The agenda of the Board of Directors Meeting provided for considering a number of questions in point of holding the Company's Annual General Meeting of Shareholders.

The Board gave its preliminary approval to the annual report, annual accounts statements comprising profit and loss statement of the Company as well as its profit and loss distribution statement per the Company's results in the year 2002.

The Board also considered the Auditor's opinion and that of the Company's Auditing Commission per the results of verification of the annual accounts for 2002.

The Board of Directors recommended the Annual General Meeting of Shareholders to pay out the dividends for 2002 in the amount of:
- RUR 0.206 per preferred share of A type;
- RUR 0.096 per common share.

The following dividend payout procedure was determined:
- regarding A-type preferred shares, pecuniary payment shall be made before 23 August 2003;
- regarding common shares, pecuniary payment shall be made before 31 December 2003.

The Board of Directors approved the agenda of the Company's Annual General Meeting of Shareholders scheduled for 24 June 2003, 11:00, Moscow, at 2 Suvorovskaya Square, Ekaterininskiy Palace.

It was recommended that the Annual General Meeting of Shareholders approve the nomination of PJSC "Ernst & Young Vneshaudit" the PJSC CenterTelecom's Auditor.

The Shareholders notification procedure and that for summary information delivery to such Shareholders, while preparing for conducting the Annual General Shareholders' Meeting, were determined.

15.05.2003