OREANDA-NEWS. On 12 January 2009 was announced, that at December 31, 2008 OJSC VolgaTelecom (RTS: NNSI/NNSIP, MICEX: VTEL/VTELP, ADR: VLGAY) completed the payment of dividends attributed to ordinary shares based on the results of 2007 fiscal year.

The total amount of dividends paid on ordinary shares accounted for RUB 523 199 319.73. Dividend attributed to one ordinary share is RUB 2.1346. Dividends were paid in cash.

Please note that the resolution of the size of dividends and the time period of their payment was passed by annual general meeting of shareholders of OJSC VolgaTelecom on June 24, 2008. The amount of dividends attributed to ordinary shares accounted for RUB 525 051 012. The Company’s non-performance of dividends payment in full is caused by non-appearance of shareholders in the issuer’s office for receiving dividends by cash and also by incorrect or incomplete information on the details of bank accounts and mailing addresses of shareholders.