On December 8, 2004 the awards ceremony was held for the Seventh Contest on Annual Reports and Corporate Websites. Based on the results of the contest, North West Telecom was named the winner under the nominations “Highest Level of Disclosure of Information to Investors” both for its annual report and its corporate website (4^th place).

The contest was arranged by the RTS Stock Exchange and Securities Market magazine. 67 domestic companies, including 40 issuers with shares listed on the RTS, took part in the contest. The jury consisted of representatives of leading news agencies and Russian professional stock market participants such as: Association of Independent Directors, Securities Market magazine, Institute of Professional Auditors, NAUFOR, RTS Stock Exchange, International Finance Corporation, etc.

The recognition of North West Telecom’s achievements in the area of transparency by leading equity market participants once again underscores the sterling reputation of its management. North West Telecom’s general director V.A. Akulich confirmed that his company’s senior management has been endeavoring to maintain high information disclosure standards, gradually bringing them in line with international standards and thereby boosting investor confidence in the company.