Open Joint Stock Company “VolgaTelecom” advises on holding of annual general meeting of shareholders on June 22, 2004 in the form of joint presence at the address: Post House, M.Gorky sq., Nizhny Novgorod city, the time of the meeting beginning is 10-00 a.m. (local time), the registration starts at 8-00 a.m. (local time).

The agenda of the general meeting of shareholders:

1.       Approval of the annual report, annual accounting statement, including profit and loss statement (profit and loss accounts), distribution of profit and loss of the Company based on the results of the report (2003) fiscal year.

2.       On payment of dividends for 2003, the size, time and form of their payment on the shares of each category.

3.       Introduction of changes and addenda to the Company’s Charter.

4.       Introduction of changes and addenda to the Provision on the Company’s Board of directors.

5.       Introduction of changes to the Provision on the Company’s Management board.

6.       Introduction of changes to the Provision on the Company’s Auditing committee.

7.       Election of the members of the Company’s Board of directors.

8.       Election of the members of the Company’s Auditing committee.

9.       Approval of the Company’s auditor for 2004.

10.   Definition of the amount of remuneration to the members of the Company’s Board of directors.

The shareholders –owners of the Company’s ordinary shares have the right of vote on all the issues of the agenda of the shareholders’ meeting. 

The list of persons having the right to participate in the annual general meeting of shareholders is drawn on the basis of the data of the shareholders’ register as of 18-00 p.m. (local time) of May 3, 2004.

Starting from June 1, 2004 the persons having the right to participate in the annual general meeting of shareholders may familiarize with the materials of the agenda of the general meeting of shareholders at the following addresses: 

Nizhny Novgorod city, M.Gorky sq., Post House, from 9-00 a.m. to 18-00 p.m. (local time);

Kirov city, Drelevsky str., 43/1, from 8-00 a.m. to 17-00 p.m. (local time);

Yoshkar-Ola town, Sovietskaya str., 138, from 8-00 a.m. to 17-00 p.m. (local time);

Saransk town, Bolshevistskaya str., 13, from 8-30 a.m. to 17-30 p.m. (local time);

Orenburg city, Volodarsky str., 11, from 9-00 a.m. to 18-00 p.m. (local time);

Penza city, Kuprin str., 1/3, from 8-00 a.m. to 17-00 p.m. (local time);

Samara city, Krasnoarmeiskaya str., 17, from 8-00 a.m. to 17-00 p.m. (local time);

Saratov city, Kiselev str., 40, from 8-00 a.m. to 17-00 p.m. (local time);

Ulyanovsk city, L.Tolstoy str., 60, from 8-00 a.m. to 17-00 p.m. (local time);

Izhevsk city, Pushkinskaya str., 278, from 8-00 a.m. to 17-00 p.m. (local time);

Cheboksary town,

 And also at the Company’s website in the Internet at: www.volgatelecom.ru

A shareholder (shareholder’s representative) has the right to vote ahead-of-schedule by sending properly filled voting bulletins to the address: 603000 Nizhny Novgorod city, M.Gorky sq., Post House. The votes represented by voting bulletins are accounted during establishing the quorum and tally of votes provided that the Company receives them not later than two days prior to the meeting holding, that is not later than June 19, 2004 including.

If the voting is by proxy by sending the voting bulletins, then the bulletins should be attached with the proxy, on the basis of which a representative is acting, or its duly certified copy or a document confirming the rights of the representative to act without power of attorney on behalf of the shareholder – legal entity.

The authorities of representatives of shareholders-natural persons should be confirmed by a notarized power of attorney, or by another method established by Russian Federation Civil Code. The authorities of representatives of shareholders-legal entities should be confirmed by a notarized power of attorney, or by another method established by Russian Federation Civil Code or by a document confirming the rights of the representative to act without the power of attorney on behalf of the legal entity-shareholder.

Telephone for references:   8-8312-30-02-72
The Board of directors of OJSC “VolgaTelecom”