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COMSTAR - UTS

March 4, 2008

COMSTAR to convert thirty six million ruble bonds

Moscow, Russia – March 4, 2008 – “COMSTAR – United TeleSystems” JSC (“Comstar” or “the Company”) (LSE: CMST), the leading combined telecommunications operator in Russia and the CIS, today announced that its Board of Directors has approved the offering of RUB 36 million of interest-bearing, non-bearer, ruble-denominated bonds.

The bonds are being issued in order to replace bonds previously issued by Comstar subsidiary Konversia-svyaz. Konversia-svyaz was acquired by Comstar in December 2005 and according to the decision taken on August 30, 2007 is being merged with Comstar. The existing bonds will be converted into the newly issued bonds on a one for one basis.

Comstar will offer 119,916 series “A” 10% bonds due November 29, 2015; 119,988 series “B” 8% bonds due August 21, 2016; and 120,000 series “C” 5% bonds due June 28, 2022. These bonds will have a par value of RUB 100.

 

 

 

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