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Important information for holders of X5 Retail Group N.V. (X5) depositary receipts (DRs)

3 May 2O24 is the record date for shareholders who hold depositary receipts in foreign depositories. X5 Corporate Centre LLC (X5 LLC) will NOT accept applications to receive shares in X5 LLC from the investors who acquire X5 DRs after this date.

In accordance with the Law No. 47O-FZ and the Court Decision of 3 May 2024 on granting the application of the Ministry of Industry and Trade of the Russian Federation to suspend X5´s corporate rights in the X5 LLC, you have the right or obligation to receive shares in the X5 LLC, depending on your status.

The shares will be distributed on a 1:1 basis: the holder of 1 X5 DR will receive 1 share in X5 LLC.

There are two ways to undergo the procedure:

I. if you own X5 DRs through Russian depositories (e.g., National Settlement Depository):
you do NOT need to submit an application. In accordance with the decision of the Board of Directors of the Bank of Russia, the distribution of the X5 LLC's shares will be implemented automatically tentatively in August 2O24.

II. if you own X5 DRs through foreign depositaries (e.g. Euroclear, Clearstream, DTC), the procedure for receiving shares in X5 LLC depends on your citizenship/residency:

  1. you are a citizen/resident of the Russin Federation:
    you, or your authorised representative, are required to apply to become a direct holder of X5 LLC shares;
  2. you are NOT a citizen/resident of the Russian Federation:
    You, or your authorised representative, may apply to become a direct holder of X5 LLC shares.
The application must be submitted no later than 3 September 2024 (within 4 months from the date of publication of the court decision). If you have not applied by this date, you have lost the right to X5 LLC shares. However, you still own your X5 DRs.

Important tips to submit an application:

  • Make sure you include all the necessary documents with your application.
  • After confirming that the documents are complete, please send a hard copy of the application and supporting documents by courier, registered mail and 1st class post to the X5 LLC.
  • Documents issued abroad must be written and legalised in the official language of the country concerned.
  • If the documents are not in English, a notarised translation into Russian must also be submitted.
  • If you submit copies of the documents, all copies must be notarised.
  • Carefully check if the documents are correct and accurate. Make sure that you are not submitting a duplicate application for the same DRs. This may be a reason for refusal to grant you X5 LLC shares.
  • Make sure you have provided the account details to record the rights to securities. If not, X5 LLC will not be able to distribute the shares to you.

What happens next?

In case of a positive decision, X5 LLC will transfer the shares to the account specified in the application (provided it is submitted by 3 September 2024).
For non-Russian holders of X5 DRs, regulatory approvals from Russian and/or other governmental authorities may be a condition for becoming a direct holder of X5 LLC shares. X5 will shortly contact Russian regulators to clarify the specific mechanism for non-Russian holders to satisfy applications from non-residents to take part in the share distribution. Additional information will be then published on the x5.ru website.
In parallel with the processes necessary for the distribution of X5 LLC shares, the company will be transformed from a limited liability company into a public joint stock company whose shares will be traded on the Moscow Stock Exchange.

Approximate timeframe for the entire process until the X5 LLC shares are received:
  • by the end of August (tentatively): for the investors undergoing the procedure established by the Bank of Russia (see I above)
  • by the middle of September (tentatively): for the investors submitting an application (see II above)

If you need assistance with converting your X5 papers, please contact us at info@lex-temperi.de.

© Dr. Olga Kylina

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Gespeichert von Olga Kylina am/um 19. Juni 2024 - 12:22