On 21 March 2008, the results of the tender for the right to conclude a contract on conducting a mandatory audit of accounting and financial statements of the OJSC North-West Telecom for 2008 in accordance with the Russian Accounting Standards (RAS) and the International Accounting Standards (IAS) were summed up.

The Tender Committee on choosing an independent auditing company the OJSC «SZT» has assessed the technical and financial proposals of the participants and has recognized an independent auditing Company Ernst and Young LLC as the winner of the tender.

The tender results will be presented to the Board of Directors of the OJSC North-West Telecom,

which should recommend a candidature for approval by the Annual General Shareholders

Meeting. A contract with the winner of the tender will be concluded provided he is approved by

the Company's Auditor and the General Shareholders Meeting.

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Brief information on Ernst and Young LLC:

Ernst and Young is the leading international company providing the auditing and consultancy

services in more than 140 countries of the world. It is the leader on rendering professional

services in the sphere of high tech, communications and show business servicing 80% of 25 largest

international telecommunications companies.

From 1989, Ernst and Young have been carrying out there professional activities in Russia

rendering services to more than 1,000 leading national and international companies in different

spheres of economy: financial sector, oil-and-gas industry, telecommunications, retail trading

and light industry, automotive industry, industrial production sector, transport industry etc.

Ernst and Young LLC holds a license for carrying-out the auditing activity approved by Order of

the Ministry of Finance of the Russian Federation dated 30 September 2002 No.223 and issued for a period of five years. At present, Ernst and Young LLC is rendering to the OJSC North-West Telecom the services on auditing the financial statements of the Company for the fiscal year 2007.