Investor Presentaiton

Expenditure structure 44%(14%) 31% 14% 11% 2003F 46% (13%) 30% 13% 11% 2002 2001 43% (12%) 30% 14% 13% Operating expenses (including Rostelecom fees) Wages Depreciation Taxes & Deductions Plans to increase depreciation deductions, as well as budgets for marketing, advertizing, sales promotion, staff training, R&D URALSVYAZINFORM Overview

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