Severstal announces the completion of automatic conversion of its GDRs

PAO Severstal (MOEX: CHMF) announces that according to the information published by the National Settlement Depositary on its official website (https://www.nsd.ru/faq/auto_conv/), the automatic conversion of  global depositary receipts representing ordinary shares of PAO Severstal (ISIN US8181503025, ISIN US8181501045, together – “GDRs”) pursuant to the procedure contemplated by Federal Law No.114-FZ dated 16.04.2022 and related Russian regulations was completed on 26 August 2022.

Automatic conversion was effected in respect of GDRs held with the Russian depositaries as of 22 August 2022.

We also note that GDR holders holding their GDRs with foreign custodians are still entitled to apply for direct conversion of their GDRs. According to the announcement by the Bank of Russia (https://cbr.ru/press/event/?id=14089), an application for direct conversion may be sent by a GDR holder by 11 October 2022.

We recommend that those GDR holders who wish to exercise their right for direct conversion follow announcements of the Depository of PJSC Sberbank on this matter (https://www.sberbank.ru/en/credit_org/investprodandmarkets/custodyservices). The form of application for direct conversion was published by PJSC Serbank on its website (https://www.sberbank.ru/common/img/uploaded/dp/application-for-a-forced-conversion-of-pao-severstal-gdr.pdf). We also recommend that such GDR holders promptly contact the Depository of PJSC Sberbank to clarify the procedure and details of such conversion.

For questions related to the direct conversion investors should use the following contacts: tel. +7 (495) 665-56-00 ext. 18-721, +7 (495) 669-09-99 ext. 18-721, email: depository@sberbank.ru.