As of today secondary trading got under way for series VT-1 document interest-bearing pay-to-bearer bond (state issue number - 4-43-00137-A dated January 24, 2003). 

The bonds will begin to trade in the stock market section of MICEX on the date to be established at a MICEX.  Over-the-counter trading on MICEX is scheduled to get under way as of March 25, 2003.

The bond report issue of OJSC VolgaTelecom was registered with the RF Federal Securities Commission on March 14, 2003.

The underwriter and payment agent for the issue will be OAO MDM Bank, which ZAO Web Invest Bank acting as co-underwriter.  As the company's major shareholder, Svyazinvest will be the coordinator of the bond issue.