On December 7, 2004 the Federal Securities Committee registered the prospectus for North West Telecom’s common and preferred additional issues. AVK investment company acted as the financial consultant of the issues. After registration with FSC, the additional issues of common and preferred shares can be traded on RTS and MICEX.

The issue of common shares to be converted into those of Lensvyaz totaled 74,216,223 common shares. The shares were registered with state authorities under entry #1-02-00119-?-012D. The additional issue of A class preferred shares (state registration #2-02-00119-?-011D), converted into those of Lensvyaz, equaled 24,740,475 shares.

A total of 70,914,629 common shares were additionally issued and converted into those of Komi Svyaz. The shares were registered with state authorities under entry # 1-02-00119-?-011D. The additional issue of A class preferred shares (state registration #2-02-00119-?-012D), converted into those of Komi Svyaz, equaled 23,635,203 shares.

As a result of conversion of Lensvyaz and Komi Svyaz shares, North West Telecom increased its common shares outstanding by 145,134,309 shares to 881,045,433 shares and preferred shares by 48,379,035 shares to 250,369,337 shares. At present, North West Telecom’s total market capitalization, including merged entities, is equal to $567 mln.

According to previous reports, the shares were placed through conversion of securities of the merged businesses (Lensvyaz and Komi Svyaz) into those of North West Telecom. On November 5, 2004 North West Telecom had its additional issue reports registered.