Dorogobuzh General Meeting Resolves to Delist Shares

10 October 2017

Dorogobuzh summed up the results of its extraordinary general meeting held on 6 October 2017 in the form of absentee voting.

Dorogobuzh shareholders voted at the general meeting on 6 October 2017 to request that the Moscow Exchange delist Dorogobuzh’s (ticker DGBZ) registered uncertificated ordinary shares from the List of Securities Admitted to Organised Trading. The resolution was proposed by the Company’s Board of Directors based on the insignificant volume of shares currently traded and the opportunity to reduce management costs associated with maintaining the listing.

Dorogobuzh shareholders may request that the Company repurchase their shares if they voted against the resolution or did not take part in the vote on the item. Shares will be repurchased at RUB 40.15 per registered uncertificated ordinary share. This price was set by the Board of Directors with due consideration for their market value, which was determined by an independent valuation by NEO Centre.

The list of shareholders who may request that the Company repurchase their shares will be compiled using the list of persons entitled to participate in Dorogobuzh’s general meeting. The number of shares to be repurchased by the Company should not exceed the number of shares held by the shareholders as detailed in the list of persons entitled to participate in Dorogobuzh’s general meeting.

Shareholders must submit repurchase requests to the Company no later than 20 November 2017.

Dorogobuzh may not allocate more than 10% of its net asset value as of the date of the delisting resolution that enabled the shareholders to request repurchase of their shares by the Company. The general meeting’s delisting resolution will enter into force on the condition that the total number of shares to be repurchased does not exceed the number of shares that can be repurchased under the above limitation.

The date for filing the delisting request with the Moscow Exchange will be determined after the Board of Directors reviews the report on shareholders' share repurchase requests. This report will be reviewed no later than 25 November 2017. After delisting, Dorogobuzh’s ordinary shares will only be available for over-the-counter trading.