Moscow, Russia – August 11, 2009 – Sistema (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, which invests in and is a major shareholder of large companies operating in different industries, today set the date of the placement of RUB 20 billion unconvertible callable series two bond issue for August 18, 2009.

The bonds will have a 5 year maturity and will be callable in three years following the sixth coupon payment. The Board of Directors has canceled its previous decision which was made in February 2009 to call the bonds in one year following the second coupon payment. The bonds will be placed on the Moscow Interbank Currency Exchange (MICEX).

The placement of series two bonds is aimed at further optimization of Sistema’s debt portfolio structure in order to increase the share of ruble-denominated financial instruments and to extend its maturity.

Alexey Buyanov, Senior Vice President and Head of the Finance and Investment Group of Sistema, commented: “We have largely resolved Sistema’s debt financing needs for 2009. This bond placement is not tied to the refinancing of our short and medium term debt obligations. In line with our corporate debt management strategy we intend to issue ruble-denominated bonds in order to optimize the Group’s debt portfolio structure and expect to benefit from favourable market conditions which currently exist for financial instruments issued in rubles.”

Furthermore, the placement of RUB 19 billion series three bonds with a seven year maturity is planned in the fourth quarter of 2009 or thereafter.