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JSFC Sistema (SSA)

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Tuesday 31 July, 2007

JSFC Sistema

EGM Statement

JSFC Sistema


Sistema (LSE:SSA), the largest private sector consumer services company in
Russia and the CIS, today announced that its Board of Directors has convened an
Extraordinary General Meeting ('EGM') of Sistema shareholders, which will be
held on September 17, 2007. Shareholders registered as at the record date of
August 5, 2007, will be eligible to participate in the meeting. Details about
how to register for the meeting can be found on the Company's website at

The agenda for the meeting will comprise the Board's proposal to subdivide the
nominal value of Sistema's ordinary shares by 1,000 times. As a result, the
Company's share capital would comprise 9,650,000,000 ordinary shares with a par
value of RUR 0.09 per share. In addition, the Board of Directors will propose
that the Company's Charter be amended to reflect the changes in the Company's
share capital.

Alexey Buyanov, Chief Financial Officer, commented: 'The proposed subdivision
will help us to stimulate trading liquidity in the Company's securities and is
intended to boost the level of interest in our shares in the market.'

For further information, please visit or contact:

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

Sistema Public Relations
Kirill Semenov
Tel: +7 495 730 7188

Sistema is the largest private sector consumer services company in Russia and
the CIS, with over 75 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$ 2.7 billion for the
first quarter of 2007, and total assets of US$ 21.6 billion as at March 31,
2007. 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.

Information contained in this announcement does not constitute a public offer or
an advertisement of securities in Russia, is not an offer, or an invitation to
make offers, to purchase any securities in Russia. The reverse convertible
certificates have not been and will not be registered in Russia and are not
intended for 'placement' or 'public circulation' in Russia.