Moscow, Russia, November 11, 2002

On the 30th of October 2002 took place a meeting of the Board of Directors of JSC Central Telegraph. The primary topic of this meeting was the approval of the decision to issue Company's shares to be placed by means of share split, and the approval of the issue prospectus.

The Board of Directors of JSC Central Telegraph made following decisions (extracts from the protocol of the Board of Directors meeting #24 dated 30.10.2002):

• To approve the decision to issue ordinary registered non-documentary shares with nominal value of 1 ruble each in the quantity of 166,167,000 pieces.
• To approve the decision to issue preference registered non-documentary shares of "A" type with nominal value of 1 ruble each in the quantity of 55,389,000 pieces.
• To approve the issue prospectus of:

  - ordinary registered non-documentary shares with nominal value of 1 ruble each in the quantity of 166,167,000 pieces;
  - preference registered non-documentary shares of "A" type with nominal value of 1 ruble each in the quantity of 55,389,000 pieces.

For additional information, please, contact:
Public Relations Department
Tel.: +7 (095) 504-38-62.
Fax: +7 (095) 500-46-19.
E-mail: pr@cnt.ru.