On January 22, 2004 OJSC “VolgaTelecom” capitalization achieved US$1 billion - this is its maximum level since the time of consolidation of 11 communication operators of Povolzhie region within the terms of interregional communication company OJSC “VolgaTelecom”. The results of the auctions at RTS on January 22, 2004 – weighted average price of OJSC “VolgaTelecom” ordinary shares made up US$3.402 and US$2.200 for preferred shares. On the whole, since the beginning of auctions of consolidated company shares (the end of March 2003) the capitalization increased by 223%.