Moscow, Russian Federation — Mobile TeleSystems OJSC (“MTS” — NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces that transactions involving MTS’s ordinary shares and shares held in depositary accounts, as well as trading of the Company’s shares on the Moscow Exchange, will be temporarily suspended due to the reorganization of MTS OJSC through the takeover of subsidiaries approved at MTS’s most recent AGM.

In accordance with recently approved Russian laws, trading on the Moscow Exchange will be suspended the day after documents pertaining to the termination of operations of the subsidiary companies are submitted to relevant tax authorities. Trading in MTS's shares should resume the day after the Company receives from the tax authorities documents pertaining to the termination of the operations of subsidiary companies, which likely will occur within six working days. It is expected that trading will be suspended on September 25, 2014; trading in Company’s shares should fully resume on October 3, 2014.

The subsidiary companies include Elf CJSC, EFCOM CJSC, Pilot CJSC, TVKiK CJSC, ZhelGorTeleCom CJSC, Intercom CJSC, TRK TVT OJSC, Kaskad-TV CJSC, Kuznetsktelemost CJSC, Sistema Telecom CJSC, and TZ CJSC. The reorganization of these entities was approved at the annual general meeting of shareholders on June 24, 2014.

Recent changes in Russian law do not impact the trading of the Company’s ADRs or shares on foreign exchanges. However, during this period, MTS’s depositary bank will not be able to issue or cancel ADRs on behalf of shareholders and ADR holders.

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For further information, please contact in Moscow:

Joshua B. Tulgan
Director, Corporate Finance & Investor Relations
Mobile TeleSystems OJSC
Tel: +7 495 223 2025
E-mail: ir@mts.ru