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JSFC Sistema (SSA)

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Monday 29 June, 2009

JSFC Sistema

Result of AGM

Result of AGM

JSFC Sistema

SISTEMA ANNOUNCES RESULTS OF ITS AGM

Sistema (LSE:SSA), the largest diversified public financial corporation in Russia and the CIS, which manages large companies operating in different industries, today announced the decisions made at the Annual General Meeting of its shareholders (the “AGM”) on June 27, 2009.

The Board of Directors was expanded from 10 to 13 members. The AGM approved the election of three new members to the Board of Directors: Leonid Melamed, President and CEO of Sistema, Rajiv Mehrotra, member of the Board of Directors of Sistema Shyam Teleservices, Robert Kocharyan, an independent director. The Board of Directors, therefore, comprises 4 independent non-executive directors and consists of 13 members.

The shareholders approved the election of the members of the Board of Directors as follows:

  • Alexander Goncharuk
  • Alexander Gorbatovsky
  • Vladimir Evtushenkov
  • Ron Sommer
  • Dmitry Zubov
  • Vyacheslav Kopiev
  • Robert Kocharyan
  • Leonid Melamed
  • Rajiv Mehrotra
  • Evgeny Novitsky
  • Stephan Newhouse
  • Robert Skidelsky
  • Sergey Cheremin

At the statutory Board meeting following the AGM, the Board of Directors appointed Vladimir Evtushenkov as Chairman.

The AGM approved the Company’s Annual Report and annual financial statements for 2008. The AGM also made a decision not to pay dividends for 2008.

Gorislavtsev and K. Audit was appointed as Sistema’s Russian Accounting Standards auditor for 2009, and Deloitte & Touche CIS was appointed as Sistema’s US GAAP auditor for 2009. The AGM also elected the Audit Committee.

Robert Kocharyan was born in 1954 in Stepanakert, Nagorno-Karabakh Autonomous Oblast. From 1998 to 2008, Mr. Kocharyan was the President of Armenia. Prior, from 1997 to 1998, he served as Prime Minister of Armenia. From 1994 to 1997, Mr. Kocharyan was President of Nagorno-Karabakh Republic. From 1992 to 1994, he served as Chairman of the State Defense Committee and Prime Minister of the Nagorno-Karabakh Republic. In 1991, he was elected a deputy of the Nagorno-Karabakh Republic's Supreme Soviet of the first convocation. In 1989 and in 1990, Mr. Kocharyan was a deputy of Armenia’s Supreme Soviet and member of the Presidium of the Supreme Soviet. Prior to that, he worked in Stepanakert’s electro-technical plant and occupied various posts in Nagorno Karabakh’s youth communist and party organisations. In 1982, Robert Kocharyan graduated from Yerevan Polytechnic Institute.

Rajiv Mehrotra was born in 1954. Mr. Mehrota is a founder of Shyam Group of India, where he serves as Chairman and Managing Director. He was also instrumental in establishing Shyam Telecom, one of the leading providers of mobile communications solutions. Mr. Mehrota is also one of the founders of Shyam Telelink (now Sistema Shyam Teleservices), one of the first CDMA 2000 mobile network operators in India. He actively cooperates with the Association of Basic Telecom Operators, and is a member of the Federation of Indian Chambers of Commerce & Industry (FICCI) Telecom Committee. Mr. Mehrota is a member of the Board of Directors of Sistema Shyam Teleservices.

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For further information, please visit www.sistema.com or contact:

Sistema Investor Relations       Shared Value Limited
Pavel Kim Larisa Kogut-Millings
Tel: +7 495 692 22 88 Tel: +44 (0) 20 7321 5010

ir@sistema.ru

sistema@sharedvalue.net

Sistema is the largest public diversified financial corporation in Russia and the CIS, which manages companies serving over 100 million customers in the sectors of telecommunications, high-tech, oil and energy, radio and aerospace, banking, real estate, retail, mass-media, tourism and healthcare services. Founded in 1993, the company reported revenues of US$ 16.7 billion and US$ 2.8 billion for the full year 2008 and the first quarter of 2009 respectively, and total assets of US$ 27.1 billion as at March 31, 2009. Sistema’s shares are listed under the symbol “SSA” on the London Stock Exchange, under the symbol “AFKS” on the Russian Trading System (RTS), under the symbol “AFKC” on the Moscow Interbank Currency Exchange (MICEX), and under the symbol “SIST” on the Moscow Stock Exchange (MSE).

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Sistema. You can identify forward looking statements by terms such as “expect,” “believe,” “anticipate,” “estimate,” “intend,” “will,” “could,” “may” or “might” the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. In addition, there is no assurance that the new contracts entered into by our subsidiaries referenced above will be completed on the terms contained therein or at all. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to Sistema and its operations.