OREANDA-NEWS. Sistema JSFC (“Sistema”, the “Group” or the “Company”) (LSE: SSA), the largest publicly-traded diversified holding company in Russia and the CIS, today announces that its Board of Directors held a meeting on May 21, 2014 and included all the current Board members into the list of candidates for election at the Annual General Meeting of shareholders:

Vladimir Evtushenkov

Alexander Goncharuk

Sergei Boev

Brian Dickie (Independent Director)

Dmitri Zubov

Robert Kocharyan (Independent Director)

Jeannot Krecke (Independent Director)

Peter Mandelson (Independent Director)

Roger Munnings (Independent Director)

Marc Holtzman (Independent Director)

Serge Tchuruk (Independent Director)

Mikhail Shamolin

David Iakobachvili (Independent Director)

In addition, the Board has also approved the following changes to the composition of Sistema's Management Board:

Alexey Buyanov is leaving Sistema's Management Board. Mr. Buyanov will be focusing on managing separate investment projects.

Alexey Chupin is leaving Sistema's Management Board to focus on managing Sistema's medical assets as President of OJSC Medsi.

Andrey Terebenin has been appointed as the Head of the Investment Portfolio. The new Head of the Corporate Communications division will be announced after finalising internal corporate procedures.

The composition of Sistema's Management Board will be:

Mikhail Shamolin (President and Chairman of Sistema's Management Board)

Felix Evtushenkov (First Vice President, Head of the Investment Portfolio)

Anton Abugov (First Vice President, Head of the Investment Portfolio)

Vsevolod Rozanov (Senior Vice President, Chief Financial Officer)

Sergei Drozdov (Senior Vice President, Head of the Corporate governance division)

Christopher Alan Baxter (Senior Vice President, Head of the Investment Portfolio)

Andrey Terebenin (Senior Vice President, Head of the Investment Portfolio)

Ali Uzdenov (Senior Vice President, Head of the Investment Portfolio)

Elena Vitchak (Vice President, Head of HR department)

Oleg Mubarakshin (Vice President, Head of the Legal functional division)

Leonid Monosov (Vice President, Head of the Investment Portfolio)

Michael Hecker (Vice President, Head of the Strategy division)