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SSA: JSFC Sistema: Statement re SISTEMA ANNOUNCES UPDATE ON SSTL



  SSA: JSFC Sistema: Statement re SISTEMA ANNOUNCES UPDATE ON SSTL

UK Regulatory Announcement

MOSCOW

                       SISTEMA ANNOUNCES UPDATE ON SSTL

Moscow, Russia – February 21, 2013 – Sistema JSFC (“Sistema”, the “Group” or
the “Company”) (LSE: SSA), the largest publicly-traded diversified holding
company in Russia and the CIS, today announces that the Company’s Indian
telecom subsidiary Sistema Shyam TeleServices Limited (SSTL) has informed the
Ministry of Telecommunications of India regarding closure of services in the
following ten circles: Assam, Andhra Pradesh, Bihar, Himachal Pradesh,
Haryana, Jammu & Kashmir, Madhya Pradesh, North East, Orissa and Punjab.
Separately, on February 14, 2013, the Supreme Court of India dismissed SSTL’s
Curative Petition.

SSTL also confirms its intention to participate in the spectrum auctions
starting from March 11, 2013 in select circles. The Government of India has
confirmed that SSTL will be able to set off previous licence costs against the
new auction prices. In accordance with the auction guidelines, the new
licences will be technologically neutral.

SSTL intends to provide further details and update on its data-centric voice
enabled strategy following the completion of the auctions.

                                     ***

For further information, please visit www.sistema.com or contact:

Investor Relations        Public Relations

Evgeniy Chuikov           Vsevolod Sementsov
                         
Tel.: +7 (495) 692 1100   Tel.:+7 (495) 730 1705

ir@sistema.ru             pr@sistema.ru

Sistema is the largest publicly-traded diversified holding company 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$ 8.8 billion for the third quarter of 2012, and total assets of
US$ 46.3 billion as at September 30, 2012. 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 MICEX-RTS
Stock Exchange, and under the symbol “SIST” on the Moscow Stock Exchange
(MSE). Sistema was ranked number 315 in the 2011 edition of the Fortune Global
500 list. Website: www.sistema.com

The Company is not an investment company, and is not and will not be
registered as such, under the U.S. Investment Company Act of 1940.

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. 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.

This document does not constitute or form part of any offer or invitation to
sell or issue, or any solicitation of any offer to purchase or subscribe for,
any shares or other securities of JSFC Sistema and/or any of its subsidiaries
and affiliated companies, nor shall any part of it nor the fact of its
distribution form part of or be relied on in connection with any contract or
investment decision relating thereto, nor does it constitute a recommendation
regarding the shares or securities of JSFC Sistema and/or any of its
subsidiaries and affiliated companies.

Contact:

JSFC Sistema
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