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Securities Listing

Admission of securities to trading at the MICEX SE   Quote List Requirements   Tariffs

Basic Requirements of the MICEX Stock Exchange Listing Rules

Shares

Quote List
А 1 А 2 B V1 I1,2
App. 29 App. 30 App. 31 App. 32 App. 33
Common stock ratio of an individual and his affiliates (max) 75% 75% 90% - -
Capitalization of shares, rubles. (min) ordinary 10 bln 3 bln 1,5 bln - 60 mln
privileged 3 bln 1 bln 500 mln - 25 mln
Length of issuer’s existence (min) 3 years 3 years 1 year 3 years -
Break-even of issuer balance 2 years from the last 3 years 2 years from the last 3 years - 2 years from the last 3 years -
Minimum monthly transaction volume for last 3 months for including shares on quote list, rubles 25 mln 2,5 mln 1,5 mln - -
Minimum monthly transaction volume for maintaining shares on quote list, rubles. 50 mln 5 mln 3 mln - 1 mln
Observation of Corporate Code of Conduct Formalized requirements on observing the Code with confirming documents
Financial accounting IAS / US GAAP IAS / US GAAP - - -
Maximum term of papers on the list - - - 1 year 5 years
Minimum parcel of shares, % of general quantity of issuer’s ordinary shares - - - 10% 10%
Availability of contract with market maker - - - for the whole period min – 3 months

Obligations (Commercial Papers)

Quote List
A 1 A 2 B V1
App. 29 App. 30 App. 31 App. 32
Minimum output of obligations 1 bln 500 mln 300 mln 300 mln
Minimum monthly transaction volume for last 3 months for including obligations on quote list, rubles3 10 mln 1 mln 500 mln -
Minimum monthly transaction volume for last 6 months for maintaining obligations on quote list, rubles 25 mln 2,5 mln 1 mln -
Length of issuer’s existence Corporate obligations no less than 3 years no less than 3 years 1 year 6 months
Commercial papers no less than 3 years no less than 3 years no less than 3 years no less than 3 years
Breakeven of issuer balance 2 years from the last 3 years 2 years from the last 3 years - -
Financial accounting IAS / US GAAP IAS / US GAAP - -
Observation of Corporate Code of Conduct Formalized requirements on observing the Code with confirming documents - -
Maximum term of papers on list - - - 1 year
Availability of contract with market maker - - - for the whole period
Issuer’s credit rating and/or issue of bonds by a credit agency Obligatory - - -

Russian Depository Receipts4

Quote List
A 1 A 2 B V1
App. 29 App. 30 App. 31 App. 32
Minimum monthly transaction volume for last 3 months, rubles RDR for shares 25 mln 2,5 mln 1,5 mln -
RDR for obligations 10 mln 1 mln 0,5 mln -
Maximum term of papers on list - - - 6 months
Availability of contract with market maker - - - for the whole period

Common Shares

Quote List
A 1 A 2 B
App. 29 App. 30 App. 31
Net asset worth, rubles. (min) open/interval 10 mln 10 mln 5 mln
closed 50 mln 50 mln 10 mln
Length of fund’s existence 2 years 1 year -

Requirements of the MICEX Stock Exchange Listing Rules for Corporate Conduct

Shares Obligations5
А1, А2 B, V I А1, А2
App. 34 App. 36 App. 37 App. 35
Board of Independent Directors 3 directors 1 director 1 director 1 director
Auditing Committee + + - +
Personnel and Rewards Committee + - - -
Collegial Executive Body + - - -
Obligation of members of board of directors, members of committees, and executive bodies to disclose information about the issuer’s holdings and securities transactions + + + +
Confirmation of internal document stating rules and procedures for information disclosure + - - -
Confirmation of document regarding usage of relevant internal information + + + +
Internal Oversight Department + + - +
Announcement about holding annual meeting is covered by Statute + + + -

1 For capital issues, for the first time placed on the stock exchange through public subscription or over the counter, the person who organized distribution or offered for public conversion on the stock exchange for the first time

2 Availability of Authorized Financial Consultants

3 Requirement for monthly transaction volume for the last 3 months does not apply to commercial papers

4 Capital issues are included in quote lists of the foreign exchange

5 Issuers not currently JSC must comply with requirements on information disclosure for JSC

Recommendations on filing the Observation of Corporate Conduct Report (In Russian)