Moscow, Russia – September 2, 2011 – Sistema (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, today announced the appointment of Rafael Nagapetiants as Senior Vice-President, Head of Developing Assets Business Unit. Mr. Nagapetiants’ appointment is to be approved at the next meeting of the Board of Directors.

Rafael Nagapetiants’ Background:

- Prior to joining Sistema, since 2009 Mr. Nagapetiants was Managing Director and Head of Investment Banking at Societe Generale, Russia.

- From 2005 to 2008, he worked as Managing Director, Corporate Finance Department and Head of Investment Committee at Alfa Bank. At the same time, from 2007 to 2009, Mr. Nagapetiants served as Chairman of the Supervisory Board at Amtel-Vredestein.

- From 2001 to 2005 Mr. Nagapetiants was Director of SUN Capital Partners, a private equity fund in Russia.

- From 1994 to 2001, he worked as Vice President and Head of Investment and International Business at Inkombank.

- From 1991 to 1993, he served as Deputy Chairman of the Committee for Foreign Investments (later Russian Agency for International Cooperation and Development).

- From 1984 to 1990, Mr. Nagapetiants held various positions with the USSR Ministry of Finance.

Mr. Nagapetiants graduated from the Moscow Finance Institute with a degree in International Economics (1984) and from Lomonosov Moscow State University with a degree in Law (1995), as well as from the Amsterdam Institute of Finance (1996). Mr. Nagapetiants holds a Doctorate in Economics.