On 13 July 2004 CenterTelecom Board of Directors discussed the issue of creation of committees of the current Board of Directors and organization of their operations with the purpose of improving the Company’s corporate governance and incorporating previous positive experiences of Committees’ operations.

Allowing for a greater strategic role of the Board of Directors it was decided to set up a Committee with broader authorities instead of the earlier existing Budget and Investment Planning Committee – the Strategic Development Committee. The Board also decided to restore the Audit Committee, the Corporate Governance Committee and the Personnel and Rewards Committee.

The following CenterTelecom Board of Directors Committees have been formed:

1. The Audit Committee:
   • Committee Chairman:
     Gribov ?.P. – a Board of Directors member, deputy head of the Russian Federal Property Fund Department;
   • Committee members:
     Umnova ?.V. – a Board of Directors member, Svyazinvest Finance Department Director;
     Finger G.?. – a Board of Directors member, NCH Advisors., Inc. Moscow representative office executive director.
2. Corporate Governance Committee:
   
   • Committee Chairman:
     Petrova ?.V. – a Board of Directors member, deputy head of Svyazinvest Corporate Governance Department;
   • Committee members:
     Ikonnikov ?.V. – a Board of Directors member, Executive Director of Investors Rights Protection Association;
     Sidorovich ?.?. – Director of CenterTelecom Securities and Corporate Governance Department.
3. Personnel and Rewards Committee:
   • Committee Chairman:
     Ikonnikov ?.V. – a Board of Directors member, Executive Director of Investors Rights Protection Association;
   • Committee members:
     Gribov ?.P. – a Board of Directors member, deputy head of the Russian Federal Property Fund Department;
     Filippova N.V. – Svyazinvest HR Department Director.
4. Strategic Development Committee:
   • Committee Chairman:
     Yurchenko U.V. – a Board of Directors member, Svyazinvest deputy General Director;
   • Committee members:
     Avdiants S.P. – a Board of Directors member , Svyazinvest economic and pricing policy Department director;
     Amaryan R.?. – Deputy Board of Directors Chairman, CenterTelecom General Director;
     Finger G.?. – a Board of Directors member, NCH Advisors., Inc. Moscow representative office executive director.

CenterTelecom is one of the leading fixed telecom companies providing the full range of telecommunication services in the Central Federal Region where over 20% Russia’s population resides.

CenterTelecom offers all kinds of telecommunication services, including telephony, Internet, IP telephony, data transfer, CCTV, wired and VHF broadcasting. The company is actively developing modern multiservice and SDH networks as well as new radio access systems.

The company’s stock is traded at RTS (ESMO, ESMOP), MICEX (CTEL, CTELP), and it also has a common stock ADR1 program (CRMUY).

Copyright © 2004 Joint-Stock Central Telecommunication Company