Moscow, 6 October 2004. Sistema announces that the Federal Securities Market Commission has approved the listing of its ordinary shares on the RTS and the MoscowStock Exchange.Sistema is also considering a listing of its shares on the London Stock Exchange in 2005 through an offering of Global Depositary Receipts.

Credit Suisse First Boston and Morgan Stanley have been appointed as Sistema's financial advisors for the international listing.

Sistemais the largest consumer-oriented private sector company in Russiaand the CIS. Sistema develops and manages market-leading businesses in fast-growing service-based industries, including telecommunications, technology, insurance, banking, real estate, retail and media. The company reported revenue of $3.8bn in 2003 with total assets exceeding $6.8bn as of December 31, 2003.

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For additional information:

Investor Relations                                                       Press Service

Andre Bliznyuk                                                          Olga Pestereva

Tel: +7 095 730 1543                                                 Tel. + 7 095 730 1705

bliznyuk@sistema.ru                                                    pestereva@sistema.ru