April 10^th, 2002 the first issue of bonds of OJSC N orth-West Telecom was placed.

It was for the first time in Russia that a placement took place at two stock exchanges at once – and within a remarkably short time. The bonds placement at the Moscow Interbank Currency Exchange was managed by JSC AKB MDM-Bank, and at the St. Petersburg Currency Exchange, by JSC Bank MENATEP SPb and CJSC Telecombank.

At SPCE, the placement started at 10 a.m. In a few minutes, 32 applications to the overall amount of RR 182,300,000 were received.

At MICE, the placement started at 10:30 a.m. 52 applications to the overall amount of RR 391,800,000.were filed.

With the issue size of 300 million rubles, the total sum of the applications amounted to 574 million rubles. In all, 84 applications were filed.

Commenting on the placement, the North-West Telecom’s Financial Director Igor Golikov noted that the marketplace showed worthy appreciation of the Company’s bonds, and acknowledged the role of the underwriters in the success of the placement.

On April 18^th, 2002 the Board of Directors of the North-West Telecom is to approve the report on the bond placement results, which will submitted to the Federal Securities Board for registration.

When the report is registered, investors will be free to deal in the bonds. In May, the North-West Telecom also intends to complete the procedures of admission of its bonds to bids at MICE and SPCE.