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Financial Corporation "Sistema"

September 25, 2012

Important decisions of Sistema Board of Directors

Moscow, Russia - September 25,2012- Sistema JSFC ("Sistema" or the "Company") (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, today announces that its Board of Directors has approved a new composition of Sistema's Management Board  

The Management Board comprises the following members elected to the Board:

- Mikhail Shamolin, President and Chairman of the Management Board;

- Anton Abugov, First Vice President;

- Christopher Alan Baxter, Senior Vice President;

- Alexey Buyanov, Senior Vice President;

- Vitchak Elena, Executive Vice President;

- Anna Goldin, Vice President;

- Sergei Drozdov, Senior Vice President;

- Felix Evtushenkov, First Vice President;

- Leonid Monosov, Executive Vice President;

- Andrey Terebenin, Vice President;

- Kirill Tyurdenev, Executive Vice President;

- Ali Uzdenov, Vice President;

- Alexey Shavrov, Executive Vice President.

Furthermore, the Company's Board of Directors approved a decision to place a new bond issue by public subscription, comprising series 01, 02 and 03 three-year unconvertible interest-bearing bonds. Each series will consist of 10 million bonds with a face value of RUB 1,000 per bond. The date of the bond placement will be announced in due course. 

The Board of Directors also convened an Extraordinary General Meeting of shareholders ("EGM"). The EGM will be held by proxy and the final date for the receipt of ballots is November 1, 2012. The agenda for the meeting will include a Board proposal to amend the Company's Charter in order to allow the Company to increase share capital by issuing additional 386 million ordinary shares with a par value of RUB 0.09 per share.

The proceeds from the bond issue, and possibly an additional share issue if such a decision is taken, are expected to be used for general corporate purposes and also to finance potential acquisitions in different sectors, such as transportation, petrochemicals, agriculture, natural resources and consumer.

Shareholders registered on the record date of September 26, 2012 will be eligible to participate in, and vote at, the EGM by proxy. The EGM materials will be available from October 1, 2012 on Sistema's website at or by request from Sistema's head office during working hours.




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