Sistema announces changes to Management Board

Sistema announces changes to Management Board

Moscow, Russia - February 20, 2017. Sistema PJSFC ("Sistema" or "the Corporation") (LSE: SSA; MOEX: AFKS), a Russian public diversified holding company, announces changes to the composition of its Management Board.

The Board of Directors of Sistema at a meeting held on 18 February, 2017, approved a request from Management Board member Elena Vitchak, Vice President and Head of the HR Department, to terminate her mandate. The Board of Directors also passed a resolution to approve the candidacy of Alexey Guryev for the position of Vice President and Head of the HR Department, and to elect him to Sistema's Management Board.

Sistema President and CEO Mikhail Shamolin said: "In her nine years at Sistema, during five of which Elena headed up the HR Department at the Group's Corporate Centre, much has been done to transform the Corporation into an international investment group. Elena has made a substantial contribution to the creation of our team and to taking Sistema's HR function to a new and strategically important level. Elena discharged in full all of her responsibilities, and the Corporation thanks her for her work. I am confident that under Alexey Guryev's leadership Sistema's successful HR work will be continued."

Alexey Guryev joined Sistema in 2013 as Vice President and Head of the Internal Control and Audit Department. From 2009 to 2013 he was Chief Auditor at TNK-BP. From 1999-2009 he held management positions at Yukos and Severstal. In 1998 he graduated from the Finance Academy under the Government of the Russian Federation. In 2013 he graduated from the University of Chicago - Booth School of Business with MBA degree with honors.

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Sistema PJSFC is a publicly-traded diversified Russian holding company serving over 150 million customers in the sectors of telecommunications, high technology, banking, retail, timber processing, agriculture, real estate, pharmaceuticals, tourism and healthcare services. The company was founded in 1993. Its revenue in 2015 reached RUB 708.6bn; its total assets equalled RUB 1.3tn as of 31 December 2015. Sistema's global depositary receipts are listed under the symbol "SSA" on the London Stock Exchange. Sistema's ordinary shares are listed under the "AFKS" ticker on the Moscow Stock Exchange. Website: www.sistema.ru.