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JSFC Sistema (SSA)

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Wednesday 03 June, 2009

JSFC Sistema



JSFC Sistema

Sistema (LSE:SSA), the largest diversified public financial corporation in Russia and the CIS, which manages large companies operating in different industries, today announced that the Board of Directors of Medsi has confirmed Igor Salita as President of the company.

Leonid Melamed, President and Chief Executive Officer of Sistema, commented: “Medsi has entered a new stage of development aimed at scaling its network of clinics and medical offices. Thus, we have appointed Igor Salita, a professional with an extensive experience in effectively developing large scale networks. Vladimir Gurdus made an enormous contribution to Medsi’s strong operating and financial results and I look forward to continuing our cooperation with him on another large and exciting project for Sistema, which is currently under way.”

Medsi Group is a national network of medical clinics in Russia. As at December 31, 2008, Medsi Group included 26 medical centres, comprising 17 clinics located in Moscow and 9 centres in the regions. The Group includes American Medical Centre, a VIP clinic located in Moscow, and two paediatric clinics and emergency service, as well as a network of fitness and wellness centres. Medsi’s revenues nearly doubled year on year to US$ 124.8 million in 2008. The number of medical visits exceeded 2 million with 5.4 million medical services, including prophylactics, diagnostics and treatment provided in 2008.

Igor Salita was born in 1960. Between October 2005 and May 2009, Mr. Salita was General Director of Jackpot, a retail gaming business. In 2004 he was appointed Chairman, Vice President of Development and Marketing at Renaissance Insurance. Between 2003 and 2004, he served as Vice President of Sale and Distribution at Nestle Russia. Between 1999 and 2001, Mr. Salita was General Director in the CIS and previously Director of Sales in the CIS for Mars Inc. In 1994 he was appointed General Director of North-West region of Russia for PepsiCo. In 1989 he established Alexander, a food distribution business, and became the top distributor of Nestle products with the largest share of Eastern European coffee market in 1993-1994. He graduated from Leningradsky Engineering and Economics Institute named after P. Togliatti.

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 5010

Sistema is the largest public diversified financial corporation in Russia and the CIS, which manages companies serving over 100 million customers in the sectors of telecommunications, high-tech, oil and energy, radio and aerospace, banking, real estate, retail, mass-media, tourism and healthcare services. Founded in 1993, the company reported revenues of US$ 16.7 billion for the full year of 2008, and total assets of US$ 29.2 billion as at December 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.