Moscow Exchange Financial Growth Presentation

Depositary DR program Dividend Fee², DR holders pay substantial EXTRA FEES to depository banks Fees to be paid to depositary bank for some of DR programs of Russian companies Depository Service DSF + Dividend DRs cancellatio Fee as % bank Fee¹ (DSF), ns fee, USD per of dividend USD per DR DR amount³ DR VTB Bank Surgutneftegaz BNY Mellon 0,020 0,004 70% 0,05 USD per Gross DSF and dividend fees calculated for Top-3 international funds holding DRs of Russian companies4 BNY Mellon 0,020 0,011 35% Fund A 0,05 1,806,750 USD Fund B 735,181 USD FSK YEES BNY Mellon 0,010 0,008 27% 0,05 Fund C 555,932 USD TMK BNY Mellon 0,020 0,019 25% 0,05 RusHydro BNY Mellon 0,005 0,007 21% 0,05 Rosseti BNY Mellon 0,020 0,020 16% 0,05 Cost of cancellation of all DRs in portfolios to local shares for Top-3 funds Phosagro Citi 0,020 0,020 11% 0,05 Severstal Deutsche Bank 0,040 10% Fund A 0,05 4,249,087 USD Fund B 1,926,423 USD Megafon BNY Mellon 0,030 0,020 9% 0,05 Fund C 1,001,931 USD Rostelekom JPM 0,010 0,020 7% 0,05 NLMK Deutsche Bank 0,020 5% 0,05 Norilsk Nickel BNY Mellon 0,010 0,020 4% 0,05 Rosneft JPM 0,008 3% 0,05 Sberbank JPM 0,008 0,020 3% 0,05 Magnit JPM 0,008 2% 0,05 Tatneft BNY Mellon 0,020 0,020 2% 0,05 A depository service fee and a dividend fee are to be paid by a DR holder to the depositary bank while there are no such fees for holders of local shares Majority of DRs cancellations are also charged 0.05 USD per DR Novatek BNY Mellon 0,010 0,020 1% 0,05 Gazprom BNY Mellon 0,020 1% 0,05 Lukoil Average City 0,020 0% 0,05 0.015 0.013 13% 0.05 1 ☑ MOSCOW 2 EXCHANGE Service fees are charged annually, on an arbitrary date. Calculated based on number of DRS in a client's account on the record date Dividend fees are charged when dividends are paid 3 As % of dividend amount after tax 4 Calculations based on Thomson One data as of June 2020 Source: BNY Mellon, Deutsche Bank, JP Morgan, Citi, Thomson One. Data as of 14.08.2020 59

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