Nizhny Novgorod, December 2004: as of December 15, 2004 Volga Telecom paid out over Rub 412 bln in FY 2003 common and preferred dividends. The decision to make dividend payouts and their amount was approved by the general shareholders meeting (Minutes #4 dated June 23, 2004).

Dividends accrued on common shares totaled Rub 225,947,662, while the payment of common dividends equaled Rub 223,177,987. This means that dividends accrued per common share came to Rub 0.9186.

Dividends accrued on preferred shares totaled Rub 200,941,317, while the payment of preferred dividends equaled Rub 189,352,726. This means that dividends accrued per preferred share were Rub 2,451.0.

Dividends were paid out in cash.