On 24th February 2005 the Board of Directors of OJSC North-West Telecom established the date for starting the floatation of interest-bearing documentary bonds of the third issue payable to bearer. The floatation of bonds will be held on 03rd March 2005 at the Moscow Interbank Currency Exchange.  

Basic parameters of the issue:

• total number of bonds of the issue: 3,000,000 (three million), with the face value of 1,000 (one thousand) roubles each,
• with the total face value of 3,000,000,000 (three billion) roubles,
• state registration No. of the issue 4-03-00119-A of 28th December 2004.

The Bonds circulation period will be 6 years, with the right of early presentation of bonds for redemption after three years.  

Bonds will be floated at the face value.   The auction will be held at the rate of the first coupon.  Other coupons (the issue provides for quarterly payments) will be equal to the first coupon.   Upon expiry of the three years' period the Company will take a decision on determining the coupon rates for the subsequent three years.     

In the same way as with the 2nd issue, a stage-by-stage retirement of the bonds of the issue is provided for.

The face value of the bonds will be retired in piece-meal on the following dates:

• on the 1820th day from the starting date of the issued Bonds floatation – retirement of the first part – 30 per cent of the Bonds face value; 
• on the 2002nd day – retirement of the second part – 30 per cent of the Bonds face value;
• on the 2184th day – retirement of the last part – 40  per cent of the Bonds face value.