Dear Friends!

Last year was interesting, successful and extremely saturated for our company. Along with one year anniversary in 2003 we achieved good productive and financial results. We showed that we were a really professional team. The OJSC FETEC proved to be one of the most energetic, promising and stable on the Russian market.

So now we review results of 2003. We have things to be proud of. The company capitalization as compared to that of 2003 increased almost twice from $85 mln., to $145 mln. We carried into effect all planned figures and realized everything we intended and promised to do. We aim at attaining perfection so we take efforts to improve service quality and volume.

Our company was given Standard and Poor’s rating, we issued and placed bonded debt in amount of 1 bln. Rubles. The OJSC FETEC became the first company of the Russian Far East with shares listed on Russian trade areas.

Today FETEC is a public company respecting its shareholders, partners, clients. All company information is public and available. The company adopted Corporate Conduct Code, Company Information Concept and Information regulations to ensure efficient and regular notification of parties interested about company operation. Our website www.dsv.ru won the 2nd prize in the All-Russian corporate website competition in terms of self-descriptiveness.

FETEC started to form company corporate culture in 2003 adopting corporate style, entering into collective agreement with employees, and taking active efforts to improve company relationship with clients. Each company employee has to be familiar with the fat that our top-priority values are respect and openness.

Here are our results and we assure you that we are not going to stop now. The OJSC FETEC is a modern constantly advancing telecommunications company of the far East so our victories are ahead.

We are very grateful to you for supporting us in 2003 and we really hope for long-term effective cooperation. We wish you and your relatives health, love, success, happiness, brilliant ideas, real friends, understanding, warmth, fulfillment of your secret dreams.

We want year 2004 to be a year of successes and realization of everything planned.