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Financial Corporation "Sistema"

February 21, 2013

Sistema announces update on SSTL

Moscow, Russia - February 21, 2013 - Sistema JSFC ("Sistema", the "Group" or the "Company") (LSE: SSA), the largest publicly-traded diversified holding company in Russia and the CIS, today announces that the Company's Indian telecom subsidiary Sistema Shyam TeleServices Limited (SSTL) has informed the Ministry of Telecommunications of India regarding closure of services in the following ten circles:Assam, Andhra Pradesh,Bihar, Himachal Pradesh, Haryana, Jammu & Kashmir, Madhya Pradesh, North East, Orissa and Punjab. Separately, on February 14, 2013, the Supreme Court of India dismissed SSTL's Curative Petition.

SSTL also confirms its intention to participate in the spectrum auctions starting from March 11, 2013 in select circles. The Government of India has confirmed that SSTL will be able to set off previous licence costs against the new auction prices. In accordance with the auction guidelines, the new licences will be technologically neutral.

SSTL intends to provide further details and update on its data-centric voice enabled strategy following the completion of the auctions. 

 

 

 

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