Payment of proceeds on Russian Eurobonds

Step 1 – the security you hold is on the list of distributions

If you have invested in Russian Federation Eurobonds, you first need to find out whether the security for which you wish to receive payout is on the list of securities for which NSD makes payouts.

If you held Russian Federation Eurobonds on the date indicated on the list, the payment will be made in accordance with the new procedure established by Russian Presidential Decree No. 665 of 09 September 2023 (the "Decree").

Please note that holders of Russian Federation Eurobonds and persons exercising rights under such securities are recorded either at the end of the third business day prior to the payment date or earlier in accordance with the procedure set forth in the issue documents.

If you held Eurobonds but the due date was earlier than 22 June 2022, the payouts are not shown in the list as they are not covered by the Decree. The Russian Federation Eurobonds have been redeemed in accordance with the procedure set out in the documentation accompanying the relevant securities issues and you should contact your depository/broker for clarification.

Step 2 – Check the chain of custody of your securities

Next, you need to check whether there is a Russian depository in the chain of custody for your securities.

This information can be obtained from the broker through which the securities were purchased or from your depository.

1. If your Eurobonds are recorded with NSD or with a Russian securities depository which has an account with an international depository to record rights to Eurobonds, funds in roubles will be delivered to you in the manner prescribed by Article 8.7 of Federal Law No. 39-FZ of 22 April 1996 "On the Securities Market", i.e. by so-called "cascading payments".
   
   If you are an investor in this group, you will still receive payments in RUB as before. You do not need to provide NSD with any application or additional forms and steps 3-7 are not applicable. You can keep track of your receipts as before, for example in your brokerage account.
   
   Payments will be made in RUB at the rate set by the Bank of Russia on the payment date stipulated in the bond issue documents.
   
   If you have not received the payout from the depository by the due date, you should contact it for further details.
   
   
2. If your Eurobonds are held with an international securities depository without any Russian depository involved, you need to have your title to the security confirmed in order to receive the payout. NSD is the paying agent for these securities, so you will need to submit an application and the necessary documents to NSD in order to receive income payment.
   
   Until title is confirmed, funds will be deposited by NSD into a special account (type I account) from which they will be paid to you.
   • If you have applied for a payout that took place before 15 September 2023, on or before 07 November 2023, and your application was approved before 21 November 2023, the funds in the said account will be indexed at the current market exchange rate of the notional currency until the actual settlement with the holders. The payout is made in roubles;
   • If you applied for a payout that took place before 15 September 2023, after 07 November 2023, and your application was approved, then the payment will be made after 15 December 2023 out of the funds in the foreign currency in which the obligations under the  Eurobonds of the Russian Federation are denominated, held on NSD's accounts with an international depository;
   • If you apply for a payout that took place after and including 16 September 2023, within 60 days after the regular payout, and your application is approved by the 90th day after the payment date, such payout will be made on the 91st day after the payment date in roubles at the exchange rate on the date of such payment;
   • If you have applied for a payout made after 16 September 2023, inclusive, 60 days after the regular payout date, and your application has been approved, the payout will be made out of the funds in foreign currency in which obligations under the Russian Eurobond are denominated, held on NSD's accounts with an international depository;
     
     For more details on the payout scheme, please refer to the General Information section.

Payout procedures and indexation are determined by the Decree and the Ministry of Finance.

Step 3 – Clarify whether there has been an international depository disclosure

Under the new payment procedure, NSD sends requests to international securities depositories to obtain names of Eurobond holders. Contact your broker or depository and find out whether the international depository has provided information on you upon NSD's request. This will determine whether you will need to provide NSD with a full set of documents or a shortened set in order to receive income payments.

Step 4 – Submit an online request using the form on NSD's website

To facilitate communication on Eurobond payouts, please complete and submit an online request on NSD's website. This way, we can check whether there has been a disclosure by the international depository and send you a complete list of documents that you will need specifically. Please complete all fields in the form, including ISIN of the security and the record date. We recommend that the details of the holder should be specified in the same way as in the international depository.

Please note: an online request and/or original documents must be submitted after the record date applicable to the relevant payout, as proof of Eurobond ownership is required at the record date. Any requests submitted prior the record date will automatically be rejected.

Step 5 – Prepare documents to submit to NSD

The full List of documents to be submitted to NSD by holders of Russian Federation Eurobonds (in cases where the International Depository has/has not made the List of Holders available) is available on the NSD website.

• If you have submitted the request through the online form on the website, we will send you a list of documents that you need to submit by return email.
• If you have not applied through the form, please use the list of documents below.

1. Partial set of documents (the international depository provides information at NSD's request)
2. Complete set of documents (the international depository does not provide information at NSD's request)

Please note that there is currently no statutory deadline for submitting documents to receive payouts on Russian Federation Eurobonds. But the currency and payment arrangements will depend on when you apply.

Step 6 – Submit original documents to NSD

Original documents may be delivered to NSD in person to the address: 12 Spartakovskaya St., Moscow (entrance from Pleteshkovkiy Lane), by Russian Post or other telecom operators.

Documents are accepted at the office:

• MON-FRI 10:00 – 15:00 (break: 13:00 – 13:45)

Documents are accepted by appointment. Appointment can be made using the online form on NSD's website. If there is no appointment, documents will be accepted on a first-come, first-served basis.

Please note: an online request for payout and/or original documents must be submitted after the record date applicable to the relevant payout, as proof of Eurobond ownership is required at the record date. Any requests submitted prior the record date will automatically be rejected.

Step 7 – Wait for completion of verification and income payout

Verification of documents takes up to 10 business days from the receipt of a complete set of documents.

Payouts in RUB (see paragraph 2, Step 2)

If the documents are approved, NSD will make payments in roubles within 3 business days at the rate set by the Bank of Russia on the date of crediting the funds.

If the international depository provides NSD with information on you and the Eurobonds held by you the payment will be sent to your bank account specified in the international depository's disclosure.

If the international depository does not provide NSD with information on you and the Eurobonds held by you, payment will be sent to your account as you specify in your income payout application. Only rouble account in your name are accepted for making payments.

Payouts in other currency (see paragraph 2, Step 2)

If the documents are accepted, but the payout is a foreign currency, you will need to apply for funds to an international depository, which will be notified to you by NSD. You may need to obtain a licence from a foreign regulator.

Important note: NSD's obligations to make a payout in foreign currency are deemed to be duly fulfilled from the moment the CSD submits to the international depository by the means available to it an instruction to transfer funds in foreign currency from its account with the depository in favour of the holder of the Russian Federation Eurobonds.

Step 8 – Applying for the second time

After Order 285 of the Ministry of Finance of the Russian Federation dated 23 June 2023 "On Amendments to the List of Documents Confirming the Rights of Holders of Russian Government Securities Denominated in Foreign Currency" approved by Order of the Ministry of Finance of the Russian Federation No. 245 dated 24 June 2022 "On Approval of the List of Documents Confirming the Rights of Holders of Russian Government Securities Denominated in Foreign Currency", you may submit an Application once again for review of the documents for which NSD denied the payout. In this case, please mark in box 22 of the Application Form that the documents have already been submitted to NSD earlier.

Before submitting the Application, please make sure that the documents you have previously submitted meet NSD's requirements for their completeness.

• If you have applied for income payout through the online form on the website, we will send you a list of documents that you have to submit by return email.
• If you have not applied through the form, please use the list of documents below.

To receive income payments, please submit the documents as specified above to NSD.

Original documents may be delivered to NSD in person to the address: 12 Spartakovskaya St., Moscow, 105066 (entrance from Pleteshkovkiy Lane) or by Russian Post or other telecom operators.

Documents are accepted at the office:

• MON-FRI 10:00 – 15:00 (break: 13:00 – 13:45)

Document review takes up to 10 business days, and if after its completion NSD has no doubts about the sufficiency of the documents, NSD will make payments in Russian roubles within 3 business days.

If the international depository provides NSD with information on you and the Eurobonds held by you the payment will be sent to your bank account specified in the international depository's disclosure in an amount equivalent to the amount due for payment in the currency of the Eurobond face value on the date of crediting.

If the international depository does not provide NSD with information on you and the Eurobonds held by you, payment will be sent to your account as you specify in your income payout application in an amount equivalent to the amount due for payment in the currency of the Eurobond face value on the date of crediting. Payments can only be made to a personal rouble-denominated account, so if you don't have one, you will need to open one.

However, until title is confirmed, funds will be deposited by NSD into a special ruble account (type "I" account) from which they will be paid to you. Funds in the said account will be indexed at the current market exchange rate for the nominal currency until actual settlement with the owners.

Payments from the special indexed account will be made as the full set of documents for payment is received and the holder is included in the Register in accordance with paragraph 2d) of Order No. 2445 of the Ministry of Finance of Russia dated June 24, 2022 based on this package.

1. The request to collect the list is sent to international securities depositories in the form of a letter to the e-mail addresses known to NSD, as well as by regular mail.
2. An international securities depository may provide NSD with the list in response to the request. The list must be provided by an authorised person of the ICSD in the form of an Excel file filled in according to the prescribed template as of the record date for the payout under Russian Federation Eurobonds.
3. The completed file in Excel format must be titled as follows: "BO DCSL MF __ ".
4. The list should be provided using SWIFT FileAct service for BIC MICURUMM. The message identifiers shall be as follows:
   • Message ID: seev.xxx.nsd.xls.rf005
   • Request Type: seev.xxx.nsd.xls.rf005
5. Notification of the List sent must be submitted to NSD by email to .

By sending the List to NSD, ICSD warrants that, if "YES" is completed in the field for written waivers of all potential future claims, written waivers in a form prescribed by NSD from any person on the List will be provided to NSD upon NSD's request. A Holder may also submit a written waiver directly to NSD.

Furthermore, a Holder of Eurobonds should send documents for calculating and withholding taxes in respect of payments directly to NSD in accordance with the procedure set out in the Holders of Securities section.

Please note the following points:

• Disclosures received will be processed on an ongoing basis, no deadline for providing disclosures has been set at this time. If the disclosure form is filled out incorrectly, NSD will send comments. ICSD may resubmit the disclosure.
• In case of disclosure in respect to the payout made before 15 September 2023, before 7 November 2023 and approval of the payout before 21 November 2023, the funds on type I account will be indexed at the official foreign currency exchange rate set by the Central Bank of the Russian Federation on the Payment Date, with an allowable deviation of 15 kopecks. The payout is made in roubles.
• In case of disclosure in respect to the payout made before 15 September 2023, after 7 November 2023 and approval of the payout, the payment will be made after 15 December 2023 out of the funds in the foreign currency in which the Russian Federation's Eurobond obligations are denominated, held on NSD's accounts with the international securities depository.
• In case of disclosure in respect to the payout made after and including 16 September 2023 within 60 days after the regular payment date specified in the prospectus and the payout is approved before the 90th day after the regular payment date specified in the prospectus, the funds will be transferred on the 91st day in roubles at the exchange rate of the foreign currency in which the obligations under the Russian Federation Eurobonds are denominated on the date of such payment.
• In case of disclosure in respect to the payout made after and including 16 September 2023 within 60 days after the regular payment date specified in the prospectus and the payout is approved, the funds will be transferred out of the funds in the foreign currency in which the Russian Federation's Eurobond obligations are denominated, held on NSD's accounts with the international securities depository;
• The Ministry of Finance of the Russian Federation settles its obligations under the Russian Eurobonds through NSD in accordance with the procedure described in the Overview section.

1. The request to form the list is sent to foreign nominee holders in the form of a regular request in Form GS61N.
2. The list is provided by submitting a request in Form RF005 (an electronic message in the format FCDR_2017_02, REGISTER_OF_SHAREHOLDERS_V02 "List/Information about holders"). The tag "Additional information on the person exercising rights under the securities" in the REGISTER_OF_SHAREHOLDERS_V02 message must contain information on whether the Eurobond holder has a written waiver of all possible future claims. The procedure for completing this field is set out in NSD's request. 

By sending the List to NSD, the foreign nominee holder warrants that, if "YES" is completed in the field for written waivers of all potential future claims, written waivers in a form prescribed by NSD from any person on the List will be provided to NSD upon NSD's request. The holder may also submit a written waiver directly to NSD.

If the disclosure form is filled out incorrectly, NSD will send comments. The foreign nominee holder may resubmit the disclosure.

Please note the following points:

• The list with the type "0012 - Basic with bank details of persons exercising rights under the securities" is accepted by NSD until 07 November 2023 for the payout made before 15 September 2023. In this case, if the payout for this list is approved before 21 November 2023, the funds on type I account will be indexed at the official foreign currency exchange rate set by the Central Bank of the Russian Federation on the Payment Date, with an allowable deviation of 15 kopecks. The payout is made in roubles.
• After 7 November 2023, NSD will send a new request regarding the payout made before 15 September 2023 to collect the List with the type "0010 - Basic with currency details". In this case, payout to the approved Holders will be made after 15 December 2023 out of funds in the foreign currency in which the Russian Federation's Eurobond obligations are denominated, held on NSD's accounts with an international securities depository.
• For payouts made after and including 16 September 2023, within 60 days after the regular payment date specified in the prospectus, NSD will accept a List with the type "0012 - Basic with bank details of persons exercising rights under the securities". If the payout pertaining this disclosure is approved before the 90th day after the regular payment date specified in the prospectus, it will be made in roubles at the exchange rate of the foreign currency in which the Russian Federation Eurobonds are denominated as at the date of the payment.
• 60 days after the regular payment date specified in the prospectus, NSD will send a new request regarding the payout made after 16 September 2023 to collect the List with the type "0010 - Basic with currency details" If the List for this payout is provided 60 days after the regular payment date, and the payout is approved, the payout will be made out of the funds in foreign currency in which obligations under the Russian Eurobond are denominated, held on NSD's accounts with an international securities depository.
• The Ministry of Finance of the Russian Federation settles its obligations under the Russian Eurobonds through NSD in accordance with the procedure described in the Overview section.