Moscow, Russia – February 27, 2009 – Sistema (LSE: SSA), the largest diversified public corporation in Russia and the CIS, which manages fast growing companies operating in the telecommunications, consumer services sectors and technology industries, today announced the decisions made at the Extraordinary General Meeting of shareholders (“EGM”). The EGM was convened and votes cast remotely via proxy, with February 16, 2009 as the final date for receipt of ballots. The EGM quorum reached 78.13% of the total number of eligible voters.

The EGM approved the following:

· Amendments to the Regulation of the Board of Directors, to the Regulation on compensations and reimbursements of members of the Board of Directors and to the Regulation on the Management Board of Sistema regarding indemnification of the members of the Board of Directors and the Management Board for their potential legal and other expenses or losses;

· Related party transactions in which Mr. Muratov, member of the Management Board, has an interest and Sistema provides a guarantee to Vnesheconombank for US$ 230 million loan arranged between Vnesheconombank and Sitronics;

· Amendment to the Charter aimed at the change of the registered address of Sistema to: 13, Mokhovaya Street, building 1, Moscow 125009, Russia.