Listingrule s

Grounds for exclusion:

№	Grounds for exclusion	Level One	Level Two
1.	Volume of issue	Less than RUB 1 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	Absence of a credit rating level determined in the manner described in para 5 Sub-Clause 2.4.1 of this Annex	Absence of a credit rating level determined in the manner described in para 5 Sub-Clause 2.4.1 of this Annex

5. Requirements applicable in connection with the listing of government securities:

№	Conditions to the inclusion in:	Level One
1.	Volume of issue	At least RUB 2 billion
2.	Terms and conditions of issue	Do not contain any limitations on the circulation of securities among the general public and/or the offering of the securities to the general public

6. In relation to the bonds of a private partner issuer:

1. 
   Requirements applicable in connection with inclusion:
   

№	Conditions to the inclusion in:	Level One	Level Two
1.	Scope of issue (each issue within the bond program)	At least RUB 1 billion	At least RUB 500 million
2.	Par value of a bond	Does not exceed RUB 50,000 or 1,000 monetary units if the security par value is denominated in a foreign currency	Does not exceed RUB 50,000 or 1,000 monetary units if the security par value is denominated in a foreign currency
3.	Approval date of the decision to effect issue	Decision on the issue is approved after the partnership agreement effective date	Decision on the issue is approved after the partnership agreement effective date
4.	Condition of the decision to effect bonds issue	Establishes restricted purpose of the bonds issue, i.e. implementation of an effective partnership agreement	Establishes restricted purpose of the bonds issue, i.e. implementation of an effective partnership agreement
5.	Issuance and disclosure (publication) of annual consolidated financial statements (and if none is available, standalone financial statements), accompanied by auditor's opinion confirming its accuracy^1	Annual consolidated financial statements (or, where it is not applicable, separate financial statements) are prepared and disclosed by the private partner issuer that has been in existence for more than 1 year. Where the obligations on the bonds are covered by a suretyship or an independent guarantee, a provision for including bonds issues of a the private partner issuer shall be timely produced and disclosed (published) annual consolidated statements (or, where it is not applicable, separate financial statements), both by the private partner issuer and the surety (guarantor) in accordance with timeframes prescribed for disclosure (publication) of the issuer’s financial statements (except where a constituent entity of the Russian Federation or a municipality acts as such surety).	Annual consolidated financial statements (or, where it is not applicable, separate financial statements), are prepared and disclosed by the issuer – private partner that has been in existence for more than 1 year.
6.	Absence of private partner issuer's default	Private partner issuer's default did not take place, or at least 3 years passed from the cessation of the circumstances in relation to which the private partner issuer's default took place	Private partner issuer's default did not take place, or at least 2 years passed from the cessation of the circumstances in relation to which the private partner issuer's default took place
7.	Information disclosure	The concessionaire issuer assumed the obligations to disclose information, on a quarterly basis, in relation to concession agreements and the issuer's activities aimed at the implementation of the concession agreement, in the manner and scope set out in the rules (requirements) approved by the Exchange^2	Not applicable
8.	Availability of a credit rating level^3 with an issuer-concessioner / with an issue of bonds or with an underwriter/guarantor.	The rating level not lower than the level specified by the Exchange. The requirement for the availability of a credit rating with an underwriter(s)/guarantor(s) shall be applied provided that the total amount of the collateral furnished is not less than the amount of the nominal value of all bonds from the included issue / additional issue and total coupon yield on them	The rating level not lower than the level specified by the Exchange. The requirement for the availability of a credit rating with an underwriter(s)/guarantor(s) shall be applied provided that the total amount of the collateral furnished is not less than the amount of the nominal value of all bonds from the included issue / additional issue and total coupon yield on them

1. In the case of the private partner issuer (surety, guarantor) reorganisation, a provision to produce and disclose (publish) financial statements shall apply starting with the financial statements for the year in which the reorganisation was completed, and where such reorganisation was completed after 1 October, starting with the financial statements for the year following that in which such reorganisation was completed (other than the private partner issuer (surety, guarantor) that survived in a merger, or from which spin-off was effected, or where the private partner issuer (surety, guarantor) was transformed)


2. The requirement shall not apply as ground for exclusion in relation to the bonds of the concessionaire issuer included in Level One prior to the coming into force of this requirement (before 1 September 2016).
3. The Exchange is entitled to establish by its separate decision the bond issuing criteria, subject to which the Exchange shall apply only the credit rating assigned to bond issues and shall not apply the credit ratings assigned to the issuer or underwriter(s)/guarantor(s).
If an adequate credit rating is available with one of the underwriters/guarantors and the amount of the collateral furnished by such underwriter/guarantor is not less than the amount of the nominal value of all bonds from the included issue / additional issue and total coupon yield on them, then the requirement for availability of the credit rating with other underwriters/guarantors in relation to such issue shall not be applied.

2.