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Financial Corporation "Sistema"

December 18, 2008

Sistema announces unaudited financial results for the third quarter ended September 30, 2008

Moscow, Russia – 18 December, 2008 – Sistema (the “Group”) (LSE: SSA), the largest diversified public corporation in Russia and the CIS, which manages fast growing companies operating in the telecommunications, consumer services and technology sectors, today announced its unaudited consolidated US GAAP financial results for the third quarter ended September 30, 2008.

Third quarter highlights

- Consolidated revenues up 31.5% year on year to US$ 4,592.6 million

- OIBDA up 25.6% year on year to US$ 1,678.6 million with an OIBDA margin of 36.5%

- Operating income up 17.6% year on year to US$ 1,065.5 million with an operating margin of 23.2%

- Cash flow from operations of US$ 1,010.4 million

- Net income of US$ 99.9 million, including US$ 396.0 million of foreign exchange and derivative contract losses

- Total assets up 32.0% year on year to US$ 32.0 billion

Leonid Melamed, President and Chief Executive Officer, commented: “The third quarter saw a continued healthy operating performance across the group and further delivery on our strategic objectives. In addition, the group wide initiatives to increase efficiency levels have resulted in higher operating margins.  These positive underlying developments have however been impacted by foreign exchange effects due to our dollar denominated reporting and borrowings. In the challenging environment that we are now operating in, we are more focused than ever on our core businesses, and those market segments where we have an established presence and customer relationships and the ability to build market share.

Our businesses are relatively more defensively positioned across key industry segments, and we are working even more closely with the public sector. We have also adjusted our investment programmes, both to reflect the market conditions, but also to enable us to continue to deliver growth in the medium and longer term.  In addition, we have worked to strengthen our financial position by successfully refinancing and paying down short term borrowings, and we continue to generate substantial operating cash flows.”     

Conference call information

Sistema management will host a conference call today at 9 am (New York time) / 2 pm (London time) / 3 pm (CET) / 5 pm (Moscow Time) to present and discuss the third quarter results.

The dial-in numbers for the conference call are:

UK/International:         + 44 20 8515 2302

US:                              + 1 480 248 5085

A replay will then be available for 7 days after the conference call. To access the replay, please dial:

UK/International:         + 44 20 7154 2833

US:                              + 1 303 590 3030

PIN number:    3953002#  

 

 

 

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