Rostelecom greenlights automatic conversion of ADRs at Russian depositories

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Moscow, Russia 15 August 2022. PJSC Rostelecom (MOEX: RTKM, RTKMP; OTCQX: ROSYY), the largest digital service provider in Russia, today announces that on 15 August 2022 it filed an application with AO Citibank expressing consent for its American Depositary Receipts (ADRs) to undergo automatic conversion.[1] The procedure and timeline for the automatic conversion process are set out in the decision of the Bank of Russia’s Board of Directors On Adopting the Procedure for the Automatic Conversion of Foreign-Issuer Securities that Certify Rights to Russian-Issuer Shares into Russian-Issuer Shares, dated 22 July 2022.

ADR holders can also apply for forced conversion with regard to ADRs that are in the custody of foreign depositories and to those holders that are, due to restrictions, unable to carry out the conversion in any other way. Any such holder wishing to make use of the forced conversion procedure has the right to file a request with AO Citibank by 12 October 2022, attaching documents[2] to certify ownership of the ADRs and information about the foreign nominee holder, as well as any other relevant information. Provided that AO Citibank has no justified reservations regarding the accuracy of information stated in the request and/or reservations that information has been withheld, and that the total amount of ADRs requested does not exceed the amount of ADRs in circulation, the depository receipts will be converted into ordinary shares after 12 October 2022.

[1] In line with Federal Law N 319-FZ On Amendments to Certain Legislative Acts of the Russian Federation, dated 14 July 2022.

[2] We recommend you to request a full list of required documents from AO Citibank.