Moscow, Russia – April 6, 2011 – Sistema (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, today announces that the Board of Directors of ANK Bashneft JSC (“Bashneft”) has approved changes to the organizational structure of Bashneft and appointed Alexander Korsik as President of the company. Prior to his appointment, Mr. Korsik has held the position of Senior Vice-President of Sistema and Head of its Oil and Energy Business Unit. It is expected that Viktor Khoroshavtsev, who has been President of Bashneft, will take a new role at Sistema.

Alexander Goncharuk, Chairman of the Board of Directors of Bashneft, commented: “We are grateful to Viktor Khoroshavtsev for his contribution during his time as President of Bashneft. Under his leadership the company launched a successful business model, cancelling the previous tolling scheme. In that period Bashneft also acquired new strategic assets and strengthened its leading positions in oil production and refining depth in the Russian oil sector. We are confident that Alexander Korsik will lead Bashneft to a new stage of its development as a fully vertically integrated oil company in Russia.”

 Alexander Korsik was born in 1956. In 1979 Alexander Korsik graduated with honors from the Bauman Higher Technical School. From 1979 to 1995, Mr. Korsik worked in a number of government positions. From 1995 to 1997, he served as Deputy General Director of CJSC KomiTEK-Moscow and Member of the Board of Directors of JSC KomiTEK Oil Company. From 1997 to 1999, Mr. Korsik was Head of Strategy at Sibneft. From 1999 to 2005, he served as First Vice President at Sibneft (later renamed Gazprom Neft), one of the largest oil and gas producing companies in Russia.

 In 2006, Mr. Korsik worked as Deputy Chairman of the Board of Directors at Renaissance Capital, a leading investment group focused on emerging markets. From 2006 to 2007, he served as President at Itera Group, one of the largest independent producers and traders of natural gas operating in the CIS and the Baltic states. From 2007 to January 2009, Mr. Korsik was Chairman of the Board of Directors at RussNeft.