AFK Sistema

Delisting Announcement • May 17, 2023

Effective delisting of Sistema's GDRs from LSE

Moscow, Russia – 17 May 2023 – Sistema PJSFC ("Sistema" or the "Corporation") announces that following its applications submitted to the Financial Conduct Authority (the "FCA") and the London Stock Exchange (the "LSE"), the Corporation's global depositary receipts (ISIN US48122U2042 and ISIN US48122U1051) (the "GDRs") were cancelled from the FCA's official list and admission to trading on the LSE with effect from 8:00 a.m. London time on 17 May 2023.

Furthermore, in accordance with applicable laws of the Russian Federation¹ the Corporation has submitted a notification to the Commercial Bank Citibank JSC² to conduct an automatic conversion of GDRs, which holders' rights towards such GDRs are accounted in Russian depositories, into Sistema's ordinary shares.

As announced earlier, pursuant to Federal Laws No. 114-FZ and 319-FZ, Sistema was required to, and was taking steps to, terminate the deposit agreements, complete the delisting from the LSE and perform the automatic conversion.

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

Public Relations Sergey Kopytov Tel.: +7 (495) 730 17 05 kopytov@sistema.ru

Investor Relations Sergey Levitskiy Tel: +7 (495) 730 66 00 s.levitskiy@sistema.ru

Sistema PJSFC is a publicly traded diversified Russian holding company 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 2022 was RUB 912.7 billion; total assets equalled RUB 2.1 trillion as of 31 December 2022.

⁽¹⁾ Russian law No. 319, which came into legal effect on 14 July 2022, provides for the "automatic conversion" of the depositary receipts (the "DRs") of the Russian companies into their underlying Russian shares without the involvement of the depositary bank for the corresponding depositary receipts programmes if the rights of the DR holders towards such DRs are accounted in a Russian depositary. During the automatic conversion process, the Russian depositaries that account for DRs should write DRs off the DR-holders' accounts and credit respective amount of underlying Russian shares instead.

⁽²⁾ Joint Stock Company Commercial Bank Citibank is the Russian depositary where a depo account under Sistema's depositary programme was opened to account for the rights to the underlying shares of the Corporation.