REG-JSFC Sistema SISTEMA REDUCES ITS STAKE IN SISTEMA-HALS

MOSCOW--(Business Wire)--

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 that it has
signed an agreement with JSC VTB Bank ("VTB") to sell a portion of its shares in
JSC Sistema-Hals ("Sistema-Hals"). The transaction is being carried out in two
stages. In the first stage, completed today, VTB acquired 19.5% stake in
Sistema-Hals for RUB 30 and also received a call option to acquire a further
31.5% stake in the company for RUB 30. VTB may exercise its call option subject
to receiving the necessary approvals from the regulatory authorities. Following
the exercise of the call option, VTB will own 51% of Sistema-Hals. Furthermore,
both parties have agreed the terms for the restructuring of Sistema-Hals` debt
to VTB.

Leonid Melamed, President and Chief Executive Officer of Sistema, commented:
"This transaction is in line with our stated strategy to grow the value of our
asset portfolio and to optimize its structure. We are grateful for our
partnership with VTB Bank which enables us to achieve our stated goal. We
believe there is huge potential in the Russian real estate sector, and will
continue to participate in the development of Sistema-Hals through our 20%
minority stake."

For further information, please visit www.sistema.comor 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$ 32.0billion 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 to "AFKC" on
the Moscow Interbank Currency Exchange (MICEX), and under the symbol "SIST" on
the Moscow Stock Exchange (MSE).

Sistema-Hals is a leading diversified company in the Russian and the CIS real
estate market. The core businesses of Sistema-Hals are development, asset
management and facilities management. Sistema-Hals was the first Russian
property developer to list its shares on the main market of the London Stock
Exchange. The company`s shares are also listed on the Moscow Interbank Currency
Exchange (MICEX) and the Moscow Stock Exchange (MSE). Since the launch of its
operations in 1994, Sistema-Hals has successfully completed more than 30
projects with a total area of approximately 300,000 square metres. For more
information, please visit www.sistema-hals.ru

VTB Group is a leading Russian banking group providing services in Russia and
the CIS countries, with further presence in 18 countries globally. The
Government of the Russian Federation owns 77.5% of VTB. The remaining 22.5% of
shares are traded on the Russian Trading System (RTS), on the Moscow Interbank
Currency Exchange (MICEX), and on the London Stock Exchange in the form of
Global Depositary Receipts. As of September 30, 2008, VTB Group was the second
largest banking group in Russia by total assets (US$ 113 billion) and clients`
deposits (US$ 52.6 billion). Regional network of VTB in Russia and the CIS
consists of 981 points of sale. In 2008 VTB Capital was launched with operations
in Moscow, London and Singapore. For more information, please visit www.vtb.ru

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.

JSFC Sistema

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