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Financial Corporation "Sistema"

January 24, 2005

Sistema announces changes in the Board of Directors and management

Moscow, January 24, 2005. Sistema, the largest private sector consumer services company in Russia and the CIS, today announced the appointments of Vladimir Evtushenkov as President of the Company, and of Evgeny Novitsky as Chairman of the Board of Directors.

Mr. Evtushenkov is a founder and the largest shareholder of Sistema, and has served as Chairman of the Board of Directors since 1994. Mr. Novitsky is also a shareholder in Sistema, and has served as President and as a Director of Sistema since 1995. Both Mr. Evtushenkov and Mr. Novitsky will continue in their roles as members of the Boards of Directors of certain of Sistema’s operating subsidiaries.

The appointment of Mr. Evtushenkov reflects his desire to take an executive role in the development of Sistema ahead of its planned transition from a private company to a publicly listed corporation. 

 
 
 

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

 

Sistema Investor Relations                                                        Shared Value Limited

Andre Bliznyuk                                                                         Matthew Hooper

Tel: +7 095 730 1543                                                              Tel. +44 (0) 20 7321 5023

bliznyuk@sistema.ru                                                               sistema@sharedvalue.net

 

 

Sistema is the largest private sector consumer services company in Russia and the CIS, with over 35 million customers. Sistema develops and manages market-leading businesses in selected service-based industries, including telecommunications, technology, insurance, banking, real estate, retail and media. Founded in 1993, the company reported revenues of US$ 4.1 billion for the first nine months of 2004 and total assets of more than US$ 7.6 billion as at September 30, 2004.  Sistema’s shares are listed under the symbol “AFKS” on the ‘B’ list of the Russian Trading System (RTS) and under the symbol “CUCT” on the ‘B’ list of the Moscow Stock Exchange (MSE).

 
 
 

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