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UTK

January 26, 2005

UTK announces the interest rate on the 3rd and 4th coupons

Krasnodar, Russia, January 26, 2005 – Southern Telecommunications Company (“UTK”) (RTS: KUBN, KUBNP; OTC: STJSY), the principal fixed-line telecommunications provider for Russia’s Southern Federal District, reportsthat its Board of Directors has approved the Decision on fixing the interest rate on the third coupon  of UTK series 02 bond issue at 12.0% per annum (Minutes ? 22 of January 21, 2005). Thus, the coupon income makes 59 rubles 84 kopecks under one bond. The interest rate on the fourth coupon will be equal to the third coupon rate.

According to the Decision on series 02 bond issue the period of submitting the bonds for their redemption by the Issuer during the second coupon period (1st offer) is set from February 03, 2005 to February  09, 2005. The offer will be executed within the periodfromFebruary 10, 2005 to February  16, 2005. The date of acquisition for the second coupon period shall be determined asone of the following dates that comes last: a) date of the second coupon payment; or b) the 5th  business day from  the day of receiving the Notification by the Issuer’s Agent (OJSC AKB “Rosbank”).

The Notification shall be sent by registered letter or express delivery service at the address: Securities Transactions Department, OJSC AKB “Rosbank”, mailbox 208, 11, Masha Porivaeva Str., Moscow,107078. The Notification shall also be sent by fax to the fax number (095) 725 24 05 on any business day within the corresponding period of submitting Notifications for the acquisition of series 02 bonds by the Issuer. You can familiarize yourself with the form of the Notification on the intention of the bond owner to sell to the Issuer a certain number of Bonds here.

Information about the bond issue:

Volume of the issue of UTK series 02 non-convertible interest-bearing  documentary pay-to-bearer bonds is RUR 1.5 billion, the term to maturity is 3 years (1,092 days) with half-year fixed coupon (182 days) and offer for the redemption – 1 year  from the date of placement at 100 % of the par value. The interest rate of 9.25% per annum on the  first and second coupons was fixed at the bond placement (February 11, 2004, MICEX). The interest rate on the third and fourth coupons was fixed at 12.0% per annum. The interest rate on the fifth and sixth coupons is to be announced by the Company not later than 10 business days prior to the date of the fourth coupon payment.  State registration number of the bond issue is 4-06-00062-A of November 28, 2003; trade codes are UTK-02ob., ISIN RU000A0AUU?0.

Organizer, Underwriter and Payment agent of the series 02 bond issue is OJSC AKB "Rosbank". “Investment company “AVK” acts as Financial Consultant. You can familiarize yourself with additional information on the bond issue here.

 

 

 

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