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JSFC Sistema (SSA)

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Tuesday 27 May, 2008

JSFC Sistema

Statement re Sistema and Chinese Corporation CP...

JSFC Sistema

      Sistema and Chinese Corporation CPMIEC Sign Agreement on Cooperation

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 signed an agreement on cooperation with
CPMIEC, the Chinese National Precision Machinery Import & Export Corporation.

The agreement was signed by the Chairman of the Board of Directors at Sistema,
Vladimir Yevtushenkov, and by the President of CPMIEC, Ji Yanshu. The agreement
aims to develop cooperation on the Russian and Chinese markets, and also in
third countries in the sphere of high-technology and developers' services.

The two parties agreed on the purchase of micro-electronic products by CPMIEC
from the Sistema Group companies, the creation of a joint design centre to
develop and produce micro-electronic chips for different uses, as well as a
joint promotion of GLONASS/GPS products. Furthermore, CPMIEC will assist Sistema
in the creation and operation of the Chinese Trading Centre in Moscow and the
Moscow Trading Centre in China.


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

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 85 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 Chinese National Precision Machinery Import & Export Corporation (CPMIEC)
was founded in 1980 and is a subsidiary of the Chinese State Aero-Space
Corporation, CASC. CPMIEC, one of the largest companies in the People's Republic
of China, which possesses experience in the successful development and
realization of large high-tech projects in the area of space exploration,
engineering and electronics, has many years of commercial experience with
leading Scientific and Development Institutes and enterprises in China and
abroad. The Company has experience, not only in the production of exact
mechanical engineering equipment and aero-space technology, but also in the
realization of large-scale projects in the sphere of telecommunications, the
production of oil and gas equipment and the construction of power companies.

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.