North-West Telecom has occupied the 13th position by the transparency level among the 90 major Russia n public companies according to the results of the information transparency research conducted by the Standard & Poor’s Corporate Governance Rating Service in 2009.

The information transparency indicator of OJSC N.W.Telecom has been raised to 70% (64% - in 2008 ). As a result, only 1 p.p. separates North-West Telecom from the ten leaders.

OJSC N.W. Telecom's score has been distributed by the information transparency components as follows:

- Ownership structure and shareholders' rights: 68% (the average score is 59.5%);

- Financial and operating information: 71% (the average score is 57.3%);

- Members and procedures of the Board of Directors and Management: 72% (the average score is 47.9%).

The information transparency level of OJSC N.W.Telecom is considerably higher than the average figure in Russia, is the highest among all interregional telecommunication companies and matches the figures of developed countries: the total score of OJSC N.W. Telecom is equal to the USA transparency index and exceeds the indices of Germany, France and Japan.

Besides, OJSC North-West Telecom has one of the highest information transparency scores by the indicator" Members and Procedure of the Operation of the Board of Directors and Management:" only one of the rated leaders has a higher score.

Commenting on this event, Ella Tomilina, Deputy General Director, Corporate Affairs Officer of OJSC N.W.Telecom, noted that "our Company has been retaining the well-deserved place in the elite of information-transparent companies of Russia thanks to the systematic work of improving North-West Telecom's investment attractiveness. We are always moving forward, constantly improving the quality of information disclosure for investors: this year we have prepared a corporate social report for the first time, have started to disclose quarterly reports according to the IFRS and are continuing to reduce the time of certification of the IFRS reports by the auditor. The appreciation by the authoritative experts in corporate governance confirms the correctness of OJSC N.W. Telecom's communication strategy aimed at achieving a high level of the Company's information openness and transparency".

_

The study of information transparency is an analytical project of Standard&Poor's and the Centre for Economic and Financial Research at New Economic School (CEFIR). Such research has been conducted since 2002. In forming the rating, only information available from public sources is used: annual reports, web sites and accounts submitted to regulatory authorities.