OREANDA-NEWS. October 1, 2008. The meeting of the Board of Directors of OAO Belon held on September 25 elected new Chairman of the Board, and members of the Board’s committees. In addition, a decision on issue of securities and the Company's Prospectus of Securities were approved.

Valery Nikolayevich Karmachyev was elected Chairman of the Board of Directors of OAO Belon.

The powers of the following committees were terminated early: the Audit Committee, the Corporate Management Committee, the Budget and Investment Planning Committee, the Science and Innovative Technologies Committee, and the Personnel and Remunerations Committee.

Pursuant to the decision of the Board of Directors, new committee members were elected. Generally, all 7 Directors of the Board are also members of several different committees. Particularly, independent director David Waygood is the Chairman of the Audit Committee, and a member of the Budget and Investment Planning Committee. Allan Dennis Cooper holds the position of Chairman of the Corporate Management Committee, and is also a member of the Audit Committee. Andrey P. Dobrov is the Chairman of the Personnel and Remunerations Committee, and a member of the Science and Innovative Technologies Committee, Budget and Investment Planning Committee, and Corporate Management Committee. Newly elected member of the Board of Directors Nikolay V. Lyadov (September 11, 2008) now leads the Budget and Investment Planning Committee as its Chairman, and is a member of the Science and Innovative Technologies Committee.

The Meeting of the Board of Directors approved the Decision on Issue of Shares of OAO Belon, with the nominal value of one kopeck each in the amount of 1,150,000,000 shares. The shares will be placed by way of conversion in splitting of shares. In addition, the Prospectus of Securities of OAO Belon was approved. It is appropriate to recall that splitting of Belon’s shares is carried out as part of the Company’s preparation to IPO to be held in 2009 in London .