OREANDA-NEWS. The Board of Directors of North-West Telecom has made a recommendation to the annual general shareholders meeting as regards the amount of dividends to be paid out on the Company’s 2006 activities and approved the agenda for the AGM which is to be held on June 22, 2007.

The Board of Directors of NWT adopted a decision to pay out 2006 dividends in the following amounts:

- Rub 0,858 per preferred share (+32% on 2005);

- Rub 0,357 per common share (+35 on 2005).

 The total amount of dividends to be paid out for 2006 amounts to Rub 529 mln or 21.8% or 21.8% of the Company’s net profit (Rub 397 mln in 2005).

The list of individuals eligible to attend the meeting was compiled on the basis of data from the shareholders register of NWT as of May 4, 2007.  Dividends will be paid out in cash from August 15 to December 15, 2007. 

The Board of Directors of NWT approved the following agenda for the AGM:

- Approval of the annual financial statement, annual accounting reports, including the P&L statement (profit and loss accounts) of the Company, as well as profit allocation (including dividend payouts) and the Company’s losses based on 2006 financial results;

- Election of members of the Board of Directors of the Company;

- Election of members of the Audit Committee of the Company;

- Approval of the Company’s 2007 Auditor;

- Determination of the remuneration of members of the Board of Directors of the Company;

- Making amendments and additions to the Company Charter. Approval of the new version of the Company Charter in view of the amendments and additions adopted;

- Making amendments and additions to the Company’s Statute on the Board of Directors.;

- Making amendments and additions to the Company’s Statute on the General Shareholders Meeting.

The Board of Directors adopted a decision whereby the right to vote on issues on the agenda of the AGM shall be held only by holders’ of the Company’s common shares.

During the meeting, the Board of Directors of NWT has also reviewed other issues related to the preparation and conduct of the AGM. All AGM materials will be posted on BWT’s corporate website in the section “Investors and shareholders” on May 22, 2007.