Information for GDR holders

Moscow, Russia – July 22 – PJSC Cherkizovo Group (MOEX: GCHE), the largest vertically integrated meat producer in Russia, notifies of changes in the Russian law regarding the procedure for converting (cancelling) global depositary receipts (GDRs) that certify rights to the Company’s shares.

Federal Law No. 319-FZ On Amendments to Certain Legislative Acts of the Russian Federation (the “Law”) that came into force on July 14, 2022 provides for automatic and forced conversion of GDRs into the Company’s underlying shares without the participation of the depositary bank under the Company’s GDR program (BNY Mellon).

Automatic conversion applies to GDRs the rights to which are recorded in the Russian depositories, without an application for conversion by the relevant GDR holders; the conversion is done in accordance with the procedure and within the timeframe established by the board of directors of the Central Bank of Russia. The conversion mechanism is subject to approval by the regulator.

Forced conversion is provided for GDRs the rights to which are recorded in foreign organizations and whose holders are unable to receive shares in the Company on their own due to international sanctions or hostile actions. In this case, within 90 days from the effective date of the Law, such GDR holders are entitled to apply to the Russian custodian of the GDR program (Raiffeisenbank) for the forced conversion attaching proof of title to the GDRs and other documents. Upon expiry of the period for the receipt of forced conversion applications, the custodian must open depo accounts for holders who have not been rejected and credit the relevant number of shares of the Company to such accounts.

According to the depositary bank (BNY Mellon), if the Company’s shares are debited from the depo account of the depositary programs in the course of automatic or forced conversion, BNY Mellon intends to close the GDR program to cancel the GDRs and suspend the processing of any corporate events (including voting) until full reconciliation of the number of securities.