MOSCOW–(BUSINESSWIRE)–

AGM OF SISTEMA TO ELECT NEW COMPOSITION OF THE BOARD

Moscow, Russia – May 26, 2015 – Sistema JSFC (“Sistema” or the
“Company”) (LSE: SSA), a publicly-traded diversified holding company in
Russia and the CIS, announces that its Board of Directors held a meeting
on May 23, 2015, where it approved a list of 13 nominees for the
election to the Company’s Board of Directors at the Annual General
Meeting of shareholders of Sistema (“AGM”) on June 27, 2015. Seven out
of 13 nominees meet the independent criteria set by the Joint-Stock
Companies Law, the Moscow Stock Exchange requirements and the Corporate
Governance Code of the Russian Federation.

The list of nominees to the new Board of Directors is as follows:

1. Vladimir Evtushenkov

2. Sergei Boev

3. Brian Dickie (Independent Director)

4. Andrei Dubovskov

5. Felix Evtushenkov

6. Dmitri Zubov

7. Patrick James Clanwilliam (proposed by a group of minority
shareholders and nominated for the position of Independent Director at
the Board meeting on April 18, 2015)

8. Robert Kocharyan (Independent Director)

9. Jeannot Krecke (Independent Director)

10. Peter Mandelson (Independent Director)

11. Roger Munnings (Independent Director)

12. Mikhail Shamolin

13. David Iakobachvili (Independent Director)

The Board also recommended the AGM to approve a new edition of the
Regulation on Remuneration and Compensation for the Board members, new
editions of the bylaws for the Annual General Meeting of Shareholders
and for the Board of Directors of Sistema.

***

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

Investor Relations

EvgeniyChuikov

Tel: +7 (495) 692 11 00

ir@sistema.ru

 

Public Relations

Sergey Kopytov

Tel.: +7 (495) 228 15 27

kopytov@sistema.ru

Sistema is a publicly-traded diversified holding company in Russia
and the CIS, which invests in and is a major shareholder of companies
serving over 100 million customers in the sectors of telecommunications,
high technology, radars and aerospace, banking, retail, mass-media,
tourism and healthcare services. Founded in 1993, the Company reported
revenues of US$ 16.6 billion for the full year of 2014, and total assets
of US$ 20.7 billion as at December 31, 2014. Sistema’s global depository
receipts are listed under the symbol “SSA” on the London Stock Exchange.
Sistema’s ordinary shares are listed under the symbol “AFKS” on the
Moscow Exchange. Website: www.sistema.com

The Company is not an investment company, and is not and will not be
registered as such, under the U.S. Investment Company Act of 1940.

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.

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JSFC Sistema