On August 27, 2003 the Board of Directors of Center Telecom confirmed the date of placement of the company’s series 03 coupon interest-bearing non-convertible pay-to-bearer bond with a value of Rub 1,000 each, which is to be held on September 16, 2003.

The issue is to be placed at 100% of par value.  Acquisition (buyback) price of the company’s bond will be fixed at 101.5% of par value on terms of an irrevocable offer.  The term to maturity of the issue will be 1,095 days beginning on the date of placement.  The term of payout on the first coupon is 183 days from the date of placement.  The interest rate on the first coupon is to be fixed during the auction based on subscription on the first day of the primary offering.