SISTEMA-HALS TO CONVENE AN EXTRAORDINARY 
GENERAL MEETING OF SHAREHOLDERS

MOSCOW, RUSSIA - October 12, 2009 - Sistema Hals (HALS), a leading diversified company in the Russian and CIS real estate market, announces that on October, 9 the Board of Directors decided to convene the Extraordinary General Meeting of shareholders of the Company on December 28, 2009 with the following agenda:

1.   Early terminating the authorities of members of the Board of Directors of Sistema-Hals OJSC;

2.   Electing members of the Board of Directors of Sistema-Hals OJSC;

3.   Early terminating the authorities of members of the Auditing Committee of Sistema-Hals OJSC;

4.   Electing members of the Auditing Committee of Sistema-Hals OJSC.

The Board also established October 9, 2009 as the Record Date to participate in the Extraordinary General Meeting of shareholders of the Company. The materials for the General Meeting will be available in the Company's registrar offices and published on the Company's web-site before December 8, 2009. 

Besides, the Directors decided on their meeting to approve the new registrar - ZAO TSOR. The written notification of the Registrar Services Agreement termination with OJSC Reestr as well as of the registrar change will be distributed to all shareholders in accordance with Russian legislation.  

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Sistema-Hals ("the Company") is a leading diversified company in the Russian and CIS real estate market. The core business of Sistema-Hals is development. 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 and in the Russian Trading System Stock Exchange.

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).

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 residential buildings.

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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 that 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.