Listingrule s

1. The statements shall be prepared in accordance with IFRS or other internationally recognised rules different from IFRS.
2. The Exchange shall have the right to set in its separate resolution bond issue criteria whereby the Exchange only applies credit ratings assigned to bond issues and does not apply issuer or surety (guarantor) ratings.

2. 
   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 5 Sub-Clause 2.12.1 of this Annex	Absence of a credit rating level determined in the manner described in para 5 Sub-Clause 2.12.1 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.

12.