Moscow, Russia – October 8, 2009 – 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 the Extraordinary General Meeting of its shareholders (“EGM”), held on October 1, 2009, approved the acquisition of Sistema’s 50.91% stake in Comstar-UTS by Mobile TeleSystems (“MTS”), another subsidiary of Sistema, for US$ 1.272 billion* or US$ 5.98 per ordinary share in cash. The transaction is expected to be completed by the end of October 2009, subject to the fulfillment of a number of conditions.

*50% of the sale price will be paid in rubles at RUB/ US$ exchange rate of 31.9349, and the remaining balance will be settled in accordance with the official exchange rate of the Central Bank of Russia on the date of completion.