OREANDA-NEWS. January 24, 2011. OJSC “Far East Telecom” (RTS: ESPK, MICEX: DLSV, OTC USA: FEEOY, Deutsche Bourse and Berlin Stock Exchange: D7A) announces, that Arbitration court of Primorsky region allowed a clime of Open Joint Stock Company “Investing company of telecommunications” to Open Joint Stock Company “Far East Telecommunications Company ” and force to convene extraordinary shareholders meeting.

In accordance with decision of Arbitration court of Primorsky region as of December 20, 2010 regarding to clime of OJSC “Svyazinvest” to OJSC “Far East Telecom” Chief Executive Officer decided (decision #1 as of December 21, 2010) to:

1. To convene extraordinary shareholders meeting of OJSC “Far East Telecom”

2. To fix:

· form of extraordinary shareholders meeting: meeting (joint presence of shareholders for issues of the day discussion and decisions making regarding to issues put to the vote);

· date of extraordinary shareholders meeting holding – March 7, 2011 дату проведения внеочередного общего собрания акционеров - 07 марта 2011 г.;

· place of location extraordinary shareholders meeting – 36, Praporschika Komarova str., Vladivostok Russia;

· time of extraordinary shareholders meeting – 11 a.m.;

· time of registration persons taking the participation in extraordinary shareholders meeting – 08:30 a.m. March 07, 2011;

· postal address for ballots sending for voting:

- OJSC “Far East Telecom” Corporate Secretary Office, 57, Svetlanskaya str., Vladivostok Russia 690091

- OJSC “ORK” post office box #151, Moscow 115280

· date of shareholders, having right to take participation in extraordinary shareholders meeting, list fixing– December 21, 2010

3. Do fix the following way of shareholders informing about extraordinary shareholders meeting:

Till December 26, 2010 to publish note about OJSC “Far East Telecom” extraordinary shareholders meeting convene in “Rossiiskaya gazeta”.

4. To fix the following agenda of OJSC “Far East Telecom” extraordinary shareholders meeting:

1) About the Board of Directors duties finishing ahead of schedule.

2) About election of the Board of Directors’ members.

5. To detail list of information (documents), assignable to shareholders before extraordinary shareholders meeting of the Company:

- Decision № 1 as of December 21, 2010 of Sole executive body of OJSC Far East Telecom about extraordinary shareholders meeting convene.

- Data about nominees to the Board of Directors, including information about agreement of nominee to election to the Board of Directors in written.

- Draft of extraordinary shareholders meeting decisions.

6. To fix the following way of information disclosure to persons, having right to participate in extraordinary shareholders meeting, during preparation to extraordinary shareholders meeting holding:

Place, where shareholders can take information:

- place of company location: OJSC “Far East Telecom” Corporate Secretary Office, 57, Svetlanskaya str., Vladivostok since February 15, 2011;

- in the Company’s branches - since February 15, 2011 at the following addresses:

Amur branch – 40 Pionerskaya St., Blagoveshchensk 675000

Kamchatka branch - 56 Leninskaya St., Petropavlovsk-Kamchatsky 683000

Primorsky branch - 37 Prospekt Krasnogo Znameni St., Vladivostok 690600

Magadan branch - 2A Prospekt Lenina St., Magadan 685000

Sakhalin branch- 220 Lenina St., Yuzhno-Sakhalinsk 693000

Khabarovsk branch- 58 Karla Marksa St., Khabarovsk 680000

Sakhatelecom branch – 22 Kurashova St., Yakutsk 677000.