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JSFC Sistema (SSA)

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Thursday 29 December, 2005

JSFC Sistema

Sistema Merges Multimedia Business into Comstar...

JSFC Sistema

Sistema (LSE:SSA), the largest private sector consumer services
company in Russia and the CIS, announced today the merger of Sistema Multimedia,
its digital content production and aggregation business, and MTU-Intel, the ISP
arm of Comstar UTS. Comstar UTS now owns 51.82% of the merged entity, Sistema
Mass Media owns 48.135% and Sistema Inventure owns the remaining 0.045%.

Post-merger, the business will continue to operate under the name of MTU-Intel.
The merger will allow the company to better integrate its ADSL data and content
offerings under Stream and Stream TV brands, thus enabling Comstar UTS to
continue pioneering the triple-play concept in the Russian market.

For further information, please visit

Sistema is the largest private sector consumer services company in Russia and
the CIS, with over 45 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$ 5.7 billion for the
full year 2004, and total assets of US$ 8.8 billion as at December 31, 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 '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.

    CONTACT: Sistema Investor Relations
             Alexei Kurach, +7 495 629 2741
             Shared Value Limited
             Matthew Hooper, +44 (0) 20 7321 5023