Moscow, March 30, 2005. CenterTelecom and Tsentralno-Chernozemnyi Bank (Central Black Earth Bank of the Savings Bank of the Russian Federation) signed a general agreement to provide telecom services.

The agreement defines the principles of cooperation between the two companies covering the communication services provided by CenterTelecom branches to develop the Bank's technological telecom network in the Central Federal District of the Russian Federation (CFO) and regulates the telecom services provided to the Bank's branches in Voronezh, Belgorod, Kursk, Lipetsk, Orel and Tambov regions.

Within the framework of the agreement CenterTelecom will lease communication channels and equipment to the Central Black Earth Bank of the Savings Bank of Russia and will render data services.

"The general agreement signed with a major local bank of the Savings Bank of Russia operating in the Central Federal District earmarked the start of the next large-scale project, during which CenterTelecom will provide data network construction services for this VIP client. The agreement will strengthen and develop cooperation between our two companies and will create favorable conditions to improve the practice of working with the VIP clients," - pointed out Deputy General Director - CenterTelecom Commercial Director Sergey Pridantsev.

CenterTelecom is a leading fixed telecommunications company providing a wide range of telecom services in the Central Federal District, where over 20% of the population of Russia resides. CenterTelecom offers the full range of telecommunication services, including fixed telephony, Internet, IP-telephony, data transmission, cable TV, wired and VHF broadcasting. The company actively develops modern multiservice and SDH networks as well as new WLL systems. The Company trades on RTS (ESMO, ESMOP), Moscow Interbank Currency Exchange (CTEL, CTELP) and has ADR Level 1 common stock program (CRMUY).