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Russian Company Guide

CenterTelecom

CenterTelecom
Compilation Date:	03 Sep 08

Company Overview	Shares Information	Stock Market	Fixed Income Instruments	Key Financial Characteristics	Production Overview
General Info Corporate Management Price Highlights Operations Summary	Charter Capital Structure Major Shareholders Equity Positions in Other Companies Dividends History	Instruments on Exchanges Price Chart Participation in DR Programs Weightings in Indices	Issue Parameters Coupons Primary Market	Balance Sheet P&L Account Key Ratios	Production Capacity

Company Overview

General Info
Full Company Name	JSC "Central Telecommunication Company"
Industrial Group	Telecommunications
Number of Employees	52,730
Registration Date	23 Jul 97
Registered Address	23, Proletarskaya St., Khimki, Moscow Region, 141400
Main Office	2, Bld., 6, Degtyarny Per., GSP-3, Moscow, 125993
Telephone / Fax	(095) 209-3434, 209-5721, 793-2654 / (095) 209-3007
e-mail	info@centertelecom.ru kalin@centertelecom.ru
Internet Home Page	www.centertelecom.ru
Registrar	JSC "United Registration Company"
Auditor	Ernst &Young
Financial Adviser	n. a.
Legal Adviser	n. a.

Corporate Management
Chairman of the Board	Aleksandr Kiselev
General Director	Vaagn Martirosyan

Price Highlights
Price per Common Share, USD	0.413103
YTD Price Change, %	-53.54
P/E Ratio	5.0244
Market Capitalization, USD	641,653,872
Common Shares in Free Float, %	39.72

Operations Summary

CenterTelecom (formerly Moscow Regional Elektrosvyaz) serves the central European region of Russia, which is the most densely populated area of the country, holding about 20% of the total population. Although it began its operation as regional postal authority in 1886, the company currently operates as a joint stock company. On December 1, 2002, 16 telecommunications operators of the central European region of Russia were amalgamated into CenterTelecom according to the restructuring program of telecom giant Svyazinvest. After the merger, all regional operators became branches of CenterTelecom. Combining regional telecom companies into CenterTelecom made it one of the biggest fixed-line telecom operators in Russia. As of April 1, 2005, the company operates more than 6.8 million installed access lines and 3 million broadcasting points. CenterTelecom provides a wide range of telecommunications services, including traditional telephone services, Internet, IP telephony, data transmission, wave and cable television, and wired and VHF radio broadcasting. The company also leases lines and other resources, as well as providing connection to a general purpose network for other telecom operators. CenterTelecom is planning to implement fiber-optic lines, SDH networks, and advanced wireless access systems in all regions it covers. In 2004, the company’s regional market share was 91% in local communications, 85% in long-distance telecommunications, and 64% in new services (IP, VPN, Internet and others). In 2004, CenterTelecom’s capital investments were RUR9.4 billion, of which 73% is debt capital. In 2005, the company plans to invest about RUR3.8 billion in its development. Also, CenterTelecom intends to install 597,000 access lines and increase telephones by 360,000.

Shares Information

Type of Share	Shares Outstanding	Nominal Value
Charter Capital Structure
Common Share	1,578,006,833	3.00 RUR
Preferred Share	525,992,822	3.00 RUR

Name	% of Voting Stock	% of Charter Capital
Major Shareholders
Telecommunication Investment Joint-Stock Company (Svyazinvest)	50.69	38.02
Closed JSC "Citibank"	6.74	12.28
Closed JSC "Brunswick UBS Warburg Nominees"	n. a.	10.72
Natural Persons	6.46	8.79
Closed JSC "Depository-Clearing Company"	4.63	8.24
Russian Federal Property Fund	n. a.	7.19
ING Bank	7.01	6.79
Natural Persons - CenterTelecom Employees	2.69	3.73
The National Depository Center	2.94	2.67
Deutsche Bank	1.72	1.32
J.P. Morgan International Capital Corp.	0.79	0.99
Closed JSC "Promsvyazbank"	1.14	0.93
ENR Holdings Ltd.	n. a.	0.47
Closed JSC "Oskoltelecom"	0.45	0.34
Bank Societe Generale Vostok	0.38	0.29
Legal entities	0.11	0.21

Name	% of Charter Capital
Equity Positions in Other Companies
JSC "Russian Telecommunication Network"	100.00
Closed JSC "ATS"	100.00
MobilCom Ltd.	100.00
Teleport-Ivanovo Ltd.	100.00
Closed JSC "Telecom-R"	100.00
Telecom-Stroy Ltd.	100.00
Telecom-Terminal Ltd.	100.00
Closed JSC "Vladimir Teleservice"	100.00
Tver-Telecom Ltd.	85.00
Svyaz-Service-Irga Ltd.	70.00
Vladimirsky Taxophon Ltd.	51.00
Closed JSC "Telecom of Ryazan Region"	50.90
JSC "RINFOTELS Telecommunication Company"	26.00
JSC "Komset"	5.17

Period	Payment per Share, USD	Number of Shares	Ex-Date	Payment Date	Payout Ratio, %	Dividend Yield, %
Dividends History
1995 / com	2.70015	451,601	n. a.	31 Dec 96	n. a.	n. a.
1995 / pref	10.8006	154,658	n. a.	31 Dec 96	n. a.	n. a.
1995 / pref.B	6.0765	12,372	n. a.	01 May 96	n. a.	n. a.
1996 / com	2.5167	451,601	16 May 97	31 Dec 97	n. a.	7.989524
1996 / pref	13.4224	154,658	14 May 97	31 Dec 97	n. a.	n. a.
1996 / pref.B	6.942	12,372	16 May 97	01 May 97	n. a.	n. a.
1997 / com	0.000727	451,601	27 Mar 98	31 Dec 98	0.001543	0.001193
1997 / pref	0.004001	154,658	27 Mar 98	31 Dec 98	0.002906	n. a.
1997 / pref.B	6.734048	12,372	27 Mar 98	01 May 98	0.39133	n. a.
1998 / com	0.814814	451,601	24 Mar 99	31 Dec 99	2.25346	18.949163
1998 / pref	3.925922	154,658	24 Mar 99	31 Dec 99	3.718353	208.992388
1998 / pref.B	2.187363	12,372	26 Mar 99	01 May 99	0.165729	n. a.
1999 / com	1.42044	451,601	11 May 00	31 Dec 00	6.300399	14.2044
1999 / pref	5.823804	154,658	11 May 00	31 Dec 00	8.846458	171.288353
1999 / pref.B	2.884268	12,372	11 May 00	01 May 00	0.350482	n. a.
2000 / com	1.096566	451,601	13 Apr 01	31 Dec 01	6.350804	9.959727
2000 / pref	4.847672	154,658	13 Apr 02	31 Jul 01	9.614898	126.736519
2000 / pref.B	2.460625	12,372	04 Apr 01	01 May 01	0.390413	n. a.
2001 / com	0.000815	463,973,000	17 Apr 02	31 Dec 02	9.267746	0.003466
2001 / pref	0.00244	154,658,000	17 Apr 02	04 Aug 02	9.254666	0.026581
2001 / pref.B	0.001216	12,372,000	19 Apr 02	01 May 02	0.368819	n. a.
2002 / com	0.003284	1,578,006,833	04 May 03	31 Dec 03	201.508222	0.0123
2002 / pref	0.006866	525,992,822	04 May 03	23 Aug 03	140.424193	0.041612
2003 / com	0.004501	1,578,006,833	22 Apr 04	31 Dec 04	137.575161	0.01268
2003 / pref	0.00977	525,992,822	22 Apr 04	10 Aug 04	99.526011	0.039473
2004 / com	0.002217	1,578,006,833	12 May 05	29 Aug 05	neg	0.007697
2004 / pref	0.00266	525,992,822	12 May 05	29 Aug 05	neg	0.012913
2005 / com	0.002555	1,578,006,833	11 May 06	20 Dec 06	neg	0.005268
2005 / pref	0.004744	525,992,822	11 May 06	27 Aug 06	neg	0.010314
2006 / com	0.008086	1,578,006,833	03 May 07	20 Dec 07	18.883958	0.011022
2006 / pref	0.015125	525,992,822	03 May 07	17 Aug 07	11.773728	0.025898
2007 / com	0.015015	1,578,006,833	07 May 08	31 Dec 08	14.06587	0.016887
2007 / pref	0.02847	525,992,822	07 May 08	25 Aug 08	8.889857	0.046126

Stock Market

Type of Instrument	Ticker	ISIN	Market
Instruments on Exchanges
CenterTelecom	CTLK	RU0009075840	MICEX
CenterTelecom	ESMO	RU0009075840	RTS Classic
CenterTelecom	ESMOG	RU0009075840	RTS T+0
CenterTelecom ADR	T2T	US15548M1080	Berlin Stock Ex
CenterTelecom ADR	T2T	US15548M1080	Frankfurt SE
CenterTelecom ADR	CRMUY	US15548M1080	US OTC
CenterTelecom ADR	T2T	US15548M1080	XETRA
CenterTelecom pref	CTLKP	RU0009075857	MICEX
CenterTelecom pref	ESMOP	RU0009075857	RTS Classic
CenterTelecom pref	ESMOPG	RU0009075857	RTS T+0

Price Chart

Prices

Volumes

Performance Table

Shares
RTS Classic:Common Share
RTS Classic:Preferred Share

DRs
FSE:ADR
US OTC :ADR

Indices
RusIndex Telecommunications
DJ RusIndex Titans
MT RusIndex
RTS Index
RusIndex 100

Technical Analysis
Moving Average
Period (days)
Trend


	Year	Month	Day
From:
To:

Level	Effective Date	Underlying Share Ratio	CUSIP	Depositary Bank
Participation in DR Programs
Level 1 ADR	04 Sep 01	1: 25	15548M108	Morgan Guarantee Trust

Name	Weight	Inclusion Date
Weightings in Indices
RusIndex 100	0.07	03 Nov 06
RusIndex Services	0.35	03 Nov 06
RusIndex Telecommunications	0.91	03 Nov 06

Fixed Income Instruments

Issue #/ Tranche #	Registration Number	Registration Date	Period	Par Value, RUR	Issue Volume, RUR thnd	Number of Coupons	Coupon Period	Guarantee
Issue Parameters
1	4-01-00194-A	17 Oct 01	732	1,000	600,000	5	91
2	4-02-00194-A	25 Jun 02	1,003	1,000	600,000	6	216
18	4-18-00194-A	01 Aug 03	1,095	1,000	2,000,000	6	183	Bassian invest
19	4-19-00194-A	29 Jun 04	1,830	1,000	7,000,000	10	182	Telecom Terminal
20	4-20-00194-À	15 Jun 06	1,820	1,000	3,000,000	10	182

Issue #/ Tranche #	Coupon #	Start Coupon Period	End Coupon Period	Coupon, %
Coupons
1	1	16 Nov 01	19 Feb 02	22.00
1	2	19 Feb 02	21 May 02	21.50
1	3	21 May 02	19 Nov 02	20.50
1	4	19 Nov 02	20 May 03	18.00
1	5	20 May 03	18 Nov 03	18.00
2	1	23 Jul 02	22 Oct 02	20.00
2	2	22 Oct 02	22 Apr 03	20.00
2	3	22 Apr 03	22 Oct 03	18.00
2	4	22 Oct 03	21 Apr 04	18.00
2	5	21 Apr 04	21 Oct 04	16.00
2	6	21 Oct 04	21 Apr 05	16.00
18	1	16 Sep 03	17 Mar 04	12.35
18	2	17 Mar 04	16 Sep 04	12.35
18	3	16 Sep 04	18 Mar 05	12.35
18	4	18 Mar 05	16 Sep 05	12.35
18	5	16 Sep 05	17 Mar 06	12.35
18	6	17 Mar 06	15 Sep 06	12.35
19	1	17 Aug 04	16 Feb 05	13.80
19	2	16 Feb 05	18 Aug 05	13.80
19	3	18 Aug 05	17 Feb 06	13.80
19	4	17 Feb 06	19 Aug 06	13.80
19	5	19 Aug 06	18 Feb 07	13.80
19	6	18 Feb 07	20 Aug 07	13.80
19	7	20 Aug 07	19 Feb 08	13.80
19	8	19 Feb 08	20 Aug 08	13.80
19	9	20 Aug 08	19 Feb 09	13.80
19	10	19 Feb 09	21 Aug 09	13.80
20	1	05 Sep 06	06 Mar 07	8.09
20	2	06 Mar 07	04 Sep 07	8.09
20	3	04 Sep 07	04 Mar 08	8.09
20	4	04 Mar 08	02 Sep 08	8.09
20	5	02 Sep 08	03 Mar 09	n. a.
20	6	03 Mar 09	01 Sep 09	n. a.
20	7	01 Sep 09	02 Mar 10	n. a.
20	8	02 Mar 10	31 Aug 10	n. a.
20	9	31 Aug 10	01 Mar 11	n. a.
20	10	01 Mar 11	30 Aug 11	n. a.

Issue #/ Tranche #	Start Placement Date	End Placement Date	Placement Price, %	Volume Placed, RUR thnd	Maturity date	Offer Date	Offer price, %	Status	Issue Placement Registration Date
Primary Market
1	16 Nov 01	16 Nov 01	100.00	600,000	18 Nov 03			redeemed	10 Dec 01
2	23 Jul 02	23 Jul 02	100.00	600,000	21 Apr 05	24 Apr 03	100.00	redeemed	15 Aug 02
18	16 Sep 03	17 Sep 03	100.00	2,000,000	15 Sep 06	19 Sep 05	101.50	redeemed	14 Oct 03
19	17 Aug 04	31 Aug 04	100.00	5,622,595	21 Aug 09	16 Nov 06	100.00	outstanding	12 Oct 04
20	05 Sep 06	05 Sep 06	100.00	3,000,000	30 Aug 11	04 Sep 08	100.00	outstanding	17 Oct 06

Key Financial Characteristics

		31 Dec 06	31 Dec 07	30 Jun 08	31 Dec 06	31 Dec 07	30 Jun 08
Balance Sheet
		RUR mn	RUR mn	RUR mn	USD mn	USD mn	USD mn
RUR/USD Exchange rate					26.35	24.54	23.41
ASSETS, of which		41,426.41	48,054	50,558	1,572.13	1,958.2	2,159.84
Fixed Assets and Other Non-current Assets, of which		35,080.97	42,208	43,910	1,331.32	1,719.98	1,875.84
	Fixed Assets	29,598.91	36,332	37,188	1,123.28	1,480.53	1,588.67
	Intangible Assets	3,493.83	5,061	5,502	132.59	206.24	235.05
	Other Assets	1,988.23	815	1,220	75.45	33.21	52.12
Current Assets, of which		6,345.44	5,846	6,648	240.81	238.22	284
	Inventories	458.65	529	520	17.41	21.56	22.21
	Accounts Receivable	2,454.78	2,670	3,078	93.16	108.8	131.49
	Cash	1,245.22	569	1,012	47.26	23.19	43.23
	Other Current Assets	2,186.8	2,078	2,038	82.99	84.68	87.06
OWNER'S EQUITY, of which		10,505.82	17,136	18,635	398.7	698.29	796.09
	Charter Capital	6,900.17	6,900	6,900	261.86	281.17	294.77
	Reserves	5.68	16	6	0.22	0.65	0.26
	Retained Earnings	3,599.98	10,220	11,729	136.62	416.46	501.06
LIABILITIES, of which		30,920.59	30,918	31,923	1,173.44	1,259.91	1,363.75
	Long-Term Debt	15,991.84	13,194	11,976	606.89	537.66	511.61
	Short-Term Debt	774.7	571	607	29.4	23.27	25.93
	Accounts Payable	4,510	4,684	4,009	171.15	190.87	171.26
	Other Liabilities	9,644.04	12,469	15,331	365.99	508.11	654.94
Financial data standard		IAS	IAS	IAS	IAS	IAS	IAS
Audited			Audited	Unaudited	Audited	Audited	Unaudited
Consolidated			Consolidated	Consolidated	Consolidated	Consolidated	Consolidated

	31 Dec 06	31 Dec 07	30 Jun 08	31 Dec 06	31 Dec 07	30 Jun 08
P&L Account
	RUR mn	RUR mn	RUR mn	USD mn	USD mn	USD mn
Average RUR/USD Exchange rate				27.16	25.58	23.94
Sales	29,483.45	33,452	16,937	1,085.35	1,307.72	707.45
Production Costs	24,187.76	25,590	12,644	890.4	1,000.37	528.13
Operating Profit	5,295.69	7,862	4,293	194.95	307.34	179.32
Other Income	-2,673.65	-1,746	-885	-98.42	-68.26	-36.97
Income Before Taxes	2,622.04	6,116	3,408	96.52	239.09	142.35
Net Income	1,835.63	4,309	2,431	67.57	168.45	101.54
Financial data standard	IAS	IAS	IAS	IAS	IAS	IAS
Audited		Audited	Unaudited	Audited	Audited	Unaudited
Consolidated		Consolidated	Consolidated	Consolidated	Consolidated	Consolidated

	31 Dec 06	31 Dec 07	30 Jun 08
Key Ratios
Company Valuation Coefficients
P/BV	2.90	2.01	1.25
P/S	1.07	1.07	0.71
P/E	17.12	8.32	5.02
Company Efficiency Coefficients
Sales/Employee, USD thnd	18.30	24.82	26.38
Net Profit Margin, %	6.23	12.88	14.22
ROA, %	4.59	9.21	9.93
ROE, %	19.15	27.99	27.36
Turnover Coefficients
Receivables Turnover	13.76	13.02	11.95
Assets Turnover	0.74	0.71	0.70
Inventory Turnover	61.65	67.15	65.79
Liabilities Turnover	0.99	1.08	1.10
Capital Structure Coefficients
Equity Ratio	0.25	0.36	0.37
Debt Ratio	0.75	0.64	0.63
Equity/Debt	0.34	0.55	0.58
Current Liquidity	0.62	0.50	0.51
Quick Liquidity	0.58	0.45	0.47

Production Overview

Product	Measure	2004	2005	2006	Units
Production
Access lines in use	1	6,298,611	6,300,000	6,609,951	lines
Rural telephone network	1	n. a.	n. a.	923,444	lines
Urban telephone network	1	n. a.	n. a.	5,686,507	lines
Access lines installed	1	6,798,128	6,847,373	6,983,115	lines
Rural telephone network	1	n. a.	n. a.	1,025,639	lines
Urban telephone network	1	n. a.	n. a.	5,957,476	lines
Digitalisation rate (Rural telephone network)	1	17	17.1	22	%
Digitalisation rate (Urban telephone network)	1	54	53.9	58	%
DLD traffic	1,000	2,811,155	2,820,364	n. a.	min
ILD traffic	1,000	197,760	189,441	n. a.	min
Telephone switches	1	8,558	26	n. a.	units
Telephones	1	6,229,916	6,420,338	6,546,977	units

Product	Measure	Capacity	Units
Capacity
Access lines installed	1	6,847,373	lines

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