Dear Sirs, 

This is to inform you that OJSC Tyumentelecom has completed the transfer of its level-1 ADR program for  common and preferred shares from the custodial bank - The Bank of New York - to the depositary bank - J.P Morgan Chase Bank.  

J.P Morgan was chosen by Svyazinvest as the sole depositary bank to set up an ADR program for the holding's shares back in October 2000 when this bank won an ADR tender in which leading banks such as The Bank of New York, J.P.Morgan and Deutsche Bank also took part.  

J.P. Morgan is a leading international financial institution that operates in over 50 countries worldwide.  This bank made the best partnership bid, which includes funding terms and subsequent support of the ADR program.  

OJSC Tyumentelecom's selected Clifford Chance Punder as its legal consultant for the ADR program. 

Each ADR issued on common shares corresponds to one common share in OJSC Tyumentelecom quoted on the RTS; each ADR per preferred shares corresponds to two preferred shares in OJSC Tyumentelecom quoted on the RTS.  At present the average market price for one common share in the Company is $US 2.00 on the RTS, and $US 0.95 per preferred shares.  As of March 15, 2002 ADRs make up 11% of its total charter capital.  

All inquires should be addressed to (3452) 499 219.