On June 30, 2004 the General Shareholders meeting of North-West Telecom JSC was held. The meeting was held in personal attendant format.

According to the meeting agenda the annual report, the financial statment, including the Copany's profit and loss statement, distiribution of company's profit by the results of 2003 fiscal year were approved by shareholders.

the Shareholders meeting approved the desicion on dividend payments for 2003 year. The dividend rates per share were declares as follows:

• RUR 0,083 per ordinary share
• RUR 0,357 per preffered share

Dividends on ordinary and prefferd shares will be paid in cash between 15.08.2004 and 31.12.2004.
Accordong to the voiting results the Board of Directors was elected as follows:

The  Board of Directors Chairman - Yashin Valeriy Nikolaevich  - General Director OJSC ''Svyazinvest ".

1. Vladimir A. Akulich - Vice-president of UC "GROS"
2. Vadim E. Belov- Deputy General Director OJSC ''Svyazinvest "
3. Alexandr A. Gogol- Rector of  Saint-Petersburg State Telecommunication university
4. Dmitry G. Efimov - Head of independent directors group of Investor Protection Assosiation 
5. Alexandr V. Ikonnikov- Director of  Investor Protection Association
6. Sergey I. Kuznetsov- General Director OJSC "North-West Telecom" 
7. Dmitriy V. Levkovsky- Vice-president "NCH-Advisor Inc"
8. Stanislav N. Panchenko - Deputy General Director OJSC "Svyazinvest"
9. Irina M. Ragozina- Director of Corporate Governance department OJSC ''Svyazinvest
10. Ivan I. Rodionov- Managment Director "AIG-Brunswick Capital Managment"

The auditing committee was elected as follows: