BOARD OF DIRECTORS AND SUPERVISORS

Our articles of incorporation allow for a 7-to-15-member board of directors. Our board currently is comprised of 14 directors. Thirteen of our directors were elected in June 2007 for a three-year term, which may be renewed for any number of consecutive terms. One director was appointed by the Ministry of Transportation and Communications, the owner of our preferred shares. The Ministry of Transportation and Communication is the only legitimate holder of our preferred shares under the Telecommunications Act and is entitled to appoint one director during the term of the preferred shares. The chairman of our board of directors is elected by our directors. Our chairman presides at all meetings of our board of directors and also has the authority to act as our representative. Pursuant to the Company Law, however, the directors may be removed at any time by a resolution adopted at a shareholders' meeting. We have not entered into any contracts with any of our directors or supervisors by which our directors or supervisors are expected to receive benefits upon termination of their employment. (more)