The shareholders took a decision of 2003 dividend payment. The amount of dividend is RUR0.01 per 1 common share and RUR0.01848 per 1 preferred share. The total volume of dividend payment would thus make 25.2 % of net profit in FY 2003 (last year - 21.8 %). The company will pay RUR467.8 mn as dividends which exceeds 2.4 fold 2002 dividend payment (RUR198.6 mn). Dividend will be paid in cash. The deadline for payment is as follows: August 24, 2004 - for preferred shares; December 15, 2004 - for common shares.

The following persons were elected to the Board of Directors of the Company:

Vladimir Adzhalov, Advisor to General Director of OAO Rostelecom
Vadim Belov, Deputy General Director of OAO Svyazinvest
Alla Grigorieva, Deputy Director and Head of Section of Corporate Governance Department at OAO Svyazinvest
Vladimir Dudchenko, Head of Research at Moscow office of NCH Advisors, Inc
Vladimir Zholobov, Leading specialist of Corporate Governance Department at OAO Svyazinvest
Vladimir Kozin, Director of Direct Investment and Property Department at OAO Svyazinvest
Stanislav Panchenko, Deputy General Director of OAO Svyazinvest
Leonid Perminov, Shareholder
Vladimir Rybakin, General Director of OAO Uralsvyazinform
Sergey Chernogorodsky, Director of Shareholder Equity Department at OAO Svyazinvest
Sergey Yurpalov, Head of Department for Interaction with Local Federal Executive Authorities and Regional State Authorities at the Office of Authorized Representative of President in Urals Federal District

The following persons were elected to the Audit Comission:

Svetlana Bocharova, Head of section at Accounting Department of OAO Svyazinvest
Lubov Greseva, Leading specialist of Internal Audit Department of OAO Svyazinvest
Elena Durnova, Leading specialist of Finance Department of OAO Svyazinvest
Larissa Zotova, Acting Director of Internal Audit Department of OAO Uralsvyazinform
Sergey Podosinov, Leading specialist of Internal Audit Department of OAO Svyazinvest
Irina Prokofieva, Director of Internal Audit Department of OAO Svyazinvest
Olga Chetvyorkina, Leading specialist of Capital Investments Department of OAO Svyazinvest

The Meeting approved the Company auditor for 2004 - ZAO "Ernst & Young Vneshaudit". The Meeting also approved the amount of remuneration to the Board of Directors, validated amendments and supplements to the Company Charter, to Regulations of the Board of Directors, managing Board and Audit Commission as well as to the Holding Procedure of AGM.

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