Listing of GDRs on the London Stock Exchange

The Company’s global depositary receipts (GDRs) traded on the main market of the London Stock Exchange (MGNT) since 22 April 2008, with one share representing five depositary receipts. As at 31 December 2021, 27.78% of the Company’s total shares were listed on the London Stock Exchange in the form of GDRs.

Further to the enactment of Russian Federal Law No. 114-FZ dated 16 April 2022 requiring that Russian issuers terminate depository agreements for the listing of their depositary receipts, on 20 May 2022, Magnit notified JPMorgan Chase Bank, N.A. of the Depositary Agreement termination. On 26 August 2022, the termination of the Depositary Agreement became effective. On 30 August 2022, the UK Financial Conduct Authority (FCA)cancelled Magnit’s GDR listing and the London Stock Exchange cancelled their admission to trading on the Main Market.

Pursuant to Russian Federal Law No. 319-FZ On Amendments to Certain Legislative Acts of the Russian Federation, which became effective on 14 July 2022, holders of GDRs recorded by Russian depositories were given an option to convert them into the Company’s shares by way of automatic conversion, and holders of GDRs recorded by foreign depositories unable to convert such GDRs into the Company’s shares, including due to sanctions, were given an option to file an application for compulsory conversion of such GDRs to the custodian JPMorgan Chase Bank, N.A. (through 22 September 2022) or the custodian Raiffeisenbank JSC (from 23 September 2022).