OREANDA-NEWS. On 18 June 2008 OJSC FETEC announced results of Annual General Meeting of Shareholders hold on June 11th 2008 in Petropavlovsk-Kamchatsky.

The Meeting was attended by shareholders and their representatives having in total 75,844,606 votes counting for 79.35% of the number of voting (ordinary) shares. Based on voting results the following resolutions were entered:

1. OJSC FETEC Annual Report, Annual Accounting Statements including Company Profit and Loss Report (Profit and Loss Account) for fiscal year 2007 and Company profit distribution as a result of 2007 to be approved as follows:

Company authorized capital increase – 699,495,724.18 rubles

dividend payment on Company shares – 174,176,544.82 rubles.

In accordance with the approved profit distribution dividends for 2007 will be paid as follows:

on preferred shares in cash – 2.7571 rubles per share

on ordinary shares in cash – 0.9232 rubles per share.

Dividend payment procedure for persons on the list of those entitled to dividends, namely:

by remittance to shareholders’ bank accounts

by postal remittance

by cash payments in Company cash offices.

2. Company Board of Directors new membership (11 persons) to be approved as follows:

Kobishchanov Mikhail Yurievich, Macroeconomy Adviser, JSC FNDS First National Development Corporation

Vasilyeva Ekaterina Olegovna, Director of Corporate Finance Department, Investment Block of OJSC KIT Finance Investment

Shevchuk Alexander Viktorovich, Expert, Investors Rights Protection Association

Alekseev Mikhail Alekseevich, representative of OJSC Svyazinvest

Feoktistova Natalia Vadimovna, Head of Division, Department of Corporate Management and Legal Support, OJSC Svyazinvest

Zhelonkin Vladimir Borisovich, Deputy General Director, OJSC Svyazinvest

Golubitskiy Bogdan Ivanovich, Head of Division, Department of Economy and Finance, OJSC Svyazinvest

Shchegolikhin Anton Anatolyevich, Executive Director, OJSC Svyazinvest

Degtyarev Valeriy Viktorovich, General Director, JSC Professional Telecommunications

Chechelnitskiy Evgeniy Alexandrovich, Deputy General Director, OJSC Svyazinvest

Gurkin Vyacheslav Fedorovich, President, JSC Imbera Investment Company

3. Inspection Commission membership to be elected as follows:

Veremyanina Valentina Fedorovna, Deputy Director, Department of Corporate Management and Legal Support, OJSC Svyazinvest

Belyakova Natalia Yuryevna, Deputy Director, Department of Economy and Finance, OJSC Svyazinvest

Koroleva Olga Grigoryevna, Chief Accountant, OJSC Svyazinvest

Podosinov Sergey Vladimirovich, Deputy Head, Department of Internal Audit, OJSC Svyazinvest

Kosorukov Vyacheslav Sergeevich, Chief Specialist, Department of Accounting, Taxation and Statistic Recording, OJSC Svyazinvest

4. KPMG to be approved as OJSC FETEC Auditor.

5. Allowances for calculation of annual fees for Company new Board of Directors to be determined as follows:

0.39% of Company EBITDA according to IFRS accounting statements

0.78% of Company net profit allocated for 2007 dividend payments

Annual Meeting of Shareholders also approved the restated OJSC FETEC Articles of Association, Board of Directors Charter and Inspection Commission Charter.