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TheAugust [
Books Notice
July 16, 2024
TO ALL HOLDERS AND BENEFICIAL OWNERS FROM TIME TO TIME OF AMERICAN AND GLOBAL
DEPOSITARY SHARES (“DRs”) ISSUED AND OUTSTANDING IN DR PROGRAMS FOR THE RUSSIAN
ISSUERS IDENTIFIED BELOW (THE “RUSSIAN DR PROGRAMS”).
Citibank, N.A. (and Citigroup Global Markets Limited with respect to PJSC Phosagro), as Depositary (the
“Depositary”), hereby provides notice to DR Holders that at the close of business (New York time) on August
1, 2024 the books will close for cancellations for the Russian DR Programs noted in the following table
subject to the terms, conditions and actions described below.
Reference is hereby made to the notice to holders of DR Russian Programs, dated August 8, 2023, as
amended on March 15, 2024, issued by the Depositary announcing the opening of books for cancellation for
the Russian DR Programs referenced therein (collectively, the “Prior Notice”).
Capitalized terms used herein but not defined shall have the meanings assigned to such terms in the Prior
Notice.
Issuer CUSIP ISIN Instruction and Certification
En+ Group IPJSC 29355E208 US29355E2081 Click here.
PJSC Lukoil 69343P105 US69343P1057 Click here.
PJSC Lukoil 69343P204 US69343P2048 Click here.
PJSC Tatneft 876629205 US8766292051 Click here.
Rostelecom 778529107 US7785291078 Click here.
PJSC PhosAgro 71922G100 US71922G1004 Click here.
PJSC PhosAgro 71922G308 US71922G3083 Click here.
NOTE: The DR programs for Severstal (CUSIPs 818150104 and 818150302 / ISINs 8181501045 and 8181503025), PJSC Magnitogorsk Iron and Steel
(CUSIPs 559189105 and 559189204 / ISINs US5591891057/US5591892048) and Sistema PJSC (CUSIPs 48122U105 and 48122U204 / ISINs
US48122U1051 and US48122U2042) remain closed to cancellations due to US regulatory sanctions imposed directly against these issuers.
The CUSIP and ISIN numbers, appearing herein, have been included solely for the convenience of the holders of the DRs. The Depositary assumes
no responsibility for the selection or use of such numbers and makes no representation as to the correctness of the CUSIP and ISIN numbers listed
above.
On June 12, 2024, the US Treasury’s Office of Foreign Asset Control (OFAC) adopted regulatory sanctions
targeting certain Russian entities, including the National Securities Depositary (NSD) and the Moscow Stock
Exchange, among others (the “Sanctions”). As a result of the Sanctions, the Depositary will not be in a
position to process cancellation requests in respect of the Russian DR Programs on and after August 1,
2024 (the “Cancellation Deadline”).
NOTE: Prior to the Cancellation Deadline, the Depositary may determine that it is necessary to close the
books for cancellation on the aforementioned Russian DR Programs, in short order or without notice (with
attendant effect that the Russian DR Program books may not be reopened for cancellation) prior to the
Cancellation Deadline in accordance with the applicable deposit agreement due to events or developments
outside of the control of the Depositary, including, but not limited to, additional sanctions or other regulatory
action, or if the Depositary determines that a complete reconciliation of its books and records against DRs
outstanding is not possible as a result of shares underlying the Depositary’s Russian DR Programs being
automatically or forcibly removed from the Depositary’s account with its Russian Custodian pursuant to
Automatic Conversions and Forced Conversions, or other regulatory action executed pursuant to Russian
law or otherwise, without the Depositary’s consent.
DR cancellation Instructions timely received will be processed pursuant to the terms and conditions of the
applicable deposit agreements and the Depositary’s operational process detailed in the Prior Notice,
available on Citi’s ADR website, www.citi.com/dr. DR holders are directed to the application of a pro-ration
factor applied to the shares delivered in Russia underlying cancelled DRs as detailed in the Prior Notice and
to the applicable Instruction Forms and required certifications, representations, warranties and attestations.
The Depositary will cancel unsettled cancellation transactions and attempt the return of DRs delivered for
cancellation in respect of cancelled transactions on or after August 13, 2024. However, please be advised
that if the Sanctions preclude the return of DRs in respect of such cancelled transactions, DR holders will not
receive the return of DRs if such return cannot be completed by the close of business (New York time) on
August 13, 2024. DR holders are advised, if they are planning to cancel DRs, to ensure appropriate
settlement instructions are in place with their respective brokers/custodians in Russia and to submit DRs for
cancellation as far in advance of the Cancellation Deadline as possible.
NOTE: Holders wishing to cancel their DRs are strongly advised to arrange for the surrender of their DRs for
cancellation as soon as practicable. Each cancellation request will require a DR Cancellation Instruction and
Certification, a form of which is set forth below, to be completed, signed and delivered to the Depositary, in
order to ensure compliance with applicable Russian regulatory requirements. Holders should be aware that
the cancellation process for the Russian DR Programs set forth herein is lengthy and may be subject to
delays. The DR Cancellation Instruction and Certification that is specific to a given Russian DR Program,
may be found on the website of the Depositary. Please refer to link provided in the chart above next to each
Russian DR program for further details. The Form of Cancellation Instruction and Certification attached to
this Notice is for illustration purposes only and Holders should only use the Cancellation Instruction and
Certification specific to their DR program that is referred to on the table above. The Depositary may require
further certifications and/or agreements under the terms of the applicable deposit agreement and will need to
screen the names included in the DR Cancellation Instruction and Certification to ensure compliance with
sanctions and other applicable laws and regulations, which may result in additional delays to the processing
of cancellations. There can be no assurance that Holders will be able to cancel their DRs and receive shares
before the books for such DR program are closed for cancellation.
NOTE: The Depositary will not be able to directly or indirectly establish or assist in establishing accounts in
Russia for DR Holders. The Depositary strongly encourages Holders who wish to cancel their DRs to submit
their DR Cancellation Instruction and Certification in proper and accurate form, including correct counterparty
instructions in respect of local market information to avoid delays. For the avoidance of doubt, cancelling
Holders will need to deliver DR Cancellation Instructions and Certifications that correctly provide for the total
number of DRs to be cancelled as well of receiving instructions for the pro-rated amount of shares to be
delivered after the application of a pro-ration factor to the DRs delivered for cancellation. The Depositary will
not respond to individual requests to resolve insufficient, incomplete or incorrect instructions. Holders who
have questions concerning cancellation requests should contact their brokers, financial advisors or financial
intermediaries, as applicable.
Holders of Russian DRs should not rely on the Depositary as the sole source of information and are hereby
instructed to consult their broker, financial intermediary, or legal or financial advisor for advice concerning
their particular circumstances and the foregoing processes.
The Depositary makes no recommendations and gives no investment, legal or tax advice as to the foregoing
matters. The Depositary specifically disclaims any responsibility for the actions (or failure to act) by the
Custodian, the issuer of the relevant Russian shares or any other party in connection with a cancellation
request or the Russian DR programs.
If you are not a registered holder of Russian DRs (i.e. you are a person holding through a broker, custodian
or other agent) and have any questions about the foregoing, please contact your Broker, Custodian or agent,
as the case may be.
Citibank, N.A., as Depositary
Date:
July 16, 2024
