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                Securities trading

                Trading (submission of orders and execution of securities trades in the trading system) on MICEX Stock Exchange is governed by the Rules of Securities Trading of the Closed joint-stock company "MICEX Stock Exchange".

                Securities trades are concluded by matching bids and offers entered by market participants into the trading system of MICEX Stock Exchange. The exchange ensures that all market participants irrespective of their physical location have equal opportunities to trade.

                Please note that orders to buy or sell stocks and fund units are priced in Russian rubles, whereas bond quotes are expressed as a percentage of the par value.

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