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JSFC Sistema (SSA)

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Thursday 15 May, 2008

JSFC Sistema

Sistema Obtains Radio Frequencies in Two Additi...

JSFC Sistema
                  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 that it has received radio frequencies in two additional
Indian circles.

The Department of Telecommunications of India has allocated the 800 MHz radio
frequencies to Shyam Telelink, Sistema's subsidiary, in two Indian circles,
Maharashtra and Kerala.

Altogether Shyam Telelink now has spectrum in 15 telecommunications circles,
covering over 900 million people (which comprise around 80% of Indian

Shyam Telelink has been awarded unified telecommunication licenses for provision
of fixed-line and cellular services in 21 Indian circles. Together with license
already obtained in the state of Rajasthan, Shyam Telelink hold licenses,
covering the whole of India.

For further information, please visit 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                                

Head of International Press Office
Kirill Semenov
Tel: +7 495 730 71 88

Shyam Telelink is a joint venture company, between Shyam Group of India &
Sistema Corporation of Russia. Shyam Telelink Ltd. obtained a unified license to
provide fixed-line and cellular services to corporate and residential customers
in the Indian state of Rajasthan with a population of approximately 65 million
people. The company also controls 100% of the local internet service provider
Shyam Internet Ltd. Shyam Telelink Ltd. owns a developed telecommunications
infrastructure in state of Rajasthan, which includes 4,000 kilometres of
fiber-optic lines. Shyam Telelink provided services to over 258,000 subscribers
as at the end of September 2007.

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 unaudited revenues of US$ 13.7 billion for the full year of 2007, and
total assets of US$ 28.4 billion as at December 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), under the symbol 'AFKC' on the
Moscow Interbank Currency Exchange (MICEX), and under the symbol 'SIST' on the
Moscow Stock Exchange (MSE).

The Shyam Group is a diversified industrial group, operating in
telecommunications services and equipment sectors. The group's companies are
leaders in RF/Mobile engineering and provide a wide range of equipment and
services to largest mobile operators.

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.