OJSC Svyazinvest

Investor Relations Department

119121 Moscow, ul. Plyushikha 55, str. 2, tel. (095) 727-04-18/fax  (095) 727-04-75
E-mail: pr@svyazinvest.ru 

December 2, 2002                                                                                                      Moscow

The legal aspects of the nationwide merger process has been completed in the Central, Siberian and Volga regions of Russia.  The following companies were delisted from the Unified State Register of Legal Entities as of November 30, 2002: 

Central Region

OJSC Bryansksvyazinform

OJSC Elektrosvyaz Vladimir Region

OJSC Ivtelecom

OJSC Elektrosvyaz Tver Region

OJSC Kaluga Region

OJSC Elektrosvyaz Kostroma Region

OJSC Elektrosvyaz Orlov Region

OJSC Ryazan Region

OJSC Smolensksvyazinform

OJSC Tulatelcom

OJSC Yartelcom

OJSC Belsvyaz

OJSC Voronezhsvyazinform

OJSC Elektrosvyaz Kursk Region

OJSC OJSC Lipetskelektrosvyaz

OJSC Tambov Elektrosvyaz

Siberian Region

OJSC Altaitelecom

OJSC Elektrosvyaz Irkutsk Region

OJSC Tomsktelecom

OJSC Elektricheskaya svyaz, Omsk Region

OJSC Elektrosvyaz Chita Region

OJSC Elektrosvyaz Kemerov Region

OJSC Elektrosvyaz Krasnoyar Region

OJSC Elektrosvyaz Republic of Hakassiya

OJSC Elektrosvyaz Republic of Buryatia

OJSC Elektrosvyaz Republic of Altai

Volga Region

OJSC Kirovelektrosvyaz

OJSC Martelecom Republic of Marii El

OJSC Svyazinform Chuvash Republic

OJSC Svyazinform Republic of Mordovia

OJSC Svyazinform Samara Region

OJSC Svyazinform Penza Region

OJSC Saratovelektrosvyaz

OJSC Elektrosvyaz Ulyanov Region

OJSC Elektrosvyaz Orenburg Region

OJSC Udmurt Telecom

All of the above companies have been merged as part of the following mega-regional telecom companies: OJSC CenterTelecom, OJSC Sibertelecom and OJSC VolgaTelecom.  The stocks and bonds of the merged entities have been swapped into additional stocks and bonds of the above mega-regional companies.  Their assets and staff have been transferred to the respective regional branches. 

The final phase of the formal merger process of regional telecom operators will be completed at joint shareholders meetings of the enlarged companies during the first quarter of 2003.

For the Record

So far the legal aspects of the merger process involving all seven federal districts in Russia have been completed.  On September 30, 2002 telecom operators in the Urals and Far East were merged to OJSC Uralsvyazinform and OJSC Dalsvyaz.  On October 31, 2002 telecom operators in the North Western and Southern regions of Russia were merged to OJSC North Western Telecom and OJSC Southern Telecommunications Company.