The Board of Directors of OJSC North Western Telecom held a regular board meeting on April 22, 2003.  The main issues discussed at the board meeting were related to the upcoming annual shareholders meeting.

The board passed a resolution to convene the regular annual shareholders meeting of North Western Telecom on June 23, 2003 at the following address: Saint Petersburg, Sinopskaya naberezhnaya, d. 14, at 1 p.m. Moscow time.  The date for compiling the list of persons eligible to attend the meeting  (cut-off date) is May 5, 2003.

Notice concerning the meeting will be published in Izvestiya newspaper no later than June 2, 2003.  From June 3 to June 22, 2003 shareholders will be able to familiarize themselves with the materials made available by the company before the AGM is held.  All relevant information will be posted on North Western Telecom's corporate website at www.nwtelecom.ru.

The agenda of the meeting will include issues falling under the exclusive scope of the general shareholders meeting, as follows:

1.  Approve the annual financial statement, the annual accounting reports, including the profit and loss statement (profit and loss accounts) of the company, and the distribution o f profit, including payment of dividends and losses of the company based on the results of the (2002) financial year;

2.  Determining the amount of dividends payable for 2002, form and deadline for payout on the various categories (types) of shares;

3. Election of the members of the Board of Directors of the company;

4. Election of members of the Audit Committee of the company;

5.        Approval of the company's 2003 auditor;

6.        Approval of the revised version of the Company Charter;

7.        Approval of the revised version of the Rules for Holding the Company's Annual General Shareholders Meeting;

8.        Determining the amount of compensation for members of the Board of Directors of the company;