Moscow, Russian Federation – Mobile TeleSystems OJSC (“MTS” – NYSE: MBT), the largest mobile phone operator in Russia and the CIS, announces that it has acquired a 100% stake in Teleforum LLC from EWINSER INVESTMENT S.A. (British Virgin Islands) and a private party.

MTS has acquired a 100% stake in Teleforum for $11 million. The transaction includes a provision for a payment of 20% upon closing and the remainder in 12 months should the retail chain satisfy certain performance criteria specified in the agreement.

Teleforum offers handsets and other electronic goods, as well as tariffs and contracts of mobile operators. The retail chain consists of 180 stores in Russia, of which 92 stores are located in St. Petersburg and the Leningrad region. The chain also operates stores in other regions of Russia such as Krasnodar, Rostov, Karelia, Bashkiria, Pskov and Arkhangelsk.

Teleforum’s operating results will be consolidated in the Company’s financial statements beginning from October 7, 2009.