OJSC Volga Telecom is scheduled to hold a joint (extraordinary) shareholders meeting on March 26, 2002. The main issues of the agenda will be as follows: electing the governing bodies of the company and approving statutory documents. 

In this regard, the Board of Directors of Volga Telecom adopted a resolution to recommend Vladimir Fedorovich Lyulin to the joint (extraordinary) shareholders meeting for the position of direct general of Volga Telecom.

In addition, the Board of Directors passed a resolution to include the following candidates to the list of nominees:

For the Board of Directors:

1. Yury Alexandrovich Bibilin – assistant to the director general of OJSC Svyazinvest;

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

3. Mikhail Borisovich Vasilyevich – head of the Saint Petersburg representative office of NCH Advisors, Inc.

4. Alla Borisovna Grigoryeva – deputy head – head of the corporate governance department of OJSC Svyazinvest;

5. Lyubov Ivanovna Grigoryeva – deputy director general of business development at OJSC Volga Telecom;

6. Vladimir Vladimirovich Dudchenko – consultant of the Moscow representative office of NCH Advisors, Inc.;

7. Elena Viktorovna Zabuzova – deputy director – head of the department of economic and tariff policy of OJSC Svyazinvest;

8. Vladimir Vladimirovich Kozin – deputy head – head of the corporate finance and direct investments of OJSC Svyazinvest;

9. Alexander Vladimirovich Lopatin – deputy director general of OJSC Svyazinvest;

10. Vladimir Fedorovich Lyulin – director general of OJSC Volga Telecom;

11. Peter Montgomery Halloran – representative of ING Bank (Eurasia);

12. Georgy Alexeyevich Romsky – deputy director general of OJSC Svyazinvest;

13. Viktor Dmitriyevich Savchenko – director of the legal department of OJSC Svyazinvest;

14. Oleg Romanovich Fedorov – deputy executive director of the Association for the Protection of Investors’ Rights;

15. Galina Arsentyevna Filimonova – chief expert of the corporate governance department of OJSC Svyazinvest;

16. Sergey Valeryevich Chernogorsky – deputy director of the securities department of OJSC Svyazinvest;

17. Evgeny Valeryevich Yurchenko – Deputy general director of OJSC Svyazinvest;

According to the company’s Charter 11 of these 17 candidates will be elected to the Board of Directors.

Nominees for the audit committee:

Sergey Imanovich Alekhin– chief expert of the department of internal audit and economic analysis of OJSC Svyazinvest;

Komstantin Vladimirovich Belyaev– chief accountant of OJSC Svyazinvest;

Lilia Nikolaevna Karelina– chief expert of the electronic data department of OJSC Svyazinvest;

Yelena Nikolaevna Kukudzhanova– chief expert of the internal audit and economic analysis department of OJSC Svyazinvest;

Larisa Valeryevna Tareyeva– leading expert of the corporate finance and direct investments department of OJSC Svyazinvest;

According to the company’s charter five candidates will be nominated to the Board of Directors

OJSC Volga Telecom will hold its joint (extraordinary) general shareholders meeting on March 26, 2003 at 10:00 at the following address: Nizhny Novgorod, pl. Gorkogo, Dom Svyazi.  Registration will begin at 8:00 a.m.

Holder of the company’s common shares will be entitled to vote on all issues placed on the agenda of the shareholders’ meeting.

The list of individuals entitled to vote at the joint (extraordinary) general shareholders meeting has been compiled based on the shareholders roster as of 6 p.m. (local time) January 24, 2003.