Investor Presentaiton

along with pent-up demand for local telephony services ... Wire-line telephone penetration as of January 1, 2003, % 69 67 59 57 46 23 38 38 30 24 19 0 US UK Taiwan Czech. Rep. Hungary Poland Russia Ural Waiting list as of January 1, 2003 accounts for 538 thous., 90% of which are urban. Each urban account covers installation costs, generating USD190 in revenue According to GEM Telecom Overview/ING URALSVYAZINFORM Strategic investment priorities - potential for growth

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