The board of directors of MGTS has reviewed a request by general director of the company Vladimir Lagutin to relieve him of his official duties.  Lagutin said he was stepping down of his own free will.

The board of directors adopted a decision to convene an extraordinary general shareholders meeting on August 15, 2003 to examine the issue of appointing a new general director.  The meeting will be conducted by voting in absentia.

Shareholders holding a total of at least two percent of the voting shares in MGTS will be entitled to make nominations for the company's sole governing body.  All nominations should be addressed to the board of directors of the company at: 103051, Moscow, Petrovsky Bulvar, dom 12, stroenie 3.  All proposals must be received by the board of directors by July 22, 2003.

Requirements for nominees to the position of director general of MGTS can be found in the MGTS Charter and Rules for the Director General.