AFK Sistema — Director's Dealing 2014

Nov 14, 2014

1.	Name of the issuer:Sistema Joint Stock FinancialCorporation	2.	Notification relates to a transactionnotified in accordance with the DTR 3.1.
3.	Name of person discharging managerialresponsibilities/directorMr. Dmitriy Lvovich Zubov,Member of the Board of Directors ofSistema JSFC	4.	State whether notification relates to a personconnected with a person dischargingmanagerial responsibilities/director named in3 and identify the connected person:No
5.	Notification is made in respect of aholding of the person referred to in 3above	6.	Description of shares (including class),debentures or derivatives or financialinstruments relating to shares:Ordinary registered shares of SistemaJoint Stock Financial Corporation
7.	Name of registered shareholders(s) and,if more than one, the number of sharesheld by each of them:Mr. Dmitriy Lvovich Zubov	8.	State the nature of the transaction:disposal of shares
9.	Number of shares, debentures orfinancial instruments relating to sharesacquired:Not applicable	10.	Percentage of issued class acquired (treasuryshares of that class should not be taken intoaccount when calculating percentage):Not applicable
11.	Number of shares, debentures orfinancial instruments relating to sharesdisposed:10,000,000	12.	Percentage of issued class disposed (treasuryshares of that class should not be taken intoaccount when calculating percentage):0.1036%
13.	Price per share or value of transaction 1:equivalent of USD 1.065 to USD 1.092	14.	Date and place of transaction:from July 22, 2014Moscow, Russian Federation
15.	Total holding following notification andtotal percentage holding followingnotification (any treasury shares shouldnot be taken into account whencalculating percentage):89,488,040 shares(0.9273%)	16.	Date issuer informed of transaction:October 08, 2014

If a person discharging managerial responsibilities has been granted options by the issuer then complete the following boxes

17.	Date of grant:Not applicable	18.	Period during which or date on whichexercisable:Not applicable
19.	Total amount paid (if any) for grant ofthe option:Not applicable	20.	Description of shares or debentures involved(class and number):Not applicable
21.	Exercise price (if fixed at time of grant)or indication that price is to be fixed atthe time of exercise:Not applicable	22.	Total number of shares or debentures overwhich options held following notification:Not applicable
23.	Any additional information:None	24.	Name of contact and telephone number forqueries:Mr. Evgeniy ChuikovTel.: +7 (495) 692 1100ir@sistema.ru

Name of authorized official of issuer responsible for making notification: Mr. Evgeniy Chuikov – Head of IR of Sistema Joint Stock Financial Corporation

Date of notification: November 14, 2014

Signature of _______________ /____________________/ Sistema Joint Stock Financial Corporation