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JSFC Sistema (SSA)

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Friday 19 September, 2008

JSFC Sistema

Sistema Appoints Sergey Savchenko as Chief Fina...

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 the appointment of Sergey Savchenko as Chief Financial
Officer of Shyam Telelink Ltd., a subsidiary of Sistema in India. Mr. Savchenko
previously held the position of Deputy General Director at Aton, the Russian
investment group.

Vsevolod Rozanov, President and CEO of Shyam Telelink, commented: 'Sergey
Savchenko is a well regarded professional in the telecommunications and finance
sectors who has firsthand knowledge and experience of managing Sistema's
telecommunications assets. We are confident that his appointment as CFO of Shyam
Telelink will help us to implement best practices of management and control, as
well as to facilitate the development of Shyam Telelink.'

Mr. Savchenko served as Deputy General Director at Aton, the Russian investment
group, from January 2008. From October 2004 to December 2007, he was First Vice
President for Finance and Investments at CJSC 'PSO Sistema Hals'. In 2004, Mr.
Savchenko worked as Vice President at Moscow Bank for Reconstruction and
Development. From 2002 to 2004, he held a number of executive positions at
Sistema, including Vice President, Financial Director at Sistema and First Vice
President for Finance and Investments at Sistema Telecom. From 1990 to 1998, Mr.
Savchenko worked in the Moscow office of Bain & Company Inc., one of the leading
international consulting companies. Sergey Savchenko holds a Masters degree in
Economics from the Lomonosov Moscow State University and an MBA from the Duke
University, Fuqua Business School in the United States.

                                       ***

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,
technology, banking, real estate, retail, media, tourism and healthcare. Founded
in 1993, the company reported unaudited revenues of US$ 4.3 billion for the
second quarter of 2008, and total assets of US$ 32.7 billion as at June 30,
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.