Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” – NYSE: MBT), the leading telecommunications operator in Russia and the CIS, announces that the Company has transferred its 100% ownership stake in Private Joint Stock Company “MTS-Ukraine” along with its indirect ownership stake through its subsidiary PTT Telecom Kyiv, to Preludium B.V., a wholly owned subsidiary incorporated in The Netherlands, which in turn is 100% owned by Allegretto Holding S.a.r.l., a wholly owned subsidiary of MTS OJSC incorporated in the Grand Duchy of Luxemburg.

The transactions are aimed at optimizing the shareholder structure within MTS Group.

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