial statements of the legal entity, provided that the said financial statements are made according to IFRS or other internationally reputed rules.

3. 
   The disclosure rules (requirements) approved by the Exchange shall be published on the website of the Exchange.
   

2.