VLADIVOSTOK, 15 December 2004 - Open Joint Stock Company «Far East Telecommunications Company» (RTS: ESPK, MICEX: DLSV, ADR: FEEOY), the leader of the Russian Far East telecommunications market, today announces that the period of 2003 dividend payments to the FETEC shareholders of ordinary shares has expired in accordance to the decision of the annual shareholders meeting of 2003.

The total dividends paid to the shareholders of ordinary shares until December 15, 2004 is 37 242 418,4 rubles.

In spite of the dividend payments expiry date for 2003, the dividend payments for this year and for the previous years will be continued. Those shareholders, who did not receive the dividends before December 15, 2004, should apply to FETEC with the request to pay the dividends.

Reference:
FETEC’s ADRs are traded at the US over-the-counter market. One ADR is equal 30 ordinary shares. The amount of ordinary shares outstanding in US is 79 406 units. The transfer and payment agent is JPMorgan Chase Bank.

The state ordinary share issue number is 1-02-30166-F (in Russia). FETEC’s dividends per share of 2003 are 0.4 rubles. The dividends growth is 30% compared to 2002 (0.31 rubles). The total amount of dividends of 2003 is 60 985 866,13 rubles. It was accounted 16.48% of FETEC’s Net Income of 2003 (232 million rubles) to pay ordinary shares dividends or 38 232 568,4 rubles.

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To receive more information, please, contact Investor Relations Department tel.: +7(4232) 208-500, ext. 1306 or email to: ir@dsv.ru;

About the Company: Open Joint Stock Company “Far East Telecommunications Company” (Dalsvyaz) incorporated on the 12th May 1994 is the largest regional operator in the Far East Federal District of the Russian Federation. Company’s covered area is 2,000 thousand square km with population over 5.6 million people. The equipped capacity of the FETEC is 1,205 million lines. At the end of 2003 the Company had 87% share of local (domestic) telecommunications market, 81% of the long distance and international telecommunications market, 72% of the Internet market, 100% mobile market at Magadan Region and 50% mobile market of Kamchatka Region. The detailed information about the Company is available at the company’s corporate web site www.dsv.ru. The information about Company’s ADR is available at www.adr.com.