On April 15, 2004 OJSC “VolgaTelecom” Board of directors appointed the date of holding the general meeting of shareholders – June 22, 2004. The meeting will start at 10-00 a.m. at the address: Nizhny Novgorod city, M.Gorky sq., Post House.

The list of shareholders having the right to participate in the annual general meeting of stockholders will be made up as of the status on May 3, 2004 (18:00 p.m. local time).

The Board of directors approved the following agenda of the annual general meeting of stockholders:

1.       Approval of the annual report, annual accounting statement, including the report of profit and losses (accounts of profit and losses), distribution of profit and losses of the Company on the basis of the results of the report (2003) fiscal year;

2.       On the payment of dividends for 2003, the size, the time and the form of their payment under the shares of each category;

3.       Introduction of changes and addenda to the Company’s Charter;

4.       Introduction of changes and addenda to the Provision on the Company’s Board of directors;

5.       Election of the members of the Company’s Board of directors;

6.       Election of the Company’s Auditing committee;

7.       Approval of the Company’s auditor for 2004;

8.       Definition of the amount of remuneration to the members of the Company’s Board of directors.

The stockholders – owners of ordinary shares of the Company – have the right of vote on all the issues of the agenda of the meeting.