On June 18, 2003, ??? SISTEMA JSFC held an annual general meeting of its shareholders. The Shareholders approved the annual report, the balance sheet, and the profit and loss account of ??? SISTEMA JSFC for 2002 consistent with the Russian Accounting Standards (RAS), appointed external auditors for 2003, and elected a new Board of Directors and members of the Auditing Committee. All members of the previous Board of Directors were returned for another term, viz., A.I. Volsky, A.Yu. Goncharuk, S.A. Drozdov, V.P. Yevtushenkov, S.V. Yemelyanov, D.L. Zubov, M.V. Klimovich, V.V. Kopyev, Ye.A. Kurgin, V.S. Lagutin, A.L. Leiviman, N.V. Mikhailov, and Ye.G. Novitsky.

Two audit firms were appointed auditors for 2003: ZAO Audit-Garantia-M, to conduct audits in accordance with the Russian accounting standards, norms and rules and national legislation, and Deloitte & Touche, to audit SISTEMA JSFC books in accordance with international US GAAP standards. By its resolution the Board of Directors elected V.P. Yevtushenkov to act as Chairman of the Board of Directors.

The meeting resolved against paying dividends for 2002.

For more details, contact:
Andrei Bliznyuk
Investor Relations Department
Tel.: +7 095 730 1543