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JSFC Sistema (SSA)

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Tuesday 24 October, 2006

JSFC Sistema

Transaction in Own Shares

JSFC Sistema


Moscow, Russia - October 24, 2006 - Sistema (LSE:SSA), the largest private
sector consumer services company in Russia and the CIS, announced today that it
has completed the purchase of 2% of its stock, which constitutes a total of
193,000 ordinary shares, in the amount of approximately US$ 239 million. The
purchase was completed through Sistema Finance, one of Sistema's subsidiaries.

As announced earlier, Sistema is establishing a share option programme for the
top management of the Company. The acquired shares are intended for the funding
of this programme and may also be used in connection with certain future
acquisition activity.

For further information, please visit or contact:

Sistema Investor Relations          Shared Value Limited
Victor Kurilo                       Matthew Hooper
Tel: +7 495 629 2741                Tel. +44 (0) 20 7321 5023             

Sistema is the largest private sector consumer services company in Russia and
the CIS, with over 65 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$4.6 billion for the
first half of year 2006, and total assets of US$ 17.3 billion as at June 30,
2006. 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.