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Financial Corporation "Sistema"

November 28, 2007

Sistema-Hals increases stake in KAMELIA Health Spa to 100%

Moscow, Russia - 28 November, 2007- Sistema-Hals (LSE, MICEX, RTS: HALS), a leading, diversified company in the Russian and CIS real estate market, has today announced that it has acquired a further 4.42% of the shares of KAMELIA Health Spa, taking its total holding to 100%.

In order to optimise the project management structure, the entire stake has been transferred to Kamelia Investment, a 100% subsidiary of Sistema-Hals.

KAMELIA Health Spa occupies an area of land measuring 6.3ha under a long-term lease (49 years), at 89 Kurortny Avenue, Khostinsky District, Sochi. Sistema-Hals plans to build a modern resort complex on the site, including a 5-star hotel, club-style apartments and proprietary infrastructure sites. The complex will cover around 100,000m?. 

JSC Sistema-Hals is a leading diversified company in the Russian and CIS real estate market. The core businesses of Sistema-Hals 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 and the Moscow Stock Exchange. The parent company Sistema holds a 71.1% stake 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 excess of 265,000 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 Moscow City Telephone Network, rebuilding the Hotel Peking and the flagship Children's World toy store near Lubyanka Square, and pursuing a series of other projects.

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

Cushman & Wakefield valued Sistema-Hals' share of the properties and projects in its portfolio at USD 2,882 million as at 1 July 2007.




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