EAHCISS News (English)

We have received reports that Fidelity has now finally distributed the cash distribution in relation to the liquidation of the Sberbank ADRs. Fidelity unfortunately placed the cash distribution in a '(OFAC) blocked assets account'. Hence the funds cannot be accessed. Our understanding is that Fidelity waited so long with the cash distribution that the specific licence with number MUL-2025-1394826-3 ( https://drive.google.com/file/d/1dNVAXHHnzq6xXvgSXlh7Dmb8LUBM9o4I/view?usp=drivesdk ) expired.  Fidelity unfortunately does not seem to be aware that the license has been extended to the current number MUL-2025-1394826-5. Although we do not currently have a copy of that license we are quite certain that it is an extension of license MUL-2025-1394826-3 in order for the cash distributions to continue without restrictions. UPDATE: We are receiving (mixed) signals that the problem may be that accounts have been closed by Fidelity and that funds may be accessed after the account has bee...

It has been disclosed that shares in Raspadskaya were transferred from Evraz PLC. In november 2025, the President of the Russian Federation signed a decree ( http://publication.pravo.gov.ru/document/0001202511250011 ) allowing the transfer of shares of Raspadskaya from Evraz PLC to Evraz KGOK (a subsidiary of Evraz PJSC (Evraz Russia). After a Russian court awarded the claim of Evraz KGOK against Evraz PLC ( https://kad.arbitr.ru/Card/809279cc-a42a-46ce-a347-07c0c159de13 ), the shares of Raspadskaya were transferred on the 27th of May 2026 ( https://e-disclosure.ru/portal/event.aspx?EventId=V6TPZ-At6fEWxy3CRQiytfA-B-B ).

Evraz PJSC has not itself issued financial statements. Limited Liability Company "EvrazHolding Finance" has been issuing bonds for the Evraz Group. As part of the information requirements to its bondholders, it was required to provide financial information about Evraz PJSC.  Some interesting details emerged from these reports: - Approximately 468 investors succesfully applied for the share distribution of shares in Evraz PJSC (see page 16 of the report over H1 2026). About 71% of the Evraz PJSC shares were distributed as a result of the share distribution (2,887,379,932 of the 4,042,002,366 shares). - On the 12th of January 2026 1,154,622,434 shares in Evraz PJSC were returned to Evraz PLC (see page 19 of the report over 2025). - On the 1st of April 2026 1,154,622,434 shares of Evraz PJSC were transferred from Evraz PLC to Evraz PSJC as part of the execution of the court decision by the Moscow Arbitration Court of the 11th of February 2026 (see page 107 of the report over 202...

Earlier this year Sberbank decided to pay a dividend payment of 37.64 Rubles per ordinary share for the profits over the year 2025 ( https://www.sberbank.com/common/img/uploaded/files/pdf/agm2026_vote_report_ru.pdf ). Many investors hold ordinary Sberbank shares via Interactive Brokers (IBKR) and claim these dividends every year directly via Raiffeisenbank Russia (for the procedure see: https://www.raiffeisen.ru/corporate/depositary/securities/ ).  The advantages of claiming these dividends directly are: - You do not depend on the willingness of Interactive Brokers to process the payment in future. - You may be able to access the funds if you are from Russia or from a country that did not impose sanctions against Russia (as long as you did not buy the shares after the 25th of February 2022). - You may benefit from a tax treaty that could reduce the withholding tax on dividend payments from Russia.  Investors can claim the Sberbank dividends on ordinary Sberbank shars held via ...

Magenta Legal has now published the recording of the webinar "Russian DRs, Dividends and Conversion — What’s Next in 2026?" that was hosted on the 23rd of September. The video can be viewed on YouTube: https://www.youtube.com/watch?v=u54NzojvavU . The webinar focused on practical issues currently relevant to international investors and holders of Russian securities, including: - OZON: completed conversion projects, practical experience and possible options following unsuccessful conversion applications; - ETALON: the ongoing GDR conversion procedure and the 5 November 2026 filing deadline; - EVRAZ & RUSAGRO: practical experience under Federal Law No. 470-FZ and the current RUSAGRO conversion procedure; - ROSNEFT & SBERKBANK: potential claims for unpaid dividends following the termination of the relevant J.P. Morgan DR programmes; - Litigation: developing Russian court practice concerning unpaid dividends, Eurobonds and the transfer of Russian shares from foreign to R...

Please be advised that the webinar initially announced for the 16th of September 2026 has been rescheduled. Magenta Legal and Awarr Legal will now host the webinar on Wednesday the 23rd of September. The topic is the latest developments on Russian investments.  Topics to be addressed are:  - EVRAZ and OZON: conversion results — and what investors can challenge in court - RUSAGRO and ETALON: ongoing conversions, including ETALON’s upcoming deadline in early November - Rosneft and Sberbank: can unpaid dividends still be claimed if J.P. Morgan has already sold the underlying shares? - Current litigation strategies and other practical issues Date: September 23, 2026 TIME 17:00 CEST (Central European Summer Time) Location: Online  Costs: Free How to register: email Magenta Legal at info@magenta.legal

Please be advised that Magenta Legal and Awarr Legal will host a webinar this Wednesday the 16th of September on the latest developments on Russian investments.  Topics to be addressed are:  - EVRAZ and OZON: conversion results — and what investors can challenge in court - RUSAGRO and ETALON: ongoing conversions, including ETALON’s upcoming deadline in early November - Rosneft and Sberbank: can unpaid dividends still be claimed if J.P. Morgan has already sold the underlying shares? - Current litigation strategies and other practical issues Date: September 16, 2026 TIME 17:00 CEST (Central European Summer Time) Location: Online  Costs: Free How to register: email Magenta Legal at info@magenta.legal