CJSC Polyus intends to offer to acquire remaining 16.38% stake in Lena Gold-Mining Public Joint Stock Company Lenzoloto (MISX:LNZL) on August 17, 2020. As reported, the offer will be made to all the eligible holders of ordinary and preferred shares of PJSC Lenzoloto to either sell their shares in PJSC Lenzoloto to Polyus Krasnoyarsk for cash or to exchange them for ordinary shares of Public Joint Stock Company Polyus (MISX : PLZL), the parent of JSC Polyus Krasnoyarsk, ), in each case subject to certain exceptions and requirements to be set out in the terms and conditions of the offer. Lenzoloto shareholders that elect to tender their Lenzoloto shares in the offer will be entitled, subject to certain requirements of the terms and conditions of the offer, to elect to receive either ordinary shares of Polyus in the amount determined pursuant to the terms of the offer ("Equity Conversion") or cash at a price of RUB 19,567 per one ordinary share of Lenzoloto and RUB 3,607 per one preferred share of Lenzoloto or a combination of the ordinary shares of Polyus and cash, pursuant to the terms of the offer, provided that where application of the exchange ratio in the Equity Conversion or the combined option results in a fractional Polyus share, Lenzoloto shareholders electing to receive Polyus shares will receive a whole number of Polyus shares calculated using the relevant exchange ratio and an amount in cash in lieu of any fractional entitlement, calculated pro-rata to the respective price of the Polyus share. It is expected that following completion of the Offer Polyus Krasnoyarsk will consolidate GMC Lenzoloto, and Lenzoloto will distribute the entire remaining amount of cash on its balance sheet, including proceeds from the transaction (less cash reserved for maintenance of the legal structure), in the form of dividend in 2021. Subsequently, Lenzloto may be liquidated, subject to receipt of all necessary corporate approvals. The offer will be conditional on the approval by the extraordinary general shareholders' meeting of Lenzoloto of the sale and transfer by Lenzoloto of 94.4% of shares in JSC GMC Lenzoloto to Polyus Krasnoyarsk, as a result of which Polyus Krasnoyarsk would acquire and directly own 100% of shares in GMC Lenzoloto, for the total purchase price of RUB 19.9 billion. The meeting is scheduled for September 21, 2020. As on September 21, 2020, the transaction for the transfer of 94.4% stake in JSC GMC Lenzoloto was approved by Lenzoloto's shareholders. The offer, when made and if and when it becomes effective, will remain open until December 21, 2020.

CJSC Polyus completed the acquisition of 11.17% stake in Lena Gold-Mining Public Joint Stock Company Lenzoloto (MISX:LNZL) on December 21, 2020. Post the completion of the transaction, Polyus owns 0.13 million ordinary shares and 0.01 million preferred shares in Lenzoloto.