UPDATE ON THE IMPLEMENTATION OF SISTEMA'S BUYBACK PROGRAMME - Replacement

10 Sep 2012 10:09

The issuer advises that the following replaces the Sistema UPDATE ON THE IMPLEMENTATION OF SISTEMA'S BUYBACK PROGRAMME announcement released at 07:00am BST today.

The number of Global Depository Receipts and ordinary shares purchased has been amended.

The full corrected version is shown below.

UPDATE ON THE IMPLEMENTATION OF SISTEMA'S BUYBACK PROGRAMME

Moscow, Russia - September 10, 2012 - Sistema JSFC ("Sistema" or the "Company") (LSE: SSA), the largest diversified publicly-traded investment company in Russia and the CIS, today announces that during the period of August 30 - September 06, 2012 it has purchased 303,842 Sistema Global Depository Receipts (which accounts for approximately 0.06% of the Company's charter capital) and 1,599,600 Sistema ordinary shares (which accounts for approximately 0.02% of the Company's charter capital). The depository receipts and ordinary shares were purchased within the framework of the Company's buyback programme, announced on May 31, 2012.

The Company is not an investment company, and is not and will not be registered as such, under the U.S. Investment Company Act of 1940.

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For further information, please visit www.sistema.com or contact:

Sistema is the largest diversified publicly-traded investment company in Russia and the CIS, which invests in and is a major shareholder of companies serving over 100 million customers in the sectors of telecommunications, high technology, oil and energy, radars and aerospace, banking, retail, mass-media, tourism and healthcare services. Founded in 1993, the company reported revenues of US$ 7.9 billion for the first quarter of 2012, and total assets of US$ 47.3 billion as at March 31, 2012. Sistema's global depository receipts are listed under the symbol "SSA" on the London Stock Exchange. Sistema's ordinary shares are listed under the symbol "AFKS" on the MICEX-RTS Stock Exchange, and under the symbol "SIST" on the Moscow Stock Exchange (MSE). Sistema was ranked number 315 in the 2011 edition of the Fortune Global 500 list. Website: www.sistema.com

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Sistema. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might" the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to Sistema and its operations.

This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of JSFC Sistema and/or any of its subsidiaries and affiliated companies, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the shares or securities of JSFC Sistema and/or any of its subsidiaries and affiliated companies.

Copyright Business Wire 2012