OREANDA-NEWS. April 22, 2008. Operating Agreement approved as amended; Chair of Operations Committee and members of Audit Commission elected; Extra dividends to be paid to Members and Signatories.

Kyiv, Ukraine (April 23, 2008) – In response to an invitation from the National Space Agency of Ukraine, the Board and the Operations Committee met in Kyiv on April 21-23 for their XXXVI session and 7th meeting attended by delegations of the Organization’s Members and Signatories.

The Board session was opened by Mr. Dimitar Stanchev, Representatives at a session of the Board from the Republic of Bulgaria, Deputy Chairman of the State Agency for Information Technology and Communications (SAITC). Mr. V.G.Komarov, Ukraine’s Representative in the Board, First Deputy Director General of the National Space Agency of Ukraine, was unanimously elected Chairman of the INTERSPUTNIK Board for the next tenure.

The 7th meeting of the Operation Committee was chaired by Mr. V.L.Glebskiy, Chairman of the Operations Committee, counselor of the Permanent Mission of the Russian Federation to the European Communities. As proposed by the Russian Satellite Communications Company - INTERSPUTNIK Signatory from Russian Federation, the Committee elected Mr. Yevgeny Buydinov, citizen of Russian Federation, Investment Projects Director of the Russian Satellite Communications Company Chairman of the Committee for a term of three years.

The meetings addressed a wide range of issues related to current operations and development plans of the Organization.

A report on the activity of INTERSPUTNIK after the previous meetings was presented by Mr. V.E.Belov, Director General of INTERSPUTNIK. The Board and the Operations Committee appreciated the Directorate’s efforts during the period under review. Also, a report was presented on the performance of INTERSPUTNIK’s subsidiary Intersputnik Holding Ltd. and its group of companies. The delegates noted that the group’s earnings had been steadily growing.

When discussing plans aimed at filing INTERSPUTNIK’s own orbit/frequency resource and providing its international legal protection, the Board expressed appreciation to the Telecommunications Administration of the Republic of Belarus for agreeing to continue acting as a Notifying Administration with respect to INTERSPUTNIK’s planned satellite networks. The Board authorized the Telecommunications Administration of the Republic of Belarus to perform the functions of the Notifying Administration on behalf of the Administrations of all INTERSPUTNIK Member countries and in the interests of the entire Organization.

The Operations Committee reviewed INTERSPUTNIK’s financial and economic performance and the results of the audit of the Organization’s financial and economic indicators in the period from January 01 to December 31, 2007. Given the positive growth trends, it was decided to pay extra dividends to the Members and Signatories of the Organization.

For the next term of three years, the Operations Committee elected members of INTERSPUTNIK’s Audit Commission representing INTERSPUTNIK Signatories from Socialist Republic of Vietnam, Republic of Poland and Czech Republic.

The Board reconfirmed the resolution of the 6th meeting of the Operations Committee to approve amendments to the INTERSPUTNIK Operating Agreement and approved the amended version of the Intersputnik Operating Agreement.

The next 8th meeting of the Operations Committee will be held in November 2008 in Moscow, Russian Federation. The next XXXVII session of the INTERSPUTNIK Board will take place in April 2009 in Baku, Azerbaijan Republic.