Public Joint-Stock Company Bank Otkritie Financial Corporation entered into an agreement to acquire an additional 40% stake in Joint Stock Company Tochka from QIWI plc (NasdaqGS:QIWI) for RUB 5 billion on July 21, 2021. The final deal price adjustment will be performed based on Tochka’s audited results for the year 2021, once available, and is expected to be settled in second quarter of 2022. The transaction is subject to the approval of the Federal Antimonopoly Service of the Russian Federation (“FAS Approval”). In line with best practices, a committee of Directors independent from Otkritie Bank was formed to evaluate and discuss in detail the valuation. The transaction is expected to close in third quarter of 2021. Public Joint-Stock Company Bank Otkritie Financial Corporation completed the acquisition of an additional 40% stake in Joint Stock Company Tochka from QIWI plc (NasdaqGS:QIWI) on September 15, 2021. The transaction has been closed with transfer of shares to Otkritie Bank and cash received by QIWI plc. Under the terms of sale, certain performance adjustments may occur in quarter 2, 2022 depending on Tochka’s FY 2021 audited results. Post completion, Public Joint-Stock Company Bank Otkritie Financial Corporation hold 90.01% stake of in Joint Stock Company Tochka. The transaction has been approved by QIWI’s Board of Directors in July 2021. Russia’s Federal Antimonopoly Service announced its clearance to the transaction, all conditions to closing the deal have been met. The deal delivers at least a 2.5x return on QIWI’s total investment, representing an IRR of not less than 35%.