Listingrule s

Grounds for exclusion:

№	Grounds for exclusion	Level One	Level Two
1.	Scope of issue (each issue within the bond program)	Less than RUB 2 billion	Less than RUB 500 million
2.	The issuer (or the bonds issue) and the surety (guarantor) do not have a credit rating of certain level^1	Absence of a credit rating level determined in the manner described in para 6 Sub-Clause 2.2.1 of this Annex	Absence of a credit rating level determined in the manner described in para 6 Sub-Clause 2.2.1 of this Annex
3.	Non-compliance with the requirements to corporate governance	The requirements are set out in Clause 2.20 of this Annex	Not applicable

1.The Exchange only applies credit ratings assigned to bonds issues and does not apply issuer or surety (guarantor) ratings if bonds have been listed in pursuance with the Exchange’s resolution on setting bond issue criteria whereby the Exchange shall apply bond issue credit rating only.

3. For the bonds of Russian issuers where performance of the bond-related obligations is secured by a government guarantee of the Russian Federation and/or a suretyship or an independent guarantee of state-owned corporations¹, and bonds of state-owned corporations²:

1.