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JSFC Sistema (SSA)

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Friday 27 February, 2009

JSFC Sistema

Results of the EGM

Results of the EGM

JSFC Sistema

RESULTS OF THE EGM

Moscow, Russia – February 27, 2009 – Sistema (LSE: SSA), the largest diversified public corporation in Russia and the CIS, which manages fast growing companies operating in the telecommunications, consumer services sectors and technology industries, today announced the decisions made at the Extraordinary General Meeting of shareholders (“EGM”). The EGM was convened and votes cast remotely via proxy, with February 16, 2009 as the final date for receipt of ballots. The EGM quorum reached 78.13% of the total number of eligible voters.

The EGM approved the following:

  • Amendments to the Regulation of the Board of Directors, to the Regulation on compensations and reimbursements of members of the Board of Directors and to the Regulation on the Management Board of Sistema regarding indemnification of the members of the Board of Directors and the Management Board for their potential legal and other expenses or losses;
  • Related party transactions in which Mr. Muratov, member of the Management Board, has an interest and Sistema provides a guarantee to Vnesheconombank for US$ 230 million loan arranged between Vnesheconombank and Sitronics;
  • Amendment to the Charter aimed at the change of the registered address of Sistema to: 13, Mokhovaya Street, building 1, Moscow 125009, Russia.

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

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

Sistema is the largest public diversified corporation in Russia and the CIS, which manages fast growing companies operating in the telecommunications, consumer services sectors and technology industries and has over 100 million customers. Sistema develops and manages market-leading businesses in selected industries, including telecommunications, technology, banking, real estate, retail, media, tourism and healthcare. Founded in 1993, the company reported revenues of US$ 12.6 billion for the first nine months of 2008 (unaudited), and total assets of US$ 32.0 billion as at September 30, 2008 (unaudited). 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.