On November 14, 2003, the Federal Securities Commission of Russia registered the report on the results of issuing the 2^nd series of inconvertible documentary interest-bearing, payable-to-bearer bonds and with mandatory centralized custody.

Once a report on the results of the issue is registered, securities are eligible for distribution on the secondary market.

According to Nikolai Bredkov, Vice-Director General of North West Telecom and Director of Corporate Governance, “the company plans to go through the procedure of admitting the second bond issue to MICEX and SPICEX trading this November.”