Company Announcements

FOR IMMEDIATE RELEASE

 May 16, 2019 

Update on cash offer by Severgroup LLC for Lenta Ltd.
Severgroup reaches 50%

The Lenta Directors note the announcement today by Severgroup that Severgroup has received valid acceptances under the Offer in respect of Lenta Securities which, when aggregated with the other Lenta Securities in which Severgroup has an interest (including the Lenta GDRs purchased from TPG and EBRD, but excluding treasury shares), carry in aggregate more than 50 per cent. of Lenta's voting rights and that, as a result, the Offer is being extended and will remain open until 1.00 p.m. (London time) on 4 June 2019 (being the 14^th day after the First Closing Date).

Full terms of the Offer are set out in the Offer Document, which is available, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, on Lenta's website at www.lentainvestor.com/en/investors.

Capitalised terms used but not otherwise defined in this announcement have the meanings given to them in the Offer Document.

Enquiries:

Lenta

Albert Avetikov                        Tel:         +7 812 363-28-44  

                                                    Email:    albert.avetikov@lenta.com

J.P. Morgan (Financial Adviser to Lenta)

Toby Radford                             Tel:         +44 20 7134 7066

                                                     Email:    toby.radford@jpmorgan.com

 Vladimir Blinov                        Tel:         +7 495 937 7310

                                                     Email:    vladimir.e.blinov@jpmorgan.com

Further information

J.P. Morgan Securities plc ("J.P. Morgan"), is authorised by the PRA and regulated by the FCA and the PRA in the United Kingdom. J.P. Morgan is acting exclusively as financial adviser to Lenta and no one else in connection with the Offer and will not regard any other person as its client in relation to the Offer and will not be responsible to anyone other than Lenta for providing the protections afforded to clients of J.P. Morgan or its affiliates, or for providing advice in relation to the Offer or any other matter referred to in this announcement.

This announcement is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the Offer or otherwise, nor shall there be any sale, issuance or transfer of securities of Lenta in any jurisdiction in contravention of applicable law.  The Offer is being made solely by means of the Offer Document, which contains the full terms of the Offer including details of how it may be accepted. Details on how eligible Lenta Securityholders can accept the Offer are set out in the Offer Document.

A copy of the Offer Document is available, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, on Lenta's website at www.lentainvestor.com/en/investors.  For the avoidance of doubt, the contents of that website are not incorporated into and do not form part of this announcement.