SSA.L Regulatory News (SSA)

Pricing of Ozon's Initial Public Offering

Moscow, 24 November 2020 - Sistema PJSFC ("Sistema" or the "Corporation") (LSE: SSA, MOEX: AFKS), a publicly-traded diversified holding company, notes the announcement made by its portfolio company Ozon Holdings PLC ("Ozon"), a leading Russian e-commerce platform, of the pricing of its initial public offering of 33,000,000 American Depositary Shares ("ADSs") representing 33,000,000 Ordinary Shares at a price of $30 per ADS.

The ADSs are expected to begin trading on the Nasdaq Global Select Market under the ticker symbol "OZON" on November 24, 2020, and the offering is expected to close on November 27, 2020, subject to customary closing conditions. In addition, Ozon has granted the underwriters a 30-day option to purchase up to 4,950,000 additional ADSs at the initial public offering price less underwriting discount.

Sistema had entered into a private placement agreement to purchase, concurrently with, and subject to, the completion of the initial public offering of the ADSs of Ozon at the price per ADS equal to the initial public offering price per ADS, for a total amount of USD 67.5 mln. Upon completion of the initial public offering of Ozon, fulfilment of the private placement agreement and conversion of the convertible loans previously provided to Ozon, Sistema's total stake in Ozon will amount to 33.1%. Sistema has also entered into a lock-up agreement pertaining to its total shareholding in Ozon for a period of 180 days after the date of the final prospectus used to sell the ADSs in Ozon's initial public offering.

***

Sistema PJSFC is a publicly traded diversified Russian holding company serving over 150 million customers in the sectors of telecommunications, high technology, financial services, retail, paper and packaging, agriculture, real estate, tourism and medical services. The company was founded in 1993. Revenue in 2019 was RUB 656.9 billion; total assets equalled RUB 1.3 trn as of 31 December 2019. Sistema's global depositary receipts are listed under the "SSA" ticker on the London Stock Exchange. Sistema's ordinary shares are listed under the "AFKS" ticker on the Moscow Exchange. Website: www.sistema.com.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the U.S. Securities Act of 1933, as amended. A registration statement relating to the proposed sale of securities of Ozon has been filed with the Securities and Exchange Commission and declared effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The proposed offering is being made only by means of a prospectus. When available, copies of the final prospectus relating to and describing the terms of the proposed offering may be obtained from any of the following sources set out in the following Ozon announcement https://corporate.ozon.ru/tpost/y365re7ia1-ozon-announces-pricing-of-initial-public.

For further information, please visit www.sistema.ru or contact: