In August 2007 OJSC North-West Telecom has successful ly completed a transaction for attracting a syndicated loan worth of 100,000,000 US dollars. The loan has been arranged by the UniCredit Group represented by CJSC International Moscow Bank (Mezhdunarodny Moskovsky Bank – MMB, or IMB) and the Austria Creditanstalt AG Bank.

   The loan is unsecured and is attracted in two tranches on the following terms:

• tranche A – 50 million US dollars with the repayment period of 3 years, LIBOR interest rate +0.95% per annum,
• tranche B – 50 million US dollars with the repayment period of 5 years, LIBOR interest rate +1.25% per annum.

   The transaction was closed with a significant over subscription . The total amount of applications has been 170 million US dollars, 12 banks having become the participants of the syndicate.

   The attracted funds will be used for funding the investment programme and for refinancing the floating debt.

   Venera Khusnutdinova, Deputy General Manager in charge of Economics and Finance, said: "We are fully satisfied with the results of the syndication. OJSC N.W. Telecom has received funding on the terms best in its history and, in spite of the complicated situation in the international market s of capital , a wide circle of creditors have shown keen interest in the transaction , which confirms once again the repute and high credit quality of the Company ."

Closed Joint-Stock Company International Moscow Bank (Mezhdunarodny Moskovsky Bank – MMB, or IMB).

IMB is among the ten biggest Russia's banks by the amount of assets in the Interfax-100 rating. 100% of IMB's voting shares are held by the Austria Creditanstalt Bank (BA-CA), Vienna, Austria, which is a member of the Italian UniCredit Group.

The UniCredit Group is servicing 35,000,000 clients, has 7,200 offices and 142,000 employees in 20 countries. The Group's assets amount to 823,000,000,000 euros (as of 30th March 2007).

You can find more detailed information on IMB on the web site www.imb.ru.