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Financial Corporation "Sistema"

November 1, 2011

Sistema Board of Directors approves new dividend policy

Moscow, Russia – November 1, 2011 – JSFC Sistema (“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 dividend policy.

The size of Sistema’s dividend payments will be determined by the Board of Directors on the basis of the Company’s annual financial results, with dividend payments to be equal to a minimum of 10% of the Company’s consolidated net income under US GAAP (net of any special dividends paid). Furthermore, in the event of cash deals such as large asset sale, special dividends can be recommended by the Board of Directors in an amount of at least 10% of the net gain from such transactions, determined by the Board of Directors.  In accordance with Russian legislation, total dividends paid will not exceed the Company’s annual non-consolidated net income, as reported under Russian accounting standards.

 

 

 

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