URSI Analyst Update 02/23/10

Contents:
- THE SHARE PRICE IS EXPECTED TO BE SEVERAL TIMES HIGHER;
- VERY POSITIVE 9M 2009 FINANCIAL RESULTS;
- URALSVYAZINFORM ACQUIRED 100% STAKE IN YUTK;
- BETTER LIQUIDITY FOR DEBT SECURITIES;
- RUBLE DEVALUATION HAD NO NEGATIVE EFFECT ON BUSINESS ACTIVITY;
- BBA INVESTMENT RATING;
- QUARTERLY INCOME STATEMENT (historical);
- KEY FINANCIAL RATIOS (Historical).

10 pages

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Uralsvyazinform

Open Joint-Stock Company Uralsvyazinform provides telephone, telegraph, and data transmission services, as well as wireless communication services on the territory of the Urals region of the Russian Federation. The company’s services include mobile and wireline radio services; television services comprising transmission and allocation of television and radio programs of the air and cable-based network; provision of access to the network of wireline broadcast, maintenance of subscribers’ wireline-radio outlets, rendering of services of mobile radio, and satellite communication services; city telecommunications and rural telecommunications, and services for national operators; interconnection and traffic transmission, local telephone calls; and channels rental. It also offers data transfer and telematic services (Internet); documentary telecommunications; and local telephone and Intrazone telephone services. In addition, the company offers transportation and construction services. The company was founded in 1994 and is headquartered in Ekaterinburg, the Russian Federation. Open Joint-Stock Company Uralsvyazinform is a subsidiary of OAO Svyazinvest.
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