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Financial Corporation "Sistema"

December 14, 2005

Comstar UTS announces terms of public share purchase offer to MGTS shareholders

Moscow, Russia - December 14, 2005 - Comstar United TeleSystems (Comstar UTS) today announced the terms of its public share purchase offer to Moscow City Telephone Network (MGTS) shareholders, approved by the Board of Directors of Comstar UTS on December 7, 2005 and valid as of today. This public offer is only made to the holders of common shares of MGTS.

Having acquired 55.62% of the outstanding common shares of MGTS, as previously announced on November 22, 2005, Comstar UTS is required under Article 80 of the Russian Federal Law on Joint Stock Companies to make such an offer to common shareholders of MGTS since Comstar UTS is now the beneficial owner of more than 30% of the company. The Board of Directors of Comstar UTS has approved an offer of RUR 490 (equivalent to approximately $17.065)* per one common share of MGTS. The offer price is based on the weighted average market price of MGTS common shares for the six months prior to the acquisition of the stake in MGTS by Comstar UTS as calculated by an independent appraiser.

Shareholders of MGTS may accept this offer within 30 days of receipt of official notification. Comstar UTS neither encourages nor discourages MGTS' shareholders from accepting this offer and does not provide a recommendation of any kind.

Comstar UTS has established a hotline (+7 495 225-2261) in order to inform the shareholders of MGTS of the details of the share purchase offer and their actions should they decide to accept the offer.

* All payments will be made in Russian rubles only and the US dollar equivalent is stated for information purpose only. The exchange rate was set by the Central Bank of Russian Federation as of 14.12.2005.




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