On September 3, 2008, Expert RA Rating Agency acting within the framework of the RID-Expert RA National Corporate Governance Rating confirmed the prior corporate governance rating of OJSC North-West Telecom at À (7+)*.

In accordance with the National Corporate Governance Rating methodology, a level A rating means that the Company's level of corporate governance practice is estimated as quite high.

In the analysts' opinion, "the corporate governance system of OJSC North-West Telecom is rapidly developing through strategic initiatives of the company’s management and shareholders”. NWT complies with all corporate governance standards regarding protection of the shareholders’ rights, operation of the management and supervision bodies, information disclosure and consideration of interests of the stakeholders involved in corporate relations. According to the analysts, the highest rating should be assigned to the disclosure of financial and non-financial information on the Company business at the highly informative and regularly updated corporate web-site www.nwtelecom.ru. North-West Telecom is a recognized leader among the most informationally transparent Russian companies for the shortest period required for the certification of reports in accordance with international standards for 2007.

The experts note specifically the operation of the Company’s Board of Directors and its committees. A well-balanced ratio between executive, non-executive and independent members ensures that the decisions of the Board of Directors are more unbiased and independent.

* Such rating was assigned to OJSC North-West Telecom for the first time in January 2005.

For the latest changes in the results of the National Corporate Governance Rating, please visit the Agency’s web-site: https://www.raexpert.ru/ratings/corporate/

The National Corporate Governance Rating is a project of the consortium of the Russian Institute of Directors and the Expert RA Rating Agency and serves as an indicator of corporate governance for international and Russian strategic, portfolio and institutional investors which are interested in investments in the Russian economy and need information on corporate governance as a factor reducing the investment risks.