On July 9, 2003, JSFC Sistema joined by the Troika-Dialog investment company, held a conference call with investors and analysts who were briefed on the company's financial and operating performance in 2002 accounted for under US GAAP standards. Speakers at the presentation briefing included JSFC Sistema President Yevgeny Novitsky, First Vice President Aleksei Buyanov, and First Vice President Levan Vasadze.

Available conference call materials:

Transcript of the conference call (English)

Presentation accompanying the conference call (English)

Translation of talks (Russian)

Presentation of JSFC Sistema performance results was used by Troika-Dialog's analytical division to prepare a report on the company, which follows below:

Analytical Report of Troika-Dialog