Moscow, Russia – November 16, 2010 – Sistema (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, which invests in, and is a major shareholder of, companies operating in different industries, today announced that it has convened an Extraordinary General Meeting of shareholders. The EGM will be convened by proxy and the final date for the receipt of ballots is December 21, 2010.

The EGM is called to approve a related party transaction involving a sale of a 99.9998% stake in LLC Sistema Telecommunications, Informatics and Communications.

Shareholders registered at the record date of November 16, 2010 will be eligible to participate in the EGM. The EGM materials will be available from November 21, 2010 on Sistema’s website at www.sistema.com or by request during working hours from Sistema’s head office.