On 11th February 2008 the Board of Directors of OJSC North-West Telecom established the interest rate of the thirteenth coupon under series 03 bonds of OJSC North-West Telecom at 8.6% per annum. The amount of the interest rate for the remaining coupons from the 14th to the 24th is established as equal to the rate of the 13th coupon, which corresponds to the effective retirement yield 8.86%.

The coupon rate has been fixed on the basis of the results of discussions with the major holders of the bonds issue taking into account the current situation in the market of corporate bonds and the high credit quality of OJSC N.W.Telecom.

Let it be reminded that the decision on the securities issue provides for the obligation of bonds acquisition by the Issuer upon request of their o wner s (offer) on 3rd March 2008 and the possibility of their subsequent circulation until the expiry of the retirement period. AKB Svyaz-Bank was appointed the agent for bonds acquisition on the basis of the results of the open tender held by OJSC N.W. Telecom in December 2007.

Venera Khusnutdinova – Deputy General Manager – Economics and Finance Manager of OJSC NWT commented on the event as follows: "On the whole the amount of the fixed rate corresponds to the current situation in the financial market and at the same time is at a level comfortable for OJSC N.W. Telecom. We expect that the established coupon yield will be satisfactory for the majority of our bonds holders."

Today the 3rd and the 4th bonded loans of OJSC N.W.Telecom are in circulation.

The volume of the 3rd   issue is 3 billion roubles, there are 3 million bonds with the face value of 1,000 roubles each.   The rate of the   1st coupon is 9.25%. The retirement date is 24th February 2011.

The volume of the 4th issue is 2 billion roubles, there are 2 million bonds with the face value of 1,000 roubles each.  The rate of the   1st coupon is 8.1%. The circulation period of the bonds is 5 years with possible pre- schedule retirement, if OJSC N.W. Telecom wishes so, on 11th December 2008. The retirement date is 08th February 2011.