Moscow, Russian Federation — September 06, 2006 — Mobile Telesystems OJSC («MTS» — NYSE: MBT), the largest mobile phone operator in Russia and the CIS, announces the date of the Extraordinary General Meeting of shareholders (EGM).

The date for the Company’s EGM has been set for October 30, 2006. The record date for the Company’s share- and ADR-holders entitled to participate in the EGM has been set for September 14, 2006.

Issues entered into the agenda include the creation of the management board and approval of the mergers into MTS of the Company’s 100%-owned subsidiaries ReCom and Telesot—Alania.