1. Comstar-UTS Presentation at UBS 2007 Annual Investment Conference Moscow, Russia November 15, 2007

2. UBS conference November 15, 2007 2 Combined Telecom Operator ILEC in Moscow 3.6 million residential subscribers More than 90% of lines are ADSL compatible CLECs in Moscow and regions 0.6 mln active lines in Moscow 0.9 million subscribers outside Moscow Multi-service solutions to corporate & developers CLEC in Moscow #1 broadband provider 33% market share 0.4 million residential subscribers STATE HOLDING Comstar owns 25%+1 share 7 ILECs, Rostelecom, Central Telegraph 32 million installed lines covering 90% of Russia ILD/DLD OPERATOR Cooperation with Comstar: DLD/ILD services to Comstar clients Comstar-UTS Sister companies MOBILE OPERATOR Cooperation with Comstar: joint use of network infrastructure, convergent projects, joint sales efforts

3. UBS conference November 15, 2007 3 Value drivers STRUCTUREBROADBANDMGTSREGIONSSVYAZINVEST Simplifying Organizational Structure Unlocking Operational Potential Increasing Broadband Market Share & ARPU Selective Modernisation of the “Last Mile” Regulated tariff rebalancing Cost optimization Increase in efficiency Capitalising on Svyazinvest stake as a financial investment and through participation in privatization Driving Regional Expansion

4. UBS conference November 15, 2007 4 Simplifying Organizational Structure 51% 52% 48% Other 14%14% Free float 35%35% Regional branches 56% 23% 17.3% 21% Now 7.7% Objective Elimination of cross ownership between MGTS and Comstar Integration of Comstar Direct Turning regional subsidiaries into affiliates STRUCTURE BROADBAND MGTSREGIONSSVYAZINVEST

5. UBS conference November 15, 2007 5 Unlocking Operational Potential ●Management by processes ●Comstar focus: ► Strategy ► Regions (M&A, Greenfield) ► SvyazInvest ●MGTS focus : ► Network modernization & maintenance ► Mass market sales ●Comstar – Direct focus: ► High-value broadband sales ●Outsourcing of non-core functions Lines / Employees Source: Analysts reports STRUCTURE BROADBAND MGTSREGIONSSVYAZINVEST ●Potential for Significant headcount reduction

6. UBS conference November 15, 2007 6 Increasing Broadband Market Share Objective of >50% market share in Moscow by 2011 from current 33%* Revised broadband strategy Direct sales using MGTS technicians and brand Unique Post-paid tariffs, One Bill for all telecom services for residentials Selective Modernization of the “Last Mile” ► Fiber to the Curb (FTTC)- started Sep. ’07 ► CAPEX of up to $100 million ► 70-80% of the “last mile” is to be “Speed Up” to 20-25 Mbps by 2010 Source: Company data, Direct INFO, Pyramid Research. Penetration calculated as % of households, 1H2007 STRUCTURE BROADBAND MGTSREGIONSSVYAZINVEST Moscow Residential BB Market, 2Q’07 Total: 1.3 mn subs 426 thousand subs

7. UBS conference November 15, 2007 Fiber Copper 7 Modernization of the “Last mile” STRUCTURE BROADBAND MGTSREGIONSSVYAZINVEST Curb 1. Fiber to the curb Curb Apartment Modem Set- top-box ~1,5 км backbone Box ~300 м. 11 000 curbs 35 000 apartment blocks 250 switching centers Services 6 Mbps Speed IPTV (1 TV set) Internet (up to 2 Mbps) DSLAM 20-25 Mbps HDTV (2-3 TV sets) Internet (10-20 Mbps) 1 Gbps HDTV Internet (100+ Mbps) Smart home Video monitoring etc Fiber 2. Moving DSLAM closer to the customer- to the curb 3. Selective installation of fiber to the home Copper

8. UBS conference November 15, 2007 8 Regulated tariff rebalancing June 30, 2007 Time-based tariff plan (RU 125 + RU 0.28 per minute) 26% Combined tariff plan (RU 229 for 370 minutes then RU 0.23 per minute) 22% Unlimited time tariff plan (RU 380 per month) 52% Residential Subscriber Mix STRUCTURE BROADBAND MGTSREGIONSSVYAZINVEST Growth in Regulated Tariffs (US$)

9. UBS conference November 15, 2007 9 Driving Regional Expansion *Source: Сomstar-UTS estimates STRUCTURE BROADBAND MGTSREGIONSSVYAZINVEST DLD/ILD/Transit Regions of presence CLEC $1,3 BN $4,4 BN Strategy Increasing market share in the regions of presence Expansion into the target regions Entering the DLD/ILD segment Russian Fixed Line Market (2007E) - Comstar presence (Current) 2 3 - Comstar target (Future) - $17,8 BN 100% 80% 0% 20% 60% 40% $3,4 BN ILEC Moscow 1 $1,2 BN CLEC $1,3 BN ILEC $1,2 BN CLEC ILEC CLEC$1 BN $1,6 BN $2,3 BN Target regions Other regions Tyumen Saratov Volga South Saint Petersburg South Volga Ural Siberia

10. UBS conference November 15, 2007 10 Capitalizing on Svyazinvest Investment 25% +1 share acquired for US$ 1.3 billion in December 2006 Call (by December 2007) and put (2 year) option agreement with Seller for 11% of Comstar shares currently held by MGTS Finance 2 seats on the Board of Directors Successful financial investment Upside option as Strategic Player in privatization process STRUCTURE BROADBAND MGTSREGIONSSVYAZINVEST Russian regional market, US$, 2006 * Including Rostelecom 16%

11. UBS conference November 15, 2007 11 The Unique Investment Opportunity Comstar Market Cap 21.6% of Svyazinvest USD 5.17 billion Comstar Market Cap ex Svyazinvest Comstar EV USD 1.92 billion USD 3.26 billion USD 3.93 billion EV/EBITDA 2007 1 6.5x Valuation at ILEC Multiples USD 3.66 billion EV/EBITDA 2007 6.0x ¹Source: Consensus (Morgan Stanley, URALSIB, Goldman Sachs, Deutsche UFG, Troika Dialog, Aton Capital, Alfa Bank, ING, Renaissance Capital, UBS, Merrill Lynch, Veles capital, Credit Suisse, FIM, MDM Bank, JPMorgan). All data as at 29 October 2007 Valuation at Broadband Multiples USD 5.36 billion EV/EBITDA 2007 8.8x Valuation at Altnet Multiples USD 5.18 billion EV/EBITDA 2007 8.5x

12. UBS conference November 15, 2007 12 Contacts For additional information please visit www.comstar-uts.com or contact Masha Eliseeva Head of Investor Relations Phone: +7 985 997 08 52 E-mail: ir@comstar-uts.ruir@comstar-uts.ru

13. UBS conference November 15, 2007 13 Appendix

14. UBS conference November 15, 2007 14 Combining Growth & Profitability Source: Company reports

15. UBS conference November 15, 2007 15 Income Statement Half Year Highlights ●32% year on year revenue growth ●42.9% OIBDA margin ●US$ 14.5 million change in fair value of call and put option

16. UBS conference November 15, 2007 16 Segmental Breakdown * Excluding US$ 62.1 million Stock Bonus Awards

17. UBS conference November 15, 2007 17 Cash Flow Statement

18. UBS conference November 15, 2007 18 Balance Sheet Half Year Highlights ●US$ 675 million 6 month loan facility arranged in December 2006 with ABN AMRO Bank N.V. ●Refinanced in June 2007 with 5 year RUR 26 billion credit facility from Sberbank ●Total debt of US$ 823.5 million ●Net debt of US$ 675.3 million