The annual general shareholders meeting was held on June 5, 2002 at the following address: ul. Svobody, d. 36, Ryazan.  Those entitled to attend the meeting, as well as their authorized representatives, numbered 9,136,268 votes, which were applicable to all items discussed on the agenda (except the item regarding the appointment of the Audit Committee of the company) and 8,739,028 votes regarding the appointment of the Audit Committee of the company.  This means that 85.11% and 81.41 % of the number of voting shares were reflected.  

The following resolutions were passed at the annual general shareholders meeting: 

1.       To approve the annual financial statement, the annual accounting reports, including the company's profit and loss statement, allocation of profits and losses on results of fiscal 2001; 

2.        The amount of dividends to be paid out for 2001 are as follows: 

a)      Rub. 0.247 for common shares in cash until December 31, 2002;

b)      Rub  0.742 for preferred shares in cash until August 4, 2002. 

3.       To appoint the Board of Directors as follows:  

1)      Vladimir N. Shevnev - director general of OJSC Elektrosvyaz Ryazan Region;

2)      Mikhail B. Vasilyev - head of the representative office of NCH Advisors Inc., St Petersburg;

3)      Valery P. Vanyukhin -head of mergers and acquisition department of TsenterTelecom;

4)      Maria V. Kasatkina - leading specialist of Legal Department of Svyazinvest;

5)      Nina P. Naumochkina - leading specialist of Department of Capital Investments of Svyzazinvest;

6)      Mikhail P. Silkov - director of Kasimov telecom facility - branch of OJSC Elektrosvyaz Ryazan Region;

7)      Galina A. Filimonova - chief specialist of Corporate Governance Department. 

4.       To appoint the 2002 auditor and approve the revised versions of the Charter, Statute and Rules for the Board of Directors, Supervisory Board,. and the Rules for Holding the Annual General Shareholders Meeting.  

The following officials were appointed to the Audit Committee: 

1)      Elena P. Olimpieva - class II engineer of the tariff policy and feasibility study group for new services attached to the marketing department of OJSC Elektrosvyaz Ryazan Region;

2)      Tamara N. Savicheva - deputy head of customer service and sales center of OJSC Elektrosvyaz Ryazan Region;

3)      Larisa P. Pavlova - leading specialist of finance department of OJSC Elektrosvyaz Ryazan Region; 

5.       To approve the revised versions of the Charter,

6.       To approve the revised versions of the Statute and Rules for the Board of Directors,

7.       To approve the revised versions of the Supervisory Board,.

8.       To approve the revised version of the Procedure for Holding the Annual General Shareholders Meeting

9.       To appoint OOO Top Audit as the company's official 2002 auditor