On April 10, 2003 OJSC North Western Telecom paid out the third coupon on its document interest-bearing pay-to-bearer bond (state registration number: 4-01-00119-?). 

The coupon carries an 18% annual yield.  Payment was made on schedule and in full.  The total amount allocated to coupon payout amounted to RUR 27, 025,000.  Payment agent for the coupon revenue is ZAO Telekombank.  

Under the terms of the issue, on the payout date North Western Telecom made an irrevocable offer.  However, not one request for redemption was made at that time, which points to the high level of trust which investors have in OJSC North Western Telecom as a reliable borrower.