Sistema JSFC (“Sistema”) (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, today announces that it has become aware of a request for an enquiry by a member of the State Duma of the Russian Federation based on allegations of violations by Joint Stock Oil Company Bashneft (“Bashneft”), a subsidiary of Sistema, relating to its receipt and further use of a licence for the development of the Trebs and Titov oil fields.

Moscow, Russia– March 16, 2012 – Sistema JSFC (“Sistema”) (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, today announces that it has become aware of a request for an enquiry by a member of the State Duma of the Russian Federation based on allegations of violations by Joint Stock Oil Company Bashneft (“Bashneft”), a subsidiary of Sistema, relating to its receipt and further use of a licence for the development of the Trebs and Titov oil fields.

Sistema wishes to clarify that Bashneft received the referred licence by order of the Government of the Russian Federation, following a recommendation by the tender commission. Bashneft submitted the best bid during the licence tender, met all the tender requirements, and paid a total of RUB 18.5 billion for the right to explore and produce crude oil at the Trebs and Titov oil fields.

The licence was later transferred to Bashneft-Polus LLC, a wholly-owned subsidiary of Bashneft. The subsequent sale of a 25.1% stake in Bashneft-Polus LLC to OJSC Lukoil was fully approved by state authorities, and conducted in accordance with the Russian legislation. Neither Bashneft, nor Bashneft-Polus LLC, have at any time violated the terms and conditions set out in the licence.

Moreover, Sistema notes today’s comments by Anatoliy Ledovskikh, Head of Rosnedra, reported by Interfax, that “the licence tender for the Trebs & Titov fields in Nenets Autonomous Okrug, was conducted fairly, in accordance with the legislation and approved by the Russian Government.”

Sistema fully supports Bashneft in its efforts to protect its interests by all possible legal means.

Bashneft’s statement is available at: https://www.bashneft.com/press-centre/news/detail.php?id=4040.