Investor Presentation

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• Investor Presentation
• UBS conference Russia Energizing the World
• September 2006

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Safe Harbor Statement

• This presentation is strictly confidential to the
  recipient, may not be distributed to the press or
  any other person, and may not be reproduced in
  any form. Failure to comply with this restriction
  may constitute a violation of applicable
  securities laws.
• This presentation does not constitute or form
  part of and should not be construed as, an offer
  to sell or issue or the solicitation of an offer
  to buy or acquire securities of JSC Comstar
  United TeleSystems (Comstar UTS) or any of its
  subsidiaries in any jurisdiction or an inducement
  to enter into investment activity. No part of
  this presentation, nor the fact of its
  distribution, should form the basis of, or be
  relied on in connection with, any contract or
  commitment or investment decision whatsoever.
• The presentation is not an offer of securities
  for sale in the United States. Securities may not
  be offered or sold in the United States absent
  registration or an exemption from registration.
  Comstar UTS has not registered and does not
  intend to register any portion of the Offering in
  the United States of America or to conduct a
  public offering of any securities in the United
  States of America.
• Matters discussed in this presentation may
  constitute forward-looking statements.
  Forward-looking statements include statements
  concerning plans, objectives, goals, strategies,
  future events revenues or performance, and
  underlying assumptions and other statements,
  which are other than statements of historical
  facts. The words believe, expect,
  anticipate, intends, estimate, forecast,
  predict, could, plan, project, will,
  may, should and similar expressions identify
  forward-looking statements. Forward-looking
  statements include statements regarding
  strategies, outlook and growth prospects future
  plans and potential for future growth liquidity,
  capital resources and capital expenditures,
  financing needs, plans or intentions relating to
  acquisitions, our competitive strengths and
  weaknesses, growth in demand for our products
  economic outlook and industry trends
  developments of our markets legal trends and the
  impact of regulatory initiatives and the
  strength of our competitors.
• The forward-looking statements in this
  presentation are based upon various assumptions,
  many of which are based, in turn, upon further
  assumptions, including without limitation,
  management's examination of historical operating
  trends, data contained in our records and other
  data available from third parties. Although we
  believe that these assumptions were reasonable
  when made, these assumptions are inherently
  subject to significant uncertainties and
  contingencies which are difficult or impossible
  to predict and are beyond our control and we may
  not achieve or accomplish these expectations,
  beliefs or projections. In addition, important
  factors that, in our view, could cause actual
  results to differ materially from those discussed
  in the forward-looking statements include the
  achievement of the anticipated levels of
  revenues, profitability and growth, cost and
  synergy of our recent acquisitions and
  restructuring, the timely development and
  acceptance of new products, the impact of
  competition and competitive pricing, the ability
  to obtain necessary regulatory approvals and the
  ability to fund our future operations and capital
  needs through borrowing or otherwise, the ability
  to successfully implement any of our business
  strategies, the ability to integrate our business
  and to realise anticipated cost savings and
  operational benefits from such integration, our
  expectations about growth in demand for our
  products and services, the effects of inflation,
  interest rate and exchange rate fluctuations, and
  our success in identifying other risk to our
  business and managing the risk of the
  aforementioned factors, the condition of the
  economy and political stability in Russia and the
  other markets of operations and the impact of
  general business and global economic conditions.
• Neither we, nor any of our respective agents,
  employees or advisors intend or have any duty or
  obligation to supplement, amend, update or revise
  any of the forward-looking statements contained
  in this presentation. The information and
  opinions contained in this presentation are
  provided as at the date of this presentation and
  are subject to change without notice. All
  information not separately sourced is from
  Comstar UTS data.

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Eric Franke - Profile

• Over 20 years of telecommunications experience
• First Vice President of MTS 2005 2006
• General Director of UMC 2001- 2005
• Chief Operations Officer in Russia and Ukraine
  (1998) and President of mobile division
  (1999-2001) of  GTS (later renamed Golden
  Telecom)
• Vice President of Ericsson in Russia and the CIS
  1994-1998
• Strategic review to be completed by October 2006
  and announced with the 1st half 2006 results in
  the beginning of October. To be followed by a
  road show

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Our Profile

• A uniquely balanced business with leading
  position in each of its chosen markets
• Synergies between an incumbent operator,
  alternative operator and residential broadband
  and TV business in Moscow and Moscow region
• Controls access to the last mile to 3.62 million
  Moscow households through incumbent operator MGTS
  
• Established corporate business with 32 thousand
  customers in Moscow
• Asset consolidator in the regions

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Our History
2005 Launch of Stream TV Restructuring of
Comstar
1993 MTU-Intel established
1882 MGTS Established
2002 Comstar launches NGN
2000 MTU-Intel launches corporate broadband
1882
2005
1989
1995
2000
1993
2001
2002
2003
2001 Comstar launches ADSL
2003 MTU-Intel launches residential broadband
1989 Comstar UTS established
1995 Sistema acquires shares of MGTS during
privatization
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A Unique Portfolio of Customers, Services and
Infrastructure
Services
Key advantages
Internet
TV
Voice
Data transmission

• Comstar-UTS
• A broad range of services
• Diversified service platform
• Tailor made solutions for clients
• Individual approach to client
• MTU-Intel
• Access to the incumbents last mile
• Large market share compared to competition
• MGTS
• Significant infrastructure for further
  development
• Long standing relationships with residential
  customer base 
• Established relationship with telecom operators

Operators
Corporate clients
Small- and medium-size enterprises
Clients
High-end housing residential
Mass market
Moscow
Russia
Markets
CIS
Comstar- the central brand of fixed line group
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and Leading Market Shares in Every Market
Segment
Moscow Share of Lines (2005)
Moscow Telecom Market Share (Sales, 2005)
Alternative Operators 32
Others28
10.4
CentralTelegraph 11
30
68
Golden Telecom23
18.2
Equant 8
Others¹31.2
Total 6.2m Lines
28.6
Source Direct INFO
Moscow Broadband Segment Residential (Subscribers,
2005)3
Rostelecom19.5
Golden Telecom14.3
HomeNetworks/Others50.1
Equant, Central Telegraph, Corbina 6.4
41.0
AKADO 4.1
Total Market 3,566m2
Centel 4.8
Total 610k Subs
Source Direct INFO
Source Direct Info
Leading Position on Moscow Fixed-Line Market and
still with Further Growth Potential
1 Includes more than 400 companies 2 Calculated
based on RAS financials before intercompany
eliminations 3 Includes 35k corporate subscribers
Source Direct INFO
Source Direct INFO
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Respectable companywith Respectable history
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Time to start moving
Solid base
Better execution
PRODUCTS SERVICES

• Improve efficiency
• Increase presence in the regions
• Proactively approach clients, markets and new
  business
• Increase market share through integration
  acquisitions
• Increase value through the use of IPO proceeds
• Accelerated acquisition process

CLIENT BASE
INFRASTRUCTURE
MARKET POSITION
CASH
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An Integrated Approach
SKILLED CORPORATE SERVICE PROVIDER
STRONG PLAYER IN BROADBAND
INCUMBENT FIXED LINE OPERATOR
SYNERGIES
REORGANIZE, MODERNIZE, RESTRUCTURE
To Improve Efficiency and Gain Momentum
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Short and Medium Term Targets

• Corporate Centre - better control of costs and
  profitability through managed legal entities and
  coordination of main divisions
• MGTS change corporate culture, increase
  efficiency
• Comstar stimulate corporate sales
• Legal re-organization simplified relationships
• Regional growth through acquisitions of
  non-Svyazinvest operators and Greenfield projects
• Capex acceleration of network modernization
• New regulation capitalize on regulatory changes
• New technologies - WiFi, WiMax, Fixed - Mobile
  convergence

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Thank you for you attention!I will be happy to
answer your questionsIf you will any questions
after the conference please contact
Masha Eliseeva Head of Investor
Relations Phone[phone] Cell 7 495 997
08 52 E-mail Eliseeva_MS_at_comstar-uts.ru Web-site
www.comstar-uts.com