OREANDA-NEWS. On 23 June 2009 was announced, that VolgaTelecom’s Board of directors held its meeting; by its decision the Board terminated early since June 15, 2009 the powers of the following members of the Company’s Management board:

• Svetlana L. Astakhova;

• Andrey S. Zakharov;

• Mikhail V. Dyakonov;

• Oleg V. Ershov;

• Nikolai I. Popkov;

• Vladimir V. Ulyanov.

By its decision the Board of directors formed new composition of VolgaTelecom’s Management board consisting of 10 persons. The term of powers of the Management board members is set from June 16, 2009 to July 31, 2010. The following persons were appointed Management board members:

• Igor A. Volfson – Deputy General Director of the Company – director of VolgaTelecom’s regional subsidiary in Mordovia Republic;

• Andrey S. Zakharov – Deputy General Director of the Company – technical director;

• Mikhail V. Dyakonov – Deputy General Director of the Company for capital construction;

• Taisiya M. Sipatova – Deputy General Director of the Company for economics and finance (CFO);

• Vladimir V. Ulyanov – Deputy General Director of the Company – director for security and secrecy order;

• Mikhail V. Petrov – General Director of ZAO NSS;

• Nikolai I. Popkov – the Company’s chief accountant;

• Dmitry V. Proskura – Deputy General Director of the Company – director of VolgaTelecom’s Nizhny Novgorod regional subsidiary;

• Vladimir F. Lyulin – Advisor to General Director of OJSC Svyazinvest.

In accordance with the Russian Federation legislation Vladimir I. Rybakin, the Company’s General Director is the chairman of the Management board.

Management board is a collegial executive body organizing the performance of resolutions of shareholders’ general meeting and decisions of the Company’s Board of directors. Management board elaborates proposals on basic trends of the Company’s operations, approves internal control procedures, defines staff and social policy and other issues referred to its competencies.