Far East Telecom hereby announces that the following decisions were made at the January 30, 2004meeting of the Federal Security Commission of Russia:

1. To combine the additional share issues of Open Joint Stock Company Far East Telecom Company.

2. To de-list the following state registration numbers assigned to the common share nominal non-document issues of Open Joint Stock Company Far East Telecom Company: 

20-1-997 ?? 15.07.96;

1-03-30166-F ?? 30.07.2002;

1-04-30166-F ?? 30.07.2002;

1-05-30166-F ?? 30.07.2002;

1-06-30166-F ?? 30.07.2002;

1-07-30166-F ?? 30.07.2002;

1-08-30166-F ?? 30.07.2002.

The state registration number 1-01-30166-F shall be assigned to the aforementioned issues.

3. To de-list the following state registration numbers assigned to the preferred share nominal non-document issues of Open Joint Stock Company Far East Telecom Company: 

20-1-996 ?? 15.07.96;

2-03-30166-F ?? 30.07.2002;

2-04-30166-F ?? 30.07.2002;

2-05-30166-F ?? 30.07.2002;

2-06-30166-F ?? 30.07.2002;

2-07-30166-F ?? 30.07.2002;

2-08-30166-F ?? 30.07.2002.

The state registration number 2-01-30166-F shall be assigned to the aforementioned issues.

In accordance with the following decision, two issues of Open Joint Stock Company Far East Telecom Company currently remain active instead of 14. 

We would also like to note that as of January 26, 2004the Federal Security Commission of Russia also adopted decision to issue common and preferred shares placed by swapping them for shares previously listed in the same category and the issue prospects of these shares. 

Applications were made to FSC based on a decision adopted at the company’s AGM to raise its charter capital two-fold (up to Rub 20) using in-house sources (additional capital and retained profit earnings). 

Shares are to be placed by converting previously issued shares.  The date of the equity swap is 10 (ten) working days from the date of the state registration of the issue.  Following conversion, shares will not be traded until the issue report is registered.