The PJSC MGTS Board of Directors considered an application of the Company's General Director Mr. Vladimir S. Lagutin for leaving his office of his own accord.

The Board of Directors made a decision to convene on 15 August 2003 an extraordinary PJSC MGTS General Meeting of Shareholders to consider the appointment of the General Director of the Company. The Meting will proceed in the absentee voting format.

The shareholders owning at least two per cent (2%) of the PJSC MGTS voting stocks in the aggregate shall have the right to nominate a candidate for the sole executive position. The proposals for candidacies should be forwarded to the Company's Board of Directors at 12, bdg. 3 Petrovskiy Boulevard, 103051, Moscow. The entire proposals shall be submitted to the PJSC MGTS Board of Directors no later than 22 July 2003.

The candidate requirements qualifying him or her to seek election to the office of the PJSC MGTS General Director are specified in the Charter and Regulations on the General Director of the Company.

Copyright (ñ) 2003 ÎÀÎ ÌÃÒÑ.