Document:

EX-4.3

 Exhibit 4.3 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”), is made as of the [●] 2020, by and among
Ozon Holdings PLC, a Cypriot public limited company, having its registered office at 2-4 Arch. Makarios III, 9th Floor Capital Center, Nicosia, Cyprus, registered (the “Company”), and each of
the investors listed on Schedule A hereto, each of which is referred to in this Agreement as an “Investor” and, the Investors together with the Company, the “Parties” and each, a
“Party.” 
 RECITALS 

WHEREAS, the Company is currently contemplating an underwritten initial public offering of its Ordinary Shares (as defined below) in
the United States (the “IPO” as defined below); and 
 WHEREAS, the Company desires to grant registration rights to
the Investors on the terms and conditions set out in this Agreement; 
 NOW, THEREFORE, in consideration of the covenants and
agreements contained herein, the Parties hereto agree as follows: 
 1. Definitions. For purposes of this Agreement: 

1.1 “Affiliate” means, with respect to any specified Person, (i) a Person that directly, or indirectly through one or
more intermediaries, Controls, or is Controlled by, or is under common Control with, the specified Person; (ii) a legal entity that shares the same investment management or investment advisory company with, or acts solely as bare nominee holder
on behalf of, the specified Person; and (iii) upon any liquidation or other dissolution of a Person which is not a natural person, any Person that is a beneficial owner of the interests held by the entity being liquidated or dissolved. 

1.2 “American Depositary Shares,” or “ADSs” means those certain American Depositary Shares issued pursuant to
a deposit agreement by and among the Company, the depositary, and the owners and holders from time to time of American Depositary Shares issued thereunder, as such agreement may from time to time be amended, each initially representing the right to
receive Ordinary Share(s) deposited under the deposit agreement. 
 1.3 “Baring Vostok Holder” means a Holder that is a fund
entity advised by Baring Vostok Capital Partners Group Limited or any of its successors, or an Affiliate of such Holder. 
 1.4
“Board of Directors” means the board of directors of the Company. 
 1.5 “Business Day” means any day that
is not a Saturday, Sunday or U.S. federal holiday or a day on which banking institutions are authorized or required to be closed in Nicosia, Cyprus and Moscow, Russia. 

 1.6 “Control” (including the terms “Controls”,
“Controlled” and “under common Control with”) means, with respect to any Person, (i) the ownership, directly or indirectly, of interests representing more than fifty percent (50%) of the voting power of a legal
entity; or (ii) having the power to control the management, operations or policies of such Person (whether pursuant to a contract, trust arrangement or otherwise) or (iii) having the power to elect a majority of members to the board of
directors or equivalent decision-making body of such legal entity; provided that, all voting power held by entities under common control (including investment funds under common control) shall be aggregated together and attributed to each
other such entity under common control for the purpose of determining the voting power percentage of each such entity. 
 1.7
“Damages” means any loss, damage, judgment, claim or liability (joint or several) to which a party hereto may become subject under the Securities Act, the Exchange Act, or other U.S. federal or state law. 

1.8 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 1.9 “Excluded Registration” means (i) a registration relating to the sale or grant of securities to
employees of the Company or a subsidiary of the Company pursuant to a stock option, stock purchase, equity incentive or similar plan; (ii) a registration relating to a business combination of the type described under Rule 145; (iii) a
registration on any form that does not include substantially the same information as would be required to be included in a Registration Statement covering the sale of the Registrable Securities; or (iv) a registration in which the only Ordinary
Shares being registered are Ordinary Shares issuable upon conversion of debt securities that are also being registered. 
 1.10
“Foreign Private Issuer” means a “foreign private issuer” within the meaning of Rule 405 of the Securities Act. 

1.11 “Form F-1” means such form under the Securities Act as in
effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC for use by a Foreign Private Issuer or, if the Company is no longer a Foreign Private Issuer, a
Form S-1 under the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC for use by domestic issuers. 

1.12 “Form F-3” means such form under the Securities Act as in
effect on the date hereof or any registration form under the Securities Act subsequently adopted by the SEC for use by a Foreign Private Issuer that permits incorporation of substantial information by reference to other documents filed by the
Company with the SEC or, if the Company is no longer a Foreign Private Issuer, a Form S-3 under the Securities Act as in effect on the date hereof or any registration form under the Securities Act
subsequently adopted by the SEC for use by domestic issuers that permits incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

1.13 “Holder” means any Investor who is a holder of Registrable Securities and who is a party to this Agreement and included
in Schedule A or any Permitted Transferee of the such holder. 
 1.14 “Immediate Family Member” means a child, stepchild,
grandchild, parent, stepparent, grandparent, spouse,
sibling, mother-in-law, father-in-law, son-in-law, 
daughter-in-law, brother-in-law, or sister-in-law, including, adoptive relationships, of a natural person referred to herein. 

  
 2 

 1.15 “Investor(s)” means each of the shareholders of the Company listed in
Schedule A, individually, or any group of these Investors, collectively. 
 1.16 “Initiating Holder(s)” means a Holder or
Holders, as applicable, who initiate a registration request pursuant to Section 2.1. 
 1.17 “IPO”
means the underwritten initial public offering of the Company’s American Depositary Shares, each of which represents one Ordinary Share of the Company, pursuant to an effective Registration Statement under the Securities Act. 

1.18 “Ordinary Shares” means the ordinary shares of the Company, nominal value U.S.$0.001 per share. 

1.19 “Permitted Transferee” means a transferee of Registrable Securities that (i) is an Affiliate of a Holder;
(ii) is a Holder’s or an Affiliate of a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or an Affiliate of a Holder, or one or more of Immediate Family Members of such Holder or Affiliate of a Holder
or (iii) in the case of a Holder that is a partnership, limited liability company, special purpose company or any equivalent thereof, any partner, shareholder or equivalent thereof of such Holder (provided that the transfer is made in a
pro rata distribution). 
 1.20 “Person” means any individual, corporation, partnership, trust, limited liability
company, association or other entity or group. 
 1.21 “Registrable Securities” means (i) any Ordinary Shares of the
Company held by the Holders, (ii) any Ordinary Shares issued or issuable pursuant to the conversion of (x) any convertible or exchangeable securities or (y) preferred shares held by the Holders, (iii) any other securities of the
Company held by the Holders issued or issuable with respect any such shares described in clauses (i) and (ii) above by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation
or other reorganization, (iv) any Ordinary Shares issuable upon conversion of any convertible loan instrument held by or beneficially owned by a Holder and (v) any ADSs in respect of any securities described in clause (i), (ii), (iii) or
(iv). 
 1.22 “Registrable Securities then outstanding” means the number of Ordinary Shares determined by adding the number
of all outstanding Ordinary Shares that are Registrable Securities and the number of Ordinary Shares issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that are Registrable Securities. 

1.23 “registration” means a registration with the SEC of the offer and sale to the public of Ordinary Shares under a
Registration Statement. The terms “registered,” “registered” and “registering” shall have correlative meaning. 

1.24 “Registration Expenses” all expenses incurred by the Company in complying with Clauses 2.1, 2.2 and 2.3 hereof,
including, without limitation, all registration, filing and qualification fees, underwriters’ expense allowances (other than fees, commission and discounts), printing expenses, fees and disbursements of counsel for the Company, blue sky fees
and expenses and expense of any special audits incidental to or required by any such compliance. 

  
 3 

 1.25 “Registration Statement” means any Registration Statement of the
Company on Form F-1 or F-3 filed with, or to be filed with, the SEC under the rules and regulations promulgated under the Securities Act, including
the related prospectus, amendments and supplements to such Registration Statement, including any post-effective amendments, and all exhibits and all material incorporated by reference in such Registration Statement. 

1.26 “SEC” means the U.S. Securities and Exchange Commission. 

1.27 “Rule 144” means Rule 144 promulgated by the SEC under the Securities Act. 

1.28 “Rule 145” means Rule 145 promulgated by the SEC under the Securities Act. 

1.29 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

1.30 “Selling Expenses” means all underwriting discounts, fees, selling commissions, and stock transfer taxes applicable to
the sale of Registrable Securities, and fees and disbursements of counsel for any Holder. 
 1.31 “Shelf Registration
Statement” has the meaning given to such term in Section 2.1(b). 
 1.32 “Sistema Holder” means a Holder that
is Sistema PJSFC or an Affiliate of Sistema PJSFC. 
 1.33 “Underwritten Offering” means a sale of Registrable Securities to
an underwriter or underwriters for reoffering to the public. 
 1.34 “WKSI” means a well-known seasoned issuer as defined in
Rule 405 (or successor rule) promulgated under the Securities Act. 
 2. Registration Rights. The Company covenants and agrees
as follows: 
 2.1 Demand Registration. 

(a) Form F-1 Demand. If at any time after the earlier of
(i) one hundred eighty (180) days following the effective date of the Registration Statement for the IPO and (ii) such date, if any, on which the underwriters for the IPO, pursuant to
the lock-up agreements between the Investors and Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC, as representatives of the underwriters for the IPO, consent to the making of a
demand for, or the exercise of any right with respect to, the registration of any Registrable Securities, the Company receives a request from any Baring Vostok Holder or Sistema Holder that the Company file
a Form F-1 Registration Statement with respect to such number of Registrable Securities that the Initiating Holder(s) indicates in the request and that would reasonably be expected to result in
anticipated aggregate offering proceeds, net of Selling Expenses, of at least $50 million, then (A) the Company shall within five (5) Business Days after the date such request is given, give notice thereof to any Holder who has the
right to be an Initiating Holder under this Section 2.1(a), if any, other than the Initiating Holder(s), (B) such Holder 

  
 4 

 
who thereafter wishes to include all or a portion of its Registrable Securities in such registration shall notify the Company thereof in writing within fifteen (15) days after receipt by the
Holder of the notice from the Company; and (C) the Company shall, as soon as practicable, and in any event within fifty (50) days after the date such request is given by the Initiating Holder(s), file a
Form F-1 Registration Statement under the Securities Act covering all Registrable Securities that the Initiating Holder(s) requested to be registered and any additional Registrable Securities
requested to be included in such registration by any other Holder who has the right to be an Initiating Holder under this Section 2.1(a), subject to Section 2.1(c),
Section 2.1(d), Section 2.3 and Section 2.4. 
 (b) Form F-3 Demand. The Company shall use its reasonable best efforts to qualify and remain qualified to register securities pursuant to a registration statement on Form F-3 (or any successor form) under the Securities Act. At any time when the Company is eligible to use a registration statement on Form F-3, a Baring Vostok Holder or Sistema
Holder holding Registrable Securities reasonably expected to have an aggregate sale price (net of underwriting discounts and commissions, if any) in excess of $50,000,000 shall have the right to require that the Company file a registration
statement (which shall be, if requested by such Holder, a shelf-registration statement, and if the Company is a WKSI, an automatic shelf-registration statement, providing for the registration of, and the sale on a continuous or delayed basis of, the
Registrable Securities (a “Shelf Registration Statement”)) on Form F-3 or any successor form under the Securities Act covering all or any part of the their Registrable Securities, by
delivering a written notice to the Company. Such written notice shall state the number of Registrable Securities to be included in such registration statement. The Company, upon receipt of such a notice, shall within five (5) Business Days give
notice to a Holder who has the right to be an Initiating Holder under this Section 2.1(b), if any, other than the Initiating Holder(s), of the receipt of a request for registration and the Holders shall have fifteen (15) Business Days from
the date of such notice to notify the Company in writing of their desire to participate in the registration. The Company shall file, as soon as practicable, and in any event within fifty (50) days after receipt of the Initiating Holder’s
written notice, a Form F-3 Registration Statement (or a comparable successor form) under the Securities Act covering all Registrable Securities that the Initiating Holder(s) requested to be
registered and any additional Registrable Securities requested to be included in such registration by any other Holder who has the right to be an Initiating Holder under this Section 2.1(b), subject
to Section 2.1(c), Section 2.1(d), Section 2.3 and Section 2.4. 
 (c) If the Company
furnishes to the Holders participating in a registration a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Board of Directors it would be materially detrimental to the Company and
its shareholders for such Registration Statement to be filed, become effective or be used in connection with an offer or sale of Registrable Securities, because such action would (i) materially interfere with a significant acquisition,
corporate reorganization or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the
Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such Registration Statement and/or suspend the use thereof, and any time periods with
respect to filing or effectiveness thereof shall be tolled correspondingly, until the earlier of (x) the date that is seventy-five (75) days after the request of the Initiating Holder(s) is given, (y) the filing of a Form 6-K with respect to such information referred to in clause (ii) above and (z) the cessation of consideration of such transaction referred to in clause
(i); provided, however, that the Company may not invoke this right more than two times in any twelve (12) month period; and provided further that the Company shall not register any securities
for its own account or that of any other shareholder during such seventy-five (75) day period other than an Excluded Registration. 

  
 5 

 (d) The Company shall not be obligated to effect, or to take any action to effect, any
registration pursuant to Section 2.1(a): (i) during the period that is sixty (60) days before the Company’s good faith estimate of the expected date of filing of, and ending on a date that is one hundred eighty
(180) days after the effective date of, a Company-initiated registration; (ii) after the Company has effected three registrations within the twelve (12) month period immediately preceding the date of such request pursuant
to Section 2.1(a); or (iii) if the Initiating Holder(s) requests the registration of Registrable Securities that may be immediately registered on Form F-3 pursuant to a
request made pursuant to Section 2.1(b). 
 The Company shall not be obligated to effect, or to take any action to effect,
any registration pursuant to Section 2.1(b): (i) during the period that is fifty (50) days before the Company’s good faith estimate of the expected date of filing of, and ending on a date that is ninety (90) days
after the effective date of, a Company-initiated registration; or (ii) if the Company has effected three registration pursuant to Section 2.1(b) within the twelve (12) month period immediately preceding the date of
such request. 
 A registration shall not be counted as “effected” for purposes of this Agreement until such time as the
applicable Registration Statement has been declared effective by the SEC, unless the Initiating Holder(s) withdraws their request for such registration (other than as a result of a material adverse change to the Company), in which case such
withdrawn Registration Statement shall be counted as “effected” for purposes of this Section 2.1(d); provided, that if such withdrawal is during a period the Company has deferred taking action pursuant
to Section 2.1(c), then such withdrawal at the request of the Initiating Holder(s) will not be counted as “effected” for purposes of this Agreement. 

(e) Any Holder who has the right to request the Company to include its Registrable Securities in a registration under
Section 2.1 or Section 2.2 hereof, as applicable, and has notified the Company to include any or all of its Registrable Securities in a Registration Statement under the Securities Act, whether
pursuant to this Section 2.1 or Section 2.2, as applicable, shall have the right to withdraw any such notice or direction with respect to any or all of the Registrable Securities designated by it for registration by
giving written notice to such effect to the Company at least five (5) Business Days prior to the effective date of such Registration Statement. In the event of such withdrawal, the Company shall not include such Registrable Securities in the
applicable Registration Statement and such Registrable Securities shall continue to be Registrable Securities for all purposes of this Agreement. No such withdrawal shall affect the obligations of the Company with respect to the Registrable
Securities not so withdrawn; provided, that if such withdrawal shall reduce the number of Registrable Securities sought to be included in any registration below ten percent (10%) of the total number of Registrable Securities with respect
to which registration has been requested pursuant to Section 2.1(a) or Section 2.1(b) above, then the Company shall as promptly as practicable give notice to such effect to each Holder of Registrable Securities
sought to be registered pursuant to Section 2.1 or Section 2.2 hereof, as applicable, and, within ten (10) Business Days following the mailing of such notice, such Holder of Registrable
Securities still seeking registration shall have the option to elect to register additional Registrable Securities to increase the total number of Registrable Securities sought to be registered in the offering above ten percent (10%) of the total
number of Registrable Securities with respect to which a registration has been requested or elect that such 

  
 6 

 
Registration Statement not be filed or, if theretofore filed, be withdrawn, provided, however, that any such election to withdraw such Registration Statement shall not
make the abandoned registration “effected” for purposes of this Agreement with respect to Holders other than Initiating Holder(s). During any such ten (10) Business Day period, the Company shall not file such Registration Statement
or, if such Registration Statement has already been filed, the Company shall not seek, and shall use reasonable best efforts to prevent, the effectiveness thereof. 

(f) Notwithstanding anything to the contrary herein, any registration pursuant to Section 2.1(a) or
Section 2.1(b) of any Registrable Securities shall be in the form of ADSs, unless the Company has previously caused the Ordinary Shares to be listed on a national securities exchange or trading system (it being acknowledged
that the Company shall have no obligation to so list the Ordinary Shares), including any such exchange or system in Russia, Cyprus or elsewhere, and a market exists for the Ordinary Shares not held in the form of ADSs and the Initiating Holder
requests the registration of Ordinary Shares. 
 2.2 Company Registration. If the Company proposes to register any of its
Ordinary Shares under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration unless the only Ordinary Shares being registered are Ordinary Shares issuable upon conversion
of debt securities that are also being registered), the Company shall, at such time, promptly give notice of such proposed registration to each Holder, but in any event no later than 20 days prior to the proposed date of filing of the applicable
registration statement, and each Holder shall be entitled to “piggyback” on such registration. Upon the request of each Holder given within fifteen (15) days after such notice is given by the Company, the Company shall, subject to the
provisions of Sections 2.3 and 2.5 below, use its reasonable best efforts to cause to be registered all of the Registrable Securities that each such Holder has requested to be included in such registration, provided that
unless the Holder otherwise agrees, any Registrable Securities included in such registration pursuant to this Section 2.2 shall be sold pursuant thereto in the form of ADSs. The Company shall have the right to terminate or withdraw
any registration initiated by it under this Section 2.2 before the effective date of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The Registration Expenses of
such withdrawn registration shall be borne by the Company in accordance with Section 2.6. 
 2.3 Underwriting
Requirements. 
 (a) If, pursuant to Section 2.1, the Initiating Holder(s) intend(s) to distribute the Registrable
Securities covered by their request by means of an Underwritten Offering, they shall so advise the Company as a part of their request made pursuant to Section 2.1, and the Company shall include such information in their
notice of the registration request to any Holder who has the right to request a registration under Section 2.1(a) or Section 2.1(b) hereof. The underwriter(s) will be selected by the Company and
shall be reasonably satisfactory to the Initiating Holder(s). In connection with any Underwritten Offering, the right of a Holder to include its Registrable Securities in such registration shall be conditioned upon such Holder’s participation
in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. The Holders proposing to distribute their Registrable Securities in the relevant Underwritten Offering shall
(together with the Company as provided in Section 2.4(e)) enter into an underwriting agreement in customary form with the underwriter(s) selected for such Underwritten Offering 

  
 7 

 
on terms agreed to among the Company, the underwriter(s) and the Initiating Holder(s). Notwithstanding any other provision of this Section 2.3(a), if the underwriter(s) advise(s)
the Initiating Holder(s) in writing that marketing factors require a limitation on the number of shares to be underwritten, then the Initiating Holder(s) shall so advise all Holders whose Registrable Securities would otherwise be underwritten
pursuant hereto, and the number of Registrable Securities that may be included in the Underwritten Offering shall be allocated among the participating Holders in the Underwritten Offering, including those of the Initiating Holder(s), in proportion
(as nearly as practicable) to the number of Registrable Securities owned by each Holder or in such other proportion as shall mutually be agreed to by all such selling Holders. To facilitate the determination of the number of Registrable Securities
held by a Holder to be included in such underwriting in accordance with the above provisions, the Company or the underwriters may round the number of shares or ADSs, as the case may be, held by any Holder to the nearest one hundred (100) shares
or ADSs. 
 (b) In connection with any offering involving an underwriting of Ordinary Shares/ADSs pursuant to a Company – initiated
registration, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless such Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters
(including the entry into an underwriting agreement containing customary provisions applicable to a selling Holder), and then only in such quantity as the underwriters in their sole discretion determine is compatible with the success of the offering
by the Company. If the total number of securities, including Registrable Securities, requested by the Holders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their
reasonable discretion determine will not jeopardize the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the
Company in their sole discretion determine will not jeopardize the success of the offering. If the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the
Registrable Securities that are included in such offering shall be allocated among the selling Holders in proportion (as nearly applicable to) the number of Registrable Securities owned by each selling Holder or in such other proportions as shall
mutually be agreed to by all such selling Holders. To facilitate the determination of the number of Registrable Securities held by a Holder to be included in such underwriting in accordance with the above provisions, the Company or the underwriters
may round the number of shares or ADSs, as the case may be, held by any Holder to the nearest one hundred (100) shares or ADS. Notwithstanding the foregoing, in no event shall the number of Registrable Securities requested to be included in any
offering involving an underwriting of Ordinary Shares/ADSs pursuant to a Company-initiated registration be reduced below twenty percent (20%) of the total number of securities included in such offering. For purposes of the provisions in
this Section 2.3 concerning apportionment, a Holder and any Affiliates of such Holder, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall
be based upon the aggregate number of Registrable Securities owned by all Persons included in such “selling Holder,” as defined in this sentence. 

(c) Shelf Take-Downs. If at any time that a Shelf Registration Statement covering Registrable Securities is effective, if any Baring
Vostok Holder or Sistema Holder delivers a notice to the Company (a “Take-Down Notice”) stating that it intends to effect an Underwritten Offering of all or part of its Registrable Securities included by it on the Shelf Registration
Statement (a “Shelf Underwritten Offering”), then the Company shall amend or supplement the Shelf Registration Statement as may be necessary in order to enable such 

  
 8 

 
Registrable Securities to be distributed pursuant to the Shelf Underwritten Offering (taking into account the inclusion of Registrable Securities by any other Holder who has the right under this
Section 2.3(c) to deliver a notice to the Company to the effect that it intends to effect an Underwritten Offering pursuant to this Section 2.3(c)). If any such Holder intends to sell Registrable Securities pursuant to any Shelf
Registration Statement through an Underwritten Offering, the Company shall take all steps to facilitate such an offering, including the actions required pursuant to this Section 2.3, as appropriate. A Baring Vostok Holder or Sistema Holder
shall be entitled to request no more than 3 (three) of shelf takedowns in any 12 (twelve) month period to effect a Shelf Underwritten Offering. In connection with any Shelf Underwritten Offering: 

 

	 	(i)	 The Company shall within five (5) Business Days of receipt of the Take-Down Notice deliver the Take-Down
Notice to all other Holders of Registrable Securities who have the right under Section 2.3(c) hereof to deliver a notice to the Company to the effect that it intends to effect an Underwritten Offering and permit such Holder
to include such Registrable Securities in the Shelf Underwritten Offering if such Holder notifies the requesting Holder and the Company within 5 (five) Business Days after distribution or dissemination (including via e-mail, if available) of the Take-Down Notice to such Holder, provided that no such notice shall be required if the requesting Holder wishes to engage in a block sale; 

 

	 	(ii)	 in the event that the underwriter(s) advises the requesting Holder in writing that marketing factors require a
limitation on the number of securities to be underwritten, then the requesting Holder shall so advise any Holder whose Registrable Securities would otherwise be underwritten pursuant to this Section 2.3(c), and the number
of Registrable Securities that may be included in the Underwritten Offering shall be allocated among participating Holders as described in Section 2.3(b); and 

 

	 	(iii)	 the underwriter(s) will be selected by the requesting Holder and shall be reasonably satisfactory to the
Company. 

 (d) For purposes of Section 2.1, a registration shall not be counted as “effected” if, as
a result of an exercise of the underwriter’s cutback provisions in Section 2.3(a), fewer than fifty percent (50%) of the total number of Registrable Securities that Holders have requested to be included in such Registration
Statement are actually included. 
 2.4 Obligations of the Company. Whenever required under
this Section 2 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a) prepare and file with the SEC a Registration Statement with respect to such Registrable Securities and use its reasonable best efforts to
cause such Registration Statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such Registration Statement effective for a period of up to one hundred twenty
(120) days or, if earlier, until the distribution contemplated in the Registration Statement has been completed; provided, however, that (i) such one hundred twenty (120) day period shall be extended for a
period of time equal to the period the Holder refrains, at the request of an underwriter of Ordinary Shares (or other securities) of the Company (which request may be disregarded by any such Holder), from selling any securities

  
 9 

 
included in such registration, and (ii) in the case of any registration of Registrable Securities on Form F-3 that are intended to be
offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, the Company shall use reasonable best efforts to keep the Registration Statement effective until all such Registrable Securities registered thereunder are
sold or are no longer outstanding; 
 (b) prepare and file with the SEC such amendments and supplements to such Registration Statement, and
the prospectus used in connection with such Registration Statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such Registration Statement; 

(c) within a reasonable time before each filing of the Registration Statement or prospectus or amendments or supplements thereto with the SEC,
furnish to counsel selected by the Holders of Registrable Securities copies of such documents proposed to be filed, which documents shall be subject to the approval of such counsel, which shall not be unreasonably withheld; 

(d) furnish to the selling Holders such number of copies of a prospectus, including a preliminary prospectus and such other documents as the
Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; 
 (e) use its reasonable best
efforts to register and qualify the securities covered by such Registration Statement under such other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the
selling Holders, cooperate with each selling Holder and underwriter and their respective counsel in connection with any filings required to be made with FINRA, and cause the securities to be registered with or approved by such other governmental
agencies or authorities as may be necessary to enable the consummation of the disposition of the Registrable Securities; provided that the Company shall not be required to qualify to do business in any such jurisdictions; 

(f) in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the underwriter(s) of such offering; 
 (g) furnish to the underwriter(s) and each prospective selling Holder a signed
counterpart, addressed to the underwriter(s) and prospective selling Holder, of (i) an opinion of counsel for the Company, dated the effective date of the Registration Statement, and (ii) a “comfort” letter signed by the
independent public accountants who have certified the Company’s financial statements included in the Registration Statement, covering substantially the same matters with respect to the Registration Statement (and the prospectus included
therein) and (in the case of the accountants’ letter) with respect to events subsequent to the date of the financial statements, as are customarily covered (at the time of such registration) in opinions of the Company’s counsel and in
accountants’ letters delivered to the underwriters in underwritten public offerings of securities; 
 (h) in connection with an
Underwritten Offering, have appropriate officers of the Company prepare and make presentations at any “road shows” and before analysts and rating agencies, as the case may be, and otherwise use its reasonable best efforts to cooperate as
reasonably requested by the underwriters in the offering, marketing or selling of the Registrable Securities; 

  
 10 

 (i) use its reasonable best efforts to cause all such Registrable Securities covered by such
Registration Statement (or the ADSs representing such Registrable Securities) to be listed on The Nasdaq Global Select Market or on such other national securities exchange or trading system on which such securities are then listed as the Initiating
Holder may request; 
 (j) provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and
provide a CUSIP number for all such Registrable Securities (or the ADSs representing such Registrable Securities), in each case not later than the effective date of such registration; 

(k) promptly make available for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant to
such Registration Statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause
the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the
accuracy of the information in such Registration Statement and to conduct appropriate due diligence in connection therewith; 
 (l) notify
each selling Holder, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, upon discovery that, or upon the happening of any event as a result of which, the Registration Statement, the prospectus
included in such Registration Statement or any document incorporated or deemed to be incorporated therein by reference, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated
therein or necessary to be stated in order to make the statements therein not misleading, and, at the request of any selling Holder, as promptly as reasonably practicable prepare and furnish to such selling Holder a reasonable number of copies of a
supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to be stated in order to make the statements therein not misleading; 
 (m) notify
each selling Holder, promptly after the Company receives notice thereof, of the time when such Registration Statement has been declared effective or a supplement to, or amendment of, any prospectus forming a part of such Registration Statement has
been filed; 
 (n) after such Registration Statement becomes effective, notify each selling Holder of any request by the SEC or any other
U.S. or state-governmental authority that the Company amend or supplement such Registration Statement or prospectus; 
 (o) notify each
selling Holder of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings by any Person for that purpose; 

(p) use reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of the Registration Statement; 

(q) take all other customary steps reasonably necessary to effect the registration, offering and sale of the Registrable Securities; and 

  
 11 

 (r) if the Holder holds Ordinary Shares and it wishes to deposit such Ordinary Shares with
the depositary bank for the ADSs, the Company shall use all reasonable best efforts to cooperate with such Holder and take any action it is required to take, if any, promptly and expeditiously in connection with the deposit of Ordinary Shares by
such Holder and the issuance of ADSs to such Holder. 
 2.5 Furnish Information. It shall be a condition precedent to the
obligations of the Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the
Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities. 

2.6 Expenses of Registration. Except as specifically provided herein, all Registration Expenses incurred in connection with any
registration pursuant to Sections 2.1, 2.2. or 2.3 hereof (except as otherwise provided below) shall be borne by the Company; provided, however, that the selling Holders must bear all Registration Expenses for registration proceedings
begun pursuant to Section 2.1 and subsequently withdrawn by the Holders. All Selling Expenses shall be borne by the selling Holders pursuant to such registration pro rata on the basis of the number of Registrable Securities
so registered on their behalf. All legal expenses in connection with issuance of any legal opinion required by the depositary bank for the ADSs in connection with a deposit of Ordinary Shares by a Holder with such depositary bank and the issuance of
ADSs to such Holder, and a transfer of ADSs of a Holder held on the books of the depositary bank shall be borne by the Company. Subject to the immediately preceding sentence, all expenses relating to any selling Holders’ legal counsel,
financial advisor or other professional advisors (whether so classified as Registration Expenses or Selling Expenses) shall be borne by the relevant Holder(s) that retained such advisor. 

2.7 Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any
registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

2.8 Indemnification. If any Registrable Securities are included in a Registration Statement under this Section 2:

 (a) To the extent permitted by law, the Company will indemnify and hold harmless each selling Holder, and the partners, members, officers,
directors, employees, and shareholders of each such Holder; agents of each such Holder; any underwriter (as defined in Section 2(a)(11) of the Securities Act) for each such Holder; and each Person, if any, who controls such Holder or
underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, insofar as such loss, damage, judgment, claim or liability (or any action in respect thereof) arises out of or is based upon: (i) any untrue
statement or alleged untrue statement of a material fact contained in any Registration Statement of the Company, including any preliminary prospectus or final prospectus contained therein, any amendments or supplements thereto or any document
incorporated therein by reference; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (iii) any violation or alleged violation
by the indemnifying party (or any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the 

  
 12 

 
Exchange Act, or any state securities law, and the Company will pay to each such Holder, underwriter, controlling Person, or other aforementioned Person any legal or other expenses reasonably
incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in
this Section 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the written consent of the Company, which consent shall not be unreasonably
withheld, nor shall the Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder,
underwriter, controlling Person, or other aforementioned Person expressly for use in connection with such registration. 
 (b) To the extent
permitted by law, each selling Holder, severally and not jointly, will indemnify and hold harmless the Company, and each of its directors, each of its officers who has signed the Registration Statement, each Person (if any), who controls the Company
within the meaning of the Securities Act, agents of the Company, any underwriter (as defined in Section 2(a)(11) of the Securities Act), any other Holder selling securities in such Registration Statement, and any controlling Person of any such
underwriter or other Holder, against any Damages, in each case only to the extent that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of
such selling Holder expressly for use in connection with such registration; and each such selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with
investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the indemnity agreement contained in
this Section 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the written consent of the Holder, which consent shall not be unreasonably
withheld; and provided further that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution
under Sections 2.8(b) and 2.8(d) exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct
by such Holder. 
 (c) Promptly after receipt by an indemnified party under this Section 2.8 of notice of
the commencement of any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under
this Section 2.8, give the indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires,
participate jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together
with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified
party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such action. The failure to give notice
to the indemnifying party within a reasonable time of receipt of notice of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this Section 2.8, to
the extent that such failure materially prejudices the indemnifying party’s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party
otherwise than under this Section 2.8. 

  
 13 

 (d) To provide for just and equitable contribution to joint liability under the Securities
Act in any case in which either: (i) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Section 2.8 but it is judicially determined (by the entry of a final judgment or
decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this
Section 2.8 provides for indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Section 2.8,
then, and in each such case, such parties will contribute to the aggregate losses, claims, damages, judgments, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the
relative fault of each of the indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, judgment, liability, or expense, as well as to reflect any other
relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the
omission or alleged omission of a material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent
such statement or omission; provided, however, that, in any such case (x) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such
Holder pursuant to such Registration Statement, and (y) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of
such fraudulent misrepresentation; and provided further that in no event shall a Holder’s liability pursuant to this Section 2.8(d), when combined with the amounts paid or payable by such Holder
pursuant to Section 2.8(b), exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder. 

(e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with any Underwritten Offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f) Unless otherwise superseded by an underwriting agreement entered into in connection with an Underwritten Offering, the obligations of the
Company and Holders under this Section 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall survive the termination of this
Agreement. 
 2.9 Reports Under Exchange Act. With a view to making available to the Holders the benefits of Rule 144 and
any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form F-3, the
Company shall: 

  
 14 

 (a) use reasonable best efforts to (i) file in a timely fashion the reports required to
be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (at any time after the Company has become subject to such reporting requirements) and (ii) make publicly available adequate
current public information and any other information so long as necessary to permit sales in compliance with Rule 144 and Regulation S under the Securities Act (as such rules may be amended from time to time), at all times after the effective date
of the Registration Statement filed by the Company for the IPO; and 
 (b) furnish to any Holder, so long as the Holder owns any Registrable
Securities, forthwith upon request (i) to the extent accurate, a written statement by the Company that it has complied with the reporting requirements of Rule 144 (at any time after ninety (90) days after the effective date of the
Registration Statement filed by the Company for the IPO), the Securities Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold
pursuant to Form F-3 (at any time after the Company so qualifies); and (ii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC
that permits the selling of any such securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant
to Form F-3 (at any time after the Company so qualifies to use such form). 

2.10 Termination of Registration Rights. The right of any Holder to request registration or inclusion of Registrable Securities in
any registration pursuant to any of Section 2.1, Section 2.2 or Section 2.3 shall terminate upon the earliest to occur of: 

(a) a Registration Statement or Statements with respect to the sale of the Registrable Securities shall have become effective under the
Securities Act and all the Registrable Securities held by the relevant Holder have been disposed of in accordance with such Registration Statement(s); 

(b) with respect to a Holder, all the Registrable Securities of such Holder have been sold to the public pursuant to Rule 144 (or any
successor provision) promulgated under the Securities Act; and 
 (c) with respect to a Holder, if such Holder of such Registrable Securities
holds less than one percent (1%) of the then issued and outstanding securities of the Company (determined as the aggregate number of Registrable Securities held by such Holder and its Permitted Transferees) and such Registrable Securities are
eligible for sale pursuant to Rule 144 under the Securities Act (or any successor provision) without compliance with the manner of sale, volume and other limitations under such rule and are not otherwise subject to transfer restriction. 

3. Miscellaneous. 

3.1 Successors and Assigns. The rights under this Agreement may be assigned (but only with all related obligations) by a Holder to
a Permitted Transferee; provided, however, that (x) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such Permitted Transferee and the number of
Registrable Securities with respect to which such rights are being transferred; and (y) such Permitted Transferee agrees in a customary written instrument delivered to the Company to be bound by and subject to the terms and conditions of this
Agreement, including the provisions 

  
 15 

 
of Section 2.10. The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties. Nothing
in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this Agreement,
except as expressly provided herein. 
 3.2 Governing Law. This Agreement shall be governed by the internal law of the State of
New York, without regard to conflict of law principles that would result in the application of any law other than the law of the State of New York. 

3.3 Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of
2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

3.4 Titles and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not to be considered in
construing or interpreting this Agreement. 
 3.5 Notices. 

(a) All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given
upon the earlier of actual receipt or (i) personal delivery to the party to be notified; (ii) when sent, if sent by electronic mail or facsimile during the recipient’s normal business hours, and if not sent during normal business
hours, then on the recipient’s next business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one (1) business day after the date of receipt
provided to an internationally recognized courier service (such as DHL, FedEx, TNT, UPS). All communications shall be sent to the respective parties at their addresses as set forth on Schedule A hereto, or to the principal
office of the Company and to the attention of the Chief Executive Officer and Board of Directors, in the case of the Company, or to such email address, facsimile number, or address as subsequently modified by written notice given in accordance with
this Section 3.5. 
 3.6 Amendments and Waivers. Any term of this Agreement may be amended, modified or
terminated and the observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company each Baring Vostok Holder and Sistema
Holder and the holders of at least the majority of the Registrable Securities then outstanding provided that any provision hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other
party. Notwithstanding the foregoing, this Agreement may not be amended, modified or terminated and the observance of any term hereof may not be waived with respect to (a) Registrable Securities without the written consent of each Baring Vostok
Holder and Sistema Holder and the holders of at least the majority of the Registrable Securities then outstanding or (b) any Holder without the written consent of such Holder, unless such amendment, termination, or waiver applies to all
Holders, as the case may be, in the same fashion. The Company shall give prompt notice of any amendment, modification or termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, modification,
termination, or waiver. Any amendment, modification, 

  
 16 

 
termination, or waiver effected in accordance with this Section 3.6 shall be binding on all parties hereto, regardless of whether any such party has consented thereto. No
waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision. 

3.7 Severability. In case any one or more of the provisions contained in this Agreement is for any reason held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and construed so that it will
be valid, legal, and enforceable to the maximum extent permitted by law. 
 3.8 Aggregation of Stock. Registrable Securities held
or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such Affiliated Persons may apportion such rights as among themselves in any manner they deem appropriate.

 3.9 Entire Agreement. This Agreement (including any Schedules and Exhibits hereto) constitutes the full and entire
understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled. 

3.10 Arbitration. Any dispute, controversy or claim arising out of or in connection with this Agreement, including any question
regarding its existence, validity or termination, or the transactions contemplated herein, or the breach, termination or validity thereof may be referred to and finally resolved by arbitration under the Arbitration Rules of the London Court of
International Arbitration (“LCIA”) (the “Rules”), which Rules are deemed to be incorporated by reference in this Section 3.10. The number of arbitrators shall be three (3), and the parties
in such arbitration shall each nominate one (1) arbitrator. The third arbitrator, who will act as chairman of the arbitral tribunal, will be appointed by the President of the LCIA having taken into account any agreement on the arbitrator to be
appointed as chairman of the arbitral tribunal reached by the two Party-nominated or appointed arbitrators, such agreement to be within fourteen (14) days of the appointment of the last party nominated or appointed arbitrator. The legal place
of arbitration shall be London and the language of arbitration shall be English. This arbitration agreement, including its validity and scope, shall be governed by New York law. 

3.11 Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY
TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE EITHER OF SUCH WAIVERS, (II) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVERS, (III) IT MAKES SUCH WAIVERS VOLUNTARILY AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 3.11. 

  
 17 

 3.12 Delays or Omissions. No delay or omission to exercise any right, power, or
remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or nondefaulting party, nor shall it be construed to be a
waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter
occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 

[Remainder of Page Intentionally Left Blank] 

  
 18 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first
written above. 
  

			
	COMPANY:
	
	OZON HOLDINGS PLC
		
	By:	 	      

		 	Name:
		 	Title:
	
	Address For Notice:
	 2-4 Arch. Makarios III,

9th Floor Capital Center,

	Nicosia, Cyprus
	
	BARING VOSTOK FUND V NOMINEES LIMITED
		
	By:	 	      

		 	Name:
		 	Title:
	
	Address For Notice:
	1 Royal Plaza,
	Royal Avenue, St. Peter Port,
	Guernsey GY1 2HL
	
	BARING VOSTOK OZON LP
		
	By:	 	      

		 	Name:
		 	Title:
		
		 	Signed by Baring Vostok Ozon Managers Limited acting in its capacity
		 	as general partner of Baring Vostok Ozon (GP) L.P.,
		 	in turn acting in its capacity as general partner of Baring Vostok Ozon L.P.
	
	Address For Notice:
	Western Suite, Ground Floor, Mill Court,
	La Charroterie, St. Peter Port,
	Guernsey GY1 1EJ, Channel Islands

  
 19 

			
	
	BV SPECIAL INVESTMENTS LIMITED
		
	By:	 	      

		 	Name:
		 	Title:
	
	Address For Notice:
	1st and 2nd Floors, Elizabeth House,
	Les Ruettes Brayes, St Peter Port,
	Guernsey GY1 1EW, Channel Islands
	
	SISTEMA PUBLIC JOINT STOCK FINANCIAL COMPANY
		
	By:	 	      

		 	Name:
		 	Title:
	Address For Notice:
	 13/1 Mokhovaya St.,
 125009 Moscow,
Russia

  
 20 

 SCHEDULE A 

Investors 
  

			
	 Investor
	  	 Address

		
	Sistema Public Joint Stock Financial Company	  	 13/1 Mokhovaya St.,
 125009 Moscow,

Russia

		
	Baring Vostok Fund V Nominees Limited	  	 1 Royal Plaza,
 Royal Avenue, St. Peter
Port,
 Guernsey GY1 2HL

		
	Baring Vostok Ozon LP	  	 Western Suite, Ground Floor, Mill Court,
 La
Charroterie, St. Peter Port,
 Guernsey GY1 1EJ, Channel Islands

		
	BV Special Investments Limited	  	 1st and 2nd Floors, Elizabeth House,
 Les
Ruettes Brayes, St Peter Port,
 Guernsey GY1 1EW, Channel Islands

  
 21EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

AMENDED AND RESTATED 

CONVERTIBLE LOAN AGREEMENT 

IN RESPECT OF 

OZON HOLDINGS LIMITED 

AS BORROWER 

 THIS AMENDED AND RESTATED CONVERTIBLE LOAN AGREEMENT (this “Agreement”) is made on
/1/ October 2019 by and among: 
  

	(1)	 PRINCEVILLE GLOBAL ECOMMERCE INVESTMENTS I LIMITED, a company duly incorporated and validly existing
under the laws of the British Virgin Islands, having its registered office at Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands (“Lender”); and 

 

	(2)	 OZON HOLDINGS LIMITED, a limited liability company registered under Cyprus law with its registered
address at 2-4 Arch. Makarios III, 9th Floor Capital Center, Nicosia, Cyprus (the “Borrower”), 

(The Lender and the Borrower shall also be referred to herein individually as a “Party” and, collectively, the “Parties”).

  

	1.	 Definitions and Interpretation 

 

	1.1	 In this Agreement, except where the context requires otherwise: 

“Additional Amount” means an amount of up to eight hundred forty seven million ninety six thousand seven hundred nine Rubles
(RUB 847,096,709); 
 “Affiliate” of a Person (the “first Person”) means (a) a Person that directly, or
indirectly through one or more intermediaries, Controls, or is Controlled by, or is under common Control with, the first Person; (b) a legal entity that shares the same investment management or investment advisory company with, or acts solely
as bare nominee holder on behalf of a Party; and/or (c) upon any liquidation or other dissolution of a Person which is not a natural person, any Person that is a beneficial owner of the interests held by the entity being liquidated or
dissolved, and “Affiliated” shall be construed accordingly; 
 “Applicable Rate” means (i) the simple
per annum interest rate of ten per cent (10%); or (ii) upon the occurrence of a Non-Qualifying Lender Event the maximum applicable reference rate set by the Central Bank of Cyprus from time to time, but
in no event shall exceed ten per cent (10%) per annum; 
 “Approved Loan Amount” means three billion five hundred million
Rubles (RUB 3,500,000,000); 
 “Articles of Association” means the Memorandum and Articles of Association of the
Borrower in force from time to time; 
 “Assigned Loan Commitment” has the meaning given in clause 12.4 hereof; 

“Borrower’s Account” means the Borrower’s account with, with the following requisites: 

  
 2 

 “Borrower Warranties” means the warranties set out in Schedule B; 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in Moscow, Russia,
London, England, New York, USA, or the Republic of Cyprus are authorized or permitted by law to close; 
 “Claim”
means any claim under this Agreement; 
 “Consolidated Arbitration” has the meaning given in clause 15.13 hereof; 

“Control” (including the terms “Controls”, “Controlled by” and “under common Control
with”) means, with respect to any Person, the ownership, directly or indirectly, of interests representing more than fifty per cent. (50%) of the voting power of a legal entity, or having the power to control the management, operations or
policies of such Person (whether pursuant to a contract, trust arrangement or otherwise) or elect a majority of members to the board of directors or equivalent decision-making body of such legal entity; provided that, all voting power held by
entities under common control (including investment funds under common control) shall be aggregated together and attributed to each other such entity under common control for the purpose of determining the voting power percentage of each such
entity; 
 “Conversion” means conversion of the entire Loan into Ordinary Shares to be made in accordance with clause 6.1
hereof; 
 “Conversion Date” means the earlier of: (a) the date when the Conversion must occur in accordance with
clause 5 hereof or (b) the date of the actual Conversion; 
 “Conversion Price” means ten thousand seven hundred Rubles
(RUB 10,700) per Ordinary Share, unless a Qualified Financing occurs on or before 27 December 2019, in which event the Conversion Price shall be equal to the price per Ordinary Share in Rubles as set in connection with such Qualified Financing
reduced by the Discount Rate; 
 “Conversion Waivers” means such waivers as the Company is required to obtain from its
shareholders under applicable law to permit the conversion of any portion of the Additional Amount, which has been provided by the Lender in excess of the Approved Loan Amount, as contemplated by this Agreement in order for the Company to give
certain Borrower Warranties in respect of any Ordinary Shares to be issued upon conversion of such Additional Amount; 

  
 3 

 “Conversion Warranties” means the Borrower Warranties set forth in
paragraphs 1.1, 1.3, 2.2, 3, 5, 6.1 and 8 of Schedule B; 
 “Data Room” means the Borrower’s virtual data room at: a
copy of which is provided on two (2) identical DVD-R’s sets consisting of two (2) DVD-Rs (each set for the Lender and the Borrower) and each DVD-R initialled by Herbert Smith Freehills CIS LLP (as Lender’s solicitors); 

“Disclosed” means any facts, matters or circumstances fairly disclosed in the Financial Statements, the Shareholders
Agreement, this Agreement and any Disclosed Document and “Disclosure” shall be construed accordingly; 
 “Disclosed
Documents” means: 
  

	 	(a)	 any documents or information made available to the Lender (except for any documents or information in Russian
or any information (in any language) made available to the Lender verbally) during the due diligence meetings held on 20-22 February 2019 and 11 June 2019 in Moscow, Russia; by email uploaded to the Data
Room to folder 3.12; or through the Data Room, contained in folders 1-10; and 

  

	 	(b)	 any documents or information made available to the Lender’s solicitors (whether in English or in Russian)
through the Data Room, contained in folders 1, 3 (excluding folder 3.12), 4 and 7 an index of said documents derived from the Project Phoenix file room is attached hereto as Appendix B; 

“Discount Rate” means the discount rate of ten percent (10%); 

“DML” means Davco Management Limited, a limited liability company registered under Cyprus law with its registered address at
Cyprus, 1065, Nicosia, Arch. Makarios III, 2-4, Capital Center, floor 9; 
 “Dollar”
and “USD” means the lawful currency of the United States of America; 
 “Euro” and “EUR”
means the lawful currency of the member states of the European Union that have adopted the single currency in accordance with the Treaty Establishing the European Community, as amended by the Treaty on European Union and the Treaty of Amsterdam;

 “Event of Default” has the meaning given in clause 5.5 hereof; 

“Exchange Rate” means the RUB/USD exchange rate based on the average MOEX Rate for each of the 5 (five) days prior to the
Payment Date on which the MOEX Rate has been quoted; 
 “Existing Lender” has the meaning given in clause 12.4 hereof; 

“Financial Statements” means the audited consolidated financial statements of the Borrower for the year ending
31 December 2018; 
 “Governmental Authority” means any: 

  
 4 

	 	a)	 nation, state, county, city, town, borough, village, district or other jurisdiction; 

 

	 	b)	 federal, state, local, municipal, foreign or other government; 

 

	 	c)	 governmental or quasi-governmental authority of any nature (including any agency, branch, department, board,
commission, court, tribunal or other entity exercising governmental or quasi-governmental powers); 

  

	 	d)	 multinational organisation or body; 

 

	 	e)	 body exercising, or entitled or purporting to exercise, any administrative, judicial, legislative, police,
regulatory or Taxing Authority or power; or 

  

	 	f)	 official of any of the foregoing, 

in each case, having jurisdiction over the relevant Person. 

“Group” means the Borrower and its Subsidiaries, and “Group Company” means any one of them; 

“Law” means all applicable provisions of all constitutions, treaties, statutes, laws (including the common law), codes, rules,
regulations, ordinances or orders, in each case, which are binding on the Group, of any Governmental Authority, and orders, decisions, injunctions, judgments, awards and decrees of or agreements with any Governmental Authority which are binding on
the Group; 
 “LCIA” has the meaning given in clause 15.2 hereof; 

“Lender’s Knowledge” means such facts, matters or circumstances in respect of the Group or its business within the actual
knowledge of Emmanuel DeSousa, Vivian Huang, or Joaquin Rodriguez Torres based on the Disclosed Documents; 
 “Lender
Warranties” means the warranties set out in clause 10.3; 
 “Liquidity Event” means the occurrence of an IPO
(including a Qualified IPO) (as defined in the Shareholders Agreement) or Ozon Change of Control; 
 “Loan” means the gross
Ruble denominated amount of Tranche 1 and Tranche 2 that is actually lent by the Lender to the Borrower pursuant to this Agreement; 

“Material Adverse Effect” means in respect of the Group taken as a whole, that there has been a material adverse effect on:

  

	 	a)	 its business, where it suffers or is more than likely to suffer a reduction in the Ozon.ru GMV by twenty per
cent (20%) or more year-on-year (measured against the Ozon.ru GMV for the corresponding quarter of the previous year); 

 

	 	b)	 the ability of the Group to carry on its business; or 

 

	 	c)	 the ability of the Group to comply with its obligations under this Agreement; 

  
 5 

 “Maximum Loan Amount” means four billion three hundred forty seven million
ninety six thousand seven hundred nine Rubles (RUB 4,347,096,709); 
 “MOEX Rate” means the rate of exchange of USD into RUB
(represented as the amount of RUB for 1 (one) USD) fixed at or about 12.35 Moscow time by Public Joint-Stock Company Moscow Exchange MICEX-RTS and currently published under the ticker USDFIXME at https://www.moex.com/ru/markets/currency/get-fixing.aspx?code=USDFIXME and by Bloomberg under ticker ID USDRUB MCDF Curncy; 

“New Lender” has the meaning given in clause 12.5 hereof; 

“Non-Qualifying Lender Event” means the exercise by a shareholder of the Borrower of
its rights under the Shareholders Agreement to lend on substantially the same terms of this Agreement in connection with New Issue 2 (as defined in the Notice) and such shareholder either (i) lends an amount which is less than the equivalent of
one million Euros (EUR 1,000,000) and its loan includes provision for a disbursement of less than five hundred thousand Euros (EUR 500,000), or (ii) such shareholder actually lends to the Borrower and the interest rate chargeable by such
shareholder under the applicable laws of the Republic of Cyprus is capped at an amount less than ten per cent. (10%); 

“Notice” means the Notice of New Issue and Conditional New Issue to be made by means of Convertible Loan(s) sent by the
Borrower and dated 12 June 2019, as amended by the Amended Notice of New Issue and Conditional New Issue to be made by means of Convertible Loan(s) sent by the Borrower and dated 12 July 2019; 

“Original CLA” has the meaning given in clause 2.1 hereof; 

“Ordinary Shares” means the ordinary shares, par value USD 0.025 each, in the capital of the Borrower which are in issue from
time to time, having the rights and obligations set out in the Articles of Association; 
 “Ozon Change of Control” shall be
deemed to have occurred if any Person, or group of Affiliates, acquires Control of the Borrower; 
 “Ozon.ru GMV”
means the gross merchandise value (in Rubles) calculated based on monthly unaudited management accounts of the Group as follows: 
  

	 	a)	 the gross value of any type of goods sold by the Group itself and by all sellers via www.ozon.ru and/or the
“Ozon” mobile application within one calendar quarter; plus 

  

	 	b)	 the gross value of delivery, services, advertising and other revenue of the Group (for the avoidance of doubt,
except for any revenue generated by Ozon Travel LLC) within one calendar quarter; less 

  

	 	c)	 value added taxes and customer cancellations and returns within one calendar quarter; 

“Payment Date” means the date of any payment made under clause 3.2 or clause 5.1.2 hereof; 

  
 6 

 “Person” means any natural person, firm, partnership, association,
corporation, company, trust, business trust, Governmental Authority or other entity; 
 “Qualified Financing” means a new
equity issuance by the Borrower of no less than fifty million Dollars (USD 50,000,000) to one or more investors that as of the date hereof are neither existing shareholders of the Borrower or an Affiliate of any existing shareholders of the
Borrower; 
 “Relevant Date” means the earlier of: (i) the date of closing of a Qualified Financing, and (ii)
27 December 2019; 
 “Ruble” and “RUB” means the lawful currency of the Russian Federation; 

“Rules” has the meaning given in clause 15.2 hereof; 

“Shareholders Agreement” means the Amended and Restated Shareholders Agreement relating to Ozon Holdings Limited dated
15 March 2018 (as amended); 
 “Signing Date” has the meaning given in clause 2.1 hereof; 

“Subsidiary” means a subsidiary undertaking within the meaning of section 1162 of, and Schedule 7 to, the Companies Act 2006
and in respect of the Borrower means the Subsidiaries of the Borrower identified in Appendix A to this Agreement; 

“Tax” means any income, franchise, share capital, profits, windfall profits, gross receipts, sales, use, value added,
transfer, documentary, recording, registration, stamp, premium, excise, customs duties, severance, environmental, real property, personal property, ad valorem, occupancy, license, occupation, employment, payroll, social security, disability,
unemployment, workers’ compensation, withholding, estimated or other similar tax, levy, duty, fee, assessment or other governmental charge or deficiencies thereof (including all interest and penalties thereon and additions thereto) imposed by
any Taxing Authority; 
 “Taxing Authority” means any entity or other Governmental Authority responsible for the
administration of any Taxes, including, without limitation, any Governmental Authority of the Russian Federation or the Republic of Cyprus; 

“Tranche 1” means the committed loan that the Lender is obligated to advance to the Borrower in accordance with clause 3.2.1
in the amount of twenty five million Dollars (USD 25,000,000) calculated in Rubles based on the Exchange Rate; and 
 “Tranche
2” means the uncommitted loan that the Lender may advance to the Borrower in accordance with clause 3.2.2 in the amount of up to the Maximum Loan Amount minus the amount of Tranche 1. 

 

	1.2	 In this Agreement: 

  

	 	1.2.1	 save as otherwise expressly provided, references to this Agreement or any other document include reference to
this Agreement or such other document as varied, supplemented, novated and/or replaced from time to time; 

  
 7 

	 	1.2.2	 references to clauses and Schedules are references respectively to clauses of and Schedules to this Agreement,
unless otherwise stated; 

  

	 	1.2.3	 references to any enactment are references to such enactment as
re-enacted, amended or extended; 

  

	 	1.2.4	 references to the Lender or to any other person shall be deemed to be references to or to include, as
appropriate, the relevant person’s successors and permitted assigns; and 

  

	 	1.2.5	 clause headings are for convenience only and shall not affect the construction of this Agreement.

  

	2.	 Amendment and Restatement 

 

	2.1	 On 6 August 2019 (the “Signing Date”), the Parties entered into the Convertible Loan
Agreement (the “Original CLA”), which was further amended by the Parties on 20 September 2019 and the Parties hereby have now agreed to amend and restate the Original CLA on the terms set out in this Agreement.

  

	2.2	 With effect from the date hereof, the Original CLA shall be amended and restated so that it shall be read and
construed for all purposes as set out in this Agreement. 

  

	3.	 Loan 

  

	3.1	 The Lender has agreed to advance the Loan to the Borrower to be used by the Group to support growth and make
capital investments in accordance with the terms and provisions set out in this Agreement. 

  

	3.2	 Subject to clause 3.3 below, the Lender: 

 

	 	3.2.1	 shall transfer as soon as possible after the date of this Agreement, but in any event no later than fifteen
(15) Business Days from 31 July 2019, Tranche 1 in Dollars; and 

  

	 	3.2.2	 may transfer as soon as possible after the date when Tranche 1 is transferred pursuant to clause 3.2.1 above,
but in any event no later than 18 October 2019, Tranche 2 in Dollars, 

 in each case calculated based on the Exchange
Rate by wire transfer of immediately available funds to the Borrower’s Account, provided that in no event shall the aggregate Ruble denominated amount of Tranche 1 and Tranche 2 exceed the Maximum Loan Amount. 

 

	3.3	 The funded portion of Tranche 1 and Tranche 2, while paid in Dollars, shall be denominated in Rubles based on
the Exchange Rate and the Borrower shall send a notice to the Lender of the Ruble denominated amount of each funded tranche of the Loan within five (5) Business Days of each applicable Payment Date, which shall be binding on the Parties absent
manifest error. 

  

	3.4	 Notwithstanding any provision of this Agreement, the Lender shall be under no obligation to transfer any part
of Tranche 1 to the Borrower unless it is satisfied that the following conditions have been met or have been waived by the Lender: 

  
 8 

	 	3.4.1	 the Lender receives a certified true copy of the resolution of the board of director and/or the shareholders
(as applicable) of the Borrower approving the terms of, and the transactions contemplated by, this Agreement (and each document executed in connection herewith) and, specifically, approving the share issuance required for the Conversion, and
resolving that the Borrower execute this Agreement (and each document executed in connection herewith) and effects the Conversion in accordance with the terms of this Agreement; and 

 

	 	3.4.2	 each shareholder of the Borrower waives, or is deemed to have waived, any pre-emptive right it has in respect
of the Ordinary Shares to be issued as a result of the Conversion. 

  

	3.5	 The Borrower shall notify the Lender within five (5) Business Days of receipt of any portion of the Loan.

  

	4.	 Interest 

  

	4.1	 Interest at the Applicable Rate shall accrue on the Loan from day to day starting from the date of remittance
(inclusive of such date) of the applicable portion of the Loan until: 

  

	 	4.1.1	 the Relevant Date; or 

 

	 	4.1.2	 if the Borrower is in breach of its Conversion obligation set out in clause 6.1 hereof, the date on which
Conversion actually occurs, 

 and be calculated on the basis of the actual number of days elapsed and a 365 day year.
Subject to clause 4.1.2 above, no interest shall accrue after the Relevant Date. 
  

	4.2	 All accrued interest shall be paid to the Lender either in cash pursuant to clause 5.1.2, or by way of
Conversion on the Conversion Date pursuant to clause 6. 

  

	5.	 Repayment 

  

	5.1	 The Lender shall be entitled to either: 

 

	 	5.1.1	 at any time before the Liquidity Event, but not prior to the Relevant Date, by way of giving written notice to
the Borrower, demand that the Borrower simultaneously convert the Loan together with all accrued interest into fully paid Ordinary Shares at the Conversion Price within fifteen (15) Business Days of such notice, provided that any Additional
Amount, which has been provided by the Lender in excess of the Approved Loan Amount, shall be converted only upon receipt of the Conversion Waivers (and if such waivers have not been obtained, then such Additional Amount (together with all accrued
interest in cash) shall be repaid to the Lender simultaneously with the Conversion occurring under this clause 5.1.1); or 

  

	 	5.1.2	 upon occurrence of the Liquidity Event, by way of giving written notice to the Borrower on or before the later
of: (a) ten (10) Business Days after the occurrence of a Liquidity Event, or (b) ten (10) Business Days after being notified by the Borrower of the occurrence of a Liquidity Event (and the

  
 9 

	 	
Borrower shall notify the Lender immediately upon occurrence of a Liquidity Event), demand the Borrower either: 

 

	 	5.1.2.1	 repay the Loan (or repay only the Additional Amount, which has been provided by the Lender in excess of the
Approved Loan Amount, if such amount has not been converted by the Borrower under clause 5.1), in each case, together with all accrued interest in cash; or 

  

	 	5.1.2.2	 simultaneously convert the Loan together with all accrued interest into fully paid Ordinary Shares at the
Conversion Price. 

  

	5.2	 If the Lender fails to timely demand repayment of the Loan together with all accrued interest in accordance
with clause 5.1.2 above, the Borrower shall be entitled to repay the Loan by means of Conversion pursuant to clause 6 within fifteen (15) Business Days of the occurrence of a Liquidity Event (after the expiration of terms specified in clause
5.1.2 (a) and 5.1.2 (b)), provided that the Borrower notified the Lender of a Liquidity Event in accordance with clause 5.1.2 and provided further that: 

  

	 	5.2.1	 if the Borrower has received the Conversion Waivers, the Borrower may in its discretion convert the Loan, or

  

	 	5.2.2	 if the Borrower has not received the Conversion Waivers, the Borrower may in its discretion convert the Loan
less the Additional Amount, which has been provided by the Lender in excess of the Approved Loan Amount (and, in which case, such Additional Amount (together with all accrued interest in cash) shall be repaid to the Lender simultaneously with the
Conversion occurring under this clause 5.2). 

  

	5.3	 The Borrower shall not, without prior written consent of the Lender, repay or prepay all or any part of the
Loan or cancel all or any part of the Tranche 1 and Tranche 2 except at the times and in the manner expressly provided for in this Agreement. 

  

	5.4	 On and at any time after the occurrence of an Event of Default (and which, in case of clause 5.5.1 only, has
not been remedied in full in accordance with clause 5.5.1), the Lender may, by notice to the Borrower: 

  

	 	5.4.1	 cancel Tranche 1 (and/or Tranche 2, as the case may be) whereupon it shall immediately be cancelled; and/or

  

	 	5.4.2	 provided that Conversion has not occurred, declare that the entire funded amount of the Loan, together with
accrued interest be immediately due and payable, whereupon such sums shall become immediately due and payable. 

  

	5.5	 For the purposes of clause 5.4, an “Event of Default” means the occurrence of any of the
following events: 

  

	 	5.5.1	 any warranty made by the Borrower in this Agreement is or proves to have been breached or incorrect in any
material respect when made or deemed to be made unless it is capable of remedy and is remedied within ten (10) Business Days of (i) the Lender giving notice to the Borrower; or (ii) the Borrower becoming aware of the breach; and

  
 10 

	 	5.5.2	 any fraud is committed by the Borrower in connection with this Agreement, or which might have a Material
Adverse Effect. 

  

	6.	 Conversion 

  

	6.1	 On the Conversion Date, the Borrower shall simultaneously convert, or procure the conversion of, the Loan (or
relevant portion thereof only in circumstances stipulated in clauses 5.1.1, 5.1.2 or 5.2) together with all accrued interest into fully paid Ordinary Shares at the Conversion Price. 

 

	6.2	 If the calculation in clause 6.1 does not result in a round number of Ordinary Shares to be issued on the
Conversion Date, then the Borrower shall issue to the Lender the number of Ordinary Shares rounded down to the nearest whole number, as issuance of fractional shares is prohibited, provided, however, that the Borrower shall notify the Lender within
three (3) Business Days of the Conversion Date of its right to acquire one additional Ordinary Share if the Lender pays to the Borrower within ten (10) Business Days of such notice from the Borrower the value of the difference between
(x) the value of the fractional share the Lender otherwise would be entitled to receive where it not prohibited and (y) the Conversion Price. 

  

	6.3	 As soon as reasonably practicable but in any event no later than five (5) Business Days after the date of
actual Conversion, the Borrower shall dispatch to the Lender the certificates for the relevant number of Ordinary Shares to which it is entitled under this clause 6 together with certified copies of the corporate authorisations of the relevant share
issuance and the updated register of members reflecting the Lender’s ownership of the relevant Ordinary Shares. Each Ordinary Share arising on Conversion shall be issued and allotted at such premium to reflect the difference between the nominal
amount of the Ordinary Share and the price per share as determined above. 

  

	6.4	 The Ordinary Shares shall be credited as fully paid and rank pari passu with shares of the same class in issue
on the Conversion Date and shall carry the rights as set out in the Shareholders Agreement and the Articles of Association, which shall be amended to conform to the Shareholders Agreement. 

 

	6.5	 On the Conversion Date, the Borrower shall procure that the Lender is entitled to enter into and, provided the
Borrower is in compliance with its obligation in this clause 6.5, the Lender shall execute the deed of adherence required under the Shareholders Agreement in a legally binding manner agreeing to comply with (and have the benefit of) the terms of the
Shareholders Agreement. 

  

	7.	 Limitations on Liability 

 

	7.1	 Under no circumstances shall the Lender’s liability under this Agreement exceed any unfunded portion of
the Loan. 

  

	7.2	 Irrespective of whether the Conversion has occurred, under no circumstances shall the Borrower’s liability
under this Agreement exceed: 

  

	 	7.2.1	 any funded portion of the Loan; plus 

  
 11 

	 	7.2.2	 interest payable on the funded portion of the Loan in accordance with clause 4.1; less 

 

	 	7.2.3	 any diligence expenses reimbursed by the Borrower to the Lender. 

 

	7.3	 No Party shall have any liability in respect of a Claim unless notice containing details of such Claim is given
by the claiming Party to the other Party prior to: 

  

	 	7.3.1	 31 March 2020 in respect of the Borrower Warranties (other than those expressly stated to be given as of
the Conversion Date) and the Lender Warranties; and 

  

	 	7.3.2	 the three (3) month anniversary of the Conversion Date in respect of the Conversion Warranties,

 provided that such Claim shall (if not previously satisfied, settled or withdrawn) be deemed to have been withdrawn and
determined absolutely unless legal proceedings in respect of it have been duly issued and served in accordance with clause 11 within three (3) months of written notice of such Claim having been given to the Party alleged to be in breach. No new
Claim may be made in respect of the facts, matters, events or circumstances giving rise to such withdrawn Claim. 
  

	7.4	 No liability of the Borrower shall exist in respect to a Claim unless the amount of such single Claim, or
series of related Claims arising from the same matter or circumstance, exceeds RUB 17,000,000 and the amount of all aggregate Claims exceeds RUB 115,000,000, in which case the Borrower shall be liable for the full amount of those Claims and not just
the excess. 

  

	7.5	 The Lender shall not be entitled to bring a Claim to the extent the fact, circumstance, or matter has been
Disclosed or as of the date hereof is within the Lender’s Knowledge (and, as of the date of this Agreement and to the Lender’s Knowledge, it is not aware that any of the Borrower Warranties is incorrect). 

 

	7.6	 The Borrower will not be liable under a Claim to the extent that the damages that are the subject of such Claim
have already been fully recovered in respect of another Claim or have been settled by any person. 

  

	7.7	 The Borrower will not be liable under a Claim that arises solely because of any act or thing done or omitted to
be done at any time before Conversion with the express written permission of the Lender (the Lender having been provided with all relevant information about the consequences of such act or omission before giving such permission).

  

	7.8	 If a fact or circumstance that gives rise to a Claim is capable of remedy by a Group Company, the Borrower will
not be liable in respect of such Claim to the extent that it remedies the relevant breach and corresponding damages within thirty (30) Business Days following the date of being notified of such Claim and provide the respective confirmatory
documents to the Lender. 

  

	7.9	 The Borrower will not be liable in respect of a Claim, to the extent that such Claim is attributable to or
increased by the passing of, or a change in, a Law after the date hereof (whether or not that change has retrospective effect). 

  
 12 

	7.10	 Nothing in this clause 7 shall operate to exclude or limit any liability of the Borrower or any remedy
available to the Lender in relation to any Claim against the Borrower that arises as a result of the fraud on the part of the Borrower. 

  

	8.	 Costs and Expenses 

The Borrower shall indemnify the Lender on demand in respect of all documented costs and expenses (including reasonable legal fees and
accommodation and transportation costs) incurred by it in connection with the enforcement of this Agreement or the preservation of its rights under this Agreement or as a result of any breach by the Borrower of its obligations hereunder, together
with all value added tax payable thereon. 
  

	9.	 Payments 

  

	9.1	 Any payments to be made by the Borrower arising hereunder shall be made in Dollars in the amount calculated
based on the Exchange Rate in immediately available funds without any set-off or counterclaim and (save as required by law) without any deduction or withholding whatsoever, to such account as the Lender to
whom such payment is being made may specify from time to time. 

  

	9.2	 If any deduction or withholding is required by law in respect of any payment due to the Lender under this
Agreement, the Borrower shall: 

  

	 	9.2.1	 ensure or procure that the deduction or withholding is made and that it does not exceed the minimum legal
requirement; 

  

	 	9.2.2	 pay, or procure the payment of, the full amount deducted or withheld to the relevant taxation or other
authority in accordance with the applicable law; 

  

	 	9.2.3	 promptly deliver or procure the delivery to the Lender receipts evidencing each of the deductions or
withholdings which have been made, to the extent that such receipts are made available to the Borrower; and 

  

	 	9.2.4	 pay to the Lender an additional amount to the extent necessary to ensure that, after the making of all
deductions or withholdings, the Lender receives a net sum equal to the sum which it would have received had no deduction or withholding been required to be made. 

 

	9.3	 Any amount which, but for this clause 9, would fall due for payment hereunder on a day which is not a Business
Day shall be payable on the next succeeding Business Day. 

  

	10.	 Warranties and Undertakings 

 

	10.1	 The Borrower hereby warrants to the Lender that: (a) each of the Borrower Warranties is true and accurate
as of the Signing Date, except as Disclosed; (b) each of the Borrower Warranties specified in paragraphs 1.1, 3.1, 5 and 6.1 of Schedule B is true and accurate as of the date of this Agreement (provided that in respect of the Additional Amount,
which has been provided by the Lender in excess of the Approved Loan Amount, the Borrower Warranties specified in paragraphs 3.1 and 6.1 

  
 13 

	 	
shall be true and accurate in respect of any Ordinary Shares to be issued upon conversion of the Additional Amount upon receipt of the Conversion Waivers and the resolution of the Borrower’s
board of directors approving the allocation of the Additional Amount); and (c) each of the Conversion Warranties is true and accurate in all material respects immediately before the Conversion Date, except as Disclosed. Each Borrower Warranty
shall be deemed to be made by reference to the facts and circumstances existing at the date the warranty is made and construed as a separate and independent warranty. 

 

	10.2	 For purposes hereof, with respect to the Borrower, “knowledge”, “awareness” or similar
words or expressions means, with respect to any fact, circumstance, event or other matter in question, the actual knowledge of the directors, chief executive officer (general director), chief legal officer, corporate governance director and chief
financial officer (or lacking same, the chief accountant) of the relevant Group Company regarding such fact, circumstance, event or matter. 

  

	10.3	 The Lender hereby warrants to the Borrower that each of the following statements is true and accurate as of the
Signing Date and as of the date of this Agreement: 

  

	 	10.3.1	 the Lender is a company duly incorporated and validly existing under the laws of the jurisdiction of its
formation and has full power and authority to own its assets and to carry on business as it is now being conducted; 

  

	 	10.3.2	 the Lender has full power and authority to enter into this Agreement and to lend the full amount of Tranche 1
and Tranche 2, and to perform all of the obligations expressed to be assumed by it hereunder; 

  

	 	10.3.3	 this Agreement constitutes the legal, valid and binding obligations of the Lender, enforceable against the
Lender in accordance with its respective terms; 

  

	 	10.3.4	 the execution and delivery by the Lender of this Agreement, the lending by the Lender of the full amount of
Tranche 1 and Tranche 2 and the performance by the Lender of all the obligations expressed to be assumed by it hereunder has been duly authorised by all necessary actions of the Lender and: 

 

	 	10.3.4.1	 do not and will not violate any provision of any Law, having applicability to the Lender;

  

	 	10.3.4.2	 do not and will not violate any provision of its articles of association or equivalent organisational document;
and 

  

	 	10.3.4.3	 do not and will not violate any provision of any mortgage, deed, agreement or other instrument to which the
Lender is a party or which is binding upon it or its assets. 

  

	10.4	 For so long as any amount remains outstanding under this Agreement, the Borrower shall supply to the Lender:

  

	 	10.4.1	 as soon as the same become available, but in any event within 60 days after the end of each of its financial
quarters the unaudited quarterly financial statements of the Group for that financial quarter prepared in accordance with IFRS; 

  
 14 

	 	10.4.2	 as soon as the same become available, but in any event within 240 days after the end of each of its financial
years the audited consolidated financial statements of the Borrower for that financial year prepared in accordance with IFRS; and 

  

	 	10.4.3	 with any documents and information distributed to all shareholders of the Borrower and all the directors of
Internet Travel LLC and Ozon Holding LLC simultaneously upon dispatch of such documents and information to shareholders of the Borrower and all directors of those Group Companies. 

 

	10.5	 The Lender hereby acknowledges and agrees that the Borrower may initiate (i) liquidation of Ozon Tour LLC,
and (ii) incorporation of a new Subsidiary in any legal form which it deems appropriate at any time after the date of this Agreement, and such action shall not trigger a breach of any Conversion Warranty. 

 

	11.	 Notices 

  

	11.1	 Any notice, demand, request, consent, approval, declaration, delivery or other communication hereunder to be
made to any Party pursuant to the provisions of this Agreement shall be sufficiently given or made if in writing and either delivered in Person, by express courier service or by registered or certified mail, return receipt requested, postage
prepaid, addressed to the address of the Lender and the Borrower listed below (as applicable) or to such other address as may be substituted by notice given as herein provided. 

Lender: 
  

					
	Address:	  		  	
		  	 Princeville Global
 4112-4116, 41/F, Jardine
House,
 1 Connaught Place,
	  	
		  	Central, Hong Kong	  	
	Attention:	  		  	
	Tel:	  		  	
	E-mail:	  		  	

 with a copy to: 
  

Borrower: 
  

					
	Address:	  	Ozon Holdings Limited	  	
		  	2-4 Arch. Makarios III,	  	
		  	9th Floor Capital Center,	  	
		  	Nicosia, Cyprus	  	
	Attention:	  		  	
	Tel:	  		  	
	E-mail:	  		  	

 with a copy to: 

  
 15 

	11.2	 Notwithstanding the foregoing, any notice hereunder (i) by the Lender to the Borrower may be made by email
to the email address of the Borrower set out in clause 11.1 above and (ii) by the Borrower to the Lender may be made by email to the email addresses of the Lender set out in clause 11.1 above, in each case which email shall satisfy any writing
requirement hereunder. 

  

	11.3	 The giving of any notice required hereunder may be waived in writing by the Party entitled to receive such
notice. 

  

	11.4	 Any notice sent in accordance with the provisions of clause 11.1 or 11.2 above shall be deemed to have been
duly given or served on (i) the date on which personally delivered or emailed, unless delivered or emailed on a day which is not a Business Day or after 6 pm at the location of the recipient set out in 11.1 above, in which case delivery shall
be deemed to have been given the next Business Day) and (ii) three (3) Business Days after the date of posting, if sent by post. 

  

	11.5	 All notices and any other documents communicated in accordance with this Agreement shall be in the English
language. 

  

	12.	 Benefit of Agreement 

 

	12.1	 The terms of this Agreement shall bind and enure for the benefit of the Borrower and the Lender and their
respective successors and permitted assigns. 

  

	12.2	 The Borrower may not assign or transfer any part of its rights or obligations hereunder. 

 

	12.3	 Except as provided in clauses 12.4 and 12.5, no Lender may assign or transfer all or part of its rights
hereunder. 

  

	12.4	 The Lender (the “Existing Lender”) shall not assign or transfer any of its rights, benefits
and/or obligations under this Agreement, except that the Existing Lender may assign and transfer all or part of its rights, benefits and obligations under this Agreement to one or more of its Affiliates in respect of a portion or the full amount of
Tranche 1 and/or Tranche 2 (the “Assigned Loan Commitment”). 

  

	12.5	 The Existing Lender undertakes to procure that any Affiliate (a “New Lender”) to whom it
assigns or transfers any of its rights, benefits and/or obligations under this Agreement in respect of the Assigned Loan Commitment shall, as a condition to such assignment or transfer, execute a New Lender accession deed (substantially in the form
set out in Schedule A hereto) under which the New Lender agrees to be bound by all of the terms of this Agreement in respect of the Assigned Loan Commitment as if it had originally been party as the Lender, provided that the Existing Lender shall
remain jointly and severally liable in respect of the Assigned Loan Commitment. 

  

	13.	 Miscellaneous 

 

	13.1	 Each Party shall maintain the confidentiality of the fact and terms of this Agreement, provided that such Party
may deliver or disclose the fact and terms of this Agreement to (i) its Affiliates and the directors, employees, professional advisors and agents of the Party and its Affiliates who agree to hold such information

  
 16 

	 	
confidential substantially in accordance with the terms of this clause 13.1, (ii) in relation to the Borrower, any of its shareholders in accordance with the Shareholders Agreement, (iii) in
relation to the Lender which is a fund, such Lender may disclose the fact and terms of this Agreement to the entities that manage or advise the Lender, and the investors in the Lender or any of their Affiliates, (iv) any person to which such
Party sells or offers to sell any Ordinary Shares acquired in accordance with this Agreement or assigns or offers to assign its rights and obligations under clause 12 hereof (if such Person has agreed in writing prior to its receipt of such
confidential information to be bound by the provisions of this clause 13.1), (v) any Governmental Authority having jurisdiction over such Party to the extent required by applicable law, or (vi) any other person to which such delivery or
disclosure may be necessary or appropriate (x) to effect compliance with any law applicable to such Party or the rules and regulations governing any stock exchange on which the Party’s stock is traded, (y) in response to any subpoena
or other legal process, or (z) in connection with any legal proceedings to which such Party is a party, provided that, in the cases of sub-clauses (v) or (vi), such Party shall provide each other
Party, to the extent permitted by law, with prompt written notice thereof so that the appropriate Party may seek (with the cooperation and reasonable efforts of each other Party) a protective order, confidential treatment or other appropriate
remedy. In any such event, the Party shall furnish only that portion of the information which is legally required and shall exercise reasonable efforts to obtain reliable assurance that confidential treatment will be accorded such information to the
extent reasonably requested by any other Party. 

  

	13.2	 No failure to exercise and no delay in exercising by any Party of any right, power or privilege hereunder shall
operate as a waiver thereof nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the exercise of any other power or right. The rights and remedies herein provided are
cumulative and not exclusive of any rights or remedies provided by law. 

  

	13.3	 No variation hereof shall be considered valid and as constituting part of this Agreement unless such variation
shall have been made in writing and signed by the Parties hereto. The expression “variation” shall include any variation, supplement, deletion or replacement however effected. 

 

	13.4	 If at any time any of the provisions hereof is or becomes illegal, invalid or unenforceable in any respect, but
would be legal, valid or enforceable if part of the wording were deleted or revised, then that provision shall apply with such modification as may be necessary to make it enforceable. 

 

	13.5	 Other than any New Lender, a Person who is not a party to this Agreement has no right under the Contracts
(Rights of Third Parties) Act 1999 to enforce any term of this Agreement. 

  

	13.6	 This Agreement (together with the Schedules and Appendices hereto) and each document executed in connection
herewith represent the complete agreement and understanding of the Parties hereto in respect of the subject matter contained herein and therein. This Agreement supersedes all prior agreements and understandings, oral or written, between any Parties
or among the Parties with respect to the subject matter hereof. Each Party acknowledges that in entering into this Agreement, it has 

  
 17 

	 	
not relied on, and shall have no rights or remedies in respect of, any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in this
Agreement. 

  

	13.7	 Unless otherwise provided in this Agreement or any document executed in connection herewith, the Parties shall
pay their own costs (including any stamp duty costs) in connection with the preparation and negotiation of this Agreement and each documents executed in connection herewith and any matter contemplated by it. 

 

	14.	 Counterparts 

This Agreement may be executed in counterparts, each of which shall be an original, and all of such counterparts taken together shall be deemed
to constitute one and the same instrument. 
 Governing Law 

This Agreement and all non-contractual obligations arising out of or in connection with it are governed
by, and shall be construed in accordance with, English law. 
  

	15.	 Dispute Resolution 

 

	15.1	 The Parties agree to negotiate in good faith to resolve any dispute between them regarding this Agreement. If
the Parties do not reach agreement on a dispute in the course of the negotiations within 30 days, any Party may start arbitration in accordance with this clause 15. 

 

	15.2	 Subject to clause 15.1, a dispute, Claim or controversy arising out of or relating to this Agreement shall be
finally determined by arbitration in accordance with the arbitration rules (the “Rules”) of the London Court of International Arbitration (“LCIA”). The arbitration proceeding shall be conducted in the English
language. The seat of arbitration shall be London, England. The arbitral tribunal shall be composed of three (3) arbitrators. Once arbitrator shall be nominated by the claiming party and the other nominated by the responding party in accordance
with the Rules. The two arbitrators nominated by the parties shall within 15 days of the nomination of the second arbitrator agree upon a third arbitrator who shall act as presiding arbitrator. 

 

	15.3	 In the event of any conflict between the Rules and the provisions of this Agreement, the provisions of this
Agreement shall prevail. 

  

	15.4	 The award of the arbitrators shall be final and binding on the Parties. 

 

	15.5	 The award of the arbitrators may be enforced by any court of competent jurisdiction and may be executed against
the Person and assets of the losing Party in any competent jurisdiction. 

  

	15.6	 The arbitrators shall award to the prevailing party, if any, as determined by the arbitrators, all of its costs
and fees; provided that the arbitrators shall be entitled to make partial awards. “Costs and fees” mean all reasonable pre-award expenses of the arbitration, including the arbitrators’ fees,
administrative fees, travel expenses, out-of-pocket expenses (such as copying and telephone), court costs, stamp duty costs, witness fees, and reasonable, documented
attorneys’ fees (other than on a contingent fee basis). 

  
 18 

	15.7	 Subject to clause 15.1, except for arbitration proceedings pursuant to this clause 15, no action, lawsuit or
other proceeding (other than the enforcement of an arbitration decision, an action to compel arbitration or an application for interim, provisional or conservatory measures in connection with the arbitration) shall be brought by the Parties in
connection with any matter arising out of or in connection with this Agreement. 

  

	15.8	 The language to be used in the arbitral proceedings shall be English. 

 

	15.9	 The governing law of any arbitration under this clause 15 shall be the substantive law of England and Wales.

  

	15.10	 Each Party irrevocably waives any appeal rights it may have in respect of any arbitral award made under the
Rules in accordance with this clause 15 and agrees to accept such an arbitral award of the LCIA as final and binding on all Parties concerned. 

  

	15.11	 The arbitral tribunal shall use as guidance, but not as strict rules of procedure, the IBA Rules on the Taking
of Evidence in International Commercial Arbitration. 

  

	15.12	 The Parties agree that, in order to facilitate the comprehensive resolution of related disputes upon the
request of any Party to an arbitration pursuant to this clause 15, the arbitrators may, within ninety (90) days of their appointment, consolidate the arbitration of any dispute with any other arbitration or proposed arbitration involving any of
the Parties and relating to any other dispute under this Agreement or related to the Lender’s actual or proposed investment in the Borrower. The arbitrations may be consolidated, or heard concurrently in such manner as the arbitrators determine
in their discretion, save that the arbitrators shall not consolidate such arbitrations unless they determine that there are issues of fact or law common to the arbitrations in question so that a consolidated proceeding would be more efficient than
separate proceedings. 

  

	15.13	 Where different arbitrators have been or are in the process of being appointed in relation to such
arbitrations, the decision as to whether the arbitrations are to be consolidated shall be made by the tribunal which was first constituted. If consolidation is so ordered the Parties agree that the consolidated arbitration (the “Consolidated
Arbitration”) shall be heard and finally decided by the arbitrators which ordered the consolidation. 

  
 19 

 SCHEDULE A 

FORM OF NEW LENDER ACCESSION DEED 
 From:
[●] 
 Date: [●] 
 THIS DEED is made on [●]
20[●] by [●] (the “Acceding Lender”) in relation to the Convertible Loan Agreement in respect of Ozon Holdings Limited (the “CLA”) dated [●] August 2019 (as amended and restated on [●]
September 2019) between Ozon Holdings Limited and Princeville Global eCommerce Investments I Limited. 
 Terms defined in the CLA shall, unless otherwise
defined in this Deed, bear the same meanings when used in this Deed. 
 The Acceding Lender confirms that as from [●], it intends to be party to the
CLA in the capacity of [insert name of Lender] (the “Existing Lender”) and undertakes to perform all the obligations expressed in the CLA to be assumed by the Existing Lender in respect of the Ruble equivalent of [●] Dollars
(USD ([●]) of Tranche [1/2][and/or Tranche 2] (the “Assigned Loan Commitment”) of the Existing Lender and agrees that it shall be bound by all the provisions of the CLA in respect of the Assigned Loan Commitment, as if it had
been an original party to the CLA. 
 This Deed and any non-contractual obligations arising out of or in connection
with it are governed by English law. 
 THIS DEED has been entered into on the date stated above and is executed and delivered as a deed by the Acceding
Lender on the date stated above. 
 EXECUTED and DELIVERED as a DEED 

by [●], the Acceding Lender 
  

			
	  
	  	

 By: 
 Its: 

in the presence of: 
  

			
	  
	  	

 Name: 
 Address: 

Occupation: 

  
 20 

 SCHEDULE B 

DEFINITIONS 
 In this Schedule B, except
where the context requires otherwise: 
 “Accounting Principles” shall mean IFRS together with pronouncements thereon from time to
time, and applied on a consistent basis; 
 “Core Group” means the Borrower and its Core Subsidiaries, and “Core Group
Company” means any one of them; 
 “Core Subsidiaries” means the Subsidiaries of the Borrower identified in Part I, Appendix
A to this Agreement; 
 “Encumbrance” means any mortgage, pledge, deed of trust, hypothecation, right of others, claim, security
interest, encumbrance, burden, title defect, title retention agreement, lease, sublease, license, occupancy agreement, easement, covenant, condition, encroachment, voting trust agreement, interest, option, right of first offer, negotiation or
refusal, proxy, lien, charge or other restrictions or limitations of any nature whatsoever as may arise under any contract; 
 “Equity Incentive
Plan” means the equity incentive plan of the Borrower adopted on 11 March 2016 and as amended from time to time together with any outstanding share appreciation rights and options relating to shares awarded before 11 March
2016; 
 “Existing CLAs” means the convertible loan agreements entered into by and among the Borrower, Baring Vostok Fund V Nominees
Limited and Sistema Public Joint Stock Financial Corporation on 16 January 2019 and 20 June 2019, respectively; 
 “Intellectual
Property” means any patent, patent application, copyright, including copyright in software and computer algorithms, know-how, database right, registered and or unregistered trade mark, trade
mark application, trade name, service name, business name, registered design, unregistered design right, applications and the right to make applications for any of the foregoing, extensions and renewals thereof and all rights of similar nature. 

  
 21 

 BORROWER WARRANTIES 

 

	1.	 Corporate Status 

 

	1.1	 The Borrower is a limited liability company organized and validly existing under the Laws of the Republic of
Cyprus, and it has been in continuous existence since its first registration. 

  

	1.2	 On the date of this Agreement, the Borrower legally and beneficially owns the interests in the Subsidiaries as
set forth in Appendix A free from all Encumbrances, and: 

  

	 	1.2.1	 each Subsidiary is a legal entity duly organized under the Laws of its jurisdiction of incorporation; and

  

	 	1.2.2	 each Subsidiary is a legal entity validly existing and in good standing under the Laws of its jurisdiction of
incorporation. 

  

	1.3	 On the Conversion Date, each Subsidiary set forth in Appendix A (excluding Ozon Tour LLC):

  

	 	1.3.1	 is a legal entity validly existing and in good standing under the Laws of its jurisdiction of incorporation and
one hundred percent (100%) owned by one or more other Group Companies; or 

  

	 	1.3.2	 if it has ceased operations, all of its assets that are material to the operation of the Group has been
transferred to the other Group Company in compliance with Law and are legally owned, leased or licensed by one or more other Group Companies. 

  

	1.4	 Each Group Company on the date of this Agreement, and each Group Company (excluding Ozon Tour LLC) on the
Conversion Date has full corporate power and authority necessary to own, lease and operate the assets and properties it owns, leases and/or operates, and to carry on its respective business as now conducted. 

 

	1.5	 Each Group Company on the date of this Agreement, and each Group Company (excluding Ozon Tour LLC) on the
Conversion Date is duly qualified or licensed to do business in substantially the same way as it carries-out its business as of the date hereof. 

 

	2.	 No Insolvency 

 

	2.1	 On the date of this Agreement, no Group Company is insolvent within the meaning of the insolvency legislation
applicable to such Group Company. 

  

	2.2	 On the Conversion Date, no Group Company that is a Group Company as of the date of this Agreement (save for
Ozon Tour LLC): 

  

	 	2.2.1	 is insolvent within the meaning of the insolvency legislation applicable to such Group Company; or

  

	 	2.2.2	 if it has ceased operations all of its assets that are material to the operation of the Group has been
transferred to the other Group Company in compliance with Law and are legally owned, leased or licensed by one or more other Group Companies that are not insolvent. 

  
 22 

	2.3	 No resolution has been passed or meeting convened by or in respect of a Core Group Company to approve the
voluntary winding up or liquidation of a Core Group Company. 

  

	2.4	 To the Borrower’s knowledge, no involuntary order has been made or petition presented by any Person
seeking a declaration of bankruptcy or the winding up or liquidation of a Core Group Company, whereby the Core Group Company’s business has or shall be terminated and its assets distributed amongst the creditors and/or shareholders or other
contributories. 

  

	3.	 Right, Power, Authority and Action 

 

	3.1	 The Borrower has the right, power and authority to execute, deliver and perform its obligations under this
Agreement, to borrow the full amount of the Loan and to consummate the transactions contemplated hereby and nothing in the Borrower’s organisational documents prevents it from entering into this Agreement, or such other document(s) contemplated
hereby. 

  

	3.2	 The Borrower has taken all necessary internal corporate actions and all necessary corporate approvals to
authorise the execution, delivery and performance of this Agreement and any other documents contemplated hereby. 

  

	3.3	 The Borrower has obtained all applicable consents required for it to enter into this Agreement and any other
documents contemplated hereby and to perform its obligations hereunder, except for the consents required for Conversion which the Borrower shall obtain prior to the Conversion Date. 

 

	4.	 No Litigation 

 

	4.1	 No Group Company is a party to any litigation, that could reasonably be expected to have a Material Adverse
Effect. 

  

	4.2	 To the Borrower’s knowledge, no litigation referred to in paragraph 4.1 is threatened against any Group
Company. 

  

	5.	 Binding Agreements 

This Agreement has been duly executed and delivered by the Borrower and constitutes valid and binding obligations on the Borrower enforceable
against the Borrower pursuant to its terms. 
  

	6.	 Effect of the Agreement 

 

	6.1	 The execution and delivery by the Borrower of this Agreement, the borrowing by the Borrower of the full amount
of the Loan and the performance by the Borrower of all the obligations expressed to be assumed by it hereunder has been duly authorised by all necessary actions of the Borrower and: 

  
 23 

	 	6.1.1	 do not and will not violate any provision of any Law having applicability to the Borrower;

  

	 	6.1.2	 do not and will not violate any provision of the Articles of Association; 

 

	 	6.1.3	 do not and will not violate any provision of any mortgage, deed, agreement or other instrument to which the
Borrower is a party or which is binding upon it or its assets nor will result in the creation or imposition of any security interest on any of its assets pursuant to the provisions of any such mortgage, deed, agreement or other instrument.

  

	6.2	 The lenders under the Existing CLAs are in compliance with all of their undertakings made pursuant to clause 7
of that convertible loan agreement. 

  

	7.	 Share capital 

 

	7.1	 The authorized share capital of the Borrower is USD 157,500 consisting of 5,901,038 Ordinary Shares and 398,962
redeemable preference shares; (ii) the issued share capital of the Borrower is 3,951,224 Ordinary Shares and 5,383 redeemable preference shares. In addition, there are 62,331 options that have been awarded under the Equity Incentive Plan and
all are vested and there are 25,808 share appreciation rights that have been awarded under the Equity Incentive Plan and 22,096 have vested, and 225,660 Restricted Share Units (as defined in the Equity Incentive Plan) that have been awarded under
the Equity Incentive Plan and 45,594 have vested. 

  

	7.2	 Other than the obligations of the Borrower pursuant to its Equity Incentive Plan and the Existing CLAs, there
is no agreement, arrangement or obligation of any kind (and no authorization therefore has been given) obligating the Borrower or any other person: 

  

	 	7.2.1	 to issue or sell, or cause to be issued or sold, shares of any class of share capital of the Borrower
(including Ordinary Shares and Redeemable Preference Shares) or of any the Core Subsidiary; or 

  

	 	7.2.2	 to repurchase, redeem or otherwise acquire any outstanding shares of any class of share capital of the Borrower
(including Ordinary Shares and Redeemable Preference Shares) or of any the Core Subsidiary. 

  

	7.3	 There are no pre-emptive rights or similar rights on the part of any
shareholder of the Borrower which have not been exercised or waived as needed in order to effect the Conversion. 

  

	8.	 Capitalization 

 

	8.1	 At the Conversion Date, the Ordinary Shares subscribed for by the Borrower are duly authorized and validly
issued. 

  

	8.2	 Upon issue and allotment to the Lender of the Ordinary Shares, the Lender acquires good and valid title to such
Ordinary Shares, free and clear of any Encumbrance, and such Ordinary Shares are fully paid and non-assessable. 

  
 24 

	9.	 Subsidiaries 

  

	9.1	 There is no agreement, arrangement or obligation of any kind obligating the Borrower to sell, transfer, assign,
dispose of, create any Encumbrance upon or otherwise transfer the ownership of any of its shares or participation interest of any Subsidiary to any person that is not a Group Company. 

 

	9.2	 Other than the obligations of DML pursuant to its Equity Incentive Plan, there is no agreement, arrangement or
obligation of any kind (and no authorization therefore has been given) obligating any Subsidiary: 

  

	 	9.2.1	 to issue or sell, or cause to be issued or sold any shares of any class of share capital of the Subsidiary; or

  

	 	9.2.2	 to repurchase, redeem or otherwise acquire any outstanding shares of any class of share capital of the
Subsidiary. 

  

	10.	 Assets 

  

	10.1	 On the date of this Agreement, a Group Company has legal and valid ownership, a leasehold title or a valid
licence to use such fixed assets as necessary for the operation of the Group’s business and the absence of which could result in a Material Adverse Effect. 

 

	10.2	 On the Conversion Date, a Group Company (excluding Ozon Tour LLC) has legal and valid ownership, a leasehold
title or a valid licence to use such fixed assets as necessary for the operation of the Group’s business and the absence of which could result in a Material Adverse Effect 

 

	11.	 Financial Statements 

A true and complete copy of the Financial Statements has been Disclosed. The Financial Statements have been prepared in accordance with
Accounting Principles. 
  

	12.	 Absence of Changes 

Since the date of the Financial Statements, no Material Adverse Effect has occurred. 

 

	13.	 Intellectual Property 

 

	13.1	 The Group owns and/or has the benefit (conferred pursuant to a valid and enforceable licence) of all
Intellectual Property materially necessary to conduct its business in the same manner as it is being conducted as of the date hereof. 

  

	13.2	 No Group Company has received notice of any claim alleging that it is infringing on the Intellectual Property
of any person the result of which likely would have a Material Adverse Effect. 

  

	14.	 Taxation 

  

	14.1	 Each Group Company has filed all Tax returns and Tax submissions required by applicable Law in all material
respects in compliance with applicable Law and paid or accrued all such Taxes as it has become liable to pay in all material respects. 

  
 25 

	14.2	 No Group Company has received any claims from any Taxing Authority concerning any Tax matter likely to have a
Material Adverse Effect. 

  

	15.	 Compliance with Law 

 

	15.1	 So far as the Borrower is aware, no Core Group Company has received written notice of any claim alleging any
failure to comply with Laws which likely would have a Material Adverse Effect. 

  

	15.2	 Each of Internet Solutions LLC, Internet Logistics LLC and Internet Travel LLC has implemented compliance
policies reasonably designed to ensure compliance with (i) the United States Foreign Corrupt Practices Act of 1977, as amended, the U.K. Bribery Act of 2010 and similar Russian laws and (ii) any anti-money laundering, anti-drug trafficking
and economic sanctions laws and regulations issued by the United States of America, the European Union and the United Nations as well as Russian applicable to its operations. So far as the Borrower is aware, there have been no breaches of such
compliance policies which likely would have a Material Adverse Effect. 

  

	16.	 Priority of obligations 

To the extent permitted by Law, the Borrower’s payment obligations under this Agreement rank at least pari passu with the claims of
its other unsecured creditors. 

  
 26 

 Appendix A 
  

											
	Subsidiary	  	Jurisdiction	  	Registration
Number	  	 Registered Address
	  	 Ownership Details

	 PART I – CORE SUBSIDIARIES

						
	1.	  	Internet Logistics LLC	  	Russia	  	1076949002261	  	Russian Federation,
170540, Tver region, Kalininskiy district, Burashevskoye village, industrial zone Boroblevo-2, complex 1A	  	 99% - Ozon Holding LLC
 1% - Internet Solutions
LLC

						
	2.	  	Internet Solutions LLC	  	Russia	  	1027739244741	  	Russian Federation,
123112, Moscow, Presnenskaya Embank., 10, premises I, floor 41, room 6	  	 99% - Ozon Holding LLC
 1% - Internet Logistics
LLC

						
	3.	  	Davco Management Limited	  	Cyprus	  	HE 112543	  	Cyprus, 1065, Nicosia,
Arch. Makarios III, 2-4, Capital Center, floor 9	  	100% - the Borrower
						
	4.	  	Internet Travel LLC	  	Russia	  	5087746213902	  	Russian Federation,
123112, Moscow, Presnenskaya Embank., 10, premises I, floor 41, room 16	  	100% - Davco Management Limited
						
	5.	  	Ozon Holding LLC	  	Russia	  	5167746332364	  	Russian Federation,
123112, Moscow, Presnenskaya embank., 10, premises I, floor 41, room 2	  	100% - the Borrower
	
	 PART II – OTHER SUBSIDIARIES

						
	6.	  	Ozon Technologies LLC	  	Russia	  	1197746313940	  	Russian Federation, Presnenskaya embank., 10, premises I, floor 41, room 7	  	 99% - Ozon Holding LLC
 1% - Internet Solutions
LLC

						
	7.	  	Ozon Tour LLC	  	Russia	  	5137746254620	  	Russian Federation,
125252, Moscow, Chapaevskiy lane, 14, premises IV, floor 3, room 33	  	 99% - Internet Travel LLC
 1% - Davco Management
Limited

						
	8.	  	Ozon Volga LLC	  	Russia	  	1191690053829,	  	Russian Federation,
422550, the Republic of Tatarstan, Zelenodolskiy district, Zelenodolsk, Lenina st., 35, premises 2, floor 1	  	 99% - Ozon Holding LLC
 1% - Internet Logistics
LLC

  
 27 

 Appendix B 

  
 28 

 IN WITNESS WHEREOF this Agreement has been duly signed by the authorised representatives of the
Parties on the date first above written. 
  

	
	 OZON HOLDINGS LIMITED

	
	    /Signature/
	 By: Belova Nadezda

	
	 Its: Director

  

	
	PRINCEVILLE GLOBAL
ECOMMERCE INVESTMENTS I LIMITED 
	
	    /Signature/
	 By: Joaquin Rodriguez Torres

	
	 Its: Director

  
 29 

 EXECUTION VERSION 
  

DEED OF AMENDMENT TO 

AMENDED AND RESTATED 

CONVERTIBLE LOAN AGREEMENT 

IN RESPECT OF 

OZON HOLDINGS PLC 

AS BORROWER 

 THIS DEED OF AMENDMENT TO AMENDED AND RESTATED CONVERTIBLE LOAN AGREEMENT dated 1 October
2019 (this “Deed”) is made on _30_ October_2020_ by and among: 
  

	(1)	 PRINCEVILLE GLOBAL ECOMMERCE INVESTMENTS I LIMITED, a company duly incorporated and validly existing
under the laws of the British Virgin Islands, having its registered office at Kingston Chambers, PO Box 173, Road Town, Tortola, British Virgin Islands (“Lender”); and 

 

	(3)	 OZON HOLDINGS PLC, a public limited company registered under Cyprus law with its registered address at 2-4 Arch. Makarios III, 9th Floor Capital Center, Nicosia, Cyprus (the “Borrower”), 

(The Lender and the Borrower shall also be referred to herein individually as a “Party” and, collectively, the “Parties”).

 WHEREAS: 
  

	A.	 On 6 August 2019, the Parties entered into the Convertible Loan Agreement, which was amended by the
Parties on 20 September 2019 and further amended and restated on 1 October 2019; 

  

	B.	 The Borrower plans to subdivide its share capital at a ratio of 1:25; and 

 

	C.	 The Parties desire to amend the Amended and Restated Convertible Loan Agreement entered into on 1 October 2019,
(the “Original Agreement”) so that Ordinary Shares to be issued under the Original Agreement reflect that Share Split on the terms set out herein. 

IT IS AGREED as follows: 
  

	1	 Definitions and Interpretation 

 

	1.1	 Unless the context otherwise requires, words or expressions defined in, or by reference to, the Original
Agreement shall have the same meanings in this Deed and the rules of interpretation in Clauses 1.2 of the Original Agreement shall apply to this Deed, mutatis mutandis, as if they were set out in full herein. 

 

	1.2	 This Deed shall become effective on the day of its execution by the Parties (the “Effective
Date”). 

  

	2	 Amendments 

  

	2.1	 With effect from the Effective Date, the Original Agreement shall be amended and all references to the Original
Agreement shall be construed from that date as incorporating the amendments contained in this clause 2. 

  

	2.2	 The definition of Conversion Price shall be amended and restated as follows: 

“‘Conversion Price’ means ten thousand seven hundred Rubles (RUB 10,700) per Ordinary Share until such time as the
Company approves and completes the proposed Share Split and thereafter shall be four hundred twenty eight Rubles (RUB 428), unless a Qualified Financing shall have occurred on or before 27 December 2019, in which event the Conversion Price
shall be equal to the price per Ordinary Share in Rubles as set in connection with such Qualified Financing reduced by the Discount Rate;” 
  

	2.3	 The definition of Liquidity Event shall be amended and restated as follows: 

  
 1 

 “Liquidity Event” means the occurrence of an IPO (as defined in the
Articles of Association) or Ozon Change of Control; 
  

	2.4	 The definition of Ordinary Shares shall be amended and restated as follows: 

“‘Ordinary Shares’ means the ordinary shares with full voting and equal dividends rights in the share capital of the
Borrower, which are in issue from time to time, having the rights and obligations set out in the Articles of Association; 
  

	2.5	 Clause 1.1 shall be amended by adding the following new definition in alphabetical order:

 “‘Share Split’ means the planned division of Ordinary Shares of the Borrower at a ratio of 1:25
per Ordinary Share such that upon completion of such division the par value per Ordinary Share is restated from USD 0.025 each to USD 0.001 each;” 
  

	2.6	 The definition of Shareholders Agreement shall be amended and restated as follows: 

“‘Shareholders Agreement’ means the Third Amended and Restated Shareholders Agreement relating to Ozon Holdings Limited
dated 18 March 2020 (as may be amended from time to time).” 
  

	2.7	 Clause 6.4 shall be amended and restated as follows: 

“The Ordinary Shares shall be credited as fully paid and rank pari passu with shares of the same class in issue on the Conversion Date and
shall carry the rights as set out in the Articles of Association.” 
  

	2.8	 Clause 6.5 shall be amended and restated as follows: 

“On the Conversion Date subject to the Shareholders Agreement being in force, the Borrower shall procure that the Lender is entitled to
enter into and, provided the Borrower is in compliance with its obligation in this clause 6.5, the Lender shall execute the deed of adherence required under the Shareholders Agreement in a legally binding manner agreeing to comply with (and have the
benefit of) the terms of the Shareholders Agreement.” 
  

	2.9	 Clause 13.1 shall be amended and restated as follows: 

“Each Party shall maintain the confidentiality of the fact and terms of this Agreement, provided that such Party may deliver or disclose
the fact and terms of this Agreement to (i) its Affiliates and the directors, employees, professional advisors and agents of the Party and its Affiliates who agree to hold such information confidential substantially in accordance with the terms
of this clause 13.1, (ii) in relation to the Borrower, any of its shareholders who agree to hold such information confidential substantially in accordance with the terms of this clause 13.1 (iii) in relation to the Lender which is a fund, such
Lender may disclose the fact and terms of this Agreement to the entities that manage or advise the Lender, and the investors in the Lender or any of their Affiliates, (iv) any person to which such Party sells or offers to sell any Ordinary
Shares acquired in accordance with this Agreement or assigns or offers to assign its rights and obligations under clause 12 hereof (if such Person has agreed in writing prior to its receipt of such confidential information to be bound by the
provisions of this clause 13.1), (v) any Governmental Authority having jurisdiction over such Party to the extent required by applicable law, or (vi) any other person to which such delivery or disclosure may be necessary or appropriate
(x) to effect compliance with any law applicable to such Party or the rules and regulations governing any stock exchange on which the Party’s stock is traded, (y) in response to any subpoena or other legal process, or (z) in
connection with any legal proceedings to which such Party is a party, provided that, in the cases of sub-clauses (v) or (vi), such Party shall provide each other Party, to the extent

  
 2 

 
permitted by law, with prompt written notice thereof so that the appropriate Party may seek (with the cooperation and reasonable efforts of each other Party) a protective order, confidential
treatment or other appropriate remedy. In any such event, the Party shall furnish only that portion of the information which is legally required and shall exercise reasonable efforts to obtain reliable assurance that confidential treatment will be
accorded such information to the extent reasonably requested by any other Party.” 
  

	3	 Status of Original Agreement 

The provisions of the Original Agreement shall continue in full force and effect except as expressly amended by this Deed in clause 2 above.

  

	4	 Warranties 

  

	4.1	 Each Party warrants to the other Party that the execution and delivery by it of this Deed and the performance
by it of all the obligations expressed to be assumed by it hereunder has been duly authorised by all necessary actions of such Party and: 

  

	 	(a)	 do not and will not violate any provision of any law, decree, rule or regulation or of any order, judgment,
injunction, determination or award of any court or any judicial, administrative or governmental authority or organisation having applicability to such Party; 

  

	 	(b)	 do not and will not violate any provision of its constitutional documents; and 

 

	 	(c)	 do not and will not violate any provision of any mortgage, deed, agreement or other instrument to which it is a
party or which is binding upon it or its assets nor will result in the creation or imposition of any security interest on any of its assets pursuant to the provisions of any such mortgage, deed, agreement or other instrument. 

 

	5	 Governing Law 

This Deed and all non-contractual obligations arising out of or in connection with it are governed by,
and shall be construed in accordance with, English law. 
  

	6	 Incorporation of Provisions 

The provisions of Clauses 11 to 15 of the Original Agreement shall apply to this Deed, mutatis mutandis, as if they were set out in full
herein. 

  
 3 

 IN WITNESS WHEREOF this Deed has been duly signed by the authorised representatives of the Parties
and delivered on the date first above written. 
  

															
	 SIGNED and delivered as a deed by

PRINCEVILLE GLOBAL

ECOMMERCE INVESTMENTS I

LIMITED in the presence of:
	 				 	 
 
 

	)
 )
 )

)
	 
  
  

 
	  	  

    /Signature/
  

Name: /Emmanuel De Sousa/
	  	
		 		 				 	 
 
 
	)
 )
 )
	 
  
  
	  	 Position: /Managing Partner/
	  	
	 Witness
  

Signature:
	 	     /Signature/
	 	 	    	 	 				  		  	
	  
 Name:
/name; illegible/
  

Occupation: /N/A/

 
 Address: 
	 				 				  		  	

  

											
	 SIGNED and delivered as a deed by 

OZON HOLDINGS PLC in the

presence of:
	 		 	)
 )
 )

)
	  	  

    /Signature/
  

Name: Belova Nadezda
	  	
		 		 		 	)
 )
 )
	  	Position: Director	  	
	 Witness
  

Signature:
	 	     /Signature/
	 	    
 
	 		  		  	
	  
 Name: Efstratiou
Niki
  
 Occupation: Accountant

 
 Address:  
	 		 		  		  	

 [Deed of Amendment to Amended and Restated Convertible Loan Agreement in Respect of Ozon Holdings PLC (as borrower) by and
between Princeville Global Ecommerce Investments I Limited and Ozon Holdings PLC]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00317-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00317-of-00352.parquet"}]]