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Financial Corporation "Sistema"

September 16, 2005

Sistema initiates consolidation of its fixed line telecoms businesses

Moscow, Russia – September 16, 2005 – Sistema (LSE: SSA), the largest private sector consumer services company in Russia and the CIS, announced today that it intends to restructure its fixed line telecommunications businesses as follows:

 - Sistema’s fixed-line telecommunications assets will be consolidated under Comstar UTS, a leading alternative fixed-line telecommunication company in the Moscow Region, which will be formed through a merger with Sistema’s other fixed-line telecommunications subsidiaries MTU-Inform and Telmos. MTU Intel, an internet provider, will become a subsidiary of Comstar UTS.

 - Sistema will transfer 56% of its shares in MGTS, the incumbent fixed-line telecommunication service provider in Moscow, to Comstar UTS in exchange for new shares in the combined entity.

The first legal steps in this consolidation process have been taken with the change in the legal status of closed joint stock company ZAO Comstar to open joint stock company OAO Comstar UTS and the acquisition of 20% stake in Telmos by Comstar UTS from Sistema.

Additionaly, Sistema’s Board of Directors has called an Extraordinary General Meeting of Shareholders on October 21 to seek approval for the transfer of 56% of its shares in MGTS to OAO Comstar UTS in exchange for new shares in the combined entity.

 

 

 

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