Moscow, 19 January, 2004. Chairman of the Board of Directors of Sistema JSFC Vladimir Evtushenkov will take part in the annual session of the World Economic Forum (WEF) to be held January 21-25, 2004, in Davos (Switzerland). The Meeting, which is entitled “Partnering for Security and Prosperity”, will include several sessions on issues such as ensuring global security, managing new risks, spurring innovations, etc. The Forum is expected to gather over 2,100 participants, including heads of states and governments, cabinet ministers, renowned researchers, public and religious leaders from 94 countries. Over 1000 leaders of the world’s top companies from all sectors of the economy will also take part in the Meeting. Apart from attending the Forum, the program for Mr. Yevtushenkov's visit to Davos includes a number of business meetings. For additional information: Investor RelationsAndre Bliznyuk Tel: +7 095 730 1543 bliznyuk@sistema.ru Press Service Olga Pestereva Tel. + 7 095 730 1705 pestereva@sistema.ru *** 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 press release is not an offer for sale of any securities in the United States. Any securities may not be offered or sold in the United Sates absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Sistema JSFC has not registered and does not intend to register any portion of any offering in the United States or to conduct a public offering of any securities in the United States. This communication is directed only at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (the “Order”) and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as “relevant persons”). Any investment activity to which this communication relates will only be available to and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Stabilization/FSA. This press release is not a public offer or advertisement of securities in the Russian Federation, and is not an offer, or an invitation to make offers, to purchase any securities in the Russian Federation.