On July 13, 2004Center Telecom's Board of Directors discussed the issues related to forming Committees from the existing staff of the Board of Directors and organizing their work, taking into account the positive practice of the operation of earlier Committees, with the aim of improving the company's corporate management.

In view of the need to increase the strategic role of the Board of Directors, it was decided to create a Strategic Development Committee with wider authority than that of the earlier existing Committee for Budget and Investment Planning. It was also decided to restructure the Audit Committee, the Corporate Management Committee and the Committee for Personnel and Remuneration.

The Committees of Center Telecom's Board of Directors are to be set up with the following structure:

1. Audit Committee:

-          Chairman of the Committee:

Gribov A.P. - member of the Board of Directors, Deputy Head of the Head Office of the Russian Federal Property Fund;

-          members of the Committee:

Umnova E.V. - member of the Board of Directors, Director of Svyazinvest's Finance Department;

Finger G.M. - member of the Board of Directors, Executive Director of the Moscow Representative Office of the company NCH Advisors, Inc.

2. Corporate Management Committee:

-          Chairman of the Committee:

Petrova A.V. - member of the Board of Directors, Deputy Head of Svyazinvest's Corporate Management Department;

-          Committeemembers:

Ikonnikov A.V. - member of the Board of Directors, Executive Director of the Association for Protection of Investors Rights;

Sidorovich E.K. - Director of the Securities and Corporate Management Department of Center Telecom;

3.         Personnel and Remuneration Committee:

-          Chairman of the Committee:

Ikonnikov A.V. - member of the Board of Directors, Executive Director of the Association for Protection of Investors Rights;

-          members of the Committee:

Gribov A.P. - member of the Board of Directors, Deputy Head of the Head Office of the Russian Federal Property Fund;

Filippova N.V. - Director of the Human Resources Management Department of Svyazinvest.

4.         Strategic Development Committee:

-          Chairman of the Committee:

Yurchenko U.V. - member of the Board of Directors, Deputy Director General of Svyazinvest;

-          members of the Committee: ÷ëåíûÊîìèòåòà:

Avdiyanz S.P. - member of the Board of Directors, Executive Director - Director of the Economic and Tariff Policy Department of Svyazinvest;

Amaryan R.A. - Deputy Chairman of the Board of Directors, Director General of Center Telecom;

Finger G.M. - member of the Board of Directors, Executive Director of the Moscow Representative Office of the company NCH Advisors, Inc.