Completion of EBRD Placing of Lenta GDRs

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL.

European Bank for Reconstruction and Development announces successful placing of 17.833 million Lenta GDRs

London, 24 June 2015

European Bank for Reconstruction and Development ("EBRD") has successfully placed 17.833 million global depositary receipts ("GDRs") representing existing shares in Lenta Ltd.

The GDRs were placed at a price of US$ 7.85 per GDR.

Credit Suisse Securities (Europe) Limited and Morgan Stanley & Co. International plc acted as Joint Global Coordinators and Joint Bookrunners for the Offering.

Important notices

This document and the information contained herein is not for release, publication or distribution in whole or in part in or into the United States. These materials do not contain or constitute an offer for sale or the solicitation of an offer to purchase securities in the United States. The securities referred to herein have not been and will not be registered under the Securities Act and may not be offered or sold in the United States absent registration under the Securities Act or pursuant to an available exemption from, or a transaction not subject to, the registration requirements of the Securities Act. There will be no public offering of securities in the United States

In any member state of the European Economic Area (the "EEA") that has implemented the Prospectus Directive, this document is only addressed to and directed at persons in member states of the EEA who are "qualified investors" ("Qualified Investors") in that member state within the meaning of Article 2(1)(e) of the Prospectus Directive. The expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto, including Directive 2010/73/EU, to the extent implemented in any relevant member state ) and includes any relevant implementing measure in the relevant member state. In addition, in the United Kingdom, this document is being distributed only to, and is directed only at, Qualified Investors who are persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or who are high net worth entities falling within Article 49(2)(a) to (d) of the Order, and other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as "relevant persons"). Any investment activity to which this document relates is available only to relevant persons in the United Kingdom and Qualified Investors in any member state of the EEA other than the United Kingdom, and will only be engaged with such persons. Any person who is not a relevant person in the United Kingdom or a Qualified Investor in any other member state of the EEA other than the United Kingdom should not act or rely on this document or any of its contents.

Each of the Joint Global Coordinators and Joint Bookrunners is acting for EBRD in connection with the Offering and will not be responsible to anyone other than EBRD for providing the protections offered to its clients nor for providing advice in relation to the Offering.

Each of the Joint Global Coordinators and Joint Bookrunners may participate in the Offering on a proprietary basis.