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JSFC Sistema (SSA)

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Monday 11 February, 2008

JSFC Sistema

Statement re Sistema Appoints Sergey Boyev as V...

JSFC Sistema
                  

    SISTEMA APPOINTS SERGEY BOYEV AS VICE PRESIDENT FOR DEVELOPMENT OF STATE
                        PROGRAMMES AND NON-PUBLIC ASSETS

Moscow, Russia - February 11, 2008- 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 Sergey Boyev as Vice President for Development of State
Programmes and Non-Public Assets with the effect from February 18, 2008.

The Board of Directors of Sistema approved the appointment of Mr. Boyev on
February 9, 2008. From 2000, Mr. Boyev served as Head of OJSC Radio Technical
and Information Systems Concern ('RTI Systems'), a wholly owned Sistema's
subsidiary, and was a member of its Board of Directors. The Board of Directors
of Sistema recommended appointing Mr. Boyev as Chairman of the Board of
Directors of RTI Systems. Vyacheslav Lobuzko, Deputy Director and the Head of
Marketing Department of RTI Systems, has been appointed as acting General
Director.

Alexander Goncharuk, President and Chief Executive Officer, commented: 'One of
our main strategic tasks is to develop our non-public assets. We have also
strengthened our cooperation with the State in implementing joint projects in
key sectors of the national economy. All this required Sistema to make a number
of new appointments. Sergey Boyev is a highly skilled manager who established a
profitable scientific and industrial holding of the national scale. We are
confident that he will take the development of our non-public assets and joint
programs with the State to the next level.'

Sergey Boyev was born on September 17, 1953, in Moscow, Russia. From 2000, Mr.
Boyev served as General Director of RTI Systems and was a member of its Board of
Directors. From 1971 to 1999, Segey Boyev worked at Mints Radio Engineering
Institute, where he held a number of positions, from an apprentice to a
metalworker to General Director of the Institute. Mr. Boyev is a Doctor of
Economic Science and a Professor, as well as an author of a number of scientific
research works. He is also an Honored Economist of the Russian Federation, a
Member of the Academy of Military Science and the International
Telecommunication Academy, and an honored radio operator. Sergey Boyev is a
graduate of the National Law Institute and the Moscow Institute of Management
named after Ordzhonikidze. He also finished an executive program with Gosplan
(State Planning Committee) of the USSR in 1988.

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

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.