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Moscow City Telephone

January 16, 2003

On 15 January 2003, the Public Joint Stock Company Moscow City Telephone Network (MGTS) effected the payment of a next, seventh, coupon as per the documentary bearer bonds.

State registration number 4-01-00083-A of 28 September 2000.

The accrued coupon income on the bonds made up Twelve Million Seven Hundred Twenty-One Thousand and Eighty (12,721,080.00) rubles as at 15 January 2003.

The coupon profitability rate came to 11.46% per annum.

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