Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” or the “Company” – NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces that the Federal Financial Markets Service of Russia (“FFMS”) registered on February 24, 2011 the additional share issue and the issue prospectus with respect to the 103,649,654 ordinary MTS shares with a par value of RUB 0.1. The additional shares will be used for conversion of Comstar-UTS (“Comstar”) ordinary shares into the Company’s ordinary shares as part of the statutory merger of Comstar with MTS. The state registration number of the additional issue is 1-01-04715-À-002D.

The decision to issue additional MTS shares was made by the Company’s Extraordinary General Meeting of Shareholders on December 23, 2010. A portion of the newly issued MTS shares which will not be used in the conversion will be cancelled.

Information regarding the merger of MTS and Comstar is available at https://www.mtsgsm.com/merger/ and https://comstar.ru/en/for_investors/mts/.