The Board of Directors of Far East Telecommunications Company approved on March 5, 2003 the list of nominees for the new Board of Directors of the company and its audit committee.  A total of 21 candidates will be vying for the 11-seat Board.  The main shareholder of Far East Telecom is Svyazinvest, with a 50.5% stake, which is backing 11 nominees:

Stanislav Petrovich Avdiyants – executive director – director of the economics and tariff policy of OJSC Svyazinvest (holds no shares);

Igor Viktorovich Zabolotby – director general of Far East Telecom (holds no shares);

Alexander Vladimrovich Lopatin – deputy director general of OJSC Svyazinvest (holds no shares);

Tatyana Nikolayaeva Novak – head of the corporate governance department of OJSC Svyazinvest (holds no shares);

Yury Vladimirovich Nikiforov – head of the investment department of Dalinkom (holds no shares);

Sergey Alexandrovich Orlov – executive director – head of the department of international collaboration of OJSC Svyazinvest (holds no shares);

Maxim Sergeyevich Plyushchev – chief expert of the corporate governance department of OJSC Svyazinvest (holds no shares);

Yury Alexeyevich Tabushnikov – director general of FGUP Radio Frequency Center of the Far East federal district (holds no shares);

Yevgeny Valeryevich Yurchenko – deputy director general of OJSC Svyazinvest (holds no shares);

Svetlana Nikolayevna Bocharova – head of the legal department of OJSC Svyazinvest (holds no shares);

Nadezhda Valentinovna Filippova – executive director – head of personnel department of OJSC Svyazinvest (holds no shares);

A number of minority shareholders are also vying for this position, including:

Alexei Ivanovich Vanyukov – consultant of the Moscow representative office of NCH Advisors, Inc. (holds no shares) and Vladimir Vladimirovich Dudchenko– head of the research department of (holds no shares) – both candidates are being promoted by Lindsell Enterprises Limited and Reardon Enterprises Ltd;

Alexander Nikolayevich Starodubtsev – financial director of investment company Tiger Securities (holds 3,500 preferred shares) and Andrew Marcus Fox – managing director of Central Asian Investment Company Limited - both candidates are being promoted by Red hand investments limited and Stotter Limited

Igor Nikolayevich Repin – Association for the Protection of Investors’ Rights, Moscow NAUFOR expert, (holds no shares) and Mikhail Yuryevich Kobishchanov – head of the information and analytical division of Atria Advisors Ltd (holds no shares) - both candidates are being promoted by Bergo gruppe GmbH.

Yen Reedy – director general of ZAO ST Mobile, head of Cable & Wireless on Sakhalin (holds no shares) promoted by Cable & Wireless;

Oleg Anatolyevich Litvinov – head of the investment department of ZAO Priza (holds no shares) – promoted by Most Invest Limited;

Gennady Vasilyevich Melnikov – advisor to Far East Telecom (holds 200,000 common and 21,725 preferred shares) promoted by Goldtron Limited;

Valery Alexeyevich Romanov – deputy director general – head of Khabarovsk branch of Far East Telecom (holds 125,757 common and 2,928 preferred shares) – promoted jointly by the Ministry of Property Relations of Khabarovsk krai and Julia Sergeyevnaya Zolotaya.

There were also five nominations made for the audit committee:

Promoted by Cable & Wireless

Pavel Akhmanayev Viktorivich – general manager of OOO JV Sakhalin Telecom Limited (holds no shares).

Promoted by OJSC Svyazinvest.

Konstantin Vladimirovich Belyaev – chief accountant of OJSC Svyazinvest;

Sergey Imanovich Alekhin – chief specialist of the department of internal audit and economic analysis of OJSC Svyazinvest (holds no shares);

Yelena Nikolayevna Kukudzhanova – chief expert of the department of internal audit and economic analysis of OJSC Svyazinvest (holds no shares);

Yelena Alexeyevna Durnova – chief expert of the department of corporate finance and direct investments of OJSC Svyazinvest (holds no shares);

Issues concerning approval of the date of the annual general shareholders meeting of OJSC Far East Telecom and the approval of the agenda for the Board of Directors will be reviewed at a later time.  The tentative date of the company’s AGM is end of June 2003.