On February 21, 2002 OJSC Elektrosvyaz, Kaluga region held an extraordinary shareholders' meeting at which a resolution was passed on merging OJSC Elektrosvyaz, Kaluga region with OJSC Central Telecommunications Company (CenterTelecom).  

The meeting was attended by the company's common and preferred shareholders.  The merger transaction was approved by 93.3% of the company's registered shareholders.  

According to recommendations by the company's financial consultant, LV Finance and as stated in the merger agreement, the swap ratio which is to be used in converting the company's shares into those of CenterTelecom is 22.2652655061.  This means that OJSC Elektrosvyaz, Kaluga region shares will be exchanged for 22.27 shares in CenterTelecom.  The charter capital of OJSC Elektrosvyaz, Kaluga region will represent 4.33% of the total charter capital of the merged entity.   

The buyback price for the shares of those who voted against the merger or failed to attend the meeting is Rub 22.74 per common share and Rub 18.32 per preferred share.  The nominal value of shares is Rub 38.50