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Depositary Receipt Program

Rostelecom launched an American Depositary Receipt (ADR) programme for its ordinary shares in February 1998. Each ADR represents six ordinary shares (ratio 1:6). JPMorgan Chase Bank has served as the Depositary Bank responsible for administering the sponsored ADRs, with Sberbank of Russia acting as Custodian.

In May 2011, the Company received approval from the Federal Service for the Financial Markets (FSFM) to trade 735,800,000 ordinary shares, which represents 122,633,333 ADRs outside the Russian Federation.

Currently the ADRs are traded on the OTCQX marketplace in the highest category of the over-the-counter trading system OTC Markets Group — the International Premier. The Company’s ADRs are traded in London, Frankfurt and other foreign stock exchanges. As of 31 December 2015, 2.7% of the Company’s ordinary shares were traded as ADRs outside the Russian Federation.

In 2015, the ADR trade volume reached USD 126 mln on London Stock Exchange, and USD 5 mln on the OTCQX marketplace.

6 ordinary shares are
represented by 1 ADR
Comparable share price performance for ordinary and preferred shares on the Moscow Stock Exchange, RUB and ADRs on the London Stock Exchange, USD
Comparable share price performance for ordinary and preferred shares on the Moscow Stock Exchange (RUB) and ADRs on the London Stock Exchange (USD) Source: Bloomberg
Comparable share price performance for ordinary and preferred shares on the Moscow Stock Exchange and ADRs on the London Stock Exchange, %
Comparable share price performance for ordinary and preferred shares on the Moscow Stock Exchange and ADRs on the London Stock Exchange, % Source: Bloomberg

Despite the challenging macroeconomic environment, the Company’s shares on the Moscow Stock Exchange have traded positively. The decrease in price of the ADRs on the London Stock Exchange was primarily driven by the weakening of the Russian ruble.