On 15th May 2009 North-West Telecom’s Board of Directors approved the recommendation volume of dividends for the year 2008 which will be recommended to the annual general shareholder’s meeting to approve.

Board of Directors recommend to the AGM, which will held on June 22nd, 2009 to distribute net income for the fiscal year 2008 as follows:

- RUR 864,049,757, or 23.85 % of Company’s net income, for the payment of the dividends, including:

  - RUR1.281 per one preferred share;

  - RUR0.617 per one ordinary share;

- RUR 2,758,127,821 to increase the equity capital.

The record day is May 4th, 2009.

NWT’s Board of Directors approved the agenda of the following AGM:

- Approving the annual report, including the profit and loss report (profit and loss account) of the Company, as well as net income distribution (including payment for dividend), for the year under report (2008).

- Electing the members of the Company's Board of Directors.

- Electing the members of the Company's Auditing Committee.

- Approving the Company's Auditor for the year 2009.

- Approving the ratio (interest) for calculating the annual remuneration for the Board of Directors’ members.

- Approving the Articles of Association in a new version.

- Approving the Provisions on the Board of Directors of the Company in a new version.

In the course of the meeting, the Board of Directors of N.W.Telecom considered other matters related to the annual general meeting of the shareholders.

All materials and documents for the annual meeting of the shareholders will be published on the corporate web site of North-West Telecom in the Investor and Shareholder section till May 22nd, 2009.