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JSFC Sistema (SSA)

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Wednesday 15 August, 2007

JSFC Sistema

Sistema Acquires 20% Stake in Dalcombank

JSFC Sistema
                  Sistema (LSE: SSA), the largest private sector consumer services company in
Russia and the CIS, today announced that it has completed the acquisition of a
20% stake in Dalcombank, a commercial bank based in the Far East of Russia, for
a total cash consideration of US$ 8.3 million.

Founded in 1988, Dalcombank provides banking services across a wide retail
network in 29 cities of Russia's Far East region, including its largest cities:
Khabarovsk, Vladivostok, Yakutsk, Blagoveschensk, Birobidjan, Komsomolsk-on-Amur
and Irkutsk. Dalcombank reported revenues of RUR 1.6 billion (approximately US$
61.3 million) in the first half of 2007 and total assets of RUR 14.6 billion
(approximately US$ 566.1 million) as at June 30, 2007.

Alexander Goncharuk, President and CEO of Sistema, commented: 'Entering the Far
East region will allow us to expand the banking network of the Sistema Group,
which now comprises the Moscow Bank for Reconstruction and Development (MBRD)
and East-West United Bank, and enable us to become a national player in the
Russian banking sector. This transaction will both strengthen our local market
position in several regions of the Far East and substantially broaden our
customer base. Our expansion in this region reflects our ambitious growth
strategy in the Russian banking sector and our commitment to developing the
regional economy.'

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

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Sistema Investor Relations       Shared Value Limited
Laila Simanova                   Larisa Kogut-Millings
Tel: +7 495 629 2741             Tel. +44 (0) 20 7321 5037
ir@sistema.ru                    sistema@sharedvalue.net
*T

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

JSC Dalcombank, founded in December 1988, operates in 29 cities in the Far East
region: the Khabarovsk and Primorsk territories, the Jewish autonomous and Amur
regions, the Republic of Sakha (Yakutia) and the Irkutsk region. In 2006 and the
first half of 2007, Dalcombank opened 13 new branches and 2 mini offices in
Khabarovsk, Belogorodsk, Angarsk, Nakhodka and Mongokhto. The bank's revenues
increased by 36% year on year in 2006 to RUR 3.21 billion (approximately US$ 118
million) and by 8% year on year to RUR 1.6 billion (approximately US$ 61.3
million) in the first half of 2007. It had total assets of RUR 14.6 billion
(approximately US$ 566.1 million) as at June 30, 2007.

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.