April, Investor presentation

This presentation contains forward-looking statements. Such statements are not statements of historical fact, and reflect the beliefs and expectations of the Company's management. The words "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "predicts," "projects" and "targets" and similar words are intended to identify these statements, which necessarily involve known and unknown risks and uncertainties. Accordingly, the actual results of operations of the Company may be different from the Company's current expectations, and the reader should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments. April, 2005

Central District: 17 Subjects of the Federation of the Central part of Russia covers 3.8% of Russia’s territory 26.2% of total population of 38 mln people (most densely populated) 12.8% of GDP of RUR 1,703 bln One of the highest monthly income per capita in Russia - RUR 6450 Fixed-line penetration level is 23.7% Digitalization level is 48% 6.8 mln lines installed by end of 2004 Borders with Ukraine and Byelorussia ATTRACTIVE REGION April, 2005

SHAREHOLDER STRUCTURE Share capital – USD 225 mn Number of shares – of which: ordinary – 75%, preferred – 25% Free float shares – 55% April, 2005

ORGANIZATIONAL STRUCTURE PRESIDENT CarlaCico PRESIDENT CarlaCico Financial Director PRESIDENT CarlaCico Shareholders meeting PRESIDENT CarlaCico Board of Directors PRESIDENT CarlaCico PRESIDENT CarlaCico PRESIDENT CarlaCico PRESIDENT CarlaCico PRESIDENT CarlaCico Board of Directors Compensation & Benefits Committee Corporate Governance Committee Budget & Investment planning Committee Audit Committee PRESIDENT CarlaCico PRESIDENT CarlaCico PRESIDENT CarlaCico PRESIDENT CarlaCico Commercial Director Technical Director IT Director Security Director HR Director PRESIDENT CarlaCico General Director PRESIDENT CarlaCico Management Board PRESIDENT CarlaCico Auditing Commission PRESIDENT CarlaCico Corporate Secretary April, 2005

KEY PRODUCTION INDICATORS 6,8 mln access lines installed 26 long distance connection stations 3,0 mln wire broadcasting points 15 cable television networks in big cities 112 thousand mobile subscribers more than 50 thousand cable television subscribers April, 2005

MARKET SHARE IN MAJOR SEGMENTS April, 2005

KEY FINANCIALS (RAS) (RUR, mln) RUR Mln April, 2005

KEY FINANCIALS Major income components (RUR, bn) April, 2005

REVENUE In 2004 gross revenue reached RUR 24,963 mln, 19.5% growth to 2003 April, 2005

OPERATING COSTS AND EXPENSES In 2004 operating costs and expenses totaled RUR 19,702 mln, 25.9% increase 2003 April, 2005

KEY OPERATING HIGHLIGHTS Total number of lines installed for the 2004 grew to , including lines commissioned in 2003 Long-distance traffic increased 104.2% to 2.8 bn minutes compared to the last year Long-distance (international) traffic increased 106.7% to m minutes compared to 2003 April, 2005

CAPEX DYNAMICS RUR Bln forecast % 64% 71% 29% 73% 27% 68% 32% Equity capital Debt capital Bonded loans April, 2005

CAPITAL INVESTMENTS In 2004 RUR 9.4 bln were invested (23% growth to 2003) April, 2005

STRATEGY. Main directions Increase of overall performance in highly remunerative segments of the market Orientation to highly remunerative client segments Development of services with the high added value Expansion of services spectrum Investments in new technologies Operational expenses reduction Affiliated business restructuring Management structure optimization (association of branches - reduction of its quantity from 17 to to 6-8) Personnel number optimization (5% annual reduction) Outsourcing of auxiliary and not profile business-functions April, 2005

STRATEGY Increase share of value-added services in profit structure Achieve revenue market share in telecommunication services in Central region of 62% by 2006 Average annual income growth of 25% Increase non-regulated services market share to 75% Achieve share of non-regulated services in profits of at least 30% Increase profit share from corporate sector to 52% April, 2005

STRATEGY. Affiliated business restructuring 2004 Liquidation of non profile and non efficient businesses Merging to ROSNET 5 companies – leaders in non regulated services in its regions Acquisition of ROSNET 2005 AS A RESULT Effective investment structure Management structure optimization Growth of competitiveness Cutting down operational costs Optimization of cash flow structure Large corporate client base, including Central Bank of Russia 2004 Revenue - $30 mn Licenses for data services in 51 region April, 2005

CenterTelecom – Potential of growth Prospects of telecommunication sector growth as a whole Regions of Company’s operation – the most attractive in Russia Advanced Company’s infrastructure network High potential of growth in highly remunerative telecommunication services Experienced management team High corporate governance level April, 2005

CONTACTS Andrey Kalinchenko Investor relations manager Tel: Fax: Elena Romskaya Director, Securities and Corporate Governance Department Tel: Fax: April, 2005