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Financial Corporation "Sistema"

January 11, 2005

Sistema additional share issue approved by Federal Service for Financial Markets

Moscow, January 11, 2005. Sistema, the largest private sector consumer services company in Russia and the CIS, today announced that theRussian Federal Service for the Financial Markets approved an additional issue of 1.55 million ordinary shares in addition to the current 8.1 million ordinary shares currently outstanding. The new issue represents an increase of 19% of currently outstanding shares which constitutes 16% of the newly approved total amount.

 

 

For further information, please contact:

 

Sistema Investor Relations                                       Shared Value Limited

Andre Bliznyuk                                                       Edward Baumgartner

Tel: +7 095 730 1543                                             Tel. +44 (0) 20 7321 5037

bliznyuk@sistema.ru                                               sistema@sharedvalue.net

 

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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.

 
 
 

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