On June 24, 2003 Federal Commission for Securities Market registered an issue of Uralsvyazinform’s non-convertible interest-bearing documentary bearer bonds of 03 series, which are subject to obligatory centralized custody.

The overall volume of issue is RUR3 bln., nominal value of each bond is RUR1 000. Maturity period is 1092 days since the beginning of placement. The placement is to be made through open subscription.

Moscow Interbank Currency Exchange (MICEX) has undertaken the distribution of the issue.

The placement will be initiated not earlier than 2 (two) weeks after publication in ‘Vedomosti’ newspaper of the information regarding the issue state registration and the way of issue details disclosure as well as equal access for all possible buyers to the information about the issue. The information is to be disclosed in compliance with the Federal Law on Securities Market and FCSM Acts.

Investment Group “Renaissance Capital” and OAO “Industrial Construction Bank” act as Organizers for bond placement.

The money gained from the placement will be spent on investment and debt restructuring.