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Comstar - Utd Tele (CMST)

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Tuesday 28 August, 2007

Comstar - Utd Tele

Statement re Results of Svyazinvest AGM

COMSTAR UTS
                  

 TWO REPRESENTATIVES OF COMSTAR AND SISTEMA ARE ELECTED TO BOARD OF DIRECTORS OF
                                   SVYAZINVEST

Moscow, Russia - August 28, 2007 - 'COMSTAR - United TeleSystems' JSC
('Comstar') (LSE: CMST), the leading combined telecommunications operator in
Russia and the CIS, today announced that, following the Annual General Meeting
of Shareholders of the Telecommunication Investment Joint Stock Company
(Svyazinvest) on August 28, 2007, two representatives of Comstar UTS and Sistema
were elected to the Board of Directors of Svyazinvest.

Anton Abugov, First Vice President, Head of Strategy and Development at Sistema,
and Alexander Gorbunov, Vice President for Strategy and Development at Comstar
UTS, will represent the interests of Comstar UTS, owner of a 25% stake plus one
share in Svyazinvest. Comstar UTS and Sistema retained two seats out of a total
of nine on the Board of Directors of Svyazinvest.

For further information, please visit www.comstar-uts.com or contact:

-0-
*T
Comstar UTS                               Shared Value Limited
Masha Eliseeva                            Larisa Kogut-Millings
Tel: +7 495 950 02 27                     Tel. +44 (0) 20 7321 5037
Mobile +7 985 997 08 52                   comstar@sharedvalue.net
Eliseeva_ms@comstar-uts.ru
*T

Comstar UTS is the leading integrated fixed-line telecommunications company in
Moscow, both in terms of revenues and subscribers. Comstar UTS provides voice,
data, Internet, Pay-TV and other value-added services to residential and
corporate subscribers and operators, using its extensive backbone network and
exclusive last mile access to 98% of Moscow households. The Company also offers
communications services in five Russian regions and CIS. Comstar had 3.6 million
residential subscribers in Moscow including 398,000 broadband internet
subscribers, almost 105,600 corporate subscribers in Moscow, and approximately
90,100 regional and international subscribers, as at March 31, 2007. Comstar UTS
reported increased operating revenues of US$ 329 million and consolidated assets
of US$ 3.67 billion for the three months ended March 31, 2007. Comstar
securities are listed under the symbol 'CMST' on the Moscow Stock Exchange and
the London Stock Exchange.

Some of the information in this press release may contain projections or other
forward-looking statements regarding future events or the future financial
performance of Comstar UTS. You can identify forward looking statements by terms
such as 'expect,' 'believe,' 'anticipate,' 'estimate,' 'intend,' 'will,'
'could,' 'may' or 'might', the negative of such terms or other similar
expressions. Comstar UTS wishes to caution that these statements are only
predictions, and that actual events or results may differ materially. Comstar
UTS does not intend to update these statements to reflect events and
circumstances occurring after the date hereof or to reflect the occurrence of
unanticipated events. Many factors could cause the actual results to differ
materially from those contained in projections or forward-looking statements of
Comstar UTS, including, among others, general economic conditions, the
competitive environment, risks associated with operating in Russia, rapid
technological and market change in the industries Comstar UTS operates in, as
well as many other risks specifically related to Comstar UTS and its operations.