The Board of Directors approved a new membership of the PJSC MGTS Management Council for a term of two (2) years. It comprises thirteen (13) managers of the Company: Mr. Mikhail Smirnov (General Director and Chairman of the Council), Mr. Vladimir Afonin (Director - Human Resources Management Dept., Secretary of the Counicl), Mrs. Irina Borisenkova (Chief Accountant), Mr. Alexander Zhilin (Deputy General Director), Mrs. Olga Zamaldinova (Deputy General Director), Mrs. Valintina Irzhova (Director - Law Dept.), Mr. Vladimir Kostrov (Deputy General Director), Mr. Sergey Ksenofontov (Director - Capital Construction Dept.), Mr. Victor Panov (Deputy General Director), Mr. Semyon Rabovskiy (First Deputy General Director), Mr. Nokolai Savlukov (Deputy General Director), Mr. Vladimir Sutyagin (Deputy General Director), and Mr. Victor Chervony (Deputy General Director).

The Board of Directors approved the Company's adjusted budget for 2003, taking into account the two-phase raising of tariffs for the telecommunications services provided to residential subscribers and state-financed organizations carried out during the current year, which had an influence on the growth of the corporate revenues.

The Board of Directors took note of the information concerning the debts receivable recovery and a decision to strengthen the claiming of debt efforts to collect receivables owed by the metropolitan inhabitants and self-sustained organizations.

Pursuant to the applicable legislation regulating joint stock companies' activity, the PJSC MGTS Board of Directors approved the amount of the fee payable to CJSC "Deloitt & Touche CIA" for the services provided.

Copyright (ñ) 2003 ÎÀÎ ÌÃÒÑ.