On 4th December, 2006 the Board of Directors of JSC North-West Telecom established the date for starting the floatation of interest-bearing documentary bonds of the fourth issue payable to bearer. The floatation of bonds will be held on 14th December, 2006.

Main parameters of 4th bond issue:

• number of issue bonds - 2,000,000 (2 million) bonds with the nomanal value RUR 1,000 (one thousand) each; 
• total amounts - 2,000,000,000 (two billion) roubles;
• state registrated number - 4-04-00119-A.

The period of bond circulation will be five years with an option to call on the 728th day from the date of placement, at the discretion of the Company. In the event of an early call, the premium amounts to 20 roubles per bond.

Placement price per bond is set equal to the nominal value and amounts to 1,000 (one thousand) roubles per bond. The first coupon interest rate will be determined at the auction on the day of placement. The rate for other coupons will be equal to the interest rate for the first coupon. The coupon period will amount to 91 days.

Similarly to the previous issues, a stage-by-stage retirement of bonds is envisaged within the following timeframe:

• on day 1092 from the placement date each bond is retired in part, to 25% of the nominal value;
• on day 1456 from the placement date each bond is retired in part, to 25% of the nominal value;
• on day 1820 from the placement date each bond is retired in part, to 50% of the nominal value.

A pre-emptive right to buy securities is not envisaged.

The bonds will be placed by open subscription.