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JSFC Sistema (SSA)

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Friday 29 August, 2008

JSFC Sistema

STANDARD & POOR'S UPGRADES SISTEMA CORPORAT...

JSFC Sistema
                  The following replaces the announcement headlined 'STANDARD & POOR'S UPGRADES
SISTEMA CORPORATE RATING TO BB' released at [07:00] BST today. This announcement
is being re-issued to fix corrupt character encoding; all content remains
unchanged. The full text follows:

STANDARD & POOR'S UPGRADES SISTEMA CORPORATE RATING TO BB

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 Standard & Poor's Rating Services (S&P) has
upgraded corporate rating for Sistema from BB- to BB level with a stable
outlook. The senior unsecured rating has also been upgraded to BB.

Alexey Buyanov, Senior Vice President and Head of Finance at Sistema, commented:
'We are pleased that S&P today raised Sistema's corporate rating to BB, despite
the prevailing difficult conditions in the current credit markets. This
reflects, in our view, the balanced strategy with respect to the Group's loan
portfolio and its liquidity level, as well as the financial stability of Sistema
and its subsidiaries.'

                                       ***

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 5010
ir@sistema.ru                              sistema@sharedvalue.net
*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,
radio- and space technologies, 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). Web:
www.sistema.com

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.