Fitch takes rating action on Sistema following sovereign downgrade

Moscow, Russia - 4 March 2022 - Sistema PJSFC ("Sistema") announces that Fitch Ratings has downgraded Sistema's long-term foreign-currency issuer default rating from BB (stable outlook) to B (rating watch negative). The rating action follows the agency's downgrade of Russia's sovereign ratings on 2 March 2022 (see 'Fitch Downgrades Russia to 'B'/Rating Watch Negative' at www.fitchratings.com).

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Sistema PJSFC is a publicly traded Russian investment company with a diversified portfolio of assets 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 2020 was RUB 691.6 billion; total assets equalled RUB 1.4 trillion as of 31 December 2020. 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 Moscow Exchange. Website: www.sistema.com.  

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This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of PJSFC Sistema and/or any of its subsidiaries and affiliated companies, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the shares or securities of PJSFC Sistema and/or any of its subsidiaries and affiliated companies.