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Financial Corporation "Sistema"

April 9, 2009

Sistema completes acquisition of a controlling stake in Bashkir Oil and Energy Group

Moscow, Russia April 9, 2009 Sistema (LSE: SSA), the largest diversified public corporation in Russia and the CIS, which manages fast growing companies operating in the telecommunications, consumer services sectors and technology industries, today announced that it has concluded the acquisition of a controlling stake in Bashkir Oil and Energy Group with a first tranche of US$ 2.0 billion paid to Agidel-Invest LLC, Ural-Invest LLC, Inzer-Invest LLC and Yuryuzan-Invest LLC.

As a result of this transaction, Sistema now owns a 76.52% stake in ANK Bashneft JSC, a 65.78% stake in Ufaneftechim JSC, a 87.23% stake in Novoil JSC, a 73.02% stake in Ufaorgsintez JSC, a 78.49% stake in Ufimskiy NPZ JSC and a 73.33% stake in Bashkirnefteproduct JSC. According to the terms of the deal, the second tranche of the remaining US$ 500 million will be paid on a deferred basis after 14 months.

 

 

 

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