Moscow, January 12, 2011. CenterTelecom OJSC reports that on January 11, 2010, Moscow Region Arbitration Court sustained Svyazinvest OJSC's claim against CenterTelecom. Svyazinvest was seeking to oblige CenterTelecom to hold an Extraordinary General Meeting of shareholders (EGM).

Based upon the Moscow Region Arbitration Court's ruling dated January 11, 2010, CenterTelecom's sole executive body made the following decisions:

1. to call the extraordinary general meeting of CenterTelecom's shareholders

2. to determine:

– the format of CenterTelecom's EGM as a meeting (the shareholders' joint attendance for discussion of the agenda and making decisions of issues put to vote)

– the date of CenterTelecom's EGM as March 29, 2011

– the venue of CenterTelecom's EGM organization as bldg 2, 6 Degtyarny pereulok, Moscow

– the time of the beginning of CenterTelecom's EGM as 11am Moscow time

– the time of the beginning of the registration of persons attending CenterTelecom's EGM as 9 am, March 29, 2011

– the mailing address for sending of completed voting ballots as bldg 2, 6 Degtyarny pereulok, Moscow, GSP-3, 125993

– the record date for persons eligible to attend CenterTelecom's EGM as January 12, 2011.

3. to set the following procedure allowing to inform CenterTelecom's shareholders about EGM:

– to publish a notification of CenterTelecom's EGM in Rossiyskaya Gazeta on January 17, 2011

4. to approve the following EGM agenda:

– early termination of power of the members of CenterTelecom's Board of Directors

– election of the new members of CenterTelecom's Board of Directors

5. to determine the following list of information submitted to the persons eligible to attend CenterTelecom's EGM:

– Decision #1 by CenterTelecom's sole executive body dated January 12, 2011

– information about the candidates to members of CenterTelecom's Board of Directors including data on presence or absence of the candidates' written consent for their election to the Board of Directors

– draft decisions of CenterTelecom's EGM

6. to determine the following procedure of familiarization of the persons eligible to attend CenterTelecom's EGM with the materials related to the items of the agenda of CenterTelecom's EGM:

6.1. From March 9, 2011 the persons eligible to attend CenterTelecom's EGM may familiarize with the materials placed on CenterTelecom's web site (https://www.centertelecom.ru); from March 9, 2011 to March 29, 2011 (from 9am to 6pm on Monday-Thursday and from 9am to 5pm on Friday) they may familiarize with the materials at the following addresses:

- 23 Proletarskaya str., Khimki, Moscow Region, CenterTelecom OJSC, tel. +7 495 573 5580

- Bldg 2, 6 Degtyarny pereulok, Moscow, CenterTelecom OJSC, tel. +7 495 793 2358/23 83

- 7 Tverskaya str., Moscow, CenterTelecom OJSC, tel. +7 495 793 2654/2657

- Office 302V, 32 Marshala Zhukova str., Odintsovo, Moscow region, Moscow branch, CenterTelecom OJSC,  tel. +7 495 599 3072

- 3 Sobornaya ploschad, Belgorod, Belgorod branch, tel. +7 4722 35 0392, CenterTelecom OJSC 

- 9 Karla Marksa ploschad, Bryansk, Bryansk branch, CenterTelecom OJSC, tel. +7 4832 64 5588

- 42 Gorkogo str., Vladimir, Vladimir branch, CenterTelecom OJSC, tel. +7 4922 52 4020 

- 35 Revolutsii prosp., Voronezh, Voronezh branch, CenterTelecom OJSC, tel. +7 4732 53 3473 

- 1 10 Avgusta str., Ivanovo, Ivanovo branch, CenterTelecom OJSC, tel. +7 4932 47 1682 

- 38 Teatralnaya str., Kaluga, Kaluga branch, CenterTelecom OJSC, tel. +7 4842 79 6205

- 1 Podlipayeva str., Kostroma, Kostroma branch, CenterTelecom OJSC, tel. +7 4942 62 1023

- 8 Krasnaya plotshad, Kursk, Kursk branch, CenterTelecom OJSC, tel. +7 4712 70 1030

- 35A Tereshkovoy str., Lipetsk, Lipetsk branch, CenterTelecom OJSC, tel. +7 4742 38 1248

- 43 Lenina str., Orel, Orel branch, CenterTelecom OJSC, tel. +7 4862 43 1896

- 43 Tschedrina str., Ryazan, Ryazan branch, CenterTelecom OJSC, tel. +7 4912 27 2205  

- 6 Oktyabrskoi Revolutsii str., Smolensk, Smolensk branch, CenterTelecom OJSC, tel. +7 4812 68 3176

- 2V Astrkhanskaya str., Tambov, Tambov branch, CenterTelecom OJSC, tel. +7 4752 75 0588 

- 28 Simeonovskaya str., Tver, Tver branch, CenterTelecom OJSC, tel. +7 4822 32 3717

- 33A Lenina prosp., Tula, Tula branch, CenterTelecom OJSC, tel. +7 4872 21 7351 

- 22 Komsomolskaya str., Yaroslavl, Yaroslavl branch, CenterTelecom OJSC, tel. +7 4852 20 4082

6.2. on the date of EGM (March 29, 2011) the persons eligible to attend CenterTelecom's EGM may see the materials in the place where the EGM is to be held.

7. to determine a format and text of voting ballots for CenterTelecom's EGM after inclusion of the candidates to the Board of Directors proposed by the shareholder/s owning not less than 2% of CenterTelecom voting shares in the list compiled for voting on the candidates.