In this case, funds for subsequent payments to Eurobond holders will be delivered to you in accordance with the procedure provided for in Article 8.7 of Federal Law No. 39-FZ dated 22 April 1996 "On the Securities Market", i.e. by so-called "cascade payments".

In practice, this means that payments will arrive as before. You will receive an amount in rubles for further distribution among investors. No documents or statements need to be submitted to NSD by you or your client Eurobond holders.

In this case, to receive funds for payments to Eurobond holders, you will need to respond within the timeframe established by NSD to a request requiring disclosure of information on the total number of Eurobonds recorded in your accounts opened with a foreign depository.

• NSD depositors and clients who are not NSD depositors will receive a request in CA311 form (Corporate Action Notice) via electronic communication channels (CA Web Cabinet and WEB service).

• In response, the depositor must send an instruction in CA333 format (Universal Instruction). Completion details will be provided in the Corporate Action Notice.

• Russian depositories that are not NSD clients will receive the request at their official address. The disclosure procedure will be specified in the request.

Given the substitution that took place under Decree of the President of the Russian Federation dated 08 August 2024 No. 677 "On Additional Measures for Fulfilling State Debt Obligations of the Russian Federation Expressed in State Securities with a Nominal Value Denominated in Foreign Currency before Residents and Foreign Creditors" (hereinafter Presidential Decree 677), simultaneous receipt of payment on substituted and substituting Eurobonds is not permitted, since in the event of the holder's participation in the above-mentioned substitution, substituting Eurobonds were credited to the holder, while rights to the substituted Eurobonds, including the right to claim income payment on them, were transferred (assigned) to the Issuer in accordance with Presidential Decree 677, as a result of which the holder lost the right to receive income payment on the substituted Eurobonds from the Issuer.

Transfer of payments to depositors of the central depository (hereinafter – depositors) and Russian depositories that have accounts with foreign depositories (hereinafter – Russian depositories), and which have not substituted Eurobonds.

In this case, to receive funds for payments to Eurobond holders, you will need to send a new disclosure to NSD with the following information:

• Total number of Russian Federation Eurobonds recorded by Russian depositories in the accounts of the Russian depository with a foreign depository and/or in the accounts of the Russian depository holder, which was not previously disclosed. Provided as an instruction in CA333 format (Universal Instruction). Completion details are provided in the Corporate Action Notice;

• Russian Federation Eurobond custody scheme containing information on all foreign depositories and/or foreign brokers, as well as Russian depositories involved in recording rights to Russian Federation Eurobonds (may be specified in the CA333 format instruction);

• Information provided by a Russian depository that has an account of the Russian depository with a foreign depository or a Russian depository holder account opened, and which did not provide the central depository with information on the total number of Russian Federation Eurobonds upon its request, indicating that information on the number of Russian Federation Eurobonds was not provided by such depository upon the central depository's request;

• Information is provided as a Letter sent to NKO AO NSD via NSD EDMS (depository client code NDC000ORK000) or in hard copy.

For payments made before 15 September 2023, all documents must be submitted by 07 November 2023 to receive funds in rubles.

Document verification takes up to 10 business days from receipt of the complete set of documents. If such a set is approved following verification, NSD will make payments in rubles within 3 business days at the rate established by the Bank of Russia on the date of fund crediting.

For payments made on or after 16 September 2023, all documents must be submitted no later than 89 days after the date of the relevant payment to receive funds in rubles on the 91st day after the date of the relevant payment.

If the above deadlines are violated, funds in foreign currency can only be received by the holder of Russian Federation Eurobonds in accordance with the procedure described in the Securities Holders section.