OREANDA-NEWS. On 17 March 2009 was announced, that in accordance with its Articles of association VolgaTelecom had completed the procedure of appointing nominees to the Board of directors and Auditing committee to be elected at the Company’s annual shareholders general meeting. On March 6, 2008 VolgaTelecom’s Board of directors considered the proposals of the Company’s shareholders about appointing nominees to the Company’s Board of directors and the Auditing committee to be elected at the annual general meeting of shareholders.

After examination of eligibility criteria and filed applications in regard to their compliance with RF legislation requirements and the provisions of the Company’s Articles of association, VolgaTelecom’s Board of directors has made the decision to include the following persons into the list of candidates for the election to OJSC VolgaTelecom Board of directors at the annual general meeting of shareholders in 2009:

1. Denis N. Afanas’ev – head of section of the department of the Ministry of Telecommunications & Mass Communication of the Russian Federation;

2. Vladislav V. Bryl’kov – First Deputy General Director of ZAO Lider (the company for administration of assets of pension fund);

3. Vladimir V. Dudchenko – Director of Operations of Moscow representation office of NCH Advisors Inc.;

4. Ekaterina S. Erofteeva – Executive Director – Director of the Department for Strategic Development of OJSC Svyazinvest;

5. Oleg B. Zyuzin - Chief of IT Department of ZAO Lider (the company for administration of assets of pension fund);

6. Alexander B. Kalin – General Director of Limited Liability Company “ALOR Group”;

7. Sergey M. Kerber – Director of investment projects and programs - Managing Director of ZAO Lider (the company for administration of assets of pension fund);

8. Lyudmila A. Kormilitsyna – head of section of the Department of Corporate Governance and Legal Support of OJSC Svyazinvest;

9. Mikhail I. Kritskyi – Deputy General Director of OJSC Svyazinvest;

10. Sergey V. Kuznetsov – Investment Director of the directorate of investment projects and programs of ZAO Lider (the company for administration of assets of pension fund); 11. Denis V. Kulikov – Executive Director of Association for Investors Rights Protection;

12. Mikhail A. Leshchenko – advisor to the Minister of Telecommunications & Mass Communication of the Russian Federation;

13. Vladimir F. Lyulin – does not work;

14. Andrey V. Morozov – head of legal section of Moscow representation office of NCH Advisors Inc.;

15. Pavel I. Prass – Director of Strategic Development of Open Joint Stock Company “Specialized depositary “INFINITUM”;

16. Igor B. Pshenichnikov – Director of External Communications Department of OJSC Svyazinvest;

17. Vladimir A. Rumyantsev – Managing Director of Gazprombank (Open Joint Stock Company);

18. Victor D. Savchenko – Deputy General Director of OJSC Svyazinvest;

19. Nikolai A. Semin – Vice-President of Non-Government Pension Fund GAZFOND;

20. Yuri S. Sizov – Deputy General Director for Strategic Development of ZAO Lider (the company for administration of assets of pension fund);

21. Vladimir A. Stat’in – General Director of Non-Commercial Partnership “Association for Protection of Interests of Shareholders of Enterprises and Organizations”;

22. Dmitry Yu. Tushunov – Chief of Analytical Department – Chief Economist of ZAO Lider (the company for administration of assets of pension fund);

23. Oleg R. Fedorov - Chief Corporate Finance Management Officer of LLC Deutsche Bank;

24. Alexander A. Filatov – Executive Director of Association of Independent Directors;

25. Yuri A. Shaginov – Manager of Investment Projects of the directorate of investment projects and programs of ZAO Lider (the company for administration of assets of pension fund);

26. Evgenyi V. Yurchenko – General Director of OJSC Svyazinvest.

The Board of directors has appointed the following nominees for the election to OJSC VolgaTelecom Auditing committee at the annual general meeting of shareholders:

1. Irina A. Arkhipova – head of section of the Department of Economics and Finance of OJSC Svyazinvest:

2. Svetlana N. Bocharova – head of section of the Department of Bookkeeping, Tax and Statistics Accounting of OJSC Svyazinvest;

3. Olga G. Koroleva – Chief Accountant of OJSC Svyazinvest;

4. Alexey V. Maltsev – head of section of the Department for Strategic Development of OJSC Svyazinvest;

5. Natalia V. Feoktistova – head of section of the Department of Corporate Governance and legal Support of OJSC Svyazinvest.

The Board of directors is collegial management body of the Company; it carries out general management of the Company, excluding the solution of issues referred by federal laws and the Company’s Articles of association to the competencies of the Company’s general meeting of shareholders. The Board of directors of OJSC VolgaTelecom consists of 11 persons elected by the Company’s annual general meeting of shareholders.

The Auditing committee controls financial and economic activities of the Company and is elected by general meeting of shareholders as per the procedure provided for by current legislation and the Company’s Articles of association for one year period, the committee consists of 5 persons.