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Comstar Reorganizes Subsidiaries

Comstar UTS board approves merger of subsidiaries Telmos, MTU-Inform, CTC Contrast-Telecom, and M-Telecom Holding

January 10, 2007

1 Min Read

MOSCOW -- "COMSTAR – United TeleSystems" (MSE, LSE: CMST) today announced the re-organization of its alternative telecom operators based in Moscow, Moscow region and in Saint- Petersburg.

The Extraordinary General Meeting of Shareholders of Comstar UTS, held on December 25, 2006, approved the merger of its 100% - owned subsidiaries Telmos, MTU-Inform, CTC Contrast-Telecom and M-Telecom Holding (100% owner of Astelit) with Comstar UTS.

Eric Franke, Chief Executive Officer of Comstar – United TeleSystems, commented: "The integration of alternative telecom operations into Comstar UTS will facilitate the optimization of the Group's legal structure. This step is in line with the re-organization program of Comstar UTS, which was announced in October of 2006".

Comstar United Telesystems JSC (London: CMST)

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