Ordinary Shares Letter of Transmittal

PLEASE CAREFULLY READ THE INSTRUCTIONS ATTACHED HERETO BEFORE COMPLETING AND SUBMITTING THE ORDINARY SHARES LETTER OF TRANSMITTAL

This document should be read in conjunction with the Tender Offer Memorandum dated July 16, 2018 (the “Tender Offer Memorandum”), which, together with this Ordinary Shares Letter of Transmittal (the “Ordinary Shares Letter of Transmittal”), the GDR Corporate Action Notice, and other related documents, contains the proposed tender offer to purchase for cash up to 128,950,036 of the issued and outstanding ordinary registered shares of PJSC MegaFon (“MegaFon”), nominal value 0.1 rubles per share (the “Ordinary Shares”), including Ordinary Shares represented by Regulation S and Rule 144A Global Depositary Receipts (“GDRs”, together with the Ordinary Shares, the “securities”) by MegaFon Investments (Cyprus) Limited (the “Tender Offer”). Unless the context requires otherwise, the definitions used in the Tender Offer Memorandum apply in this Ordinary Shares Letter of Transmittal. All terms and conditions contained in the Tender Offer Memorandum applicable to Ordinary Shares are deemed to be incorporated in and form part of this Ordinary Shares Letter of Transmittal (including with respect to procedures for submitting the Ordinary Shares Letter of Transmittal and transfer of Ordinary Shares).

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