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
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