Moscow, Russian Federation — Mobile TeleSystems OJSC (“MTS” — NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces that in accordance with new requirements under Russian laws governing the operations of registrars and depositories, all transactions involving MTS’s ordinary shares, as well as trading of the Company’s shares on the Moscow Exchange, will be temporarily suspended beginning September 25, 2014.

In July 2013, the Federal Service for Financial Markets enacted new regulations, which mandate that trading in and transactions involving shares of companies undergoing reorganization through the takeover of subsidiaries be suspended pending the registration of a company's reorganization with relevant tax authorities.

In accordance with the Federal Law N 129-FZ, “On the state registration of the legal entities and individual entrepreneurs,” the registration of a company reorganization should not require more than five working days. It is expected that trading in the Company’s ordinary shares will fully resume on October 3, 2014.

Changes in regulations will in no way impact or restrict the trading of the Company’s ADRs or shares listed on foreign exchanges. However, during this period, MTS’s depositary bank will not be able to issue or cancel ADRs on behalf of ADR holders.

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

* * *

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