1. JSC SVYAZINVEST ON TELECOMMUNICATIONS MARKET

2. 2 FORWARD-LOOKING STATEMENTS _Certain statements in this presentation are not historical facts and represent “forward-looking” statements. Example of such forward- looking statements include, but are not limited to: _projections or expectations of revenues, profit (or loss), earnings (or loss) per share, dividends, capital structure, other financial indicators or ratios; _statements of our plans, objectives or goals, including those related to products or services; _statements of future economic indicators; _statements of prerequisites underlying such statements. _Words such as “believes”, “expects”, “supposes”, “plans”, “is going to” and “intends”, as well as similar expressions, are intended to identify forward-looking statements but for all that are not the exclusive means of identifying such statements. _By their very nature, forward-looking statements imply some inherent risks and uncertain points, both general and specific, and there is some risk that the plans, expectations, forecasts and other forward-looking statements will not be realized. You should remember that owing to a number of important factors, actual results might substantially differ from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements, including our ability to execute our restructuring and cost reduction programme. _When relying on forward-looking statements, you should carefully analyze the foregoing factors and other uncertainties and events which are not clear, especially in light of the political, economic, social and legal environment in which the Company operates. Such forward- looking statements are valid only as of the date on which they are published, and the Company does not undertake any obligation to update or revise any of them whether as a result of new information, new events or otherwise. The Company does not make any statement, does not provide any affirmation and does not publish any forecast that the results anticipated by such forward-looking statements will be achieved. Such forward-looking statements represent only one of many possible scenarios of situation and should not be considered as the most likely or standard course of events.

3. 3 _SVYAZINVEST GROUP: PROFILE AND DEVELOPMENT INDICATORS _IMPACT OF TELECOM MARKET CHANGES ON THE ACTIVITY OF SVYAZINVEST GROUP _UNREGULATED SERVICES – PRIMARY DEVELOPMENT TREND FOR SVYAZINVEST GROUP _PROSPECTS FOR SVYAZINVEST GROUP

4. 4 RUSSIA TODAY  High and sustainable pace of growth of Russian economy Pace of growth of Russian economy, % * Growth of Real Wage in Russia, % * Direct foreign investment in Russian economy, USD bln *  Russian economy is becoming more attractive in the eyes of foreign partners  Growth of common welfare and consumer's demand *- source: Ministry for Economic Development and Trade of the Russian Federation

5. 55 SVYAZINVEST: STRUCTURE AND COVERAGE Sibirtelecom 4.7 mln lines in service Market cap equals USD 1,815 mln* Dalsvyaz 1.5 mln lines in service Market cap equals USD 684 mln* State 75% - 1 share MGTS Finance 7.69% Svyazinvest 7 RTOs Rostelecom MGTS Other Controlling stake Blocking stake _Foundation of Svyazinvest – September 18, 1995 _Sale of the company’s blocking stake to Mustcom - July 1997 _Corporate integration: 72 telecom companies were consolidated into 7 interregional companies throughout 2000-2002 South Telecom 4.1 mln lines in service Market cap equals USD 783 mln* VolgaTelecom 5.0 mln lines in service Market cap equals USD 1,903 mln* CenterTelecom 6.7 mln lines in service Market cap equals USD 1,796mln* Uralsvyazinform 8.3 mln lines in service Market cap equals USD 2,522 mln* North-West Telecom 4.4 mln lines in service Market cap equals USD 2,011mln* * - market caps as of November 9, 2007 Comstar-UTS 17.31% + 1 share _Rostelecom owns a powerful backbone network spreading across almost all the territory of Russia. The Company’s network is around 200,000 km long. The level of Company’s market capitalization equals $7,746mln. _At present, the estimated capitalization of Svyazinvest is some $9.8 bln.

6. 6 KEY PERFORMANCE INDICATORS OF SVYAZINVEST GROUP * * - hereinafter (unless otherwise indicated) : a) aggregated indicators are given according to RAS; b) Svyazinvest Group includes the following companies:Rostelecom, 7 RTOs, Central Telegraph, Dagsvyazinform Russian Accounting Standards 2007 F2006 2005 REVENUE [USD, bln] 17.9% EXPENSES [USD, bln] OPERATING INCOME [USD, bln] EBITDA [USD, bln] NET PROFIT [USD, bln] International Accounting Standards 16.0% 3Q20063Q2007 17.9% 2006 2005 17.9% 2007 F2006 2005 3Q20063Q2007 2006 2005 2007 F2006 2005 3Q20063Q2007 2006 2005 2007 F2006 2005 3Q2006 3Q2007 2006 2005 2007 F2006 2005 3Q2006 3Q2007 2006 2005 15.9% 21.9%14.6% 4.1%21.9%24.4% 15.0%41.4% 30.6% 13.6%71.6% 47.7% 16.9% 26.9% 24.7% 32.1%

7. 7 MARKET SHARE OF SVYAZINVEST GROUP OF COMPANIES * LOCAL TELEPHONY MARKET INTRA-ZONAL TELEPHONY MARKET. * - as of the end of 1H2007 ** - on the licensed coverage area of 7 RTOs MOBILE TELEPHONY MARKET TELECOMMUNICATIONS MARKET DATACOM MARKET LD / ILD MARKET ** - Share of Svyazinvest group (Rostelecom + 7 RTOs) - Share of other providers

8. 8 KEY INFRASTRUCTURE INDICATORS OF SVYAZINVEST GROUP -1% +5% INSTALLED CAPACITY, mln lines DIGITALIZATION RATE, %

9. 9 INVESTMENT POLICY: DYNAMICS AND STRUCTURE OF CAPITAL INVESTMENT Traditional telephonyDevelopment of infrastructure New services and IT- technologies Other 1.531.53 1.40 1.93 INVESTMENT, USD, bln

10. 10 KEY OPERATIONAL INDICATORS OF SVYAZINVEST GROUP LINES PER EMPLOYEE, unit REVENUE PER EMPLOYEE, USD thousand * - forecast NUMBER OF EMPLOYEES, employees, thousand +22% + 16% + 30% + 23% + 30% +15% -9.0% - 10.9% -5.0%

11. 11 $ 10.4 bln. $ 12.2 bln. $ 14.2 bln. * - forecast CAPITAL STRUCTURE, USD bln RATIO BETWEEN CURRENCY AND RUBLE-DENOMINATED LOANS DEBT OVERVIEW AVERAGE COST OF CREDIT RESOURCES, % In 2006 – 2007, major changes were made to the structure, cost and amount of the debt portfolio of the companies in Svyazinvest Group. Changes in the cost of attracting credit resources are due both to the upgrade of the RTOs’ credit ratings and to the general market correction.

12. 12 BOND ISSUES CompanySeries Date of issue Nominal value* Maturity date Offer / other conditions Interest rate Uralsvyazinform 0721.03.06Rub 3 bln ($109 mln)6 yearsIn 3 years8.4% for 3 years Central Telegraph 0305.04.06Rub 700 mln ($25 mln)3 yearsNo offer9.75% Sibirtelecom 0724.05.06Rub 2 bln ($74 mln)3 yearsNo offer8.65% Dalsvyaz D2D207.06.06Rub2 bln ($75 mln)6 yearsIn 4 years8.85% for 4 years Dalsvyaz D3D307.06.06Rub 1.5 bln ($56 mln)3 yearsNo offer8,6% CenterTelecom 0505.09.06Rub 3 bln ($112 mln)5 yearsIn 2 years8.09% for 2 years VolgaTelecomVT-412.09.06Rub 3 bln ($112 mln)7 yearsIn 3 years7.99% for 3 years North-West Telecom0414.12.06Rub 2 bln ($76 mln)5 yearsCall option in 2 years at 102%8.1% South Telecom0506.06.07Rub 2 bln ($77 mln)5 yearsIn 3 years7.55% for 3 years _Total volume of placement in 2006-2007 was Rub 19.2 bln (USD 716 mln) * Estimated average USD rate was based on the exchange rate quoted by the CBR as of the placement date

13. 13 SVYAZINVEST GROUP: DYNAMICS OF CAPITALIZATION CALCULATED COMPARED WITH THE RTS INDEX, 2006-2007

14. 14 Residents (legal entities) Individuals JSC Svyazinvest Non-residents (legal entities) RTOs AND ROSTELECOM SHAREHOLDER CAPITAL STRUCTURE NORTH-WEST TELECOM 40% 11%11% 37%37% CENTERTELECOM 9%9% 38% 42% VOLGATELECOM 9%9% 39% 38% 38%38% 13% SOUTH TELECOM 41%41% 25%25% 12%12% URALSVYAZINFORM SIBIRTELECOM 10%10% 38% 39% DALSVYAZ 12%12% 36% 38% ROSTELECOM 9% 17% 38%38% 12%12% 11%11% 14% 11%11% 22% 13%13% 14% 36%

15. 15 RTOs AND ROSTELECOM CREDIT RATINGS CompanyRatingOutlookAgency North-West TelecomBB-/ВВ-Stable / StableS&P/Fitch South TelecomВ-Credit Watch PositiveS&P CenterTelecomB+/BPositive / PositiveS&P/Fitch VolgaTelecomBB-StableS&P DalsvyazВ+StableFitch UralsvyazinformBB-/B+Stable / StableS&P/Fitch SibirtelecomB+StableFitch RostelecomBB-StableS&P

16. 16 _SVYAZINVEST GROUP: PROFILE AND DEVELOPMENT INDICATORS _IMPACT OF TELECOM MARKET CHANGES ON THE ACTIVITY OF SVYAZINVEST GROUP _UNREGULATED SERVICES – PRIMARY DEVELOPMENT TREND FOR SVYAZINVEST GROUP _PROSPECTS FOR SVYAZINVEST GROUP

17. 17 IN 2007, THE RUSSIAN TELECOM MARKET HAS DEVELOPED ACCORDING TO GENERAL INTERNATIONAL TENDENCIES HOWEVER, IT HAS ALSO BEEN CHARACTERIZED BY A NUMBER OF SPECIFIC FEATURES GENERAL TENDENCIESSPECIFIC TENDENCIES –Mobile traffic replacing fixed traffic 1 –Development of broadband Internet access 2 –Liberalization of LD market 3 –Switch to new system of tariff plans 1 –Introduction of “Calling Party Pays“ principle 2 –Introduction of new interconnect rules 3 –Convergence of telecom services 4 ALL THESE FACTORS HAVE A DIFFERENT IMPACT COMPANIES OF SVYAZINVEST GROUP KEEP THEIR MARKET POSITIONS

18. 18 LIBERALIZATION OF LD MARKET 32 LICENCES HAVE BEEN ISSUED TO DATE SEVERAL PROVIDERS ARE ACTUALLY OPERATING ON THE LD MARKET: ROSTELECOM, GOLDEN TELECOM, MTT, TRANSTELECOM SINCE JANUARY 1, 2006 LD MARKET HAS BEEN LIBERALIZED MARKET POSITION OF ROSTELECOM ON ILD MARKET, ESTIMATED TRAFFIC (1H 2007) 91%91% Source: iKS-consulting, internal accounts of Svyazinvest MARKET POSITION OF ROSTELECOM ON LD MARKET, ESTIMATED TRAFFIC (1H2007) 89% - Share of Rostelecom - Share of other operators

19. 19 INTRODUCTION OF “СALLING PARTY PAYS” PRINCIPLE F2M REVENUE, [USD MLN] MOU F2M, [MIN / MONTH] SUBSCRIBERS ACTIVITY FOR F2M CALLS AS OF JUNE, 2007, % SUBSCRIBERS ATTITUDE TO THE INTRODUCTION OF CPP, % Source: Research by ROMIR, June 2007Source: Research by ComCon, March 2007 +19% +24% +12% +14% +9% +31% +9% -11% +24% +17% +16% +21% +11% +12% +32% +17%+17%

20. 20 ¢ 0.7 ¢ 0.9¢ 0.9 11 368 min 16* 8 * SWITCH TO NEW SYSTEM OF TARIFF PLANS (1) TARIFF PLANS (PSTN, average for RTOs), USD CURRENT TARIFFS (PSTN as of date below, average for RTOs), USD SUBSCRIBER TARIFF PLAN (PSTN, average for RTOs), USD - 32% ** ACCORDING TO RF CIVIL CODE, THE CURRENT PAYMENT SYSTEM REMAINS EFFECTIVE FOR THOSE WHO FAIL TO SELECT A TARIFF PLAN FORMATION OF TRANSITIONAL PERIOD MASS PR CAMPAIGN CONDUCTED * * - Tariff for regions where it is not technically possible to introduce tariff plans * - Total fee incl. line rental -Cost per minute of connection - Payment for line - Payment for base number of connections - Payment for maximum number of connections

21. 21 SWITCH TO NEW SYSTEM OF TARIFF PLANS (2) BREAKDOWN OF INDIVIDUAL SUBSCRIBERS BY TARIFF PLAN (IN REGIONS WHERE IT IS TECHNICALLY POSSIBLE TO INTRODUCE TARIFF PLANS), AS OF OCTOBER 1, 2007 BREAKDOWN OF INDIVIDUAL SUBSCRIBERS BY TARIFF PLAN (TAKING INTO ACCOUNT THE REGIONS WHERE IT IS NOT TECHNICALLY POSSIBLE TO INTRODUCE TARIFF PLANS), AS OF OCTOBER 1, 2007

22. 22 _SVYAZINVEST GROUP: PROFILE AND DEVELOPMENT INDICATORS _IMPACT OF TELECOM MARKET CHANGES ON THE ACTIVITY OF SVYAZINVEST GROUP _UNREGULATED SERVICES – PRIMARY DEVELOPMENT TREND FOR SVYAZINVEST GROUP _PROSPECTS FOR SVYAZINVEST GROUP

23. 23 GROWTH ON DATACOM MARKET EARNINGS FORM DATACOM SERVICES, USD BLN GROWTH FORECAST FOR TELECOM MARKET, USD BLN INTERNET PENETRATION AND BIA IN RUSSIA (SUBSCRIBERS), % annual average Local voice LD services Mobile communications Internet and datacom + 11% + 8% 0% + 11% +23% СAGR % Individuals Organisations 17% +30% СAGR % annual average + 23% Source:McKinsey Source:UralSib _ Datacom will be the fastest growing market segment. Most expansion will come from broadband Internet access. _ The penetration of broadband Internet access (BIA) will grow in line with disposable income, computerization, network upgrades and cost reduction.

24. 24 GROWTH POTENTIAL OF SVYAZINVEST GROUP IN THE NEW SERVICES SEGMENT, USD mln * DYNAMICS OF INVESTMENTS IN THE DEVELOPMENT OF NEW SERVICES AND IT TECHNOLOGIES, USD mln * REVENUE FROM NEW SERVICES IN TOTAL REVENUE OF SVYAZINVEST GROUP, USD mln* + 70 % BREAKDOWN OF REVENUE FROM UNREGULATED SERVICES IN 2007 (FORECAST) * - not incl. cellular communication _Based on our forecast, Internet and datacom will achieve revenue growth of 70% in 2007.

25. 25 BROADBAND ACCESS SERVICES CompanyARPL, $Brand CenterTelecom26Domolink North-West Telecom22Avangard South Telecom39DISEL VolgaTelecom25J Uralsvyazinform34Utel Sibirtelecom31Webstream Dalsvyaz35Disly KEY REGIONAL BRANDS AND ARPL (3Q2007) 24% 40% MARKET SHARE OF DATACOM SERVICES, % NUMBER OF xDSL ANF ETTH PORTS ENABLED AS OF OCTOBER 1, 2007, TH.

26. 26 SVYAZINVEST GROUP ON THE MOBILE TELEPHONY MARKET LICENCE COVERAGE OF GSM OPERATORS OF SVYAZINVEST GROUP MOBILE SUBSCRIBERS BASE, thousand _In 2006, the Group’s mobile business policy was to increase the presence of RTOs on the cellular market and to consolidate assets. _Svyazinvest Group companies offer mobile services in 27 regions of the Russian Federation.

27. 27 FINANCIAL RESULTS OF CELLULAR OPERATORS OF SVYAZINVEST GROUP VOLGA, USD mln URAL, USD mln SIBIR, USD mln

28. 28 TRENDLINES IN AVERAGE ARPU* AND MOU* OF MOBILE ASSETS OF SVYAZINVEST GROUP IN THE MAIN REGIONS AVERAGE ARPU TRENDLINE, USD AVERAGE MOU TRENDLINE, min. *ARPU – average revenue per user **MOU – minutes of use per subscriber

29. 29 _SVYAZINVEST GROUP: PROFILE AND DEVELOPMENT INDICATORS _IMPACT OF TELECOM MARKET CHANGES ON THE ACTIVITY OF SVYAZINVEST GROUP _UNREGULATED SERVICES – PRIMARY DEVELOPMENT TREND FOR SVYAZINVEST GROUP _PROSPECTS FOR SVYAZINVEST GROUP

30. 30 SVYAZINVEST GROUP: PRIMARY OBJECTIVES  To boost revenue by broadening the scope of services provided (employing modern technologies) and by raising tariffs for local voice services.  To maintain strong operating efficiency with a view to revised relations between operators, liberalization of the LD market and emergence of new competitive environment.  To roll out new generation networks (NGNs) and provide a technological framework so that the company can rapidly create and provide top-notch services throughout the Russian Federation.  To take further steps towards improving the efficiency of Svyazinvest Group’s management system (to phase in ERP, to introduce a unified billing system and OSS – Operations Support System; to implement a set of actions to use human resources more effectively, etc.)

31. 31 DEVELOPMENT OF LOCAL TELEPHONY MARKET 1.Mobile traffic replacing fixed traffic 2.Alternative operators and players from other segments entering the market 3.Switching voice traffic to datacom networks To increase the value of subscriber line: 1.Digitalization of networks 2.Introduction of service packages 3.New communication services 4.«Unlimited» tariffs : Market Tendencies Svyazinvest Initiatives Objectives for 2012 To keep leading positions in the local telephony segment 81% Market share of Svyazinvest Group in this segment Svyazinvest’s position in 2007 1.MOU growth in the local connections segment, [MIN / MONTH] +20% 2.Revenue growth in the local connections segment, [USD MLN] * LOCAL TELEPHONY MARKET +18% * - line rental and connection services

32. 32 DEVELOPMENT OF INTRA-ZONAL TELEPHONY MARKET 1.Mobile traffic replacing fixed traffic 2.Reduction of tariffs 3.New players entering the market 1.To provide package offers 2.To optimize tariffs : Market Tendencies Svyazinvest Initiatives Objectives for 2012 To keep leading positions in the intra-zonal telephony segment Market share of Svyazinvest Group in this segment Svyazinvest’s position in 2007 1.F2M revenue growth, [USD MLN] 2.F2F revenue decrease, [USD MLN] INTRA-ZONAL TELEPHONY MARKET 92% +17% -12%

33. 33 DEVELOPMENT OF INTERNET AND DATACOM MARKET 1.Growth of demand for and speed of Internet access 2.Switching to unlimited offers 3.Competition between technologies (DSL, ETTH, Wi-Fi, Wi-Max, 3G) 4.Content becoming increasingly important 1.To develop DSL access on existing subscribers’ lines 2.To develop ETTH as soon as market saturation occurs 3.To establish partnerships with content aggregating agents : Market Tendencies Svyazinvest Initiatives Objectives for 2012 To increase market share in the Internet access and datacom segment Market share of Svyazinvest Group in this segment Svyazinvest’s position in 2007 1.Internet and datacom revenue growth, [USD MLN] 2.Rapid growth of subscriber database, [xDSL + ETTH, th. ports] INTERNET AND DATACOM MARKET 59% As of Apr 1 As of Jul 1 As of Jan 1 +28% +31% +62% +27% As of Oct 1

34. 34 DEVELOPMENT OF LD MARKET 1.New players entering the market and competition increasing 2.Voice traffic switching to datacom networks 3.Mobile traffic replacing fixed traffic 4.Development of intelligent telecom networks 1.To protect company’s positions on the retail market 2.To develop intelligent telecom networks 3.To strengthen positions on the corporate clients market, incl. at the federal level : Market Tendencies Svyazinvest Initiatives Objectives for 2012 To keep leading positions in the LD communications segment Market share of Svyazinvest Group in this segment Svyazinvest’s position in 2007 1.Prices for services rendered are lower than competitors’ [Average Income Rate, USD MIN] 2.Market share is decreasing as a result of liberalization LD MARKET 60% 20061H2007 RostelecomCompetitors 94% 89% 2006 96% 91% 1H2007 20061H2007 DLD ILD

35. 35 GROWTH OF OPERATING RESULTS Income 1.To introduce outsourcing 2.To develop e-auctions 3.To optimize real estate assets 4.To optimize business processes and organizational structure 5.To roll out New Generation Networks 6.To optimize the number of employees Between 2008 and 2012, the expenses CAGR will equal 7,2%* Good FINANCIAL RESULTS, as the company anticipates that income will grow more than expenses Between 2008 and 2012, the income CAGR will equal 8,5%* Svyazinvest Initiatives Expenses 1.To increase the share of broadband services 2.To promote bundled services 3.To increase customer loyalty 4.To diversify distribution channels and roll out a system for active agent sales 5.To increase the share of corporate clients Svyazinvest Initiatives 2012 EBITDA margin 41,4%* * - 7 RTOs

36. 36 SVYAZINVEST GROUP: PROSPECTS OF KEY PERFORMANCE INDICATORS FOR 2008 * REVENUE, USD bln OPERATING EXPENSES, USD bln * - 7 RTOs + Rostelecom OPERATING INCOME, USD bln NUMBER OF EMPLOYEES, thousand

37. 37 55 bld. 2 ulitsa Plyuschikha 119121 Moscow RUSSIA Phone: +7 (495) 727 0473 Fax: +7 (495) 727 0475 E-mail: ir@svyazinvest.ruir@svyazinvest.ru Web site: www.svyazinvest.ruwww.svyazinvest.ru