OREANDA-NEWS. On 24 June 2008 open joint stock company Far East Telecommunications Company announced the results of its annual general shareholders meeting which was held on June 11, 2008 in the city of Petropavlovsk-Kamchatsky.

The proceedings of the meeting were attended by shareholders and their proxies holding a total of 75,844,606 votes, which is equal to 79.35% of the company’s voting (common) shares. Based on the results of the voting, the following decisions were adopted:

1. To approve the annual financial statement of Dalsvyaz, the annual accounting report, including the profit and loss statement (profit and loss accounts) of the company for the 2007 fiscal year, and also the allocation of the company’s profit from 2007 as follows:

- to increase the company’s equity capital – in the amount of Rub 699,495,724.18.

- to pay out dividends on the company’s shares – in the amount of Rub 174,176,544.82.

In accordance with the approved allocation of profit, 2007 dividends will be paid out:

- on preferred shares in cash in the amount of Rub 2.7571 per share.

- on common shares in cash in the amount of Rub 0.9232 per share.

The procedure was determined for paying out dividends to individuals on record and eligible to receive dividends, i.e.:

- by wiring cash to shareholders’ bank accounts;

- bymoneyorders;

- bypaymentatthecompany’scashdesks.

2. To approve the new lineup of the Board of Directors (11 seats), held by:

- Mikhail Yurevich Kobishanov, advisor on macroeconomic issues of First National Development Corporation;

- Ekaterina Olegovna Vasilieva, head of the Department of corporate finance of the investment unit of KIT Finance investment bank (open joint stock company);

- Alexander Viktorovich Shevchuk, expert with the Association for the Protection of Investors’ Rights;

- Mikhail Alexeyevich Alexeyev, Svyazinvest appointee;

- Natalia Vadimovna Feoktistova, head of Department of corporate governance and legal support, Svyazinvest;

- Vladimir Borisovich Zhelonkin, deputy general director, Svyazinvest;

- Bogdan Ivanovich Golubitsky, deputy director of Economics and Finance Department, Svyazinvest;

- Anton Anatolyevich Shegolikhin, executive director, Svyazinvest;

- Valery Viktorovich Degtyarev, general director, Professional Telecommunications;

- Evgeny Alexandrovich Chechelnitsky, deputy general director, Svyazinvest;

- Vyacheslav Fedorovich Gurkin, president, Imbera investment company.

3. To elect the members of the Audit Committee as follows:

- Valentina Fedorovna Veremyanina, deputy director, Department of corporate governance and legal support, Svyazinvest;

- Olga Grigoryevna Koroleva, chief accountant, Svyazinvest;

- Natalia Yurevna Belyakova, deputy director of Economics and Finance Department, Svyazinvest;

- Sergey Vladimirovich Podosinov, deputy head, Department of Internal Audit, Svyazinvest;

- Vyacheslav Sergeyevich Kosorukov, chief expert, Department of Internal Audit, Svyazinvest.

4. To approve KPMG as the auditor of Dalsvyaz.

5. To determine the statutory amount of deductions for calculation of annual remuneration for members of the new lineup of the company’s board of directors as follows:

- 0.39% of the company’s EBITDA on the basis of 2007 IFRS accounting report data;

- 0.78% of the company’s net profit allocated for payment of dividends based on 2007 results;

Also, the annual general shareholders meeting of the company approved the new version of the Charter, the Statute on the Board of Directors, and the Statute on the Audit Committee of Dalsvyaz.