S&P affirms Sistema's credit rating at BB, outlook upgraded to "positive"

Moscow, 11 May 2021 - Sistema PJSFC ("Sistema" or "the Corporation") (LSE: SSA; MOEX: AFKS), a publicly traded Russian investment company, announces that S&P Global Ratings has affirmed the Corporation's credit rating at 'BB' and upgraded the outlook to "positive" as a result of the IPO of the Corporation's portfolio company Segezha Group.

Vladimir Travkov, Sistema's Vice President for Finance, said:

"The upgrade of S&P's outlook to 'positive' reflects the Corporation's success in increasing the share of liquid assets and growing the overall value of our portfolio as a result of the IPOs of Ozon and Segezha Group. S&P also noted the resilience of Sistema's diversified portfolio, which delivered impressive operational results in 2020 despite the global COVID-19 pandemic, as well as steady cash flows at the Corporate Centre level. The 'positive' outlook means that the rating may be upgraded over the next 12-18 months."

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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 the Moscow Exchange. Website: www.sistema.com.

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