Listingrule s

In relation to bond of special financing entities:

1. 
   Requirements applicable in connection with inclusion:
   

№	Conditions to the inclusion in:	Level One	Level Two
1.	Volume of issue	At least RUB 1 billion	At least RUB 500 million
2.	Par value of the bonds	Does not exceed RUB 50,000 or 1,000 monetary units if the security par value is denominated in a foreign currency	Does not exceed RUB 50,000 or 1,000 monetary units if the security par value is denominated in a foreign currency
3.	Absence of issuer's default	Issuer's default did not take place, or at least 3 years passed from the cessation of the circumstances in relation to which the issuer's default took place	Issuer's default did not take place, or at least 2 years passed from the cessation of the circumstances in relation to which the issuer's default took place
4.	The issuer (or the bonds issue) or the surety (guarantor) have a credit rating of certain level^2	The rating level is equal to or greater than that set by the Exchange	The rating level is equal to or greater than that set by the Exchange
5.	Compliance, by the special project financing vehicle, with the corporate governance requirements^3	The requirements are set out in Clause 2.20 of this Annex	Not applicable

1. 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. The requirements set out in Clause 2.20 of this Annex shall not apply to a special project financing vehicle, if the charter of such vehicles provides that the Board of Directors (Supervisory Board) shall not be elected.

2.