Listingrule s

In relation to shares of Russian issuers:

1. 
   If corporate governance requirements referred to in Clauses 2.18 and 2.19 Annex 2 to these Rules in relation to Level One and Level Two are not complied with, in particular, the requirement regarding the number of independent directors on the issuer's board of directors, and such violation was the consequence of a situation where a person elected to serve as an independent director ceased to be one, or left the board of directors, provided that such violation remains unremedied not later than the next scheduled annual general shareholders' meeting, if such event was revealed before the adoption of the annual general shareholders' meeting agenda, the Exchange shall, upon the expiration of 1 month from the date of such meeting, exclude the securities from Level One or Level Two, respectively.
   
2. 
   If the issuer of shares included in Level One or Level Two fails to comply with the corporate governance requirements referred to in Clauses 2.18 and 2.19 Annex 2 to these Rules, applicable for the inclusion of securities in Level One or Level Two, with the exception of the situation described in Sub-Clause 22.3.1.1 of this Clause, the Exchange shall, within 5 trading days following that when it became or should have become aware of such violation, prescribe a period of time for the issuer to remedy such violation which shall not be more than 6 months.
   

In relation to bonds of Russian issuers:

1. 
   If changes are made to the decision to effect issue (additional issue) of bonds issued by the issuer which is a private partner, that change the intended purpose of the bond issuance, i.e. the financing of the partnership agreement, the Exchange shall, within five trading days from the day on which such changes take effect, exclude the securities from Level One or Level Two.
   
2. 
   If the issuer of bonds fails to comply with the corporate governance requirements referred to in Clause 2.20 Annex 2 to these Rules, the Exchange shall, within five trading days following that when it became or should have become aware of such violation, prescribe a period of time for the issuer to remedy such violation which shall not be more than 6 months.