[July 19, 2011]

SISTEMA SHYAM TELESERVICES’ SUBSCRIBER BASE EXCEEDS 12 MILLION USER MILESTONE

(ENP Newswire Via Acquire Media NewsEdge) ENP Newswire – 19 July 2011 Release date- 18072011 – Moscow, Russia – JSFC Sistema ('Sistema') (LSE: SSA), the largest diversified public financial corporation in Russia and the CIS, today announces that the subscriber base of Sistema Shyam TeleServices Limited (SSTL), Sistema's subsidiary in India which provides telecommunications services under the MTS brand, has over 12 million users.

At the same time, the number of mobile broadband internet subscribers has reached 800 thousand in more than 150 of the largest cities in India.

According to a report of the Telecom Regulatory Authority of India (TRAI) as of June 2011, the penetration of broadband technologies in India did not exceed 1%. The National Broadband Plan suggests that the number of broadband connections in India will increase to 160 million by 2014, including 60 million wireless mobile broadband connections. SSTL is constantly growing its subscriber base for mobile high-speed data services, which are today available to 92% of potential users.

Sistema Shyam TeleServices Ltd. (previously Shyam Telelink Ltd.), established in 1998, launched its full operations in the State of Rajasthan in 2000. The company received the pan-Indian licence for mobile network operations in March 2008, and presently owns the right to use frequencies for provision of mobile telephony services in 22 circles across the country. The company provides mobile telecommunication services to more than 12 million subscribers across the country and provides mobile broadband services to more than 800,000 people in more than 150 largest cities in India. Sistema owns 56.68% of Shyam TeleServices Ltd. For further information please visit www.mtsindia.in.

Sistema is the largest diversified public financial corporation in Russia and the CIS, which invests in and is a major shareholder of 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$ 7.8 billion for the first quarter of 2011, and total assets of US$ 46 billion as at March 31, 2011. 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.

For further information please contact: Investor Relations Public Relations Evgeniy Chuikov Vsevolod Sementsov Tel.: +7 (495) 692 1100 Tel: +7 (495) 730 1705 [email protected] [email protected] [Editorial queries for this story should be sent to [email protected]] ((Comments on this story may be sent to [email protected])) (c) 2011 Electronic News Publishing –

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