On January 8, 2004, OJSC North-West Telecom paid off the first coupon of the documentary interest-bearing bonds payable to bear with obligatory centralized safekeeping of series 02 (state registration number 4-02-001119-A).

According to the Decision on Issue, the coupon yield shall be paid each quarter. The interest rate of the first coupon is 14.2 percent per annum, or 35.4 RUR per bond. The payment was carried out in accordance to schedule and in full scope. Total amount allocated to the coupon payment accounted for 53,100,000 RUR.

CJSC Telecombank acts as a Paying Agent in payment of the coupon yield.

The next coupon period makes up 3 months; the next coupon will be paid off on April 7, 2004.