EAHCISS News (English)

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

Earlier this year we wrote about the change in legislation that removed the ban on dividend payments on Russian ADRs: https://news.eahciss.org/2026/01/current-situation-regarding-payments-of.html?m=1 . We have now been receiving confirmations from the Russian custodian banks that hold the ordinary shares underlying the ADRs that they are now again receiving dividends on the shares underlying the ADRs. However, one custodian bank also implied that it depended on whether the issuer had fully implemented the change in legislation yet. So some issuers may not have updated their payment process. Custodian banks only display the ISIN for the ordinary shares underlying the ADRs in their information sheets with application deadlines for payment in your own bank account. So investors are advised to first determine the ISINs of the shares underlying the ADRs they hold, before checking the application deadlines. If no individual application is made before the deadline, then the dividends on share...

We sent out the annual invoices to all members of EAHCISS today. You should be able to find the invoice in your e-mail inbox and in the online membership portal. We are aware that emails may sometimes end up in spam folders. Please do not hesitate to contact us at contact@eahciss.org if you did not receive an invoice or have any other issues or questions. Please contact us if you prefer to pay in USD and we will share our USD account details.

Earlier we asked for help to complete a survey. We can now share the results. We thank all investors that completed the survey. The raw data can be accessed here: https://docs.google.com/spreadsheets/d/1cxPFLwAuFP9hTeBWtWAC35GtuFztWdUM-PyNIhyY4Yw/edit?usp=drivesdk Our understanding is that many brokers have reconciliation problems where the number of ADRs administered does not match the number the custodian has in their books. In our opinion (EU) sanctions do not warrant the freezing of the funds. We will continue to follow this closely.

EAHCISS earlier announced that JPMorgan liquidated the shares underlying the Rosneft depositary receipts (GDR's): https://news.eahciss.org/2026/07/jp-morgan-liquidated-shares-underlying.html?m=1 JPMorgan confirmed in the notification that they received dividends on the shares underlying the GDR's since 2025 (see https://api.markitdigital.com/jpmadr-public/v1/cms/document?cmsId=88b769796a7f408d9386afac6a01fd3f&sequenceNo=7 ): "In February 2025, July 2025, January 2026 and July 2026, J.P. Morgan received dividends on the Rosneft Ordinary Shares underlying the outstanding DRs. However, distribution of dividends is not currently permitted under Russian regulations, which require these funds to be held in a restricted "type S" account in Russia. At such time that J.P. Morgan is permitted to do so, it will distribute such dividends pro rata among the Remaining DR Holders. J.P. Morgan cannot provide any assurance that any such additional distributions will be permit...

On the 21st of July 2026 JP Morgan announced that they have liquidated the shares underlying the ADRs of Rosneft: https://api.markitdigital.com/jpmadr-public/v1/cms/document?cmsId=88b769796a7f408d9386afac6a01fd3f&sequenceNo=7 JP Morgan sold the underlyings shares for $1.832142 per share, so $1.832142 per ADR. After fees and the correction for missing underlying shares due to forced conversion the cash distribution per ADR will be $$1.780982 upon cancellation of the ADRs. The liquidation sale was executed at a significant discount to the current price at the Moscow Stock Exchange (MOEX). The current MOEX price is approximately 345 Rubles per ordinary share (so 345 Rubles per ADR). JP Morgan has so far sold the underlying shares of five Russian ADR-programs at significant discounts to the share price at the MOEX: Rosneft, Sberbank, Magnit supermarkets, Mobile Telesystems and Novorossiysk Commercial Sea Port (NCSP). The liquidation by JP Morgan also makes it more easy to establish dam...