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NORTH- WEST TELECOM

OPEN JOINT-STOCK COMPANY. NORTH- WEST TELECOM. Investment Week St. Petersburg November 2003. A.V. Shalagin Deputy General Manager Economics and Finance Director. North-Western Federal District. Area 1 . 7 MIO sq. km 9 . 8 % of RF. City population 82 %. Income

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NORTH- WEST TELECOM

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  1. OPEN JOINT-STOCK COMPANY NORTH-WEST TELECOM Investment Week St. Petersburg November 2003 A.V. Shalagin Deputy General Manager Economics and Finance Director

  2. North-Western Federal District Area 1.7MIOsq. km 9.8%of RF City population 82% Income 3800roubles/month/person Population 14.3MIO people 9.9%of RF

  3. CORPORATE REORGANIZATION IN 2001-2002 OJSC Electrosvyaz of Pskov Oblast OJSC Electrosvyaz of Kaliningrad Oblast OJSC SPb MMT OJSC North-West Telecom OJSC PTN OJSC SPb Telegraph OJSC Electrosvyaz of the Republic of Karelia OJSC Electrosvyaz of Vologda Oblast OJSC Artelecom OJSC Novgorodtelecom OJSC Cherepovets-electrosvyaz OJSC Murman Electrosvyaz

  4. REORGANIZATION PLANNED FOR 2004 OJSC Svyaz of the Republic of Komi OJSC North-West Telecom ОАО «Северо-Западный Телеком» Main telecommunications operator in the North-West of RF OJSC Lensvyaz

  5. DYNAMICS OF INDUSTRY INDICES Lines per employee, units 125 117 109 490 Receipts per employee, thousand roubles/year 419 336 2002 2003 2004 (planned ) (forecasted )

  6. DYNAMICS OF RECEIPTS 16 12 forecasted 8 planned Annual growth 20-25% Receipts, billion roubles 12,2 10,1 8,1 13,6 4 0 2001 2002 2003 2004 Years

  7. STRUCTURE OF RECEIPTS OTHER ISDN, INTELLIGENT DATA NETWORKS, INTERNET 4,2% LONG-DISTANCE AND INTERNATIONAL COMMUNICATION LOCAL COMMUNICATION 4% 47,8% 44%

  8. DYNAMICS OF PROFIT, billion roubles 3,3 2,8 2,6 1,1 0,8 Net profit Profit from sales 0,3 2002 2004 (forecasted ) 2003 (planned )

  9. CAPITAL INVESTMENT, billion roubles 4,0 3,0 1,7 2002 2004 (forecasted) 2003 (planned )

  10. COMPANY’SPOSITION AMONG INTER-REGIONAL COMPANIES INDEX VALUE POSITION 0,73 1 Financial stability ratio 0,11 Absolute liquidity ratio 1 1,19 Current liquidity ratio 2 Profit from sales per employee (thousand roubles) 50,21 2 *according to the data of OJSC Svyazinvest for the 1st half of 2003

  11. OJSC NWT’S SHARE OF THE SERVICES MARKET LONG-DISTANCE AND INTERNATIONAL COMMUNICATION62% LOCAL TELEPHONE COMMUNICATION59% DATA TRANSMISSION AND LEASE OF COMMUNICATION CHANNELS57% DATA TRANSMISSION SERVICES AND INTERNET14%

  12. INCREASING THE INVESTMENT ATTRACTIVENESS IN 2002-2003 July 2003 – the first holders of 1st level ADR are registered. ADR are issued against 2,313,000 deposited shares (0.3% of all common shares) The financial reports prepared according to the international standards are disclosed to the public Four committees are formed in the Board of Directors: Remuneration and Reporting Committee Corporate Management Committee Budget Committee Corporate Finance and Investment Committee 2nd place in the competition held by RTS in 2002 – The Best Corporate Site

  13. MEASURES TO INCREASE THE INVESTMENT ATTRACTIVENESS A long-te rm programme of increasing the capitalization and connections with investors Preparing and adopting the Corporate Behaviour Code Undergoing the shares listing at the western stock exchange (2nd level ADR) ) Reducing the time of preparing and disclosing financial reports complying with international standards

  14. RATING DYNAMICS IN 2002-2003 Corporate management rating 5,6 5,9 STANDARD & POOR’S International credit rating CCC/stable B-/stable Credit rating according to the national scale ru-BB- ru-BBB

  15. BONDED LOANS Goals of issue : • minimizing the value of borrowed capital • reducing the percentage of currency liabilities • ensuring investment funding • increasing the time for attracting resources in roubles Areas of use : Investment project financing Debt refinancing

  16. KEY PARAMETERS OF LOANS

  17. 1st issue 2nd issue 2640 20,8% 1500 14,4% 570 300 - issue volume, MIO roubles . - demand volume, MIO roubles - profitability , % COMPARISON OF LOAN PARAMETERS

  18. coupons of the first issue coupons of the second issue STRUCTURE OF BOND REPAYMENT 22% 700 600 20% Stage-by-stage retirement of the second issue 500 18% Retirement of the first issue Repayments, MIO roubles . 400 Coupon rates, % per annum 16% 300 The coupon rate will be determined by the Board of Directors 14% 200 12% 100 10% 0 Jul.02 Jul.03 Oct.02 Oct.03 Jan.02 Jan.04 Jan.06 Jan.07 Apr.03 Apr.04 Jul. 04 Jul. 05 Jul. 06 Jul. 07 Oct. 04 Oct. 05 Oct. 06 Oct. 07 Jan. 05 Apr. 05 Apr. 06 Apr. 07

  19. Reduction of profitability of the 1st issue bonds 19% 18% 17% 16% 15% 14% 13% 12% 11% 10% Retirement date October. 2003 May 2002 Volumes of loans COMPARISON OF LOAN INDICES OF INTER-REGIONAL COMPANIES 15,0 Dalsvyaz 14,5 Sibirtelecom RTK Leasing Uralsvyazinform 3 NWT 2 Tsentrtelecom 2 14 YuTK Volgatelecom Profitability by the moment of retirement , % 13,5 MGTS 3 Tsentrtelecom 2 13 Tsentrtelecom 3 12,5 12 14.01.2004 01.08.2004 17.02.2005 05.09.2005 24.03.2006 10.10.2006 28.04.2007 14.11.2007 01.06.2008

  20. THANK YOU FOR YOUR ATTENTION !

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