In December 2003, Severstal established a Level I sponsored Global
Depositary Receipt (“GDR”) program for 19.99% of its shares. This program
covers only existing shares and allows the shareholders of Severstal to convert
their stocks into GDRs.
At that time, 1 DR includes 5 ordinary shares. This ratio was established
after 1 to 25 stock split in December 2004, whereby the par value changed from RUB 0.25 to RUB 0.01. The old ratio was the opposite-proportion of 1 share to 5
DRs.
As a result of IPO happened in October-November, 2006 since November 14,
2006 Severstal’s GDR were admitted to the Official List of the UK Listing
Authority (“Admission”). All previous GDR’s issues were converted to new GDR
program. Currently, 1 DR includes 1 ordinary share. The Reg S GDRs listed on the London Stock Exchange under the symbol “SVST”. The 144A GDRs presented in the PORTAL system.
The custodian for the program is Deutsche Bank Trust Company Americas.