On 27th March 2009 a meeting of the Board of Directors of North-West Telecom JSC was held, at which the decision on placement of four issues of Commercial Papers issues BO-01, BO-02, BO-03 and BO-04 was taken. Besides, the Board of Directors approved the Decisions on the Issue and the Offering Circular.

There are following parameters of the North-West Telecom commercial papers:

- Total amount of each issue: RUR 1 billion;

- Face value of a bond: RUR 1,000;

- Duration: 3 years. Call option is possible. The dates of call option will be fixed before placement.

- Floatation price: RUR 1000.

Bonds placement may take place either:

- in the form of a stock exchange tender for determining the coupon rate for the first coupon period

  Or

- by collecting target applications of potential buyers for the acquisition of the bonds at the fixed price and the coupon rate for the first coupon period, to be set by the Issuer in advance.

The procedure for determining the interest rates for the second and following coupons will also be approved immediately before the bonds floatation.

The bonds will be floated through public subscription at MICEX. The decision on the date of placement depends of market environmental and Company's funding requirement. The period of possible placement of the issues is not limited.

As a result of an open tender, ZAO IC Troika Dialog was selected as the organizer of the North-West Telecom’s commercial papers.

Information on the North-West Telecom’s circulating bonds is placed on the corporate website in the Bonds section.