North Western Telecom held its Annual General Shareholders Meeting on June 25, 2002. 

Resolutions were passed to approve the annual financial statement, the accounting reports, including the profit and loss statement, and the allocation of profits and losses on results of the 2001 fiscal year. 

Shareholders approved the revised versions of the following internal documents of the company: the Rules for the Supervisory Board, the Rules for the Board of Directors, and the Rules for Holding the General Shareholders Meeting. 

The amount of dividends to be paid out for 2001 was approved.  A resolution was passed to pay out Rub 0.248 on common shares and Rub 0.077 on preferred shares. Charter Capital - Rub 487,497,817 ; The company's shares outstanding to date include: 

-          Common shares - 473,056,966 with a nominal value of Rub 1;

-          Preferred shares (type A) - 114,440,851 with a nominal value of Rub 1. 

Shareholders approved the revised Rules for the Audit Committee as well as appointments to the Audit Committee.  

ZAO Ernst & Young was approved as the company's official auditor.  

The composition of the Board of Directors of OJSC North Western Telecom is as follows: 

-         B.E. Belov - vice director general of OJSC Svyazinvest;

-         Yu. A. Lebedinets - director of the research division of Brunswick Investment Research Ltd.;

-         D.B. Levkovsky - vice president of NCH Advisors Inc.;

-         A.I. Osipchuk - first vice director general of OJSC Svyazinvest;

-         I.M. Ragozina - director of Corporate Governance Department of OJSC Svyazinvest;

-         I.I. Rodionov - executive director of AIG Brunswick Capital Management;

-         Soldatenkov - director general of OJSC North Western Telecom (more than 2% of voting shares);

-         V.N. Yashin - CEO of OJSC Svyazinvest; 

V.N. Yashin was appointed chairman of the Board of Directors at the first BoD meeting.  

The revised version of the Company Charter was issued due to the foundation of eight branches of OJSC North Western Telecom: Artelecom Arkhangel Region, Murmanskelektrosvyaz, Novgorodtelecom, Cherepovetselektrosvyaz, Elektrosvyaz Vologda Region, Elektrosvyaz Kaliningrad Region, Elektrosvyaz Republic of Karelia, Elektrosvyaz Pskov Region.  

The total value of shares issued in conjunction with the merger process is as follows:  

-         common shares - Rub 262,898,773

-         type A preferred shares - Rub 87,646,542