According to the bylaws, the shareholders jointly owning at least two percent of MGTS voting shares have the right to appoint the company head.

"We are waiting for the candidacies to be supplied for the Board of Directors' review by December 27, 2004 (inclusive) at the following address: 103051, Moscow, Petrovsky blvd, 12, building 3," - stipulate MGTS Board minutes.

MGTS General Director candidate requirements are stipulated in Article 14.5 of the Company's Charter and Item 3.4 of MGTS General Director Bylaws.

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PJSC Moscow City Telephone Network is one of the biggest not only in Russia, but among the local wire telecommunications companies in Europe too. The Company's continual priority task is to provide quality telephone communication accessible to the millions of the Russia's capital-city inhabitants. The MGTS personnel of 20 000 persons supply services to about 4.2 million subscribers. The telephone density in Moscow conforms to the European standards - over 50 MGTS telephones per 100 metropolitan residents. There are about 600 MGTS telephone exchanges in operation, and their number increases year by. There are presently 18 000 pay stations available at the Company's public payphone network. To date, the MGTS share amounts to 80% in the Moscow fixed telecommunications market. The dynamic development of the Company is noted for its stable economic situation, prescheduled on-going income growth rate, and for the amount of provided services on the upgrade. The Central Office of PJSC MGTS is located in Moscow at 12, bdg. 3, Petrovskiy Boulevard, Moscow, Russia. The Company's Internet address is www.mgts.ru.

For further details, please approach the Department of Information and Public Relations - PJSC MGTS.
Tel: +7 (095) 950 0623, fax: +7 (095) 950 0622,
E-mail: pressa@mgts.ru