September 14, 2007

In accordance with the Rules of listing and admission of securities to placement and trading on the MICEX SE, the Directorate of the MICEX Stock Exchange decided, on 13 September 2007, to includÅ common registered non-documentary shares in joint-stock financial company Sistema on the “V” Quotation List. Parameters of the issue:

• state registration number: 1-04-01669-á of 08.07.2004;

• face value: 90 rubles;

• number of securities in the issue: 9 650 000.

The decision to includÅ Sistema shares on the “V” Quotation List was made upon the application of the issuer and on the basis of the Exchange’s conclusion about the correspondence of the securities to the following standards of the “V” Quotation List:

• the issuer’s shares are offered for public trading through the Stock Exchange or involving a broker for the first time;

• life period: at least 3 years;

• absence of losses during 2 years of the last 3 years;

• the number of placed (offered for public trading) shares is at least 10% of the total number of common shares;

• the participant in trading has concluded an agreement of performing the duties of market maker with regard to corresponding shares during the whole period of presence of the shares in the given quotation list;

• the issuer has undertaken to provide the list of the its affiliated persons and update it regularly.

Securities of several companies of Sistema Group are traded on the MICEX SE: shares in MTS (“B” Quotation List), bonds of MGTS (“A” Quotation List of the first level), shares in MGTS (“A” Quotation List of the second level) and shares in Sistema GALS (the Company has made its IPO and is on the “B” Quotation List). By having its securities listed on the MICEX SE Sistema expects to increase to the liquidity of the market for its shares.

Trading in Sistema shares will be launched after the Directorate of the MICEX SE sets the date of the beginning of trading.

At present, the MICEX Stock Exchange organizes trading in 1164 securities of 711 issuers. 325 securities of 202 issuers are listed. The “V” Quotation List has 12 securities of 10 issuers.