OREANDA-NEWS. On June 27, 2007 JSC Sistema-Hals (LSE: HALS), the leading Moscow-based real estate development, management and investment company, has announced the adoption of a stock option programme for members of its Board of Directors and Management Board, reported the press-centre of Sistema-Hals.

The programme will provide both stock options and stock bonuses. Stock options entitle participants to acquire a specific number of shares in JSC Sistema-Hals, at a price determined and agreed in advance. Stock bonuses come in the form of shares granted to participants free of charge in return for their contribution to the development of the company. Stock options will affect 2,1% and stock bonuses 3,6% of shares.

"The stock option programme was adopted to further incentivise the Board of Directors and Management Board of the company," says Dmitry Zubov, Sistema-Hals' Chairman of the Board of Directors.  "We believe that it will enable the company to achieve better results, more consistent growth of financial indicators and will increase the market value of the company."

About Sistema-Hals:

OJSC Sistema-Hals is a major diversified company operating in the Russia and CIS real estate markets. The company's core businesses are in real estate development, project and construction management, asset management and facility management. It is a public company and its shares are traded on the London Stock Exchange, the Moscow Interbank Currency Exchange, and the Moscow Stock Exchange.

Sistema-Hals has built up a broad and well-balanced portfolio of assets in growing segments of the market. The company focuses on the construction of Class A and B offices, mixed-use complexes, business-class residential housing, single-family homes and land development.

Since its launch in 1994, Sistema-Hals has successfully completed more than 30 projects in Russia with a total area of more than 265 000m?. These include the headquarters of DaimlerChrysler, the Hals-Tower office building, the headquarters of TMK, and a hotel for the MaMaison chain (Orco Property Group).

Sistema-Hals is now building the Leningradsky Towers complex, which will consist of two buildings, one of which will become the headquarters of Siemens in Moscow. It is working on an integrated program for the redevelopment of properties belonging to the Moscow City Telephone Network (MGTS), the reconstruction of the Hotel Peking and the Central Detsky Mir in Moscow and a number of other projects.

As of 1 January 2007, the company Cushman & Wakefield valued Sistema-Hals' interest in the sites and projects within its portfolio at $2,04 billion.