From February 1 - 20, 2003 Far East Telecom redeemed its three issues of nominal non-document interest-bearing telephone bonds, which were placed in 2002 (state registration numbers: 4-04-30166-F, 4-05-30166-F, and 4-06-30166-F.  Total nominal value of all bonds redeemed amounts to RUR 8.4 million.  The bonds were redeemed either in cash or in kind (telephone installation) in the cities of Vladivostok, Artyom, Ussuriisk and Arseniyev.  Yield on th issue was 19% of par value.  

All in all, from 1998 until 2002 Far East Telecom has placed eight issues of telephone bonds, of which two are currently in circulation.  The final, eight, issue is to be redeemed in May 2003.  

During the second half of 2003 Far East Telecom is planning to place a cash loan bond, the parameters of which are currently under discussion.