OREANDA-NEWS. January 11, 2011. Southern Telecommunications Company (RTS: KUBN, KUBNP; MICEX: UTEL, UTELP; ADR OTC: STJSY, KUE FRA)], the largest fixed-line telecommunications operator in the Southern and North-Caucasian Federal Districts of Russia, hereby announces that on December 16, 2010 the Arbitration Court of the Krasnodar Territory upheld a lawsuit filed by Svyazinvest for the purpose of ordering Southern Telecommunications Company (UTK) to conduct an extraordinary shareholders meeting.

Pursuant to the ruling issued by the Krasnodar Regional Arbitration Court dated December 12, 2010 on the lawsuit filed by Svyazinvest against UTK, the one-man executive body of UTK passed the following resolution:

1. To convene an extraordinary general meeting of shareholders of UTK at the request of UTK’s shareholder Svyazinvest.

2. To determine:

the form in which said extraordinary general meeting of shareholders is to be conducted: an in praesentia shareholders meeting to discuss issues on the agenda and adopt decisions on issues put to vote);

the date for conducting the extraordinary general meeting of shareholders: March 3, 2011;

the place for conducting the extraordinary general meeting of shareholders: 66 Karasunskaya St., Krasnodar;

the commencement time for the extraordinary general meeting of shareholders – 11 am Moscow time;

the date and time for the registration of people attending the extraordinary general meeting of shareholders on March 3, 2011: 9 am Moscow time;

mailing addresses to which completed ballot sheets may be sent:

UTK, 66 Karasunskaya St., Krasnodar, 350000;     

P.O. Box 151 (for ORK), Moscow, 115280.

     the date for compiling the list of people eligible to attend the extraordinary general meeting of shareholders (record date) – December 17, 2010. 

3. To determine the following procedure for conducting the extraordinary general meeting of shareholders of UTK: notification that UTK is to hold an extraordinary general meeting of shareholders shall be published in “Rossiiskaya Gazeta”, a printed publication.

4. To approve the following agenda for the extraordinary general meeting of shareholders of UTK:

On premature termination of the powers of the Board of Directors of UTK.

On the appointment of members of the Board of Directors of UTK. 

5. To determine the following procedure for persons eligible to attend the extraordinary general meeting of shareholders by way of preparation for the extraordinary general meeting of shareholders to peruse the following information:

5.1. beginning on February 11, 2011 on the Internet site of UTK at http://www.stcompany.ru, and also on work days (from 8 am until 5 pm) in the office of the executive body of UTK at the following address: 66 Karasunskaya St., Krasnodar, 350000, tel. (861) 253-43-60 and at UTK’s branch locations;     

5.2. on the date of the extraordinary general meeting of shareholders on March 3, 2011 in the place where the meeting is to be held: 66 Karasunskaya St., Krasnodar.