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JSFC Sistema (SSA)

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Monday 29 October, 2007

JSFC Sistema


JSFC Sistema


Moscow, Russia - October 29, 2007 - Sistema (LSE:SSA), the largest public
diversified corporation in Russia and the CIS, which manages fast growing
companies operating in the consumer services sector, today announced the
appointment of Vitaly Savelyev as First Vice President and Head of Sistema's
Telecommunications Asset Management division, with effect from November 1st,
2007. Mr. Savelyev is the former Deputy Economic Development and Trade Minister
of the Russian Federation.

Alexander Goncharuk, President and Chief Executive Officer of Sistema,
commented: 'We have large-scale ambitious goals set for our Telecommunications
Asset Management division. Primarily, it has to increase its operating
efficiency in this highly competitive environment, partly by implementing a
number of convergent projects. In addition, it has to launch an in-depth
programme of regional and international expansion. We are confident that Mr.
Savelyev's extensive financial management experience and thorough knowledge of
the telecommunications market and new technology developments will assist in
increasing the value of our assets and strengthening their position in the
global telecommunications market.'

Vitaly Savelyev was born on January 18, 1954. From 2004 until recently, Mr.
Savelyev served as Deputy Economic Development and Trade Minister of the Russian
Federation. From 2002 to 2004, he held the position of Adviser for Finance and
Information Technology to the General Director of Svyazinvest. From September
2001, Mr. Savelyev served as Deputy Chairman of Gazprom, prior to which, he was
Chairman of the Management Board of MENATEP. From 1993 to 1995, Mr. Savelyev was
Chairman of the Management Board of Rossia Bank. From 1990 to 1993, he served as
President of the USSR-US joint venture, Dialogue Invest. In 1989, Mr. Savelyev
became co-founder and was elected to the Board of Directors of DialogueBank. In
December 1988, he established and became the manager of the Leningrad branch of
the USSR-US joint venture Dialogue, which was one of the pioneers of computer
hardware and software dealerships in Russia. Vitaly Savelyev was appointed
Assistant Manager of Glavleningradinzhstroy in 1987. Mr. Savelyev's career
started during the construction of the Sayano-Shushenskaya Hydroelectric Power
Plant, where he held a number of positions, from engineer to master designer of
the KrasnoyarskGesStroy group enterprise. Vitaly Savelyev graduated in Heavy
Engineering and Mechanics from Leningrad Polytechnic Institute and completed a
second degree at the Palmiro Togliatti Institute of Engineering and Economics in

For further information, please visit or contact:

Sistema Public Relations                          Shared Value Limited
Kirill Semenov                                    Larisa Kogut-Millings
Tel: +7 495 730 7188                              Tel. +44 (0) 20 7321 5037                     

Sistema is the largest public diversified corporation in Russia and the CIS,
which manages fast growing companies operating in the consumer services sector
and has over 80 million customers. Sistema develops and manages market-leading
businesses in selected service-based industries, including telecommunications,
technology, banking, real estate, retail and media. Founded in 1993, the company
reported revenues of US$ 5.9 billion for the first half of 2007, and total
assets of US$ 22.5 billion as at June 30, 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 the Moscow Interbank Currency Exchange
(MICEX), 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.