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August 16, 2004

CenterTelecom Series 04 bonds placement

On August 17, 2004 the bidding to determine the coupon rate of the fourth bond issue of CenterTelecom Series 04 issue took place at Moscow Interbank Currency Exchange.

CenterTelecom Series 04 issue is one of the largest in the history of the Russian market and the largest one among telecommunication companies.

According to the bidding results, the rate of the first coupon was established at 13.8% annual, which corresponds to effective annual yield of 14.3%.

On August 17, 2004, the first day of placement, bonds for a total of RUR 4682284 thousand were placed.

According to Deputy General Director and the Company's Financial Director Alexei Lokotkov, CenterTelecom is satisfied with the placement results, since the amount of capital raised fully meets the issuer's investment needs.

The issue will also allow to improve the structure of its liabilities, get access to considerably longer money and make a significant part of the debt public thus reducing the issuer's dependence on the limited number of creditors.

Alexei Lokotkov believes that despite the seasonal slowdown as well the bank crisis consequences investors are optimistic about CenterTelecom credit potential. This is supported by the market depth, a significant demand for bonds both during the bidding and additional placement on the day of bidding, and the readiness of the overwhelming majority of investors to buy bonds on stipulated terms.

The issue's lead manager and issue underwriter: ROSBANK; co-managers and co-underwriters: Troika Dialog, Soyuz Bank, Promsvyazbank, Svyaz Bank, GUTA BANK; co-underwriters: Zenith Bank, Web-Invest Bank, International Moscow Bank and Gazprombank.

CenterTelecom is a leading fixed communications company that provides the entire range of telecommunication services in the Central Federal District where over 20% of the population of Russia resides.

CenterTelecom offers all telecommunication services, including telephony services, the Internet, IP telephony, data communications, CATV, wired and VHF broadcasting. The company actively develops modern multiservice and SDH-networks as well as new radio access systems.

The Company trades on RTS (ESMO, ESMOP), Moscow Interbank Currency Exchange (CTEL, CTELP) and has ADR Level 1 common stock program (CRMUY).

Copyright 2004 Joint-Stock Central Telecommunication Company

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