OREANDA-NEWS. June 09, 2010. Sistema-Hals (LSE, MICEX, RTS: HALS), a major Russian real estate company, announced today that at its meeting the Board of Directors of the Company decided to convene the Annual General Meeting of shareholders of the Company on June 29, 2010 with the following agenda:

1. Approval of the annual report of Sistema-Hals JSC for 2009;

2. Approval of the annual accounting statements including the profit-and-loss statement of Sistema-Hals JSC for 2009;

3. Distribution of profits (including dividends payable) and losses of Sistema-Hals JSC for 2009;

4. Approval of a quantity of members of the Board of Directors of Sistema-Hals JSC;

5. Elections to the Board of Directors of Sistema-Hals JSC;

6. Elections to the Revision Commission of Sistema-Hals JSC;

7. Approval of the Auditor of Sistema-Hals JSC for 2010;

8. Approval of the interested party transactions to be entered into by Sistema-Hals JSC during its standard commercial business;

9. Approval of the interested party transactions - loan agreement #SG-04/10-F(k) from 07.04.2010 between Sistema-Hals JSC and FRANOZA INVESTMENTS LIMITED;

10. Approval of the interested party transactions - loan agreement #G2812/09-SHL(k) from 28.12.2009 between Sistema-Hals JSC and SAPIDUS HOLDINGS LIMITED;

11. Remuneration to members of the Board of Directors of Sistema-Hals JSC in 2009;

12. Approval of the Charter of Sistema-Hals JSC in a new version;

13. Approval of the Regulations on the Board of Directors of Sistema-Hals JSC in a new version;

14. Approval of the Bylaw on the General Meeting of Shareholders of Sistema-Hals JSC in a new version;

15. Approval of the Regulations for Executive Board of Sistema-Hals JSC in a new version;

16. Approval of the Regulations on the Remuneration and Compensation to Sistema-Hals' Board of Directors in a new version;

17. Confirmation to cease to be in force of the Regulations on the Option Program for the Board of Directors of Sistema-Hals JSC, ratified by General Shareholders Meeting held on June 25, 2007 (Minutes #16).

The Board also established May 19, 2010 as a register closing date for the purposes of drawing up a list of shareholders eligible to participate in the Annual General Meeting of shareholders of the Company.

The Board of Directors also recommended not to pay dividends on the shares of Sistema-Hals JSC for the year 2009 due to the loss in 2009.

Sistema-Hals ("the Company") is one of the 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 the Russian Trading System Stock Exchange.

Main shareholders of Sistema-Hals are Bank VTB (51.24%) and AFK "Sistema" (27.6%); free float is about 18%.

Starting operations in 1994, Sistema-Hals has successfully completed about 40 projects with a total area over 450,000 square metres, including several residential complexes in Kuntsevo, the headquarters of the DaimlerChrysler company, the Hals Tower office building, the headquarters of the Trubnaya Metallurgical Company, the hotel for the MaMaison chain (Orco Property Group).

Sistema-Hals implements the development of the Leningradsky Towers complex in Moscow; carries out the complex program of redeveloping the facilites of the Moscow City Telephone networks; reconstructs the building of the Central "Detsky Mir" on Lubyanka, constructs LETO shopping center in Saint Petersburg and fulfils several 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, multifunctional retail and office complexes, business-class residential buildings.