Listingrule s

In relation to bonds (other than government securities) and Russian Depositary Receipts included in Level One and Level Two at the time of their establishment:

1. 
   The following shall be the causes for the exclusion of bonds (other than government securities) and Russian Depositary Receipts included in the Level One and Level Two at the time of their establishment (hereinafter, for the purposes of this Clause, bonds and Russian Depositary Receipts):
   

1. 
   grounds referred to in Sub-Clause 21.3.4 Article 21 or Sub-Clause 16.6 Article 16 of these Rules;
   
2. 
   finding of the following (subject to the specific rules set out in Sub-Clauses 22.3.6.2-22.3.6.4 of this Clause):
   

a decline in the monthly average volume of trades in the respective security made via the Exchange, calculated over the most recent 6 months, to a level below the minimum threshold, that is:
for Russian Depositary Receipts representing underlying shares:

• 
  moved from Quotation List "A" Level One, RUB 50 million;
  
• 
  moved from Quotation List "A" Level Two, RUB 5 million;
  
• 
  moved from Quotation List "B" or "C", RUB 3 million;
  

for bonds and Russian Depositary Receipts representing underlying bonds:

• 
  moved from Quotation List "A" Level One, RUB 25 million;
  
• 
  moved from Quotation List "A" Level Two, RUB 2,5 million;
  
• 
  moved from Quotation List "B" or "C", RUB 1 million;
  

3. 
   failure on the part of the issuer to perform any obligations (default) on any issue of listed bonds (other than technical defaults on bonds) (applies in the manner described in Clause 22.6 of this Article);
   
4. 
   grounds referred to in Sub-Clauses 22.2.8 or 22.2.9 of this Article;
   
5. 
   absence of credit rating of a certain level determined in the manner referred to in respective Clauses of Annex 2 to the Rules.
   

2. 
   If grounds exist as referred to in Clause 2 Sub-clause 22.3.6.1 of this Clause, the Exchange, the Exchange may make the decision to downgrade listing from Level One to Level Two, if the monthly average volume of trades in such securities calculated over the most recent 6 months:
   

- for Russian Depositary Receipts representing underlying shares, exceeds RUB 3 million,
- for bonds and Russian Depositary Receipts representing underlying bonds, exceeds RUB 1 million.
In this event, the securities shall be excluded from the quotation list if the average monthly volume of trades calculated over the most recent six months falls below the minimum threshold, that is, in relation to Russian Depositary Receipts representing underlying shares, Roubles three million, and in relation to Russian Depositary Receipts representing underlying bonds, Roubles one million.

3. 
   If the average monthly volume of trades in bonds (other than bonds of international financial organisations or government securities) calculated over the most recent 6 months, is below the minimum volume referred to in Sub-Clause 2 of Clause22.3.6.1, the bond listing level shall not be downgraded if during such 6 months at least two-thirds of trading time (or trading period if envisaged by the rules of on-exchange trading) in each main trading session, market-maker(s) made counter-bids for such securities, and the maximum spread, expressed as a percentage of the par value of the bonds covered by such bids, did not exceed the S indicator calculated using the following formula:
   

S = 0.25 + ,
where:
S is the maximum spread;
М is the number of complete months remaining until the bond redemption;
K is a factor that equals one of the following:
100, in relation to bonds moved from Quotation List "A" Level One;
75, in relation to bonds moved from Quotation List "A" Level Two;
50, in relation to bonds moved from Quotation Lists "B" and "V".
The number of waived trading days in a month for the purposes of market-maker obligations in relation to securities, shall not be more than three.

4. 
   Bonds and Russian Depositary Receipts shall be excluded from Level One or Level Two within 1 month from the day of the first finding of the grounds for such exclusion as referred to in Clause 2 Sub-Clause 22.3.6.1 and 22.3.6.3 of this Clause.
   
5. 
   Where the Exchange receives a free-form application from an Entity to the effect that, instead of the grounds for exclusion referred to in this Clause, grounds for exclusion from Level One or Level Two provided for in these Rules for the respective kind/type/category of securities should apply to such Entity and to the bonds and Russian Depositary Receipts, exclusion of the bonds and Russian Depositary Receipts shall be effected on the basis of the grounds for the exclusion of the respective kind/type/category of securities.
   
1.