Svyazinvest

INFORMATION DEPARMTENT
119121, Moscow, ul. Plyushikha 55, str. 3;

tel: (095) 727-0418, fax: (095) 727-0475; 
e-mail: pr@svyazinvest.ru    

Telekom Union Non-Pension Fund

107078, Moscow, ul. Myasnitskaya, d. 48

tel: (095) 937-27-49, fax: (095) 937-27-28;
e-mail: info@tsoyuz.ru

December 25, 2003

Moscow

The process is complete for the unification of non-state pension funds Rostelecom and Telecom Union.  As a result of the merger of these two non-state pension funds a new large business structure has appeared with assets of the enlarged non-state pension fund Telecom Union calculated at Rub 2.7 billion as of year-end 2003, which places the company within the ranking of the five biggest non-state pension funds in Russia.

The main clients of the enlarged non-state pension fund Telecom Union include companies which are part of the Svyazinvest group.  Svyazinvest CEO Valery Yashin is upbeat about this event and had the following to say about it: “We are pleased to note that the merger has taken place successfully.  The consolidation will make the merged fund more financially stable and create additional opportunities for this non-state pension fund to look after the employees of the Svyazinvest group.  Social security is a major issue for our company, including pension support, which is why we welcome this important development”.

Addressing the merger issue, Arkady Nedbai, executive director of the Telecom Union non-state pension said: “Telecom companies are our core clients and the merger of non-pension funds is aimed primarily at raising the quality of our services to them.  However, Telecom Union also intends to become an active market player, especially as regards servicing the cumulative part of labor pensions”.