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JSFC Sistema (SSA)

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Thursday 15 December, 2005

JSFC Sistema

3rd Quarter Results

JSFC Sistema
                  

SISTEMA REPORTS OPERATIONAL RESULTS OF ITS FIXED LINE TELECOM BUSINESSES FOR THE
NINE MONTHS ENDED SEPTEMBER 30, 2005

Sistema (LSE:SSA), the largest private sector consumer services company in
Russia and the CIS, announced today the operational results of its fixed-line
telecommunications subsidiaries for the nine months period ended September 30,
2005. This report contains results for Comstar United TeleSystems including
MTU-Inform, Comstar, Telmos, MTU-Intel, Golden Line and MGTS.

The total active number capacity of Comstar UTS excluding MGTS amounted to more
then 568,000 numbers, while the number of ADSL subscribers increased by 4.5
times in the last 12 months until September 30, 2005. Residential subscribers
accounted for 93% of total ADSL customers, and the total corporate subscriber
base of Comstar UTS as of September 30, 2005 increased by more than 4,000,
totaling approximately 30,000 companies.

For the nine months of 2005, MGTS active number capacity increased by 39,000
numbers to 4.236 million, 83% of which is used by residential subscribers. As of
September 30, 2005, MGTS serviced 3.5 million users, out of which 98% were
residential subscribers.

Comstar United TeleSystems (ex-MGTS)

                                   December   September   September
                                     31,       30, 2004    30, 2005
                                     2004
---------------------------------  --------   ---------   ---------
Active number capacity
---------------------------------  --------   ---------   ---------
                        Corporate  116 842     116 669     130 655
---------------------------------  --------   ---------   ---------
             Fixed-line operators  102 445     102 156     106 111
---------------------------------  --------   ---------   ---------
                 Mobile operators  303 574     303 573     323 571
---------------------------------  --------   ---------   ---------
                      Residential    7 683       7 566       7 925
---------------------------------  --------   ---------   ---------
Total                              530 544     529 964     568 262
---------------------------------  --------   ---------   ---------
Active ADSL lines                  114 134      47 338     212 920
---------------------------------  --------   ---------   ---------
                        Corporate   11 618      10 335      14 266
---------------------------------  --------   ---------   ---------
Residential (incl. home networks)  102 516      37 003     198 654
---------------------------------  --------   ---------   ---------
Active subscribers
---------------------------------  --------   ---------   ---------
                        Corporate   27 258      26 164      30 310
---------------------------------  --------   ---------   ---------
                        Operators      349         290         392
---------------------------------  --------   ---------   ---------
                      Residential  102 263      34 774     196 775
---------------------------------  --------   ---------   ---------
Total                              129 870      61 228     227 477
---------------------------------  --------   ---------   ---------
Active dial-up users               343 691     331 655     232 004
---------------------------------  --------   ---------   ---------


MGTS

                               December     September    September
                                31, 2004     30, 2004     30, 2005
-----------------------------  ----------   ----------   ----------
Active number capacity
-----------------------------  ----------   ----------   ----------
                    Corporate    723 611      719 614      724 061
-----------------------------  ----------   ----------   ----------
                  Residential  3 472 661    3 435 033    3 511 895
-----------------------------  ----------   ----------   ----------
Total                          4 196 272    4 154 647    4 235 956
-----------------------------  ----------   ----------   ----------
Active subscribers
-----------------------------  ----------   ----------   ----------
                    Corporate     76 407       75 872       76 190
-----------------------------  ----------   ----------   ----------
                    Operators        222          208          198
-----------------------------  ----------   ----------   ----------
                  Residential  3 472 661    3 435 033    3 511 895
-----------------------------  ----------   ----------   ----------
Total                          3 549 290    3 512 110    3 588 283
-----------------------------  ----------   ----------   ----------


For further information, please visit www.sistema.com or contact:


Sistema Investor Relations    Comstar UTS                   Shared Value Limited
Alexei Kurach                 Veniamin Kofman               Matthew Hooper
Tel: +7 495 629 2741          Tel: +7 495 956 2170          Tel. +44 (0) 20 7321 5023
kurach@sistema.ru             kofman_vl@comstar-uts.ru      sistema@sharedvalue.net
------------------------------------------------------------------------------------------


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.