Moscow/Munich - February 21, 2007 - Sistema and Allianz signed a share purchase agreement, whereby Allianz becomes major shareholder of the ROSNO Group. Together with its own stake of approximately 47.4%, Allianz holds now approximately 97 % in ROSNO, one of the top 4 insurance companies in Russia. Sistema will continue to support the future development of ROSNO by holding approximately 3% in ROSNO. Both parties look back on six years of successful cooperation.

"Initially our partnership presumed that at a certain stage of the company's development the control will be focused in hands of one of the key players - commented on the deal Alexander Goncharuk, President of AFK "Sistema". - The qualitatively new level that has been achieved by ROSNO up to now is the result of cooperation of two strong shareholders complementing each other. And we are satisfied with the result. The leadership path chosen by Sistema back in the stage of the company's build-up was strengthened by the experience and technologies of Allianz. Today's deal closure is both part of Sistema's business strategy and implementation of the obligations undertaken by the partners earlier. We are completely satisfied with the today's deal. And we are sure that the well-deserved future is lying ahead of ROSNO." 

ROSNO is one of the top Russian insurers. The company is active in the Property/Casualty, Life/Health and Asset Management business.

"With the acquisition of ROSNO we are expanding our position as the number one company in Central and Eastern Europe and will become by far the most important foreign insurance company in the strategic market Russia. This step underlines the importance of the CIS region and particularly Russia as core growth markets for Allianz. We will continue our strategy of winning new customers in major markets of Central and Eastern Europe and the CIS region," commented Werner Zedelius, Board Member of Allianz SE, responsible for growth markets.

Since Allianz's participation in 2001, Sistema and Allianz have transformed ROSNO into a fast growing and profitable insurer.