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Stocks and Dividend policy

Sistema has 9,650,000,000 ordinary shares outstanding, with a par value of RUB 0.09 each. The company's shareholder capital amounts to
RUB 868,500,000.

In February 2005, Sistema held the initial public offering and listing of shares in the form of Global Depositary Receipts on the London Stock Exchange under the symbol SSA. One GDR represents 20 ordinary shares. The company's ordinary shares are traded under the symbol AFKS on the Moscow Exchange. Sistema's free float on the London Stock Exchange is approximately 17.6% and 16.5% of shares are traded on the Moscow Exchange (except for the positions of insiders, shares owned by management and members of the Board of Directors, and ordinary shares on Sistema's Group balance sheet).

Sistema owns 1 public company: MTS's shares are traded on the New York Stock Exchange in the form of ADRs (ticker: MBT) and MTS's common shares are traded on the Moscow Exchange (ticker: MTSS).

Chairman of the Board of Directors of Sistema Vladimir Evtushenkov, with 64.19% of shares, is the principal Sistema shareholder.

Dividend policy of Sistema

When determining the recommended dividend, Sistema's Board of Directors is guided by the dividend policy approved in April 2016. The policy states that the recommended total dividend for each reporting year will be, at a minimum, the higher of either an amount equivalent to a dividend yield of 4% per Sistema ordinary share or RUB 0.67 per Sistema ordinary share.

Sistema seeks to distribute dividends twice per year. The amount of dividends paid to shareholders for six months of a given reporting year shall be taken into account by the Company’s Board of Directors when determining the amount of the final dividend for the corresponding full year.

The Board of Directors’ calculation of the average dividend yield on Sistema’s ordinary shares shall use the weighted average price of one ordinary share of the Company traded on the Moscow Exchange in the relevant reporting period: full year or six months.

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