A press conference was held at JSFC Sistema's office in Leontyevsky Pereulok on July 9 to brief upward of 40 Russian and foreign media correspondents on the company's financial and consolidated statements for 2002 and give them an insight into its performance in the first six months of 2003.

The press conference was attended by JSFC Sistema President Ye.G. Novitsky, First Vice President A.N. Buyanov; and First Vice President L.Sh. Vasadze.

A transcript of the conference is available at the website of the Voice of Moscow radio station at: www.moscowvoice.ru.

A video recording of the conference call, also held on July 9, is available at the website of the Troika Dialog investment company at: www.troika.ru