Sistema Shyam Teleservices awards contract to Aegis BPO

Outsources customer service operations for MTS in the eastern region

Gurgaon, May 27, 2009 – Sistema Shyam Teleservices Ltd (SSTL), a joint venture between Russia’s Sistema and the Shyam Group, today announced a strategic agreement with Aegis BPO for outsourcing customer service operations of its mobile service brand MTS in the eastern circle. Aegis BPO will facilitate SSTL in the delivery of quality customer care solutions to customers and establishing customer loyalty for the MTS brand. SSTL, which has recently forayed into Kolkata, is looking to gradually expand its presence to the Eastern states of West Bengal, Bihar and Jharkhand.

MTS has already invested about $1.2 billion in India, for spectrum allocation and other infrastructure, out of the total capital expenditure plan of $5.5 billion. The mandate to Aegis BPO entails the managing of both voice and back-office processes including inbound customer service, inbound retailer help desk, outbound and inbound complaints, handset support, technical help desk and welcome call.

Mr. Vsevolod Rozanov, President and CEO, Sistema Shyam TeleServices Ltd. said, “The association with Aegis is one of the many steps that we will take, to introduce and sustain world class services for all our customers. Aegis BPO’s proven expertise will support in serving our growing customer base, and deliver best in class service standards that the brand MTS stands for globally.”

Aegis BPO will provide a 35-seat contact center, scalable to 150 over the next three months, as the volumes of subscriber-base and call transactions increase. The agreement with Aegis is aimed at ensuring consistent, high-quality services to MTS subscribers in the region.

SSTL is currently offering its service in Rajasthan, Tamil Nadu, Kerala and Kolkata, and has acquired licenses and spectrum to provide mobile telephony services in all the 22 circles across the country under its MTS brand name, recognized as one of the Top 100 Most Powerful Brands in the world.

About Sistema Shyam TeleServices Limited

Sistema Shyam TeleServices (SSTL) is a joint venture company between Sistema {LSE: SSA} of Russia and Shyam Group of India. Sistema is the majority share holder in this joint venture with a 73.71%% equity stake, along with the Shyam Group, holding a 23.79% stake and the rest 2.5% being public partake. SSTL has licenses and spectrum to provide mobile telephony services in all the 22 circles across the country. Presently SSTL offers mobile telephony services in the Rajasthan, TamilNadu, Kerala as well as the Kolkata circles. In a recent development, SSTL tied up with Mobile TeleSystems OJSC of Russia to bring the globally acclaimed telecom brand-MTS-to India. MTS is the 8th largest telecom brand in the world and has recently been voted as the 71st ranked brand out of 100 top global brands in the world by Millward Brown.

For more information visit: www.mtsindia.in

For more information, contact:

Shalini Wadhwa

Corporate Communications Director

Sistema Shyam TeleServices Ltd

09711209768

shalini.wadhwa {at} mtsindia(.)in

Udai Jain

Gutenberg Communications

Mobile: +91 9811927261

udai {at} gutenbergpr(.)com