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CenterTelecom

June 11, 2004

Annual General Meeting of Shareholders

Moscow, June 11, 2004 - CenterTelecom (RTS: ESMO, ESMOP; OTC: CRMUY), a major fixed communications company, held its annual general meeting of shareholders today.

There were 10 items on the agenda.

The meeting approved the annual report and financial statements, including the Company’s Y 2003 P&L statement.

Y 2003 dividend amount and payment dates have been determined.

  • Common dividend: RUR 0.124867 per share in cash to be paid before December 31, 2004.
  • Preferred dividend: RUR 0.285662 per share in cash to be paid before August 10, 2004.

A new Board of Directors was elected consisting of the following 11 members:

1. Amaryan Ruben Andronikovich - CenterTelecom General Director
2. Avdiyants Stanislav Petrosovich - Executive Director - Director of Svyazinvest Department of Economic and Payment Policy
3. Antonyuk Boris Dmitrievich - First Deputy Minister of Communications and Informatization
4. Belov Vadim Eugenyevich - Svyazinvest Deputy General Director
5. Gribov Alexander Pavlovich - Deputy Head of the Russian Fund of Federal property Department
6. Ikonnikov Alexander Vyacheslavovich - Executive Director of Investors Rights Protection Association
7. Petrova Oksana Valeryevna - Deputy Head of Svyazinvest Corporate Governance Department
8. Umnova Elena Vladimirovna - Svyazinvest Finance Department Director
9. Finger Grigory Moiseevich - NCH Advisors., Inc. Moscow office Executive Director
10. Yurchenko Eugeny Valeryevich - Svyazinvest Deputy General Director
11. Yashin Valery Nikolaevich - Svyazinvest General Director

The Company’s Audit Commission consisting of the following 7 people was elected:

1. Belyaev Konstantin Vladimirovich - Svyazinvest Chief Accountant
2. Buryanova Lyudmila Vasilyevna - First Deputy Chief Accountant - Director of Fiscal and Corporate Reporting Department of CenterTelecom
3. Ermolaeva Natalia Viktorovna - Head of Svyazinvest Economic and Pricing Policy Department
4. Kachurin Alexander Vladimirovich - Head of Svyazinvest Finance Department
5. Kopiev Alexey Eugenievich - Chief expert of Svyazinvest Internal Audit Department
6. Prokofyeva Irina Viktorovna - Svyazinvest Internal Audit Department Director
7. Frolov Kirill Viktorovich - Deputy Director of Internal Audit Department - the Head of Svyazinvest Department

Ernest & Young Vneshaudit was approved the Company’s auditor for Y 2004. .

In addition, the meeting decided to increase the size of CenterTelecom authorized capital by increasing the nominal value of common shares from RUR 0.3 each up to RUR 3.0 type A preferred shares from RUR 0.3 each up to RUR 3.0 through the Company’s additional paid-in capital such as assets revaluation in the amount of RUR 5 680 799 068.50 (five billion six hundred eighty million seven hundred ninety nine thousand sixty eight rubles fifty kopecks). Stock will be placed via conversion into shares with greater nominal value of the earlier placed shares of the same category (type).

Amendments to the Company Charter, Board of Directors, Management Board, the Company’s Audit Commission Bylaws were made.

The following amounts (percentage) will be used for annual compensation of the Board of Directors:

  • 0.11 % of the Company’s EBITDA to IAS in Y 2004;
  • 0.25 % the Company’s Net Income available for dividends in Y 2004.


On June 11, at the first sitting of the newly elected Board of CenterTelecom Directors, Yashin Valery Nikolaevich, Svyazinvest Director General, was elected the Chairman of the Board and Amaryan Ruben Andronikovich, CenterTelecom Director General, was elected the Vice-Chairman of the Board of Directors.



Contacts:
?lena Sidorovich, ph: +7 (095) 793 2319, e-mail: esidorovich@centertelecom.ru
Andrey Kalinchenko, ph: +7 (095) 209 57 21, e-mail: kalin@centertelecom.ru
Irina Kotenko, e-mail: kotenko@centertelecom.ru



CenterTelecom

CenterTelecom is the leading fixed communications company providing services in the Central federal region, the most densely populated region of Russia, with the population of about 20 % from of the Russia’s total.

CenterTelecom offers the complete range of telecommunication services, including telephony service, Internet, IP-telephony, data transmission, on air TV and CCTV, wired and VHF radio broadcasting. The company is working on the development of fiber optic and SDH-networks as well as new wireless access systems.

The Company’s stock is traded at RTS (ESMO, ESMOP), Moscow Interbank Currency Exchange (CTEL, CTELP) and the company also has ADR-1 common stock program (CRMUY).




Copyright © 2004 Joint-Stock Central Telecommunication Company

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