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JSFC Sistema (SSA)

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Monday 28 June, 2010

JSFC Sistema

SISTEMA CALLS EGM TO APPROVE A GUARANTEE TO SVY...

SISTEMA CALLS EGM TO APPROVE A GUARANTEE TO SVYAZINVEST

JSFC Sistema

SISTEMA CALLS EGM TO APPROVE A GUARANTEE
TO SVYAZINVEST

Moscow, Russia – June 28, 2010 – Sistema (the “Group”) (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, which invests in and is a major shareholder of companies operating in different industries, today announced that its Board of Directors has convened an Extraordinary General Meeting of shareholders to vote on the Sistema’s proposed approval of a related party transaction to guarantee the obligations of CJSC Sistema-Inventure to OJSC Svyazinvest. CSJC Sistema-Inventure is signing an agreement with OJSC Svyazinvest to exchange shares of OJSC MGTS for shares in CJSC SkyLink. The EGM will be convened by proxy and the final date for the receipt of ballots is August 2, 2010.

Shareholders registered at the record date of June 28, 2010 will be eligible to participate in, and vote at, the EGM by proxy. The EGM materials will be available from July 3, 2010 on Sistema’s website at www.sistema.com or by request from Sistema’s head office.

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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 financial corporation in Russia and the CIS, which manages companies serving over 100 million customers in the sectors of telecommunications, high technology, oil and energy, radars and aerospace, banking, retail, mass-media, tourism and healthcare services. Founded in 1993, the company reported revenues of US$ 6.2 billion for the first quarter of 2010, and total assets of US$ 42.6 billion as at March 31, 2010. Sistema’s global depository receipts are listed under the symbol “SSA” on the London Stock Exchange. Sistema’s ordinary shares are listed under the symbol “AFKS” on the RTS Stock Exchange, under the symbol “AFKC” on the MICEX Stock Exchange, 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.