OJSC «North-West Telecom» has summarized the results of its activities for 2002 according to IAS.

The consolidated financial statements of OJSC «North-West Telecom» were audited by independent Auditor « Ernst & Young Vneshaudit ».

The consolidated financial statements were made with taking into account the reorganization. It consolidates the indices of the affiliated regional companies, merged the OJSC «North-West Telecom», as well as it’s branch establishments.

• Revenues for 2002 amounted to 10 790 609 thousands RUR.*
• EBITDA for 2002 amounted to 2 840 308 thousands RUR.
• EBITDA margin – 26,32%
• Operating Income - 1 188 447 thousands RUR.
• Operating expenses - 9 602 162 thousands RUR.
• Net income 482 872 thousands RUR.

*All financial indices are represented taking into account RUR purchase power as for 31.12.2002.

The full version of OJSC «North-West Telecom» performance in 2002 according to IAS can be found on Company’s site: (www.nwtelecom.ru) in the “Investor and shareholder ” part.