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Sistema Appoints Vsevolod Rozanov As Chief Executive Officer of Shyam Telelink

July 28, 2008

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 the Board of Directors of Shyam Telelink, a subsidiary of Sistema in India, appointed Mr. Vsevolod Rozanov, who held the position of Vice President and CFO at MTS from April 2006, as President and CEO of Shyam Telelink.

Leonid Melamed, President and Chief Executive Officer of Sistema, commented: “Vsevolod is a successful professional who made a significant contribution to consolidating MTS’ position in the market. We are confident that his appointment as President and CEO of Shyam Telelink will strengthen the management team of our promising Indian asset, which is intended to further establish Sistema’s position in the global telecommunications market. At the same time, a strong team of professionals at MTS will continue to build up the momentum in the leading Russian telecom operator.”

Vsevolod Rozanov noted: “I am honoured to head Shyam Telelink, one of Sistema’s major projects. I plan to apply the experience and knowledge gained at MTS to achieve the goals set by the shareholders to establish a pan-Indian mobile operator, one of the key players in the Indian telecommunications market.”

Vsevolod Rozanov was born on July 30, 1971 in Moscow. Mr. Rozanov served as Vice President and CFO at MTS from April 24, 2006. From 2004 to 2006, Mr. Rozanov served as Deputy General Director for Economics and Finance at Comstar – United TeleSystems OJSC, where he coordinated the preparation for Comstar UTS’ IPO. From 2002 to 2004, he worked as Deputy General Director for Economics and Finance at MTU-Inform. Prior to that, from 1993 to 2001, he held various consulting positions at Bain&Company, Inc. in Moscow, London and Stockholm. Vsevolod Rozanov is a graduate of the Lomonosov Moscow State University with a degree in Economics.

For further information, please visit www.sistema.com

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$ 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).

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.