SISTEMA-HALS TO CONVENE AN EXTRAORDINARY 
GENERAL MEETING OF SHAREHOLDERS

MOSCOW, RUSSIA - November 19, 2009 - Sistema Hals (HALS), a leading diversified company in the Russian and CIS real estate market, announces today that the Board of Directors decided to convene an Extraordinary General Meeting of shareholders of the Company in absentia on December 25, 2009.

The Board established November 19, 2009 as the Record Date for shareholders to participate in the Extraordinary General Meeting of the Company. On the Meeting the shareholders of Sistema-Hals will cast votes on one issue in the agenda - to approve possible interested party transactions between Sistema-Hals and Bank VTB.

The materials for the Extraordinary General Meeting will be available for public 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 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 over 400,000 square metres, including the headquarters of DaimlerChrysler, the Hals Tower office building, the headquarters of Trubnaya Metallurgical Company, a hotel for the MaMaison chain (Orco Property Group), residential projects in Kuntsevo district.

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.