The Board of Directors of OJSC Far East Telecom adopted a resolution on May 29, 2003 to execute a bond placement for the Company. 

A bond issue worth RUR 1 billion is to be placed by way of open public subscription on the Moscow Interbank Currency Exchange (MICEX) with a term to maturity of three years and bonds to be distributed at face value.  The terms for coupon yields are as follows: the interest yield for the first and second coupons will be fixed during the auction at the time of placement, whereas the yields for the third and fourth coupons will be equal and annualized at 10%, and the fifth and sixth coupons will carry a 9% annual yield.

The lead organizer, underwriter and payment agent of the issue will be shareholders commercial bank Trust and Investment Bank (open joint stock company). 

ZAO Investment Bank ABK will be the financial consultant for the issue.