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Financial Corporation "Sistema"

October 30, 2014

Statement regarding JSOC Bashneft proceedings

Moscow,Russia- October 30, 2014 - Sistema JSFC ("Sistema") (LSE: SSA), the largest publicly-traded diversified holding company in Russia and the CIS, announces that today the Arbitrazh (Commercial) Court of the City of Moscow ruled in favour of the civil claim seeking to return the shares of JSOC Bashneft owned by Sistema and its subsidiary Sistema-Invest to the Russian Federation.  

Under Russian law, Sistema has a period of one month from the date of issue of the written decision to appeal. Sistema disagrees with the decision and is considering an appeal. If Sistema does appeal, the decision will not come into effect until such time as the appeal is determined.

Sistema emphasizes that its investments continue to operate as normal, and the majority are profitable and require no funding from Sistema.  Their activities are unaffected by today's decision.

However, the ongoing litigation could have a significant negative impact on the investment strategy, financial condition and financial obligations of Sistema itself, particularly if the decision to return the Bashneft shares, owned by Sistema and Sistema-Invest, comes into force. Sistema is in discussions with relevant stakeholders to determine the potential impact of the litigation and potential outcomes. 

Further announcements will be made as appropriate.

***

For further information, please visit www.sistema.com or contact:

Public Relations

Olga Gudina

Tel.: + 7 (495) 730 7188

Gudina@sistema.ru

Investor Relations

Evgeniy Chuikov

Tel.: +7 (495) 692 1100

ir@sistema.ru

 

 

 

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