1 Prospects and objectives Vladimir I. Rybakin General Director February 2003

2 Moscow Consolidated company of Urals region Territory 2 mln sq. km Population 15 mln Natural resources 65% of Russian oil, 90% of gas, gold, diamonds Industrial output in 2001 USD37,4 bln. (18,5% of industrial output of RF) Average annual USD rate of exchange as of 2002 – RUR31,5 September 30, 2002 highlights the completion of merger of Urals region telecoms and JSC Uralsvyazinform Perm region Sverdlovsk region Chelyabinsk region Kurgan region Tyumen region Khanty-Mansi Autonomous District Yamalo-Nenetski Autonomous District As of January 1, 2003 Lines – 3,9 mln Subscribers – 3,4 mln Emloyees – 37,8 thous. Perm Khanty-Mansyisk Yamal Ekaterinburg Tyumen Chelyabinsk Kurgan Kazakhstan Kara Sea

3 Disclosure of consolidated financial report under Russian accounting standards (April 2003); Auditor’s opinion under Russian and international accounting standards (June 2003). Merger completion schedule

4 Shareholder’s equity as of February 25, 2003 USD Rate of exchange – RUR 31,84 Book Capital USD 151 mln Number of shares Share of preferred stock 19,5% Number of stockholders Market capitalization USD 603,2 mln

5 Market position of consolidated Uralsvyazinformin Urals region

6 Capital investment schedule

7 Overall CAPEX

8 Investment Sources

9 Investment Priorities Capacity extension and network upgrade: – digital switches; – optical access netwoks; – intrazone digital transport networks; – wireless loop; Mobile telephony of GSM-900/1800 standard; Packet switching network: – multiservice network build-up; – Internet; Intelligent network; Cable TV.

10 Number of lines per employee

11 Digitalization

12 Wire-line penetration (telephones per 100 inhabitants) Waiting list as of January 1, 2003 –

13 Digital transport network development Existing lines Planned lines

14 Domestic and international long-distance traffic

15 TBB introduction plan for Sverdlovsk region Chelyabinsk region Kurgan region Khanty-Mansyisky autonomous district Yamalo-Nenetski autonomous district Time-based billing TBB is introduced in: Perm region - 87,5% of installed capacity Tyumen region - 75,0% of installed capacity

16 Thousand subscribers a «Uralsvyazinform» 157 «South-Urals Cellular Phone» 156,9 «Ermak RMS» 82,9 TOTAL 396,8 Екатеринбург Perm Khanty-Mansyisk Chelyabinsk Kurgan Salekhard Ekaterinburg Tyumen GSM-900/1800 Network As of January 1, 2003

17 GSM900/1800 Network Development

18 Subscribers «Uralsvyazinform» Perm Division «UralWestCom» «Kurgan Cellular Phone» 400 Total Екатеринбург Tyumen Perm Ekaterinburg Khanty-Mansyisk Chelyabinsk Kurgan Salekhard NMT – 450 Network as of January 1, 2003 Prospects – transition to digital standard

19 Intelligent Network setup in Urals Region Max. Virtual network capacity is 12 mln. numbers PSTN EkaterinburgTumenChelyabinskKurganYamal Khanty-Mansiysk PermSMP SCP SSPToll Exchange INAP - R SSP Toll Exch. SSP Toll Exch. SSP Toll Exch. SSP Toll Exch. SSP Toll Exch. SSP Toll Exch. Uralsvyazinform Services  Freephone;  Premium access;  Account card access;  Pre-paid card access;  Televote;  Pre-paid access to Internet;  Pre-paid access to mobile network;  Personal number service;  Virtual private networks. INAP - R

20 Multi-Service Network General Structure

21 Optical access network build-up

22 Local hub configuration

23 Financial results

24 Revenue structure

25 Expenditure structure

26 EBITDA and Net Profit

27 Debt USD exchange rate as of RUR30,14 ; RUR32,86; RUR33,54; RUR37,06; RUR37,34

28 IAS accounting since 1995 Annual international audit since 1995 Level 1 ADR Program Fitch credit rating at “B” Standard & Poor’s credit rating at “B-” Corporate governance score of Standard & Poor’s at «6,0» Prospects Additional share issuance Level 3 ADR program Shares are traded at: - RTS, MICEX - Berlin, Frankfurt Stock Exchange - USA Over-the-counter market Investor Relations

29 Market capitalization of Uralsvyazinform MAP affirms reorganization Shares of merging companies are swapped

30 Contacts: ph.: fax: Ticker symbols: Russian Trading System - URSI ADR - UVYZY