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Moscow City Telephone

June 7, 2003

On 7 June 2003, a General Annual Meeting of Public Joint Stock Company Moscow City Telephone Network (MGTS) Shareholders Was Held.

 

The Meeting approved the Annual Report, Accounting Report, Balance Sheet, Profit and Loss Statement, and Profit and Loss Allocation for the fiscal year 2002 presented by the Company's Board of Directors.

As Mr. Vladimir S. Lagutin, PJSC MGTS General Director, stated in his report to the Meeting, "The basic result of the reporting year, from the Joint Stock Company's point of view, was, first and foremost, the generating of net profit in the amount of 1.13 billion RUR. The net profit is not our end in itself, however. We are aware that without the resolution of essential telecommunications problems there can be no onward development whatsoever. Thus and so, the year 2002 resulted in an increase of the Network mounted capacity by 81 899 numbers, which enabled to install telephones for 107 000 Muscovites".

The Shareholders' Meeting elected a new membership of the Board of Directors of 12 persons. Eight (8) candidacies were named by the AFK "Sistema" and 4 - by PJSC "Svyazinvest". The PJSC MGTS Internal Audit Commission of 5 persons was elected.

The "Deloite & Touch, CIS" Public Joint Stock Company was nominated the PJSC MGTS External Auditor.

The Meeting approved the decision of the Board of Directors as to the amount, term, procedure and form of the dividends payment per the Company's common and preferred shares. The payment of the dividend per common shares of RUR 0.68 each and that per preferred shares of RUR 7.055171 each will be effected from 1 September through 31 December 2003 out of the PJSC MGTS net profit.

 

Copyright(ñ) 2003 ÎÀÎ ÌÃÒÑ.

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