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Mobile TeleSystems

December 29, 2008

Ruling on the tax review decision for the years 2005 and 2006

Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” – NYSE: MBT), the largest mobile phone operator in Russia and the CIS announces that the Moscow Arbitrage Court ruled against the tax claims for the years 2005 and 2006 in the amount of RUR 0.98 billion.

The tax claims against MTS were the result of a tax inspection of the Company’s financial statements for the years 2005 and 2006 that amounted to RUR 1.13 billion (including approximately RUR 144 million in fines and penalties), which is approx. $40 million  (including approx. $5 million in fines and penalties).

 

 

 

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