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CenterTelecom

May 31, 2004

Merryll Lynch upgrades CenterTelecom

London-Moscow-New York, May 31, 2004 – Merryll Lynch upgraded CenterTelecom (RTS: ESMO, ESMOP; US OTC: CRMUY), one of Russia’s largest fixed-line telecommunications operators, from “sell” to “neutral”.

 

In their report, published this morning, Thomas Chadwick and Stephen Pettyfer note that CenterTelecom

 

-      showed stronger than expected volume growth

-      trades at discount to local peers

-      has attractive EV/EBITDA rating

 

 

 

For more information contact

 

CenterTelecom                      Elena Sidorovich                Phone: +7 095 517 69 19

                                              E-mail:                              esidorovich@centertelecom.ru

 

                                              Andrey Kalinchenko            Phone: +7 095 209 5721

                                              E-mail:                               kalin@centertelecom.ru

 

CapitalLogica-McBride          Polina Geynish                    Phone:+7 095 755 6970

                                              E-mail:                               p.geynish@capitallogica.com

                                               

                                              Steven Silver                      Phone: +1 212 983 1702

                                              E-mail:                               silver@annemcbride.com

 

 

www.CenterTelecom.ru

---------------

 

 

- THE END -

 

CenterTelecom background

 

Joint-Stock Central Telecommunication Company (CenterTelecom) is a leading telecommunications company rendering services in Russia’s most densely populated Central Federal District, with population accounting for 20 per cent of Russia’s total.

CenterTelecom offers all types of telecom services, including telephone service, Internet access, IP-telephony, data, radio and cable TV, wireline and VHF sound broadcasting. The Company expands its fiber-optic and SDH networks, deploys advanced wireless access systems.

The Company’s shares are traded on RTS (ESMO, ESMOP), MICEX (CTEL, CTELP); the Company also established a Level I ADR program for underlying ordinary shares (ticker: CRMUY).

CenterTelecom is managed by a strong team of experienced managers with a proved track record in the telecommunications industry. Over the past 3 years the Company’s management achieved sales growth of 116.9 per cent and improved profit margins by 5.8 points (over 2000).

 

 

 

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