On March 24, 2011 an extraordinary general meeting of the shareholders of OJSC North-West Telecom was held. The meeting was attended by the shareholders jointly owning 63.96% of the voting shares.

Based on the results of the EGMS of N.W.Telecom, the Company shareholders decided to:

Make amendments in the Provisions on the N.W.Telecom Board of Directors;

Approve the rate (percentage) of the deductions for calculation of the annual reward to members of the Board of Directors of N.W.Telecom performing their functions after the annual General Meeting of the N.W.Telecom Shareholders (19.06.2010) at the rate of 0.41% of OIBDA according to the Russian accounting standards based on the results of the fiscal year 2010.