Moscow, Russia – August 3, 2010 – 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 August 2, 2010, has approved a related party transaction to guarantee the obligations of CJSC Sistema-Inventure to OJSC Svyazinvest in relation to the agreement signed between the two parties to exchange shares in OJSC MGTS for shares in CJSC SkyLink. The EGM quorum reached 81.42% of the total number of eligible voters.

According to the share swap agreement, Svyazinvest agreed to transfer to Sistema-Inventure 28% of ordinary shares in MGTS (23.3% of the share capital of MGTS), in exchange for Sistema-Inventure’s 50% stake in SkyLink, which combined with the indirect ownership of the remaining 50% by SkyLink, effectively totals 100% of the SkyLink’s share capital. Furthermore, Sistema-Inventure will make an additional cash payment of RUB 450 million to cover the difference in value of MGTS and SkyLink shares. The rights and obligations of the parties under the share swap agreement will become enforceable following the execution of a number of pending conditions.

The terms of the share swap agreement comply with the provisions of the Memorandum of Understanding signed between Comstar-UTS, Sistema and Svyazinvest on November 23, 2009.