The appointment of the General Director will take place at the extraordinary shareholders meeting on January 31, 2005.

The list of the persons entitled to participate in the extraordinary general shareholders meeting was made using the Company's shareholders register data as of December 23, 2004.

In order to participate in the meeting, it is necessary to direct a completed and signed voting bulletin to Reestr-Svyaz Branch of Reestr Joint-Stock Company at the following address: 107045, the Russian Federation, Moscow, Daev pereulok, 19.

The final date for voting bulletin submittal is January 31, 2005.

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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