"Webplanet" (Moscow), May 22, 2002

The Board of Directors of the RBC Internet holding decides to set up a TV company Such a decision was made at a board meeting of RosBusinessConsulting on May 17. It was the first resolution passed with the participation of four non-executive independent directors, who joined the Board at the previous meeting.

The debut of the new directors was not the only significant event, as the Board also decided to go ahead with a business TV project (tentatively named RBC TV). This idea will be implemented by a separate legal entity that will be established by the holding. The new channel is scheduled to be up and running in the first half of 2003. Simultaneously the Board reserved the right to attract outside investors to this project.

The launching of its own TV channel will enable RBC to expand its influence in the Russian media sector. Obviously the company will further proceed in this direction as the Board reviewed a report on acquisition talks with a number of media and IT companies.

Among other issues considered, the Board decided to hold a general shareholder meeting to approve a new edition of the Articles of Association. The RBC directors also reviewed the financial results of the holding in the 1st quarter of 2002.