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JSFC Sistema (SSA)

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Friday 09 December, 2005

JSFC Sistema

Sistema's Top Management and Directors Receive ...

JSFC Sistema

Sistema (LSE: SSA), the largest private sector consumer services company in
Russia and the CIS, announced today that the company's CEO and controlling
shareholder, Vladimir Evtushenkov, distributed a part of his stake representing
a total of 1% of all shares outstanding to the company's directors and top
management. In this way, Mr. Evtushenkov has made a personal contribution
towards the incentive program for the company's Board members and top

As a result, the senior executives below received the following shareholdings:

Vyacheslav Kopiev, Deputy Head of the Board of Directors:   0.2%
Mr. Kopiev joined Sistema as Vice President in 1997. He has been a Director
since 2001 and in 2003 became Deputy Chairman of the Board.
Nikolay Mikhailov, Member of the Board of Directors:                  0.1%
Mr. Mikhailov has been a Member of the Board of Sistema since 2000 and in 2001
served as Adviser to the Chairman.
Levan Vasadze, First Vice-President, Chief Strategy Officer:          0.3%
Mr. Vasadze joined Sistema in 1998 as Vice President and in 2000 was appointed
First Vice President, Head of Strategy and Development of Sistema.
Alexey Buyanov, Senior Vice-President, CFO:                           0.2%
Mr. Buyanov joined Sistema in 1994 and initially occupied various posts at the
Property Complex. Having also worked at MTS in the capacity of Vice President,
in 2002 Mr. Buyanov became Senior Vice President and Chief Financial Officer..
Sergey Drozdov, Senior Vice-President, Head of Property:              0.2%
Mr. Drozdov has been working with Sistema since 1995, where he managed the
Department of Development and Investments. In September 2002, he became Director
and Senior Vice President, Head of Property.

For further information, please visit or contact:

Sistema Investor Relations                             Shared Value Limited
Alexei Kurach                                          Matthew Hooper
Tel: +7 095 730 1543                                   Tel. +44 (0) 20 7321 5023                            

Sistema is the largest private sector consumer services company in Russia and
the CIS, with over 50 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$ 3.4 billion for the
first six months of 2005, and total assets of US$ 11.6 billion as at June 30,
2005. 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 'SIST' 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.