A Board of Directors meeting of STC was held on May 15, 2002 at which the following issues were addressed: 

1.      Approved: annual financial statement, accounting reports, including the profit and loss statement, allocation of profits and losses based on 2001 financial statements.

2.      Resolutions of the AGM were adopted on the payment of 2001 dividends: 

-         to pay out dividends of Rub 0.189008 on preferred share in cash form no later than August 20, 2002;

-         to pay out   dividends of Rub 0.189008 on common share in cash form no later than  December 31, 2002; 

The company's documents of internal procedure were also examined and the AGM passed a resolution to approve these documents (Charter, Rules on the Board of Directors, Board of Managers and the Procedure for Conducting the Annual General Shareholders Meeting).