Depositary Receipts

American Depositary Receipt (ADR) programme

Rostelecom launched an ADR programme for its ordinary shares in February 1998. Each ADR represents six ordinary shares (ratio 1:6). JPMorgan Chase Bank has been serving as the Depositary Bank responsible for administering the sponsored ADRs, with Sberbank of Russia acting as Custodian. For additional information on Rostelecom’s ADR programme, please visit JPMorgan Chase Bank and Sberbank websites.

The full text of the deposit agreement is published in the Electronic Data Gathering, Analysis, and Retrieval System (EDGAR).

In May 2011, the Company received approval from the Federal Service for the Financial Markets (the “FSFM”) to trade 735,800,000 ordinary Rostelecom shares, or 24.99% of the total number of ordinary shares, outside the Russian Federation, which represents 122,633,333 ADRs.

As at December 31, 2016, 11.7 million ADRs were outstanding representing 2.7% of the total number of underlying ordinary shares.