Listingrule s

Article 8. Determination of Securities Trading Start Date

1. 
   Trading in securities shall be conducted by means of the Exchange making a decision determining the securities trading start date in the course of placement/circulation (or on the procedure for determining such date) concurrently with effecting appropriate changes to the Moscow Exchange Trading System, provided that the documents listed in Annex 1 to the Rules (Table 2, Clause 1.1 or Table 2, Clause 1.9) are submitted.
   
2. 
   The following specific rules apply to the Exchange's decision determining the securities trading start date in the course of placement/circulation:
   

1. 
   The Exchange shall make the decision determining the securities trading start date in the course of placement taking into account the placement start date set by the Entity, and in events specified in Clause 2 and Clause 12 Article 22 of the Securities Market Law, subject to the securities prospectus registration or notification of the securities prospectus preparation (if so required).
   

The Entity shall have the trading start date in the course of placement agreed with the Exchange.

2. 
   In relation to securities placed via Exchange trading, the Exchange shall make the decision determining the trading start date in the course of circulation (or on the procedure for determining such date):
   

• 
  in relation to securities where the issuance procedure is not accompanied by the state registration of the securities issue (additional issue) results report, provided that the circulation of such securities is allowed following full payment therefor;
  
• 
  in relation to securities where the issuance procedure is accompanied by the state registration of the securities issue (additional issue) results report, provided that such document is filed with the Exchange (for corporate issuers);
  
• 
  . in respect of securities of a foreign issuer, provided that the circulation of securities is allowed after their full payment, and in case that, the placement of shares of a foreign issuer and securities convertible into shares of a foreign issuer, which were not placed through public offering with the payment in cash or securities admitted to organised trading, and were not admitted to organised trading, also before the notification of the results of their placement to the Bank of Russia and the Exchange
  
• 
  .
  

3. 
   In relation to government, subfederal and municipal securities, the Exchange shall make decisions determining the securities trading start date in the course of circulation, concurrently with the decision determining the securities trading start date in the course of placement, unless the issuance terms and conditions provide otherwise.
   

3. 
   In the event that securities are placed through trading on the Exchange, issuers shall be obliged to get approvals from the Exchange regarding the text of a document that contains securities placement conditions not later than 12:00 Moscow time of a working day preceding the placement date.
   
4. 
   In the event that securities are placed through trading on the Exchange, the placement terms and conditions (as it relates to information that defines the procedure for the securities placement on the Exchange) contained in the prospectus or in a separate document should comply with the Trading Rules on the Securities Market of the Moscow Exchange.
   
5. 
   The Exchange shall disclose the notice of the decision made by the Exchange to determine the trading start date in the course of placement (circulation) via the website of the Exchange at least 1 hour prior to the commencement of on-exchange trading in the respective securities.