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JSFC Sistema (SSA)

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Thursday 02 August, 2007

JSFC Sistema

Director/PDMR Shareholding

JSFC Sistema
                  

               SISTEMA BOARD OF DIRECTORS' INCREASED SHAREHOLDINGS

Sistema (LSE: SSA), the largest private sector consumer services company in
Russia and the CIS, today announced changes to the Sistema Board of Directors'
shareholdings in the Company.

In line with the previously disclosed remuneration structure for the members of
Sistema's Board of Directors, each member's shareholding in the Company has been
increased by 76 shares, or 0.0008% of the 9,650,000 total outstanding number of
shares, and two Directors have been awarded their first allocation of shares to
the amount of 80 shares per person. Based on the closing GDR price on the London
Stock Exchange as of August 1, 2007 of US$ 30.35 per GDR, this equates to an
indicative value of US$ 115,330.

    --  Chairman of the Board Vladimir Evtushenkov's shareholding in the Company
        has increased from 62.1270 % to 62.1278 %

    --  Director Evgeny Novitsky's shareholding in the Company has increased
        from 2.9966 % to 2.9974 %

    --  Director Alexander Leiviman's shareholding in the Company has increased
        from 2.7321 % to 2.7329 %

    --  President and CEO Alexander Goncharuk's shareholding in the Company has
        increased from 2.0 % to 2.0008 %

    --  Independent Director Alexander Gorbatovsky's shareholding in the Company
        has increased from 1.7832 % to 1.7840 %

    --  Deputy Chairman of the Board Dmitry Zubov's shareholding in the Company
        has increased from 1.3073 % to 1.3081 %,

    --  Deputy Chairman of the Board Vyacheslav Kopiev's shareholding in the
        Company has increased from 0.05 % to 0.0508 %

    --  Director Sergei Drozdov's shareholding in the Company increased from
        0.02 % to 0.0208 %

    --  Foreign independent Directors Dr. Ron Sommer and Stephan Newhouse, who
        previously did not hold any shares, were each awarded 80 shares or
        0.0008 % of the outstanding share capital

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

-0-
*T
Sistema Investor Relations             Shared Value Limited
Laila Simanova                         Matthew Hooper
Tel: +7 495 629 2741                   Tel. +44 (0) 20 7321 5023
ir@sistema.ru                          sistema@sharedvalue.net

Sistema Public Relations
Kirill Semenov
Tel: +7 495 730 7188
ksemenov@sistema.ru
*T

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.