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JSFC Sistema (SSA)

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Thursday 07 February, 2008

JSFC Sistema

SISTEMA’s STATEMENT

JSFC Sistema
                  

                               SISTEMA's STATEMENT

Sistema (LSE:SSA), the largest public diversified corporation in Russia and the
CIS, which manages fast growing companies operating in the consumer services
sector, notes that the reports in today's press, following the posting by the
Federal Financial Markets Service ('FFMS') of a document regarding an offer by
Sistema for URALSIB Bank, have no ground. The erroneous posting has been
corrected by the FFMS and the correction can be found on
www.fcsm.ru/document.asp?ob_no=82194.

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

-0-
*T
Sistema Investor Relations                    Shared Value Limited
Laila Simanova                                Larisa Kogut-Millings
Tel: +7 495 730 66 00                         Tel: +44 (0) 20 7321 5037
ir@sistema.ru                                 sistema@sharedvalue.net

Head of International Press Office
Kirill Semenov
Tel: +7 495 730 71 88
ksemenov@sistema.ru
*T

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$ 9.6 billion for the first nine months of 2007, and
total assets of US$ 24.2 billion as at September 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.