North West Telecom held its annual general shareholders meeting on June 23, 2003.  The majority of shareholders were in attendance at the meeting.  The following resolutions were approved during the voting:

1. To approve the annual financial statement was approved, as well as the accounting balance sheet, including the profits and loss statement based on the Company 2002 financial performance;

2. To pay out dividends as follows:

RUR 0.140 per type A preferred shares;

RUR 0.064 per common share.

Dividends on common and preferred shares are to be paid out in cash form during the period from August 15 through December 31, 2003.

3. To make the following appointments to the Board of Directors:

Vadim Evgenievich Belov

Yury Alexandrovich Bilibin

Alexander Alexandrovich Gogol

Alexander Vyacheslav Ikonnikov

Dmitry Vladimirovich Levkovsky

Oleg Anatolyevich Lebedinets

Irina Mikhailovna Ragozina

Ivan Ivanovich Rodionov

Sergey Vladimirovich Soldatenkov

Alexander Abramovich Sysoev

Valery Nikolaevich Yashin

V.N. Yashin was elected chairman of the Board of Directors at the first meeting.

4.  To make the following appointments to the Audit Committee:

Sergey Ivanovich Alekhin

Konstantin Vladimirovich Belyaev

Andrei Yakovlevich Lang

Maria Leonodovna Pravdina

Irina Viktorovna Prokofieva

Laris Valyerevna Tareyeva

Natalia Vladimirovna Fedorova

5. To approve Ernst & Young as the Company’s 2003 auditor.

6.  To approve the new version of the Company Charter and Rules on the Shareholders Meeting of OAO North West Telecom.

7. To determine the amount of compensation payable to members of the Board of Directors.