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Moscow City Telephone	June 24, 2003
Public Joint Stock Company Moscow City Telephone Network (MGTS) summed up its activity results for the year 2002, having prepared the audited accounts in conformity with the Generally Accepted Accounting Principles, USA, (GAAP) including consolidated data relevant to PJSC MGTS and its affiliates Share

The PJSC MGTS net profit accounted for US$ 58 255 thousand (as against US$ 55 066 thousand in 2001), operating proceeds - US$ 417 825 thousand (2001 - US$ 387 636 thousand), volume of assets - US$ 1 138 506 thousand (2001 - US$ 1 085 948 thousand). JSC carried out the independent audit of the Company. One can familiarize him/herself with the PJSC MGTS financial statements prepared according to the Generally Accepted Accounting Principles, USA, (GAAP) by visiting the Company's official web site, "Economics and Finance" section. Copyright (ñ) 2003 ÎÀÎ ÌÃÒÑ.