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					JSC SVYAZINVEST
ON TELECOMMUNICATIONS MARKET
      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.




2
    _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




3
      RUSSIA TODAY


    Pace of growth of Russian economy, % *                                              Growth of Real Wage in Russia, % *
      7                                                                                     15,0

                                                                                            14,5
      6                                                                                     14,0

                                                                                            13,5                   13.3
      5
                                                                                            13,0          12.6            12.8
      4                                                                                     12,5
                                                                                            12,0
      3
                                                                                            11,5

                                                                                            11,0
      2
                                                                                            10,5
      1                                                                                     10,0
              Worls          USA            EU            Russia
                                                                                                   2005          2006          2007(e)
                  2005             2006             2007(e)


                                                                                        Direct foreign investment in Russian economy,
                                                                                           USD bln *
       High and sustainable pace of growth of
        Russian economy                                                                    46
                                                                                                                          41
                                                                                           41


       Growth of common welfare and consumer's                                            36


        demand
                                                                                           31
                                                                                                                   26
                                                                                           26


       Russian economy is becoming more attractive                                        21

                                                                                           16             13
        in the eyes of foreign partners                                                    11

                                                                                            6

                                                                                            1


     *- source: Ministry for Economic Development and Trade of the Russian Federation              2005          2006          2007(e)
4
     SVYAZINVEST: STRUCTURE AND COVERAGE


                                                                                                                Uralsvyazinform
                                                                                    North-West Telecom          8.3 mln lines in service
                                                                                    4.4 mln lines in service    Market cap equals
                                                                                    Market cap equals           USD 2,522 mln*
         State              Comstar-UTS         MGTS Finance                        USD 2,011mln*
      75% - 1 share       17.31% + 1 share         7.69%           CenterTelecom
                                                                   6.7 mln lines in service
                                                                   Market cap equals
                                                                   USD 1,796mln*
                                  Svyazinvest                         South Telecom                                                                Dalsvyaz
                                                                      4.1 mln lines in service                                                     1.5 mln lines in service
                                                                      Market cap equals
                                                                                               VolgaTelecom                                        Market cap equals
                                                                      USD 783 mln*
                                                                                               5.0 mln lines in service                            USD 684 mln*
       Rostelecom               MGTS                                                           Market cap equals        Sibirtelecom
                                                           Other                                                        4.7 mln lines in service
                                                                                               USD 1,903 mln*
                                                                                                                        Market cap equals
                                        Controlling stake                                                               USD 1,815 mln*
         7 RTOs
                                        Blocking stake


    _Foundation of Svyazinvest – September 18, 1995                         _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
    _Sale of the company’s blocking stake to Mustcom - July 1997            Company’s market capitalization equals $7,746mln.
    _Corporate integration: 72 telecom companies were consolidated
                                                                            _At present, the estimated capitalization of Svyazinvest is some $9.8 bln.
    into 7 interregional companies throughout 2000-2002


5                 * - market caps as of November 9, 2007
          KEY PERFORMANCE INDICATORS OF SVYAZINVEST GROUP *

                                                         Russian Accounting Standards                                                                           International Accounting Standards
                                                  17.9%                16.0%                                               17.9%                                                               17.9%
REVENUE
[USD, bln]                              6.82                  8.04                  9.33                       5.90                      6.96                                   6.55                    7.72

                                       2005                  2006                 2007 F                     3Q2006                    3Q2007                                  2005                     2006

                                                  21.9%                14.6%                                              15.9%                                                                16.9%
EXPENSES
                                                                                   7.37                        4.53                      5.26                                  5.84                    6.83
[USD, bln]                              5.27                 6.43

                                      2005                  2006                2007 F                       3Q2006                    3Q2007                                 2005                     2006

OPERATING                                          4.1%                 21.9%                                              24.4%                                                               26.9%
INCOME                                 1.55                  1.61                  1.96                          1.37                     1.70                                                         0.89
                                                                                                                                                                              0.70
[USD, bln]
                                      2005                  2006                 2007 F                        3Q2006                    3Q2007                               2005                     2006
                                                  15.0%                 41.4%                                              30.6%                                                               24.7%
EBITDA
[USD, bln]                             1.97                  2.27                  3.21                          1.89                      2.47                               1.86                     2.32

                                     2005                   2006                2007 F                          3Q2006                    3Q2007                             2005                      2006

NET PROFIT                                       13.6%                 71.6%                                                 47.7%                                                             32.1%
[USD, bln]                             0.64                  0.72                  1.24                           0.70                      1.04                               0.25                    0.33

                                      2005                  2006                 2007 F                         3Q2006                    3Q2007                               2005                     2006
   6   * - 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
     MARKET SHARE OF SVYAZINVEST GROUP OF COMPANIES *


                                                         INTRA-ZONAL TELEPHONY MARKET

                                                             4%
                                                                                               DATACOM MARKET


                                                                                        46%
    TELECOMMUNICATIONS MARKET
                                                                            96%
                                                                                                       54%
                                                               LD / ILD MARKET
     67%
                                                         16%                            MOBILE TELEPHONY MARKET

                                                                                         92%
                                                                           84%
                                     33%**

                                                          LOCAL TELEPHONY MARKET
                                                                                                      8%
    - Share of Svyazinvest group (Rostelecom + 7 RTOs)

    - Share of other providers                            17%

    * - as of the end of 1H2007                                              83%
7
    ** - on the licensed coverage area of 7 RTOs
    KEY INFRASTRUCTURE INDICATORS OF SVYAZINVEST GROUP



     INSTALLED CAPACITY, mln lines             DIGITALIZATION RATE, %


            2005                                        2005
            2006                             80         2006
    35      2007 (target)
                                                        2007 (target)
                                             70
    31
                                             60

    27
                                     32.3    50
                                                                               67.7
                            31.7
                 31.3                                                   63.3
    23                                                    60.1
                                             40


    19
                                             30


    15                                      -1% +5%
                                             20

                 INSTALLED CAPACITY                           DIGITALIZATION




8
        INVESTMENT POLICY: DYNAMICS AND STRUCTURE OF CAPITAL
        INVESTMENT


         INVESTMENT, USD, bln
2,5
                                                                                 1.93
    2
                    1.53                                                            12%
1,5
                                                        1.40                        22%
                       13%                              10%
                       24%                              29%
    1
                                                                                    39%
                       23%
                                                        32%
0,5
                       40%                                                          27%
                                                        29%
    0
                       2005                             2006                   2007 (forecast)

                       Traditional telephony   Development of infrastructure
                       New services and IT-
                                               Other
                       technologies
9
            KEY OPERATIONAL INDICATORS OF SVYAZINVEST GROUP

  LINES PER EMPLOYEE, unit                                                    REVENUE PER EMPLOYEE, USD thousand

2007*                                          144
                                                             + 16%          2007*                                                  38
                                                                                                                                                + 30%
2006                                     124
                                                                            2006                                           29
                                                      +22%                                                                              + 30%
2005                             102                                        2005                                 23

2004                        89             +15%                             2004                            19             + 23%

        0              50          100                150             200            0           10    20             30        40        50      60

                                                   NUMBER OF EMPLOYEES, employees, thousand


                                       2007*                 243
                                                                                    - 10.9%

                                       2006                    273
                                                                                         -9.0%
                                       2005                     300

                                                                                              -5.0%
                                       2004                     316


                                               0         100          200   300            400        500
  10
        * - forecast
     DEBT OVERVIEW

     CAPITAL STRUCTURE, USD bln                                                                               RATIO BETWEEN CURRENCY AND RUBLE-DENOMINATED LOANS
 15                                                                                           $ 14.2 bln.
                                                          $ 12.2 bln.                                         100
                                                                                                    22%                      14                      14                    18
 12                    $ 10.4 bln.                                                                             80
                                                            23%
     9                   28%                                                                        29%        60
                                                            30%                                                              86                      86
     6                   27%                                                                                   40                                                          82
                                                                                                    49%        20
     3                   45%                                47%
                                                                                                                0
     0
                                                                                                                     as ofJan 1, 2006        as ofJan 1, 2007    as ofJan 1, 2008 *
                as of Jan 1, 2006                    as of Jan 1, 2008                 as of Jan 1, 2008 *
                                                                                                                                        ruble-denominated       currency
              equity capital                 long-term liabilities                   short-term liabilities


      AVERAGE COST OF CREDIT RESOURCES, %
         14                                                                                                         In 2006 – 2007, major changes were made to the structure,
         13
         12
                          12.0
                                              11.4                                                                   cost and amount of the debt portfolio of the companies in
         11
                                                                                                                    Svyazinvest Group. Changes in the cost of attracting credit
         10                                                          9.3                9.1
         9                                                                                                          resources are due both to the upgrade of the RTOs’ credit
         8
                                                                                                                            ratings and to the general market correction.
         7
         6
                as of Jan 1, 2006   as of July 1, 2006    as of Jan 1, 2007   as of Jan 1, 2008 *


                                           ruble-denominated loans
11
         * - forecast
     BOND ISSUES


                                    Date of                                   Maturity                                         Interest
     Company             Series                     Nominal value*                               Offer / other conditions
                                     issue                                     date                                               rate
                           07      21.03.06      Rub 3 bln ($109 mln)         6 years                       In 3 years        8.4% for 3
 Uralsvyazinform
                                                                                                                                 years
Central Telegraph          03      05.04.06     Rub 700 mln ($25 mln)          3 years                      No offer            9.75%

   Sibirtelecom            07      24.05.06       Rub 2 bln ($74 mln)          3 years                      No offer           8.65%

                           D2      07.06.06       Rub2 bln ($75 mln)           6 years                      In 4 years        8.85% for
     Dalsvyaz
                                                                                                                               4 years
     Dalsvyaz              D3      07.06.06      Rub 1.5 bln ($56 mln)         3 years                      No offer            8,6%
                           05      05.09.06      Rub 3 bln ($112 mln)          5 years                      In 2 years        8.09% for
  CenterTelecom
                                                                                                                               2 years
  VolgaTelecom            VT-4     12.09.06      Rub 3 bln ($112 mln)          7 years                      In 3 years        7.99% for
                                                                                                                               3 years
North-West Telecom         04      14.12.06       Rub 2 bln ($76 mln)          5 years       Call option in 2 years at 102%     8.1%
  South Telecom            05      06.06.07       Rub 2 bln ($77 mln)          5 years                      In 3 years        7.55% for
                                                                                                                               3 years


    _Total volume of placement in 2006-2007 was Rub 19.2 bln (USD 716 mln)


12 * Estimated average USD rate was based on the exchange rate quoted by the CBR as of the placement date
       SVYAZINVEST GROUP: DYNAMICS OF CAPITALIZATION
       CALCULATED COMPARED WITH THE RTS INDEX, 2006-2007


          10 000                                                                                                                                                                                                                         2 400
                                                       Svyazinvest
                                                       RTS index                                                                                                                                                                         2 200
                 9 000


                                                                                                                                                                                                                                         2 000
                 8 000

                                                                                                                                                                                                                                         1 800
     US D, mln




                                                                                                                                                                                                                                             points
                 7 000
                                                                                                                                                                                                                                         1 600

                 6 000
                                                                                                                                                                                                                                         1 400


                 5 000
                                                                                                                                                                                                                                         1 200


                 4 000                                                                                                                                                                                                                   1 000
                                                               May-06




                                                                                                                                                                                May-07
                                             Mar-06




                                                                                                                        Nov-06




                                                                                                                                                              Mar-07
                                                      Apr-06


                                                                        J un-06
                                                                                  J ul-06

                                                                                            Aug-06




                                                                                                                                                                       Apr-07



                                                                                                                                                                                         J un-07
                                                                                                                                                                                                   J ul-07

                                                                                                                                                                                                             Aug-07
                         J an-06




                                                                                                                                          J an-07
                                   F eb-06




                                                                                                     S ep-06
                                                                                                               Oct-06




                                                                                                                                                    F eb-07
                                                                                                                                 Dec-06




                                                                                                                                                                                                                      S ep-07
                                                                                                                                                                                                                                Oct-07
13
      RTOs AND ROSTELECOM SHAREHOLDER CAPITAL STRUCTURE



 NORTH-WEST TELECOM                CENTERTELECOM                   VOLGATELECOM

                             37%                             42%                                           39%
     40%                           38%                              38%


                         11%              11%          9%                     14%
             12%                                                                             9%

 SOUTH TELECOM                     URALSVYAZINFORM                 SIBIRTELECOM

     38%                     38%    41%                      25%                                            39%
                                                                   38%

                                                            12%                  13%
            11%       13%                        22%                                              10%

 DALSVYAZ                          ROSTELECOM                             Non-residents (legal entities)
                            36%                              17%          Individuals
 38%                               38%                                    Residents (legal entities)
                                                                          JSC Svyazinvest
                                                             9%
           14%     12%                     36%


14
      RTOs AND ROSTELECOM CREDIT RATINGS



                     Company    Rating           Outlook            Agency

     North-West Telecom         BB-/ВВ-       Stable / Stable      S&P/Fitch

     South Telecom                В-       Credit Watch Positive     S&P

     CenterTelecom               B+/B       Positive / Positive    S&P/Fitch

     VolgaTelecom                BB-              Stable             S&P

     Dalsvyaz                     В+              Stable             Fitch

     Uralsvyazinform            BB-/B+        Stable / Stable      S&P/Fitch

     Sibirtelecom                 B+              Stable             Fitch

     Rostelecom                  BB-              Stable             S&P


15
 _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




16
     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 TENDENCIES                                            SPECIFIC TENDENCIES
      1– Mobile traffic replacing fixed traffic                  1– Switch to new system of tariff plans

      2– Development of broadband Internet                       2– Introduction of “Calling Party Pays“
         access                                                     principle
      3– Liberalization of LD market                             3– Introduction of new interconnect rules

      4– Convergence of telecom services


                                           ALL THESE FACTORS HAVE A DIFFERENT IMPACT



                                  COMPANIES OF SVYAZINVEST GROUP
                                    KEEP THEIR MARKET POSITIONS
17
     LIBERALIZATION OF LD MARKET



 SINCE JANUARY 1, 2006 LD MARKET HAS BEEN LIBERALIZED

    32 LICENCES HAVE BEEN ISSUED TO DATE


 SEVERAL PROVIDERS ARE ACTUALLY OPERATING ON THE LD MARKET: ROSTELECOM, GOLDEN TELECOM,
MTT, TRANSTELECOM


     MARKET POSITION OF ROSTELECOM ON LD                                   MARKET POSITION OF ROSTELECOM ON ILD
     MARKET, ESTIMATED TRAFFIC (1H2007)                                    MARKET, ESTIMATED TRAFFIC (1H 2007)



                                           89%                                                        91%




                                                     - Share of Rostelecom

18    Source: iKS-consulting, internal accounts of   - Share of other operators
      Svyazinvest
          INTRODUCTION OF “СALLING PARTY PAYS” PRINCIPLE

MOU F2M, [MIN / MONTH]                                                                F2M REVENUE, [USD MLN]
                                               -11%                                    +24%
                                                                                                                                   +11%
                                                                                                             +16%                             +12%
 +19%                      +12%                           +9%                 +9%            62                                          58
                                                                    +31%                                                +21%
                                     +14%                                                                                           52
                                                                                                                                                   47
                                                                                        50                         47
                +24%                           46
                                                                                                    +17%                                      42
                                                    41                                                        40                                         +32%       +17%
           27                   28                        26 29                                                               32
     22
                           25                                            23   24 26
                                          20                        18
                                     17
                      14                                                                                                 26
                 12                                                                                  17 20                                                                      279
                                                                                                                                                         11 14     238


     Center      NWT       Volga      STC       USI        Sibir    DSV       RTOs      Center       NWT      Volga      STC         USI       Sibir         DSV         RTOs
                                2H2006                   1H2007                                                     2H2006            1H2007

      SUBSCRIBERS ATTITUDE TO THE                                                        SUBSCRIBERS ACTIVITY FOR F2M CALLS AS OF
      INTRODUCTION OF CPP, %                                                             JUNE, 2007, %
                                          10
                                                                                                                                          3
                                                                                                                        22
                                19




                                                               72
          positive    neutral                                                                                                                           74
          negative                                                                                active     inactive        inactive after introduction of fees
19
          Source: Research by ComCon, March 2007                                         Source: Research by ROMIR, June 2007
     SWITCH TO NEW SYSTEM OF TARIFF PLANS (1)


CURRENT TARIFFS (PSTN as of date                         TARIFF PLANS                                                          SUBSCRIBER TARIFF PLAN (PSTN, average
below, average for RTOs), USD                            (PSTN, average for RTOs), USD                                         for RTOs), USD
18                                                          18                                                                18

15                                                          15             11                                                 15                                    - 32%
                                                    **
12                                               10.0       12                                                                12
                                      8.7
                          7.8               8.1**                 16*                           ¢ 0.7              368 min                          16 *
 9                  5.8         6.7                          9                                                                 9
            5.7                                                                                                    ¢ 0.9
      4.2                                                                                       3.2                                                                             11 *
 6                                                           6                                                                 6
                                                                                         8*
 3                                                           3          4.8                    4.8                 4.8         3

 0                                                           0                                                                 0
                                                                        Subscriber             Combined          Time-based
      01.01.04      01.01.05    01.01.06    01.02.07                                                                                             Tariff limit           Tariff offered by RTOs

                                                                                 - Payment for line                                -Cost per minute of connection
              indiv iduals       organisations                                   -Payment for base number of connections           -Payment for maximum number of connections



       ACCORDING TO RF CIVIL CODE, THE CURRENT                                                                      FORMATION OF TRANSITIONAL PERIOD
     PAYMENT SYSTEM REMAINS EFFECTIVE FOR THOSE                                                                       MASS PR CAMPAIGN CONDUCTED
           WHO FAIL TO SELECT A TARIFF PLAN

     20    * - Total fee incl. line rental
          ** - Tariff for regions where it is not technically possible to introduce tariff plans
     SWITCH TO NEW SYSTEM OF TARIFF PLANS (2)


                                  1%                           6%
BREAKDOWN OF                                  15%                    16%               12%             17%
                           23%         25%                                   31%
INDIVIDUAL SUBSCRIBERS
                                                                                                              Combined TP
BY TARIFF PLAN (IN
REGIONS WHERE IT IS                                   52%
                                                                                                              Time-based TP
                                       26%
TECHNICALLY POSSIBLE                          51%                    57%
                                                                                                       46%    Unlimited TP
                                                                                        66%
TO INTRODUCE TARIFF                                                          45%
PLANS), AS OF OCTOBER 1,   76%
2007
                                        48%
                                                       42%                                             37%
                                              33%
                                                                     27%     24%        21%


                           DSV         NWT    USI    Center         Volga    Sibir     STC         RTOs

                                  1%                           3%                                 5%
                                               14%                    11%                               11%
                           19%                                                 18%
BREAKDOWN OF                            24%
                                                                                                              Combined TP
                                                        26%                              25%
INDIVIDUAL SUBSCRIBERS                                                                                  30%
BY TARIFF PLAN (TAKING                                                40%       26%
                                                                                             8%
                                                                                                              Time-based TP
                                        24%    47%      21%
INTO ACCOUNT THE                                                                                              Unlimited TP
REGIONS WHERE IT IS NOT     63%                                                14%                      25%
TECHNICALLY POSSIBLE                                                   19%                                    Subscriber TP
                                        45%                                             62%
TO INTRODUCE TARIFF                            31%     50%
                                                                               43%
PLANS), AS OF OCTOBER 1,                                              31%                               34%
2007                        17%
                                        7%     8%

                           DSV         NWT    USI     Center         Volga     Sibir    STC            RTOs
21
 _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




22
            GROWTH ON DATACOM MARKET


  GROWTH FORECAST FOR TELECOM MARKET, USD BLN                                  EARNINGS FORM DATACOM SERVICES, USD BLN
                                                                     СAGR
                                                                      %                                                                                               СAGR
                                             + 11%                                                                      + 23%                                          %
                                                               7     +23%
                                                     5
                                                         6
                                                                                                                                                               4      +30%
                                         5
                                  4                                                                                                                3
    Internet and
                         3
                                                                     + 11%                                                         3
      datacom
                                                         20   22                                                       3
                                         17       19
Mobile communications            15                                                                        2
                        13                                                        Individuals     1
                                                                      0%                                                                                       3
                                  3      3           3   3     3                                                                   2               3                  17%
   LD services           3                                                                                 2           2
                                                               7                 Organisations    1
    Local voice          5        5      6           6   6           + 8%
                        2006     07      08       09     10   2011                               2006      07          08         09            10            2011

                               Source: McKinsey                                                  Source: McKinsey

                                                                             INTERNET PENETRATION AND BIA IN RUSSIA (SUBSCRIBERS), %
         _Datacom will be the fastest growing market segment.                    30%
         Most expansion will come from broadband Internet                        25%
         access.                                                                 20%
                                                                                 15%
                                                                                 10%
         _ The penetration of broadband Internet access (BIA)                     5%
         will grow in line with disposable income,                                0%
         computerization, network upgrades and cost reduction.                            2005    2006   2007   2008       2009   2010      2011       2012    2013

                                                                                                         BIA penetration, %              Internet penetration, %
   23
                                                                                                  Source: UralSib
      GROWTH POTENTIAL OF SVYAZINVEST GROUP IN THE NEW
      SERVICES SEGMENT, USD mln *

  DYNAMICS OF INVESTMENTS IN THE DEVELOPMENT OF                                   REVENUE FROM NEW SERVICES IN TOTAL REVENUE
  NEW SERVICES AND IT TECHNOLOGIES, USD mln *                                     OF SVYAZINVEST GROUP, USD mln*
                                           753
                                                                                   1200                                                                   12%
700                                                                                                                                      9.8%

600
                                                                                    900                                                                   9%
500                               447                                                                                    6.7%
                           360
400                                                                                 600                      5.2%                           912           6%
300            236                                                                               3.6%
                                                                                                                             542
200    140                                                                          300                                                                   3%
                                                                                                                353
100                                                                                               212
                                                                                        0                                                                 0%
  0                                                                                              2004          2005          2006          2007
      2003    2004     2005      2006      2007                                                                                         (forecast)
                                        (forecast)                                          Revenue from unregulated services
                                                                                            Share of revenue from unregulated services in total revenue
BREAKDOWN OF REVENUE FROM UNREGULATED
SERVICES IN 2007 (FORECAST)   Internet
                   4% 2%                    Digital datacom networks
              5%
                                            TV                                                                        + 70 %
                                            Intelligent telecom networks
        14%                                 IP telephony
                                                                                                           _Based on our forecast,
                                                                                                           Internet and datacom will
                                                                                                           achieve revenue growth of
                                                                                                           70% in 2007.

24                                75%            * - not incl. cellular communication
          BROADBAND ACCESS SERVICES

MARKET SHARE OF DATACOM SERVICES, %
                                                                                      NUMBER OF xDSL ANF ETTH PORTS ENABLED AS OF
                                                             67%                      OCTOBER 1, 2007, TH.
 60%               65%         65%                              65%
                                  63%
   59%                                                                55%                   300
                         57%            58%
                                              53%     48%                54%
                                                                                            250
                                                    46%                                                           255
             43%                                                                                      235
          37%                                                                               200                               238
                                                                                                            214
                                                                                            150
                                                                                                                                    152 133
                                                                                            100                         132
                                                                                             50                                                      40%
                                                                                                                                               24%
                                                                                              0
                                                                                                  CenterTelecom                NWT
 Center    NWT     Volga        STC      USI         Sibir    DSV     RTOs                        VolgaTelecom                 South Telecom
                                                                                                  Uralsvyazinform              Sibirtelecom
                           2006                 1H2007                                            Dalsvyaz



                                                              KEY REGIONAL BRANDS AND ARPL (3Q2007)


                                                               Company            ARPL, $           Brand

                                                          CenterTelecom                26             Domolink
                                                        North-West Telecom             22             Avangard
                                                          South Telecom                39               DISEL
                                                          VolgaTelecom                 25                     J
                                                         Uralsvyazinform               34                  Utel
                                                           Sibirtelecom                31            Webstream
                                                             Dalsvyaz                  35                 Disly
  25
     SVYAZINVEST GROUP ON THE MOBILE TELEPHONY MARKET


     LICENCE COVERAGE OF GSM OPERATORS OF                           MOBILE SUBSCRIBERS BASE, thousand
     SVYAZINVEST GROUP


                                                                6000
                                                                                                                                                                         4,900
                                                                                                                                                   4,412                         4,170
                                                                4000                                                       3,674
                                                                                                                                                           3,140 3,198
                                                                                                                                          2, 472
                                                                                                    2,035         1, 887          1,973
                                                                2000                       1, 202
                                                                              1,100                         987
                                                                        664
                                                                                     476
                                                                   0
                                                                              2003                  2004                   2005                     2006           2007 (target)
                                                                                                      Volga                         Ural                       Sibir




     _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.



26
     FINANCIAL RESULTS OF CELLULAR OPERATORS OF SVYAZINVEST
     GROUP

          VOLGA, USD mln                                                                                                      URAL, USD mln
 250                                                                                               90                   600                                                                                                  150


 200                                                                                                                    500
                                                                                                                                                                                                                             120

                                                                                                   60                   400
 150                                                                                                                                                                                                                         90
                                                                               206                                      300                                                                                  493
                                                                                                                                                                                            422
 100                                                         155                                                                                                              315                                            60
                                                                                                   30                   200
                                        98
                                                                                                                                                         222
     50                  81                                                          79 36                                                                                                                      204          30
          69                                                                                                                     162                                                                                  82
                                                                        25                                              100                                                                       169 72
                                                  17               56                                                                                                           126 52
               34 11          33 11          40                                                                                              28                93 38
     0                                                                                             0                      0
                                                                                                                                       66                                                                                    0
               2003           2004           2005              2006           2007 (forecast)                                          2003                2004                 2005           2006        2007 (forecast)

                       Revenue        EBITDA           Net Profit            Capex                                                                   Revenue                EBITDA       Net Profit        Capex



                                                    SIBIR, USD mln
                                                       450                                                                                                             210
                                                       400                                                                                                             180
                                                       350
                                                                                                                                                                       150
                                                       300
                                                                                                                                                   405                 120
                                                       250
                                                                                                                           320
                                                       200                                               229                                                           90
                                                       150
                                                                                                                                                         170 86        60
                                                       100                                                                              86
                                                                                   145
                                                                                              51               116 71            143
                                                                                                                                                                       30
                                                       50                                78
                                                                   76 40 24
                                                        0                                                                                                              0
                                                                     2003             2004                 2005                2006               2007 (forecast)

                                                                                Revenue                EBITDA           Net Profit            Capex
27
          TRENDLINES IN AVERAGE ARPU* AND MOU* OF MOBILE ASSETS OF
          SVYAZINVEST GROUP IN THE MAIN REGIONS




     AVERAGE ARPU TRENDLINE, USD                                                             AVERAGE MOU TRENDLINE, min.

25                                                                                           320
                                                                                                                                              275                   283
          20
20                                                                                           280
                    18        16
                                                13                                           240            217                 211                                220
15
                              12                                 11                          200
                                                9
10             14                                                8           8                                                         186          151                   175
                                                                                 8           160   144            175
                         10                                                                                                           124
 5                                          7                                                120   120                                                    198
                                                             6                6
 0                                                                                                  98      98
                                                                                              80
           2003          2004              2005               2006     2007 (forecast)               2003    2004                2005               2006        2007 (forecast)

                                   Volga            Ural     Sibir                                                      Volga          Ural     Sibir




                                                     *ARPU – average revenue per user
                                                     **MOU – minutes of use per subscriber
     28
 _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




29
     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.)

30
     DEVELOPMENT OF LOCAL TELEPHONY MARKET


                                               LOCAL TELEPHONY MARKET
                                                :



Svyazinvest’s                                                      Market Tendencies                           Objectives for
 position in 2007                                                                                               2012
1. MOU growth in the local connections                             1. Mobile traffic replacing fixed traffic
   segment, [MIN / MONTH]
                                                                   2. Alternative operators and players        To keep leading
                  +20%                                                from other segments entering the           positions in the
                                                                      market                                     local telephony
                                         1Q2007
                                                                   3. Switching voice traffic to datacom         segment
            312           373                                         networks
                                         2Q2007



                  RTOs
                                                                            Svyazinvest
                                                                             Initiatives
2. Revenue growth in the local
   connections segment, [USD MLN] *
                                                                                                               Market share of
                  +18%                                             To increase the value of subscriber line:   Svyazinvest Group   81%
                                                                   1. Digitalization of networks               in this segment
                                    3Q2006                         2. Introduction of service packages
                        1,894       3Q2007
         1,605                                                     3. New communication services
                                                                   4. «Unlimited» tariffs
                 RTOs
31
                         * - line rental and connection services
     DEVELOPMENT OF INTRA-ZONAL TELEPHONY MARKET


                           INTRA-ZONAL TELEPHONY MARKET
                                     :



Svyazinvest’s                            Market Tendencies                           Objectives for
 position in 2007                                                                     2012
1. F2M revenue growth, [USD MLN]

                 +17%                    1. Mobile traffic replacing fixed traffic   To keep leading
                                         2. Reduction of tariffs                       positions in the
                                         3. New players entering the market
                                                                                       intra-zonal
                                                                                       telephony
            238      279
                            2H2006
                            1H2007
                                                                                       segment

                 RTOs
                                                 Svyazinvest
                                                  Initiatives
2. F2F revenue decrease, [USD MLN]
                                                                                     Market share of
                 -12%                                                                Svyazinvest Group
                                                                                     in this segment     92%
                                         1. To provide package offers
                           2H2006        2. To optimize tariffs
           225      198    1H2007




              RTOs
32
     DEVELOPMENT OF INTERNET AND DATACOM MARKET


                                INTERNET AND DATACOM MARKET
                                         :



Svyazinvest’s                                    Market Tendencies                      Objectives for
 position in 2007                                                                        2012
1. Internet and datacom revenue growth,          1. Growth of demand for and speed of
   [USD MLN]                                        Internet access
                                                                                        To increase
                 +62%                            2. Switching to unlimited offers
                                                                                          market share in
                                                 3. Competition between technologies      the Internet
                                                    (DSL, ETTH, Wi-Fi, Wi-Max, 3G)        access and
                          551
                                3Q2006
                                3Q2007
                                                 4. Content becoming increasingly         datacom
               340                                  important                             segment
                 RTOs                                   Svyazinvest
2. Rapid growth of subscriber database,                  Initiatives
   [xDSL + ETTH, th. ports]
                                                                                        Market share of
                                                                                        Svyazinvest Group
                +27%               As of Jan 1
                                                 1. To develop DSL access on existing
                                                                                        in this segment     59%
             +28%                                   subscribers’ lines
                                  As of Apr 1
         +31%                                    2. To develop ETTH as soon as market
                  1,359           As of Jul 1
                                  As of Oct 1       saturation occurs
        644   842 1,074
                                                 3. To establish partnerships with
                                                    content aggregating agents
33             RTOs
     DEVELOPMENT OF LD MARKET


                                              :
                                                     LD MARKET
Svyazinvest’s                                     Market Tendencies                           Objectives for
 position in 2007                                                                              2012
1. Prices for services rendered are lower         1. New players entering the market and
   than competitors’ [Average Income                 competition increasing
   Rate, USD MIN]                                 2. Voice traffic switching to datacom
                                                                                              To keep leading
                                     0.21            networks
                                                                                                positions in the
      0.15
             0.12
                             0.16                                                               LD
                                                  3. Mobile traffic replacing fixed traffic     communications
                                                  4. Development of intelligent telecom         segment
                                                     networks
         2006                  1H2007

                Rostelecom    Competitors
                                                          Svyazinvest
2. Market share is decreasing as a result                  Initiatives
   of liberalization
                                                                                              Market share of
                                                  1. To protect company’s positions on the    Svyazinvest Group
      94% 89%                96% 91%
                                                     retail market                            in this segment     60%
                                                  2. To develop intelligent telecom
             DLD                        ILD          networks
                                                  3. To strengthen positions on the
         2006                 1H2007
                                                     corporate clients market, incl. at the
                 2006          1H2007                federal level
34
     GROWTH OF OPERATING RESULTS


               Svyazinvest                                                           2012
                Initiatives
                 1.   To increase the share of broadband       Between 2008
                      services                                  and 2012, the
                 2.   To promote bundled services              income CAGR        Good FINANCIAL
Income           3.   To increase customer loyalty                                RESULTS, as the
                                                                  will equal
                 4.   To diversify distribution channels and
                                                                  8,5%*         company anticipates
                      roll out a system for active agent
                      sales                                                     that income will grow
                 5.   To increase the share of corporate                        more than expenses
                      clients




               Svyazinvest
                Initiatives                                                        EBITDA
                 1.   To introduce outsourcing
                                                               Between 2008
                                                               and 2012, the
                                                                                   margin
                 2.   To develop e-auctions                      expenses
Expenses         3.
                 4.
                      To optimize real estate assets
                      To optimize business processes and
                                                                CAGR will
                                                               equal 7,2%*
                                                                                   41,4%*
                      organizational structure
                 5.   To roll out New Generation Networks
                 6.   To optimize the number of employees
35
                                                                  * - 7 RTOs
     SVYAZINVEST GROUP: PROSPECTS OF KEY PERFORMANCE
     INDICATORS FOR 2008 *

 REVENUE, USD bln                         OPERATING EXPENSES, USD bln



           9.22                    9.97
                                                       7.28                7.80




           2007                    2008               2007                2008



OPERATING INCOME, USD bln                 NUMBER OF EMPLOYEES, thousand




           1.94                    2.17               241
                                                                          218


           2007                    2008              2007                 2008

36
         * - 7 RTOs + Rostelecom
     55 bld. 2 ulitsa Plyuschikha
     119121 Moscow RUSSIA
     Phone: +7 (495) 727 0473
     Fax: +7 (495) 727 0475
     E-mail: ir@svyazinvest.ru
     Web site: www.svyazinvest.ru




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