Krasnodar, 26 June 2007 – Southern Telecommunications Company (“UTK”) (RTS: KUBN, KUBNP; MICEX: UTEL, UTELP; ADR OTC: STJSY, KUE FRA), the largest fixed-line telecommunications provider for Russia’s Southern Federal District, reports that on 26th June 2007 the first session of the newly elected Board of Directors was held following the Company’s Annual General Shareholders Meeting. At the session Stanislav Nikolaevich Panchenko, Deputy Director General of “Svyazinvest” OJSC, was elected the Chairman of the Board of Directors of "Southern Telecommunications Company" PJSC. Vladimir Borisovich Zhelonkin, Deputy Director General of “Svyazinvest” OJSC was elected the Vice-Chairman of the Board of Directors of "Southern Telecommunications Company" PJSC