Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” or the “Company” – NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces that the Company’s ordinary shares are expected to commence trading on the Moscow Interbank Currency Exchange (“MICEX”) under a single ticker symbol MTSI beginning from August 11, 2011 following the merger of the additional share issue with MTS’ main issue. Earlier, the Federal Financial Markets Service cancelled the individual number (code) of the additional share issue after the expiration of the legally mandated three-month period¹.

The issuance of additional MTS shares was completed previously for the purposes of conversion of Comstar-UTS shares. The additional share issue carried a state registration number 1-01-04715-Ŕ-002D and traded under the ticker symbol MTSI-002D on MICEX.