On October 8, 2003, Moscow City Telephone Network held a presentation dedicated to releasing its Y 2002 annual report.

The meeting called by Moscow City Telephone Network was attended by the First Deputy General Director Semen Rabovsky, Deputy General Director and Head of Economic and Finance Department Victor Chervony as well as analysts from the leading investment companies and banks.

Along with the figures, according to S.V.Rabovsky, the report contains information that experts can trust. This is the company’s true face addressing potential shareholders, investors or creditors. Issuance of a regular annual report is an important event for any company ready to announce about its information transparency and market position.

According to V.A.Chervony, the Y 2002 report on Moscow City Telephone Network operations was prepared according to the international reporting standards. The document reflects the company’s financial position in all material aspects. It contains the data concerning the priority areas of the company’s technical development as well as the key indicators of financial, investment and social policy.

Moscow City Telephone Network annual reports regularly participate in the contests held by Expert and Rynok Cennykh Bumag (Stock Market) magazines and are highly praised by contest commissions. For instance, Moscow City Telephone Network Y 2001 annual report won the first place in “Genre Classic” Expert Magazine contest.