Moscow, Russia – July 12, 2011 – JSFC Sistema (“Sistema”) (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, today announces that OJSC Intourist (“Intourist”), a leading tour operator in Russia and a subsidiary of Sistema, and Thomas Cook Group Plc (“Thomas Cook”), one of the world’s largest travel groups, have completed a transaction to establish a joint venture (JV) involving Intourist’s tourism and retail business.

Thomas Cook has acquired a 50.1% stake in the JV as per the earlier announced terms. The JV will capitalise on its partners’ extensive experience as leading brands to expand the travel business in Russia and the other CIS countries.