Moscow, 22 December 2003. Sistema JSFC representatives have visited Belgrade on a business mission at the invitation of the Serbian Chamber of Commerce and Industry. Their schedule included meetings with members of the Serbian business community to discuss potential areas of cooperation. One such meeting in Belgrade was attended by representatives from major Serbian companies engaged in telecommunications, electronics, construction, real estate and tourism. Negotiations were also conducted in Belgrade with top executives of a number of companies in Bulgaria and Montenegro to explore potential areas of cooperation in trade, real estate and tourism. Commenting on the results of the Belgrade visit, Alexei Buyanov, Sistema JSFC’s First Vice President, said: “Sistema JSFC’s business is currently concentrated primarily in Russia and the CIS but this does not at all imply any lack of interest in partnerships and new projects in other regions, including in Eastern Europe. We certainly believe in doing business with this region. When we meet with market players to explore aspects of our potential cooperation we know we are working for a long-term future.» *** For more detail, contact: Investor Relations Department Andrei Bliznyuk Tel: +7 095 730 1543 bliznyuk@sistema.ru Press Office Olga Pestereva Tel + 7 095 730 1705 pestereva@sistema.ru