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JSFC Sistema (SSA)

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Wednesday 11 May, 2005

JSFC Sistema

Statement re Sistema Multimedia Launches Intera...

JSFC Sistema

Sistema Multimedia, the digital media arm of Sistema (SSA.LI), today announced
full-scale commercial launch of STREAM TV - Russia's first ADSL-based in-house
entertainment offering. STREAM TV will provide customers with access to over 80
Russian and international TV channels, 4 speciality channels (Drive, Hunting and
Fishing, Health and Well-being, Retro), pay-per-view and video-on-demand
services, as well as Internet, computer games and 47 international and 15
Russian radio channels.

With several subscription options starting from US$9.95 per month and the
ability to add new channels individually or in packages, for a day, a week or a
month, STREAM TV gives its customers unmatched flexibility in managing their
accounts. The equipment package, which includes an ADSL modem, a set-top box,
remote control and infrared keyboard, can be purchased at the time of connection
or through a 3-year instalment plan.

STREAM TV builds on the success of STREAM, Sistema's residential ADSL offering
in Moscow, which was launched in Ferbuary 2004 and now has over 150,000
subscribers. The TV offering will be available to both the existing STREAM
clients, and to millions of customers of MGTS and Comstar United Telesystems in
Moscow. Sistema Multimedia also intends to license its own content to other
regional pay-TV operators.

For further information, please visit

Sistema is the largest private sector consumer services company in Russia and
the CIS, with over 35 million customers. Sistema develops and manages
market-leading businesses in selected service-based industries, including
telecommunications, technology, insurance, banking, real estate, retail and
media. Founded in 1993, the company reported revenues of US$ 4.1 billion for the
first nine months of 2004 and total assets of US$ 7.7 billion as at September
30, 2004. Sistema's shares are listed under the symbol 'SSA' on the London Stock
Exchange, under the symbol 'AFKS' on the Russian Trading System (RTS), and under
the symbol 'CUCT' on the Moscow Stock Exchange (MSE).

Some of the information in this press release may contain projections or other
forward-looking statements regarding future events or the future financial
performance of Sistema. 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 hereof or to reflect the occurrence of unanticipated events. Many factors
could cause the actual results to differ materially from those contained in our
projections or forward-looking statements, including, among others, general
economic conditions, our competitive environment, risks associated with
operating in Russia, rapid technological and market change in our industries, as
well as many other risks specifically related to Sistema and its operations.