Novy Rynok Project

Ladies and gentlemen,

The Moscow Exchange would like to know your views about its plans to launch a premium listing segment, Novy Rynok, based on stringent corporate governance and transparency requirements. This segment is intended to serve the needs of those Russian issuers that wish to commit to considerably higher governance standards than what is presently required by domestic regulation and listing rules.

There are also clear benefits to domestic and international investors, as the segment seeks to provide a set of clear and uniform protections from prevalent corporate governance risks with respect to all admitted issuers. More information on Novy Rynok is provided in the Key Aspects document and in the Novy Rynok presentation.

The Moscow Exchange has initiated a series of discussions involving governance experts, issuers and regulators - partly within the framework of the OECD corporate governance roundtable - and seeks to account for views of the greatest possible scope of financial investors in formulating a definitive set of criteria for Novy Rynok.

We very much hope you find our initiative of interest and look forward to your feedback.