Moscow, Russia, January 15, 2002

In accordance with resolution of Russian Federal Commission on Securities # 1738/r dated December 20, 2002, the company performed state registration of the issue of ordinary registered non-documentary shares in the number of 166.167.000 pieces with nominal value of 1 RUR each share, state registration number 1-03-00327-?, and preference registered non-documentary type A shares in the number of 55.389.000 pieces with nominal value of 1 RUR each, state registration number 2-03-00327-?. These shares are to be placed by means of the conversion; the decision on splitting of the shares had been taken by the joint-stock company.

In accordance with the decisions on the issue the conversion was conducted on the 14th of January, 2003.

The stock trades with these securities are suspended until the registration of issue report by Russian Federal Commission on Securities.

For additional information, please, contact:
Public Relations Department
Tel.: +7 (095) 504-38-62.
Fax: +7 (095) 500-46-19.
E-mail: pr@cnt.ru, smi@cnt.ru