On August 15, 2003 Federal Commission on Securities' Market of Russia the order ?03-1716/p was registered non-convertible interest-bearing documentary payable to bearer bonds of 01 series of the state registration of the issue 4-05-00062-A with compulsory centralized deposit "UTK" PJSC.

Bond issue amounting to RUR 1.5 bln will be placed with a par value of 1000 rubles by public subscription in the MICEX Stock market section with a duration period of 3 years.

The bond issue is sponsored by "Renaissance Capital-Financial Advisor" Ltd. and "Promishlenno-stroitelniy bank" OJSC. "Renaisance Broker" Ltd. is appointed the issuer's underwriter; non-commercial partnership "National Depository Center" (NP NDC) is appointed Depository and Paying agent.

The obtained capital will be allocated to "UTK" PJSC investment projects of 2003 Plan of capital construction, the majority of which will be allocated to acquisition of equipment for extension and construction of new digital telephone exchanges and high-speed Internet access nodes, increase of the length of the Company's communication network.