Moscow, Russia - February 4, 2008 - Sistema (LSE: SSA), the largest public diversified corporation in Russia and the CIS, which manages fast growing companies operating in the consumer services sector, today announced that it has increased its stake in Dalcombank, a commercial bank based in the Far East of Russia, from 48.16% to 98.65%.

In November 2007, Sistema announced a public offer to acquire the outstanding shares for RUB 7.4 per share. The offer expired on January 18, 2008. According to the terms of the offer, Sistema acquired 50.49% additional shares in Dalcombank for a cash consideration of approximately RUB 2.64 billion (US$ 107.54 million) on January 31, 2008.

The acquisition of shares in Dalcombank is in line with the development of Sistema's banking group, which presently comprises Moscow Bank for Reconstruction and Development (MBRD) and East-West United Bank (Luxembourg).

Alexander Goncharuk, President and Chief Executive Officer, commented: "We have acquired Dalcombank's shares in a multi-stage deal and are now its major shareholder. The banking business is one of the key "points of growth" for Sistema. We are now present and operating in the Far East which we consider as a strategically important region."