The largest digital services provider in Russia

The results of its Annual General Shareholders Meeting held on June 15, 2003

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Moscow — June 17, 2003 — Rostelecom (NYSE: ROS; RTS: RTKM), Russia’s national long-distance telecommunications operator, today announced the results of its Annual General Shareholders Meeting held on June 15, 2003

Based on the results of the ballot, the following decisions were made:

  • The Company’s annual report, annual financial statements according to RAS, including profit and loss statement of the Company, and distribution of profits and losses upon the results of the reporting fiscal year 2002 were approved.
  • The dividend amount for 2002 with respect to: preferred shares in the amount of RUR 1.27472 per share (10% of net profit) and ordinary shares in the amount of RUR 0.54347 per share (12.8% of net profit) was determined. Dividends on ordinary and preferred shares will be paid in pecuniary form starting from July 1, 2003 until the end of the fiscal year. The dividend payment procedure is determined in conformity with the shareholders’ register as follows:
    • by transfer to the shareholders’ bank accounts;
    • by postal orders (postal expenses will be deducted);
    • by payment in the Company’s cashier office (to Company’s employees only).
  • New members of the Board of Directors were elected:
    1. Stanislav P. Avdiyants — Executive Director and Director of the Department of Economic and Tariff Policy at OJSC Svyazinvest;
    2. Vadim E. Belov — Deputy General Director of OJSC Svyazinvest;
    3. Nikolai P. Yemelianov — Regional Director of Novgorodtelecom branch, OJSC North-Western Telecom;
    4. Sergey I. Kuznetsov- General Director of OJSC Rostelecom;
    5. Alexander V. Lopatin — Deputy General Director of OJSC Svyazinvest;
    6. Stanislav N. Panchenko- Deputy General Director of OJSC Svyazinvest;
    7. Victor A. Polischuk — President of OJSC Russian Telecommunications Network;
    8. Irina M. Ragozina — Director of the Corporate Governance Department at OJSC Svyazinvest;
    9. Mikhail V. Slipenchuk — General Director of LLC Investment Finance Company METROPOL;
    10. Evgeny V. Yurchenko- Deputy General Director of OJSC Svyazinvest;
    11. Valeriy N. Yashin — General Director of OJSC Svyazinvest.
  • Members of the Auditing Commission were elected:
    1. Konstantin V. Belyaev — Chief Accountant of OJSC Svyazinvest;
    2. Irina V. Prokofieva — Deputy Director of the Department of Internal Audit and Economic Analysis at OJSC Svyazinvest.
  • CJSC “Ernst and Young Vneshaudit” was approved as the Company’s external auditor for 2003.
  • Restated Company’s Charter and Regulations on the General Shareholders Meeting were approved.
  • Addition to the Regulations on the Company’s Board of Directors, which provides for payment of remuneration and reimbursement of costs associated with the performance by the members of the Board of Directors of their functions, was approved.
  • Additions to the Regulations on the Company’s Board of Directors, which provides for payment of additional remuneration to the members of the Board of Directors were not approved.
  • Amendments and additions to the Regulations on the Company’s Management Board were approved.
  • A decision was made to terminate the Company’s participation in the Association of Telecommunications Companies of the Volga Region, the Association of Telecommunications Companies of Siberia and the Far East, the Association of Telecommunications Company of the Central Chernozem Region and the Association of Telecommunications Operators of the North Caucasus.