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JSFC Sistema (SSA)

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Wednesday 02 July, 2008

JSFC Sistema

SISTEMA BOARD OF DIRECTORS ELECTS NEW MANAGEMEN...

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 its Board of Directors approved the election of the
members of new Sistema's Management Board.

The Management Board comprises the following members who have been elected to
the Board for a period of 3 years:

1. Leonid Melamed, President and Chief Executive Officer;

2. Anton Abugov, First Vice President, Head of Strategy and Development Group;

3. Ruslan Almakaev, Vice President, Head of Economic and Information Security
Group;

4. Sergey Boyev, Vice President for Development of State Programmes and
Non-Public Assets;

5. Alexey Buyanov, Senior Vice President, Head of Finance and Investment Group;

6. Anna Goldin, Vice President for Legal Issues and Head of Legal Group of
Sistema;

7. Sergey Drozdov, Senior Vice President, Head of the Property Group;

8. Felix Evtushenkov, Chairman of the Board of Directors of Sistema-Hals;

9. Denis Muratov, Vice President, Head of Innovations and Science;

10. Vitaly Savelyev, First Vice President, Head of Telecommunications Asset
Management Division;

11. Gennady Frolov, Head of Corporate Communications Department;

12. Sergey Cheremin, Vice President, Head of External Relations Complex

Leonid Melamed was appointed as Chairman of the Management Board.

Leonid Melamed, President and CEO of Sistema, commented: 'The main goal of the
elected Management Board branded '5*525' is to increase the Company's
efficiency through increasing value of our public and non-public assets,
simplifying the Group's corporate structure, maintaining a strict fiscal
discipline based on our TSR and ROIC-driven philosophy, demonstrating leadership
in the execution of our portfolio strategy and management of daughter companies,
and becoming best in class in investor relations and corporate governance
areas.'

                                       ***

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

-0-
*T
Sistema Investor Relations                           Shared Value Limited
Pavel Kim                                            Larisa Kogut-Millings
Tel: +7 495 692 22 88                                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 100 million customers. Sistema develops and manages market-leading
businesses in selected service-based industries, including telecommunications,
technology, banking, real estate, retail, media, tourism and healthcare. Founded
in 1993, the company reported unaudited revenues of US$ 3.8 billion for the
first quarter of 2008, and total assets of US$ 30.3 billion as at March 31,
2008. 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).

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. In addition, there is
no assurance that the new contracts entered into by our subsidiaries referenced
above will be completed on the terms contained therein or at all. 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.25' is to increase the Company's
efficiency through increasing value of our public and non-public assets,
simplifying the Group's corporate structure, maintaining a strict fiscal
discipline based on our TSR and ROIC-driven philosophy, demonstrating leadership
in the execution of our portfolio strategy and management of daughter companies,
and becoming best in class in investor relations and corporate governance
areas.'

                                       ***

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

-0-
*T
Sistema Investor Relations                           Shared Value Limited
Pavel Kim                                            Larisa Kogut-Millings
Tel: +7 495 692 22 88                                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 100 million customers. Sistema develops and manages market-leading
businesses in selected service-based industries, including telecommunications,
technology, banking, real estate, retail, media, tourism and healthcare. Founded
in 1993, the company reported unaudited revenues of US$ 3.8 billion for the
first quarter of 2008, and total assets of US$ 30.3 billion as at March 31,
2008. 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).

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. In addition, there is
no assurance that the new contracts entered into by our subsidiaries referenced
above will be completed on the terms contained therein or at all. 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.