SIEMENS AND SISTEMA LAY A CORNERSTONE FOR SIEMENS’ HEADQUARTERS IN MOSCOW Moscow, September 26th, 2003 – Top officials representing Siemens AG and Sistema JSFC laid the cornerstone for a new Siemens office building which will become Siemens’ headquarters in Russia. The 23-story office tower, to occupy a one-hectare site at No. 39 Leningradsky Prospekt and encompass a total area of 40,000 sq. meters, is to be dedicated to Siemens’ 150 years of activity in Russia, an anniversary being observed this year. Completion of construction is expected in late 2005. Designed by well-known German architectural bureau Muller, Siemens Moscow House will be developed by Siemens Real Estate, the real estate arm of Siemens, in cooperation with Sistema-Hals CJSC, a property development company, which is part of Sistema group. General contractor for the project will be selected after completion of project documentation in early 2004. The cornerstone–laying ceremony was attended by Dr. H. von Pierer, Simens AG Chairman of the Board, and Mrs. Agnesa Frantik, President of Siemens Russia. Attending on behalf of Sistema were V. Evtushenkov, Chairman of the Board, E. Novitsky, President, and S. Shamanov, General Director of Sistema-Hals. About 100 guests, representing Russian and German political and business circles attended the official ceremony. “Here, in Russia, we face the future with confidence and great expectations. In the best way possible this confidence become apparent today, when we are laying our new office building at one of the main Moscow highway”, - said Dr. H. von Pierer, opening the official ceremony. “It is deeply symbolic that we begin construction of the new building this particular year,” Mrs. Frantik said. ”We confidently connect our future with the future of great Russia. The Siemens Moscow House will become a symbol of our joint future, at least for another 150 years.” Mr. Novitsky said, “Our cooperation with Siemens, which has been successful for many years in the telecommunications sector, is now also continuing in a new sphere. We praise Siemens’ decision to build its own office in the Russian capital and we are prepared to do everything we can to help implement this intent on the highest possible level. Bearing in mind the successful experience of Sistema-Gals in comparable projects, each of them unique, I hope that the new Siemens building will be equal to its occupants and worthy of our pride.” Siemens Siemens (Berlin and Munich) is a global powerhouse in electrical engineering and electronics. The company has more than 423,000 employees working to develop and manufacture products, design and install complex systems and projects, and tailor a wide range of services for individual requirements. Siemens provides innovative technologies and comprehensive know-how to benefit customers in more than 190 countries. Founded more than 150 years ago, the company is active in the areas of Information and Communications, Automation and Control, Power, Transportation, Medical, and Lighting. In fiscal 2002 (ended September 30), Siemens had sales of ?84 billion (U.S. GAAP) and net income of ?2.597 billion (U.S. GAAP). Siemens Russia is active in all traditional spheres of Siemens activity worldwide. Siemens Russia is one of the leading supplier of products, services and complex solutions for modernisation of key branches in Russian economics. Siemens employs more than 1,500 people in 30 regions across the country. Taking into account enterprises with the company’s share holding Siemens Russia turnover in 2002 year reached ? 1,000 Million and the total number of employees exceeds 8000. Further information is available on: www.siemens.com / www.siemens.ru About Sistema Joint-Stock Financial Corporation Sistema (Sistema) is one of Russia’s largest diversified holding companies. In 2002, the company reported sales of $904mn., with total assets exceeding $2.3bn. 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 available at www.sistema.ru. About Sistema-Hals Closed Joint Stock Company Sistema-Hals is a managing company responsible for JSFC Sistema’s business in the real estate and construction sectors. The company, formed in 1990, is one of the leading developers in the Moscow region. It specializes in construction of Class A office real estate. Currently the company manages 2,000,000 square meters of corporate real estate. Sistema-Hals has been active in the Russian property market since 1990 and has implemented more than 20 large-scale projects, including the office complex Hals Towers, the Moscow headquarters for Daimler-Chrysler, and others. Additional information available at www.sistema-hals.ru Contacts: Siemens Department of corporate strategy and communications Alexey Grigoriev Phone: +7 (095) 737 1118 Alexey.Grigoriev@siemens.com Press service Elena Novikova Phone: +7 (095) 737-1336 elena.novikova@siemens.com Sistema JSFC Investor relations department Andrei Bliznyuk Phone: +7 095 730 1543 bliznyuk@sistema.ru Press service Olga Pestereva Phone: + 7 095 730 1705 pestereva@sistema.ru CJSC Sistema-Hals Strategy and marketing department Andrei Zakrevsky Phone: +7 (095) 785 7767 zakrewsky@sistema.ru Press service Natalya Kim ???: +7 (095) 785 7768 kim@sistema-hals.ru “Safe-Harbour” Statement on Behalf of Siemens AG This release contains forecasts and projections in regards to future events based on assumptions and estimates by Siemens management. Words like “to expect”, “to think”, “to evaluate”, “to forecast”, “to intend”, “to plan”, “to project” etc. are reflecting these forecasts and projections. These statements reflect the current position of the company. Considering possible risks and unpredictable circumstances, including changes in the general economic situation, changes in currency and stock markets, etc, we would like to warn you the actual results might differ from initial statements and forecasts. Siemens does not undertake any obligations to publish results of any review of such statements, caused by events or circumstances, taking place after the date of publication. We also are not intended to publish results of non-planned events. “Safe-Harbour” Statement on Behalf of JSFC Sistema This release contains forecasts and projections in regards to future events based on assumptions and estimates by Sistema management. Words like “to expect”, “to think”, “to evaluate”, “to forecast”, “to intend”, “to plan”, “to project” etc. are reflecting these forecasts and projections. These statements reflect the current position of the company. Considering possible risks and unpredictable circumstances, including changes in the general economic situation, changes in currency and stock markets, etc, we would like to warn you the actual results might differ from initial statements and forecasts. Sistema does not undertake any obligations to publish results of any review of such statements, caused by events or circumstances, taking place after the date of publication. We also are not intended to publish results of non-planned events. 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. JSFC Sistema 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. 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