Jun 30, 2005. /Lesprom Network/.Volga (Nizhny Novgorod, Russia) decided to pay dividends of RUR 39 per 1 share worth RUR 95 for 2004, according to the general meeting held on June, 30 2005. A large part of the profits earned in 2004 will be paid as dividends, as well as the profits that have not been paid during the previous years. Overall amount of payments will reach RUR 460 million. Dividends will be paid within 60 days from the day of announcement. In 2003 Volga did not pay dividends due to the net loss of RUR 161.089 million. In line with the annual report, the sales earnings increased 1.7% to RUR 6053.645, cost price – up 3.9% to RUR 4560.4 million, sales profits – up 84.7% to RUR 382.788 million, balance profits reached RUR 399.689 million compared to balance loss of RUR 73.593 milion; net profits reached RUR 250.028 million compared to net loss of RUR 161.089 million in 2003. Credit arrears reduced 14.4% to RUR 172.610 million, debit arrears increased 12.9% to RUR 877 million. The new board of directors is composed by president of Alfa-Bank Peter Aven, first deputy-CEO of Gosconcert Vakhtang Badzhelidze, Arbacom consultant Alexander Bahutashvili, chairman of the board of Ost-West Group Shalva Breus and deputy CEO of Volga on supplies Yuri Petukhov. KPMG was approved as auditor for 2005. The register is closed by May, 30 2005. Stock capital of Volga is RUR 1121839 thousand, divided into 11 808 827 ordinary shares at RUR 95 per share. Nizhniy Newsprint Holdings (Cyprus) owns 98.9801% of shares, Alfa-Bank is nominal holder of 43.9801% of shares.