Moscow, 1 November 2004 – Sistema, the largest private sector consumer services company in Russia and the CIS, today announced that its shares were included in the ‘B’ list of the Russian Trading System (RTS) stock exchange with effect from 28 October 2004, under the symbol “AFKS”. Sistema announced on 6 October 2004 that the Federal Securities Market Commission had approved the listing of Sistema’s ordinary shares on the RTS and the Moscow Stock Exchange (MSE).

As previously announced, Sistema is also considering a listing of its shares on the London Stock Exchange in 2005 through an offering of Global Depositary Receipts. Credit Suisse First Boston and Morgan Stanley are the financial advisors to Sistema for the international listing, with Troika Dialog acting as Russian financial advisor.

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For additional information:

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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Sistema is the largest private sector consumer services company in Russia and the CIS. Sistema develops and manages market-leading businesses in fast-growing service-based industries, including telecommunications, technology, insurance, banking, real estate, retail and media. The company reported revenue of US$ 3.8 billion in 2003, with total assets exceeding US$ 6.8 billion as of 31 December 2003.