1Q 2018 Business Overview

DR program Depositary bank DR holders pay substantial EXTRA FEES to depository banks Fees to be paid to depositary banks for some of DR programs of Russian companies Depositary Service Dividend Fee², DSF + Dividend Fee as % Fee¹ (DSF), USD per of dividend DRs cancellatio ns fee, USD per USD per DR DR amount³ DR VTB Bank BNY Mellon 0.03 0.005 84% 0.05 Gross DSF and dividend fees calculated for Top-3 international funds holding DRs of Russian companies4 RusHydro BNY Mellon 0.02 0.009 38% 0.05 Fund A 3,834,533 USD Surgutneftgaz Deutsche Bank 0.02 0.012 32% 0.05 Fund B 2,791,936 USD Fund C 6,118,199 USD TMK BNY Mellon 0.01 0.016 20% 0.05 AFKS Citi 0.03 11% 0.05 Cost of cancellations of all DRs in MMK BNY Mellon 0.020 7% 0.05 portfolios to local shares for Top-3 Phosagro Citi 0.02 7% 0.05 funds Megafon BNY Mellon 0.03 7% 0.05 Fund A 8,627,079 USD Rostelecom JP Morgan 0.01 0.030 7% 0.05 Fund B 5,418,791 USD Gazprom BNY Mellon 0.020 7% 0.05 Fund C 5,697,296 USD Sberbank JP Morgan 0.01 0.020 6% 0.05 Norilsk Nickel BNY Mellon 0.01 0.020 4% 0.05 Magnit JP Morgan 0.01 4% 0.05 NLMK DB 0.02 4% 0.05 Tatneft' BNY Mellon 0.02 0.020 2% 0.05 Rosneft JP Morgan 0.003 2% 0.05 A depository service fee and a dividend fee are to be paid by 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 Severstal DB 0.020 2% 0.05 Novatek BNY Mellon 0.020 2% 0.05 Lukoil Citi 0.020 1% 0.05 Lenta DB 0.03 NA5 0.05 Average 0.013 0.012 13% 0.05 1 ☑ MOSCOW 2 EXCHANGE 3 As % of dividend amount after tax 4 5 Data for dividend amount is unavailable Service fees are charged annually, on an arbitrary date. Calculated based on number of DR in a client's account on the record date Dividend fees are charged when dividends are paid Calculations based on Thomson Reuters data as of December 2017 Source: BNY Mellon, Deutsche Bank, JP Morgan, Citi, Thomson Reuters 553 53

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