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Moscow City Telephone	June 25, 2002
The Open Joint-Stock Company "Moscow City Telephone Network" (OJSC MGTS) has summed up the ultimate results of the Company's operation for 2001 and prepared the audited 2001 statutory accounting reports in compliance with the Generally Accepted Accounting Principles (USA GAAP), including consolidated information as to the OJSC MGTS and its subsidiaries Share

The OJSC MGTS 2001 net profit constituted 55 066 thousand US dollars (as against 9 415 thousand US dollars in 2000), the operating revenue of the Company made up 387 636 thousand US dollars (as against 314 693 thousand US dollars in 2000), and its assets amounted to 1 085 948 thousand US dollars (as against 989 589 thousand US dollars in 2000). The Company's external auditors' report was made by "Deloitte & Touche". More information about the Company's statutory accounts prepared in accordance with the Generally Accepted Accounting Principles (USA GAAP) can be obtained on the OJSV MGTS' official site, section "Economics and Finance".