On September 9, 2003 Center Telecom held a presentation for its series 03 bond with a total par value of Rub 2 billion.  During the presentation, to which representatives of brokerages, analysts and journalists were invited, an investment proposal was made, which contained information on the major terms, conditions and structure of the upcoming issue.

In his address, general director of Center Telecom Ruben Amaryan presented the company, and acquainted those present with the company key performance indicators and the development targets of Center Telecom.

Ruben Amaryan pointed out that the funds derived from the bond placement will be allocated towards financing the company’s investment program.

The decision to place the company’s 03 series documentary, interest-bearing bond, pay-to-bearer bond, total number of units – 2,000,000 with par value of Rub 1,000 each was adopted by the Board of Directors of Center Telecom on August 29, 2003 (Minutes No. 6 dated April 29, 2003).  ABK Moscow Business Word and Troika Dialog brokerage house were confirmed as the joint arrangers and underwriters of the issue.

Placement in the form of document interest-yielding, pay-to-bearer bonds with mandatory centralized custody will be performed on the Moscow Inter-Bank Currency Exchange on September 16, 2003.

The arrangers and underwriters of the issue provided information on the benefits of the bond issue, its structure and yield forecasts.  Those who gave talks at the presentation included the first deputy of the Ministry of Communication, Boris Antonyuk, vice general director of Svyazinvest, Evgeny Yurchenko, the head of the investment banking department at Troika Dialog, Yekaterina Novokreshenykh, and the vice head of the investment department of MDM Bank, Nikita Ryauzov, etc.

Information on this bond issue can be viewed on the company’s corporate website at www.centertelecom.ruin the section entitled “For Investors”.