Nizhni Novgorod, January 5, 2004: on December 30, 2003Volga Telecom paid out over Rub 315 million in dividends on common and preferred shares.  The decision on paying out dividends and the size of dividends was adopted by the general shareholders’ meeting (Minutes # 3, dated July 10, 2003).

The total amount of dividends accrued on common shares of the company was Rub 173,802,112.9 and the total amount paid out on common shares was Rub 170,783,874.53.  The per share dividend amount on commons was Rub 0.7066.

The total amount of dividends accrued on preferred shares of the company was Rub 147,193,003.54 and the total amount paid out on common shares was Rub 144,441,147.02.  The per share dividend amount on prefs was Rub 1.7954.