North-West Telecom released Q1 2009 Results according to the International Financial Reporting Standards (IFRS). Starting from 2009 the Company will disclose its financial reports according to the International Financial Reporting Standards (IFRS) quarterly, in order to improve its information transparency under the conditions of global macroeconomic uncertainty.

The consolidated intermediate financial reports have not been audited and are presented in the scope of the financial standing report, total revenue report, cash flow report, capital change report, and notes to the financial reports.

According to IFRS, revenue in the 1st quarter of 2009 amounted to RUR 6,532 million. The operating expenses reached RUR 6,007 million. Other operating income for the 1st quarter of 2009 amounted to RUR780 million.

As a result , North-West Telecom’s operating income for the 1st quarter of 2009 amounted to RUR 1,305 million.

More than 50% of North-West Telecom's revenue was made by income from local access, which amounted to RUR 3,316 million for the 1st quarter of 2009. Revenue from new services (Internet and data transmission) reached RUR 1,255 million, which makes 19.2% of the total Company’s revenue.

EBITDA* for the 1st quarter of 2009 was RUR 1,982 million and the EBITDA margin 30.3%.

The net consolidated loss of North-West Telecom for the 1st quarter amounted to RUR143 million because of the FX losses due to NWT’s debt in foreign currencies, it reached RUR 1,112 mln.

North-West Telecom will hold a webcast «Q12009 Results. Forecast for 2009» on 16th June 2009 at 15.00 MSC. ( in Russian )

To get connected to the webcast, participants should dial the following number

 +44 203 003 2666

Presentation will be available on following web site ThomsonReuters.

The webcast record will be placed on NWT web site in the Investor and Shareholders Section

The consolidated financial reports of OJSC North-West Telecom according to the IFRS for the 1st quarter of 2009 and notes to them are published in the Economics and Finance section of OJSC N.W. Telecom's corporate web site.

*EBITDA is calculated according to the following equation: "Profit for the reporting period" + "Profit tax" + "Wear and depreciation" + "Financial expenses" – "Interest income"