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Moscow City Telephone

February 11, 2003

On 11 February 2003, Public Joint Stock Company Moscow City Telephone Network (MGTS) placed the third issue of its ocumentary two-year coupon bonds with obligatory centralized deposit, A3 series (state registration No 4-03-00083A of 10 December 2002), at the Moscow Interbank Currency Exchange.

The issue made up one million (1 000 000) bonds altogether at one thousand (1 000) rubles par value each. The total amount of the issue is one billion (1 000 000 000) rubles with a two years' maturity.

According to the results of the bidding to determine the interest rate, which was held in the course of the bonds placing, the Issuer determined the first coupon rate per the said debt securities being 12.3% per annum. The first coupon revenue to be paid per share of the issue makes up Sixty-One (61) rubles and Thirty-Three (33) kopecks. The first-coupon maturity date is 12 August 2003. The coupon period is one hundred eighty-two (182) days, the proposals submitted for the bid amounted to some five billion (5 000 000 000) rubles.

The PJSC MGTS leadership described the third issue bonds placement as successful. "The domestic business community has shown its confidence in the promising prospects of the Public Joint Stock Company Moscow City Telephone Network development. The successful placing of the bonds is sequent to the positive changes in the financial and corporate policies of the Company being pursued by its leadership over the last years", Mr. Vladimir Lagutin, PJSC MGTS General Director, stressed.

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