OREANDA-NEWS. On 21 May 2008 was announced, that OJSC VolgaTelecom Board of directors annual meeting was held; its agenda included the issues related to preparation and holding of annual general meeting of OJSC VolgaTelecom shareholders. Earlier the Board of directors appointed the date and the location of the annual general meeting of shareholders June 24, 2008, Nizhny Novgorod city.

OJSC VolgaTelecoms Board of directors preliminarily approved the Companys annual report for 2007 and recommended to the annual general meeting of shareholders to approve the annual report, annual accounting statements, including the Company's profit and loss statement. The Board of directors considered the findings of the auditor and the Company's Auditing committee based on the results of the audit of the annual accounting statements for 2007.

The Board of directors made the decision to recommend to the annual general meeting of shareholders:
- to distribute the Companys profit based on the results of the reporting 2007 fiscal year, in the following way:
RUR 857 361 779,89 for dividend payment, of which:
    On preferred A type shares - RUR 4,0534 per a share;
    On ordinary shares - RUR 2,1346 per a share;
RUR 2 465 745 894,11 for the increase in the Company's equity capital.

- Set the procedure of dividend payment to persons included into the list of persons entitled to receive dividends:
- by transfer to bank accounts;
- by postal transfer;
- by payment in cash in the Companys cash offices.

Furthermore, the Board of directors approved the agenda of the annual general meeting of shareholders:
1. Approval of annual report, annual accounting statements, including the Companys income statement (profit and loss accounts), and also distribution of profit (including dividend payment) and loss of the Company based on the results of the reporting 2007 fiscal year.
2. Election of the members of the Companys Board of directors.
3. Election of the members of the Companys Auditing committee.
4. Approval of restated version of Articles of association of Open Joint Stock Company VolgaTelecom (OJSC VolgaTelecom).
5. Approval of restated version of Regulation on the Board of directors of Open Joint Stock Company VolgaTelecom (OJSC VolgaTelecom).
6. Approval of restated version of Regulation on Auditing committee of Open Joint Stock Company VolgaTelecom (OJSC VolgaTelecom).
7. Approval of the Companys auditor for 2008.
8. Approval of requirement criteria (percentage) of deductions for calculation of annual remuneration to the members of the Companys Board of directors.