The Board of Directors of OJSC Central Telegraph adopted the following resolution on May 7, 2002: 

- to recommend that 2001 dividends should be paid out to shareholders of the company based on the following rates:

a)      Rub 68.96 per share on common shares;

b)      Rub 146.88 per share on type A preferred shares;

c)      Rub 73.44 per share on type B preferred shares.

-          to approve the following procedure for annual dividend payment: 

            August 1, 2002 - beginning date for annual dividend payment;

            2002 financial year - term of dividend payout 

The annual general shareholders meeting of OJSC Central Telegraph will be held on June 7, 2002 at 2 p.m. at Tverskaya ul. 7 in Moscow. 

Other issues on the agenda include approving the annual financial statement, the balance sheet, the profit and loss statement, profit and loss allocation for 2002, the issue of dividend payment, the total amount and terms of dividend payment for each type of shares.  The AGM will also address the appointment of Board of Director members, making amendments to the Company Charter and approving the Company's 2002 auditor.