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JSFC Sistema (SSA)

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Thursday 03 July, 2008

JSFC Sistema

Shyam Telelink Selects Equipment Vendors for It...

JSFC Sistema


                             FOR ITS NETWORK ROLLOUT

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 Shyam Telelink Ltd. ('Shyam Telelink'), Sistema's
telecommunications subsidiary in India, has selected three vendors to supply
equipment for construction of CDMA 800 MHz mobile network in India. ZTE,
Alcatel-Lucent and Huawei Technologies have been chosen as vendors in a closed
tender. Each vendor will be allocated a certain geographical region in India for
the deployment of equipment.

The Company considered a number of factors, such as experience in implementation
of large-scale projects, technical expertise, local resources and cost
parameters, in the evaluation of the tender participants. The contract includes
equipment delivery (including base stations, main radio- and switching
subsystems and other auxiliary equipment) and provision of services related to
network design, installation, start-up and commissioning.

Mr. Raymond Armes, President of Shyam Telelink, commented: 'We have chosen ZTE,
Alcatel-Lucent and Huawei Technologies as our vendors based on the competitive
advantages of their equipment and their capabilities to implement complex
nation-wide projects.'

Shyam Telelink now has spectrum in 19 telecommunications circles, covering 27
Indian states with a population of 1,066.5 million people (which comprise around
94.5% of Indian population).


For further information, please visit or contact:

Sistema Investor Relations                            Shared Value Limited
Pavel Kim                                             Larisa Kogut-Millings
Tel: +7 495 692 22 88                                 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 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).

Shyam Telelink Limited (STL) was awarded pan-Indian license in March, 2008. STL
is the first company to have been awarded spectrum in 19 Indian circles amongst
the new telecom licenses. Founded in 1998, STL launched commercial operations in
Rajasthan in 2000. STL presently has 280,000 fixed-line subscribers in
Rajasthan, and is expanding its network to offer mobile services. STL is a joint
venture between Sistema and Shyam Group, with Sistema holding a 73.71% equity

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.