OREANDA-NEWS. August 24, 2010. The Board of Directors of VolgaTelecom adopted the decision to convene an extraordinary general shareholders meeting.

The meeting is to be held in the form of absentee voting.  The cutoff date for accepting ballot sheets is November 8, 2010. The address to which completed ballot sheets may be mailed is the following:  Post Office Box 151, OAO ORK, Moscow, 115280.  The record date for persons eligible to participate in the extraordinary shareholders meeting is September 20, 2010.

The Board of Directors of VolgaTelecom approved the following agenda for the extraordinary general shareholders meeting:

On paying out 9M 2010 dividends;

On amending the Statute on the Board of Directors of VolgaTelecom;

On the annual compensation payable to members of the Board of Directors of the Company which perform their duties after the annual general shareholders meeting held on June 21, 201.

The Board of Directors issued a recommendation for the extraordinary general shareholders meeting of the Company to adopt a decision on paying out 9M 2010 dividends in the following amounts:

 0.0000001219686990 % of the Company’s 9M 2010 net profit per one class A preferred share;

0.0000000618507720 % of the Company’s 9M 2010 net profit per one common share,

* in accordance with the procedure for notification of how to receive dividends which are provided to persons listed in the shareholders register of the Company as of September 20, 2010.