The Board approved the following members of the Board Committees:

Corporate Governance Committee:
Committee Chairman:
1. Alla Grigorieva, Uralsvyazinform Board member, Deputy Director and Head of Section at Corporate Governance Department of OAO Svyazinvest;
Committee Members:
2. Vladimir Kozin, Uralsvyazinform Board member, Director of Direct Investments and Property Department of OAO Svyazinvest;
3. Dmitry Levkovsky, Uralsvyazinform Board member, Vice-President of Moscow office of NCH Advisors, Inc.;
4. Dmitry Samoilov, Deputy General Director - Director for Business Development and Corporate Governance of OAO Uralsvyazinform.

Committee for Strategic and Investment Planning and Budgeting:
Committee Chairman:
1. Sergey Yurpalov, Uralsvyazinform Board member, Head of Economic Department at Russian President Authorized Representative’s Office in Urals Federal District;
Committee Members:
2. Vladimir Adzhalov, Uralsvyazinform Board member, Advisor to General Director of OAO Rostelecom;
3. Yuri Bilibin, Uralsvyazinform Board member, Assistant to General Director of OAO Svyazinvest;
4. Anatoly Ufimkin, Senior Deputy General Director of OAO Uralsvyazinform;
5. Sergey Kuzyaev, Deputy General Director – Economics and Finance Director of OAO Uralsvyazinform;
6. Andrey Belobokov, Deputy General Director – Director for Commerce of OAO Uralsvyazinform.

The Board approved the Provisions on Dividend Policy of the company. According to the Provisions the total amount of dividend on common shares recommended by the Board should equal not less than 10 percent of the annual net profit by the results of the last financial year. The sum of dividend payable to preferred shareholders is set at 10 percent of the company annual net profit of the last financial year. The sum is to be equally divided by the number of preference shares which amount to 25 percent of the authorised capital.

The Board also approved the Provisions on the Procedure of information disclosure to shareholders and got acquainted with Standard & Poor's Corporate Governance Score Report on Uralsvyazinform.

Besides, the Board approved the company Investor Relations programme for 2004. There was also taken a decision to join Non Commercial Partnership Russian Institute of Directors (RID).