Moscow, Russia – February 10, 2011 – Sistema (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, which invests in, and is a major shareholder of, companies operating in different industries, notes announcement by the Government of the Russian Federation that the Prime Minister of the Russian Federation signed Decree No 152-r granting the licence for the development of the Trebs and Titov oil fields to ANK Bashneft, Sistema’s oil subsidiary.

According to the decree, Bashneft should receive the licence for subsoil deposits, which includes oil fields named after Roman Trebs and Anatoly Titov located in the Nenets autonomous district of Russia. Bashneft was granted the licence to explore and produce crude oil following a tender, held in accordance with government decree No 1232-r dated July 20, 2010.

In accordance with the tender, Bashneft will pay approx. RUB 18.5 billion for the license.

According to the tender documents, total recoverable oil reserves (C1+C2) of both fields amount to 140.1 million tonnes.