On May 13th, 2001 the Board of Directors of OJSC North-West Telecom had a meeting. The key items of the agenda were related to review and approval of materials to be submitted to the annual General Meeting of Shareholders of the Company.

Having heard and discussed the reports of participants, the Board of Directors decided as follows:

Approve as drafts, and submit to the annual General Meeting of Shareholders of OJSC North-West Telecom for final approval:

·         Annual report of OJSC North-West Telecom for 2001;

·         Accounting statement for 2001;

·         Company’s profit and loss statement for 2001 ?;

·         Profit and loss distribution for 2001;

·         Planned Profit and loss distribution for 2002;

·         Revised Charter of the Company, and internal provisions of the Company (Provisions on the General Meeting of the Shareholders, on the Board of Directors, and on the management Board).

The Board recommended to the Meeting of the Shareholders to:

·         Mark the preferred dividend at RR 0.248 per preferred share;

·         Mark the ordinary dividend at RR 0.077 per ordinary share.

Pay the dividends in the cash form.

Approve the dividend payment schedule from August 15th till December 31st, 2002.

The Meeting of the Shareholders will be opened at 13:00 on June 25th, 2002 at 14 Sinopskaya Naberezhnaya, St. Petersburg.

The shareholders will be able to review the materials provided by the Company for preparation for the meeting between June 4th and June 24th, 2002.