1. Far East Telecommunications Company The First Nine Months Financial Results November, 2004 RTS: ESPK MICEX: DLSV Over-the-Counter Market USA: FEEOY Investor Relations

2. Safe Harbor The forward-looking information, which is included in this presentation, are the statements, made pursuant to the “safe- harbor” provisions of the Private Securities Litigation Reform Act of 1995. The presentation contains information about the future events and financial results, estimated by the Company in the future. These statements involve a number of risks and uncertainties. Among the factors that could cause future results include: deterioration of economy; changes of the laws, which are currently in force; increase in dependence on “Rostelecom”,OJSC, concerning the questions of proportion establishment, according to which the payment for international and long-distance traffic is divided: changes in rate of currency exchange; changes in percentage rates; changes in prices for raw materials and services, used by the issuer; changes in political situation in the country; military conflicts and cases of emergency; impossibility to continue the license for carrying out activity. The more detailed description of risks and uncertainties of the company you can find in the quarterly accounts and annual reports of “DALSVYAZ”, OJSC. The majority of the mentioned factors are beyond the control or the possibility of prognostication on the Company’s behalf. Taking onto consideration all the above-mentioned information, the Company does not recommend to rely upon any forward-looking statements, included into this presentation. The Company does not commit itself to disclosing any changes to this presentation with the aim to show the events or circumstances, which took place after the date of this presentation, or with the aim o show the unforeseen events, with the exception of the cases when this disclosure is required in accordance to the Private Securities Litigation Reform Act of 1995. All the financial results, included in this presentation, were accounted according to Russian Accounting Standards. 1

3. Welcome 2 Dear Shareholders, Investors and Analysts, Thank you for your interest to the Public Joint Stock Company “Far East Telecommunications Co”. Let me tell you about its fiscal third quarter results. In the third quarter we increased twice the revenue growth rate and made important decisions regarding increasing corporate governance quality. The Board of Directors ratified the conditions and formed 4 committees, including the Corporate Governance Committee, Human Resources, Motivation and Compensation Committee, Audit Committee, and Strategic Management Committee. The Board of Directors also made a decision to liquidate FETEC’s Jewish Autonomous Regional branch and to reorganize it into communications Hub of JAR. It will allow the company to decrease operational expenses by reduction of the administrative staff and fee (salary) fund. Igor V. Zabolotny Chief Executive Officer

4. Contents 3 Financial Summary Financial Results of the 9 Months 2004 Financial Results Dynamics of the 9 Months 2004 FETEC at the Capital Markets Dynamics of 2004 Quarter Results Guidance for 2004

5. Financial Summary (9 months 2004) 4 The Leader of the Far East Telecommunications Market FETEC’s market share 59.5% 72% Internet market 87% Local telecommunications market 81% Long-distance telecommunications market 100% Mobile market in Magadan Region and 50% in Kamchatka Region. Strong Growth Potential (compared 9 months 2003) Installed network capacity increased 13% Revenue increased to 31%; Net Income 2.6 times; Increased Revenue from: mobile service - 72% (234 million rubles.) other operators connection - 4 times (637 million rubles) new services (Internet, IP, ISDN) – 54% (355 million rubles) local service – 31% (2,2 billion rubles) long-distance and international telecommunications – 12% (2,4 billion rubles) Staff amount decreased to 316 people; Market Cap increased to $140 million or 15%; EBITDA increased 2,6 times.

6. Contents 5 Financial Summary Financial Results of the 9 Months 2004 Detailed Financial Results the 9 Months 2004 Dynamics of 2004 Quarter Results FETEC at the Capital Markets Guidance for 2004

7. Net Income Increased 2.6 times up to the 1 billion rubles 9 months 2004 Income Statement Thousand rubles Revenue 4 828 115 Operational Expenses 3 984 530 Income 843 585 Net Income 402 162 EBITDA 804 000 EBITDA to Revenue 17% Income statement Thousand rubles Revenue 6 338 702 Operational Expenses 5 391 815 Income 946 887 Net Income 1 062 224 EBITDA 2 100 000 EBITDA to Revenue 33% 9 months 2003 Growth 31% 35% 12% 164% 161% 124% 6 Growth of served telephones - 33 278 units. Growth of served telephones - 74 415 units.

8. Revenues by Service Shares Revenues from telecommunications services, thousand rubles. 4 743 757 6 242 283 31,6% 9 months 2003 9 months 2004 7 New Services Mobile Services Connection of other operators Others Services Local services New Services Mobile services Connection of other operators Other services Long-distance and international Local services Long-distance and international

9. 8 9 months 20049 months 2003 (Others) (Guard Expanses) (Rostelecom) (Tangible expenses and power) (Heat-and-Power energy) (Maintains) (Staff Education) (Information) (Consulting) (Transport) (Leasing payments) (Amortization) (Social taxes) (Salary) 3 984 530 5 391 815 1 954 487 1 498 907 592 760 463 997 57 686 885 894 422 931 683 291 486 639 232 878 574 112 70 213 357 349 463 944 Operation Expenses, thousand rubles Analysis of Expenses

10. Contents 9 Financial Summary Financial Results of the 9 Months 2004 Detailed Financial Results of the 9 Months 2004 Dynamics of 2004 Quarter Results FETEC at the Capital Markets Guidance for 2004

11. 1010 Revenue to one line, thousand rubles. Revenue to one worker, thousand rubles. 9 months 20039 months 2004 5.2 4,3 9 months 20039 months 2004 Profitability Ratios 260 343.5 10

12. EBITDA 1 804 2 083 9 months 20039 months 2004 EBITDA, million rubles.

13. Revenue from Local Services Rural Local Services City Local Services Far East Telecom serves 7 regions of the Russian Far East Federal District. There are 80% people live in the cities. The Far East telecommunications market is still far from satiation. The amount of orders (demand) to the installation of telephone service is 201 thousand people of 3Q 2004. Local Services Revenues, million rubles. 1212 9 months 2003 9 months 2004 1 697 178 220 2 223

14. 1313 Revenues from Long-Distance and International Services, million rubles. Rent of the telecommunications equipment International Service Long-Distance Service 9 months 20039 months 2004 1 884 Revenues from Long-Distance and International Services 2 123 354 1 661 394 2 378 9 months 20039 months 2004 13

15. Revenues from New Services Revenue shares are: The Internet – 95.6% IP –Telephony – 3.5% ISDN (digital net with integrated services) – 0.9% Revenue from New Services, million rubles. 1414 9 months 2003 9 months 2004 231 355

16. Revenues from Mobile Services Revenues from Mobile Services, million rubles. FETEC has mobile business GSM 900/1800 in Kamchatka Region and GSM 900 in Magadan Region. The revenue from mobile service increased 72% in 3 quarter 2004, compared to 3 quarter 2003. The third quarter the amount of subscribers of mobile service increased to 27.8 thousand or 2.8 times compared to 3 quarter 2003. 1515 9 months 20039 months 2004 136 234

17. Revenues from the Connection of Other Operators Revenues from connection of other operators, 2004, million rubles. FETEC improved structure of relationship with a connected operators since 1 June 2003 by approving equal tariffs to all connected operator. This had positive influence to the connection of other operators revenue growth rate. 1616 152 637 9 months 2003 9 months 2004

18. Subscribers Increasing Amount of mobile subsidiaries, 2004, thousand people. 1717 The amount of DSL – clients, 2004, thousand people. The amount of subscribers of local service, 2004, thousand people. Corporate clients Personal Clients 9 months 20039 months 2004 9 months 2003 9 months 2004 9 months 20039 months 2004 1 108 1 205 10 28 1.3 3,9

19. Increasing of the Installation and Net Digitalization 1818 The amount of installed Automotive Phone Stations, 2004. 1 196 1 350 9 months 20039 months 2004

20. Contents 19 Financial Summary Financial Results of the 9 Months 2004 Detailed Financial Results of the 9 Months 2004 Dynamics of 2004 Quarter Results FETEC at the Capital Markets Guidance for 2004

21. 2004 Quarters Results Dynamics 2020 2 030 2 094 2 215 Revenue, million rubles I Q.II Q.III Q. I Q.II Q.III Q. Operating Expenses, million rubles 1 757 1 871 1 763 I Q.II Q.III Q. Income, million rubles I Q.II Q.III Q. 273 222 452 39 133 Net Income, million rubles Including Income from the selling of share of Primtelefon and DVSS- 900 (mobile companies) 890

22. Contents 21 Financial Summary Financial Results of the 9 Months 2004 Detailed Financial Results the 9 Months 2004 Dynamics of 2004 Quarter Results FETEC at the Capital Markets Guidance for 2004

23. FETEC shares at the RTS QUOTES November 15, 2004 Common shares Ticker: ESPK Face-value 20 rub. Shares outstanding 95 581 421 52 weeks max. price $1.45 52 weeks min. price $0.89 52 weeks WA price $1.11 The last price $1.23 Change +3.28% Trading volume 4 816 508 USD Dividends 0.40 rub. Proffered shares Ticker: ESPKP Face-value 20 rub. Shares outstanding 31 168 901 52 weeks max. price $1.20 52 weeks min. price $0.76 52 weeks WA price $0.95 The last price $1.20 Trading volume 2 105 433 USD Dividends 0.73 rub. Common shares, November 15, 2003 – November 15, 2004, USD. ESPK 1.14 ESPK 22 ESPK 1,05

24. FETEC Shares at MICEX (out of list) QUOTES November 17, 2004 Common shares Ticker: DLSV Face-value 20 rub. Shares outstanding 95 581 421 52 weeks max. price 52 rub. 52 weeks min. price 26 rub. The last price 34.9 rub. Trading volume 12 146 650 rub. Dividends 0.40 rub. Proffered shares Ticker: DLVP Face-value 20 rub. Shares outstanding 31 168 901 52 weeks max. price 38 rub. 52 weeks min. price 22 rub. The last price 38 rub. Trading volume 5 527 028 rub. Dividends 0.73 rub. 2323 Common shares, November, 2003 – November 15, 2004 DLSV FETEC plans to take listing at Moscow Inter Banks Currency Exchange until the end of fiscal 2004.

25. ADR of FETEC is traded on OTC Dalsvyaz is implementing ADR program of 1 level (Pink Sheets) since 2002. Transfer agent is The trading is on Over the Counter Market. 1 ADR is equal 30 common shares of Dalsvyaz OJSC. The amount of shares outstanding is 79 406 units. 52 weeks max. price is $ 27.5. 52 weeks min. price is $ 25. The last price is $26.1 The company issued financial results accordingly IAS since 2002 – www.dsv.ru the IR section.www.dsv.ru For more information visit www.adr.comwww.adr.com FEEOY 2424

26. The trading history of FETEC ADR 2525 FEEOY July – October, 2004 $

27. Market Capitalization Feb.04. 30 September 2003 – 23 September 2004, million USD. 115 116 133 147 157 145 133 125 106 126 140 Sep.03.Okt.03. Nov.03.Dec.03. Jan.04. Apr.04. May04. Jun.04. Jul.04. Augг.04. 2626 Sep.04. Market cap as of September 30, 2004 increased to $140 million USD or 15% compared to September 23, 2003. 120

28. The Increasing of International Ratings The Rating of Corporate governance of Standard & Poors The Credit Rating of Fitch Ratings 5.3 5.8 2003 2004 Fitch Ratings increased the long run and credit ratings of Dalsvyaz from B- forecast “stable” to “B” forecast “positive”. The increasing of rating is because of: - strong position of Dalsvyaz at the Far East region; - accountability to the main shareholder Svyazinvest OJSC; - improvement of financial results. The increasing of corporate governance rating to 5.8 is because of: - continuous increasing of quality of corporate governance of the Company; -the increasing of number of independent directors in the Board of Directors to 4 persons; - the creation four committees with Board of Directors; -the Code of corporate governance took place. В - В 20022003 2004 27

29. Contents 2828 Financial Summary Financial Results of the 9 Months 2004 Detailed Financial Results of the 9 Months 2004 Dynamics of 2004 Quarter Results FETEC at the Capital Markets Guidance for 2004

30. Guidance to 2004 29 5,3 6,8 8,9 200220032004 Revenue, billion rubles 200220032004 932 981 1 260 Income, million rubles 200220032004 0.1 0.2 1.1 Net Income, billion rubles Including Income from the selling of share of Primtelefon and DVSS- 900 (mobile companies)

31. IR Contacts 3030 Questions? Investor Relations Department “Far East Telecommunications Company” OJSC Svetlanskaya St., Vladivostok, Russia 690950 Тel.: +8 (4232) 208-500, ext. 1306 IR@dsv.ru www.dsv.ru