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AFK Sistema Capital/Financing Update 2020

Apr 1, 2020

6429_rns_2020-04-01_07a17121-8a15-4f71-bdd3-da361325345c.pdf

Capital/Financing Update

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Sistema PJSFC (SSA) 31-March-2020 / 21:07 MSK Dissemination of a RegulatoryAnnouncement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

Ad-Hoc Notice

Moscow, 31 March 2020 - Sistema PJSFC ("Sistema" or the "Company") (LSE: SSA, MOEX:AFKS),a Russian publicly-traded diversified holding company, announces that its wholly-owned subsidiary Sistema Finance S.A. has signed a sale and purchase agreement for shares andAmerican depository shares of PJSCMTS ("MTS")as part of the new buyback programme for MTS shares and American depository shares in the amount up to RUB15.0 bn approved by the Board of Directors of MTS in March ²⁰²⁰ (the "Programme").

During the Programme, which was launched on 31March 2020 and will run till 31 December 2020, MTS's wholly-owned subsidiary LLC Bastion (the "Purchaser") plans to acquire shares and American depositary shares of MTS (collectively, the "Shares"). Under the agreement, Sistema Finance may sell to the Purchaser Shares in the amount calculated based on the number of Shares which have been purchased by the Purchaser fromthird parties, in proportion to Sistema Group's effective equity stake in MTS (50.0073% as of 30March 2020).

Sistema Group's effective stake in MTS will therefore not decrease as a result of the Programme and Sistema Group will retain effective control over MTS.

The Purchaser will purchase Shares fromSistema Finance based on the weighted average price of Shares at which the Purchaser purchased themfromthird parties for each calendarmonth*.

*Taking into account the discount of the market value of MTS ordinary shares toAmerican depositary shares. ***

Sistema PJSFC is a Russian publicly traded diversified holding company serving over 150 million customers in the sectors of telecommunications, high technology, banking, retail, timber processing,agriculture, realestate, tourismand healthcare. The company was founded in 1993. Its revenue in 2018 reached RUB773.9 bn; its total assets equalled RUB 1.5tn as of 31 December 2018. 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 MoscowExchange. Further information is available at www.sistema.com.

For further information, please visit www.sistema.comor contact:

IRService	Press Service
Nikolay Minashin	Sergey Kopytov
Phone: +7 (495) 730 66 00	Phone: +7 (495) 228 15 32
[email protected]	[email protected]