Listingrule s

In relation to Russian Depositary Receipts:

1. 
   If inclusion of underlying securities in a list, market, or segment of a foreign exchange in accordance with the requirements of Clause 2.14 Annex 2 to these Rules is a condition of the inclusion of Russian Depositary Receipts in Level One or Level Two, the Exchange shall, within five trading days from that on which it became or should have become aware of the exclusion of such securities from the respective list, market or segment, make one of the following decisions:
   

1) to retain the Russian Depositary Receipts on Level One or Level Two, if the condition set out in Sub-Clause 2 Clause 2.14 Annex 2 to these Rules, applicable to Level One or Level Two, respectively, is met in relation to the underlying securities;
2) to exclude the securities from Level One or Level Two.

2. 
   If the Russian Depositary Receipts were included in Level One or Level Two provided that the conditions set out in Clauses 2.1.1. or 2.2.1 Annex 2 to these Rules for the inclusion of respective securities in Level One or Level Two are complied with in respect of the underlying securities, such Russian Depositary Receipts shall be excluded from Level One or Level Two upon the occurrence of any of the grounds for such exclusion provided for Level One or Level Two, respectively, in Clauses 2.1.2 or 2.2.2 Annex 2 to these Rules, applicable to underlying securities, subject to the specific rules governing compliance with the corporate governance requirements in relation to shares and bonds, set out in Clauses 22.3.1 and 22.3.2.2, respectively, of this Article.
   
3. 
   If the Exchange decided to retain the Russian Depositary Receipts on Level One or Level Two, in accordance with Sub-Clause 3.3.1 of this Article, such Russian Depositary Receipts shall be excluded from Level One or Level Two based on the causes of such exclusion referred to in Clauses 2.1.2 and 2.2.2 Annex 2 to these Rules in respect of Level One and Level Two, respectively, which causes shall apply to underlying securities, subject to the specific rules governing compliance with the corporate governance requirements in relation to shares and bonds, set out in Clauses 22.3.1 and 22.3.2.2, respectively, of this Article.
   
1.