News

Ad-Hoc announcement pursuant to Art. 53 Listing Rules:  NAV Adjustment

Zug, April 20 2023

EEII AG:  NAV Adjustment

The 742,800 Gazprom ADRs held by EEII prior to Russia's invasion of Ukraine were suspended from international trading in Q1 2022 and later delisted. In Q3 2022, the ADRs were exchanged for 1,485,000 PJSC Gazprom shares (ticker: GAZP). The GAZP shares are denominated in Russian rubles (RUB) and are traded exclusively on the Moscow Stock Exchange (MICEX). UBS AG, Switzerland, continues to act as custodian. The custodian bank shows the last traded RUB value of the PJSC Gazprom shares on the MICEX on the EEII custody account statement. (as of 31.12.2022: RUB 162.50).

As of the date of this announcement, even after extensive research on our part, it is unclear whether sanctions imposed by the West against Russia coupled with any counter-sanctions, decrees or regulatory decisions in Russia or the interpretation of these sanctions and legal circumstances by the banks involved will allow a delivery, sale or transfer of the shares and/or any proceeds from the sale. In view of these circumstances, the Company revalues this investment at a discount of 99% compared to the MICEX stock exchange price published by Bloomberg (RUB 182.21 as of April 19, 2023).

On this basis, the NAV as of April 19, 2023 amounts to CHF 0.24 per share.

Further information:

Victor L. Gnehm, Chairman (+ 41 41 729 20 34)

EEII is listed on the Swiss Exchange (SIX) (Bloomberg: EEII SW Equity).