OREANDA-NEWS. On 29 June 2009 was announced, that Svayzinvest (hereinafter, the Company) held the second part of its Board of Directors meeting, while the first part was held on May 28, 2009.  A quorum was reached during both parts of the meeting.

Ivan Ivanovich Rodionov was elected as the presiding authority at the Company’s Board of Director’s meeting.

The main issues on the agenda were as follows: “On recommendations to the annual general shareholders meeting about the allocation of profit, including the amount and procedure for paying out dividends on shares for 2008 performance”, “On approving the agenda for the annual general shareholders meeting of the Company”, “On Rostelecom’s strategy for 2009-2013”.

The main decision adopted at the meeting can be summed up as follows:

Recommendations to the annual general shareholders meeting:

To allocation 100% of the Company’s net profit derived from current activities for the financial results of the 2008 fiscal year, in the amount of Rub 514,075,000 to raising shareholder equity;

Not to pay out dividends on the results of 2008;

To approve the following agenda for the Company’s annual general shareholders meeting as follows:

To approve the Company’s annual financial statement;

To approve the annual accounting reports, including P&L reports (profit and loss accounts);

Approval of the Company’s profit based on 2008 financial results;

On the amount, schedule and form of dividend payment based on 2008 results;

Election of members of the Company’s Board of Directors (the supervisory council);

Election of the Audit Committee (auditor) of the Company;

Approval of the Company’s auditor.

To instruct the Company’s Management Board to arrange work to adjust the business strategy of Rostelecom for 2009-2013 in view of Svyazinvest’s emergent business strategy.

A number of other issues were examined at the Board of Directors meeting, related to the annual general shareholders meeting and the internal activities of Svyazinvest.