Moscow, Russia – March 23, 2011 – Sistema (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, today announced that it has completed its purchase of non-convertible amortizing Series 02 and Series 03 bonds with a par value of RUB 1,000 each in accordance with the tender announced on March 9, 2011. Following the tender, 8,641,660 Series 02 bonds and 10,858,340 Series 03 bonds were acquired at nominal value for the total amount of RUB 19.5 billion.

VTB Capital acts as Sole Agent and Arranger for this transaction.