MICEX SE Trading System features the following technological schemes of primary placement:

1. Auction to determine the price (trading mode "Placement: Auction")
   • auction at cutoff price
     (Potential investors enter orders, in which they specify their desired price of purchase of a security. Then, on the basis of submitted "buy" orders, the issuer determines the price of placement of his securities. Under this placement scheme, all transactions are carried out at a uniform placement price, determined by the issuer, on condition that the price, specified in the "buy" order, is not lower than the placement price).

   • auction at asked price
     (Potential investors enter orders, in which they specify their desired price of purchase of a security. Then, on the basis of submitted "buy" orders, the issuer determines the price of placement of his securities. Under this placement scheme, all transactions are carried out at prices specified by investors in their "buy" orders, on condition that the price, specified in the "buy" order, is not lower than the placement price).
   
   
   
2. Tender (auction) to determine the coupon rate (the placement scheme is the same as those described above, but the investor specifies the desired coupon rate with the placement price known beforehand; in this case, placement is made in the mode "Placement: Address orders")
   
   
3. Placement in the mode "Placement: Address orders" at the placement price or yield predetermined by the issuer.