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all Financial Corporation "Sistema" press releases

Financial Corporation "Sistema"

January 21, 2004

Sommer chairs pre-davos Sistema Advisory Council Meeting

Bad Ragaz, January 21, 2004. Today the meeting of Sistema’s International Advisory Council (IAC) completed its work. The session was held January 20-21 in Bad Ragaz, Switzerland, on the eve of the World Economic Forum meeting in Davos, and discussed the economic situation in the Russian Federation and globally, issues of corporate governance as well as various aspects of Sistema’s strategy development. Sistema pays significant attention to the improvement of corporate governance and use of international management expertise. The International Advisory Council, created in May 2003, is chaired by one of the most experienced managers in the telecommunications business, Mr. Ron Sommer (CEO of Deutsche Telecom, 1995-2002). Renowned business, academic and political leaders were invited to the Council meeting. The session featured President of the Russian Union of Industrialists and Entrepreneurs Arkady Volsky, Deputy President of the Russian Academy of Sciences, Nobel Prize winner Zhores Alferov, Chairman of Sun Group Nand Khemka, member of the Supervisory Council and former CEO of RWE AG Dietmar Kuhnt, Sistema’s Chairman of the Board Vladimir Evtushenkov and some of Sistema’s top executives. Summing up the discussions, Dr Sommer stated, “Such a Council is very important from the point of view of the evolution of Sistema as part of the international business community”. Council participants stated that corporate governance in Russia is developing towards the norms of openness, transparency and integration into the world economy. In particular, Arkady Volsky emphasized the significance of international experts to the development of the Russian economy, Russian companies in general and Sistema, which is the largest non-natural resources-based company in the country, in particular. Nand Khemka stressed the importance of corporate governance principles for economic development. He specifically pointed to the fact that many internationally accepted norms of corporate governance are already being successfully implemented by Sistema in its business. Zhores Alferov made the point that “high-tech industries are of crucial importance for economic development and the situation in the Russian Federation is changing for the better”. Dr Kuhnt stressed the importance of Sistema developing in accordance with international trends and significance of input of international resources to the development of the business. Closing the meeting, IAC Chairman Dr Ron Sommer noted that that his impression of the discussion that took place during the meeting was positive: "We believe that exchanging views and discussing key business issues with people who are experienced in different industries and segments of the market may considerably help in effective business development. We have agreed to continue the discussions during the future IAC meetings in St.Petersburg (June 2004) and in Moscow (October 2004)". The International Advisory Council of Sistema was established in 2003 as a consultative body for Sistema’s Board of Directors in order to discuss strategic issues of the corporation's development, as well as to analyze and evaluate projects and prepare recommendations and proposals dealing with Sistema’s various activities. The IAC decisions are recommendatory. IAC’s first meeting took place in Moscow on May 16, 2003. 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 further information please contact: International Advisory Council Sistema IAC Secretary: Prof. Vasily Dragalov Fax: (7095) 232-33-91 For additional information: Press Service Olga Pestereva Tel. + 7 095 730 1705 pestereva@sistema.ru Investor Relations Andre Bliznyuk Tel: +7 095 730 1543 bliznyuk@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.

 

 

 

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