Investor Presentaiton

Financial Performance Revenues, USD mn Expenses, USD mn 660 Operating profit, USD mn 618 564 471 471 443 440 361 220 0 348 293 2001 175 + 81% 123 93 68 2002 2002/IAS 2003F Revenue growth rate has exceeded this of expenses over the last years. As a consequence, operating profit is going up. Operating margin (RAS): 2001 - 18,8 %, 2002 - 26,1 %, 2003F - 28,3 % URALSVYAZINFORM Overview

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