The Meeting adopted the following resolutions:

To pay an annual dividend for 2004 of RUR 5.75 per ordinary share of MTS (approximately $1.01 per ADR1). This equates to a total dividend payout of RUR 11.47 billion (approximately $402.63 million2). Dividends should be paid out before the end of 2005.

To elect the following persons to the MTS Board of Directors:

Vladimir Lagutin, General Director, JSC Sistema Telecom;

Michael Guenther, Board Member, T-Mobile Worldwide Holding GmbH;

Alexey Buyanov, Senior Vice President, AFK Sistema;

Alexander Goncharuk, General Director, Joint-Stock Company KNC3;

Helmut Reuschenbach, independent director;

Sir Peter Middleton, independent director;

Vassily Sidorov, President and CEO of MTS.

The number of Board of Directors remains unchanged from last year.
To approve CJSC Deloitte and Touche CIS as MTS’ auditor (Deloitte and Touche CIS has been appointed MTS’ auditor for the fourth year in a row).
To approve a new version of MTS’ Charter.

The Board of Directors’ first meeting took place on the same day and re-appointed Vladimir Lagutin as Chairman and Michael Guenther as Deputy Chairman of the Board of Directors. Independent directors Helmut Reuschenbach and Sir Peter Middleton were appointed to the Company’s Audit Committee along with Michael Guenther and Alexey Buyanov, who will have non-voting “observer” status on the Audit Committee.

1) According to the Russian Central Bank exchange rate of 28.48 RUR/$ as of June 21, 2005.

2) The amount is 75.4% of the Company’s net income in 2004 in accordance with the RAS and 40.8% of net income under US GAAP.

3) Joint-Stock Company KNC is a subsidiary of AFK Sistema.

© "MForum.ru" based on company's press-release