Moscow, 22 January 2004. Sistema JSFC announces that the company has completed divestiture of its oil assets. Sistema and its subsidiaries sold 100% of Sistema-Neft OJSC and 50% of United Oil Company JSC. In addition, 100% of Baikal-Oil OOO and 100% of Konsortium K-12 OOO, acquired in December 2003 for an aggregate amount of $135 mln, were sold. The sale of the four companies amounted to $288.5 mln. Sistema took the decision to divest its oil assets in line with the company’s strategy of focusing on developing its key businesses. Based on the same strategy, in late 2002 – early 2003 Sistema sold its Kedr-M chain of gas stations in Moscow. Evgeny Novitsky, President and CEO of Sistema, said in a statement: “For us, oil business divestiture became another important step in streamlining the company’s asset structure. We are aiming to focus our efforts on our key businesses, primarily in the high-tech production and service sectors. These are the areas where we generally expect to see growth going forward. We have always considered our oil businesses a financial investment, and we believe that this transaction was a success, both from the strategic and tactical viewpoints.” Sistema JSFC is one of Russia’s largest diversified holding companies. In the first six months of 2003, the company reported sales of $1.57bn., with total assets exceeding $5.5bn. Founded in 1993, Sistema currently owns and actively manages a diversified portfolio of assets in the following sectors: telecommunications (MTS, MGTS, MTU-Inform, Telmos, Golden Line, Comstar and others), technology (Mikron, as well as a number of other microelectronics enterprises), insurance (ROSNO), finance and securities (MBRD), real estate (Sistema-Hals), travel services (Intourist), retail (Detsky Mir) and others. Additional information is available at www.sistema.ru. *** For additional information: Investor Relations Andre 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.