SISTEMA REPORTS RESULTS OF ANNUAL GENERAL MEETING

TMC Net
[July 07, 2009]

Jul 06, 2009 (Close-Up Media via COMTEX) — Sistema, a diversified
public financial corporation in Russia and the CIS, announced the
decisions made at the Annual General Meeting of its shareholders
(the AGM) on June 27. The company noted in a June 29 release that
the Board of Directors was expanded from 10 to 13 members. The AGM
approved the election of three new members to the Board of Directors:
Leonid Melamed, President and CEO of Sistema, Rajiv Mehrotra, member of
the Board of Directors of Sistema Shyam Teleservices, Robert Kocharyan,
an independent director. The Board of Directors, therefore, comprises
4 independent non-executive directors and consists of 13 members.

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The shareholders approved the election of the members of the Board of
Directors as follows: – Alexander Goncharuk – Alexander Gorbatovsky –
Vladimir Evtushenkov – Ron Sommer – Dmitry Zubov – Vyacheslav Kopiev –
Robert Kocharyan – Leonid Melamed – Rajiv Mehrotra – Evgeny Novitsky –
Stephan Newhouse – Robert Skidelsky – Sergey Cheremin At the statutory
Board meeting following the AGM, the Board of Directors appointed
Vladimir Evtushenkov as Chairman. The AGM approved the company’s
Annual Report and annual financial statements for 2008. The AGM also
made a decision not to pay dividends for 2008.

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Angeles, CA. Gorislavtsev and K. Audit was appointed as Sistema’s
Russian Accounting Standards auditor for 2009, and Deloitte & Touche
CIS was appointed as Sistema’s US GAAP auditor for 2009. The AGM also
elected the Audit Committee. Robert Kocharyan was born in 1954 in
Stepanakert, Nagorno-Karabakh Autonomous Oblast. From 1998 to 2008,
Kocharyan was the President of Armenia. Prior, from 1997 to 1998, he
served as Prime Minister of Armenia. From 1994 to 1997, Kocharyan was
President of Nagorno-Karabakh Republic. From 1992 to 1994, he served
as Chairman of the State Defense Committee and Prime Minister of the
Nagorno-Karabakh Republic. In 1991, he was elected a deputy of the
Nagorno-Karabakh Republic’s Supreme Soviet of the first convocation. In
1989 and in 1990, Kocharyan was a deputy of Armenia’s Supreme Soviet
and member of the Presidium of the Supreme Soviet. Rajiv Mehrotra
was born in 1954. Mehrota is a founder of Shyam Group of India, where
he serves as Chairman and Managing Director. Mehrota is also one of
the founders of Shyam Telelink (now Sistema Shyam Teleservices),
one of the first CDMA 2000 mobile network operators in India. He
actively cooperates with the Association of Basic Telecom Operators,
and is a member of the Federation of Indian Chambers of Commerce &
Industry (FICCI) Telecom Committee. Mehrota is a member of the Board
of Directors of Sistema Shyam Teleservices. ((Comments on this story
may be sent to newsdesk@closeupmedia.com))