On 20th December 2010 a meeting of the Board of Directors of JSC North-West Telecom took place and considered proposals as to nomination of candidates to the Company’s management bodies, received from shareholders holding all in all at least 2 % of the voting shares of the Company.

Based on the results of voting, the following list of candidates for the election to the Board of Directors of JSC N.W.Telecom for voting at the Extraordinary general meeting of the shareholders of the Company in 17, January 2011 has been approved:

- Valentina F. Veremyanina - Executive director - Director of the Corporate Governance and Legal Support Department, OJSC Svyazinvest;

- Ekaterina O. Kostko - Chief specialist of the Corporate Governance and Legal Support Department, OJSC Svyazinvest;

- Denis V. Kulikov - Acting director, Investor Protection Association;

- Alexey A. Kupriyanov - Deputy Director - Division Head, Mergers and Take-overs Department, OJSC Svyazinvest;

- Dmitry V. Levkovsky - Corporate Governance Director, NCH Advisors, Inc. Moscow Office;

- Mikhail A. Leshchenko - Deputy General Director, OJSC Svyazinvest;

- Alexey A. Malysh - Director of the Telecommunications Department, OJSC Svyazinvest;

- Andrey V. Morozov - Division Manager, Legal Department, NCH Advisors, Inc. Moscow Office;

- Oxana V. Petrova - Division Manager, Corporate Governance and Legal Support Department, OJSC Svyazinvest;

- Alexandr Y. Provotorov - President, OJSC Rostelecom;

- Ivan I. Rodionov - Professor, SU Higher School of Economics, Professor, Russian State humanities University;

- Georgy A. Romsky - Counselor of the General Director, OJSC Svyazinvest;

- Vadim V. Semenov - General Director, OJSC Svyazinvest;

- Nadezhda V. Filippova - Deputy General Director, OJSC Svyazinvest;

- Yevgeny V. Yurchenko - Member of the Board of Directors, OJSC NWT;

The new Board of Directors of OJSC N.W.Telecom will be elected by the Extraordinary general meeting of the shareholders by cumulative voting. According to the Articles of Association of OJSC N.W.Telecom, the Board of Directors of the Company consists of 11 members.