Fixed Income Market Presentation slide image

Fixed Income Market Presentation

DR holders pay substantial EXTRA FEES to depositary banks Fees to be paid to depositary bank for some of DR programs of the Russian companies Gross DSF and dividend fees calculated for Top-3 international funds holding DRs of Russian companies4 DR program Depositary Service Fee¹ (DSF), USD Dividend Fee², USD per DR Dividend Fee as % of dividend per DR amount³ DRs cancellations fee, USD per DR Fund A 4 734 003 USD Fund B 5 029 605 USD Fund C 3 179 714 USD RusHydro TGK-1 BONY Mellon 0.02 0.004 14% 0.05 BONY Mellon 0.02 0.002 13% 0.05 Cost of cancellations all DR in portfolios to local shares for Top-3 funds VTB Bank BONY Mellon 0.03 0.009 12% 0.05 TMK BONY Mellon 0.02 0.01 12% 0.05 MMK BONY Mellon 0.02 0.012 12% 0.05 Fund A Fund B Fund C 5 808 931 USD 5 828 632 USD 4 376 841 USD Sberbank BONY Mellon 0.02 0.02 8% 0.05 • Gazprom BONY Mellon 0.025 0.02 7% 0.05 Surgutneftgaz-p BONY Mellon 0.02 0.02 6% 0.05 Russian Grids BONY Mellon 0.02 0.02 5% 0.05 Lukoil BONY Mellon 0.025 0.02 2% 0.05 Norilsk Nickel BONY Mellon 0.01 0.02 2% 0.05 Acron Deutsche Bank 0.02 0.015 9% 0.05 • Mechel Deutsche Bank 0.02 0.017 8% 0.05 MTS JP Morgan 0.01 0.03 3% 0.05 • Rosneft JP Morgan 0.03 n/a 0.05 Phosagro Citi 0.02 0.01 7% 0.05 Depositary service fee and Dividend fee are to be paid by DR holder to the depositary bank while there are no such fees for holders of local shares All DRs cancellations operations are also charged 0.05 USD per DR DR dividend income in case of non disclosure of beneficial owners taxed at a 30% rate from 20146 Average 0.02 0.01 8% 0.05 (1) Service fees are charged annually, in arbitrary date. Calculated based on number of DR on client account on the record date (2) Dividend fees are charged when dividends are paid (3) As % of dividend amount after tax (4) Calculations based on Thomson Reuters data as of June 2014 (5) Data on depositary service fees for these companies are not available. Indicative numbers based on average level of depositary service fee for DR of Russian companies are used for the purposes of this presentation. ☑ MOSCOW EXCHANGE (6) Federal Law of 02.11.2013 Nº 306-FZ came into force January 1, 2014 Source: BNY Mellon, Deutsche Bank, JP Morgan, Citi, Thomson Reuters 40 40
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