In the framework of the Agreement it is also planned participation of Vneshtorgbank in the implementation of equipment modernization programs, construction and reconstruction programs and in other projects of JSC Central Telegraph's enterprises including those using Vneshtorgbank capabilities in the area of providing services to international business and export/import operations of the holding company.

The parties plan to organize elaboration and implementation of projects assuming use of Vneshtorgbank cards and banking services to Central Telegraph employees and subsidiaries.

In order to increase efficiency of activity of Central Telegraph and its subsidiaries Vneshtorgbank will provide the enterprises of the holding company with modern finance management technologies and will assist with the improvement of international and internal payment system.

The agreement was signed by Igor Zavyalov, Deputy President-Chairman of the Board of Vneshtorgbank and by Vaagn Martirosian, General Director of JSC Central Telegraph.

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JSC Central Telegraph is one of the largest telecommunication companies offering the full range of communication services to individual and corporate customers in the Moscow region. At present the company provides all types of modern telecommunication services: access to the Internet via dedicated and switched channels (Central Telegraph is "The Best Internet Provider 2002"), data transfer, local, national and international telephone services, connection of ATMs and POS terminals to X.25 network, installation of telephone numbers in Moscow and in the Moscow region on the basis of its own fiber-optic network Centel. Quality management system of the company corresponds to the requirements of ISO 9001:2000 standard applied to telecommunication services. Information about the company you can find at its Internet site : www.cnt.ru.

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Vneshtorgbank is the largest bank in Russia in terms of authorized capital that amounts to 42,1 billion Rubles . The Government of the Russian Federation is the major shareholder of Vneshtorgbank. It's share is 99.9%.

As of January 1, 2004 its shareholder equity amounted to 61.8 billion rubles, net assets amounted to 261.5 billion rubles. Net profit of Vneshtorgbank in 2003 amounted to 8.6 billion rubles.

For additional information, please, contact PR and Advertising Department
JSC Central Telegraph:
Tel.: +7 (095) 504-38-62,
Fax: +7 (095) 745-33-96
E-mail: pr@cnt.ru

For additional information, please, contact Public Relations Department of Vneshtorgbank:
Tel.: +7 (095) 783-17-17,
Fax: +7 (095) 783-18-95
E-mail: pr1@vtb.ru www.vtb.ru