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6 September 2018

Completion of the Tender Offer to purchase Megafon’s Ordinary Shares and Global Depositary Receipts

Moscow, Russian Federation (6 September 2018) — Public Joint Stock Company “MegaFon” (LSE: MFON), a pan-Russian operator of digital opportunities (“MegaFon” or the “Company”), hereby notes the announcement by MegaFon Investments (Cyprus) Limited (“MICL”) today regarding the completion of its previously announced tender offer to purchase for cash up to 128,950,036 of the issued and outstanding ordinary shares, of RUB 0.1 nominal value per share, of MegaFon (“Ordinary Shares”) and Regulation S and Rule 144A Global Depositary Receipts (“GDRs”), each representing one Ordinary Share, representing all of the issued and outstanding Ordinary Shares and GDRs other than Ordinary Shares or GDRs held by MICL and certain major shareholders, of MegaFon at a purchase price of US$9.75 (or its equivalent in Russian rubles) for each Ordinary Share and for each GDR (the “Tender Offer”). The Tender Offer, which commenced on July 16, 2018, expired on August 22, 2018, at 5:00 P.M., Luxembourg/Brussels time (6:00 P.M., Moscow time, 4:00 P.M., London time, 11:00 A.M., New York time).

A total of 57,023,684 Ordinary Shares and 58,293,820 GDRs were purchased by MICL pursuant to the Tender Offer, which constitute in the aggregate approximately 18.6% of MegaFon’s issued and outstanding Ordinary Shares.

As a result of the Tender Offer, the percentage interest in the Company held by MICL has increased from 3.92% to 22.52%. Accordingly, the percentage of the Company’s Ordinary Shares and GDRs held by the Company’s shareholders other than MICL, USM Holdings and Gazprombank Group, has decreased from 20.8% to 2.2% of the Company’s share capital.

For More Information:

PJSC MegaFon
Investors: Dmitry Kononov
Director for Investor Relations and M&A
Tel: +7 926 200 6490 dkononov@megafon.ru
Media: Alexander Boreyko
Director for Public Relations
Tel: +7 925 708 9816 a.boreyko@MegaFon.ru

Notes to Editors

MegaFon PJSC is a pan-Russian operator of digital opportunities, operating in all segments of the telecommunications markets in Russia, and in the Republics of Abkhazia, South Ossetia and Tajikistan. MegaFon is a recognized market leader in the provision of mobile data services, was the first operator in Russia to launch commercial operation of a third generation (3G) network and was the first operator in the world to launch commercial operation of an LTE-Advanced (4G) data network. MegaFon is traded on the Moscow Exchange and the London Stock Exchange under the symbol MFON. Additional information about MegaFon and the products and services provided by MegaFon can be found at: http://www.megafon.ru.

Cautionary Statement Regarding Forward Looking Statements

Some of the information in this document may contain or refer to projections or other forward-looking statements regarding future events or the future financial performance of the Company. You can identify forward looking statements by terms such as “expect”, “believe”, “anticipate”, “estimate”, “forecast”, “intend”, “will”, “could”, “may”, or “might” the negative of such terms or other similar expressions. The Company wishes to caution you that these statements are only predictions, and are based upon various assumptions which are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control. We may not achieve or accomplish these plans or predictions. The Company does not necessarily intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of the Company, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia, rapid technological and market change in the industries in which the Company operates, as well as many other risks specifically related to the Company and its business and operations.

Statement Regarding Inside Information

This announcement contains inside information. The subject matter, the identity of the issuer, the identity of the persons making the notification and their titles, and the date and time of the notification are all as set forth above.

Important Notice

NEITHER THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (“SEC”) NOR ANY U.S. STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED OF THE TENDER OFFER MEMORANDUM, PASSED UPON THE FAIRNESS OR MERITS OF THE TENDER OFFER OR DETERMINED WHETHER THE TENDER OFFER IS ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.

THE INFORMATION CONTAINED IN THIS ANNOUNCEMENT AND THE TENDER OFFER MEMORANDUM IS ADDRESSED EXCLUSIVELY TO THE HOLDERS OF ORDINARY SHARES OR GDRS OF PJSC “MEGAFON”. NEITHER THE TENDER OFFER MEMORANDUM NOR THE TENDER OFFER DESCRIBED THEREIN NOR ANY INFORMATION CONTAINED THEREIN CONSTITUTE AN OFFER (“OFERTA”) PURSUANT TO RUSSIAN LAW, OR AN ADVERTISEMENT, OR AN OFFER OF SECURITIES TO AN UNLIMITED NUMBER OF PERSONS WITHIN OR OUTSIDE THE TERRITORY OF THE RUSSIAN FEDERATION, OR A VOLUNTARY TENDER OFFER OR MANDATORY TENDER OFFER UNDER RUSSIAN LAW. NEITHER THE TENDER OFFER MEMORANDUM NOR THE TENDER OFFER DESCRIBED THEREIN CONSTITUTE OR ARE INTENDED FOR PLACEMENT OR PUBLIC CIRCULATION OF SECURITIES OF FOREIGN ISSUERS IN THE RUSSIAN FEDERATION. GDRS OF PJSC “MEGAFON”, TO WHICH THE TENDER OFFER RELATES, ARE NEITHER REGISTERED IN THE RUSSIAN FEDERATION NOR ADMITTED TO PLACEMENT, PUBLIC PLACEMENT OR PUBLIC CIRCULATION IN THE RUSSIAN FEDERATION IN ACCORDANCE WITH ARTICLE 51.1 OF RUSSIAN FEDERAL LAW DATED 22 APRIL 1996 NO. 39 FZ “ON THE SECURITIES MARKET” (AS AMENDED). THE TENDER AND PURCHASE OF GDRs OF PJSC “MEGAFON” WILL BE CARRIED OUT EXCLUSIVELY IN ACCORDANCE WITH THE PROCEDURES SET FORTH IN THE TENDER OFFER MEMORANDUM. ANY INFORMATION IN THIS ANNOUNCEMENT AND RELATED DOCUMENTS IN RESPECT OF GLOBAL DEPOSITARY RECEIPTS REPRESENTING THE ORDINARY SHARES OF PJSC “MEGAFON” IS ADDRESSED IN THE RUSSIAN FEDERATION SOLELY TO PERSONS WHO ARE “QUALIFIED INVESTORS” AS DEFINED IN THE RUSSIAN FEDERAL LAW DATED 22 APRIL 1996 NO. 39 FZ “ON THE SECURITIES MARKET” (AS AMENDED).

THE TENDER OFFER IS BEING MADE TO SHAREHOLDERS OF PJSC “MEGAFON” RESIDENT IN THE UNITED STATES IN RELIANCE ON, AND COMPLIANCE WITH, SECTION 14(E) OF THE EXCHANGE ACT AND REGULATION 14E THEREUNDER TO THE EXTENT APPLICABLE. THE TENDER OFFER IS BEING MADE IN THE UNITED STATES BY MEGAFON INVESTMENTS (CYPRUS) LIMITED AND NO ONE ELSE.

THE RELEASE, PUBLICATION OR DISTRIBUTION OF THIS ANNOUNCEMENT IN JURISDICTIONS MAY BE RESTRICTED BY LAW AND THEREFORE PERSONS SHOULD INFORM THEMSELVES ABOUT THE LAWS OF THEIR JURISDICTION, AND OBSERVE ANY APPLICABLE REQUIREMENTS.

IN ACCORDANCE WITH RUSSIAN LAW AND PURSUANT TO RULE 14E-5 OF THE U.S. SECURITIES EXCHANGE ACT OF 1934 (THE “EXCHANGE ACT”), AFFILIATES OF PJSC “MEGAFON” THAT ARE NOT MEMBERS OF THE MEGAFON CONSOLIDATED GROUP AND OVER WHICH PJSC “MEGAFON” DOES NOT EXERCISE CONTROL AND THEIR RESPECTIVE NOMINEES OR BROKERS (ACTING AS AGENTS), AND ANY ADVISOR TO PJSC “MEGAFON” OR ANY OF ITS AFFILIATES AND ANY DEALER MANAGER IN THE TENDER OFFER OR ANY OF ITS AFFILIATES, AND ANY PERSON ACTING, DIRECTLY OR INDIRECTLY, IN CONCERT WITH ANY SUCH PERSONS, MAY FROM TIME TO TIME MAKE PURCHASES OF, OR ARRANGEMENTS TO PURCHASE, SECURITIES OTHER THAN PURSUANT TO THE TENDER OFFER, BEFORE OR DURING THE PERIOD IN WHICH THE TENDER OFFER IS OPEN FOR SUBMISSION OF TENDERS, SO LONG AS THOSE ACQUISITIONS OR ARRANGEMENTS COMPLY WITH APPLICABLE RUSSIAN LAW AND THE PROVISIONS OF AN EXCEPTION PROVIDED UNDER RULE 14E-5 OF THE EXCHANGE ACT. ANY OF THE PURCHASES REFERRED TO IN THIS PARAGRAPH MAY OCCUR EITHER IN THE OPEN MARKET AT PREVAILING PRICES OR IN PRIVATE TRANSACTIONS AT NEGOTIATED PRICES. INFORMATION ABOUT SUCH PURCHASES WILL BE DISCLOSED AS AND IF REQUIRED BY APPLICABLE SECURITIES LAWS. THE TENDER OFFER IS BEING MADE FOR THE SECURITIES OF A RUSSIAN COMPANY AND APPLICABLE DISCLOSURE REQUIREMENTS MAY BE DIFFERENT FROM U.S. DISCLOSURE REQUIREMENTS. IN ADDITION, U.S. INVESTORS SHOULD BE AWARE THAT THE TENDER OFFER MEMORANDUM HAS BEEN PREPARED IN A FORMAT AND STYLE, WHICH DIFFER FROM THE U.S. FORMAT AND STYLE. NEITHER THE SEC NOR ANY U.S. STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE TENDER OFFER OR PASSED UPON THE ADEQUACY OR COMPLETENESS OF THIS NOTICE OR ANY DOCUMENTATION RELATING TO THE TENDER OFFER. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE.

FURTHERMORE, THE PAYMENT AND SETTLEMENT PROCEDURE WITH RESPECT TO THE TENDER OFFER FOR ORDINARY SHARES DIFFERS FROM U.S. PAYMENT AND SETTLEMENT PROCEDURES, PARTICULARLY WITH REGARD TO THE DATE OF PAYMENT OF CONSIDERATION.

THIS ANNOUNCEMENT, AND ANY INVESTMENT ACTIVITY TO WHICH IT RELATES, IS AVAILABLE ONLY TO (I) PERSONS WHO ARE OUTSIDE THE UNITED KINGDOM, (II) INVESTMENT PROFESSIONALS FALLING WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE “ORDER”), (III) HIGH NET WORTH COMPANIES FALLING WITHIN ARTICLE 49(2)(A) TO (D) OF THE ORDER, (IV) PERSONS WITHIN THE SCOPE OF ARTICLE 43 OF THE ORDER, OR (V) ANY OTHER PERSONS TO WHOM IT MAY OTHERWISE LAWFULLY BE MADE UNDER THE ORDER (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS “RELEVANT PERSONS”). THIS ANNOUNCEMENT MAY NOT BE ACTED OR RELIED ON IN THE UNITED KINGDOM BY ANYONE WHO IS NOT A RELEVANT PERSON.

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15 November 2018

Resolutions taken by the Board of Directors

Moscow, Russian Federation (15 November 2018) — Public Joint Stock Company “MegaFon” (MoEx: MFON), a pan-Russian operator of digital opportunities (“MegaFon” or the “Company”), announces that MegaFon’s Board of Directors during its meeting held on 14 November 2018 adopted the following resolutions:
14 November 2018

MegaFon announces election of Gevork Vermishyan as CEO

Moscow, Russian Federation (14 November 2018) — Public Joint Stock Company “MegaFon” (MoEx: MFON), a pan-Russian operator of digital opportunities (“MegaFon” or the “Company”), announces that at a General Shareholders Meeting held on 13 November 2018, the shareholders of MegaFon approved the recommendation of the Board of Directors that Gevork Vermishyan be appointed as the Company’s Chief Executive Officer. The appointment is for a three-year term.
6 November 2018

Statement of convocation of EGM

Moscow, Russian Federation (6 November 2018) — Public Joint Stock Company “MegaFon” (MoEx: MFON), a pan-Russian operator of digital opportunities (“MegaFon” or the “Company”), announces that on 2 November 2018 the Board of Directors of MegaFon provided consent to interrelated major transactions — financing by the Company of its wholly-owned subsidiary MegaFon Finance LLC (the “Financing”) and provision of a suretyship with respect to a bank guarantee that may be obtained by MegaFon Finance LLC, and resolved to convene an Extraordinary General Meeting of Shareholders (“EGM”) on 6 December 2018 in the form of absentee voting to consent to the above interrelated major interested party transactions.