Zurich, 23 January 2004. Mr Andrei Bliznyuk, head of Sistema JSFC’s Investor Relations Department, gave a presentation on Sistema JSFC’s fixed income operations to a conference on Fixed Income Securities in Russia, convened in Zurich, Switzerland. The forum held on 22-23 January 2004, discussed the current status of the Russian fixed income market; a survey of credit markets in Kazakhstan and Ukraine was also presented. Presentations were made by representatives from Russian and international financial and investment companies.