The AGM made the following decisions:

1. To approve Company’s annual report, financials, including the income statement, as well as plans to distribute profits and losses under FY 2003 results.

2. To pay out FY 2003 dividends as follows:

• Rub 0.03841305 per preferred share;

• Rub 0.00858138 per one common share.

3. To elect a new board of directors, including:

• Maksim Victorovich Bobin, as a representative of Lindsell Enterprises Limited;

• Alexander Arkadievich Ermolich, as head of the corporate management department at Svyazinvest;

• Elena Victorovna Zabuzova, as director of the economic planning and budgeting department at Svyazinvest;

• Gennady Ivanivich Kovalenko, as head of the legal department at Svyazinvest;

• Anatoly Ivanovich Nikulin, as chief executive officer at Siberia Telecom;

• Marina Nikolaevna Osadchaya, as head of the marketing and services sales organization department at Svyazinvest;

• Igor Veniaminovich Pozhidaev, as director of IT department at Svyazinvest;

• Igor Nikolaevich Repin, as deputy managing director at the Association for Protection of Investors Rights;

• Georgy Alexeevich Romsky, as deputy chief executive officer at Svyazinvest;

• Vladimir Anatolievich Statyin, as a representative of Interfincapital management company, Proton, Uspekh trading company and Monomakh management company;

• Evgeny Valerievich Yurchenko, deputy chief executive officer at Svyazinvest.

4. To elect an audit committee, including:

• Svetlana Anatolievna Groza, as director of internal audit department at Siberia Telecom;

• Andrei Mikhailovich Levitsky, as deputy head of finance department at Svyazinvest;

• Ekaterina Alexandrovna Pavlova, as leading specialist of accounting department at Svyazinvest;

• Sergei Vladimirovich Podosinov, as chief specialist of internal audit department at Svyazinvest;

• Irina Victorovna Prokofieva, as head of internal audit department at Svyazinvest.

5. To approve auditing firm ZAO Ernst & Young Vneshaudit as the Company’s auditor for 2004.

6. To approve guidelines (interest rates) for allocations to calculate annual remuneration for all board members at Siberia Telecom as follows:

• 0.16% of Company’s EBITDA under IAS financial statements for the reporting period;

• 0.34% of Company’s net profit allocated to annual dividend payouts.

7. To amend and supplement the charter of Siberia Telecom.

8. To amend and supplement Regulation “On Board of Directors of Siberia Telecom”.

9. To amend and supplement Regulation “On Executive Board of Siberia Telecom”.

10. To amend and supplement Regulation “On Auditing Committee if Siberia Telecom”.

11. To join the Association for Management of Quality in Telecommunications and Informatization “International Congress of Telecommunications Quality”.