VLADIVOSTOK, December 28, 2004 - Open Joint Stock Company “Far East Telecommunications Company” (US ADR: FEEOY), the leader on the telecommunications market of the Russian Far East, today announces that it made a contract with Moscow Interbank Currency Exchange (MICEX), in accordance to it company’s ordinary and preferred shares have been included to list “B”.

FETEC’s ordinary and preferred shares have been traded on MICEX out of list since March 14, 2003.

Russian practice shows that after including shares to the list of both leading exchanges (RTS and MICEX) the number of investors, willing to buy securities, and liquidity of shares headily increased.

As Alexander Zheludkov, Vise President of Corporate Development, told, the increasing number of exchanges, where a common investor can buy or sell FETEC stocks without some bars, is a part of the company’s Investor Relations Program to 2004 - 2005. Also it is the tool to increase liquidity and attract investments on the capital markets under more profitable circumstances.

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To receive more information 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 as of November 1st, 2004. FETEC 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.