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JSFC Sistema (SSA)

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Thursday 29 December, 2005

JSFC Sistema

ASVT Lawsuit Dismissed by the Moscow Arbitrage ...

JSFC Sistema

Sistema (LSE:SSA) the largest private sector consumer services company in Russia
and the CIS, announced today that the Moscow Arbitration Court dismissed the
lawsuit filed by Open Joint Stock Company ASVT ('AVST') against Sistema on
October 12, 2005 for approximately 50 billion rubles (US$1.75 billion at the
exchange rate on October 12, 2005). As previously announced, the lawsuit related
to Sistema's investment in Mobile TeleSystems OJSC ('MTS') made over ten years

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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$ 5.4 billion for the
first nine months of 2005, and total assets of US$ 12.1 billion as at September
30, 2005. Sistema's shares are listed under the symbol 'SSA' on the London Stock
Exchange 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
             Tel: +7 495 629 2741
             Shared Value Limited
             Matthew Hooper
             Tel. +44 (0) 20 7321 5023