The Board of Directors approved the Company's draft Annual Report, those of the Annual Accounting Reports, including Profit and Loss Statement, and profit and loss distribution as per the results of the fiscal year under review (2002).

The Board of Directors recommended the General Shareholders' Meeting to approve the annual dividend rate of 0.68 rubles per share with respect to the ordinaries and 2 rubles and 30 kopecks in regard of the preferred stocks.

The Board of Directors passed a decision proposing that the Annual General Shareholders' Meeting increase the OJSC MGTS Charter Capital by two times through converting the placed 20-ruble par value shares of all categories into the 40-ruble par value ones of each respective category for the account of the Company's property (i.e. means of the Company's fixed assets revaluation).

The Board of Directors approved the new draft version of the Charter and that of bylaws regulating the OJSC MGTS activity, to be adopted by the Company's General Shareholders' Meeting.