On January 17, 2011 an Extraordinary North-West Telecom’s General Meeting of Shareholders was held, at which the Company’s shareholders adopted the resolution to terminate prematurely the members of the current Board of Directors and elected a new Board of Directors consisting of the following persons:

- Valentina F. Veremyanina - Executive Director, Director of the Corporate Management and Legal Support Department, Svyazinvest JSC;

- Corporate Management Director, Moscow Representative Office, NCH Advisors, Inc.;

- Mikhail A. Leschenko – Deputy General Director, Svyazinvest JSC;

- Aleksey A. Malysh – Director of the Electrical Communications Department, Svyazinvest JSC;

- Andrey V. Morozov – Head of the Legal Department, Moscow Representative Office, NCH Advisors, Inc.;

- Aleksandr Yu. Provotorov – President, Rostelecom JSC;

- Ivan I. Rodionov – Professor, the State Institution “Higher School of Economics”;

- Georgy A. Romsky – Counselor to the General Director, Svyazinvest JSC;

- Vadim V. Semyonov – Chief Executive officer, Svyazinvest JSC;

- Nadezhda V. Filippova – Deputy General Director, Svyazinvest JSC;

- Evgeny V. Yurchenko – Member of the Board of Directors, North-West Telecom JSC.

The shareholders which attended the Meeting owned 72.86% of the voting shares in total.

After the closure of the Extraordinary General Meeting of Shareholders, the new Board of Directors met for the first time, electing Vadim V. Semyonov as the Chairman of the Board of Directors.