North-West Telecom OJSC, jointly with the issue management underwriters ING BANK (EURASIA) CJSC and Svyaz-Bank OJSC, has announced the completion of establishment of the North-West Telecom 4th bonded debt co-underwriters syndicate.

On the syndicate list are Soyuz ACB OJSC, Savings Bank of Russia OJSC, Novicombank ACB CJSC, Nomos-Bank CJSC, and Standard Bank.

The bonds placement will take place at the MICE stock exchange on December 14, 2006.

The issue’s essential parameters are :

- Total number of bonds in the issue: 2,000,000 (Two million), at the par value of RUR 1,000 (One thousand Rubles) each ;

- Total par value: RUR 2,000,000,000 (Two billion Rubles) ;

- State Registration No. of the issue: 4-04-00119-? of 31.10.2006 .

The bond floatation period will be 5 years, allowing for premature repayment on the 728th day from the placement starting date, if so desired by the Company. The premature repayment premium is RUR 20 per bond.

The placement price of one bond is set to be equal to the par value, i.e. RUR 1,000 (One thousand Rubles) per bond. The interest rate for the 1st coupon will be named at the auction on the day of placement. The rate for other coupons will be equal to the 1st coupon’s rate. The coupon period is 91 days.

As in the previous issues, the bond repayment is intended to be by installments, to the following schedule:

- on the 1092nd day from the placement starting date, each bond shall be repaid partially, at 25% of its par value;

- on the 1456th day from the placement starting date, each bond shall be repaid partially, at 25% of its par value;

- on the 1820th day from the placement starting date, each bond shall be repaid partially, at 50% of its par value.

 No preemptive right to buy the securities is provided.

The bonds will be floated by public subscription.

The 4th bonded debt of North-West Telecom has been awarded the ruAA rating by Standard & Poor’s and the A (rus) rating by Fitch Ratings.

Russian Industrial Bank is the issue management consultant of NWT.