THURSDAY, 5 JUNE 2008

8.00 AM (ET) / 1.00 PM (UK) / 2.00 PM (CET) / 4.00 PM (MOSCOW)

Host:

Masha Eliseeva – Head of Investor Relations

Speakers:

Sergey Pridantsev – President and Chief Executive Officer

Irina Matveeva – Chief Financial Officer

To participate in the conference call, please register at:

www.sharedvalue.net/comstar-uts/1Q2008

The dial in number to join the conference call will be available upon registration.

You may also contact Shared Value on +44 (0)20 7321 5010 for further details.

Comstar UTS is the leading fixed-line telecommunications company in Moscow.

Comstar provides voice, data, television and other value-added services to

residential and corporate subscribers and operators, using its extensive

backbone network and exclusive last mile access to 97% of Moscow households.

The Company also offers communications services in five Russian regions,

Armenia and Ukraine. Comstar had 695,000 broadband subscribers in Moscow.

Comstar had 3.6 million residential subscribers in Moscow, including 651,000

residential broadband internet subscribers in Moscow, 102,000 corporate

subscribers in Moscow, and approximately 448,000 regional and international

subscribers, including 33,000 residential broadband internet subscribers and

102,000 residential pay-TV subscribers, at the end of 2007. Comstar generated

US$ 1,562.4 million of revenues and a 42.5% OIBDA margin for the twelve months

ended December 31, 2007. Comstar’s Global Depositary Receipts are listed on the

London Stock Exchange (ticker: CMST).