Preferred registered non-documentary type A shares of OJSC North-West Telecom (state registration No. 2-02-00119-A of September 9, 2003) have been transferred to the Quoting List A, 1st Level, of CJSC Moscow Interbank Currency Exchange (MICEX) starting from 21st August 2007 on the basis of OJSC N.W. Telecom 's application in compliance with the Rules of Listing and Admission for Floatation and Circulation of Securities in the Closed Joint-Stock Company MICEX Stock Exchange.

Until this time, OJSC N.W. Telecom 's preferred shares had been in the Quoting List A, 2nd   Level, after the MICEX listing.

There has been a stable growth of investors' demand for the shares during the entire circulation period of the preferred shares at MICEX. Thus, in the first half of 2007, as compared to the same period of the previous year, the volume of trading in preferred shares grew by 41% in physical terms.

According to Ella Tomilina, Deputy General Manager in Charge of Corporate Relations, "the decision to include the preferred stock in the highest level of the quoting list of the most popular Russia's trading venue – the MICEX stock exchange – is in line with the Company 's strategy of ensuring equal access to operations with Company 's securities for a widest circle of investor s and makes it possible to expand the number of OJSC N.W. Telecom 's shareholders through pension funds, management companies and insurance companies, which , in its turn will lead to a higher liquidity of the stock".

At the moment, OJSC N.W. Telecom 's common and preferred stock have been included in the quoting lists A, 1st Level, of the MICEX stock exchange and in the A2 quoting lists of the RTS stock exchange. OJSC N.W. Telecom 's common shares in the form of ADR-1 are traded at the Berlin and Frankfurt stock exchanges and in the off-exchange market of the USA.