On September, 20th 2004, an Extraordinary shareholders meeting of North-West Telecom JSC took place. The meeting was held in the form of joint attendance by the shareholders of the Company .

The following decision was taken according to the agenda of meeting:    

To elect the following members into the Board of directors:

• Vladimir A. - General Manager of North-West Telecom JSC
• Alexandr A. Gogol – The Rector of the St. Petersburg State University of Telecommunications  
• Dmitry G. Efimov – Leader of the Group of Independent Directors of the Investors’ Rights Protection Association   
• Alexandr V. Ikonnikov - Chief Executive of the Association for Investors’ Rights Protection
• Dmitry V. Levkovsky - Vice-President, NCH Advisors, Inc.
• Sergey A. Orlov - Director of the Department of International Cooperation of Svyazinvest JSC
• Stanislav N. Panchenko - Deputy General Manager of Svyazinvest JSC  
• Oksana V. Petrova - Deputy Manager of the Methodology Unit of the Corporate Management Department Svyazinvest JSC
• Irina M. Ragozina - Director of the Corporate Management Department Svyazinvest JSC
• Ivan I. Rodionov - Managing Director of AIG Brunswick Capital Management
• Valery N. Yashin, General Manager Svyazinvest JSC

Valery N. Yashin was elected as the Chairman of the Board of Directors.