Ivtelecom held an EGM on February 15, 2002 at which the following resolutions were passed:  

• 1.       To approve the merger of OJSC Ivanov Telecommunications with OJSC Central Telecommunications Company.
• 2.       To approve the merger agreement of OJSC for the merger of OJSC Ivanov Telecommunications with OJSC Central Telecommunications Company.
• 3.       To approve the Transfer Act.

 In addition, a motion was passed to approve the swap ratio for converting the shares of OJSC Ivtelecom into CenterTelecom shares as 0.4484444751.  The market value of OJSC Ivtelecom's shares subject to buyback from shareholders is as follows:

Rub 0.44 per common share;

Rub 0.26 per type A preferred share.