Print   



SISTEMA-HALS INFORMATION STATEMENT

MOSCOW, RUSSIA - June 29, 2009 - Sistema-Hals (LSE, MICEX, RTS: HALS), a major Russian real estate company, announced today that the Annual General Meeting of Shareholders was held to review the Company's results for 2008. The newly elected Board of Directors held its first meeting. 

At the Annual General Meeting the shareholders approved the election of 7 members to the Company's Board of Directors:

• Douglas Daft (Independent Director);

• Felix Evtushenkov;

• John Gummer (Independent Director);

• Georgy Kravchenko;

• Robert Tsenin (Independent Director);

• Dmitry Yakubovsky;
• Dmitry Zubov.

 

The shareholders of Sistema-Hals decided to pay neither 2008 dividends nor remuneration to the members of the Board of Directors due to the Company's loss in 2008. 

The Annual General Meeting of Shareholders also approved the annual report and the annual financial statements, elected the Audit Commission, approved external auditors for Russian statutory accounting (ZAO Auditing Company AORA) and for US GAAP statutory accounting (ZAO Deloitte & Touch CIS).  

At the Board of Directors meeting Mr. Felix Evtushenkov was named the Chairman of the Board, and Mr. Dmitry Yakubovsky was elected the Deputy Chairman of the Board.

The Board of Directors appointed a new President of Sistema-Hals - Igor Kascheev, who used to work as First Vice-President. The previous President Sergey Shmakov left the Company on his own accord.

'Igor Kascheev is an experienced manager, who has been working with the Company more than six years. He

joined Sistema-Hals as an expert and was promoted several times up to First Vice-President, - said Felix Evtushenkov, Chairman of Sistema-Hals Board of Directors. - We believe, that the Company will be successfully developing and raising its valuation under Igor Kascheev's leadership'.

For editor:

Felix Evtushenkov was born in 1978, graduated from Moscow University of International Law and Economics, majoring in jurisprudence.  In 1999-2000 he was the President Assistant of Sistema-Invest, the Chief Executive of industry department in JFSC Sistema. Since 2000 Felix Evtushenkov was the Deputy General Director, the head of strategy and marketing department with Sistema-Hals. He headed Sistema-Hals in 2003-2008. Since June 2008 - Chairman of the Board of Directors of Sistema-Hals. Since July 2008 - Vice President, Head of Consumer Assets business unit at JFSC Sistema.

Igor Kascheev was born in 1978, graduated from Moscow State Law Academy, majoring in jurisprudence. 2000-2001 - worked in Dorosh Grishayev Malyarenko Law Office. In 2001 worked as an expert with the land and property unit, a senior expert with the organization and analytical unit with Sistema-Hals. 2002-2003 - joined Capital Group as a lawer. In 2003 he came back to Sistema-Hals and worked as a project manager, Head of the land and property relations department, Vice President - Head of Asset Management Complex. Since October 2008 - First Vice President. Since April 2006 - Member of the Management Board. 

For further information please contact:

Anna Zavialova

Director

PR Department

Tel. +7 (495) 785-7764

zavialova@sistema-hals.ru

Ulyana Denga 
Director
IR Department
Tel. +7 (495) 785-7742 (1275)

Cell +7 (903) 2626 529
denga@sistema-hals.ru 

Sistema-Hals ('the Company') is a leading diversified company in the Russian and CIS real estate market. The core businesses of Sistema-Hals are development, asset management and facilities management.

The Company was the first Russian property developer to list its shares on the main market of the London Stock Exchange. The Company's shares are also listed on the Moscow Interbank Currency Exchange and the Moscow Stock Exchange.

Since starting operations in 1994, Sistema-Hals has successfully completed about 40 projects with a total area in the region of 340,000 square metres, including the headquarters of DaimlerChrysler, the Hals Tower office building, the headquarters of Trubnaya Metallurgical Company and a hotel for the MaMaison chain (Orco Property Group).

At present Sistema-Hals is in the process of development the Leningradsky Towers complex in Moscow. It is also carrying out a complex redevelopment of the property portfolio of Moscow City Telephone Network, rebuilding the flagship Detsky Mir toy store near Lubyanka Square, and pursuing a series of other projects.

Sistema-Hals has assembled a balanced and diversified portfolio of assets in fast-growing sectors of the market. The Company's strategy is focused on building Class A and B office space, mixed-use retail and office complexes, business-class homes, residential estates and land development.

Cushman & Wakefield Stiles & Riabokobylko valued the Sistema-Hals share of properties and projects in its portfolio at $2,049 million as at 1 January 2009.

***

The information in the press release may contain forward-looking statements regarding future events or the future financial performance of Sistema-Hals. 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 those actual events or results may differ materially. We do not intend to update these statements to reflect events and circumstances occurring after the date thereof or to reflect the occurrence of unanticipated events. 

ENDAGMEADKNAEENEFE