Andersen Group Announces Exchange Ratio for Moscow Broadband Communication Shareholders.

Business Editors

Andersen Group, Inc. (NASDAQ:ANDR) today announced that it has established the exchange ratio for the holders of the 75% of outstanding stock of Moscow Broadband Communication Ltd. (Moscow Broadband), a Cyprus-based holding company for investments in Russian companies, to convert their shares into Andersen Group common stock, facilitating Andersen Group's acquisition of the shares of Moscow Broadband it does not already own.

In a Form 8-K that was filed with the Securities and Exchange Commission earlier today, Andersen Group disclosed that it has offered 150 shares of its common stock in exchange for each share of Moscow Broadband common stock outstanding. This offer is subject to approval by Andersen Group shareholders. The exchange ratio and subsequent transactions are also contingent upon the successful closing of Andersen Group's previously announced acquisition of the 50% holding of the Moscow broadband franchise ZAO ComCor-TV (CCTV) that is presently held by OAO Moskovskaya Telecommunikationaya Corp. (COMCOR). As previously announced, Andersen Group is in the process of acquiring the 50% equity stake in CCTV presently held by COMCOR for a purchase price of approximately $28 million to be paid in Andersen Group common stock.

Upon the closing of these transactions, Andersen Group will own all or substantially all of the equity interests of CCTV, a Russian company that is in the process of wiring the City of Moscow to provide broadband services including cable television, high-speed Internet access and IP-based telephony to residential and business customers.

Andersen Group expects to receive responses from Moscow Broadband shareholders before the end of July 2002. When all of the outstanding shares of Moscow Broadband are tendered and all closing conditions are met, Andersen Group expects to issue approximately 2,250,000 unregistered shares of its common stock to Moscow Broadband shareholders in transactions that will be finalized by the end of September 2002.

Frank Baker, Chairman of Andersen Group, commented: "Full ownership of Moscow Broadband Communication is an important milestone in our program to acquire full ownership of the ComCor-TV franchise, which will give Andersen Group greater financial and operational control of the business. Consolidating 100% ownership of ComCor-TV in Andersen Group will also give us great options for financing the continued build-out of the Moscow broadband access network and the introduction of higher-margin services that take full advantage of the interactive network such as TV shopping, video-on-demand and IP-based telephony. In the coming months, we expect CCTV to significantly increase both its subscriber base and its average revenue per unit (ARPU)."

CCTV is currently wiring the Central Administrative Region, the part of Moscow with the highest concentration of wealth among residents and businesses, which will significantly increase its access to potential customers. CCTV currently enjoys a penetration rate of approximately 40% in the neighborhoods of Chertanovo and Khamovniki where it currently provides services.

Moscow Broadband shareholders will receive registration rights that are identical to those registration rights to be issued in connection with the purchase of the 50% of CCTV not owned by Moscow Broadband.

Additional information on the proposed exchange ratio that has been offered to Moscow Broadband shareholders is available in Andersen Group's 8-K filing with the SEC.

Andersen Group, Inc.

Andersen Group (www.andersengrp.com) is an investment company based in New York that is publicly traded on the Nasdaq National Market under the symbol "ANDR". The company is a principal investor in Moscow Broadband Communication, which owns 50% of ComCor-TV (www.comcor-tv.ru), a Russian company that is in the process of wiring the City of Moscow to provide broadband services including cable television, high-speed Internet access and IP-based telephony to residential and business customers.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This press release contains "forward-looking statements", as the phrase is defined in Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements involve risks and uncertainties and the actual outcome may differ materially from these statements. These statements include and relate to the Company's consummation of its proposed transactions with the Moscow Broadband Communication, Ltd. shareholders and Asinio Commercial Ltd. (ACL) and the consummation of the transaction between ACL and COMCOR. All forward-looking statements included in this report are based upon information available to the Company as of the date hereof and the Company disclaims any obligation to update developments of these risks or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.