Mikhail Slipenchuk appreciated the 2003 results noting the improved financials against the previous periods, particularly increasing revenues from regional operators and strengthening positions on the Moscow and international markets. He said that it is necessary to understand the importance of the tasks that were implemented in 2003 – interconnect system development, tariff optimization, adoption of new technological solutions.

“Last year the company evolved taking into account customers’ increasing demands,” Mr. Slipenchuk said. “But the most important thing is that the corporate governance has improved, and customers’ needs have been considered.” In September 2003 the Strategic Planning Committee and the Nominating and Compensation Committee were set up in an attempt to improve the corporate governance. The two committees include IFC Metropol’s representatives. The Nominating and Compensation Committee is headed by Mikhail Slipenchuk. Unlike the previous year when only Mr. Slipenchuk represented minority shareholders’ interests, this year Georgy Finger, Executive Director of the NCH Advisors’s office in Moscow, was elected to the Board of Directors to protect minority shareholders’ interests.

Positive changes in cooperation with shareholders were shadowed by problems resulted from voting procedures. The complicated ADR voting system involving a few people to make a decision on votes, led to the loss of votes cast for candidates. “It is quite obvious that the current scheme does not provide for impartial voting,” Mikhail Slipenchuk said. “The scheme change will be brought up at the next meeting of the Board of Directors.”

Mikhail Slipenchik thanked the shareholders for their confidence.” “Giving votes for me for a third time, you have supported attempts aimed at further development of OAO Rostelecom. This is the highest assessment of my work, I would try to meet your expectations in future.”

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Mikhail Viktorovich Slipenchuk

General Director of Investment finance company METROPOL. Member of the OAO Rostelecom Board of Directors since 2002. Member of the Strategic Planning Committee of the OAO Rostelecom Board of Directors. Head of the Nominating and Compensation Committee of the OAO Rostelecom Board of Directors.

Graduated from the geography department of the Lomonosov Moscow State University, candidate of geographical sciences. In 1997 he graduated from the Finance and Credit department of the Plekhanov Russian Economic Academy. Since 1995, when the company was founded, he has been the general director of IFC Metropol. Thanks to his efforts IFC Metropol has gained a leading position on the Russian stock market. Member of the Executive Committee of the Moscow International Business Association (MIBA), member of the Stock Council of the Moscow stock exchange. President of the Kyokushinkai karate Federation (Russia).