OREANDA-NEWS. On 22 July 2009 was announced, that VolgaTelecom’s Board of directors made the decision of establishing the committees of the Company’s Board of directors and approved their members.

The following persons were elected to Personnel and Remuneration Committee:

1. Oleg R. Fedorov - Chief Corporate Finance Management Officer of LLC Deutsche Bank;

2. Mikhail A. Leshchenko - Advisor to the Minister of Telecommunications & Mass Communication of the Russian Federation;

3. Victor D. Savchenko - Deputy General Director of OJSC Svyazinvest;

4. Alexander A. Filatov - Executive Director of Non-Profit Partnership “Association of Independent Corporate Directors”.

Oleg R. Fedorov was elected the chairman of Personnel and Remuneration Committee.

The following persons were elected to the Committee for Audit:

1. Yuri S. Sizov - Deputy General Director for Strategic Development of ZAO Lider;

2. Victor D. Savchenko - Deputy General Director of OJSC Svyazinvest;

3. Mikhail I. Kritskyi - Deputy General Director of OJSC Svyazinvest;

4. Ekaterina S. Erofteeva - Executive Director – Director of the Department for Strategic Development of OJSC Svyazinvest.

Yuri S. Sizov was elected the chairman of the Committee for Audit.

The following persons were elected to Strategic Development Committee:

1. Ekaterina S. Erofteeva - Executive Director – Director of the Department for Strategic Development of OJSC Svyazinvest;

2. Vladimir A. Rumyantsev - Managing Director of Gazprombank (Open Joint Stock Company);

3. Vladimir F. Lyulin - Advisor to General Director of OJSC Svyazinvest;

4. Mikhail A. Leshchenko - Advisor to the Minister of Telecommunications & Mass Communication of the Russian Federation;

5. Alexander Yu. Provotorov – First Deputy General Director of OJSC Svyazinvest;

6. Alexander V. Shevchuk – Deputy Executive Director of Association for Investors Rights Protection;

7. Yuri A. Shaginov - Manager of Investment Projects of the directorate of investment projects and programs of ZAO Lider;

8. Vladimir I. Rybakin – OJSC VolgaTelecom General Director.

Ekaterina S. Erofteeva was elected the chairman of Strategic Development Committee.

The following persons were elected to Corporate Governance Committee:

1. Lyudmila A. Kormilitsyna - Head of section of the Department of Corporate Governance and Legal Support of OJSC Svyazinvest;

2. Alexander A. Filatov - Executive Director of Non-Profit Partnership “Association of Independent Corporate Directors”;

3. Andrey V. Morozov - Head of legal section of Moscow representation office of NCH Advisors Inc.;

4. Dmitry Yu. Tushunov - Chief of Analytical Department – Chief Economist of ZAO Lider;

5. Natalia I. Pokrovskaya – OJSC VolgaTelecom’s corporate secretary.

Lyudmila A. Kormilitsyna was elected the chairman of Corporate Governance Committee.