JSC Central Telegraph announced the results of the general annual meeting of shareholders that took place on the 4 th of June 2004. Following resolutions were made on the basis of voting results:

• Approved annual report of the company for 2003 and annual accounting reports including profit and loss statement.
• Approved distribution of profit including payment of dividends and losses of the company on the basis of the results achieved in 2003. The shareholders made a decision to pay dividends on the preferred shares type A in the amount 0,195835 per share in cash during the period from 15.07.2004 to 15.12.2004; on the ordinary shares in the amount 0,070272 per share in cash during the period from 15.07.2004 to 15.12.2004.
• The meeting of shareholders elected following members of the Board of Directors:
  1. Vadim Belov, Deputy General Director of JSC Svyazinvest – Chairman of the Board of Directors of JSC Central Telegraph;
  2. Vaagn Martirosian, General Director of JSC Central Telegraph;
  3. Vladimir Adjalov, Counselor to the General Director of JSC Rostelecom;
  4. Tatiana Bogdanova, Consultant of the Russian Fund of Federal Property (RFFP);
  5. Pavel Navoev, Chief Expert of the Electric Communication Department of JSC Svyazinvest ";
  6. Svetlana Pankova, Chief Expert of the Russian Fund of Federal Property (RFFP);
  7. Yevgeny Yurchenko, Deputy General Director of JSC Svyazinvest .
• The meeting of shareholders elected following members of the Auditing Commission:
  1. Sergey Alekhin, Chief Expert of the Internal Audit Department of JSC Svyazinvest ";
  2. Valentina Karimova, Head of the Planning and Economy Section of JSC Central Telegraph;
  3. Tamara Chernikova, Head of Section of the Financial Department of JSC Svyazinvest.
• OOO Ernst & Young was approved as the auditor of the company in 2004.
• The meeting of shareholders made modifications and additions to the Charter and the Statute on the Board of Directors of the company.
• The meeting of shareholders defined the amount of remuneration of the members of the Board of Directors. The shareholders approved following standards of allocations for quarterly and annual remuneration of the members of the Board of Directors:
  • 0,021 % of the earnings of the company from the sales of goods, products, works, services during the reported quarter according to the information from accounting reports of the company for calculation of quarterly remuneration to each member of the Board of Directors of the company;
  • 0,4 % of the net profit of the company in 2004 according to the information from accounting reports of the company to calculate annual remuneration to all members of the Board of Directors of the company.

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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.

For additional information 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