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

2. 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. 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. 4 Shareholder’s equity as of February 25, 2003 USD Rate of exchange – RUR 31,84 Book Capital USD 151 mln Number of shares 40 134 723 306 Share of preferred stock 19,5% Number of stockholders 23 379 Market capitalization USD 603,2 mln

5. 5 Market position of consolidated Uralsvyazinformin Urals region

6. 6 Capital investment schedule

7. 7 Overall CAPEX

8. 8 Investment Sources

9. 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. 10 Number of lines per employee

11. 11 Digitalization

12. 12 Wire-line penetration (telephones per 100 inhabitants) Waiting list as of January 1, 2003 – 537 143

13. 13 Digital transport network development Existing lines Planned lines

14. 14 Domestic and international long-distance traffic

15. 15 TBB introduction plan for 2002 - 2003 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. 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. 17 GSM900/1800 Network Development

18. 18 Subscribers «Uralsvyazinform» Perm Division 14 354 «UralWestCom» 20 889 «Kurgan Cellular Phone» 400 Total 35 643 Екатеринбург Tyumen Perm Ekaterinburg Khanty-Mansyisk Chelyabinsk Kurgan Salekhard NMT – 450 Network as of January 1, 2003 Prospects – transition to digital standard

19. 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. 20 Multi-Service Network General Structure

21. 21 Optical access network build-up

22. 22 Local hub configuration

23. 23 Financial results

24. 24 Revenue structure

25. 25 Expenditure structure

26. 26 EBITDA and Net Profit

27. 27 Debt USD exchange rate as of 01.01.02 - RUR30,14 ; 01.01.03 - RUR32,86; 01.01.04 - RUR33,54; 01.01.05 - RUR37,06; 01.01.06 - RUR37,34

28. 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. 29 Market capitalization of Uralsvyazinform MAP affirms reorganization Shares of merging companies are swapped

30. 30 Contacts: ph.: +7 3422 341 200 fax: +7 3422 343 336 e-mail: investor@usi.ru www.uralsviazinform.ru www.uralsviazinform.com Ticker symbols: Russian Trading System - URSI ADR - UVYZY