Volga Telecom held an extraordinary general shareholders meeting on March 26, 2003 at which the following issues were examined:

1. Vladimir Fedorovich Lyulin was elected director general of Volga Telecom by a majority of votes for a term of two years.

2. The following 11 appointments were made to the Board of Directors:

Maxim Viktorovich Bobin- head of the legal department of the Moscow representative office of NCH Advisors, Inc.;

Alla Borisovna Grigoryeva - deputy director - head of corporate governance department of OJSC Svyazinvest;

Vladimir Vladimirovich Dudchenko - head of the research department of the Moscow representative office of NCH Advisors, Inc.;

Elena Viktorovna Zabuzova- deputy director - head of the economics and tariff department of OJSC Svyazinvest;

Vladimir Vladimirovich Kozin - head of the department of corporate finance and direct investments of OJSC Svyazinvest;

Vladimir Federovich Lyulin - director general of OJSC Volga Telecom;

Georgy Alexeyevich Romsky - deputy director general of OJSC Svyazinvest;

Viktor Dmitrievich Savchenko - head of the legal department of OJSC Svyazinvest;

Oleg Romanovich Federov - deputy executive director of the Associatoin for the Protection of Investors' Rights;

Sergey Valeryevich Chernogorodsky - deputy director of the Securities Department of OJSC Svyazinvest;

Yevgeny Valeryevich Yurchenko - deputy director general of OJSC Svyazinvest.

3. The following were approved by a majority of votes:

- the new version of the Company Charter;

- the Rules for Holding General Shareholders Meetings of Open Joint Stock Company Volga Telecom;

-         the new version of Rules for the Board of Directors of OJSC Volga Telecom;

-          the new version of the Rules for the Board of Managers of OJSC Volga Telecom;

-         the new version of Rules for the Audit Committee of OJSC Volga Telecom;

4. The amount of remuneration was determined for the company's board of directors.