OREANDA-NEWS. On 25 June 2008 was announced, that annual general meeting of OJSC VolgaTelecom’s shareholders was held on June 24, 2008.

In the course of the meeting the shareholders approved the annual report, the annual accounting statements, and also restated versions of the Company’s Articles of association, Regulation on the Board of directors and Regulation on Auditing committee.

OJSC VolgaTelecom’s shareholders passed the resolution of distributing the Company’s profit at 2007 year-end as follows: RUR 2 465 745 894,11 for the increase in the Company's equity capital, RUR 857 361 779,89 for dividends payment, of which:

   • On preferred A type shares – RUR 4,0534 per a share;

   • On ordinary shares – RUR 2,1346 per a share;

The shareholders also defined the procedure of dividend payment to persons included into the list of persons entitled to receive dividends:

- by transfer to bank accounts;

- by postal transfer;

- by payment in cash in the Company’s cash offices.

The following persons were elected to the new composition of the Board of directors:

1. Andreev Vladimir Alexandrovich - Rector of Povolzhsky state academy of telecommunications and IT.

2. Bugaenko Valeryi Nikolaevich – Head of Federal Communications Agency.

3. Vinokurova Evgeniya Sergeevna - Chief of sector of financial policies and liquidity management of OJSC Svyazinvest.

4. Grigorieva Alla Borisovna - Deputy to the director of corporate governance and legal support Department of OJSC Svyazinvest.

5. Kuznetsov Sergey Ivanovich – Chairman of OJSC VolgaTelecom’s Board of directors.

6. Omelchenko Sergey Valerievich - OJSC VolgaTelecom’s General Director.

7. Savchenko Victor Dmitrievich - Executive director – director of the Department of corporate governance and legal support of OJSC Svyazinvest.

8. Tushunov Dmitry Yurievich – Chief of analytical department – Chief economist of Closed Joint Stock Company “Leader” (the company for administration of assets of pension fund).

9. Fedorov Oleg Romanovich – Executive director of corporate finance Department of LLC Deutsche Bank.

10. Shchegolikhin Anton Anatolievich – Executive director of OJSC Svyazinvest.

11. Yunkin Pavel Olegovich – General Director of Federal State Unitary Enterprise “Svyaz-bezopasnost”.

The following persons were elected to the Auditing committee:

1. Bocharova Svetlana Nikolaevna – Chief of tax sector of the Department of bookkeeping, tax and statistics accounting of OJSC Svyazinvest.

2. Burmistrova Polina Vladimirovna – Deputy to the chief of sector of legal support OJSC Svyazinvest activities of the Department of corporate governance and legal support of OJSC Svyazinvest.

3. Koroleva Olga Grigorievna - OJSC “Svyazinvest” chief accountant.

4. Maltsev Alexey Vladimirovich – Chief of sector of strategic planning and analysis of efficiency of realization of strategy of the Group of the Department of strategic development of OJSC Svyazinvest.

5. Tret’yakov Mikhail Victorovich – Chief of sector of the Department of economics and finance of OJSC Svyazinvest.

ZAO KPMG was approved the Company’s auditor for 2008.

On June 24, 2008 the first meeting of the new composition of the Board of directors was held; Mr. Sergey Kuznetsov was elected the chairman of the Board of directors.

Mr. Sergey Omelchenko, VolgaTelecom’s General Director, noted that “year 2007 was marked for VolgaTelecom by sustainable growth and the Company in accordance with its strategy continued to strengthen its leadership in communications industry of the Volga Federal district. The reporting year was anniversary for VolgaTelecom and we appraise these five years as the period of transit to client-oriented business principles in competitive environment. Under the conditions of progressive advance of Russian telecommunications industry we have achieved meaningful results in strengthening positions in value-added services market, and also in implementation of projects intended to the development and modernization of the Company’s telecommunications infrastructure, enhancement of business efficiency.”