Listingrule s

In relation to the units (shares, participatory interests) in foreign exchange-traded investment funds:

1. 
   conformity of such securities with the requirements of Article 51.1 of the Securities Market Law;
   
2. 
   assumption, by the foreign exchange-traded investment fund, of the duty to provide the Exchange with information for subsequent disclosure by the Exchange in accordance with the requirements of the securities law of the Russian Federation, or assumption, by the Exchange, of the duty to disclose information in accordance with the requirements of the securities law of the Russian Federation;
   
3. 
   the estimated market value of the units (shares, participatory interests) in an exchange-traded investment fund proposed to be traded on the Exchange amounts to an equivalent of not less than RUB 25 million. For this purpose, the proposed market value shall be calculated as the product of the estimated security value (a price not materially different from the estimated price determined in accordance with the proper law of such fund, depending on its net assets value) by the quantity of securities proposed to be traded on the Exchange;
   
4. 
   other requirements of the securities law of the Russian Federation, including the Bank of Russia regulations are complied with.
   

8. 
   In relation to foreign issuers' securities intended for qualified investors:
   
   1. 
      conformity of such securities with the requirements of the laws of the Russian Federation, including the Bank of Russia regulations;
      
   2. 
      assumption, by the foreign issuer, of the duty to disclose information in accordance with Annex 9 to these Rules or the Exchange assumes the obligation to disclose information in accordance with paragraph 18.6 of the Rules, provided that such securities comply with the requirements of paragraphs 2 and 3 of paragraph 4.1. of Article 51.1 of the Securities Market Law, if securities are included in accordance with paragraph 6.6.1 of the Rules.
      

9. 
   In relation to Exchange-registered RDRs:
   
   1. 
      conformity of the Exchange-registered RDRs, the issuer of the Exchange-registered RDRs and the issuer of the underlying securities with the requirements of the laws of the Russian Federation on securities, including the Bank of Russia regulations;
      
   2. 
      the issuer has submitted documents to register an issue of Exchange-registered RDRs referred to in the Bank of Russia regulations and these Rules;
      
   3. 
      the issuer has filed an Exchange-registered RDR prospectus if the laws of the Russian Federation require to register such Exchange-registered RDR prospectus;
      
   4. 
      assumption, by the issuer, of the obligation to disclose information in accordance with Annex 8 to these Rules if the registration of the Exchange-registered RDR prospectus is not required for the public circulation of securities, or disclosure by the Issuer of information in accordance with the requirements of the securities law of the Russian Federation;
      
   5. 
      the issue of Exchange-registered RDR is assigned a registration number (where Exchange-registered RDRs are admitted to trading in the course of circulation if placed in any other way than via the Exchange).
      

2. 
   Bonds of Russian issuers (including Exchange-registered bonds) issued without collateral, , may be included in (or moved to) Level Three, or else additional issues of Russian issuers' bonds (including Exchange-registered bonds) issued without collateral may be placed, provided that the issuer of such bonds appointed a bondholders' representative, with the exception of the following:
   
   1. 
      issuers that are lending organisations out of the list of lending organisations meeting requirements set in Sub-Clauses 2.1.1, 2.1.2 and 2.1.4 Clause 2.1 of the Bank of Russia Regulations dated 1 March 2017 no.580-P¹, Article 24 of the Federal Law dated 24 July 2002 no.111-FZ “On Investing for Financing the Funded Part of Pensions in the Russian Federation” and the Federal Law dated 20 August 2004 no.117-FZ “On the Accumulative-Mortgage System for Providing Housing to Servicemen";
      
   2. 
      shares of the issuer are included in Level One;
      
   3. 
      the issuer is directly or indirectly controlled by the entities which list their shares in Level 1;
      
   4. 
      in relation to the issuer and (or) bonds being listed (listed) with credit rating better that the credit rating level set by the Exchange for listing respective bonds in Level One/Two as prescribed in Annex 2 to the Rules;
      
   5. 
      the issuer is a government-owned corporation or government-owned company, or directly or indirectly controlled thereby;
      
   6. 
      the issuer is a business entity in which the Russian Federation directly controls over 50 percent of the issuer's charter capital or voting stock;
      
   7. 
      bonds are intended for qualified investors;
      
   8. 
      bonds are issued (have been issued) by a private partner issuer to exercise a concession (partnership) agreement;
      
   9. 
      bonds are classed subfederal or municipal securities;
      
   10. 
       bonds placed by closed subscription among persons whose number, net of any qualified investors, and in case of the placement of bonds convertible into shares also net of persons who have a preemptive right of buying such obligations, does not exceed 150;
       
   11. 
       upon a listing level downgrade, when so provided for in Clause 22.9 Article 22 of these Rules.
       

The direct and indirect control identification shall be exercised in accordance with the Securities Market Law.
Absence of a bondholders' representative shall not constitute ground for the exclusion of non-collateralised bonds (including Exchange-registered bonds) from Level Three.