OREANDA-NEWS. May 24, 2007. Open Joint Stock Company “VolgaTelecom” advises on holding of annual general meeting of shareholders on June 22, 2007 in the form of joint presence at the address: Dom Svyazi, M.Gorky sq., Nizhny Novgorod city, the time of the meeting beginning is 10:00 a.m. (local time), the regis tration starts at 8:00 a.m. (local time).

The agenda of the general meeting of shareholders:

• Approval of the annual statement, annual accounting statement, including profit and loss statement (profit and loss accounts), and also dis tribution of profit (including dividend payment) and loss of the Company based on the results of the reporting 2006 fiscal year.

• In troduction of changes to the Company’s Charter.

• In troduction of changes to the Provision on the Company’s Board of directors.

• In troduction of changes to the Provision on the procedure of holding a general meeting of stockholders of the Company.

• Election of the members of the Company’s Board of directors.

• Election of the members of the Company’s Auditing committee.

• Approval of the Company’s auditor for 2007.

• Determination of annual remuneration to the members of the Company’s Board of directors.