Moscow, Russia – November 7, 2011 – Sistema (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, today announces that the acquisition of its own ordinary shares and global depositary receipts (“GDRs”) and MTS’ American depositary receipts (“ADRs”) has been completed. As previously announced, the acquisition commenced on October 3, 2011 and completed on November 4, 2011.

During the buyback,    a Sistema’s subsidiary purchased 375,972 of its own GDRs at an average price of US$ 16.61, 8,745,100 of its own local shares at an average price of RUB 20.97, and 4,311,019 of MTS’ ADRs at an average price of US$ 13.92. Sistema does not intend to cancel any of the shares purchased nor will the shares underlying the GDRs or ADRs be withdrawn from the GDR or ADR facilities or cancelled. The shares, GDRs and ADRs purchased may be used for corporate purposes and may be sold.