Today, on April 3^rd 2002, the first issue of corporate ruble bonds of OJSC North-West Telecom was held at the Grand Hotel Europe.

The presentation was attended by representatives of over 40 investment companies and banks of St. Petersburg and Moscow.

During the presentation, addresses were delivered by the representatives of the issuer, i.e. the North-West Telecom, and the parties to the project: JSC AKB MDM Bank, CJSC Telecombank, and the National Depositary Center non-profit partnership.

According to Igor Golikov, Financial Director of OJSC North-West Telecom, “the loan placement will not only help implement the investment programs of the North-West Telecom, but will also provide a new corporate tool for the market operators, which will surely have a positive effect on the development of the entire money market of St. Petersburg.”

The bonds will be placed on April 10^th, 2002 to involve simultaneously two stock exchanges, the St. Petersburg and the Moscow SE. At the Moscow Interbank Currency Exchange, the bonds placement will be handled by JSC AKB MDM Bank, and at the St. Petersburg Currency Exchange, by JSC Bank MENATEP SPb and by CJSC Telecombank.

The set price of placement will be 96.5% of the denominational value, which will ensure for potential buyers a yield of 20.7% of annual interest by the first quotation repurchase   The first quotation will be for three months, its set price being also 96.5% of the bond denominational value.