Moscow, August 16, 2010 - Today CenterTelecom OJSC held a meeting of the Board of Directors, which discussed various issues relating to the preparations for an extraordinary general shareholders meeting (EGM).

The Board of Directors of CenterTelecom adopted the following decisions:

-  to convene an extraordinary general shareholders meeting which is to be held by way of absentee voting

-  to determine:

-  the EGM format: absentee voting

-  the deadline for accepting of the ballot sheets: November 8, 2010

-  the address to which completed ballot sheets should be sent: 6 Degtyarny per. bld. 2, Moscow GSP-2;

-  the record date for the list of persons eligible to attend the EGM: September 20, 2010.

The Board of Directors of CenterTelecom approved the agenda of the EGM, which includes the following issues:

On the company’s payout of dividends for the first nine months of 2010

On amending the Statute on the Board of Directors of the company;

On the annual remuneration payable to the members of the Board of Directors of the company which perform their duties after the AGM held on June 25, 2010.

The Board of Directors of CenterTelecom recommended the amount of dividends to be paid out for the first nine months of 2010 and approved the EGM agenda. The Board of Directors of CenterTelecom made decision to recommend the EGM to pay out the dividends in the following amounts:

- 0.0000000209802046 % of the company’s 9M 2010 net profit per one type A preferred share

- 0.0000000095579889 % of the company’s 9M 2010 net profit per one common share

- in accordance with the procedure for notification of how to receive dividends provided to the persons listed in the company's shareholders register as of September 20, 2010.

In the course of the meeting CenterTelecom's directors also considered other issues connected with the EGM preparation and conduct.

Notification of the EGM conduct is to be published not later than October 8, 2010.  EGM materials are to be placed on CenterTelecom’s corporate web site in the Information Disclosure section on October 8, 2010.