The first mutual investment fund of financial instruments is registered by Sistema Capital, marking the start of its active work in the financial and investment markets.

Intourist and Thomas Cook Group establishmed a joint venture on the basis of Intourist's tour operating and retail business. Thomas Cook acquired a 50.1% stake in the JV for a total stock and cash consideration of $45 mn.

Bashneft and Petrochemical Holding established United Petrochemical Company as a vehicle to assess possible investments in petrochemical sector in Russia. The partners gained 75% and 25% in the joint venture, respectively.

MTS acquired 29.05% stake in MGTS from Sistema for RUB 10.56 bn.

Sistema reorganised the ownership of Bashkirenergo through restructuring of OJSC Sistema Invest. As a result, the share of Bashkir fuel and energy companies in the authorised capital of Sistema Invest reaches 49.5%, while Sistema Invest becomes the owner of 50.17% of Bashkirenergo (47.87% of the authorised capital).

The Russian government becomes a shareholder of SSTL via the Federal Agency for State Property Management (Rosimushchestvo), which acquired a 17.14% stake in the Indian telecom operator for INR 26,988 mn (approximately $600 mn).

Sistema’s Board of Directors approved new organizational structure and strategy, designed to reshape the Corporation from an operating holding to an investment company. All the investments were divided into two portfolios: core assets and developing assets.