September 25, 2007

In accordance with the Rules of listing and admission of securities to placement and trading on the MICEX SE, today, the MICEX Stock Exchange has launched trading in common registered non-documentary shares in joint-stock financial company Sistema.

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;

• ISIN code: RU000A0DQZE3;

• trading code: AFKS.

Trading in Sistema shares started after the shares had been included on the MICEX SE’s “V” Quotation List. The decision to includÅ Sistema shares on the “V” Quotation List was made on 13 September 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 the issuer’s 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.

At the ceremony devoted the launch of exchange-based trading in Sistema shares, held at the MICEX Stock Exchange, President of Sistema Alexander Goncharuk said: “We aim at the maximum growth of the value of our shares, this is why we have chosen the MICEX Stock Exchange, whose clients are over 400 thousand investors. I hope that they will appreciate our corporation’s tremendous growth potential.”

According to the CEO of the MICEX Stock Exchange Alexei Rybnikov, the launch of Sistema shares on Russia’s main floor will enable the issuer to increase the liquidity of its shares, improve their attractiveness for investors and promote the growth of the company’s capitalization.Securities of a number of companies of Sistema Group are traded on the MICEX SE: shares in MTS (“B” Quotation List), bonds of MGTS (first-level “A” Quotation List), shares in MGTS (second-level “A” Quotation List), shares in Sistema GALS (made its IPO and is traded in the “B” Quotation List).

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.