Consolidated revenues up 16% year on year to US$ 421.6 million when excluding US$ 9.6 million of non-recurring Federal Budget compensation payments received in 2007

Adjusted OIBDA1 up 22% year on year to US$ 184.8 million with increased margin of 43.8%

Net income of US$ 36.4 million compared to net loss of US$ 68.8 million in 2007

60% of corporate subscribers in alternative segment in Moscow migrated to Comstar long-distance network as at end of November 2008

Moscow corporate subscriber alternative segment ARPU up 34% year on year to US$ 472.8

Net cash flow from operations up 15% year on year to US$ 153.7 million

Cash capital expenditure2 of US$ 105.4 million

21% year on year reduction in net debt3 reduced to US$ 325.7 million

Total assets up 19% year on year to US$ 4.7 billion

Enterprise value for acquisition of STREAM-TV Group set at US$ 250.0 million

Revised Comstar-Direct restructuring plan initiated by means of spinning–off of content production business

Comstar United Telesystems JSC (London: CMST)