OREANDA-NEWS. On 22 May 2009 was announced, that a meeting of the Board of Directors was held that discussed questions connected with organization and holding of an annual general meeting of shareholders of Sibirtelecom OJSC (hereinafter – Company) to be held on June 20, 2009:

1.     Approval of the agenda of the annual general meeting of shareholders.

2.     Preliminary approval of the Annual Report of the Company. Recommendations to annual general meeting of shareholders concerning distribution of profit, including distribution according to the size of dividend on Company’s shares and the procedure of its payment, and Company’s losses according to the results of 2008 financial year.

3.     Proposal of the Board of Directors for the candidature of Company’s auditor for 2009.

4.     Approval of the amount of information (materials) provided to shareholders when organizing and holding an annual general meeting of shareholders. Procedure of providing the information.

5.     Approval of the procedure of notification of the shareholders about the annual general meeting of shareholders.

6.     Approval of the form and of the text for voting bulletins for the annual general meeting of shareholders.

 The following decisions were made by the Board of Directors on the above mentioned questions:

1. To approve the following agenda for the annual general meeting of shareholders of Sibirtelecom OJSC:

·       Approval of the annual report, annual financial statements including the profit and loss statement (profit and loss account) of the Company, distribution of profit (including dividend payment) and loss of the Company according to the results of the financial year of 2008.

·       Election of members of Sibirtelecom Board of Directors.

·       Election of members of the Auditing Commission of Sibirtelecom.

·       Approval of the Auditor of the Company for 2009.

·       Approval of the standards (interests) of allocations for the calculation of annual remuneration of members of the Company’s Board of Directors.

·       Amendments to the Company’s Articles of Association.

·       Approval of a revised version of the Regulations of the Board of Directors of the Company.

·       On termination of Sibirtelecom’s participation in “International Congress of Telecommunication Quality” Association;

2. To preliminary approve the Annual Report of the Company for 2008.

To recommend the annual general meeting of Company shareholders:

·           To distribute income of the Company according to the results of 2008 financial year as follows:

- to pay dividends - 522,963,863 rubles, including:

On preferred shares, type А 0.052939 rubles per share;

On ordinary shares - 0.026313 rubles per share;

- to increase the equity capital of the Company – 1,584,037,585 rubles.

·           To determine the following procedure for paying dividends to persons in the list of persons entitled to getting dividends:

- the payment shall be performed in accordance with the method of payment specified in the form of the registered person;

3. To approve KPMG CJSC as the auditor of the Company for 2009 by the annual general meeting of shareholders.

4. To determine the following amount of information (materials) to be provided to shareholders during the organization of the annual general meeting of shareholders of the Company:

·            Annual Report of the Company for 2008.

·            Annual financial statements for 2008 including the audit report on financial statements of the Company for 2008 and the report of the Auditing Commission according to the results of the audit of financial and economic activity of the Company for 2008.

·            Recommendations of the Board of Directors for the distribution of profit, including according to the size of dividend on Company’s shares and the procedure of its payment, and losses of the Company according to the results of the financial year.

·            Excerpt from the Minutes of the meeting of the Committee for Audit of Company’s Board of Directors with the assessment of the auditor report on financial statements of the Company for 2008.

·            Information about candidates to the Board of Directors including information about available or not available written consent of the candidates to the Board of Directors.

·            Information about candidates to the Auditing Commission of the Company including information about available or not available written consent of the candidates to the Auditing Commission.

·            Excerpts from minutes of meetings of the Board of Directors concerning questions of the organization of the annual general meeting of Company shareholders.

·            Drafts of decisions of the annual general meeting of shareholders.

·            Information about the candidate to be the auditor of the Company in 2009.

·            Draft amendments to the Articles of Association of Sibirtelecom OJSC.

·            Draft of revised Regulations on the Board of Directors of Sibirtelecom.

·            Information on the question “On termination of Sibirtelecom’s participation in “International Congress of Telecommunication Quality” Association.

To set the following procedure for providing shareholders with respective information:

Date of information providing: from May 21, 2009.

Place of information providing:

- at the Company’s location: 53 m. Gorky St., room 108, Novosibirsk.

- in the representative offices of the Company in Moscow: 3 Smolenskaya square, sector A, floor 6, Moscow;

- in company’s braches located at:

Altai branch – 74 Internatsionalnaya St., Barnaul;

Buryatia branch – Republic of Buryatia – 42 Lenina St., Ulan-Ude;

Gorno-Altai branch – Republic of Altai, 51/1 Choros-Gurkina St., Gorno-Altaisk;

Irkutsk branch – 37 Sverdlova St., Irkutsk;

Kemerovo branch – 61 Sovetsky Prospekt St., Kemerovo;

Krasnoyarks branch – 102 Prospekt Mira, Krasnoyarsk;

Novosibirsk branch – 5 Lenina St., Novosibirsk;

Omsk branch – 36 Gagarina St., Omsk;

Tomsk branch – 83a Frunze St., Tomsk;

Khakassia branch – 20 Shchetinkina St., Abakan, Republic of Khakassia;

Zabaikalsky branch – 107 Lenina St., Chita,

Time of information providing: from Monday through Thursday from 9.00 a.m. till 4.00 p.m. local time, on Friday from 9.00 a.m. till 3.00 p.m. local time;

And also at www.sibirtelecom.ru.

5. To set the following procedure for notifying the shareholders about the annual general meeting of Company shareholders.

A message about the annual general meeting of Company shareholders shall be sent to each person in the list of persons entitled to participation in the annual general meeting of shareholders by registered letter and shall be published in Rossiyskaya Gazeta not later than on May 20, 2009.

6. To approve the form and the text of voting bulletins for the annual general meeting of shareholders.