On 19th May 2005 the Board of Directors of OJSC North-West Telecom established the recommended amount of the dividend based on the results of the company's operation for 2005 and approved the agenda of the annual general meeting of the shareholders that will be held on 30th June 2006.

The Board of Directors of OJSC NWT has taken a decision to recommend to the general meeting of the shareholders to take decisions on paying the dividend for 2005 to the following amounts:

• per preferred shares – RUR 0.652 per share, (growth +39%),
• per common shares – RUR 0.265 per share (growth +7%)

The dividend will be paid in the monetary form from 15th August till 15th December 2006.

The total amount planned for dividend payment for 2004 will amount to RUR 397 mln., or 22% of the net profit of the company (RUR 336 mln. in 2005, or 24% of the net profit).  

The list of those entitled to participate in the meeting has been made up according to the register of JSC North-West Telecom's shareholders as of 15th May 2006.     

  The Board of Directors of OJSC NWT has approved the following agenda of the annual general meeting of the shareholders:  

• Approving the annual report, annual accounts and reports, including the profit and loss report of the Company, as well as profit distribution, including that for payment of dividend, and Company's losses based on the results of the fiscal year under report (2005);
• Determining the amount of the dividend for 2005, the method and timing of dividend payment for common and preferred shares of each type;
• Electing the members of the Company's Board of Directors;
• Electing the members of the Company's Auditing Committee;
• Approving the Company's Auditor for the year 2006;
• Approving the Articles of Association of the Company in a new version;
• Making amendments and additions to the Provisions on the General Meeting of the Shareholders of the Company;
• Approving the Provisions on the Board of Directors of the Company in a new version;
• Approving the Provisions on the Company's Auditing Committee in a new version;
• Determining the amount of remuneration for members of the Board of Directors of the Company. 

The Board of Directors has established that only holders of Company's common shares shall have the right of vote in respect of all issues of the agenda of the shareholders' meeting.

The Board of Directors has also considered other issues related to the preparation for holding the annual general meeting of the shareholders. Starting from 9th June 2006 all materials for the annual meeting of the shareholders will be published on the corporate site of the Company in the Investors' and Shareholders' section https://www.nwtelecom.ru/pubsas/test--8270B61EF29748CF84433016313B1E0E/index.html