On June 5, 2007 common and preferred shares of OJSC North-West Telecom were included in Morgan Stanley Capital International (MSCI) Russia Small Cap.

The fact that the stock of OJSC N.W. Telecom has been included in the calculation of the index shows a high investment attractiveness of the Company and will facilitate increasing the liquidity of the stock and expanding the circle of potential investor s, as many foreign investor s look at the structure of the index, when forming their investment portfolios.

The MSCI Russia Small Cap index will take effect in May 2008.

Commenting on the fact of being included in the MSCI Russia Small Cap index, General Manager of OJSC N.W.Telecom Vladimir Akulich has noted: "The fact that the stock of OJSC N.W. Telecom has been included in one of the indices that are most popular among western portfolio investor s confirms that the Company has been operating correctly in the field of developing its securities market, improving information transparency and enhancing the efficiency of IR activities. Now the stock of OJSC N.W. Telecom will be included in portfolios of western index funds, which opens a significant market of potential investor s to us, and our object is to meet their requirement s in ensuring long-term investment attractiveness of OJSC North-West Telecom".  

By today the shares of OJSC North-West Telecom have been included in the structure of the following indices:

• Common stock: MICEX Telecom, RTS-Telecom, RTS-2, RTS
• Preferred stock: RTS-2

The MSCI Emerging Markets index is calculated by the leading world provider of stock indices MSCI Barra (a division of the Morgan Stanley investment bank) and is used as a bench-mark when managers operating in developing markets form their portfolios. You can find more detailed information at MSCI Barra's web site : www. mscibarra.com