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Financial Corporation "Sistema"

June 30, 2008

New appointments at Sistema-Hals

Moscow, Russia - 30 June 2008 - Sistema-Hals OJSC (LSE, MICEX: HALS), one of the leading diversified companies on the real estate market of Russia and the CIS, has announced that Felix Evtushenkov has been appointed as Chairman of the Board of Directors of Sistema-Hals.  At the same time, Sergey Shmakov has been promoted to the position of President of Sistema-Hals, replacing Felix Evtushenkov who has held the position since 2003.

Sistema-Hals is one of the largest real estate companies in Eastern Europe and was the first Russian property developer to list its shares on the main market of the London Stock Exchange (in November 2006).  

Since its listing, Sistema-Hals delivered strong year on year financial growth with consolidated revenues for the full year to 31 December 2007 increasing by 59.8% year-on-year to USD 452.2 million.  At 1 January 2008, Cushman & Wakefield Stiles & Riabokobylko (C&WS&R) valued Sistema-Hals' portfolio at USD4.6 billion. 

Felix Evtushenkov, Chairman of Sistema-Hals' Board of directors, commented: "In my new position as Chairman of the Board of Directors, I am delighted to be taking over the strategic management of Sistema-Hals and I look forward to my role in developing the company's operational and financial transparency and fulfilling our goal of continuing to increase shareholder value.  Sergey Shmakov's 15-year experience in real estate development and management will be invaluable as he takes over his role as President of Sistema-Hals and I believe that under his management and experience the Company will continue to develop its position as a leading real estate developer in Russia and the CIS."

Sergey Shmakov, commenting on his appointment as the new President of Sistema-Hals, added: "I am grateful to the Board of Directors for the trust they have put in me in my new role as President of Sistema-Hals.  I believe that the Company is at an important stage in its development and is well placed to consolidate its position as a market leader. I look forward to my role in building the company for the future."

Biographical information:

Felix Evtushenkov has headed Sistema-Hals, as President, since 2003. He joined the Company in 2000 as Deputy General Director for Strategy and Marketing and prior to that served in various positions within Sistema between 1998 and 2000.

Felix Evtushenkov was born in 1978. Education: Moscow University of International Law and Economics.

Sergey Shmakov joined Sistema-Hals in February 2008 as First Vice President for Property Development. From 2004-2006 he managed a number of his own real estate projects and prior to that, from 1996 to 2004, he headed real estate company Capital Group. From 1994 to 1996, he was head of real estate at European Trading Bank and from 1991 to 1994, was head of external economic relations for JSC Russian Commodities and Raw Materials Exchange and JSC City.  From 1972 to 1991, Sergey worked in various roles at the Institute of World Economy and International Relations (Soviet Academy of Sciences) under the auspices of the Ministry for External Economic Relations.

Sergey Shmakov was born 1950 in Moscow. Education: PhD, Faculty of Economics, Moscow State Institute of International Relations.

JSC Sistema-Hals is a leading diversified company in the Russian and CIS real estate market. Sistema-Hals' core businesses are development, project management and construction, and property and facilities management.

Sistema-Hals was the first Russian property developer to list its shares on the main market of the London Stock Exchange. The company's shares are also listed on the Moscow Interbank Currency Exchange (MICEX) and the Moscow Stock Exchange (MSE). Its parent company, AFK Sistema, holds a 71.1% stake in the company and there is an 18% free float. Sistema-Hals is one of the largest companies by capitalisation operating in the real estate markets of Central and Eastern Europe.

Since starting operations in 1994, Sistema-Hals has successfully completed more than 30 projects with a total area in the region of 300,000 square metres, including the headquarters of DaimlerChrysler, the Hals Tower office building, the headquarters of Trubnaya Metallurgical Company and a hotel for the MaMaison chain (Orco Property Group).

At present Sistema-Hals is constructing the Leningradsky Towers complex, which comprises two buildings, one of which will be the headquarters of Siemens in Moscow. It is also carrying out a complex redevelopment of the property portfolio of the Moscow City Telephone Network, rebuilding the Peking Hotel undertaking the reconstruction of the flagship Detsky Mir toy store near Lubyanka Square, and pursuing a number of other projects.

Sistema-Hals has built a balanced and diversified portfolio of assets in fast-growing sectors of the market. The company's strategy is focused on building Class A office space, mixed-use retail and office complexes, business-class homes, residential estates and land development.

Cushman & Wakefield valued Sistema-Hals' share of properties and projects in its portfolio at USD $3,746m as at 1 January 2008.

 

 

 

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