On 22nd June 2007, the annual general meeting of the shareholders of OJSC North-West Telecom took place. The meeting was held in the form of joint attendance of the shareholders of the Company.

The annual report of the Company, annual accounts, including the profit and loss report (profit and loss account) of the Company, as well as distribution of profit (including dividend payment) and losses of the Company based on the results of the fiscal year under report (2006) were approved by the shareholders in compliance with the agenda of the meeting.  

The meeting of the shareholders took a decision to pay the dividends on the basis of the results of OJSC N.W.Telecom 's operation in 2006:   

• 0.858 roubles per share for preferred stock;
• 0.357 roubles per share for common stock.

The dividend will be paid in the monetary form under common and preferred shares within the period from 15th August till 15th December 2007.

According to the voting results, the following members of the Board of Directors of OJSC North-West Telecom were elected:   

1.    Vladimir Alexandrovich Akulich – General Manager of OJSC N.W.Telecom;

2.    Mikhail Alexeyevich Alexeyev – Representative of OJSC Svyazinvest;

3.    Sergey Anatolyevich Bulancha – Deputy Head of the Federal Communication Agency;

4.    Alexandr   Alexandrovich Gogol – Rector of Prof. M.A. Bonch-Bruyevich Saint Petersburg State University of Telecommunications;

5.    Vladimir Borisovich Zhelonkin – Deputy General Manager of OJSC Svyazinvest;

6.    Ivan Alexandrovich Zolochevsky   – Director of the branch North-West Macro Region of OJSC MTS;

7. Alexandr Nikolayevich Kiselyov – General Manager of OAO Svyazinvest;
8. Olga Grigoryevna Korolyova – Chief Accountant of OJSC Svyazinvest;
9. Alexandr Yevgenyevich Krupnov – President of the Union of Participant s of the Information and Communication Services Union;
10. Dmitry Vladimirovich Levkovsky – Consultant of the Moscow representative office of NCH Advisors Inc.;
11. Ivan Ivanovich Rodionov – Professor of GU Higher School of Economics.

The Auditing Committee with the following members was elected:   

1.    Ruslan Kyarimovich Aksyaitov – Deputy Chief Accountant, Division Head of the Accounting, Tax and Statistical Records Department of OJSC Svyazinvest ;

2. Natalya Yuryevna Belyakova – Deputy Director of the Economics and Finance Department of OJSC Svyazinvest;
3. Svetlana Nikolayevna Bocharova – Division Head of the Accounting, Tax and Statistical Records Department of OJSC Svyazinvest ;
4. Natalya Sergeyevna Vorobyova – Division Head of the Strategic Development Department of OJSC Svyazinvest;
5. Sergey Ninelevich Kosarev – Division Head of the Strategic Development Department of OJSC Svyazinvest;
6. Alexandr Igorevich Tkachyov – Chief Specialist of the Security Department of OJSC Svyazinvest;
7. Kirill Viktorovich Frolov – Head of the Internal Audit Department of OJSC Svyazinvest.

LLC Ernst and Young was approved as the Company 's auditor for the year 2007 .

   Respective decisions of the meeting of the shareholders approved new versions of the Company 's Articles of Association, Provision s on the Board of Directors and Provision s on the General Meeting of the Shareholders of OJSC North-West Telecom. The standard of deduction s for the calculation of the annual remuneration of the members of the Company's Board of Directors elected by the decision of the annual general meeting of the shareholders of OJSC NWT of 22.06.07 was set .  

   Commenting on the decisions of the Annual General Meeting of the Shareholders, Vladimir Akulich, General Manager of OJSC North-West Telecom, noted: "The shareholders have approved the results of the year 2006 , which has been successful for us, have established the amount of the dividend, elect ed the auditor of the Company and new members of the Board of Directors and Audit Committee.   The work of the Board of Directors of OJSC N.W.Telecom has always been very efficient, which is mentioned by all independent experts. We would like to thank the members of the Board of Directors of the year 2006 for their fruitful work and are confident that the new members of the Board of Directors will continue the constructive dialogue between the management and the Board of Directors, that we have had, which will make it possible for us to ensure long-term investment attractiveness of OJSC North-West Telecom."