Listingrule s

Article 6. Grounds for Listing of Securities. Terms and Conditions of Inclusion in the List (Listing)

1. 
   Securities may be included in Level One or Level Two:
   

• 
  if all of the requirements (applicable to the respective kind/type/category of security and/or the Entity) set out in Article 5 of these Rules;
  
• 
  the requirements for Level One or Two listing of securities are set out in Annex 2 to these Rules, as well as
  
• 
  the terms and conditions set out in this Article and Article 10 below, are complied with.
  

1. 
   Securities may be included in Level Three if all of the requirements are complied with:
   

• 
  requirements (applicable to the respective kind/type/category of security and/or the Entity) set out in Article 5 of these Rules; and
  
• 
  the terms and conditions set out in this Article.
  

3. 
   An Application for the inclusion of securities in the List, indicating the List section, filed by the Applicant with the Exchange, shall be the basis for the review, by the Exchange, of the issue of securities listing (except where securities are listed at the initiative of the Exchange, or where securities are issued by the Exchange).
   

The Application shall be accompanied by the documents referred to in Annex 1 to these Rules, or those requested by decision of the Exchange and announced via the website of the Exchange (depending on the List section and the kind/type/category of the security in respect of which the Application is filed).
Whenever any information contained in the documents referred to in Annex 1 to these Rules is amended or extended at any time prior to the completion of securities placement, the Applicant shall give written notice thereof to the Exchange.

4. 
   Securities shall be listed on the basis of a listing agreement to be entered into between the Exchange and the Entity (hereinafter, the listing service agreement).
   

The subject matter of that agreement shall be the listing service package as envisaged by Clause 8 Article 4 of these Rules, which depends on the kind/type/category of the security and the Entity type. The agreement referred to in this clause shall not be entered into in the circumstances set out in the Securities Market Law or if an earlier agreement exists which provides for the same services. Agreement (contract) awards following a procurement procedure or an order placement shall be effected in the manner prescribed by the laws of the Russian Federation.

5. 
   The following securities may only be included in Level Three:
   

1. 
   securities of corporate issuers in relation to which registration of the securities prospectus, (securities issue prospectus, privatisation plan registered as securities issue prospectus, or Russian Depositary Receipts prospectus) did not take place, if in accordance with the laws of the Russian Federation, such registration is not necessary for the public circulation of securities;
   
2. 
   securities added at the Exchange initiative or on the basis of the Application filed by a Trading member of the Exchange, and when receiving an application to consider listing of securities issued by an issuer described in Clause 7.11 Article 7 of these Rules, in the circumstances referred to in Clause 6.6 of this Article, except as described in Clause 6.7 hereof;
   
3. 
   securities of limited circulation in accordance with the laws of the Russian Federation, including those intended for qualified investors.
   

1. 
   The Exchange may also decide to grant Level Three listing to securities as follows:
   
   1. 
      at its own initiative for the following securities (other than subfederal and municipal securities) without receiving an appropriate application from an Applicant;
      

• 
  for securities that passed the listing procedure at another trading authority;
  
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  for foreign issuer's securities in the course of their circulation in the circumstances referred to in the Securities Market Law, including qualified investors only;
  

2. 
   at its own initiative upon receiving an appropriate Application from an Applicant as described in Clause 7.11 Article 7 of these Rules to consider foreign securities listing in the course of their circulation in cases specified by the Securities Market Law;
   
3. 
   on the basis of an application from a Trading member of the Exchange for listing of securities that passed the listing procedure at another trading authority.
   

In the circumstances described herein, no listing service agreement shall be made.
The decision to list securities shall be made provided that the securities and the Entity meet the requirements to the listing of securities as set out in Article 5 of these Rules.
The following may be taken into account where listing is granted at the initiative of the Exchange:

• 
  the degree of securities liquidity (for securities traded in on-exchange trading sessions);
  
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  the degree of the Entity transparency, determined on the basis of the information disclosed at all stages of the offering process, as well as information disclosure in the form of statements of material facts.
  

7. 
   The Exchange may make a decision to grant Level One listing to government securities of the Russian Federation at its own initiative and without receiving an appropriate Application. In this event, no listing service agreement shall be made.