In the course of a study of Russian companies carried out by the Corporate Governance Scores Service of the Standard & Poor’s international rating agency with the support of the Moscow Interbank Currency Exchange (SE MICEX) and the European Bank for Reconstruction and Development, the transparency index of JSC North-West Telecom has been increased to 72% (in 2005 it was 71%). This is the 8th place among the 70 Russian companies, whose shares are traded at the Moscow Interbank Currency Exchange (MICEX).

Experts of Standard & Poor’s note that North-West Telecom has been improving its information transparency with each passing year, moving progressively towards the best foreign analogues. North-West Telecom discloses in fact all information on a voluntary basis in the same way as companies that have a listing in the USA and that are obliged to observe the requirements of the US Securities and Exchange Commission (SEC).

JSC North-West Telecom's scores by the components of the information transparency index are as follows:

• Ownership structure and rights of shareholders: 75% (the average score being 55%);
• Financial and operational information: 68% (the average score being 56%);
• Members and procedures of the Board of Directors and management: 76% (the average score being 48%).

Thus, the scores given by the experts of Standard & Poor’s to JSC NWT are much higher than the average scores in Russia and correspond to the figures of developed European companies.

Commenting on the event, Ella Tomilina, Deputy General Manager, Corporate Affairs officer, noted that "information transparency of a company is one of the most important tools in building up investors' trust. The structural reorganization of the Company that has been carried out will facilitate further improvement of the information quality disclosed for the investment community. In compliance with the "Communication Strategy" implemented by North-West Telecom, the Company will continue its policy of creating the optimum model of relations with the investment community for the purpose of improving the long-term investment attractiveness of JSC North-West Telecom."