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Investor Presentaiton

... and mobile telephony... 90 60 30 Mobile telephone penetration as of January 1, 2003, % 78 0 UK 48 44 Moscow Europe 13 9 Russia Ural We benefit from strong market potential in Urals region. The subscriber growth rate attained 89% since the beginning of the year, driven by competitive pricing, rising incomes and growing business activity. *According to ACM Consulting URALSVYAZINFORM Strategic investment priorities - potential for growth

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