Moscow, Russian Federation - Mobile TeleSystems OJSC (the "Company" or "MTS" - NYSE: MBT) announces that it has sold a 100% stake in ZAO Teleforum.

MTS acquired Teleforum, a retailer with 180 retail points of sale throughout Russia, in October 2009. The storefronts have been transferred to and consolidated within MTS’ retail structure. The sale of ZAO Teleforum further optimizes MTS’ corporate and retail management structure.