Moscow – September 14, 2005 – Svyazinvest: On September 14, 2005 OAO Svyazinvest (hereinafter referred to as the Company) held an annual general shareholders’ meeting in the form of joint attendance to review the items of the agenda and to adopt decisions on the issues put to vote.

In line with the AGM agenda, approved by the Company’s August 12, 2005 BoD, the shareholders passed the following resolutions:

1. To approve the Company’s 2004 annual report, annual accounting reports, including profit and loss report (profit and loss accounts).

2. To distribute the Company’s 2004 profit as follows:

 - to allocate Rub 1.2 bln to raise the Company’s share capital on the part of retained earnings for the reporting period.

 - to pay out Rub 98.6 mln in dividends (Rub 0.5 per ordinary share),

3. To approve ZAO Ernst & Young as the Company’s 2005 auditor.

4. To appoint the following Board of Directors:

Anatoly Dmitrievich Akimenko – MUSTCOM LIMITED representative;

Alexandre Vasilievich Anoshikin – aide to the RF Presidential Administration head;

Boris Dmitrievich Antonyuck– deputy telecom minister;

Alan Stewart Bigman– MUSTCOM LIMITED representative;

Vladimir Sergeevich Belov – head of the budget policy in the economic industries department of the RF Finance Ministry;

Ludmila Ivanovna Pridanova – deputy head of the Federal Agency for federal property management;

Leonid Dododzhonovich Reiman – Russia’s telecom minister;

Vadim Alexeevich Stepanov – head of administrative service of the Federal Security Service of the RF;

Andrey Vladimirovich Sharonov – deputy minister of economic development and trade of the RF.

The shareholders also elected the Audit Committee of the Company.

At the first meeting of the newly chosen BoD Leonid Reiman was designated as chairman of the BoD.

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OAO Svyazinvest comprises 7 mega-regional companies: OAO CenterTelecom, OAO North-West Telecom, OAO VolgaTelecom, OAO South Telecommunications Company, OAO Uralsvyazinform, OAO Sibirtelecom, OAO Far East Telecom, national ILD and DLD telecom provider OAO Rostelecom, 4 telecom operators not involved in the merger and industry design institute Giprosvyaz. Svayzinvest companies are licensed to provide local, long-distance and international telecommunication services, as well as data transmission, Internet access, ISDN, wireless subscriber access and GSM, NMT-450, AMPS and DAMPS-standard mobile communication. The holding employs a workforce of 338,000.

For more information, please view https://www.svayzinvest.ru.