OREANDA-NEWS. June 20, 2008. At the today’s meeting of the Board of Directors of OAO Belon, a number of decisions were made in regard to the Company’s plans to enter international stock market.

The Company’s Board of Directors considered it necessary to hold IPO in 2009. By September 1, 2008, Belon’s management is to develop a comprehensive programme of steps to ensure successful initial public offering of the Company’s ordinary shares. This programme will outline the proposals for finding an underwriter and for doing due diligence, as well as the recommendations for the volume of additional placement, etc.

In the framework of the preparation to enter the international stock market, it is planned to split the shares of OAO Belon. This issue will be included in the agenda of a special meeting of shareholders, to be held on August 8, 2008.

In addition, the Board of Directors approved a new version of the Provision on the Dividend Policy. The policy was amended in part of the amount of funds to be paid as dividend. According to the new version, the Company will allocate 50% of the net profit of the parent company (OAO Belon) based on RAS to pay dividend.

In this connection, an options programme aimed at the motivation of the Company’s management when holding IPO will be developed by July 20.

Pursuant to modern corporate governance practices, Belon’s Board of Directors took a decision to establish an audit committee, a corporate governance committee, a budgeting and investment planning committee, a committee on science and innovations, and an HR and remuneration committee.