Moscow, 26 April 2004. Sistema, Russia’s leading investor in non resource-based industry, today announced the appointment of Alexander Semenov to the newly established position of Corporate Secretary. The new position comes with a mandate to guide Sistema’s Board of Directors on matters of record-keeping, disclosure, securities regulation and other issues relating to corporate behavior. Mr. Semenov, an eminent academic and editor in chief of a publication specializing in matters of corporate governance, will report directly to Vladimir Evtushenkov, Chairman of Sistema’s Board of Directors. Sistema also announced the establishment of a new Board Committee on Corporate Governance, which will focus on developing uniform governance recommendations for Sistema’s investees, and will have oversight of all relevant policies and procedures. The Corporate Secretary will have day-to-day executive responsibility to see that Sistema adheres to all corporate law and regulation affecting its businesses and the work of the Board. Sistema is the largest investor in Russia’s services, manufacturing and technology sectors, and as a company has become a leading advocate of conditions encouraging growth and diversification of Russia’s economy. Mr. Evtushenkov cited corporate governance as one of the main factors in the development of international investor confidence in Russia. “It is a logical step for a company of our size and profile to adopt internationally-accepted business procedures and standards. As we develop a wide range of businesses – from mobile communications to insurance – with both Russian and international partners and investors, we believe that to follow the same standards of corporate governance would be the single most important factor to ensure effective business development with our colleagues, both here and abroad.” The Corporate Governance Committee will be chaired by Vyacheslav Kopyov, Deputy Chairman of Sistema’s Board of Directors. Its members will include several other Sistema Board members and top managers, as well as Igor Belikov, Head of the Russian Institute of Directors, acting as an independent expert. Alexander Semenov, 48, is a native of Moscow, graduating in 1978 from the Moscow Institute of Management (named after Ordjonikidze). From 1978 to 1989 he worked as an engineer-economist, senior research officer, and head of department in the Institute of Economic Problems of Complex Development of National Economy. In 1988 he was head of the laboratory at the “Progress” Research Institute. In 1990-1994 he became Deputy General Director of the Research Institute of Technological Progress Management. In 1994-2004 Mr Semenov served as Chairman of the Board and General Director of Reestr OJSC. He was appointed Chief Editor of “Joint Stock Company -- Corporate Governance” magazine in 2002. Alexander Semenov holds a doctorate in Economics. 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. Further information Investor Relations Press Service Andre Bliznyuk Olga Pestereva +7 095 730 1543 + 7 095 730 1705 bliznyuk@sistema.ru 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.