On 27th June 2005, the Annual General Meeting of the Shareholders of OJSC North-West Telecom took part. The meeting was held in the form of joint attendance by the shareholders of the Company.

According to the agenda, the shareholders approved the annual report, the annual financial statements, including the profit and loss report  of the company, and distribution of the company's profit on the basis of the results of the fiscal year under report.

The meeting of the shareholders of OJSC North-West Telecom took a decision to pay the dividend for the year 2004. The dividend will amount to 0.248 roubles per common share and 0.469 roubles per preferred share. The dividend will be paid in the monetary form within the following time: from 15th August till 15th December 2005 for preferred shares; and from 15th August till 15th December 2005 for common shares.

According to the voting results, the following members of the Board of Directors of OJSC North-West Telecom have been elected:   

1. V.N. Yashin - Chief executive officer, OJSC Svyazinvest

2. I.M. Ragozina - Director, Department of Corporate Governance, OJSC Svyazinvest

3. V.A. Akulich - Chief executive officer, OJSC North-West Telecom

4. A.V. Ikonnikov - Chairman of the Supervisory Board of the Association of Independent Directors

5. D.G. Yefimov - General director, Clinsky Proekto-Stroitelny combinat

6. D.V.Levkovsky   - Vice-President, Representative Office of NCH Advisors, Inc. in Moscow    

7. I.I. Rodionov - Managing Director, AIG-Brunswick Capital Management Company

8. A.A. Gogol - Rector, Prof. M.A. Bonch-Bruyevich Saint Petersburg State University of Telecommunications

9. K.V. Belyayev - Deputy General Manager, OJSC Svyazinvest

10. A.N. Kiselyov - Assistant Minister of the Russian Federation for Information Technologies and Communication

11. N.M. Popov - Director of the Department of State Programme s, Infrastructure Development and Use of the Limited Resource of the Ministry of Informatization and Communication of Russia

The Auditing Committee has been elected with the following members:    

1. R.K. Aksyaitov - Head of the Methodology Division of the Accounting Department, OJSC Svyazinvest

2. N.V. Yermolayeva - Head of the Statistical Reporting   Department, DEP, OJSC Svyazinvest

3. Ye.V. Zabuzova - Director of the Department for Economic Planning and Budgeting, OJSC Svyazinvest

4. A.V. Kachurin - Head of the Treasury, Finance Department, OJSC Svyazinvest

5. K.Yu. Kravchenko - Director of the Telecommunications Department, OJSC Svyazinvest

6. Ye.A. Pavlova - Leading Specialist of the Methodology Division of the Accounting Department, OJSC Svyazinvest

7. N.P. Utina, Head of the Department of Investment Projects Economic s, DEPB, OJSC Svyazinvest  

The company's auditor for 2005 has been approved by the meeting: Ernst and Young LLC

Decisions of the Meeting of the Shareholders have determined the amount of remuneration for the members of the Board of Directors of OJSC North-West Telecom, introduced amendments and additions to the Articles of Association of the Company, to the Provisions on the Board of Directors and the Provisions on the General Meeting of the Shareholders.   Besides, the meeting took a decision on termination of OJSC NWT 's participation in the Iskra Association of Operators of the Federal Business Servicing Network and the Union of Manufacturers and Consumers of Communication Facilities.