On extension of marketing periods for NSD depository services

O/Ref. No. НРД-И-2025-11683 dated 4 July 2025

Attn.: NSD clients

Pursuant to the decision of NSD's Executive Board dated 3 July 2025, NSD announces the extension of decisions regarding the marketing periods (i.e. that no service fees will be charged) for the following services from 1 July 2025 to 31 December 2025:

1.  Participation of a person exercising rights on securities in corporate actions, in accordance with clauses 5.2-5.5 of the NSD Fees for Depository Services, provided that the following conditions are simultaneously met:
   • Trades in securities are executed with non-resident investors who will be entitled to sell the securities of Russian issuers as part of an offer to purchase them by a resident issuer;
   • Trades in securities have been authorised by the Government Commission for Supervision of Foreign Investments in the Russian Federation issued for the purpose of implementing additional temporary measures of economic nature to ensure the financial stability of the Russian Federation and other authorisations provided for by certain decrees of the President of the Russian Federation (the "authorisation of the Government Commission"), and/or have been authorised on the basis of a dedicated decision of the President of the Russian Federation issued in accordance with the decrees of the President of the Russian Federation (the "dedicated decision of the President of the Russian Federation");
   • The client provides NSD, at the latest on the last business day of the reporting month, with a list of the corporate action instructions ("CA") that fall within the marketing period, including the following information:
     • The number and date of the CA instruction,
     • CA Reference,
     • Date of the authorisation of the Government Commission and/or the date of the dedicated decision of the President of the Russian Federation
2. Acceptance of international securities for safekeeping and/or recordkeeping through international securities depositories, other than CIS countries depositories, on FOP and DVP terms (clauses 12.1 and 12.2 of NSD Fees for Depository Services)
3. Withdrawal of international securities from safekeeping and/or recordkeeping through international securities depositories, other than CIS countries depositories, on FOP and DVP terms (clauses 13.2 and 13.3 of NSD Fees for Depository Services).
4. Transfers of shares to/from a sub-account "Securities represented under depositary receipts programs" of the securities account for their subsequent crediting to securities accounts on the instruction of the client to whose securities account the shares are to be credited (clause 4.8 of NSD Fees for Depository Services).
5. Transfer of securities of foreign issuers, the settlement procedure for which is governed by the laws of the Russian Federation, including regulations of the Bank of Russia and resolutions of the Board of Directors of the Bank of Russia, official explanations of the Bank of Russia (clause 15.1 of NSD Fees for Depository Services) under trades in such securities between a CFC, a Friendly Non-Resident, on the one hand, and a Non-Friendly Non-Resident, on the other hand.
• This is a transfer of securities without cash settlement (Transaction Code 16 and 16/1) based on counter instructions of the sending client (or the securities account/sub-account operator) and the receiving client (or the securities account/sub-account operator) without cash settlement (Transaction Code 16 and 16/1), (including for type "C" securities account transactions), subject to the authorisation of the Government Commission and the following mandatory wording in the Additional Information field of each instruction: "Transfer of international securities with settlement under Russian law"
6. Transfer of securities of Russian and/or foreign issuers arising from trades in securities (clauses 4.1. and/or 15.1 of NSD Fees for Depository Services), provided that the following conditions are met:
   • This is a transfer of securities of Russian and (or) foreign issuers as a result of trades authorised by the Government Commission in order to implement additional temporary measures of an economic nature to ensure the financial stability of the Russian Federation and other permissions provided for by separate Decrees of the President of the Russian Federation,and (or) on the basis of a dedicated decision of the President of the Russian Federation.
   • This is a transfer of securities without cash settlement (Transaction Code 16 and 16/1) based on counter instructions of the sending client (or the securities account/sub-account operator) and the receiving client (or the securities account/sub-account operator) without cash settlement (Transaction Code 16 and 16/1), (including for type "C" securities account transactions), subject to the authorisation of the Government Commission and the following mandatory wording in the Additional Information field of each instruction: "Transfer based on the authorisation of the Government Commission dated (date)" and "Transfer based on the decision of the President of the Russian Federation dated (date)". Such a comment means an assurance by the client that it has the authorisation of the Government Commission* and/or a dedicated decision of the President of the Russian Federation to carry out trades in these securities
     
     AND (OR)
     
     
   • This is a transfer within one securities account under the client’s instruction (Transaction Code 20). No later than the last business day of the reporting month, the client provides a list to the NSD of client instructions eligible for the marketing period (Transaction Code 20):
     • The number and date of the instruction,
     • Date of the authorisation of the Government Commission and/or the date of the dedicated decision of the President of the Russian Federation
       
       
     AND (OR)
     
     
   • securities are transferred between securities accounts on the instruction of the Sending Client without confirmation from the Receiving Client (Transaction Code 10) and the following wording is specified in the Additional Information field of the instruction: "Transfer based on the authorisation of the Government Commission dated (date)" and "Transfer based on the special decision of the President of the Russian Federation dated (date)". Such a comment means an assurance by the client that it has the authorisation of the Government Commission and/or a dedicated decision of the President of the Russian Federation to carry out trades in these securities
7. Services related to transfers of securities of Russian and/or foreign issuers (clauses 15.1 and 4.1 of the NSD Fees for Depository Services) involving the transfer of ownership, arising from trades between a resident on the one hand, and a resident or a friendly non-resident or a CFC, on the other hand, provided that the following conditions are made:
   1. This is a transfer of securities issued by Russian and/or foreign issuers, whose ISIN are specified in:
      • Official information submitted to NSD by the resident owner of the securities (shares) of a Russian issuer, or another party exercising rights to those securities, containing details of a public offer (or invitation to make offers) from that resident owner or another party exercising rights in relation to the securities (shares) of a Russian issuer to shareholders of a foreign issuer to enter into transactions designed to exchange securities (shares) of the foreign issuer for securities (shares) of the Russian issuer.
        
        AND
        
        
      • Public offer (or invitation to make offers) from that resident owner of securities (shares) or another party exercising rights in relation to the securities (shares) of a Russian issuer to shareholders of a foreign issuer to enter into transactions designed to exchange securities (shares) of the foreign issuer for securities (shares) of the Russian issuer.
   2. This is a transfer of securities of Russian and/or foreign issuers executed:
      • based on the results of clearing following trades on MOEX for securities (shares) whose ISINs are listed in the information provided in accordance with paragraph 1 of the marketing period terms (Transaction Code 14 – Transfer Following Trade Clearing).
        
        AND/OR
        
        
      • under counter instructions of the sending client (or the securities account/sub-account operator) and the receiving client (or the securities account/sub-account operator) without cash settlement (Transaction Code 16 and 16/1) with the following mandatory wording in the Additional Information field of each instruction: “transfer of securities under public offer/invitation to make offers from a resident party exercising rights on securities of a Russian issuer”; however, if the sending client and the receiving client of the securities are the same legal entity, the transfer is executed based on the instruction of the sending client (Transaction Code 10).

These marketing periods shall apply provided that the transactions conducted under this notice comply with the requirements of the legislation of the Russian Federation, regulations of the Bank of Russia and the Board of Directors of the Bank of Russia, and official explanations of the Bank of Russia.

If you have any enquiries regarding this notice, please contact your NSD account managers by phone at +7 495 956-27-90, +7 495 956-27-91.