??? Svyazinvest

PUBLIC RELATONS DEPARTMENT


119121 Moscow, ul. Plyushikha, 55, str.2, tel.:(095) 248-89-68/fax (095) 248-89-61


J.P. Morgan announced on September 4, 2001 that this American bank will start trading American Depository Receipts for shares in OAO Peterburg Telefonaya Set' (PTS), OAO Novosibirsk Region Electosvyaz, OAO TsentrTelecom and OAO Primorsky krai Electrosvyaz.

Level-1 ADR programs for four mega-regional core companies run by OAO Svyazinvest were registered with the US Federal Securities and Exchange Commission on August 22, 2001.

ADR trading will be executed on the Over The Counter (OTC) market as follows:

- For OAO TsentrTelecom 10 ADRs will be equal to 1 share (ordinary shares are priced at $US 143 and preferred shares at $US 64);
- For OAO PTS 1 ADR will be equal to 50 shares (ordinary shares are priced at $US 0.6 and preferred shares at $US 0.24);
- For OAO Novosibirsk Region Electosvyaz 1 ADR will be equal to 8 shares (ordinary shares are priced at $US 1.73 and preferred shares at $US 0.63);
- For OAO Primorsky krai Electrosvyaz 1 ADR will be equal to 30 shares (ordinary shares are priced at $US 0.83 and preferred shares at $US 0.29);