OREANDA-NEWS. On 05 August 2008 was announced, that OJSC VolgaTelecom held its Board of directors’ meeting at which the resolution was passed to form the Company’s Management board to the number of 8 members. The term of office of new Management board members is established from August 1,2008 through July 31,2009.

The Management board consists of:

Chairman of the Management Board:

Sergey V. Omelchenko, OJSC VolgaTelecom’s General Director;

Management board members:

• Oleg V. Ershov, first deputy to the General Director of joint-stock company - commercial director;

• Svetlana L. Astakhova, deputy to the General Director of joint-stock company - personnel director;

• Denis B. Kostin, CFO of the joint-stock company;

• Mikhail V. Dyakonov, deputy to the General Director of joint-stock company for capital construction;

• Alexander Yu. Ketkov, deputy to the General Director of joint-stock company - technical director;

• Vladimir V. Ulyanov, deputy to the General Director for security and secrecy order;

• Nikolai I. Popkov, OJSC VolgaTelecom’s Chief accountant.

Management board is the collegial executive body responsible for implementing resolutions of the Company’s shareholders general meeting and Board of directors. The Management board works out proposals for the core activity lines, approves internal control procedures, sets staff, social policy and deals with other issues within its competencies.