On July 10, 2003 the Board of Directors determined the placement date of bond issuance of 03 series. The interest-bearing documentary bearer bonds of 03 series will be placed on Moscow Interbank Currency Exchange (MICEX) on July 22, 2003. The issue’s overall volume is RUR 3 bln, nominal value of each bond is RUR1 000, the whole issue of 3 000 000 bonds is subject to obligatory centralized custody.

The Decision of Issue and Prospectus were approved by the Board of Directors on April 29, 2003 and registered with Federal Commission for Securities Market on June 24, 2003. These documents (in Russian) may be found at Russian section of Uralsvyazinform’s corporate web-site.