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JSFC Sistema (SSA)

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Thursday 20 September, 2007

JSFC Sistema

Result of EGM

JSFC Sistema

                        SISTEMA EGM APPROVES SHARE SPLIT

Moscow, Russia - September 20, 2007 - Sistema (LSE: SSA), the largest private
sector consumer services company in Russia and the CIS, today announced that,
following the Extraordinary General Meeting ('EGM') of its Shareholders, which
was held on September 17, 2007, the proposed split of the nominal value of the
Company's ordinary shares by 1,000 times was approved by a majority of 99.98% of
the votes cast.

As a result of the share split, the Company's share capital of RUB 868,500,000
will now comprise 9,650,000,000 ordinary shares with a par value of RUB 0.09 per
share. In addition, the relevant amendments will be made to Sistema's Charter to
reflect the changes in the Company's share capital.


For further information, please visit or contact:

Sistema Investor Relations                                                     Shared Value Limited
Irina Kalinina                                                                 Larisa Kogut-Millings
Tel: +7 495 609 9035                                                           Tel. +44 (0) 20 7321 5037                                                        

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.