VLADIVOSTOK, December 27, 2004 - Open Joint Stock Company “Far East Telecommunications Company” (US ADR: FEEOY), the leader on the telecommunications market of the Russian Far East, announces that Igor Zabolotny stopped working as FETEC ?EO.

Board of Directors made the decision about changing CEO in accordance with the expiry date of the contract between FETEC and Mr. Zabolotny, and with his own desire to leave the company.

Since December 26, 2004 Oleg Mamontov, Vise President of Technical Politics, will act as FETEC temporary CEO until new CEO hosts the company.

Igor Zabolotny will continue working as a member of FETEC Board of Directors.

Reference:

Oleg V. Mamontov, 1963 year of birth

1997 – 2001 –Telecommunications Department Officer of “Electrosvyaz” of Primorsky Region;

2001 – 2001- Deputy Technical Director – Telecommunications Department Officer of “Electrosvyaz” of Primorsky Region;

2001 – 2002 - Telecommunications Department Officer of “Electrosvyaz” of Primorsky Region;

2002 – 2004 – Technical Vise President “Far East Telecommunications Company” OJSC;

2004 – present time – Vise President of Technical Politics “Far East Telecommunications Company” OJSC.

Igor V. Zabolotny, 1967 year of birth

1999 - 2002 - Deputy Director – Director of Marketing Department of “Svyazinvest” OJSC.

November 14, 2004 he was approved as a temporary CEO by Board of Directors and as CEO by decision of Shareholders meeting of December 24, 2002.

2000 - present time – member of the Board of Directors of “Electrosvyaz” of Primorsky Region (since November 5, 2001 – “Far East Telecommunications Company” OJSC).

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

About the company: Open Joint Stock Company “Far East Telecommunications Company” (Dalsvyaz in Russia) is the leader on the telecommunications market on the Russian Far East. Its licensed area covers the territory of 2,000 thou sq km with population over 5.6 million people. Dalsvyaz owns 87% of local, 81% of long-distance and international communications, 72% of Internet market, 100% of cellular market in the region of Magadan Region and 50% of cellular market in Kamchatka Region. Dalsvyaz OJSC is the subsidiary of Svyazinvest OJSC, which holds 38% of company’s share capital. In addition to RTS and MICEX, company’s shares are traded on the over-the-counter market of USA (ADR of the 1st level). To see more information about ADR, please, visit www.adr.com. Company’s official web site is www.dsv.ru.