On July 25th, the annual General Meeting of Shareholders of OJSC North-West Telecom was held. The shareholders approved the annual report, accounting statement for 2001, profit and loss accounts of the Company, profit and loss distribution for 2001, and planned profit and loss distribution for 2002. The shareholders approved the revised Charter and internal documents of the Company: Provisions on the Management Board, Provisions on the Board of Directors, and Provisions on the General Meeting of Shareholders of the Company.

The dividends on the shares were declared as follows:

• on preferred shares: RR 0.248 per preferred share;
• on ordinary shares: RR 0.077 per ordinary share.

The Authorized Capital of the Company is RR 587,497,817. The Company has placed the following stock:

• Ordinary registered shares:                         473,056,966, at the denominational value of 1 ruble each.
• Preferred registered shares of A type:         114,440,851, at the denominational value of 1 ruble each.

The shareholders also approved the revised Provisions on the Auditing Committee of the Company, and elected members of the Auditing Committee.

CJSC Ernst and Young Vneshaudit was approved as the Company’s auditor.

16 persons were nominated for the Board of Directors of the OJSC North-West Telecom. The General Meeting elected a Board of Directors to the following list:

1.        V. E. Belov                 Deputy General Director, JSC Sviazinvest

2.        Y. A. Bilibin                Assistant to General Director, JSC Sviazinvest

3.        O. A. Lebedinets         Director, Analytical Department of Brunswick Investment Research Limited

4.        D. V. Levkovsky         Vice-President, NCH Advisors, Inc.

5.        A. I. Osipchuk            First Deputy Director, JSC Sviazinvest

6.        I. M. Ragozina            Director, Corporate Governance Department of JSC Sviazinvest

7.        I. I. Rodionov             Executive Director, AIG-Brunswick Capital Management

8.        S. V. Soldatenkov       General Director, OJSC North-West Telecom (over 2% voting shares)

9.        V. N. Yashin                General Director, JSC Sviazinvest

At the first meeting, V. N. Yashin was elected Chairman of the Board of Directors.