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August 13, 2004

CenterTelecom management board meeting took place on August 12, 2004

On August 12, 2004 CenterTelecom management board meeting reviewed the company's Q2 2004 operation results, Security Department operations in 1H 2004, the issues of interaction between the management board, the Board of Directors and its committees as well as the action plan for CenterTelecom branches consolidation.

The management board members reviewed the financial results of the company operations in Q2 2004, having noted the rising income and decreasing costs from regular activities against projections. Incomes are 101.5% of projected, expense is 99.14% of projected, net income exceeded projections by RUR 509 million.

The meeting approved the activity of the company's Security Department in 1H, having noted the positive trend in recovering and preventing the loss amounting to RUR 1.2 million. The major activities of Security Department in 2H this year were reviewed.

In addition, the Board reviewed the issues concerning the preparation of documents regulating the interaction of the Board of Directors, its Committees, the Management Board and structural subdivisions of the Company.

Commenting on the meeting results, the Chairman of CenterTelecom Management Board and the company General Director Ruben Amaryan said: "The Management Board is in charge of a wide range of issues. All of them are important for us, since they are aimed at increasing the Company's management efficiency and its investment attractiveness."

CenterTelecom is the leading fixed communications company providing the entire range of telecommunication services in the Central federal district with over 20% of the Russian population. The company offers all kinds of telecommunication services, including regular telephony, Internet, IP telephony, data transmission, CATV, wired and VHF broadcasting. The company is actively developing modern multiservice and SDH-networks as well as new systems of radio access. The company trades on RTS (ESMO, ESMOP), Moscow Interbank Currency Exchange (CTEL, CTELP), and has ADR Level 1 program (CRMUY).


Copyright 2004 Joint-Stock Central Telecommunication Company




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