Listingrule s

Article 10. Specific Rules Governing Level One and Level Two Listing of Securities

2. 
   Level One or Level Two listing of security, depending on the kind/type/category of securities, and the Entity shall be effected in accordance with the requirements, terms and conditions set out in Articles 5, 6 and this Article of these Rules, as well as in accordance with the procedure set out in Article 7 of these Rules.
   
3. 
   Securities of limited circulation in accordance with the laws of the Russian Federation, including those intended for qualified investors, as well as mortgage participation certificates may not be included in Level One or Level Two.
   
4. 
   The securities of micro-lending institutions may not be included in Level One.
   
5. 
   Shares or depositary receipts representing shares may be included in Level One or Level Two regardless of whether they comply with the requirements to the number of free-float shares of the issuer provided for in Sub-Clause 1 Clause 2.21 Annex 2 to these Rules, if it is expected that such requirements will be met by the time of the proposed placement and/or proposed sale of such shares or depositary receipts representing shares.
   

The decision to admit such securities to the Level One or Level Two List shall be made by the Exchange prior to the placement and/or sale of the securities, provided that the date on which the decision to list the securities takes effect shall not be earlier than the starting date of such placement or sale.
If the securities placement and/or sale starting date changes, the effective date of the decision to admit the Securities to the Level One or Level Two List shall move accordingly. If the issuer decides to shift (change) the securities placement and/or sale starting date, the issuer shall notify the Exchange of such change in the securities placement and/or sale starting date at least one day before such securities placement and/or sale starting date.

6. 
   When considering the listing of securities as Level One or Level Two, the following may be taken into account in addition to the requirements and conditions set out in this Article:
   

• 
  the issuer's financial position;
  
• 
  the issuer's reputation and trustworthiness;
  
• 
  potential investors' interest towards the security;
  
• 
  any circumstances (facts) giving grounds to believe that the investors' rights and interests may have been violated.