On 7th April 2004 JSC North-West Telecom effected payment under the second coupon for the interest-bearing documentary Bonds payable to bearer with obligatory centralized care, series 02 (state registration No. 4-02-00119-?).   

The coupon rate was 14.2% per annum, 35.4 RUR having been accrued per Bond. The payment was effected according to the schedule and in the full amount.  

The total amount allocated for the coupon payment amounted to 53,100 thousand RUR .   

CJSC Telecombank acted as the payment agent in the payment of the coupon yield.   

The next coupon period is 3 months, and the payment of the next coupon will take place on 7th July 2004.    

We would also like to remind you that on 9th April 2004 the interest-bearing documentary Bonds of OJSC North-West Telecom payable to bearer , series 01 (state registration No. of the issue 4-01-00119-?) will be retired at the par value, and the fifth coupon of the issue will be paid. The per amount of the issue is 300 million RUR, with the coupon rate of 16% per annum (80.22 RUR per Bond).