On November 17, 2003, the session of the Board of Directors was held in video conference mode in 3 cities: Moscow, Perm, Ekaterinburg. The members of the Board discussed the Company performance including the fulfillment of the company’s budget for 2003. In compliance with the budget the revenues (RAS) are expected to be USD627,1 mln.*, EBITDA – USD240,1 mln., net profit – USD55,4 mln.

The Board approved the Uralsvyazinform Code of Corporate Conduct, developed in accordance with FCSM regulations about Code of Corporate Conduct.

Terms of the contract with a Company auditor, ZAO “Ernst & Young Vneshaudit” to conduct an audit of financial statements under RAS, IAS for 2003 were also approved at the meeting.

*Currency conversions are based on average annual (2003E) USD exchange rate at RUR30,7.