Trading Modes

In the MICEX SE Trading System, the following options for initial placement are available:

1. Auction to determine the price (Placement: Auction trading mode):

• Auction at cut-off price. Orders from potential investors indicating the desired purchase price of each security are collected, then, on the basis of the submitted purchase orders, the issuer determines the placement price of its securities. Under this placement pattern, all trades are made at a uniform placement price determined by the issuer, provided that the price specified in a purchase order is not lower than the placement price;
• Auction at bid price. Orders from potential investors indicating the desired purchase price of each security are collected, then, on the basis of the submitted purchase orders, the issuer determines the placement price of its securities. Under this placement pattern, trades are made at the prices specified by investors in the purchase orders, provided that the price specified in a purchase order is not lower than the placement price;

2. Tender (auction) to determine the coupon rate (the placement pattern is similar to those described above, but the investor specifies the desired coupon rate at an already known placement price; in this case, placement is performed in the Placement: Targeted Orders mode);

3. Placement in the Placement: Targeted Orders mode is performed at the placement price or yield predetermined by the issuer.