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North-West Telecom

December 26, 2006

North-West Telecom shareholders’ meeting approving purchase of 100% interest in Petersburg Transit Telecom CJSC (P.T.T.)

On December 18, 2006, an extraordinary general meeting of shareholders of the North-Western Telecom Open Joint-Stock Company was held. The meeting was held in the remote voting format.

The item on the agenda of the Meeting was “Approval of a related party transaction, namely the securities sale agreement between NWT OJSC and Telecominvest OJSC. Earlier, the Board of Directors of North-Western Telecom decided on purchasing 100% of the shares of Petersburg Transit Telecom CJSC (P.T.T.), and presenting the transaction approval item to the extraordinary general meeting of the Company’s shareholders (See Press Release of 03.11.2006).

Entitled to vote the agenda item were holders of the Company’s ordinary shares not related to the transaction to be signed and jointly owning 472,622,422 votes, which makes 53.64% of the total number of 881,045,433 shareholders’ votes.

As a result of the Meeting, the resolution passed by the majority of votes was to “Approve the securities sale agreement between NWT OJSC and Telecominvest OJSC, a related party transaction”.

It is expected that the transaction of purchase of 100% of P.T.T. shares will be closed in 2007 after it is approved by a general meeting of shareholders of Telecominvest OJSC and by the RF antitrust authorities.

 

 

 

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