Nizhny Novgorod, March 2005: OJSC “VolgaTelecom” Board of directors considered the proposals of the shareholders regarding the nominees to the Company’s Board of directors and Auditing commission for the approval at the annual general meeting of shareholders.

The following persons are on the nominees’ list for the election to OJSC “VolgaTelecom” Board of directors at the annual general meeting of shareholders:

1.	Mr. Andreev Vladimir Alexandrovich	Rector of Povolzhsky state academy of telecommunications and informatics
2.	Mr. Belyaev Konstantin Vladimirovich	Deputy to the General Director of OJSC “Svyazinvest”
3.	Mr. Bobin Maxim Victorovich	Chief of legal department of Moscow’s representation office of “NCH Advisors, Inc.”
4.	Mr. Bulancha Sergey Anatolievich	Chief of communications department of Federal Agency of Communications
5.	Mrs. Grigorieva Alla Borisovna	Deputy to the director – chief of the sector of the Department of corporate governance of OJSC “Svyazinvest”
6.	Mrs. Devyatkina Lyudmila Ivanovna	Deputy to the director – chief of the sector of the Department of capital investments management of OJSC “Svyazinvest”
7.	Mr. Degtyarev Valeryi Victorovich	General Director of CJSC “Professional telecommunications”
8.	Mr. Kuznetsov Sergey Ivanovich	First deputy to the General Director of OJSC “Svyazinvest”
9.	Mr. Kulikov Denis Victorovich	Expert of Association for investors rights protection
10.	Mr. Romskyi Georgyi Alexeevich	General Director of OJSC “Southern Telecom Company”
11.	Mr. Slizen Vitalyi Alexandrovich	Director of the Department of state policy in info communications technologies of the Ministry of Information and Communication of Russia
12.	Mr. Fedorov Oleg Romanovich	Executive director of CJSC “Joint financial group”
13.	Mr. Michael Haywood	Executive director of Financial group “Faros”
14.	Mr. Chernogorodskyi Sergey Valerievich	Director of the Department of joint-stock capital of OJSC “Sviayzinvest”
15.	Mr. Chechelnitskyi Evgenyi Alexandrovich	Deputy to the chief of Federal Agency for supervision in communications

The following persons are on the nominees’ list for the election to OJSC “VolgaTelecom” Auditing commission at the annual general meeting of shareholders:

1.	Mr. Golubitskyi Bogdan Ivanovich	Main specialist of the Department of economic planning and budgeting of OJSC “Sviayzinvest”
2.	Mrs. Zubova Tatiana Yurievna	Deputy to the chief of the sector of the Department of bookkeeping of OJSC “Sviayzinvest”
3.	Mr. Kachurin Alexander Vladimirovich	Chief of the sector of the Department of finances of OJSC “Sviayzinvest”
4.	Mrs. Koroleva Olga Georgievna	?hief accountant of OJSC “Sviayzinvest”
5.	Mrs. Feoktistova Nataliya Vladimirovna	Head of the group of the Department of legal provision of OJSC “Sviayzinvest”

In addition, the Board of directors considered the proposal of OJSC “VolgaTelecom” shareholder – “Reardon Enterprises Ltd.” company to put the issues to the agenda of the annual general meeting of shareholders and the decision was made to put the following issues to the agenda of the annual general meeting of shareholders:

Introduction of changes in OJSC “VolgaTelecom” Charter;

Introduction of changes in the Provision on the procedure of holding general meeting of shareholders of OJSC “VolgaTelecom”.

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The Board of directors is collegial management body of the Company, it carries out general management of the Company, excluding the solution of issues referred by federal laws and the Company’s Charter to the competence of the Company’s general meeting of shareholders. The Board of directors of OJSC “VolgaTelecom” consists of 11 persons elected by the Company’s annual general meeting of shareholders. The Auditing commission carries out control over financial-economic activity of the Company and is elected by the general meeting of shareholders as per the procedure stipulated by current legislation and the Company’s Charter for one year period, it consists of 5 persons.

OJSC “VolgaTelecom” is the largest telecommunication company of the Volga region providing telephony, cellular communication, Internet and data transfer, television and radio broadcasting services. The Company was established in 2002, when within the terms of communication industry restructuring, 11 telecommunication operators of the Volga Federal district were consolidated into OJSC “VolgaTelecom”. The installed capacity of consolidated company - 4,7 million numbers. The Company’s shares are traded at RTS and MICEX. Since 1997 I-level American Depositary Receipts program is carried out, the specified receipts being traded at Frankfurt, Berlin stock exchanges and at the USA OTC market.