Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” – NYSE: MBT), the leading telecommunications provider in Russia and the CIS, announces the repurchase of the series 02 ruble-denominated bond in the amount of 6.3 billion rubles.

The 10 billion ruble series 02 ruble-denominated bond with maturity in October 2015 was issued on October 28, 2008, with an 18 month put option.

Lead Arrangers of the bond were Gazprombank, Raiffeisenbank, Sberbank and Troika Dialog.

The coupons were to be paid semiannually at the rate of 14.01%. On April 14, 2010, MTS set a new 7.75% coupon rate for the coupon payments to be made on the series 02 ruble-denominated bond until maturity.