Moscow, Russia – April 21, 2011 – Sistema (the “Company”) (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, today announced that its Board of Directors (“Board”) set the date for the annual general meeting of Shareholders (AGM) of Sistema for June 25, 2011

Agenda as follows:

1) approval of the Company’s Annual Report and annual financial statements for 2010, including the profit and loss statement;

2) approval of the distribution of profit and the amount, terms, form and timing of the dividend payment on Sistema shares for 2010;

3) election of members of the Audit Commission;

4) election of members of the Board of Directors; and

5) approval of the appointment of Sistema’s auditors.

 The AGM shall take place at the Ritz-Carlton Hotel, Moscow (Tverskaya Str.3), on June 25, 2011 at 11:00 in the Ballroom Hall II.

 Shareholders registered as of the record date of May 18, 2011 will be eligible to participate in the AGM and, should a decision regarding payment of dividends be adopted at the AGM, entitled to receive a dividend payment. The AGM materials will be available from May 25, 2011 on Sistema’s website at www.sistema.com or by request from Sistema’s head office during working hours.