OREANDA-NEWS. On 22 July 2008 was announced, that VolgaTelecom’s Board of directors made the decision of establishing the committees of the Company’s Board of directors and approving their members.

The activity of the Board of directors’ committees is indispensable condition of efficient operation of the Board of directors. The Committees’ basic function is preliminary consideration of the most important issues referred to the Board of directors’ competencies and preparation of recommendations to the Board of directors for decision making on such issues. The activity of each Committee is governed by individual Regulation defining the objectives of establishment and the functions of the Committee, its composition and the procedure of its forming, the procedure of holding meetings and interaction with Company’s other management bodies, and also the rights and duties of the Committee members.

Staff and Rewards Committee:

The Committee’s chairman – Oleg R. Fedorov - Executive director of corporate finance Department of LLC Deutsche Bank.

The Committee’s members:

- Victor D. Savchenko - Executive director – director of the Department of corporate governance and legal support of OJSC Svyazinvest;

- Alla B. Grigorieva - Deputy to the director of corporate governance and legal support Department of OJSC Svyazinvest;

- Pavel O. Yunkin - General Director of Federal State Unitary Enterprise “Svyaz-bezopasnost”.

Committee for Audit:

The Committee’s chairman - Dmitry Yu. Tushunov - Chief of analytical department – Chief economist of Closed Joint Stock Company “Leader”;

The Committee’s members:

- Victor D. Savchenko - Executive director – director of the Department of corporate governance and legal support of OJSC Svyazinvest;

- Evgeniya S. Vinokurova - Chief of sector of the department of economics and finance of OJSC Svyazinvest.

Strategic Development Committee:

The Committee’s chairman - Anton A. Shchegolikhin - Executive director of OJSC Svyazinvest;

The Committee’s members:

- Vladimir A. Andreev - Rector of Povolzhsky state academy of telecommunications and IT;

- Sergey V. Omelchenko - OJSC VolgaTelecom’s General Director;

- Evgeniya S. Vinokurova - Chief of sector of the department of economics and finance of OJSC Svyazinvest;

- Alexander V. Shevchuk – expert of Association of investors rights protection;

- Sergey V. Kuznetsov – Director (investments) of ZAO “Leader”;

- Ekaterina S. Erofteeva – Executive director – director of the department of strategic development of OJSC Svyazinvest;

- Valeryi N. Bugaenko - Head of Federal Communications Agency;

- Mikhail A. Leshchenko – Adviser to the Minister of telecommunications and mass communications.

Corporate Governance Committee:

The Committee’s chairman - Alla B. Grigorieva - Deputy to the director of corporate governance and legal support Department of OJSC Svyazinvest;

The Committee’s members:

- Dmitry Yu. Tushunov - Chief of analytical department – Chief economist of Closed Joint Stock Company “Leader”;

- Natalia I. Pokrovskaya – VolgaTelecom’s corporate secretary;

- Andrey V. Morozov – Chief of legal sector of Moscow representation office of “NCH Advisor” Inc.”;

- Mikhail A. Leshchenko – Adviser to the Minister of telecommunications and mass communications.