The Board of Directors of Open Public Joint Stock Company "Central Telecommunications Company" (Minutes No 6 of 29/4/2003) made a decision to place 2 000 000 secured documentary interest-bearing non-convertible bearer 03 series bonds, with a par value of One Thousand rubles (RUR 1000) each. The price of placement is equal to the bond par value.

Major placement parameters:
1. Mode of placement: public subscription.
2. Term of placement: bonds placement commences at least two weeks after disclosure of information about state registration of the bonds issuance, and provides a possibility of access to the information concerning a given bonds issue to all potential buyers thereof.
3. Payment of the bonds in placing is made pecuniarily, in Russian Federation rubles.
4. The retirement date of the bonds issue: the One Thousand and Ninety-Fifth (1095th) day from the start of placement of the issued bonds. The bonds retirement commencement and termination dates shall coincide.
5. Retirement of the bonds and payout of the bonds earnings are made pecuniarily, in Russian Federation rubles.
6. Early retirement of bonds is not provided for.

Joint Stock Bank (Public Joint Stock Company) "Moskovskiy Delovoy Mir" ("Moscow Business World", Eng.) and IK (Closed Joint Stock Company) "Troyka Dialog" ("Dialog 3, Eng.) are named joint arrangers and underwriters of the issue.

08.05.2003