On 9 September 2003, JSC CenterTelecom held a presentation of its 03 series bonded loan of RUR 2 000 000 000 total par value. During the presentation with investment companies representatives, analysts and journalists in attendance, an investment bid was introduced to the invitees describing the basic terms and conditions of the bonded loan.

Mr. Ruben Amaryan, General Director of JSC CenterTelecom, presented the Company to the participants apprising them of the entity's major financial indicators and further development plans.

The funds obtained through the bonds placement will be allocated to financing the Company's investment program, Mr. Ruben Amaryan stressed.

The decision to place the documentary interest-bearing bearer bonds of 03 series, numbering 2 000 000 000 papers in all at RUR 2 000 000 000 total par value and at RUR 1 000 par value each was made by the Board of Directors of JSC CenterTelecom on 29 April 2003 (Minutes No 6 of 29/4/2003). Joint Stock Commercial Bank "Moskovskiy Delovoi Mir" ("Moscow Business World", Eng.) and IK "Troika Dialog" were nominated joint arrangers and underwriters of the bonds issue.

The documentary interest-bearing obligatory centralized deposit bearer bonds will be placed at the Moscow Interbank Stock Exchange (MISEX) on 16 September 2003.

The arrangers and underwriters of the issue made available the information concerning the advantages, structure and profitability forecast of the bonded loan. The RF First Deputy Minister for Communications and Informatization Mr. Boris Antonyuk, Deputy General Director of PJSC Svyazinvest Mr. Evgeiy Yurchenko, Director of the Banker Investment Department of IK "Troika Dialog", Deputy Chief of the Investment Department of MDM Bank Mr. Nikita Ryauzov, and other officials spoke at the presentation event.

Please visit "For the Investors" rubric (in Russian), to obtain the bonded loan information in more detail.

09.09.2003